Energy Transfer Continues to Benefit From Lotus and Crestwood Deals, and Now NuStar

Data center and AI demand is coming into focus for Energy Transfer. Several years ago, the partnership began to focus on connecting its assets to power plants located within 10 miles of its intra-state pipelines. Now, Energy Transfer believes it is connected to about 55%-60% of the power plants in Texas, either directly or indirectly. As a result, management believes it is well positioned to benefit from perhaps 8 billion cubic feet per day of new data center demand, likely by 2030, particularly as Dallas is emerging as a key data center hub.