Energy Transfer Equity Reports Second Quarter Results
Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the “Partnership”) today reported financial results for the quarter
ended June 30, 2016.
ETE’s net income attributable to partners was $241 million for the three months ended June 30, 2016 compared to $298
million for the three months ended June 30, 2015. Distributable Cash Flow, as adjusted, for the three months ended
June 30, 2016 was $276 million compared to $335 million for the three months ended June 30, 2015.
The Partnership’s recent key accomplishments and other developments include the following:
- In July 2016, ETE announced a $0.285 distribution per ETE common unit for the quarter ended June 30,
2016, or $1.14 per unit on an annualized basis.
- As of June 30, 2016, ETE’s $1.5 billion revolving credit facility had $885 million of outstanding
borrowings and its leverage ratio, as defined by the credit agreement, was 3.18x.
- In light of Energy Transfer Partners, L.P.’s (“ETP”) current common unit price and its resultant cost
of capital, ETE has agreed to a reduction in incentive distributions from ETP in the aggregate amount of $720 million over a
period of seven quarters, beginning with the quarter ended June 30, 2016 through the quarter ending December 31, 2017. The
quarterly incentive distribution reduction for the quarter ended June 30, 2016 was $75 million, and incentive distribution
reductions will increase each subsequent quarter, reaching $130 million for the quarter ending December 31, 2017. Through these
incentive distribution reductions, ETE is providing support for ETP during its current major capital spending related to new
projects. As these projects are completed, ETP is expected to receive significant cash flow from these projects which, in turn,
is expected to facilitate cash distribution growth related to ETP’s common units as well as growth in future incentive
distributions to ETE.
The Partnership has scheduled a conference call for 8:00 a.m. Central Time, Thursday, August 4, 2016 to discuss its second
quarter 2016 results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com 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 derived from distributions related to its direct and indirect investments
in the limited and general partner interests in ETP, including 100% of ETP’s incentive distribution rights, ETP Common Units, SUN
Common Units, ETP Class I Units, and, through ETP Class H Units, which track 90% of the underlying economics of the general partner
interest and IDRs of Sunoco Logistics Partners L.P. (“Sunoco Logistics”), distributions related to its investments in the general
partner interests in Sunoco Logistics, limited and general partner interest in Sunoco LP, as well as the Partnership’s ownership of
Lake Charles LNG. The Partnership’s primary cash requirements are for general and administrative expenses, debt service
requirements and distributions to its partners.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of
the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE
also owns approximately 2.6 million ETP common units and approximately 81.0 million ETP Class H Units, which track 90% of the
underlying economics of the general partner interest and IDRs of Sunoco Logistics Partners L.P. (NYSE: SXL). On a
consolidated basis, ETE’s family of companies owns and operates approximately 71,000 miles of natural gas, natural gas liquids,
refined products, and crude oil pipelines. For more information, visit the Energy Transfer Equity, L.P. website at
www.energytransfer.com.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the
largest and most diversified portfolios of energy assets in the United States. ETP’s subsidiaries include Panhandle Eastern Pipe
Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids
storage, fractionation and transportation assets. In total, ETP currently owns and operates approximately 62,500 miles of natural
gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and
approximately 67.1 million common units of Sunoco Logistics Partners L.P. (NYSE: SXL), which operates a geographically diverse
portfolio of pipelines, terminalling and acquisition and marketing assets. ETP’s general partner is owned by Energy Transfer
Equity, L.P. (NYSE: ETE). For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.
Sunoco Logistics Partners L.P. (NYSE: SXL) is a master limited partnership that owns and operates a logistics business
consisting of a geographically diverse portfolio of complementary pipeline, terminalling and acquisition and marketing assets which
are used to facilitate the purchase and sale of crude oil, natural gas liquids, and refined products. Sunoco Logistics’ general
partner is a consolidated subsidiary of Energy Transfer Partners, L.P. (NYSE: ETP). For more information, visit the Sunoco
Logistics Partners L.P. website at www.sunocologistics.com.
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,300 retail fuel sites and convenience
stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands) and distributes motor fuel to convenience stores,
independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. Our parent -- Energy
Transfer Equity, L.P. (NYSE: ETE) -- owns SUN's general partner and incentive distribution rights. For more information, visit the
Sunoco LP website at www.sunocolp.com.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and
other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that
can affect future results are discussed in the Partnership’s Annual Reports on Form 10-K and other documents filed from time to
time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
The information contained in this press release is available on our web site at www.energytransfer.com.
