This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energy Transfer Equity CEO Discusses Q2 Results - Earnings Call Transcript

We continue to make significant progress on our projects in both, our Midstream and NGL segments. We should see our Justice NGL pipeline Phase II of a REM pipeline, and our Red River Gathering pipeline and our Karnes County processing plant go in service later this year on time and on budget.

We also expect phase one of our Jackson County processing plant and Lone Star's West Texas Gateway pipeline and first Mont Belvieu fractionator to go in service no later than January of 2013. In addition, we are actively evaluating more than $2 billion on growth capital projects in the midstream NGL and crude space, which could be announced over the next year or so and deliver additional distributable cash flow into 2008 to 2013 and into 2014, and we couldn't be more excited about our ability to execute on these projects.

Now turning our attention to results, and I will start with ETP's. ETP's adjusted EBITDA was $466.4 million, up approximately 20% from Q2 of 2011. Distributable cash flow for the quarter was $275.2 million, an increase of $51.9 million from this time last June. These increases are primarily due to our Interstate segment, which is seeing the benefits of the contractual ramp ups at FEP and Tiger, as well as our 50% interest in Citrus, one that we acquired in March of this year.

For the quarter, ETP will pay its unitholders $0.8938 for the quarter, or $3.575 on an annualized basis per unit on August 14 to our unitholders of record as of August 6.

Now from a segment level perspective, and I will begin with our Midstream segment. Our Q2 2012 adjusted EBITDA was $93.4 million. That's down slightly from second quarter of last year and was primarily driven by lower NGL prices as well as higher SG&A and operating expenses.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs