Energy Transfer LP reported second-quarter net income on Aug. 3 of $626 million, along with a 7.4% rise in EBITDA compared to the same quarter in 2020, as it continued to lop off debt.

The company reduced outstanding debt by about $1.5 billion in the quarter, bringing the year-to-date total reduction to $5.2 billion. Two ratings services—Moody’s Investor’s Service and S&P Global Ratings—responded by upgrading the MLP in May to stable from negative.

ET’s unit price has scuffled of late, dropping more than $1 to $9.27 in the past month. However, the price is up 52% since the start of the year.

Second-quarter figures did not match the first quarter’s stunning results, which were propelled by the February freeze in Texas, also known as winter storm Uri. First-quarter earnings were boosted by $2.4 billion in storm-related income. The company reported an increase of $52 million in transportation fees in the second quarter as a result of Uri-related revenues of $39 million.

Company executives attributed higher demand for Energy Transfer’s pipeline and storage network to the storm. They described an uptick in calls and discussions with existing and customers seeking to lock in firm transport and storage agreements.

Energy Transfer’s $7 billion purchase of Enable Midstream Partners LP, announced in February, was approved by Enable unitholders in May. The two companies, however, still await approval from the Federal Trade Commission (FTC). ET expects the transaction to close in the second half of 2021. If it does, it could add about $1 billion in EBITDA for the year.

“We are responding to [the FTC’s] second request,” said co-CEO Marshall McCrea during an earnings call with analysts. “We’re a little surprised. We thought that after extending it 30 more days that we would resolve all their questions and issues, but we remain confident that we will be closing in the not-too-distant future. We have been and will continue to be very cooperative with FTC.”

The deal provides for several areas of integration, including operations in the Midcontinent, Ark-La-Tex and Bakken Shale regions. The combined company would be the leader in processing capacity and pipeline miles in the Midcontinent, and the leader in processing and treatment in the Ark-La-Tex.

Other highlights:

  • Service began on the Cushing-to-Nederland crude oil pipeline expansion, moving oil from the Denver-Julesberg Basin and Cushing, Okla., to the company’s Nederland, Texas, terminal.
  • ET exported more NGL than any other company in the world in May and June, as a result of operations at the Marcus Hook terminal in Pennsylvania and a ramp-up of volumes at Nederland.
  • Work began on the Permian Bridge project, which converts pipeline assets to connect natural gas gathering and processing in the Delaware Basin with assets in the Midland Basin.
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