UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): August 9, 2010
ENERGY TRANSFER EQUITY, L.P.
(Exact name of registrant as specified in its charter)
| Delaware | 1-32740 | 30-0108820 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 3738 Oak Lawn Avenue Dallas, TX |
75219 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (214) 981-0700
| (Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 9, 2010, Energy Transfer Equity, L.P. (the “Partnership”) issued a press release announcing its financial and operating results for the second quarter ended June 30, 2010. A copy of this press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 2.02 and in the attached exhibit shall be deemed to be “furnished” and not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
| Exhibit Number |
Description of the Exhibit | |
|
Exhibit 99.1
|
Energy Transfer Equity, L.P. Press Release dated August 9, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Energy Transfer Equity, L.P. | ||
|
|
By: | LE GP, LLC, its general partner |
| Date: August 9, 2010 | /s/ John W. McReynolds | |
| John W. McReynolds President and Chief Financial Officer |
||
Exhibit Index
| Exhibit Number |
Description of the Exhibit | |
|
Exhibit 99.1
|
Energy Transfer Equity, L.P. Press Release dated August 9, 2010. |
Exhibit 99.1
ENERGY TRANSFER EQUITY
REPORTS QUARTERLY RESULTS
REPORTS QUARTERLY RESULTS
Dallas — August 9, 2010 — Energy Transfer Equity, L.P. (NYSE:ETE) today
reported Distributable Cash Flow of $113.4 million, a decrease of $6.4 million over the three
months ended June 30, 2009. ETE’s net income attributable to its partners was $19.3 million,
including the impact of the non-cash charge discussed below, for the three months ended June 30,
2010, as compared to $104.4 million for the three months ended June 30, 2009.
Distributable Cash Flow for the six months ended June 30, 2010 was $241.7 million, a decrease of
$0.6 million over the six months ended June 30, 2009. ETE’s net income attributable to its
partners, which was also impacted by the non-cash charge discussed below, was $132.0 million for
the six months ended June 30, 2010, as compared to $255.9 million for the six months ended June 30,
2009.
ETE’s Distributable Cash Flow and net income attributable to its partners for the three and six
months ended June 30, 2010 reflect the impacts from ETE’s acquisition of the general partner of
Regency Energy Partners LP (“Regency”) and the exchange of a portion of the investment in the
Midcontinent Express Pipeline among ETE and its subsidiaries on May 26, 2010. In connection with
the transfer of the investment in Midcontinent Express Pipeline, ETE recorded a non-cash charge of
$52.6 million, which is reflected in the consolidated statement of operations for the three and six
months ended June 30, 2010.
Distributable Cash Flow, as previously presented in ETE’s press release for the six months ended
June 30, 2009, was reflected net of contributions made to Energy Transfer Partners, L.P. (“ETP”) to
maintain ETE’s general partner interest at 2%. During the three months ended December 31, 2009,
ETE changed its presentation of Distributable Cash Flow to remove ETE’s capital contributions to
ETP from the calculation of Distributable Cash Flow. Distributable Cash Flow for the six months
ended June 30, 2009 presented in this press release has been revised accordingly. Distributable
Cash Flow is a “non-GAAP measure” as explained below.
The Partnership’s principal sources of cash flow are distributions it receives from its investments
in the limited and general partner interests in ETP and 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. ETE currently has no operating activities
apart from those conducted by ETP and Regency and their operating subsidiaries. ETE’s principal
uses of cash are for distributions to its general and limited partners, expenses, debt service and,
at ETE’s election, capital contributions to ETP and Regency in respect of ETE’s general partner
interests in ETP and Regency.
The Partnership has scheduled a conference call for 8.30 a.m. Central Time today to discuss its
2010 second quarter results. The conference call will be broadcast live via an internet web cast,
which can be accessed through www.energytransfer.com. The call will be available for replay on the
Partnership’s website for a limited time.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-generally accepted accounting
principle (“non-GAAP”) financial measure of Distributable Cash Flow. The accompanying schedules
provide a reconciliation of this non-GAAP financial measure to its 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. Distributable Cash Flow is a significant liquidity measure used by the Partnership’s
senior management to compare net cash flows generated by the Partnership’s equity investments in
ETP and Regency 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 to
planned cash distributions.
Distributable Cash Flow is an important non-GAAP financial measure for our limited partners since
it indicates to investors whether or not 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 measures most directly comparable to Distributable
Cash Flow are net income and cash flow from operating activities for ETE on a stand-alone basis
(“Parent Company”). The accompanying analysis of Distributable Cash Flow is presented for the three
and six months ended June 30, 2010 and 2009 for comparative purposes.
