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Energy Transfer (NYSE:ET) -0.5% post-market Wednesday after narrowly missing Q3 adjusted earnings estimates, even as natural gas liquids and crude transportation volumes hit quarterly records for the company.
According to data from LSEG, Energy Transfer’s (ET) adjusted earnings of $0.33/share came in a penny below $0.34/share expected by analysts.
Q3 net income attributable to partners fell to $584M, or $0.15/unit, from $1B, or $0.29/unit, in the year-ago quarter, amd adjusted EBITDA rose to $3.54B from $3.09B a year earlier, but revenues declined 9% to $20.74B.
Q3 NGL transportation volumes rose 14% Y/Y, crude transportation volumes jumped 23%, and NGL exports gained more than 20%, all company records.
For the full year, Energy Transfer (ET) guided for adjusted EBITDA of $13.5B-$13.6B, and lowered its 2023 growth capital spending outlook to slightly below the previously estimated $2B.
On Energy Transfer’s (ET) post-earnings conference call, CEO Thomas Long said September and October were the company’s “best months ever” across its NGL export terminals because of increased U.S. and international demand, CEO Thomas Long said on the company’s post-earnings conference call, as reported by Reuters.
An expansion to the Nederland export terminal is expected to add as much as 250K bbl/day of export capacity and enter service in mid-2025, Long also said, according to Reuters.
