Core Insights - Energy Transfer LP (ET) is strategically positioned to meet the increasing demand for natural gas in the U.S. through its extensive network of storage facilities, providing flexibility and reliability to manage seasonal shifts and peak usage requirements [1] Storage Capacity Expansion - ET is expanding its Bethel storage facility, which will more than double its working gas storage capacity to over 12 billion cubic feet (Bcf), enhancing its pipeline operations and supporting long-term commercial contracts [2][9] - The company’s intrastate storage assets in Texas connect directly to key production basins like the Permian and Eagle Ford, generating storage fee income and allowing for price optimization [3][9] Interstate Storage Integration - ET's interstate storage facilities integrate with pipelines that deliver natural gas to high-demand markets in the Midwest and Gulf Coast, becoming increasingly vital as LNG exports and industrial demand grow [4][9] Earnings Stability and Growth - ET's storage capabilities reinforce its role as a critical balancing force in U.S. natural gas flows, supporting long-term earnings stability and growth [5] - The Zacks Consensus Estimate indicates a year-over-year increase in ET's earnings per unit of 9.38% for 2025 and 10.71% for 2026 [11] Price Performance and Valuation - ET's units have risen 10.1% over the past year, outperforming the Zacks Oil and Gas - Production Pipeline - MLB industry's growth of 2.6% [8] - ET's current trailing 12-month Enterprise Value/Earnings before Interest, Tax, Depreciation and Amortization (EV/EBITDA) is 9.26X, compared to the industry average of 10.65X, indicating that the firm is undervalued relative to its peers [13]