Energy Transfer LP (‘ET’ or the ‘Partnership’) has reported financial results for the quarter ended 30 September, 2020.
ET reported an earnings net loss attributable to partners for the three months ended 30 September, 2020 of US$782 million, which included non-cash impairments of goodwill and joint venture investments totalling US$1.6 billion.
Adjusted EBITDA for the three months ended 30 September, 2020 was US$2.87 billion compared with US$2.81 billion for the three months ended 30 September, 2019. Results included record operating performance in the Partnership’s NGL and refined products segment.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended 30 September, 2020 was US$1.69 billion compared to US$1.55 billion for the three months ended 30 September, 2019. The change between periods reflected the increase in Adjusted EBITDA, along with a decrease in maintenance capital expenditures.
ET once again reduced its 2020 growth capital outlook. As a result of project cost savings, the Partnership now expects to invest less than US$3.3 billion for the full-year 2020, which is more than US$100 million below previous estimates.
In addition, due to Partnership performance this year and improving market conditions, ET now expects to have full-year results at the high end of its 2020 outlook for Adjusted EBITDA range of US$10.2 billion to US$10.5 billion.
Read the article online at: https://www.worldpipelines.com/business-news/05112020/energy-transfer-reports-3q20-results/