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ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions)
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(unaudited)
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June 30, 2016 |
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December 31, 2015 |
ASSETS
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Current assets |
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$ |
6,090 |
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$ |
5,410 |
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Property, plant and equipment, net |
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51,386 |
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|
48,683 |
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Advances to and investments in unconsolidated affiliates |
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3,453 |
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3,462 |
Non-current derivative assets |
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18 |
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— |
Other non-current assets, net |
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742 |
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|
730 |
Intangible assets, net |
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5,356 |
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|
5,431 |
Goodwill |
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7,515 |
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|
7,473 |
Total assets |
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$ |
74,560 |
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$ |
71,189 |
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LIABILITIES AND EQUITY
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Current liabilities |
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$ |
6,188 |
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$ |
4,910 |
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Long-term debt, less current maturities |
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38,501 |
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36,837 |
Long-term notes payable to related company |
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|
107 |
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— |
Non-current derivative liabilities |
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|
367 |
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|
137 |
Deferred income taxes |
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5,215 |
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|
4,590 |
Other non-current liabilities |
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1,137 |
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1,069 |
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Commitments and contingencies |
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Preferred units of subsidiary |
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33 |
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33 |
Redeemable noncontrolling interests |
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15 |
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15 |
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Equity: |
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Total partners’ capital |
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(1,681) |
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(932) |
Noncontrolling interest |
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|
24,678 |
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24,530 |
Total equity |
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22,997 |
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|
23,598 |
Total liabilities and equity |
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$ |
74,560 |
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$ |
71,189 |
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ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In millions, except per unit data)
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(unaudited)
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
REVENUES |
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$ |
9,344 |
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$ |
11,594 |
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$ |
17,026 |
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$ |
21,974 |
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COSTS AND EXPENSES: |
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Cost of products sold |
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7,054 |
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9,338 |
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12,676 |
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17,825 |
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Operating expenses |
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|
688 |
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|
|
663 |
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|
1,329 |
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|
1,291 |
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Depreciation, depletion and amortization |
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|
588 |
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|
514 |
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|
1,150 |
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|
1,007 |
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Selling, general and administrative |
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|
187 |
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183 |
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343 |
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338 |
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Total costs and expenses |
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8,517 |
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10,698 |
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15,498 |
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20,461 |
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OPERATING INCOME |
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|
827 |
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|
896 |
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|
1,528 |
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|
1,513 |
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OTHER INCOME (EXPENSE): |
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Interest expense, net of interest capitalized |
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(450 |
) |
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(408 |
) |
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(877 |
) |
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(779 |
) |
Equity in earnings of unconsolidated affiliates |
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|
95 |
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117 |
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|
156 |
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|
174 |
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Losses on extinguishments of debt
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—
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(33
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)
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—
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(33
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)
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Gains (losses) on interest rate derivatives |
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(81 |
) |
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127 |
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(151 |
) |
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50 |
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Other, net |
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24 |
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17 |
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40 |
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24 |
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INCOME BEFORE INCOME TAX BENEFIT |
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|
415 |
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|
716 |
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|
696 |
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|
949 |
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Income tax benefit |
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(9 |
) |
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(56 |
) |
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(64 |
) |
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(44 |
) |
NET INCOME |
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|
424 |
|
|
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|
772 |
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|
760 |
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|
993 |
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Less: Net income attributable to noncontrolling interest |
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|
183 |
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|
474 |
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|
207 |
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|
411 |
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NET INCOME ATTRIBUTABLE TO PARTNERS |
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|
241 |
|
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|
298 |
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|
|
553 |
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|
582 |
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General Partner’s interest in net income |
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1 |
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— |
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2 |
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1 |
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Convertible Unitholders’ interest in income |
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|
1 |
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— |
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|
1 |
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— |
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Class D Unitholder’s interest in net income |
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|
— |
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|
— |
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— |
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|
1 |
|
Limited Partners’ interest in net income |
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$ |
239 |
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$ |
298 |
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$ |
550 |
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$ |
580 |
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NET INCOME PER LIMITED PARTNER UNIT: |
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Basic |
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$ |
0.23 |
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$ |
0.28 |
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$ |
0.53 |
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$ |
0.54 |
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Diluted |
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$ |
0.23 |
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$ |
0.28 |
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$ |
0.52 |
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$ |
0.54 |
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WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: |
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Basic |
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1,048.9 |
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1,076.0 |
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1,046.9 |
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1,077.2 |
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Diluted |
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1,063.8 |
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1,077.6 |
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1,052.5 |
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1,079.0 |
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ENERGY TRANSFER EQUITY, L.P.
