Segment Adjusted EBITDA has grown substantially over the past 4 quarters, both in absolute terms and on a per unit basis; but frequent occurrences of items characterized as “one-time” and “non-cash” mars the quality of the numbers.
With the portfolio of new and expansion projects at hand, the current growth levels at ETP and ETE can be sustained even in the current weak energy price environment.
Certain portions of the business could face challenges in terms of achieving project return targets at current energy price levels in some of the shale formations where ETP operates.
Concerns also include the economics of the RGP acquisition for ETP and the related-party transactions that split these projects among the various Energy Transfer entities.
Ron Hiram currently manages investment portfolios and assists earlier stage companies in their capital raising efforts. His career includes serving as Managing Partner of Eurofund 2000 L.P., an Israeli venture capital fund; Partner and co-head of the Israeli operations of TeleSoft Partners, a Silicon Valley based venture capital fund; Managing Director and Partner at Soros Fund Management and Soros Private Equity Partners, New York; and Managing Director of a workout and restructuring group at Lehman Brothers, New York. Mr. Hiram also served as Chairman of the Board of Comverse Technology, Inc. (CMVT), as a board member of other private and public companies, and as CEO of a telecom start-up.Read More
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