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 Reports Third Quarter Results

Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for the quarter ended September 30, 2013.

Distributable Cash Flow, as adjusted, for the three months ended September 30, 2013 was $176 million as compared to $189 million for the three months ended September 30, 2012, a decrease of $13 million. ETE’s net income attributable to partners was $151 million for the three months ended September 30, 2013, as compared to $35 million for the three months ended September 30, 2012, an increase of $116 million.

Distributable Cash Flow, as adjusted, for the nine months ended September 30, 2013 was $534 million as compared to $476 million for the nine months ended September 30, 2012, an increase of $58 million. ETE’s net income attributable to partners was $368 million for the nine months ended September 30, 2013, as compared to $255 million for the nine months ended September 30, 2012, an increase of $113 million.

The Partnership’s key accomplishments during or subsequent to the quarter include the following:

  • ETE’s Board of Directors 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, representing an increase of $0.07 per common unit on an annualized basis.
  • ETP completed the sale of the assets of Missouri Gas Energy to Laclede Gas Company, a subsidiary of The Laclede Group, Inc., for $975 million.
  • The Department of Energy conditionally granted authorization to ETE, Energy Transfer Partners, L.P. (“ETP”) and BG Group to export from the existing Trunkline liquefied natural gas (“LNG”) import terminal up to 15 million metric tons per annum of LNG to non-free trade agreement nations. ETE, ETP and BG Group subsequently announced their entry into a project development agreement to jointly develop the LNG export project at the existing Trunkline LNG import terminal in Lake Charles, Louisiana.
  • ETE exchanged 50.2 million ETP common units for newly issued Class H Units by ETP that track 50% of the underlying economics of the general partner interest and the incentive distribution rights of Sunoco Logistics Partners L.P.
  • ETP and Regency Energy Partners LP (“Regency”), both subsidiaries of ETE, announced that Lone Star NGL LLC (“Lone Star”), a joint venture between ETP and Regency, has placed in service a second natural gas liquids fractionator at its facility in Mont Belvieu, Texas, bringing Lone Star’s total fractionation capacity at Mont Belvieu to 200,000 barrels per day.

Furthermore, ETE commenced a tender offer on October 30, 2013 to purchase up to $400 million in principal amount of its existing 7.50% Senior Notes due 2020. In conjunction with the tender offer, ETE intends to launch a comprehensive refinancing of its existing debt. To that end, ETE intends to refinance its current $900 million senior secured term loan due March 2017 and is also finalizing a new five-year revolving credit facility for up to $600 million. Proceeds from a possible new issuance of senior secured notes and/or a new term loan will be used to satisfy any proceeds required for a successful tender of the Senior Notes. There can be no assurance that ETE will successfully refinance its existing term loan or raise adequate funds for the tender from any intended new issuance of senior secured notes or any term loan financing.

1 of 6

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs