Energy Transfer's Consolidation Comes Earlier Than Expected; Upside for ETP
We are raising our fair value estimate for Energy Transfer Partners to $28 per unit from $22 and reaffirming our $22 fair value estimate for Energy Transfer Equity after the family announced a long-anticipated consolidation plan.ETP unitholders will receive 1.28 ETE units, valuing the deal at $28 billion, and ETE will assume ETP's $33 billion of debt. We are reaffirming our no-moat and stable moat trend ratings for the family. We expect the deal to close as proposed. We continue to consider En...
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.
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