The midstream company is benefiting from strength in some businesses, offsetting weakness elsewhere.
It is now my pleasure to introduce your host, Tom Long, chief financial officer. In early June, we commenced joint tariff service to provide crude oil transportation from our Cushing terminal to our Nederland terminal.
Energy Transfer LP on Tuesday reported an increase in quarterly net income, driven by gains in its intrastate natural gas pipeline and storage business as well as natural gas liquids unit. Energy Transfer was among the biggest winners after Winter Storm Uri knocked out power and halted distribution of natural gas in Texas in February. Energy Transfer said it began service on its Cushing to Nederland expansion project in June, which utilizes a crude oil pipeline previously servicing the Permian basin of Texas and New Mexico, the biggest U.S. shale producing region.