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Energy Transfer Equity Reports Quarterly Results

Stocks in this article: ETE ETP RGNC

Energy Transfer Equity, L.P. ( NYSE:ETE ) today reported Distributable Cash Flow and net income attributable to partners for the quarter ended June 30, 2011, both of which were impacted by acquisition-related costs incurred by ETE in connection with its proposed merger with Southern Union Company (NYSE:SUG). Distributable Cash Flow before acquisition-related expenses was $124.6 million for the three months ended June 30, 2011, as compared to $126.2 million for the three months ended June 30, 2010. ETE’s net income attributable to partners was $66.3 million for the three months ended June 30, 2011 as compared to $19.3 million for the three months ended June 30, 2010.

In June 2011, ETE entered into a plan of merger, whereby Southern Union Company would become a wholly owned subsidiary of ETE, and, in July 2011, ETE entered into an amended and restated plan of merger which modified many of the terms of the original agreement. ETE incurred $9.0 million of general and administrative costs for the three months ended June 30, 2011 associated with this transaction. For the three months ended June 30, 2010, ETE incurred $12.8 million of general and administrative costs associated with its acquisition of a controlling interest in Regency Energy Partners LP (Nasdaq:RGNC).

For the quarter ended June 30, 2011, ETE significantly raised its cash distribution on its outstanding limited partner interests to $0.625 per limited partner unit ($2.50 annualized), an increase of approximately 11.6%. The cash distribution for the quarter ended June 30, 2011 will be paid on August 19, 2011 to Unitholders of record as of the close of business on August 5, 2011.

Distributable Cash Flow before acquisition-related expenses for the six months ended June 30, 2011 was $249.7 million, as compared to $254.5 million for the six months ended June 30, 2010. ETE’s net income attributable to partners was $154.9 million for the six months ended June 30, 2011, an increase of $22.9 million over the six months ended June 30, 2010.

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