Energy Transfer Equity Reports Fourth Quarter and Annual Results

  Energy Transfer Equity Reports Fourth Quarter and Annual Results

Business Wire

DALLAS -- February 20, 2013

Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for
the fourth quarter and year ended December31, 2012.

Distributable Cash Flow, as adjusted, for the year ended December31, 2012 was
$668 million as compared to $511 million for the year ended December31, 2011,
an increase of $157 million. ETE's net income attributable to partners was
$304 million for the year ended December31, 2012, as compared to $310 million
the year ended December31, 2011.

Distributable Cash Flow, as adjusted, was $193 million for the three months
ended December31, 2012 as compared to $135 million for the three months ended
December31, 2011, an increase of $58 million. ETE's net income attributable
to partners was $49 million for the three months ended December31, 2012, as
compared to $86 million for the three months ended December31, 2011.

The quarter ended December 31, 2012 included the following significant
achievements:

  *Sunoco Merger. On October 5, 2012, Energy Transfer Partners, L.P. ("ETP")
    completed its merger with Sunoco, Inc. ("Sunoco"). Under the terms of the
    merger agreement, Sunoco shareholders received 54,971,725 ETP Common Units
    and a total of approximately $2.6 billion in cash.
  *Holdco Transaction.  Immediately following the closing of the Sunoco
    Merger, ETE contributed its interest in Southern Union Company ("Southern
    Union") to ETP Holdco Corporation ("Holdco"), an ETP-controlled entity, in
    exchange for a 60% equity interest in Holdco. In conjunction with ETE's
    contribution, ETP contributed its interest in Sunoco to Holdco and
    retained a 40% equity interest in Holdco. Prior to the contribution of
    Sunoco to Holdco, Sunoco contributed $2.0 billion of cash and its
    interests in Sunoco Logistics Partners L.P. ("Sunoco Logistics") to ETP in
    exchange for 90,706,000 Class F Units representing limited partner
    interests in ETP ("Class F Units"). The Class F Units are entitled to 35%
    of the quarterly cash distribution generated by ETP and its subsidiaries
    other than Holdco, subject to a maximum cash distribution of $3.75 per
    Class F Unit per year, which is the current distribution level. Pursuant
    to a stockholders agreement between ETE and ETP, ETP controls Holdco.
    Consequently, ETP consolidated Holdco (including Sunoco and Southern
    Union) in its financial statements subsequent to consummation of the
    Holdco Transaction. In connection with this transaction, ETE relinquished
    its rights to $210 million of incentive distributions from ETP that ETE
    would otherwise be entitled to receive over 12 consecutive quarters.
  *Strategic Asset Sale. In December 2012, Southern Union entered into a
    purchase and sale agreement pursuant to which subsidiaries of Laclede Gas
    Company, Inc. have agreed to acquire the assets of Southern Union's
    Missouri Gas Energy and New England Gas Company divisions. Total
    consideration is expected to be $1.04 billion, subject to customary
    closing adjustments, less the assumption of $19 million of debt. For the
    period from March 26, 2012 to December 31, 2012, the distribution
    operations have been reclassified to discontinued operations. The assets
    and liabilities of the disposal group have been reclassified and reported
    as assets and liabilities held for sale as of December 31, 2012.

The Partnership has scheduled a conference call for 8:30 a.m. Central Time,
Thursday, February 21, 2013 to discuss its fourth quarter 2012 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 historically have derived
from distributions related to its direct and indirect investments in the
limited and general partner interests in ETP and Regency Energy Partners LP
(“Regency”), including 100% of ETP's and Regency's incentive distribution
rights, approximately 50.2 million of ETP's common units and approximately
26.3 million of Regency's common units. Subsequent to October 5, 2012, the
Partnership's cash flows derive from its investments in ETP and Regency and
its 60% interest in Holdco. The Partnership's primary cash requirements are
for general and administrative expenses, debt service requirements and
distributions to its partners and holders of its Preferred Units.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-generally
accepted accounting principle (“non-GAAP”) financial measures of Distributable
Cash Flow. The accompanying schedules provide a reconciliation of these
non-GAAP financial measures to their most directly comparable financial
measure calculated and presented in accordance with GAAP. The Partnership's
Distributable Cash Flow should not be considered as an alternative 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. The Partnership defines Distributable Cash Flow for a
period as cash distributions expected to be received from ETP and Regency in
respect of such period in connection with the Partnership's investments in
limited and general partner interests of ETP and Regency, net of the
Partnership's cash expenditures for general and administrative costs and
interest expense. The Partnership's definition of Distributable Cash Flow also
includes distributable cash flow related to Southern Union for the period from
March 26, 2012 (Southern Union acquisition date) until Southern Union was
contributed to Holdco on October 5, 2012, subsequent to which Distributable
Cash Flow reflects dividends expected to be received from Holdco. The
Partnership defines distributable cash flow for Southern Union as net income,
adjusted for certain non-cash items, less maintenance capital expenditures.
Non-cash items include depreciation and amortization, deferred income taxes,
non-cash compensation expense, gains and losses on disposals of assets, the
allowance for equity funds used during construction, and non-cash impairment
charges.

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. Using this measure, 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 is also an important non-GAAP financial measure for
our limited partners since it indicates 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 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 is net income
for ETE on a stand-alone basis (“Parent Company”). The accompanying analysis
of Distributable Cash Flow is presented for the three and twelve months ended
December 31, 2012 and 2011 for comparative purposes.

Distributable Cash Flow, as adjusted. The Partnership defines Distributable
Cash Flow, as adjusted, for a period as cash distributions expected to be
received from ETP and Regency in respect of such period in connection with the
Partnership's investments in limited and general partner interests of ETP and
Regency, plus the distributable cash flow related to Southern Union (as
described in the definition of Distributable Cash Flow above), dividends
expected to be received from Holdco (as described in the definition of
Distributable Cash Flow above), net of the Partnership's cash expenditures for
general and administrative costs and interest expense, excluding certain
items, such as acquisition-related expenses. Due to the cash expenses that
were incurred during the three and twelve months ended December 31, 2012 and
the twelve months ended December 31, 2011 in connection with the Partnership's
merger and acquisition activities, Distributable Cash Flow, as adjusted, for
the three and twelve months ended December 31, 2012 and 2011 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. Using this measure, the Partnership's
management can compute the coverage ratio of estimated cash flows for a period
to planned cash distributions for such period. The GAAP measure most directly
comparable to Distributable Cash Flow, as adjusted, is net income for the
Parent Company on a stand-alone basis. The accompanying analysis of
Distributable Cash Flow, as adjusted, is presented for the three and twelve
months ended December 31, 2012 and 2011 for comparative purposes.

Energy Transfer Equity, L.P. (NYSE:ETE) is a master limited partnership, which
owns the general partner and 100% of the incentive distribution rights (IDRs)
of Energy Transfer Partners, L.P. (NYSE:ETP) and approximately 50.2 million
ETP limited partner units; and owns the general partner and 100% of the IDRs
of Regency Energy Partners LP (NYSE:RGP) and approximately 26.3 million RGP
limited partner units. ETE also owns a non-controlling interest in a
corporation (ETP Holdco Corporation) that owns Southern Union Company and
Sunoco, Inc. The ETE family of companies owns approximately 69,000 miles of
natural gas, natural gas liquids, refined products, and crude 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
owning and operating one of the largest and most diversified portfolios of
energy assets in the United States. ETP currently has natural gas operations
that include approximately 24,000 miles of gathering and transportation
pipelines, treating and processing assets, and storage facilities. ETP also
owns general partner interests, 100% of the incentive distribution rights, and
a 32% limited partnership interest in Sunoco Logistics Partners L.P.
(NYSE:SXL), which operates a geographically diverse portfolio of crude oil and
refined products pipelines, terminalling and crude oil acquisition and
marketing assets. ETP also holds a 70% interest in Lone Star NGL, a joint
venture that owns and operates natural gas liquids storage, fractionation and
transportation assets in Texas, Louisiana and Mississippi. In addition, ETP
holds controlling interest in a corporation (ETP Holdco Corporation) that owns
Southern Union Company and Sunoco, Inc. ETP’s general partner is owned by ETE.
For more information, visit the Energy Transfer Partners, L.P. website at
www.energytransfer.com.

Regency Energy Partners LP (NYSE:RGP) is a growth-oriented, midstream energy
partnership engaged in the gathering and processing, contract compression,
treating and transportation of natural gas and the transportation,
fractionation and storage of natural gas liquids. RGP also holds a 30%
interest in Lone Star NGL LLC, a joint venture that owns and operates natural
gas liquids storage, fractionation, and transportation assets in Texas,
Louisiana and Mississippi. Regency’s general partner is owned by Energy
Transfer Equity, L.P. (NYSE:ETE). For more information, visit the Regency
Energy Partners LP website at www.regencyenergy.com.

Sunoco Logistics Partners L.P. (NYSE:SXL), headquartered in Philadelphia, is a
master limited partnership that owns and operates a logistics business
consisting of a geographically diverse portfolio of complementary crude oil &
refined product pipeline, terminalling, and acquisition & marketing assets.
SXL's general partner is owned by Energy Transfer Partners, L.P. (NYSE: ETP).
For more information, visit the Sunoco Logistics Partners L.P. web site at
www.sunocologistics.com.

                                                        
                                                           
ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(unaudited)
                                                           
                                                           December 31,
                                                           2012      2011
ASSETS
                                                                      
CURRENT ASSETS                                             $ 5,597    $ 1,455
                                                                      
PROPERTY, PLANT AND EQUIPMENT, net                           28,284     14,559
                                                                      
NON-CURRENT ASSETS HELD FOR SALE                             985        —
ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED                4,737      1,497
AFFILIATES
NON-CURRENT PRICE RISK MANAGEMENT ASSETS                     43         26
GOODWILL                                                     6,434      2,039
INTANGIBLES ASSETS, net                                      2,291      1,072
OTHER NON-CURRENT ASSETS, net                               533       249
Total assets                                               $ 48,904   $ 20,897
                                                                      
                                                                      
LIABILITIES AND EQUITY
                                                                      
CURRENT LIABILITIES                                        $ 5,845    $ 1,841
                                                                      
NON-CURRENT LIABILITIES HELD FOR SALE                        142        —
LONG-TERM DEBT, less current maturities                      21,440     10,947
DEFERRED INCOME TAXES                                        3,566      217
NON-CURRENT PRICE RISK MANAGEMENT LIABILITIES                162        81
SERIES A CONVERTIBLE PREFERRED UNITS                         331        323
OTHER NON-CURRENT LIABILITIES                                995        29
                                                                      
COMMITMENTS AND CONTINGENCIES
                                                                      
PREFERRED UNITS OF SUBSIDIARY                                73         71
                                                                      
EQUITY:
Total partners' capital                                      2,113      53
Noncontrolling interest                                     14,237    7,335
Total equity                                                16,350    7,388
Total liabilities and equity                               $ 48,904   $ 20,897

                                                    
                                                        
ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per unit data)

(unaudited)
                                                        
