Energy Transfer LP Further Expanding Ethane Export Capacity

Goldman Sachs maintains a Neutral rating on Energy Transfer (ET) following the announcement of a significant ethane export capacity expansion on the US Gulf Coast. The project is expected to contribute incrementally to long-term EBITDA through 2029.

Key Takeaways

• 1.Energy Transfer announced an expansion of its US Gulf Coast NGL export facility, adding 240 kb/d of ethane and 55 kb/d of LPG capacity.
• 2.The project is estimated to cost $1.1-$1.4bn and offers ~1% upside to 2029 EBITDA forecasts.

Table of Contents

• Key Takeaways
• Valuation and Risks
• Disclosure Appendix

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