Energy Transfer (NYSE:ET) +2.4% after-hours despite missing Q2 earnings estimates, as adjusted EBITDA totaled a record-high $2.82B, up 25% from the year-ago quarter, and distribution metrics look strong.
ET says Q2 results were supported by significant increases in four of its five core segments, including record operating performance in the natural gas liquids and refined products segment.
Distributable cash flow attributable to partners climbed 23% Y/Y to $1.6B with a 2.0x coverage ratio, yielding $800M of excess coverage.
ET increases its FY 2019 outlook for adjusted EBITDA to $10.8B-$11B and reduces planned capex to $4.6B-$4.8B.
ET also announces its eighth natural gas liquids fractionation facility at Mont Belvieu, Tex., a 150K bbl/day fractionator planned to enter service in Q2 2021; with the addition of Fractionator VIII, ET will have more than 1M bbl/day of fractionation capacity at Mont Belvieu.
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