|
SUPPLEMENTAL INFORMATION
|
(Dollars in millions)
|
(unaudited)
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2016 |
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|
2015 |
|
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2016 |
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|
2015 |
Cash distributions from ETP associated with: |
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|
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|
Limited partner interest |
|
|
$ |
2 |
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|
$ |
24 |
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|
$ |
5 |
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$ |
48 |
|
Class H Units |
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|
|
88 |
|
|
|
|
62 |
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|
|
|
|
171 |
|
|
|
|
118 |
|
General partner interest |
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|
8 |
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|
7 |
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|
16 |
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|
15 |
|
Incentive distribution rights |
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|
335 |
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|
317 |
|
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|
666 |
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|
|
|
617 |
|
IDR relinquishments, net of distributions on Class I Units
(1) |
|
|
|
(110 |
) |
|
|
|
(28 |
) |
|
|
|
|
(144 |
) |
|
|
|
(55 |
) |
Total cash distributions from ETP |
|
|
|
323 |
|
|
|
|
382 |
|
|
|
|
|
714 |
|
|
|
|
743 |
|
Cash distributions from Sunoco LP (2) |
|
|
|
22 |
|
|
|
|
— |
|
|
|
|
|
44 |
|
|
|
|
— |
|
Total cash distributions from investments in subsidiaries |
|
|
|
345 |
|
|
|
|
382 |
|
|
|
|
|
758 |
|
|
|
|
743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to Lake Charles LNG: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
49 |
|
|
|
|
54 |
|
|
|
|
|
98 |
|
|
|
|
108 |
|
Operating expenses |
|
|
|
(5 |
) |
|
|
|
(4 |
) |
|
|
|
|
(9 |
) |
|
|
|
(8 |
) |
Selling, general and administrative expenses |
|
|
|
— |
|
|
|
|
(1 |
) |
|
|
|
|
(1 |
) |
|
|
|
(2 |
) |
Distributable cash flow attributable to Lake Charles LNG |
|
|
|
44 |
|
|
|
|
49 |
|
|
|
|
|
88 |
|
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses of the Parent Company on a cash basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses, excluding non-cash compensation
expense |
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|
|
24 |
|
|
|
|
5 |
|
|
|
|
|
55 |
|
|
|
|
7 |
|
Management fee to ETP (3) |
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|
24 |
|
|
|
|
24 |
|
|
|
|
|
48 |
|
|
|
|
48 |
|
Interest expense, net of amortization of financing costs, interest income,
and realized gains and losses on interest rate swaps |
|
|
|
79 |
|
|
|
|
70 |
|
|
|
|
|
157 |
|
|
|
|
128 |
|
Total Parent Company expenses |
|
|
|
127 |
|
|
|
|
99 |
|
|
|
|
|
260 |
|
|
|
|
183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cash distributions to be paid to the partners of ETE: |
|
|
|
|
|
|
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|
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|
Distributions to be paid to limited partners (4) |
|
|
$ |
240 |
|
|
|
$ |
281 |
|
|
|
|
$ |
480 |
|
|
|
$ |
545 |
|
Distributions to be paid to general partner |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
1 |
|
Distributions to be paid to Class D unitholder |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
1 |
|
Total cash distributions to be paid to the partners of ETE |
|
|
$ |
240 |
|
|
|
$ |
281 |
|
|
|
|
$ |
481 |
|
|
|
$ |
547 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Common units outstanding — end of period |
|
|
|
1,044.8 |
|
|
|
|
1,069.8 |
|
|
|
|
|
1,044.8 |
|
|
|
|
1,069.8 |
|
_________________ |
(1) |
|
IDR relinquishments for the three and six months ended June 30, 2016 include the
impact of $75 million of incentive distribution reduction with respect to the second quarter 2016 distribution, as agreed to
between ETE and ETP in July 2016. |
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(2) |
|
Effective July 1, 2015, ETE acquired 100% of the membership interests of Sunoco GP
LLC, the general partner of Sunoco LP, and all of the IDRs of Sunoco LP from ETP. |
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(3) |
|
In exchange for management services, ETE has agreed to pay to ETP fees totaling $95
million per year. For GAAP purposes, ETE has capitalized fees totaling $3 million for the three months ended June 30, 2016 and
2015 and $6 million for the six months ended June 30, 2016 and 2015. |
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(4) |
|
Includes distributions of $0.11 per common unit to unitholders who elected to