                               Three Months Ended       Years Ended
                               December 31,             December 31,
                               2012        2011        2012        2011
REVENUES:                      $ 11,313     $ 2,166     $ 16,964     $ 8,190
COSTS AND EXPENSES:
Cost of products sold            9,883        1,362       13,088       5,169
Operating expenses               451          239         1,065        906
Depreciation and                 300          159         871          586
amortization
Selling, general and            227        67        580        292   
administrative
Total costs and expenses        10,861     1,827     15,604     6,953 
OPERATING INCOME                 452          339         1,360        1,237
OTHER INCOME (EXPENSE):
Interest expense, net of         (286   )     (197  )     (1,018 )     (740  )
interest capitalized
Bridge loan related fees         —            —           (62    )     —
Equity in earnings of            94           35          212          117
unconsolidated affiliates
Gain on deconsolidation of       —            —           1,057        —
Propane Business
Losses on extinguishments        —            —           (123   )     —
of debt
Gains (losses) on
non-hedged interest rate         4            (13   )     (19    )     (78   )
derivatives
Other, net                      2          (5    )    30         12    
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME         266          159         1,437        548
TAX EXPENSE
Income tax expense              21         (2    )    54         17    
(benefit)
INCOME FROM CONTINUING           245          161         1,383        531
OPERATIONS
Income (loss) from              27         1         (109   )    (3    )
discontinued operations
NET INCOME                       272          162         1,274        528
LESS: NET INCOME
ATTRIBUTABLE TO                 223        76        970        218   
NONCONTROLLING INTEREST
NET INCOME ATTRIBUTABLE TO       49           86          304          310
PARTNERS
GENERAL PARTNER’S INTEREST      1          —         2          1     
IN NET INCOME
LIMITED PARTNERS’ INTEREST     $ 48        $ 86       $ 302       $ 309   
IN NET INCOME
INCOME FROM CONTINUING
OPERATIONS PER LIMITED
PARTNER UNIT:
Basic                          $ 0.05      $ 0.37     $ 1.87      $ 1.42  
Diluted                        $ 0.05      $ 0.37     $ 1.87      $ 1.41  
NET INCOME PER LIMITED
PARTNER UNIT:
Basic                          $ 0.17      $ 0.38     $ 1.13      $ 1.39  
Diluted                        $ 0.17      $ 0.38     $ 1.13      $ 1.38  
                                                                             
                                                                             

                         ENERGY TRANSFER EQUITY, L.P.
                           DISTRIBUTABLE CASH FLOW
                        (Tabular amounts in millions)
                                 (unaudited)

The following table presents the calculation and reconciliation of
Distributable Cash Flow and Distributable Cash Flow, as adjusted, of Energy
Transfer Equity, L.P.

                                   Three Months Ended   Years Ended
                                     December 31,          December 31,
                                     2012      2011       2012      2011
Cash distributions from ETP
associated with: ^(1)
General partner interest             $ 5        $ 5        $ 20       $ 20
Incentive distribution rights          148        112        529        422
Limited partner interest              45       45       180      180  
Total                                  198        162        729        622
IDR relinquishment related to
Citrus Dropdown and Sunoco            (31  )    —        (90  )    —    
Merger
Total cash distributions from         167      162      639      622  
ETP
Cash distributions from Regency
associated with: ^ (2)
General partner interest               1          1          5          5
Incentive distribution rights          2          2          8          6
Limited partner interest              12       12       48       48   
Total cash distributions from         15       15       61       59   
Regency
                                                                      
Cash dividends from Holdco ^(3)       75       —        75       —    
Total cash distributions and
dividends received from ETP,           257        177        775        681
Regency and Holdco
Distributable cash flow
attributable to Southern Union
(including acquisition-related         —          —          82         —
expenses) from March 26, 2012
through October 5, 2012 ^ (4)
Deduct expenses of the Parent
Company on a stand-alone basis:
Selling, general and
administrative expenses,               (4   )     (4   )     (52  )     (30  )
excluding non-cash compensation
expense ^(5)
Interest expense, net of
amortization of financing costs,
interest income, and realized          (60  )     (41  )     (232 )     (161 )
gains and losses on interest
rate swaps ^(5)
Bridge financing costs                —        —        (62  )    —    
Distributable Cash Flow ^(6)           193        132        511        490
Acquisition-related expenses          —        3        157      21   
^(5)
Distributable Cash Flow, as          $ 193     $ 135     $ 668     $ 511  
adjusted
                                                                      
Cash distributions to be paid to
the partners of ETE: ^(6)
Distributions to be paid to          $ 178      $ 139      $ 703      $ 543
limited partners
Distributions to be paid to           —        —        1        2    
general partner
Total cash distributions to be       $ 178     $ 139     $ 704     $ 545  
paid to the partners of ETE
                                                                      
