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Energy Transfer’s crude, NGL transportation volumes hit record in Q3

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By Stephanie Kelly

NEW YORK, Nov 1 (Reuters) – Midstream company Energy Transfer reported on Wednesday higher earnings for the third quarter versus the same time last year, with natural gas liquids (NGL) and crude transportation volumes hitting a company record.

Energy Transfer’s adjusted earnings before interest, taxes, depreciation and amortization in the quarter were $3.54 billion, compared with $3.09 billion last year, the company said.

The company expects its full-year 2023 adjusted EBITDA to range between $13.5 billion and $13.6 billion, and its 2023 growth capital expenditures to be slightly below its previously announced guidance of $2.0 billion, it said.

NGL transportation volumes were up 14%, a record for the company, while crude transportation volumes gained 23%, also a record, the company said.

The company’s NGL exports were up more than 20%, another record.

During the quarter, Energy Transfer placed into service its eighth fractionator at its Mont Belvieu, Texas, facility, bringing the company’s total fractionation capacity at Mont Belvieu to over 1.15 million barrels per day (bpd).

Also during the quarter, Energy Transfer announced it would acquire Crestwood Equity Partners, which owns gathering and processing assets located in the Williston, Delaware, and Powder River basins. The transaction is expected to close on Nov. 3, the earnings release said.

(Reporting by Stephanie Kelly; Editing by Lisa Shumaker)

2023-11-01 16:40:53

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