Energy Transfer Equity, L.P. (NYSE:ETE) is a publicly traded partnership, which
owns the general partner of Energy Transfer Partners and approximately 50.2 million ETP limited
partner units; and owns the general partner of Regency Energy Partners and approximately 26.3
million Regency limited partner units.
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and
operating a diversified portfolio of energy assets. ETP has pipeline operations in Arizona,
Colorado, Louisiana, New Mexico, and Utah, and owns the largest intrastate pipeline system in
Texas. ETP currently has natural gas operations that include more than 17,500 miles of gathering
and transportation pipelines, treating and processing assets, and three storage facilities located
in Texas. ETP is also one of the three largest retail marketers of propane in the United States,
serving more than one million customers across the country.
Regency Energy Partners LP (Nasdaq: RGNC) is a growth-oriented, midstream energy
partnership engaged in the gathering, contract compression, processing, marketing and transporting
of natural gas and natural gas liquids. Regency’s general partner is majority owned by Energy
Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Regency Energy Partners LP Web
site at www.regencyenergy.com.
Contacts
Investor Relations:
Energy Transfer
Brent Ratliff
214-981-0700 (office)
Investor Relations:
Energy Transfer
Brent Ratliff
214-981-0700 (office)
Media Relations:
Vicki Granado
Granado Communications Group
214-599-8785 (office)
214-498-9272 (cell)
Vicki Granado
Granado Communications Group
214-599-8785 (office)
214-498-9272 (cell)
—more—
ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
| June 30, | December 31, | |||||||
| 2010 | 2009 | |||||||
| ASSETS | ||||||||
CURRENT ASSETS |
$ | 1,084,534 | $ | 1,267,959 | ||||
PROPERTY, PLANT AND EQUIPMENT, net |
11,214,165 | 9,064,475 | ||||||
ADVANCES TO AND INVESTMENTS IN AFFILIATES |
1,377,508 | 663,298 | ||||||
LONG-TERM PRICE RISK MANAGEMENT ASSETS |
5,477 | |||||||
GOODWILL |
1,537,006 | 775,094 | ||||||
INTANGIBLES AND OTHER ASSETS, net |
1,143,264 | 389,683 | ||||||
Total assets |
$ | 16,361,954 | $ | 12,160,509 | ||||
| LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES |
$ | 1,183,068 | $ | 889,745 | ||||
LONG-TERM DEBT, less current maturities |
8,776,173 | 7,750,998 | ||||||
SERIES A CONVERTIBLE PREFERRED UNITS |
304,950 | — | ||||||
LONG-TERM PRICE RISK MANAGEMENT LIABILITIES |
158,094 | 73,332 | ||||||
OTHER NON-CURRENT LIABILITIES |
238,561 | 226,183 | ||||||
COMMITMENTS AND CONTINGENCIES |
||||||||
PREFERRED UNITS OF SUBSIDIARY |
70,850 | — | ||||||
PARTNERS’ CAPITAL |
169,463 | 152 | ||||||
NONCONTROLLING INTEREST |
5,460,795 | 3,220,099 | ||||||
Total equity |
5,630,258 | 3,220,251 | ||||||
Total liabilities and equity |
$ | 16,361,954 | $ | 12,160,509 | ||||
ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit data)
(unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit data)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
REVENUES: |
||||||||||||||||
Natural gas operations |
$ | 1,146,769 | $ | 948,233 | $ | 2,453,478 | $ | 2,060,188 | ||||||||
Retail propane |
197,147 | 179,770 | 730,586 | 667,677 | ||||||||||||
Other |
24,613 | 23,687 | 56,446 | 53,799 | ||||||||||||
Total revenues |
1,368,529 | 1,151,690 | 3,240,510 | 2,781,664 | ||||||||||||
COSTS AND EXPENSES: |
||||||||||||||||
Cost of products sold — natural gas
operations |
727,742 | 542,004 | 1,640,348 | 1,274,117 | ||||||||||||
Cost of products sold — retail propane |
110,282 | 78,070 | 415,263 | 298,292 | ||||||||||||
Cost of products sold — other |
6,336 | 5,919 | 13,614 | 12,723 | ||||||||||||
Operating expenses |
181,285 | 176,681 | 352,033 | 358,454 | ||||||||||||
Depreciation and amortization |
98,485 | 79,229 | 184,816 | 154,888 | ||||||||||||
Selling, general and administrative |
65,038 | 54,756 | 116,147 | 112,061 | ||||||||||||
Total costs and expenses |
1,189,168 | 936,659 | 2,722,221 | 2,210,535 | ||||||||||||
OPERATING INCOME |
179,361 | 215,031 | 518,289 | 571,129 | ||||||||||||
OTHER INCOME (EXPENSE) |
||||||||||||||||
Interest expense, net of interest
capitalized |
(129,063 | ) | (119,559 | ) | (250,734 | ) | (220,950 | ) | ||||||||
Equity in earnings of affiliates |
12,193 | 1,673 | 18,374 | 2,170 | ||||||||||||
Losses on disposal of assets |
1,375 | 181 | (489 | ) | (245 | ) | ||||||||||
Gains (losses) on non-hedged interest
rate derivatives |
(22,468 | ) | 49,911 | (36,892 | ) | 59,962 | ||||||||||
Allowance for equity funds used
during construction |
4,298 | (1,839 | ) | 5,607 | 18,588 | |||||||||||
Impairment of investment in affiliate |
(52,620 | ) | (52,620 | ) | ||||||||||||
Other, net |
(9,502 | ) | (377 | ) | (8,668 | ) | 324 | |||||||||
INCOME BEFORE INCOME TAX EXPENSE |
(16,426 | ) | 145,021 | 192,867 | 430,978 | |||||||||||
Income tax expense |
4,053 | 3,263 | 9,264 | 9,470 | ||||||||||||
NET INCOME |
(20,479 | ) | 141,758 | 183,603 | 421,508 | |||||||||||
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTEREST |
(39,747 | ) | 37,383 | 51,558 | 165,597 | |||||||||||
NET INCOME ATTRIBUTABLE TO PARTNERS |
19,268 | 104,375 | 132,045 | 255,911 | ||||||||||||
GENERAL PARTNER’S INTEREST IN NET INCOME |
60 | 322 | 409 | 791 | ||||||||||||
LIMITED PARTNERS’ INTEREST IN NET INCOME |
$ | 19,208 | $ | 104,053 | $ | 131,636 | $ | 255,120 | ||||||||
BASIC NET INCOME PER LIMITED PARTNER
UNIT |
$ | 0.09 | $ | 0.47 | $ | 0.59 | $ | 1.14 | ||||||||
BASIC AVERAGE NUMBER OF UNITS
OUTSTANDING |
222,941,172 | 222,898,248 | 222,941,140 | 222,898,157 | ||||||||||||
DILUTED NET INCOME PER LIMITED PARTNER
UNIT |
$ | 0.09 | $ | 0.47 | $ | 0.59 | $ | 1.14 | ||||||||
DILUTED AVERAGE NUMBER OF UNITS
OUTSTANDING |
222,941,172 | 222,898,248 | 222,941,140 | 222,898,157 | ||||||||||||
ENERGY TRANSFER EQUITY, L.P.
DISTRIBUTABLE CASH FLOW
(Dollars in thousands, except per unit data)
(unaudited)
DISTRIBUTABLE CASH FLOW
(Dollars in thousands, except per unit data)
(unaudited)
The following table presents the calculation and reconciliation of Distributable Cash Flow of
Energy Transfer Equity, L.P.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Distributable Cash Flow: |
||||||||||||||||
Cash distributions expected from Energy Transfer Partners, L.P. (ETP)
associated with: (1) |
||||||||||||||||
General partner interest: |
||||||||||||||||
Standard distribution rights |
$ | 4,874 | $ | 4,861 | $ | 9,754 | $ | 9,721 | ||||||||
Incentive distribution rights |
89,834 | 84,164 | 184,751 | 168,310 | ||||||||||||
Limited partner interest |
44,890 | 55,860 | 100,750 | 111,720 | ||||||||||||
Total cash distributions expected from ETP: |
139,598 | 144,885 | 295,255 | 289,751 | ||||||||||||
Cash distributions expected from Regency Energy Partners LP (Regency)
associated with: (2) |
||||||||||||||||
General partner interest: |
||||||||||||||||
Standard distribution rights |
1,105 | — | 1,105 | — | ||||||||||||
Incentive distribution rights |
915 | — | 915 | — | ||||||||||||
Limited partner interest |
11,689 | — | 11,689 | — | ||||||||||||
Total cash distributions expected from Regency |
13,709 | — | 13,709 | — | ||||||||||||
Total cash distributions expected from ETP and Regency |
153,307 | 144,885 | 308,964 | 289,751 | ||||||||||||
Pro rata cash settlement related to Regency Transactions: (3) |
||||||||||||||||
Received from ETP related to 12,273,830 ETP Common Units redeemed |
10,451 | — | 10,451 | — | ||||||||||||
Paid to Regency related to 26,266,791 Regency Common Units issued |
(7,436 | ) | — | (7,436 | ) | — | ||||||||||
Net pro rata cash settlement for period from April 1, 2010 through May 26,
2010 |
3,015 | — | 3,015 | — | ||||||||||||
Total cash distributions expected from ETP and Regency including net pro rata
settlement |
156,322 | 144,885 | 311,979 | 289,751 | ||||||||||||
Deduct expenses of the Parent Company on a stand-alone basis: |
||||||||||||||||
Selling, general and administrative expenses, excluding non-cash
compensation expense (4) |
(14,917 | ) | (701 | ) | (17,161 | ) | (2,603 | ) | ||||||||
Interest expense, net of amortization of financing costs, interest income,
and realized
gains and losses on interest rate derivatives (5) |
(28,007 | ) | (24,426 | ) | (53,160 | ) | (44,888 | ) | ||||||||
Distributable Cash Flow |
$ | 113,398 | $ | 119,758 | $ | 241,658 | $ | 242,260 | ||||||||
Cash distributions to be paid to the partners of ETE: |
||||||||||||||||
Distribution per limited partner unit as of the end of the period |
$ | 0.5400 | $ | 0.5350 | $ | 0.5400 | $ | 0.5350 | ||||||||
Distributions to be paid to limited partners |
120,388 | 119,250 | 240,776 | 236,271 | ||||||||||||
Distributions to be paid to general partner |
374 | 370 | 748 | 734 | ||||||||||||
Total cash distributions to be paid by ETE to its partners (6) |
$ | 120,762 | $ | 119,620 | $ | 241,524 | $ | 237,005 | ||||||||
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income
attributable to partners” and GAAP “Net cash provided by operating activites”
for the Parent Company on a stand-alone basis: |
||||||||||||||||
Net income attributable to partners |
$ | 19,268 | $ | 104,375 | $ | 132,045 | $ | 255,911 | ||||||||
Adjustments to derive Distributable Cash Flow: |
||||||||||||||||
Equity in income of unconsolidated affiliates |
(75,362 | ) | (110,941 | ) | (221,740 | ) | (287,534 | ) | ||||||||
Quarterly distribution expected from ETP |
139,598 | 144,885 | 295,255 | 289,751 | ||||||||||||
Quarterly distribution expected from Regency |
13,709 | — | 13,709 | — | ||||||||||||
Net pro rata cash settlement for period from April 1, 2010 through May
26, 2010 |
3,015 | — | 3,015 | — | ||||||||||||
Amortization included in interest expense |
1,455 | 1,420 | 2,153 | 4,162 | ||||||||||||
Other non-cash |
228 | 138 | 457 | 277 | ||||||||||||
Unrealized (gains) losses on non-hedged interest rate swaps |
11,487 | (20,119 | ) | 16,764 | (20,307 | ) | ||||||||||
Distributable Cash Flow |
113,398 | 119,758 | 241,658 | 242,260 | ||||||||||||
Adjustments to Distributable Cash Flow to derive Net Cash Provided by
Operating Activities: |
||||||||||||||||
Quarterly distribution expected from ETP |
(139,598 | ) | (144,885 | ) | (295,255 | ) | (289,751 | ) | ||||||||
Quarterly distribution expected from Regency |
(13,709 | ) | — | (13,709 | ) | — | ||||||||||
Cash distribution received from ETP |
155,660 | 141,485 | 301,206 | 281,205 | ||||||||||||
Cash distribution received from Regency |
— | — | — | — | ||||||||||||
Net pro rata cash settlement for period from April 1, 2010 through May
26, 2010 |
(3,015 | ) | — | (3,015 | ) | — | ||||||||||
Deferred income taxes |
832 | (573 | ) | 858 | (573 | ) | ||||||||||
Net changes in operating assets and liabilities |
667 | 251 | 1,357 | (2,500 | ) | |||||||||||
Net cash provided by operating activites for Parent Company on a stand-alone
basis |
$ | 114,235 | $ | 116,036 | $ | 233,100 | $ | 230,641 | ||||||||
| (1) | For the three months ended June 30, 2010, cash distributions expected to be received from
ETP consist of cash distributions in respect of the quarter ended June 30, 2010 payable on
August 16, 2010 to holders of record on the close of business on August 9, 2010. For the
three months ended June 30, 2009, cash distributions received from ETP consist of cash
distributions paid on August 14, 2009 in respect of the quarter ended June 30, 2009. |
For the six months ended June 30, 2010, cash distributions received or expected to be received
from ETP consist of cash distributions paid on May 17, 2010 in respect of the quarter ended
March 31, 2010 and cash distributions in respect of the three months ended June 30, 2010 payable
on August 16, 2010 to holders of record on August 9, 2010. For the six months ended June 30,
2009, cash distributions received from ETP consist of cash distributions paid on May 15, 2009 in
respect of the quarter ended March 31, 2009 and cash distributions paid on August 14, 2009 in
