Energy Transfer (NYSE: ET) has grown significantly over the years. The master limited partnership (MLP) has spent billions of dollars buying and building additional midstream assets. This investment spending has driven its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from $7.3 billion in 2017 to a record $13.1 billion last year.

However, the company expects growth to slow considerably this year. It sees adjusted EBITDA roughly flat with last year's level, while projecting that capital spending will fall again this year. This outlook begs the question of whether the MLP can continue growing in the future.

Energy Transfer expects to invest $1.6 billion to $1.8 billion on growth capital projects this year. Even at the high end, that's less than its $1.93 billion growth capital spending level from 2022. Meanwhile, growth capital spending is down considerably from the $5.5 billion it invested in 2017. 

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Source Fool.com