Energy Transfer LP
Energy · Oil & Gas Storage & Transportation
Structural: $ET is a top-3 US midstream MLP by EBITDA - ~130k miles of pipe touching every major US basin (Permian gas+NGL gathering, Bakken via Dakota Access, Eagle Ford, Marcellus/Utica), with marine export terminals (Nederland, Marcus Hook, Mariner East) handing the NGL/LPG bid into Asia and Europe.
Lake Charles LNG FID remains the swing optionality on the $ET 2027+ growth stack. Fee-based take-or-pay revenue dominates; commodity-price exposure is gathering+processing, not transmission.
9x post-Sunoco/Crestwood/WTG synergies - buybacks + distribution growth both on table; (4) Lake Charles LNG offtake re-papering with $SHEL/$ENI implies FID optionality once tariff/permit overhang clears; (5) NGL export volumes hitting records into Asian propane demand.
2x EBITDA is mid-pack, refinancing risk if rates stay 5%+; (4) Permian gas pricing collapses (negative Waha) compress G&P margins even with fee floors; (5) MLP structure means distribution cuts hit retail-heavy holder base hard - 2020 cut is recent memory.
No major news in the last 7 days for ET - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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