DALLAS (AP) _ Energy Transfer LP (ET) on Wednesday reported fourth-quarter net income of $1.01 billion.

The Dallas-based company said it had profit of 38 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The energy-related services provider posted revenue of $13.72 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $13.53 billion.

For the year, the company reported profit of $3.59 billion, or $1.36 per share. Revenue was reported as $54.21 billion.

Energy Transfer LP shares have dropped 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.69, a drop of 19% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ET at https://www.zacks.com/ap/ET

Automated Insights, source Associated Press News