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ET
USEnergy · Oil & Gas Storage & Transportation
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Structural: $ET is a top-3 US midstream MLP by EBITDA - ~130k miles of pipe touching every major US basin (Permian gas+NGL gathering, Bakken via Dakota Access, Eagle Ford, Marcellus/Utica), with marine export terminals (Nederland, Marcus Hook, Mariner East) handing the NGL/LPG bid into Asia and Europe.
Lake Charles LNG FID remains the swing optionality on the $ET 2027+ growth stack. Fee-based take-or-pay revenue dominates; commodity-price exposure is gathering+processing, not transmission.
(1) Permian gas takeaway tightness - $ET, $WMB, $KMI control the basin-to-Gulf corridor as associated gas grows with $XOM/$CVX rig counts; (2) AI datacenter gas demand layer adds incremental ~3-5 Bcf/d Gulf Coast load by 2028, $ET pipe sits in-path; (3) distribution coverage ~1.9x post-Sunoco/Crestwood/WTG synergies - buybacks + distribution growth both on table; (4) Lake Charles LNG offtake re-papering with $SHEL/$ENI implies FID optionality once tariff/permit overhang clears; (5) NGL export volumes hitting records into Asian propane demand.
(1) K-1 tax filing keeps institutional ownership capped vs C-corp peers $KMI/$WMB; (2) Lake Charles LNG remains uncommitted capex - FID slips have been a 5-year pattern; (3) leverage 4.0-4.2x EBITDA is mid-pack, refinancing risk if rates stay 5%+; (4) Permian gas pricing collapses (negative Waha) compress G&P margins even with fee floors; (5) MLP structure means distribution cuts hit retail-heavy holder base hard - 2020 cut is recent memory.
It reads our $ET data (thesis, key levels, peers, a year of prices) and any chart screenshot you paste, then explains the setup in plain English. Free with an email login, 5 questions a day. Education only: it never tells you to buy or sell, and it can be wrong, so check the numbers.
High-signal only
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.