Reconciliation of Non-GAAP
“Distributable Cash Flow” and
“Distributable Cash Flow, as
adjusted,” to GAAP “Net income”:
Net income attributable to           $ 49       $ 86       $ 304      $ 310
partners
Equity in income related to
investments in ETP, Regency and        (114 )     (140 )     (676 )     (509 )
Holdco
Total cash distributions and
dividends from ETP, Regency and        257        177        775        681
Holdco
Amortization included in
interest expense (excluding ETP        3          1          13         3
and Regency)
Fair value adjustment of ETE           3          8          8          5
Preferred Units
Other non-cash (excluding ETP,        (5   )    —        87       —    
Regency and Holdco)
Distributable Cash Flow                193        132        511        490
Acquisition-related expenses          —        3        157      21   
^(5)
Distributable Cash Flow, as          $ 193     $ 135     $ 668     $ 511  
adjusted

       For the three months ended December 31, 2012, cash distributions
       received from ETP consist of cash distributions paid on February 14,
^(1)  2013 in respect of the quarter ended December 31, 2012. For the three
       months ended December 31, 2011, cash distributions received from ETP
       consist of cash distributions paid on February 14, 2012 in respect of
       the quarter ended December 31, 2011.
       
       For the year ended December 31, 2012, cash distributions received from
       ETP consist of cash distributions paid on May 15, 2012 in respect of
       the quarter ended March 31, 2012, cash distributions paid on August 14,
       2012 in respect of the quarter ended June 30, 2012, cash distributions
       paid on November 14, 2012 in respect of the quarter ended September 30,
       2012 and cash distributions paid on February 14, 2013 in respect of the
       quarter ended December 31, 2012. For the year ended December 31, 2011,
       cash distributions received from ETP consist of cash distributions paid
       on May 16, 2011 in respect of the quarter ended March 31, 2011, cash
       distributions paid on August 15, 2011 in respect of the quarter ended
       June 30, 2011, cash distributions paid on November 14, 2011 in respect
       of the quarter ended September 30, 2011 and cash distributions paid on
       February 14, 2012 in respect of the quarter ended December 31, 2011.
       
       For the three months ended December 31, 2012, cash distributions
       received from Regency consist of cash distributions paid on February
^(2)   14, 2013 in respect of the quarter ended December 31, 2012. For the
       three months ended December 31, 2011, cash distributions received from
       Regency consist of cash distributions paid on February 14, 2012 in
       respect of the quarter ended December 31, 2011.
       
       For the year ended December 31, 2012, cash distributions received from
       Regency consist of cash distributions paid on May 14, 2012 in respect
       of the quarter ended March 31, 2012, cash distributions paid on August
       14, 2012 in respect of the quarter ended June 30, 2012, cash
       distributions paid on November 14, 2012 in respect of the quarter ended
       September 30, 2012 and cash distributions paid on February 14, 2013 in
       respect of the quarter ended December 31, 2012. For the year ended
       December 31, 2011, cash distributions received from Regency consist of
       cash distributions paid on May 13, 2011 in respect of the quarter ended
       March 31, 2011, cash distributions paid on August 12, 2011 in respect
       of the quarter ended June 30, 2011, cash distributions paid on November
       14, 2011 in respect of the quarter ended September 30, 2011 and cash
       distributions paid on February 14, 2012 in respect of the quarter ended
       December 31, 2011.
       
       For the three months ended December 31, 2012, cash dividends received
^(3)   from Holdco consist of cash dividends paid on February 13, 2013 in
       respect of the quarter ended December 31, 2012.
       
       Distributable cash flow attributable to Southern Union relates to the
       period while Southern Union was our wholly-owned subsidiary, from our
^(4)   acquisition on March 26, 2012 to our contribution of Southern Union in
       connection with the Holdco Transaction on October 5, 2012.
       Distributable cash flow attributable to Southern Union was calculated
       as follows (in millions):

                                                    
                                                       Period from Acquisition
                                                       (March 26, 2012) to
                                                       October 5, 2012
Net income                                             $       5
Amortization of finance costs charged to interest              (21      )
Depreciation and amortization                                  137
Deferred income taxes                                          18
Non-cash equity-based compensation, accretion                  5
expense and amortization of regulatory assets
Other non-cash gains/revenues or losses/expenses               24
Distributions received from unconsolidated                     4
investments
Maintenance capital expenditures                              (90      )
Distributable cash flow attributable to Southern               82
Union
Acquisition-related expenses recognized by                    57       
Southern Union
Distributable cash flow, as adjusted, attributable     $       139      
to Southern Union

