ETRN - Energy Transfer: Political Blowback

• The aggressive management actions of the past could come back to haunt shareholders in the new year.
• This pipeline was completed and operated despite environmental law and industry practice.
• Management actions may have made it easy for the incoming administration to refuse to issue a new permit.
• The attitude of the Army Corps of Engineers could change significantly with the change in presidential administrations.
• Management has already been warned by the Appeals Court that they may not prevail.

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