participate in a plan to forgo a portion of their future potential cash distributions on common units for a period of up to
nine fiscal quarters, commencing with the with distributions for the quarter ended March 31, 2016, and reinvest those
distributions in the Convertible Units representing limited partner interest in the Partnership. |
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|
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|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
RECONCILIATION OF DISTRIBUTABLE CASH FLOW
|
(Dollars in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
Net income attributable to partners |
|
|
$ |
241 |
|
|
|
$ |
298 |
|
|
|
|
$ |
553 |
|
|
|
$ |
582 |
|
Equity in earnings related to investments in ETP and Sunoco LP |
|
|
|
(334 |
) |
|
|
|
(363 |
) |
|
|
|
|
(732 |
) |
|
|
|
(691 |
) |
Total cash distributions from investments in subsidiaries |
|
|
|
345 |
|
|
|
|
382 |
|
|
|
|
|
758 |
|
|
|
|
743 |
|
Amortization included in interest expense (excluding ETP and Sunoco LP) |
|
|
|
3 |
|
|
|
|
2 |
|
|
|
|
|
6 |
|
|
|
|
4 |
|
Other non-cash (excluding ETP and Sunoco LP) |
|
|
|
7 |
|
|
|
|
13 |
|
|
|
|
|
1 |
|
|
|
|
20 |
|
Distributable Cash Flow |
|
|
|
262 |
|
|
|
|
332 |
|
|
|
|
|
586 |
|
|
|
|
658 |
|
Transaction-related expenses |
|
|
|
14 |
|
|
|
|
3 |
|
|
|
|
|
40 |
|
|
|
|
4 |
|
Bakken Pipeline Transaction — pro forma interest expense |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
(6 |
) |
Distributable Cash Flow, as adjusted |
|
|
$ |
276 |
|
|
|
$ |
335 |
|
|
|
|
$ |
626 |
|
|
|
$ |
656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash distributions to be paid to the partners of ETE |
|
|
$ |
240 |
|
|
|
$ |
281 |
|
|
|
|
$ |
481 |
|
|
|
$ |
547 |
|
Distribution coverage ratio(1) |
|
|
|
1.15
|
x
|
|
|
|
1.19
|
x
|
|
|
|
|
1.30
|
x
|
|
|
|
1.20
|
x
|
_________________ |
(1) |
|
This press release and accompanying schedules include the non-generally accepted
accounting principle (“non-GAAP”) financial measures of Distributable Cash Flow, Distributable Cash Flow, as adjusted, and
Distributable Cash Flow, as adjusted, per Unit. The Partnership’s non-GAAP financial measures should not be considered as
alternatives to GAAP financial measures such as net income, cash flow from operating activities or any other GAAP measure of
liquidity or financial performance. |
|
|
|
Distributable Cash Flow and Distributable Cash Flow, as adjusted. The Partnership defines
Distributable Cash Flow and Distributable Cash Flow, as adjusted, for a period as cash distributions expected to be received in
respect of such period in connection with the Partnership’s investments in limited and general partner interests, net of the
Partnership’s cash expenditures for general and administrative costs and interest expense. The Partnership’s definitions of
Distributable Cash Flow and Distributable Cash Flow, as adjusted, also include distributable cash flow from Lake Charles LNG to the
Partnership. For Distributable Cash Flow, as adjusted, certain transaction-related expenses that are included in net income are
excluded.
Distributable Cash Flow is a significant liquidity measure used by the Partnership’s senior management to compare net cash flows
generated by the Partnership to the distributions the Partnership expects to pay its unitholders. Due to cash expenses incurred
from time to time in connection with the Partnership’s merger and acquisition activities and other transactions, Distributable Cash
Flow, as adjusted, is also a significant liquidity measure used by the Partnership’s senior management to compare net cash flows
generated by the Partnership to the distributions the Partnership expects to pay its unitholders. Using these measures, the
Partnership’s management can compute the coverage ratio of estimated cash flows for a period to planned cash distributions for such
period.
Distributable Cash Flow and Distributable Cash Flow, as adjusted, are also important non-GAAP financial measures for our limited
partners since these indicate to investors whether the Partnership’s investments are generating cash flows at a level that can
sustain or support an increase in quarterly cash distribution levels. Financial measures such as Distributable Cash Flow and
Distributable Cash Flow, as adjusted, are quantitative standards used by the investment community with respect to publicly traded
partnerships because the value of a partnership unit is in part measured by its yield (which in turn is based on the amount of cash
distributions a partnership can pay to a unitholder). The GAAP measure most directly comparable to Distributable Cash Flow, and
Distributable Cash Flow, as adjusted, is net income for ETE on a stand-alone basis (the “Parent Company”).
