Over the past quarter-century, through a combination of greenfield development and acquisitions, Energy Transfer (ET) has built out integrated networks of midstream assets that add value — and generate profits — as they move crude oil, natural gas, and NGLs from the wellhead to end-users. A couple of weeks ago, ET took another big step in its expansion strategy, announcing its plan to buy Enable Midstream in a $7.2 billion, all-equity deal expected to close in mid-2021. The assets to be acquired will augment the synergies ET has already achieved, particularly regarding NGL flows into its Mont Belvieu fractionation and export facilities as well as flows of natural gas through Louisiana’s central gas corridor to LNG and industrial demand on the Gulf Coast. Today, we examine how the Enable Midstream acquisition may help propel ET forward.
Today’s blog was written in partnership with East Daley Capital, which published its analysis of the deal within hours of its announcement. For more of East Daley’s insights into the inner workings of the ET/Enable deal, click here.
We’ve discussed various assets of ET over the past year, including, most recently, an update to the Dakota Access Pipeline saga, the recent expansion of the company’s Nederland export terminal, and the latest from its Mariner East and Marcus Hook assets. Even before ET announced its planned acquisition of Enable Midstream last month and closed on the purchase of SemGroup in December 2019, we had to break up our deep-dive Spotlight Report on the company into two parts — there was simply too much to write about.
Visualize the infrastructure behind U.S. NGL movement.
The U.S. NGLs Map provides a comprehensive view of the transport, processing, and export networks moving NGLs across the U.S.
Likewise, because ET’s assets stretch from border to border, we’ll focus this blog on three regions where the overlap of Enable’s infrastructure appears to provide the most opportunity: Louisiana and Gulf Coast gas; NGLs moving from the Anadarko Basin to Mont Belvieu; and Midcontinent gathering and processing (G&P) systems.
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About the song
“Better Together” was written by Jack Johnson and appears as the first song on his third studio album, In Between Dreams. Released as a single in the UK in January 2006, the song went to #24 on the UK charts. A ukulele version was included on the unauthorized 2007 Johnson release, The Mango Tree. A live version of the song was released as a single in the U.S. in October 2009 and went to #77 on the Billboard Hot 100 Singles chart. It has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: Jack Johnson (vocals, guitar), Sam Lapointe (lead guitar), Zack Gill (piano), Adam Topol (drums, percussion), and Merlo Podlewski (bass).
In Between Dreams was recorded in October 2004 at The Mango Tree in Hawaii and released in March 2005. Produced by Mario Caldato Jr., the album went to #2 on the Billboard Top 200 Albums chart and has been certified 2X Platinum by the RIAA.
Jack Johnson is a Hawaiian-born American singer-songwriter, musician, record producer, actor, documentary filmmaker, and former professional surfer. He has released seven studio albums, one soundtrack album, two live albums, three EPs, and 33 singles. Johnson has appeared in eight films, and has won one ASCAP Award, and one Brit Award. He continues to write, tour, and surf.
