- 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.
- Effective January 1, 2014, ETE closed on its acquisition of Trunkline LNG Company, LLC (“Trunkline LNG”) from Energy Transfer Partners, L.P. (“ETP”) in exchange for the redemption by ETP of 18.7 million ETP units held by ETE.
- ETE increased the capacity on its revolving credit facility to $1.2 billion through two steps, in February and May, in order to support its previously announced unit buyback program and to fund the purchase of $400 million of Regency common units in connection with Regency Energy Partners LP’s (“Regency”) pending Eagle Rock acquisition.
- In April, ETE amended its Senior Secured Term Loan Agreement to increase the aggregate principal amount to $1.4 billion and used the proceeds from this $400 million increase to repay borrowings under our revolving credit facility and for general partnership purposes.
- In April, ETE’s Board of Directors approved its sixth consecutive increase in its quarterly distribution to $0.35875 per unit ($1.435 annualized) on ETE Common Units for the quarter ended March 31, 2014.
- From January through April, ETE repurchased approximately $750 million of ETE common units under its buyback program.
- Trunkline LNG Export, LLC and Trunkline LNG filed an application with the Federal Energy Regulatory Commission (the “FERC”), seeking authorization for its proposed new liquefaction facilities and modifications to Trunkline LNG’s existing terminal to facilitate the storage and subsequent export of LNG (the “Liquefaction Project”). In addition, Trunkline LNG filed an application with the FERC to convert Trunkline LNG’s existing regasification facilities from Section 7 (open access) to Section 3 status in conjunction with the Liquefaction Project. The FERC filings represent the culmination of significant front-end engineering design efforts for the Liquefaction Project and pre-filing consultations with the FERC and other federal, state and local agencies that have been underway since mid-2012. Approval of these applications is requested from the FERC by April 1, 2015.
Energy Transfer Equity Reports First Quarter Results
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