- In January 2014, ETP sold 9.2 million AmeriGas Partners, L.P. (“AmeriGas”) common units for net proceeds of $381 million.
- In February 2014, ETP redeemed 18.7 million ETP Common Units in connection with the transfer to Energy Transfer Equity, L.P. (“ETE”) of Trunkline LNG Company, LLC (“Trunkline LNG”), the entity that owns a LNG regasification facility in Lake Charles, Louisiana (the “Trunkline LNG Transaction”).
- On April 27, 2014, ETP entered into a definitive merger agreement whereby ETP plans to acquire Susser Holdings Corporation in a unit and cash transaction for total consideration valued at approximately $1.8 billion.
- Trunkline LNG Export, LLC, an entity owned jointly by ETP and ETE, and Trunkline LNG filed an application with the Federal Energy Regulatory Commission (“FERC”), seeking authorization for the 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 Gas Company, LLC, a subsidiary of ETP, filed a certificate application with the FERC for the modification and expansion of the Trunkline Gas Pipeline to accommodate volumes of inlet gas contracted for by BG Group 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 Partners, L.P. (NYSE: ETP) today reported its financial results for the quarter ended March 31, 2014. Adjusted EBITDA for Energy Transfer Partners, L.P. (“ETP”) for the three months ended March 31, 2014 totaled $1.21 billion, an increase of $250 million over the same period last year. Distributable Cash Flow attributable to the partners of ETP for the three months ended March 31, 2014 totaled $629 million, an increase of $253 million over the same period last year. Income from continuing operations for the three months ended March 31, 2014 was $467 million, an increase of $65 million over the same period last year. Results for the first quarter of 2014 were favorably impacted by continued growth expansion of our asset platform, an increase in customer demand and an increase in commodity prices. For the quarter ended March 31, 2014, ETP’s distribution coverage ratio was 1.36x, which represents a significant increase in distribution coverage over recent periods. In April, ETP announced that its Board of Directors approved an increase in its quarterly distribution to $0.935 per unit ($3.74 annualized) on ETP Common Units for the quarter ended March 31, 2014, representing an increase of $0.06 per Common Unit on an annualized basis compared to the fourth quarter of 2013. ETP’s other key accomplishments to date in 2014 include the following: