U.S. midstream company Energy Transfer on Wednesday reported lower earnings for the second quarter despite higher transport volumes in most energy product segments versus a year ago.
on Wednesday reported lower earnings for the second quarter despite higher transport volumes in most energy product segments versus a year ago.
Growth capital expenditures in the second quarter of 2023 were $387 million, while maintenance capital expenditures were $216 million, the company said. Energy Transfer expects its long-term annual growth capital run rate to be about $2 billion to $3 billion, company executives said during a conference call Wednesday to discuss the results.
Midstream gathered volumes rose 8%, while intrastate natural gas transportation volumes rose 3%, both records.Total NGL exports out of both the company's Nederland and Marcus Hook terminals reached a record in the second quarter, the company said. Energy Transfer also expects its Frac 8 project at its Mont Belvieu fractionation and liquids storage facility to be put into service around September, executives said.
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