Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for the quarter ended June 30, 2013.
Distributable Cash Flow, as adjusted, for the three months ended June 30, 2013 was $180 million as compared to $158 million for the three months ended June 30, 2012, an increase of $22 million. ETE’s net income attributable to partners was $127 million for the three months ended June 30, 2013, as compared to $54 million for the three months ended June 30, 2012, an increase of $73 million.
Distributable Cash Flow, as adjusted, for the six months ended June 30, 2013 was $358 million as compared to $287 million for the three months ended June 30, 2012, an increase of $71 million. ETE’s net income attributable to partners was $217 million for the three months ended June 30, 2013, as compared to $220 million for the three months ended June 30, 2012, a decrease of $3 million.
The Partnership’s key accomplishments during the quarter include the following:
- On April 30, 2013, ETE contributed its 60% interest in ETP Holdco Corporation (“Holdco”) to Energy Transfer Partners, L.P. (“ETP”) for approximately 49.5 million ETP common units and $1.4 billion in cash, less $68 million of estimated closing adjustments. ETE used a portion of the proceeds to repay borrowings of $1.10 billion on its Senior Secured Term Loan Agreement.
- On April 30, 2013, Southern Union Company (“Southern Union”) contributed to Regency Energy Partners LP (“Regency”) all of the issued and outstanding membership interest in Southern Union Gathering Company, LLC, and its subsidiaries.
- On May 6, 2013, the Partnership's subsidiaries, Sunoco Logistics Partners L.P. and Lone Star NGL LLC, announced that long-term, fee-based agreements have been executed with an anchor tenant to move forward with a liquefied petroleum gas (“LPG”) export/import project.
- On April 1, 2013, ETE redeemed of all of its outstanding Series A Convertible Preferred Units from Regency GP Acquirer L.P. for cash consideration of $340 million, including a redemption premium of $40 million, plus accrued interest.
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