Energy Transfer (NYSE:ET) raised its full-year earnings guidance on Tuesday for the third time this year, Reuters reported, helped by higher volumes across all core segments and the effects of the recent acquisition of Enable Midstream.
The company forecasts FY 2022 adjusted earnings of $12.8B-$13B, up by $200M at the midpoint and ~$1B higher at the upper end of the guidance range compared to its original estimate for the year, with co-CEO Thomas Long citing “pricing that was running a little higher than what we had anticipated.”
Long warned during the company’s earnings conference call that recent weakness in domestic gas prices could trim some of the price boost; spot natural gas prices at the Permian Basin’s Waha hub turned negative recently as mild weather cut demand.
In its Q3 earnings report, Energy Transfer (ET) said each of its core segments realized higher volumes compared with the same period last year; intrastate natural gas transportation volumes rose 28% and set a new company record, interstate natural gas transportation volumes jumped 43%, midstream gathered volumes surged 47% and set a new record, NGL transportation volumes gained 5%, and NGL fractionation volumes rose 6% and set a new record.
Crude oil transportation and terminal volumes were up 10% and 14% respectively, helped by the sale of crude from the U.S. Strategic Petroleum Reserve; higher SPR volumes and increased activity in the region drove transportation and terminal volumes at the Nederland and Houston terminals to new records during the quarter, the company said.
Energy Transfer’s (ET) stock price return shows a 46% YTD gain and a 28% increase during the past year.