Distributable Cash Flow, as adjusted, per Unit. The Partnership defines Distributable Cash Flow, as
adjusted, per Unit for a period as the quotient of Distributable Cash Flow, as adjusted, divided by the weighted average number of
units outstanding. For purposes of this calculation, the number of units outstanding represents the Partnership’s basic average
common units outstanding plus Class D units outstanding and the general partner common unit equivalent.
Similar to Distributable Cash Flow, as adjusted, as described above, Distributable Cash Flow, as adjusted, per Unit is a
significant liquidity measure used by the Partnership’s senior management to compare net cash flows generated by the Partnership to
the distributions the Partnership expects to pay to its unitholders.
Distribution Coverage Ratio. The Partnership defines Distribution Coverage Ratio for a period as
Distributable Cash Flow, as adjusted, divided by total cash distributions expected to be paid to the partners of ETE in respect of
such period.
SUPPLEMENTAL INFORMATION
FINANCIAL STATEMENTS FOR PARENT COMPANY
Following are condensed balance sheets and statements of operations of the Parent Company on a stand-alone basis.
|
|
|
|
|
|
|
BALANCE SHEETS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016 |
|
|
December 31,
2015
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
$ |
43 |
|
|
|
$ |
35 |
|
Property, plant and equipment, net |
|
|
|
35 |
|
|
|
|
20 |
|
Advances to and investments in unconsolidated affiliates |
|
|
|
5,074 |
|
|
|
|
5,764 |
|
Intangible assets, net |
|
|
|
3 |
|
|
|
|
6 |
|
Goodwill |
|
|
|
9 |
|
|
|
|
9 |
|
Other non-current assets, net |
|
|
|
10 |
|
|
|
|
10 |
|
Total assets |
|
|
$ |
5,174 |
|
|
|
$ |
5,844 |
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
Current liabilities |
|
|
$ |
138 |
|
|
|
$ |
178 |
|
Long-term debt, less current maturities |
|
|
|
6,362 |
|
|
|
|
6,332 |
|
Note payable to related company |
|
|
|
353 |
|
|
|
|
265 |
|
Other non-current liabilities |
|
|
|
2 |
|
|
|
|
1 |
|
Commitments and contingencies |
|
|
|
|
|
|
Partners’ capital: |
|
|
|
|
|
|
General Partner |
|
|
|
(2 |
) |
|
|
|
(2 |
) |
Limited Partners: |
|
|
|
|
|
|
Common Unitholders |
|
|
|
(1,738 |
) |
|
|
|
(952 |
) |
Class D Units |
|
|
|
— |
|
|
|
|
22 |
|
Series A Convertible Preferred Units |
|
|
|
59 |
|
|
|
|
— |
|
Total partners’ capital |
|
|
|
(1,681 |
) |
|
|
|
(932 |
) |
Total liabilities and partners’ capital |
|
|
$ |
5,174 |
|
|
|
$ |
5,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
$ |
(44 |
) |
|
|
$ |
(29 |
) |
|
|
|
$ |
(81 |
) |
|
|
$ |
(57 |
) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest capitalized |
|
|
|
(82 |
) |
|
|
|
(72 |
) |
|
|
|
|
(163 |
) |
|
|
|
(133 |
) |
Equity in earnings of unconsolidated affiliates |
|
|
|
369 |
|
|
|
|
398 |
|
|
|
|
|
799 |
|
|
|
|
771 |
|
Other, net |
|
|
|
(2 |
) |
|
|
|
— |
|
|
|
|
|
(2 |
) |
|
|
|
1 |
|
INCOME BEFORE INCOME TAXES |
|
|
|
241 |
|
|
|
|
297 |
|
|
|
|
|
553 |
|
|
|
|
582 |
|
Income tax benefit |
|
|
|
— |
|
|
|
|
(1 |
) |
|
|
|
|
— |
|
|
|
|
— |
|
NET INCOME |
|
|
|
241 |
|
|
|
|
298 |
|
|
|
|
|
553 |
|
|
|
|
582 |
|
General Partner’s interest in net income |
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
|
1 |
|
Convertible Unitholders' interest in income |
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
|
— |
|
Class D Unitholder’s interest in net income |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
1 |
|
Limited Partners’ interest in net income |
|
|
$ |
239 |
|
|
|
$ |
298 |
|
|
|
|
$ |
550 |
|
|
|
$ |
580 |
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160803006809r1&sid=mstr1&distro=nx&lang=en)
Investor Relations:
Energy Transfer
Lyndsay Hannah or Brent Ratliff, 214-981-0795
or
Media Relations:
Granado Communications Group
Vicki Granado, 214-599-8785
214-498-9272 (cell)
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006809/en/