Energy Transfer Reduces Planned 2020 Capex Again

SUGAR LAND--August 7, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Midstream companies are having a tough time, and Energy Transfer LP (NYSE:ET) (Dallas, Texas) is no exception. In the company's recent earnings conference call, Chief Financial Officer Tom Long said Energy Transfer was expecting a "slower recovery than initially forecasted." With this in mind, the company further reduced its planned 2020 growth capital expenditures (capex) by an additional $200 million to $3.4 billion for the year, a $600 million decrease from Energy Transfer's guidance at the beginning of the year. Growth capex will decrease in coming years as well, with Long saying it was expected to be approximately $1.3 billion in 2021, followed by $500 million to $700 million per year in 2022 and 2023.