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Power transfer (New York Stock Exchange: ET) -1.8% on Wednesday after trading after missing expectations for fourth-quarter adjusted earnings and revenue, even as it moved a record amount of volumes across all major segments in 2022.
Fourth quarter net income attributable to partners increased to $1.16 billion from $926 million in the prior-year quarter, and adjusted EBITDA increased to $3.44 billion from $2.81 billion, with gains primarily due to higher volumes in all major segments compared to the prior year and the acquisition of Enable Midstream.
Fourth-quarter distributable cash flow was $1.91 billion, compared with $1.6 billion for the same period last year.
Energy Transfer (ET) said fourth quarter natural gas liquids fractionation volumes were up 7% year-on-year and set a new record, with single-day fractionation throughput at Mont Belvieu topping 1 million barrels for the first time. in the history of the association.
NGL shipment volumes increased 5% to a record 2 million bbl/day in the fourth quarter from 1.9 million bbl/day in the year-ago period, and intermediate processing volumes increased 32 %, which also set a new record.
Fourth quarter NGL exports from the Netherlands terminal also hit a new record, the company said.
For fiscal 2023, Energy Transfer (ET) was guided by adjusted EBITDA of $12.9 billion to $13.3 billion, and expects growth capital expenditures of $1.6 billion to $1.8 billion and sustaining capital expenditures of $725 million to $775 million.
In its post-earnings conference call, Energy Transfer (ET) said that due to the high level of competition, it is taking longer than expected to reach a final investment decision on its announced Lake Charles LNG project.
The association also said it has contracted 25% to 30% of the amount needed to make a final investment decision on its announced Warrior pipeline in Texas.
Energy Transfer (ET) units have gained 13% year-to-date and 29% over the past year.