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.
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