Energy Transfer LP emerged as one of the big winners of the Texas freeze, saying it expected an additional $2.4 billion in earnings this year stemming from the February storm.
The Dallas pipeline operator controlled by billionaire Kelcy Warren disclosed the windfall Thursday as it reported a $3.6 billion profit in the first quarter, several times what it collected in all of 2020.
Revenue climbed to about $17 billion, 46% higher than the same period last year and the largest amount in quarterly sales the company has ever reported, according to FactSet.
Energy Transfer benefited from surging natural gas prices during the freeze, as power plants and other customers ran low on supplies and millions of homes lost power due to extreme cold weather.
The freeze and blackouts cut the state’s natural gas production by more than a third from normal levels during the weeklong storm event, according to Wood Mackenie. Physical prices in Houston vaulted 12,000% to $400 per million British thermal units, according to Natural Gas Intelligence.
