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Energy Transfer LP - Stock Quote ET

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Morningstar's Energy Transfer LP Stock Analysis

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After Incorporating Stronger 2022 Marketing Contributions, We've Increased Our Energy Transfer FVE

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

First-quarter market conditions have generally played directly into Energy Transfer’s strengths around optimization and marketing activities during times of oil and gas price volatility. Primarily due to optimization efforts, Energy Transfer is now guiding toward a 2022 EBITDA midpoint of $12.4 billion from $12 billion previously. With first-quarter EBITDA of $3.3 billion, annualizing those results put full-year EBITDA estimates above $13 billion, and the partnership acknowledges the difference is primarily due to its conservatism around pricing and spreads. After upsizing our marketing contributions for 2022, our revised EBITDA forecast stands at $12.7 billion compared with $12 billion previously. Our revised fair value estimate is now $17.50, up from $16.50. We consider these types of earnings contributions to be temporary and expect considerable downside when oil and gas prices return to more normalized levels well below current prices.

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Energy Transfer LP's Company Profile

Business Description

Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region. It also has gathering and processing facilities, one of the largest fractionation facilities in the U.S., and fuel distribution. Energy Transfer also owns the Lake Charles gas liquefaction facility. It combined its publicly traded limited and general partnerships in October 2018.

Contact
8111 Westchester Drive, Suite 600
Dallas, TX, 75225
T +1 214 981-0700
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 12,558

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