Energy Transfer (NYSE:ET) expects to start returning more capital to shareholders via distributions and buybacks starting in 2022, while paying down debt is the company's top priority, Co-CEO Tom Long said in the conference call following its Q3 earnings report, according to Bloomberg.
Energy Transfer said on the earnings call that it has sold more storage capacity than a year ago "at much more favorable rates" as winter approaches.
Q3 net income swung to a $635M profit from a year-ago $655M loss; adjusted EBITDA slipped to $2.58B from $2.87B a year earlier when it benefited from $300M of one-time items.
Distributable cash flow at the end of Q3 totaled $1.31B, compared to $1.69B a year ago.
Q3 revenues jumped 67% Y/Y to a better than expected $16.66B, as the company reached a new record for natural gas liquids transportation and fractionation volumes, as well as for NGL and refined product terminal volumes.
For the full year, Energy Transfer expects adjusted EBITDA of $12.9B-$13.3B and growth capital spending of ~$1.6B.