       Distributable cash flow attributable to Southern Union for the period
       from our acquisition to December 31, 2012 reflected above included
       change in control payments and legal and other outside service costs
      totaling $72 million offset by benefit plan curtailment gains of $15
       million. The net amount of $57 million was included in merger-related
       expenses that were added back to calculate ETE's Distributable Cash
       Flow, as adjusted.
       
       Transaction costs for the year ended December 31, 2012 related to ETE's
       acquisition of Southern Union consisted of $62 million bridge financing
^(5)   costs, $38 million of selling, general and administrative expenses
       incurred by ETE and $57 million of merger-related expenses that were
       incurred directly by Southern Union.
       
       For the three months ended December 31, 2012, cash distributions to be
       paid by ETE consist of cash distributions paid on February 19, 2013 in
^(6)   respect of the quarter ended December 31, 2012. For the three months
       ended December 31, 2011, cash distributions paid by ETE consist of cash
       distributions paid on February 17, 2012 in respect of the quarter ended
       December 31, 2011.
       
       For the year ended December 31, 2012 cash distributions paid or
       expected to be paid by ETE consist of cash distributions paid on May
       18, 2012 in respect of the quarter ended March 31, 2012, cash
       distributions paid on August 17, 2012 in respect of the quarter ended
       June 30, 2012, cash distributions paid on November 16, 2012 in respect
       of the quarter ended September 30, 2012 and cash distributions paid on
       February 19, 2013 in respect of the quarter ended December 31, 2012.
       For the year ended December 31, 2011, cash distributions paid by ETE
       consist of cash distributions paid on May 19, 2011 in respect of the
       quarter ended March 31, 2011, cash distributions paid on August 19,
       2011 in respect of the quarter ended June 30, 2011, cash distributions
       paid on November 18, 2011 in respect of the quarter ended September 30,
       2011 and cash distributions paid on February 17, 2012 in respect of the
       quarter ended December 31, 2011.
       
       

                           SUPPLEMENTAL INFORMATION
                       RESULTS OF OPERATIONS FOR HOLDCO
                        (Tabular amounts in millions)
                                 (unaudited)

Supplemental Data

Following is a summary of Holdco's Distributable Cash Flow for the year ended
December 31, 2012, which included the Distributable Cash Flow of Southern
Union and Sunoco for the period from the Holdco Transaction on October 5, 2012
to December 31, 2012. Subsequent to October 5, 2012, a portion of the Parent
Company's cash flows were derived from dividends that the Parent Company
received on its direct ownership of 60% of Holdco.

                             
                                Period from October 5, 2012 to December 31,
                                2012
                                Southern Union    Sunoco   Other    Total
Net income (loss)               $    49            $ (14 )   $ (47 )   $ (12 )
Depreciation and                     42              32        —         74
amortization
Depreciation, amortization,
interest and income taxes            16              —         —         16
of discontinued operations
LIFO valuation reserve               —              75        —         75
Equity in earnings (losses)
from unconsolidated                  6               (70 )     (2  )     (66 )
affiliates
Distributions from                   2               85        3         90
unconsolidated affiliates
Maintenance capital                  (60    )        (25 )     —         (85 )
expenditures
Other, net                          4             1       —       5   
Distributable Cash Flow              59              84        (46 )     97
Acquisition-related                 —             49      —       49  
expenses
Distributable cash flow, as     $    59           $ 133    $ (46 )   $ 146 
adjusted
                                                                             

Total Holdco dividends paid in respect of the quarter ending December 31, 2012
were $125 million, of which the Parent Company received $75 million from its
direct ownership of 60% of Holdco.

Contact:

Investor Relations:
Energy Transfer
Brent Ratliff, 214-981-0700
or
Media Relations:
Granado Communications Group
Vicki Granado, 214-599-8785
cell: 214-498-9272
 
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