November 2, 2023 [Reuters]- Energy Transfer (ET.N) reported third quarter 2023 earnings that slightly missed Wall Street expectations, even as natural gas liquids (NGL) and crude transportation volumes hit a company record.

Energy Transfer’s third quarter 2023 adjusted earnings of $0.33 per share were just under the $0.34 per share expected by analysts, according to LSEG data.

Energy Transfer’s adjusted earnings before interest, taxes, depreciation and amortization in the quarter were $3.54 billion, compared with $3.09 billion last year.

The company expects its full-year 2023 adjusted EBITDA to range between $13.5 billion and $13.6 billion, and its 2023 growth capital expenditures to be slightly below its previously announced guidance of $2.0 billion, it said.

NGL transportation volumes were up 14%, a record for the company, while crude transportation volumes gained 23%, also a record, the company said.

The company’s NGL exports were up more than 20%, another record.

September and October were the company’s “best months ever” across its NGL export terminals because of increased U.S. and international demand, said Chief Executive Thomas Long during a conference call to announce the earnings.

An expansion to the company’s Nederland export terminal is expected to add up to 250,000 barrels per day (bpd) of export capacity and be in service in mid-2025, Long added. Construction for the expansion is underway.

The company had previously said it would file an application for new export authorization for its Lake Charles LNG facility project. The U.S. Department of Energy denied a request from the company to extend a deadline to complete construction on the project.

Energy Transfer hopes to hear a decision from the DOE by mid-first quarter 2024, executives said during the call.

During the third quarter 2023, Energy Transfer placed into service its eighth fractionator at its Mont Belvieu, Texas, facility, bringing 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 it would acquire Crestwood Equity Partners (CEQP.N), which owns gathering and processing assets located in the Williston, Delaware, and Powder River basins. The transaction is expected to close on Nov. 3, the earnings release said.

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