Summary
Energy Transfer Equity, L.P. (ET) reported its financial results for the period ending June 29, 2013. The company's total assets grew to $50.14 billion, up from $48.90 billion at the end of the previous year, driven by significant acquisitions and operational expansions. Total revenues for the six months ended June 30, 2013, reached $23.24 billion, a substantial increase compared to $3.55 billion in the same period of 2012, largely due to the inclusion of crude oil and refined product sales from recent transactions, notably the Sunoco merger. Net income attributable to partners was $217 million for the first six months of 2013, compared to $220 million for the same period in 2012. The company's liquidity remains robust, supported by cash flows from operations and available credit facilities, although long-term debt also increased to $21.86 billion.
Financial Highlights
43 data points| Revenue | $12.06B |
| Cost of Revenue | $10.56B |
| Gross Profit | $1.50B |
| SG&A Expenses | $149.00M |
| Operating Expenses | $11.42B |
| Operating Income | $644.00M |
| Interest Expense | $305.00M |
| Net Income | $127.00M |
Key Highlights
- 1Total assets increased to $50.14 billion as of June 30, 2013, from $48.90 billion as of December 31, 2012, reflecting growth through acquisitions and asset deployment.
- 2Total revenues surged to $23.24 billion for the six months ended June 30, 2013, a significant increase from $3.55 billion in the prior year's comparable period, primarily due to the inclusion of crude oil and refined product sales from recent transactions.
- 3Net income attributable to partners was $217 million for the six months ended June 30, 2013, a slight decrease from $220 million for the same period in 2012.
- 4Long-term debt increased to $21.86 billion as of June 30, 2013, from $21.44 billion as of December 31, 2012, reflecting continued financing for operations and acquisitions.
- 5The company completed significant transactions including the SUGS Contribution to Regency and ETP's acquisition of ETE's Holdco interest on April 30, 2013, which expanded its operational footprint and consolidated certain assets.
- 6Segment Adjusted EBITDA showed strong performance, with total Segment Adjusted EBITDA reaching $2.215 billion for the six months ended June 30, 2013, up from $1.309 billion in the prior year's period, driven by the Investment in ETP segment.
- 7The company maintained compliance with its debt covenants, demonstrating ongoing financial stability in managing its obligations.