respect of the quarter ended June 30, 2009. |
||
Distributable Cash Flow previously presented in our press release for the six months ended June
30, 2009 was reduced by $3.4 million of contributions made to ETP to maintain our general
partner interest at 2%. During the three months ended December 31, 2009, ETE changed its
presentation of Distributable Cash Flow to remove ETE’s capital contributions to ETP from the
calculation of Distributable Cash Flow. Distributable Cash Flow for the six months ended June
30, 2009 presented in this press release has been revised accordingly. |
||
| (2) | On May 26, 2010, ETE contributed a 49.9% interest in MEP to Regency in exchange for
26,266,791 Regency common units. Total cash distributions expected from Regency for the three
months ended June 30, 2010 reflect a full-quarter distribution from 26,266,791 Regency common
units held by ETE as of the end of the period. |
|
For the three and six months ended June 30, 2010, cash distributions expected to be received
from Regency consist of cash distributions in respect of the quarter ended June 30, 2010 payable
on August 13, 2010 to holders of record on August 6, 2010. |
||
| (3) | Upon closing of the transactions to transfer a 49.9% interest in MEP from ETP to Regency, the
purchase price of each transaction included an adjustment relating to the pro ration of the
distributions for the period from April 1, 2010 to May 26, 2010. |
|
| (4) | One-time transaction costs of $12.8 million were recorded for the three and six months ended
June 30, 2010 related to ETE’s acquisition of a controlling interest in Regency and the
exchange of a portion of the investment in the Midcontinent Express Pipeline among ETE and its
subsidiaries on May 26, 2010 (the “Regency Transaction”). |
|
| (5) | Interest expense included distributions on ETE’s convertible preferred units of $2.3 million
for the three and six months ended June 30, 2010 which reflected a pro rata amount for the
period subsequent to the Regency Transaction. |
|
| (6) | For the three months ended June 30, 2010, cash distributions expected to be paid by ETE
consist of cash distributions in respect of the quarter ended June 30, 2010 payable on August
19, 2010 to holders of record on August 9, 2010. For the three months ended June 30, 2009,
cash distributions paid by ETE consist of cash distributions paid on August 19, 2009 in
respect of the quarter ended June 30, 2009. |
|
For the six months ended June 30, 2010, cash distributions paid or expected to be paid by ETE
consist of cash distributions paid on May 19, 2010 in respect of the quarter ended March 31,
2010 and cash distributions in respect of the three months ended June 30, 2010 payable on August
19, 2010 to holders of record on August 9, 2010. For the six months ended June 30, 2009, cash
distributions paid by ETE consist of cash distributions paid on May 19, 2009 in respect of the
quarter ended March 31, 2009 and cash distributions paid on August 19, 2009 in respect of the
quarter ended June 30, 2009. |
SUPPLEMENTAL INFORMATION
(in thousands)
(in thousands)
The following summarizes the key components of the stand-alone results of operations of the Parent
Company for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2010 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||
Equity in earnings of affiliates |
$ | 75,362 | $ | 110,941 | $ | (35,579 | ) | $ | 221,740 | $ | 287,534 | $ | (65,794 | ) | ||||||||||
Selling, general and
administrative |
(15,079 | ) | (1,135 | ) | (13,944 | ) | (17,415 | ) | (2,822 | ) | (14,593 | ) | ||||||||||||
Interest expense, net of
interest capitalized |
(20,210 | ) | (18,797 | ) | (1,413 | ) | (36,916 | ) | (38,139 | ) | 1,223 | |||||||||||||
Gains (losses) on non-hedged
interest rate derivatives |
(20,753 | ) | 13,069 | (33,822 | ) | (35,177 | ) | 9,394 | (44,571 | ) | ||||||||||||||
Other, net |
(88 | ) | (275 | ) | 187 | (212 | ) | (628 | ) | 416 | ||||||||||||||