Print Page | Close Window
SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 08/08/2018
Entire Document
 << Previous Page | Next Page >>
Exhibit


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12397821&doc=3
ENERGY TRANSFER PARTNERS
REPORTS SECOND QUARTER RESULTS
Dallas – August 8, 2018Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended June 30, 2018. For the three months ended June 30, 2018, net income was $602 million and Adjusted EBITDA was $2.05 billion. Adjusted EBITDA increased $506 million compared to the three months ended June 30, 2017, reflecting an increase of $320 million in Adjusted EBITDA from the crude oil transportation and services segment, as well as higher results from several of the other segments, as discussed in the segment results analysis below. Net income increased $306 million compared to the three months ended June 30, 2017, primarily due to increased operating income and equity in earnings of unconsolidated affiliates. Distributable Cash Flow attributable to partners, as adjusted, for the three months ended June 30, 2018 totaled $1.32 billion, an increase of $371 million compared to the three months ended June 30, 2017, primarily due to the increase in Adjusted EBITDA.
ETP’s other recent key accomplishments include the following:
In August 2018, ETP and Energy Transfer Equity, L.P. (“ETE”) entered into a merger agreement pursuant to which ETP will merge with a wholly-owned subsidiary of ETE, with ETP unitholders (other than ETE and its subsidiaries) receiving 1.28 ETE common units in exchange for each ETP common unit they own.  The transaction is expected to close in the fourth quarter of 2018, subject to the approval by a majority of the unaffiliated unitholders of ETP and other customary closing conditions.
In July 2018, ETP announced a quarterly distribution of $0.565 per unit ($2.260 annualized) on ETP common units for the quarter ended June 30, 2018.
In July 2018, ETP issued 17.8 million of its 7.625% Series D Preferred Units at a price of $25 per unit, resulting in total gross proceeds of $445 million.
In July 2018, ETP placed into service Fractionator V, a 120,000 barrel per day fractionator located in Mont Belvieu, Texas that is fully subscribed under multiple, long-term fixed-fee contacts.
In June 2018, ETP issued $3.00 billion aggregate principal amount of senior notes and used the net proceeds to redeem outstanding senior notes, to repay borrowings outstanding under ETP’s revolving credit facility and for general partnership purposes.
In May 2018, ETP announced the receipt of approval to place the remaining portion of Phase 2 of the Rover pipeline in service effective June 1, 2018, allowing for use of 100 percent of Rover’s 3.25 Bcf per day mainline capacity.
In May 2018, ETP placed into service Red Bluff Express pipeline, a 1.4 Bcf per day natural gas pipeline that runs through the heart of the Delaware basin and connects the ETP Orla Plant and multiple third-party plants to ETP’s Waha Oasis Header.
As of June 30, 2018, ETP’s $5.00 billion revolving credit facilities had $3.61 billion of available capacity, and its leverage ratio, as defined by the credit agreement, was 3.87x.
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, Thursday, August 9, 2018 to discuss the second quarter 2018 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’s operations include 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; 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 and the general partner of USA Compression Partners, LP (NYSE: USAC). On a consolidated

1

 << Previous Page | Next Page >>