Energy Transfer LP

ET: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$36.00	Fmx	Zbm

Energy Transfer's Q4 and Full-Year Results Slightly Exceed Expectations; 2023 Guidance Looks In Line

Stephen Ellis

Feb 16, 2023

Energy Transfer’s fourth-quarter and full-year results met our expectations, including full-year EBITDA of $13.1 billion compared with our modeled $12.9 billion. We believe the upside is due primarily to capturing wider marketing spreads. 2023 guidance is set at a midpoint of $13.1 billion, equivalent to our $13.1 billion forecast.

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