ET - Energy Transfer: Pulling Apart Adjusted EBITDA

• Like many other pipeline companies, Energy Transfer LP reports adjusted EBITDA. It's the "coin-of-the-realm".
• However, Energy Transfer has affiliates and subsidiaries that skew the consolidated figures materially.
• In this article, we seek to uncover "core" adjusted EBITDA, then make some observations about the findings.
• In addition, please find highlights about several other significant Energy Transfer developments since I last wrote you.

For further details see: