The energy carrier’s crude oil and natural gas liquids (NGL) transportation volumes hit a record high in the third quarter

Written by Stephanie Kelly

NEW YORK (Reuters) – Energy Transfer Medium Industries on Wednesday reported higher third-quarter earnings compared with the same period last year, as natural gas liquids (NGL) and crude oil transportation volumes reached a record high for the company.

Energy Transfer’s adjusted earnings before interest, taxes, depreciation and amortization in the quarter were $3.54 billion, compared to $3.09 billion a year ago, the company said.

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

The company said that natural gas transportation volumes rose by 14%, a record for the company, while crude oil transportation volumes rose by 23%, also a record.

The company’s LNG exports rose by more than 20%, another record high.

During the quarter, Energy Transfer placed its eighth fractionator into service at its Mont Belvieu, Texas, facility, bringing the company’s total fractionation capacity at Mont Belvieu to more than 1.15 million barrels per day.

Also during the quarter, Energy Transfer announced it would acquire Crestwood Equity Partners, which owns gathering and processing assets located in the Williston, Delaware and Powder River basins. The deal is expected to close on November 3, the earnings release said.

(Reporting by Stephanie Kelly; Editing by Lisa Shoemaker)

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