By Stephanie Kelly
NEW YORK, Nov 1 (Portal) – Midstream company Energy Transfer reported higher third-quarter profits on Wednesday compared with the same period last year, with transport volumes for natural gas liquids (NGL) and crude oil hitting company records.
Energy Transfer’s adjusted earnings before interest, taxes, depreciation and amortization were $3.54 billion in the quarter, compared with $3.09 billion last year, the company said.
The company expects its full-year 2023 adjusted EBITDA to be between $13.5 billion and $13.6 billion and that its growth capital expenditures in 2023 will be slightly below the previously announced guidance of $2.0 billion will, it was said.
NGL transportation volume increased 14%, a record for the company, while crude oil transportation volume increased 23%, also a record, the company said.
The company’s NGL exports rose more than 20%, another record.
During the quarter, Energy Transfer commissioned its eighth fractionator at its Mont Belvieu, Texas facility, increasing the company’s total fractionation capacity at Mont Belvieu to over 1.15 million barrels per day (bpd).
Also during the quarter, Energy Transfer announced the acquisition of Crestwood Equity Partners, which owns gathering and processing facilities in the Williston, Delaware and Powder River basins. The transaction is expected to close on November 3, the earnings release said.
(Reporting by Stephanie Kelly; Editing by Lisa Shumaker)