Wells Fargo analyst Michael Blum said Energy Transfer management seems open to an eventual consolidation via a roll-up for the first time he can remember, adding that while management positioned this as something "years away," he believes a roll-up could occur possibly as soon as 2018. A roll up of the structure into one entity, most likely Energy Transfer Equity (ETE), would improve cost of capital, eliminate perceived conflicts of interest and be a net positive, Blum tells investors. Blum has Outperform ratings on Energy Transfer Equity, Energy Transfer Partners (ETP) and Sunoco Logistics (SXL).