Energy Transfer Partners, L.P. ( NYSE: ETP) and Energy Transfer Equity, L.P. ( NYSE: ETE) today announced that the Board of Directors of each Partnership has approved a quarterly distribution increase for the quarter ended September 30, 2013.
ETP’s Board of Directors has approved an increase in its quarterly distribution to $0.905 per unit ($3.62 annualized) on ETP common units for the quarter ended September 30, 2013. The quarterly distribution of $0.905 represents an increase of $0.045 per common unit on an annualized basis. The cash distribution will be paid on November 14, 2013 to unitholders of record as of the close of business on November 4, 2013.
"We are extremely pleased to have reached this point of resuming distribution rate growth for our unitholders - it is something we've worked hard to accomplish over the last several years and now that distribution growth has resumed, we intend to continue it going forward,” said Martin Salinas, Chief Financial Officer of ETP. “While we have diversified our business, both from a geographic and business capabilities standpoint, we have remained focused on our key objective of increasing unitholder value. We are confident that increasing our distribution per unit does just that. ETP is poised to continue demonstrating unitholder value through 2013 and beyond as we execute on not only bringing announced growth projects into service and further driving our expenses down, but also through developing more growth projects by capitalizing on opportunities around our asset base."
ETE’s Board of Directors has approved an increase in its quarterly distribution to $0.6725 per unit ($2.69 annualized) on ETE common units for the quarter ended September 30, 2013. The quarterly distribution of $0.6725 represents an increase of $0.07 per common unit on an annualized basis. This is the fourth consecutive quarter that ETE has raised its distribution. The cash distribution will be paid on November 19, 2013 to unitholders of record as of the close of business on November 4, 2013.
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