Energy Transfer LP ( ET Quick Quote ET - Free Report) reported third-quarter 2020 earnings of 30 cents per unit, beating the Zacks Consensus Estimate of 23 cents by 30.4%. However, the bottom line declined 18.9% from the year-ago figure of 37 cents per unit. Total Revenues
Total revenues in the third quarter amounted to $9,955 million, which beat the Zacks Consensus Estimate of $9,121 million by 9.1%. However, revenues declined 26.2% from $13,495 million reported in the year-ago quarter.
Highlights of the Release
Cost-controlling initiatives by Energy Transfer have resulted in cost savings of $400 million year to date.
Its operating income dropped 86.9% to $244 million from $1,856 million in the prior-year quarter. Interest expenses were $569 million inthe reported quarter, down 1.7% from $579 million in the year-ago period. Financial Update
As of Sep 30, 2020, current assets were $6,150 million compared with $7,464 million on Dec 31, 2019.
As of Sep 30, 2020, the firm had a long-term debt of $51,424 million compared with $51,028 million on Dec 31, 2019. Progress in Capital Projects
In the reported quarter, the firm completed its Lone Star Express expansion under budget and ahead of schedule. Also, it made significant progress on other major capital projects throughout the United States.
As part of its cost-containing efforts, the firm again decided to lower 2020 capital outlook by $100 million to $3.3 billion from $3.4 billion expected earlier. With improving market conditions, it projects 2020 adjusted EBITDA at the upper end of the $10.2-$10.5 billion range. It predicts capital expenditure for 2021 to be $1.3 billion, and for 2022 and 2023 in the bandof $500-$700 million per year.
The company expects its cost-saving initiatives to reduce more than $500 million worth expenses in 2020. Zacks Rank
Energy Transfer currently carries a Zacks Rank #3 (Hold). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Other Releases Devon Energy Corp. ( DVN Quick Quote DVN - Free Report) reported third-quarter 2020 adjusted loss per share of 4 cents, narrower than the Zacks Consensus Estimate of a loss of 8 cents. WPX Energy Inc.’s ( WPX Quick Quote WPX - Free Report) third-quarter 2020 earnings of 11 cents per share beat the Zacks Consensus Estimate by 83.3%. Upcoming Release Occidental Petroleum Corporation ( OXY Quick Quote OXY - Free Report) is scheduled to report third-quarter 2020 results on Nov 9. The Zacks Consensus Estimate for the quarterly bottom line is pegged at a loss of 70 cents per share. These Stocks Are Poised to Soar Past the Pandemic
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