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Energy Transfer Equity Reports Second Quarter Results

Stocks in this article: ETE ETP RGP SXL

Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the “Partnership”) today reported financial results for the quarter ended June 30, 2014.

Distributable Cash Flow, as adjusted, for the three months ended June 30, 2014 was $218 million compared to $180 million for the three months ended June 30, 2013, an increase of $38 million. ETE’s net income attributable to partners was $164 million for the three months ended June 30, 2014 compared to $127 million for the three months ended June 30, 2013, an increase of $37 million.

Distributable Cash Flow, as adjusted, for the six months ended June 30, 2014 was $417 million compared to $358 million for the six months ended June 30, 2013, an increase of $59 million. ETE’s net income attributable to partners was $332 million for the six months ended June 30, 2014 compared to $217 million for the six months ended June 30, 2013, an increase of $115 million.

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

  • 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.
  • From January through May, ETE completed its repurchase of ETE common units under its $1 billion common unit buyback program.
  • In May, ETE issued $700 million aggregate principal amount of its 5.875% senior notes due 2024 in a private placement.
  • In June, a wholly-owned subsidiary of ETE purchased 14.4 million Regency Energy Partners LP (“Regency”) common units for approximately $400 million. In July, a wholly-owned subsidiary of ETE purchased an additional 16.5 million Regency common units for approximately $400 million. Subsequent to these purchases, ETE and ETP together own approximately 24% of the limited partner interest in Regency.
  • In July, ETE’s Board of Directors approved its seventh consecutive increase in its quarterly distribution to $0.38 per unit ($1.52 annualized) on ETE common units for the quarter ended June 30, 2014. Based on the increased distribution rate, ETE’s distribution coverage ratio was 1.06x for the quarter.

The Partnership has scheduled a conference call for 8:30 a.m. Central Time, Thursday, August 7, 2014 to discuss its second quarter 2014 results. The conference call will be broadcast live via an internet web cast, which can be accessed through and will also be available for replay on the Partnership’s website for a limited time.

The Partnership’s principal sources of cash flow are the distributions it receives related to its direct and indirect investments in Energy Transfer Partners, L.P. (“ETP”) and Regency, including 100% of ETP’s and Regency’s general partner interest and incentive distribution rights, ETP common units, Regency common units, ETP Class H Units, and the Partnership’s ownership of Trunkline LNG Company, LLC (“Trunkline LNG”). The Partnership’s primary cash requirements are for general and administrative expenses, debt service requirements and distributions to its partners.

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