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.

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