Energy Transfer (ET) reported an increased net income for the second quarter to $878 million, an increase of $523 million compared to the same period last year. Adjusted EBITDA for the three months was $2.82 billion, an increase of $562 million.
Results were supported by significant increases in four of the Partnership’s five core segments, with record operating performance in the Partnership’s NGL and refined products segment.
During the second quarter, ET announces its eighth natural gas liquids (NGL) fractionation facility at Mont Belvieu, Texas. Fractionator VIII will be a 150,000 barrel per day fractionator that is scheduled to be in service in the second quarter of 2021. With the addition of Fractionator VIII, ET will have more than one million barrels per day of fractionation capacity at Mont Belvieu.
Also, ET announced a binding supplemental open season in July 2019 to solicit additional shipper commitments that would further support a capacity optimisation on the Bakken pipeline system.
Meanwhile, The Permian Express 4 expansion is ongoing, and ET expects to have the project, which adds 120,000 barrels per day of capacity from the Permian Basin to Gulf Coastmarkets, in-service by the end of the third quarter of 2019. ET and Sunoco LP closed on the JC Nolan Pipeline joint venture in July 2019 and successfully commissioned the diesel fuel pipeline in West Texas this week.
Construction is ongoing at ET’s ethane storage tank and chilling facilities in Nederland, Texas with an expected in-service date in the fourth quarter of 2020.
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