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energy transfer partners lp (ETP) Key Developments

Energy Transfer Partners Approves Distribution for the Quarter Ended Dec. 31, 2014, Payable on Feb. 13, 2015

Energy Transfer Partners (ETP) said that it has approved a $0.02 increase in its quarterly distribution to $0.995 per ETP common unit for the quarter ended Dec. 31, 2014. The cash distribution will be paid on Feb. 13, 2015 to unitholders of record as of the close of business on Feb. 6, 2015.

Energy Transfer Partners Wins Mexico-Us Pipeline Contract

CFE has awarded the contract for the US-Mexico gas pipeline to a consortium composed of Energy Transfer Partners, Mastec and Carlos Slim's Carso Energy. The consortium submitted the lowest offer of $767 million for the design, engineering, supply, construction, operation and maintenance of the pipeline.

Energy Transfer Partners, L.P. Signs Additional Gas Gathering and Processing Agreements in Texas

Energy Transfer Partners, L.P. or ' ETP' has signed additional gas gathering and processing agreements with producers in the Eagle Ford and Eaglebine production areas of south and southeast Texas. To facilitate these agreements, ETP has begun construction on two new cryogenic gas processing plants and additional gas gathering pipelines. The East Texas Plant, a 200 million cubic feet per day cryogenic gas processing plant, will be constructed and installed east of the Partnership's La Grange Plant. The new plant is expected to be constructed and placed in-service by the fourth quarter of 2015. The Volunteer Pipeline, as further detailed below, will deliver rich gas to the East Texas Plant for processing with the resulting natural gas liquids and residue gas delivered to Lone Star NGL LLC's pipeline and ETP's Southeast Bossier 42-inch gas pipeline, respectively. The approximate 70-mile, 24-inch Volunteer Pipeline will have an initial capacity of 200 million cubic feet per day that will be expandable to over 400 million cubic feet per day with the addition of compression. The Volunteer Pipeline will originate in eastern Brazos County, Texas at an interconnect with ETP's Southeast Texas Pipeline System, a gas gathering system consisting of over 5,000 miles of pipe and over 80,000 horsepower of compression, and will extend to the Partnership's new East Texas Plant. The pipeline is expected to be constructed and placed in-service by the fourth quarter of 2015. Also in light of ETP's continuing success in securing long-term, fee-based gathering and processing agreements along ETP's REM system, the Partnership has started construction of a new 200 million cubic feet per day cryogenic gas processing plant in the Eagle Ford production area that is expected to be online by June of 2015. This plant will be fully subscribed once it is on line and will deliver the residue gas into ETP's HPL intrastate pipeline system and the natural gas liquids into Lone Star NGL LLC's pipeline system. By the end of 2015, ETP expects to have in service approximately 1.8 billion cubic feet per day of cryogenic processing capacity in the Eagle Ford and Eaglebine plays in south and southeast Texas with expected NGL barrels recovered reaching 250,000 barrels per day. The East Texas Plant, REM Eagle Ford Plant II and Volunteer Pipeline projects, estimated to cost between $375 and $410 million in aggregate, will add to ETP's ever-growing presence in south and southeast Texas where ETP has already spent in excess of $3 billion on pipelines, plants and associated infrastructure in the last several years, resulting in strong distributable cash flow to the Partnership.

Energy Transfer Partners, L.P., Energy Transfer Equity, L.P. - Shareholder/Analyst Call

To provide updates on Lake Charles LNG

Energy Transfer Partners, L.P. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Financial Guidance for the Full Year of 2014

Energy Transfer Partners, L.P. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $13,618 million compared to $11,902 million a year ago. Operating income was $668 million compared to $526 million a year ago. Income from continuing operations before income tax expense was $499 million compared to $438 million a year ago. Income from continuing operations was $447 million compared to $391 million a year ago. Net income was $447 million compared to $404 million a year ago. Basic and diluted net income per share was $0.44 compared to $0.55 a year ago. Adjusted EBITDA was $1,172 million compared to $942 million a year ago. Distributable Cash Flow attributable to the partners of ETP for the three months ended September 30, 2014 totaled $610 million, an increase of $77 million over the same period last year. Capital expenditures were $3,045 million. For the nine months, the company reported revenue of $38,879 million compared to $34,307 million a year ago. Operating income was $2,092 million compared to $1,692 million a year ago. Income from continuing operations before income tax expense was $1,721 million compared to $1,336 million a year ago. Income from continuing operations was $1,453 million compared to $1,197 million a year ago. Net income was $1,519 million compared to $1,241 million a year ago. Diluted net income per share was $2.10 compared to $1.63 a year ago. Diluted net income per share from continuing operations was $1.90 compared to $1.55 a year ago. Adjusted EBITDA was $3,547 million compared to $2,967 million a year ago. For the full year 2014, the company growth capital expenditures, including its direct capital expenditures at ETP and indirect capital expenditures at SXL and Sunoco LP, are now expected to be in the range of $4.1 billion to $4.5 billion.

 

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ETP

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Valuation ETP Industry Range
Price/Earnings 100.0x
Price/Sales 0.4x
Price/Book 1.8x
Price/Cash Flow 16.2x
TEV/Sales NM Not Meaningful
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