First Read: Energy Transfer LP "Announces Export Expansion at Nederland..."

研报英文原文证据摘录

First Read: Energy Transfer LP "Announces Export Expansion at Nederland..."

Global Research

18 June 2026ab

First Read

EquitiesEnergy Transfer LP

Announces Export Expansion at Nederland United States

NGL Terminal Pipelines

12-month rating Buy

12m price target US$24.00

What Happened?

ET announced an expansion of the Nederland NGL export terminal to meet additional

customer demand. The project will increase ethane export capacity at Nederland by 240 Price (17 Jun 2026) US$18.75

Mbpd along with 55 Mbpd of additional LPG capacity. 100% of ethane export capacity RIC: ET.N BBG: ET US

has been committed to long term agreements running into the 2040s. As part of these

Trading data and key metrics

transactions, ET will expand its Mont Belvieu to Nederland NGL export pipeline capacity

to serve the increased refrigeration capacity and construct two additional NGL ship 52-wk range US$20.39-16.21

docks. ET expects the previously announced expansion of Nederland refrigerated Market cap. US$64.5b

propane and butane storage tanks to 1.2MM barrels and 0.8MM barrels, respectively, to Shares o/s 3,441m (COM)

be available in 1H27. These assets, along with ET’s 1.3MM barrel refrigerated ethane Free float 50%

tank, provide the largest refrigerated storage capacity for each of these products of any Avg. daily volume ('000) 1,673

export complex on the US Gulf Coast. Avg. daily value (m) US$32.5

Common s/h equity (12/26E) US$31.1b

The expansion project is expected to be placed into service in stages beginning in 2028. P/BV (12/26E) 1.9x

ET noted the project is contracted with multiple international customers, with capex Net debt to EBITDA (12/26E) 3.9x

expected to be slightly more than $1Bn. The 2026 spend is already included in ET's

EPS (UBS, diluted) (USD)

capex guide.