Summary
Energy Transfer LP (ET) reported its financial results for the second quarter and first six months of 2015. The company demonstrated growth in Segment Adjusted EBITDA, reaching $1.51 billion for the quarter and $2.90 billion for the six-month period, an increase from the prior year. This growth was driven primarily by stronger performance in the 'Investment in ETP' segment, notably from retail marketing and Sunoco Logistics operations. The balance sheet shows total assets of $69.1 billion as of June 30, 2015, an increase from $64.5 billion at the end of 2014, largely due to property, plant, and equipment additions. Long-term debt also increased to $34.8 billion from $29.7 billion, reflecting significant debt issuances to fund growth and acquisitions. The company reported net income attributable to partners of $298 million for the quarter, a significant increase from $163 million in the prior year quarter. This filing also highlights significant strategic developments, including a proposal to merge with WMB and the completion of the Regency Merger. Investors should note the substantial capital expenditures and ongoing debt management as key factors influencing future performance.
Financial Highlights
43 data points| Revenue | $9.43B |
| Cost of Revenue | $9.34B |
| Gross Profit | $89.00M |
| SG&A Expenses | $183.00M |
| Operating Expenses | $10.70B |
| Operating Income | $743.00M |
| Interest Expense | $408.00M |
| Net Income | $298.00M |
Key Highlights
- 1Segment Adjusted EBITDA increased to $1.51 billion for Q2 2015 and $2.90 billion for the first six months of 2015, up from $1.44 billion and $2.82 billion respectively in the prior year periods.
- 2Net income attributable to partners for the second quarter of 2015 was $298 million, a substantial increase from $163 million in the same quarter of 2014.
- 3Total assets grew to $69.1 billion at June 30, 2015, from $64.5 billion at December 31, 2014, primarily due to investments in property, plant, and equipment.
- 4Long-term debt increased to $34.8 billion from $29.7 billion, reflecting significant debt issuances to fund acquisitions and capital expenditures.
- 5The company announced a proposal to merge with WMB in June 2015.
- 6ETP completed the merger with Regency on April 30, 2015.
- 7ETI repurchased approximately $294 million of its common units during the second quarter of 2015 under its buyback program.