Commenting on the Partnership’s 10 percent quarter over quarter distribution increase, Hennigan said, “With our continued investment in organic growth aimed at increasing steady, ratable cash flows, we are confident in our future and well-positioned to see long-term cash flow growth.”
During the fourth quarter, Energy Transfer Partners, L.P. (NYSE: ETP), completed its previously announced acquisition of Sunoco, Inc. In this transaction, Energy Transfer acquired Sunoco’s general partner interest, limited partner interests, and the incentive distribution rights in the Partnership.
Speaking on the completed transaction, Hennigan said, “We are pleased to become a part of the Energy Transfer family. We look forward to our continued growth, and in addition, we will look together for joint opportunities and synergies between our companies.”
DETAILS OF THIRD QUARTER SEGMENT RESULTS
|Three Months Ended|
|Crude Oil Pipelines||$ 67||$||43||$||24|
|Crude Oil Acquisition and Marketing||48||41||7|
|Refined Products Pipelines||11||11||-|
|Operating Income||$ 165||$||128||$||37|
|Interest expense, net||20||24||(4||)|
|Provision for income taxes||8||7||1|
|Net Income||$ 137||$||97||$||40|
|Less: Net income attributable to noncontrolling interests||3||2||1|
|Net income attributable to Partners||$ 134||$||95||$||39|
Crude Oil PipelinesOperating income for the third quarter 2012 increased to a record level compared to the prior year period due primarily to an improved mix of pipeline movements which benefited from the demand for West Texas crude oil. Further contributing to these increases were organic growth projects and higher pipeline fees which benefited from tariff increases relative to the prior year period. These increases were partially offset by reduced volumes on short haul movements compared to the prior period.