Energy Transfer LP (NYSE:ET) reported earnings Tuesday before the market opened. Here’s a rundown of the report.
- Energy Transfer stock is at critical resistance. What’s driving ET to record levels?
Q1 Highlights
Energy Transfer reported earnings per share of 35 cents, missing the consensus estimate of 40 cents. In addition, it reported revenue of $27.77 billion, beating the consensus estimate of $25.39 billion.
Energy Transfer reported record volume growth, with NGL and refined products terminal volumes rising 19% and NGL exports also up 19%. NGL transportation volumes increased 12%, while NGL fractionation volumes rose 11% and crude oil transportation volumes increased 8%, both setting new records. Midstream gathered volumes were also up 6%, marking another record.
In April, the company announced a quarterly cash distribution of $0.3375 per common unit, or $1.35 annualized, representing an increase of more than 3% year over year.
Energy Transfer also completed a $3.00 billion senior notes offering in January, with proceeds used to refinance existing debt. As of March 31, the company had $3.45 billion of available borrowing capacity under its revolving credit facility.
Energy Transfer Shares Edge Higher
ET Price Action: At the time of publication, Energy Transfer shares are trading 1.54% higher at $20.39, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
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