ETP expands NGL exports, raises guidance, wins legal case; one pipeline blocked
Nederland NGL export expansion Energy Transfer is expanding its Nederland NGL export terminal, adding 240,000 barrels per day of ethane and 55,000 of LPG capacity, with 100% of new ethane capacity contracted into the 2040s. This locks in long-term fee-based revenue, supporting distribution growth and making future cash flows more predictable.
This is a major new growth project that directly boosts ETP's long-term earnings and distribution capacity.
Raised 2026 capex and EBITDA guidance Energy Transfer raised its 2026 growth capex guidance to as much as $5.9 billion and lifted its full-year adjusted EBITDA forecast to $18.2–$18.6 billion. The spending targets mid-teens returns and is backed by long-term, fee-based contracts, mainly for natural gas pipelines serving AI data centers.
Higher guidance signals stronger expected profits and growth, which supports the unit price.
$392 million legal judgment win Energy Transfer won a $392 million judgment against CPS Energy over gas prices during Winter Storm Uri, including $263.6 million in disputed payments, $119 million interest, and $9.3 million fees. This is a one-time cash inflow that strengthens the balance sheet and can fund growth or distributions.
A large legal award provides a direct financial boost and removes a lingering dispute.
New Mexico pipeline rejection New Mexico regulators rejected a 17-mile natural gas pipeline that Energy Transfer proposed to supply Oracle's Project Jupiter data center. The decision blocks a key project and makes an August 15 in-service target unlikely, potentially delaying revenue and signaling regulatory risk for future projects.
This is a new setback that could slow growth and highlights regulatory hurdles for ETP's data center strategy.