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SC TO-T
ENERGY TRANSFER OPERATING, L.P. filed this Form SC TO-T on 05/18/2017
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Summary Consolidated Financial Information

The following table sets forth summary historical consolidated financial data for PennTex as of and for each of the fiscal years ended December 31, 2015 and 2016 and as of and for the three months ended March 31, 2017. This data and the comparative per unit data set forth below are extracted from, and should be read in conjunction with, the audited consolidated financial statements and other financial information contained in PennTex’s Annual Report on Form 10-K for each of the fiscal years ended December 31, 2015 and 2016, including the notes thereto, and the unaudited consolidated financial statements and other financial information contained in PennTex’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, including the notes thereto. More comprehensive financial information is included in these reports (including management’s discussion and analysis of financial condition and results of operation) and other documents filed by PennTex with the SEC, and the following summary is qualified in its entirely by reference to those reports and such other documents and all of the financial information and notes contained therein. The financial statements included as Item 8 in PennTex’s Annual Report on Form 10-K for the year ended December 31, 2016 and as Item 1 in PennTex’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 are incorporated by reference into this Offer to Purchase. PennTex does not include a ratio of earnings to fixed charges in its regularly prepared financial statements. Copies of those reports and other documents filed by PennTex may be examined at or obtained from the SEC in the manner set forth below under Available Information.

 

     Year Ended December 31,      Three Months
Ended March 31,
 
     2016      2015      2017  
     (in thousands, except per unit amounts)  

Statement of operations data:

        

Revenue

   $ 77,353      $ 33,219      $ 17,071  

Operating income (loss)

   $ 6,416      $ 2,466      $ 7,511  

Net income (loss)

   $ (206    $ 61      $ 5,896  

Net income allocable to limited partners

   $ 9,272      $ 10,050      $ 5,896  

Net income per limited partner unit—basic

   $ 0.23      $ 0.25      $ 0.14  

Net income per limited partner unit—diluted

   $ 0.23      $ 0.25      $ 0.14  

Balance sheet data (as of December 31, 2016 and 2015 and March 31, 2017)

        

Property, plant and equipment, net

   $ 362,906      $ 366,061      $ 359,766  

Total assets

   $ 409,511      $ 405,628      $ 404,602  

Long-term debt

   $ 163,973      $ 150,699      $ 152,809  

Other

        

Distributions declared per common unit

   $ 1.1496      $ 0.6165      $ 0.2950  

Capital expenditures

   $ 9,690      $ 207,729      $ —    

Book value per common unit (end of period)

   $ 10.56      $ 11.32      $ 10.41  

Except as otherwise set forth herein, the information concerning PennTex contained in this Offer to Purchase has been taken from or based upon publicly available documents and records on file with the SEC and other public sources and is qualified in its entirety by reference thereto. ETP has not independently verified the accuracy or completeness of the information contained in such documents and records, and cannot verify any failure by PennTex to disclose events that may have occurred or may affect the significance or accuracy of any such information but which are unknown to ETP.

Available Information

PennTex is subject to the information and reporting requirements of the Exchange Act and in accordance therewith is obligated to file reports and other information with the SEC relating to its business, financial

 

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