Earnings ExpectationsThe Midstream and Crude segment were below expectations largely driven by lower fee-based margin and transport fees.
Financial GuidanceET reported 3Q25 of $3,838m, -2% vs. GSe and -4% vs. consensus, leading to a revised guidance below its initial range.
Valuation ConcernsET has historically traded at a marked valuation discount to midstream peers, but paths to correct this discount remain unclear.