That income and upside potential make Energy Transfer an attractive investment opportunity. For example, in an electric circuit, chemical energy in a. In the meantime, investors get paid very well while they wait for growth to reignite, given the MLP's hefty 9% distribution yield. Electrically: energy is transferred through the movement of charge through a potential difference. However, the company has plenty of catalysts that could reaccelerate its growth in the future. While visibility is down, it's not lacking potential fuel sourcesĮnergy Transfer's growth will sputter in 2023 due to declining capital spending and other headwinds. Meanwhile, its equity value has improved significantly over the past year, giving it an additional currency source for a sizable acquisition. That would give it even more flexibility to make a deal. Its leverage ratio has improved to within its 4.0 to 4.5 times debt-to-EBITDA target range, thanks to its growing earnings and using excess cash flow to reduce debt.Īt its current distribution level and capital spending range, it will continue to generate excess cash, driving leverage toward the low end of its target range this year. Įnergy Transfer has ample financial flexibility to make a deal. A meaningful deal could help drive growth, much like the Enable acquisition did last year. Meanwhile, it made two small bolt-on acquisitions last year, buying Woodford Express for $485 million and Spindletop for $325 million.ĬFO Tom Long stated on the fourth-quarter call that "we're going to continue to look at acquisitions." The company plans to continue consolidating in the sector, which could mean making additional smaller-type deals or pursuing a larger-scale transaction. Its last large-scale deal was in 2021, when it spent $7 billion to buy Enable Midstream. The company also has a long history of making accretive acquisitions. Organic growth isn't Energy Transfer's only driver. If the company can get those projects over the finish line, it would improve the clarity of its longer-term growth prospects. That leads McCrea to be "optimistic that we'll get more momentum and hopefully get that to FID." Mechanisms of upconversion luminescence and NIR luminescence between two Bi3+ and Tm3+ ions at T 80 K accompanied with nonradiative energy transfer. However, the company believes the cycle could turn up in the next year or so. We're in a very down cycle." This means it's having trouble getting potential customers and funding partners to commit to that project. However, McCrea noted on the call that "we are in a difficult time. The company is also working on a potential petrochemical project. And we've got a great effort on that, and we still remain optimistic that we will get it to FID. Our focus right now is on getting the customers. He pointed out that while there's a lot of need for natural gas in the future, there are also a lot of companies going after that demand. Unfortunately, COO Mackie McCrea noted on the fourth-quarter conference call that "it has taken us longer than we had anticipated. However, it's having trouble getting them over the finish line.įor example, the company had hoped to make a positive final investment decision (FID) on its Lake Charles LNG project last year. Knox, Theory of Excitons (Academic, New York, 1963).Energy Transfer does have some larger-scale projects in the pipeline. 72, 5779 (1980) Google Scholar Scitation, ISI Furtak (Plenum, New York, 1981) for a recent review. See Surface Enhanced Raman Scattering, edited by R. Galanin, Electronic Excitation Energy Transfer in Condensed Matter (North‐Holland, Amsterdam, 1982). For a comprehensive summary of work relating to energy transfer see V. Status Solidi B 51, 571 (1972), Google Scholar Crossrefĭ. Perrin, 2‐me Conceil de Chimie Solvay, Bruxelles, 1924.
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