ENERGY TRANSFER PARTNERS
REPORTS THIRD QUARTER RESULTS
Dallas – November 7, 2017 – Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended September 30, 2017. For the three months ended September 30, 2017, net income was $761 million and Adjusted EBITDA was $1.74 billion. Adjusted EBITDA increased $354 million compared to the three months ended September 30, 2016, reflecting an increase of $227 million in Adjusted EBITDA from the crude oil transportation and services segment, as well as significantly higher results from several of the other segments, as discussed in the segment results analysis below. Net income increased $623 million compared to the three months ended September 30, 2016, primarily due to increased operating income and higher equity in earnings from unconsolidated affiliates, as well as the impact of a non-cash impairment recorded in the prior year on an investment in an unconsolidated affiliate. Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2017 totaled $1.05 billion,
an increase of $226 million compared to the three months ended September 30, 2016 (on a pro forma basis for the Sunoco Logistics merger completed in April 2017), primarily due to the increase in Adjusted EBITDA.
ETP’s other recent key accomplishments include the following:
In October 2017, ETP announced a quarterly distribution of $0.565 per unit ($2.26 annualized) on ETP common units for the quarter ended September 30, 2017.
In October 2017, ETP completed the previously announced contribution transaction with a fund managed by Blackstone Energy Partners and Blackstone Capital Partners, pursuant to which ETP exchanged a 49.9% interest in the holding company that owns 65% of the Rover pipeline.
In August 2017, the Partnership issued 54 million ETP common units in an underwritten public offering. Net proceeds of $997 million from the offering were used by the Partnership to repay amounts outstanding under its revolving credit facilities, to fund capital expenditures and for general partnership purposes.
In September 2017, Sunoco Logistics Partners Operations L.P., a subsidiary of ETP, issued $750 million aggregate principal amount of 4.00% senior notes due 2027 and $1.50 billion aggregate principal amount of 5.40% senior notes due 2047. The $2.22 billion net proceeds from the offering were used to redeem all of the $500 million aggregate principal amount of ETLP’s 6.5% senior notes due 2021, to repay borrowings outstanding under the Sunoco Logistics Credit Facility and for general partnership purposes. Also, in October 2017, ETP redeemed all of the outstanding $700 million of 5.5% senior notes due 2023 previously issued by Regency Energy Partners LP.
As of September 30, 2017, ETP had approximately $2.1 billion outstanding under its aggregate $6.25 billion revolving credit facilities and its leverage ratio, as defined by the legacy Sunoco Logistics credit agreement, was 4.16x.
An analysis of ETP’s segment results and other supplementary data is provided after the financial tables shown below. ETP has scheduled a conference call for 8:00 a.m. Central Time, Wednesday, November 8, 2017 to discuss the third quarter 2017 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 ETP’s website for a limited time.
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. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation assets; and various 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.
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 Lake Charles LNG Company. On a consolidated basis, ETE’s family of companies owns and operates a diverse portfolio of natural gas, natural gas liquids, crude oil and refined products assets, as well as retail and wholesale motor fuel operations and LNG terminalling. For more information, visit the Energy Transfer Equity, L.P. website at www.energytransfer.com.