Report
Travis Miller
EUR 101.80 For Business Accounts Only

Energy Transfer's big investment projects are set to begin service in 2018.

We are reaffirming our fair value estimates, narrow moat and stable moat trend ratings for Energy Transfer Partners and Energy Transfer Equity after the primary operating entity, ETP, announced adjusted EBITDA in the third quarter up 25% to $1.74 billion.
A similar jump in distributable cash flow was the result of strong performance in the midstream and crude oil transportation and services segments primarily related to the Dakota Access pipeline going into service during the second quarter. Hig...
Underlying
Energy Transfer Operating L.P

Energy Transfer Partners, through its subsidiaries, conduct activities such as natural gas operations; and interstate natural gas transportation and storage; and crude oil, natural gas liquid and refined product. The company's segment includes: Intrastate Transportation and Storage, which owns and operates a natural gas open-access interstate pipeline network; Midstream, which consists of natural gas gathering, compression, treating, processing, storage, and transportation; NGL and Refined Products Transportation and Services, which transport, store and execute acquisition and marketing activities utilizing a network of pipelines, storage and blending facilities.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Travis Miller

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