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Energy Transfer Equity Reports Fourth Quarter And Annual Results

Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for the fourth quarter and year ended December 31, 2013.

Distributable Cash Flow, as adjusted, was $185 million for the three months ended December 31, 2013 as compared to $193 million for the same period last year. ETE’s net loss attributable to partners was $172 million for the three months ended December 31, 2013, including the impact of a non-cash goodwill impairment and a loss on debt extinguishment as discussed below, as compared to net income attributable to partners of $49 million for the same period last year.

Distributable Cash Flow, as adjusted, for the year ended December 31, 2013 was $719 million as compared to $668 million for last year, an increase of $51 million. ETE’s net income attributable to partners was $196 million for the year ended December 31, 2013, as compared to $304 million for last year.

ETE’s net income attributable to partners for the three months and year ended December 31, 2013 were unfavorably impacted by a one-time GAAP accounting loss arising from the premium paid and non-cash charges pursuant to the partial tender offer for its 2020 Senior Notes (part of the refinancings discussed below), as well as ETE’s recognition of a proportionate share of a $689 million non-cash goodwill impairment related to Trunkline LNG Company, LLC (“TLNG”), the entity that owns a LNG regasification facility in Lake Charles, Louisiana.

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

  • In December, ETE completed comprehensive debt refinancings and expects to reduce its interest expense by $16 million annually. In addition, the refinancing transactions also extended the maturity of a significant portion of ETE’s long-term debt.
  • In December, ETE also entered into a revolving credit facility agreement which matures in 2018, provides advances up to $600 million and with lower interest rates than the prior facility. The new facility provides ETE with an option to request increases in its size of up to $1 billion (in total) and extend the maturity until 2020.
  • In December, ETE launched a $1 billion common unit buyback program, which is intended to be used opportunistically and will be utilized and sequenced from time to time depending on the trading price activity and performance of ETE’s common units. Through today, ETE has acquired approximately 1.7 million ETE common units in the market.
  • In December, ETE agreed to purchase $400 million of Regency’s common units as part of the consideration for Regency’s acquisition of the midstream business of Eagle Rock Energy Partners effective as of, and conditioned on, the closing of that transaction. In order to fund this purchase of Regency common units, ETE increased the capacity on its revolving credit agreement to $800 million in February.
  • In January, ETE completed a two-for-one split of its outstanding common units. All unit and per-unit amounts reported herein have been adjusted to give effect to the split.
  • In January, ETE’s Board of Directors approved its fifth consecutive increase in its quarterly distribution to $0.34625 per unit (on a post-split basis) on ETE Common Units for the quarter ended December 31, 2013.

In addition, earlier today, ETE closed on its previously announced acquisition of TLNG from ETP in exchange for the redemption by ETP of 18.71 million ETP units held by ETE. The transaction was effective as of January 1, 2014.

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