ET: Higher guidance and record volumes reinforce a large, demand-backed growth pipeline

What happened

Q3 adjusted EBITDA and adjusted DCF rose year over year, helped by record volumes and market tailwinds. FY 2026 EBITDA guidance was raised to $19.7B–$19.9B, and growth investment and new projects are aimed at rising gas, power, and NGL demand.

Confirmed

Global impact / market context

Higher EBITDA guidance signals management expects more cash profit, which can fund growth projects and partner payouts. The stated link to rising gas, power, and NGL demand suggests future revenue depends on those markets growing as expected.

Analyst inference

The update points to an energy infrastructure company with record volumes and growing demand for gas, power, and NGLs, which means natural gas liquids. Raised guidance suggests near-term earnings visibility improved, but the article gives no valuation, price, or peer comparison.

Analyst inference

What to watch

1. Watch whether full-year 2026 adjusted EBITDA lands within the raised $19.7B–$19.9B guidance range, since that figure is the company's main stated profit target. Confirmed
2. Track progress on the named growth investments and new projects tied to rising gas, power, and NGL demand, checking whether spending stays on schedule and budget. Proposed
3. Watch actual gas, power, and NGL demand trends, because softer demand could reduce project returns and pressure the revenue growth that underpins the guidance. Analyst inference

Evidence

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