Energy Transfer 创纪录的销量推动了第四季度的强劲盈利

NGL 运输行业处于领先地位，Energy Transfer 的 2022 年第四季度收益报告表现强劲。

约瑟夫
马克曼
哈特能源

Energy Transfer 报告称，2022 年第四季度所有细分市场的销量均有所增加，同时在 NGL 分馏和运输以及中游吞吐量方面创下了记录。 

该季度净利润为 11.6 亿美元，即 34 美分/单位，同比增长 25.4%，但低于分析师一致预期的 39 美分/单位。全年净利润总计47.6亿美元，同比下降13.1%。

季度收入总计 205 亿美元，同比增长 9.9%，但仍低于市场普遍预期的 248 亿美元。全年收入同比增长 33.2% 至 898.8 亿美元。

截至 2 月 16 日中午，该公司股价为 13.19 美元，较开盘价上涨 24 美分。 
 
 

ET EPS 比较
Energy Transfer 季度每单位收益与分析师预期相比。（来源：Energy Transfer LP）

Energy Transfer 2022 年全年 EBITDA 为 131 亿美元，创下该公司的纪录。第四季度 EBITDA 为 34.4 亿美元，比 2021 年同期增长 22.3%。 

业务板块

该公司的 NGL 和成品油运输及服务部门在本季度处于领先地位，EBITDA 为 9.28 亿美元，同比增长 25.6%，收入为 57.5 亿美元。

本季度 NGL 运输量创下 1.97 MMbbl 的纪录，同比增长 5.3%。二叠纪盆地和伊格尔福德页岩产量的增加是造成这一增长的原因。联合首席执行官汤姆·朗 (Tom Long) 在 2 月 15 日的财报电话会议上对分析师表示，得克萨斯州尼德兰码头的液化天然气出口量在 2022 年创下了纪录，预计 2023 年产量将会更高。

2022 年，仅乙烷的出货量就达到 43 MMbbl，预计 2023 年将达到 60 MMbbl。

“总的来说，我们的液化天然气出口量继续超过任何其他公司或国家，我们占全球液化天然气出口的比例仍保持在世界市场的 20% 左右，”朗说。

本季度中游 EBITDA 总计 6.32 亿美元，同比增长 15.5%。天然气采集量同比猛增 31.6% 至 19.43 MMBtu/d。Long 表示，各运营区域的吞吐量有所增加，而收购 Enable Oklahoma Intrastate Transmission 系统资产和 Woodford Express 管道对这一总量做出了贡献。

州内（58%）和州际（24.4%）运输和仓储领域的季度 EBIDTA 同比大幅增长。原油运输同比增长7.1%。

Energy Transfer 有多个项目正在进行中。他们之中：

  • 路易斯安那州的查尔斯湖液化天然气公司做出最终投资决定的时间比预期要长，但受到全球天然气需求不断增长的支撑；
  • 优化宾夕法尼亚州马库斯胡克码头，增加乙烷制冷和储存能力；
  • 德克萨斯州 Mont Belvieu 的额外分馏产能使总产能达到 1.15 MMbbl/d；
  • 二叠纪盆地的贝尔天然气处理厂是一座 200 MMcf/d 的设施，预计将于 2023 年第二季度上线；和 
  • Gulf Run 管道的产能为 1.65 Bcf/d，将天然气输送至墨西哥湾沿岸的 Golden Pass 液化天然气工厂。
  • Long还明确表示，Energy Transfer将继续增长。

“我们不知道二叠纪盆地的下一个项目何时宣布，”他告诉分析师。“我们确实相信，当它发生时，它就会属于我们。”

原文链接/hartenergy

Energy Transfer’s Record Volumes Powered Strong Q4 Earnings

NGL transport led the way as Energy Transfer enjoyed a strong fourth-quarter 2022 earnings report.

Joseph
Markman
Hart Energy

Energy Transfer reported higher volumes across all segments in fourth-quarter 2022, while notching records in NGL fractionation and transportation and midstream throughput. 

Net income for the quarter was $1.16 billion, or 34 cents/unit, which was up 25.4% year-over-year (yoy), but came up short of analysts’ consensus estimate of 39 cents/unit. Net income for the year totaled $4.76 billion, down 13.1% yoy.

Quarterly revenues totaled $20.5 billion, up 9.9% yoy, but also below the consensus estimate of $24.8 billion. Full-year revenue jumped 33.2% yoy to $89.88 billion.

The company’s stock price was $13.19 at midday on Feb. 16, up 24 cents from its open. 
 
 

ET EPS Comparison
Energy Transfer quarterly earnings per unit, compared to analyst estimates. (Source: Energy Transfer LP)

Energy Transfer’s full-year 2022 EBITDA of $13.1 billion set a record for the company. Fourth-quarter EBITDA of $3.44 billion surpassed the same period in 2021 by 22.3%. 

Business segments

The company’s NGL and refined products transportation and services unit led the way in the quarter with EBITDA of $928 million, up 25.6% yoy, on revenues of $5.75 billion.

NGL transportation volumes set a record of 1.97 MMbbl in the quarter, up 5.3% yoy. Higher volumes from the Permian Basin and Eagle Ford shale accounted for the increase. NGL exports from the Nederland, Texas terminal set a record in 2022 and higher volumes are expected in 2023, co-CEO Tom Long told analysts during the earnings call on Feb. 15.

Ethane shipments alone totaled 43 MMbbl in 2022 and are expected to reach 60 MMbbl in 2023.

“In total, we continue to export more NGL than any other company or country with our percentage of worldwide NGL exports remaining at approximately 20% of the world market,” Long said.

Midstream EBITDA totaled $632 million in the quarter, up 15.5% yoy. Gathered natural gas volumes soared 31.6% yoy to 19.43 MMBtu/d. Long said there was increased throughput across operating regions, and the acquisitions of the Enable Oklahoma Intrastate Transmission system assets and the Woodford Express pipeline contributed to that total.

Quarterly EBIDTA rose sharply yoy in the transportation and storage segments for intrastate (58%) and interstate (24.4%). Crude oil transportation was up 7.1% yoy.

Energy Transfer has a number of projects in the works. Among them:

  • Lake Charles LNG in Louisiana, which has taken longer to get to final investment decision than expected but is buttressed by growing global gas demand;
  • Optimization at the Marcus Hook, Pa. terminal to add ethane refrigeration and storage capacity;
  • Additional fractionation capacity at Mont Belvieu, Texas to bring the total to 1.15 MMbbl/d;
  • The Bear Gas Processing Plant in the Permian Basin, a 200 MMcf/d facility expected to come online in second-quarter 2023; and 
  • The Gulf Run pipeline, which will boast a capacity of 1.65 Bcf/d and move gas to the Golden Pass LNG plant on the Gulf Coast.
  • Long also made it clear that Energy Transfer would continue to grow.

“We don’t know when the next project will be announced coming out of the Permian Basin,” he told analysts. “We do believe it will be ours when it happens.”