And few MLPs have recently done as well. The unit price has rallied 8 percent in the last month, spurred by the recent analyst day presentation detailing the partnership’s development and financing plans for liquefied natural gas (LNG) exports from its current import terminal at Lake Charles, Louisiana.

Source: Energy Transfer presentation

The venture, which is currently 60-percent owned by ETE and 40-percent by its affiliate Energy Transfer Partners (NYSE: ETP), aims to use three liquefaction trans to export up to 2.6 billion cubic feet of LNG per day starting in 2019. It is likely to be spun off into a separate “pure-play LNG” MLP next year, though of course ETE would retain lucrative incentive distribution rights. Equity would finance 25 percent of the project’s estimated $11 billion cost, and debt the rest.

The UK’s BG Group (NYSE: BG) has already secured rights to the LNG trains’ full output under a 20-year take-or-pay tolling agreement, and will be responsible for sourcing the gas. But ETP’s pipes are the only ones connecting Lake Charles to the potential suppliers, so it stands to see additional revenue.

In the meantime,  Energy Transfer announced that ETP will transfer current Lake Charles regasification and storage facilities to ETE for approximately $1 billion in ETP units as well as $330 million in future management fees and subsidies tied to the facility. This will presumably let the general partner cash in on the forthcoming MLP spinning out those assets.

Source: Energy Transfer presentation

In the long run, ETE estimates that by 2044 the project will generate distributable cash flow equal to more than 100 percent of ETE’s current market capitalization and 43 percent of ETP’s. And though 2044 is a long way off investors must have enjoyed the speculation.

Source: Energy Transfer presentation

Elsewhere in the presentation, Energy Transfer stressed its rapid growth in the booming Eagle Ford, where it expects to be the second-largest processor of NGLs trailing only Enterprise Products Partners (NYSE: EPD) next year.

Another project will link the Mont Belvieu, Texas, fractionation and storage facilities of the Lone Star venture in which ETE holds a substantial stake with the Nederland terminal just to the east belonging to ETE affiliate Sunoco Logistics (NYSE: SXL).

All of which has investors anticipating rapid distribution growth at ETE in the coming years.  In the third quarter the payout rose 7.6 percent year-over-year, for a current yield of 3.6 percent. Buy ETE below $74.