Energy Transfer LP (ET.N): Ahead of Schedule

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Energy Transfer LP (ET.N): Ahead of Schedule

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04 Aug 2026 08:39:40 ET │ 12 pages

Energy Transfer LP (ET.N)

Ahead of Schedule

CITI'S TAKE

Buy ET reported adj. EBITDA of $5.07bln, beating the $4.63bln Citi estimate

and $4.54bln Street mean (FactSet). Segments beat almost across the Price (03 Aug 26 16:00) US$20.28

board with NGL & Refined Products driving the biggest outperformance Target price US$23.00

(marketing and export). ET increased guidance to a new midpoint of Expected share price return 13.4%

$18.95bln (from $18.4bln), though $0.4bln of that increase can be Expected dividend yield 6.6%

attributed to SUN. Otherwise, ET provided two anticipated updates. First, Expected total return 20.0%

Hugh Brinson is now in service ($21mm 2Q tailwind) and is expected to

Market Cap US$69,829M flow full 1.5bcf/d Phase 1 capacity by 9/1. Second, ET continues to make

progress on NGL recontracting, signing ~300kbpd of contracts during the

quarter that extend into the 2030s. Otherwise, ET continues to build

commercial momentum, pointing to another 100mmcf/d of power supply Spiro DounisAC

agreements and expectations of additional power demand projects +1-212-816-6926

announced later this year, among other updates. The low-end of capex spiro.dounis@citi.com

guidance was lifted by $0.1bln, resulting in a new midpoint of $5.75bln.

Douglas Irwin

+1-212-816-9525

Implications — We expect a positive reaction. The guidance increase was likely douglas.irwin@citi.com

largely anticipated given the constructive environment for SUN, and the portion of

the increase that can be attributed to the base business was likely a result of Charles Bryant

commodity/marketing strength. That said, both the Hugh Brinson and NGL updates +1-212-816-3284

exceeded our expectations.