Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Energy Transfer has moved to deepen its Permian Basin exposure through an agreement to acquire Vaquero Midstream in a $2.625 billion cash-and-stock transaction announced on October 6, 2026.</li><li>The consideration includes approximately $1.95 billion in cash and roughly 33.3 million newly issued Energy Transfer common units.</li><li>Vaquero brings a 300-mile gathering network in the Delaware Basin and the Caymus processing complex, which currently provides 675 million cubic feet per day of capacity across three processing trains.</li></ul>

Energy Transfer has moved to deepen its Permian Basin exposure through an agreement to acquire Vaquero Midstream in a $2.625 billion cash-and-stock transaction announced on October 6, 2026.The consideration includes approximately $1.95 billion in cash and roughly 33.3 million newly issued Energy Transfer common units.Vaquero brings a 300-mile gathering network in the Delaware Basin and the Caymus processing complex, which currently provides 675 million cubic feet per day of capacity across three processing trains.

Energy Transfer’s $2.625 Billion Takeover Could Reshape Its Delaware Basin Strategy!

<ul><li>Energy Transfer’s second quarter 2026 financial results indicate continued growth across its key business segments, highlighted by an adjusted EBITDA of approximately $5.1 billion, up from $3.9 billion in the same period in 2025.</li><li>Distributable cash flow (DCF) attributable to partners also rose to around $2.6 billion from $2.0 billion year-over-year.</li><li>This performance was underpinned by record volumes in Midstream gathering, natural gas liquids (NGL) transportation and exports, and crude oil transportation.</li></ul>

Energy Transfer’s second quarter 2026 financial results indicate continued growth across its key business segments, highlighted by an adjusted EBITDA of approximately $5.1 billion, up from $3.9 billion in the same period in 2025.Distributable cash flow (DCF) attributable to partners also rose to around $2.6 billion from $2.0 billion year-over-year.This performance was underpinned by record volumes in Midstream gathering, natural gas liquids (NGL) transportation and exports, and crude oil transportation.

Energy Transfer’s $5.9 Billion Expansion Push — Power Demand Is Filling The Pipelines!

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Research Reinvented

<ul>
  <li>Energy Transfer operates one of the largest and most diversified midstream asset portfolios in the U.S., with extensive networks across key production basins providing a significant competitive advantage through scale and integration.</li>
  <li>The company is demonstrating strong operational and financial performance, evidenced by record volumes across key segments, upward revisions to EBITDA guidance, and a consistent track record of increasing shareholder distributions.</li>
  <li>Forward-looking strategy is focused on disciplined, high-return growth projects, particularly in the natural gas and NGL sectors, with a projected capital investment of $5.0 to $5.5 billion in 2026, while maintaining a target leverage ratio.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Energy Transfer operates one of the largest and most diversified midstream asset portfolios in the U.S., with extensive networks across key production basins providing a significant competitive advantage through scale and integration.
  The company is demonstrating strong operational and financial performance, evidenced by record volumes across key segments, upward revisions to EBITDA guidance, and a consistent track record of increasing shareholder distributions.
  Forward-looking strategy is focused on disciplined, high-return growth projects, particularly in the natural gas and NGL sectors, with a projected capital investment of $5.0 to $5.5 billion in 2026, while maintaining a target leverage ratio.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Energy Transfer LP (ET US) - Aug 2026

<ul><li>Energy Transfer LP reported first quarter 2026 results reflecting growth across multiple segments, supported by strong operational performance and increased demand for its midstream and downstream services.</li><li>The company generated adjusted EBITDA of approximately $4.9 billion, up from $4.1 billion in the first quarter of 2025, and distributable cash flow attributable to partners (adjusted) rose to about $2.7 billion from $2.3 billion in the prior-year period.</li><li>This improvement was underpinned by record volumes in midstream gathering, natural gas liquids (NGL) fractionation, exports, and crude oil transportation.</li></ul>

Energy Transfer LP reported first quarter 2026 results reflecting growth across multiple segments, supported by strong operational performance and increased demand for its midstream and downstream services.The company generated adjusted EBITDA of approximately $4.9 billion, up from $4.1 billion in the first quarter of 2025, and distributable cash flow attributable to partners (adjusted) rose to about $2.7 billion from $2.3 billion in the prior-year period.This improvement was underpinned by record volumes in midstream gathering, natural gas liquids (NGL) fractionation, exports, and crude oil transportation.

Energy Transfer Targets 3% To 5% Distribution Growth Amid Market Volatility; Is It Possible?

<ul><li>Energy Transfer's recent financial results showcased a solid performance, with specific milestones and challenges impacting the overall financial health of the company.</li><li>For the full year of 2025, Energy Transfer reported an adjusted EBITDA of nearly $16 billion, marking a 3% increase from the previous year and reaching a record high for the partnership.</li><li>This reflects the effective management of the company’s diversified assets, enabling record volumes across its interstate midstream natural gas liquids (NGL), crude segments, and export operations.</li></ul>

Energy Transfer's recent financial results showcased a solid performance, with specific milestones and challenges impacting the overall financial health of the company.For the full year of 2025, Energy Transfer reported an adjusted EBITDA of nearly $16 billion, marking a 3% increase from the previous year and reaching a record high for the partnership.This reflects the effective management of the company’s diversified assets, enabling record volumes across its interstate midstream natural gas liquids (NGL), crude segments, and export operations.

Energy Transfer & The NGL Surge—Is Infrastructure Expansion Solving the Permian’s Biggest Bottlenecks?

United States

Energy Transfer LP owns and operates a portfolio of energy assets. The Company engages in the operations such as transportation, storage and terminalling, crude oil, NGLs, refined products, and liquid natural gas. Energy Transfer serves customers in the United States.

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Energy Transfer LP (ET US)

Energy Transfer’s $2.625 Billion Takeover Could Reshape Its Delaware Basin Strategy!

Energy Transfer has moved to deepen its Permian Basin exposure through an agreement to acquire Vaquero Midstream in a $2.625 billion...

Baptista Research

Energy Transfer’s $5.9 Billion Expansion Push — Power Demand Is Filling The Pipelines!

Energy Transfer’s second quarter 2026 financial results indicate continued growth across its key business segments, highlighted by an adjusted...

Baptista Research

Primer: Energy Transfer LP (ET US) - Aug 2026

Energy Transfer operates one of the largest and most diversified midstream asset portfolios in the U.S., with extensive networks across key...

αSK Primers

Energy Transfer Targets 3% To 5% Distribution Growth Amid Market Volatility; Is It Possible?

Energy Transfer LP reported first quarter 2026 results reflecting growth across multiple segments, supported by strong operational performance and...

Baptista Research

Energy Transfer & The NGL Surge—Is Infrastructure Expansion Solving the Permian’s Biggest Bottlenecks?

Energy Transfer's recent financial results showcased a solid performance, with specific milestones and challenges impacting the overall financial...

Baptista Research

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