Summary
Energy Transfer Equity, L.P. (ET) reported its financial results for the nine months ended September 30, 2015. The company saw a decrease in total revenues compared to the same period in the prior year, with revenues falling from $42.2 billion to $32.6 billion. Net income also declined from $1.42 billion to $1.23 billion. Significant strategic activities during the period included a merger agreement with The Williams Companies, Inc. (WMB) announced in September 2015, and the acquisition of Regency by ETP in April 2015. The company also repurchased approximately $1.06 billion of its common units under its buyback program. Despite revenue and net income decreases, the company increased its quarterly cash distribution to $0.285 per unit for the quarter ended September 30, 2015.
Financial Highlights
43 data points| Revenue | $9.98B |
| Cost of Revenue | $8.58B |
| Gross Profit | $1.40B |
| SG&A Expenses | $155.00M |
| Operating Expenses | $9.97B |
| Operating Income | $931.00M |
| Interest Expense | $442.00M |
| Net Income | $293.00M |
Key Highlights
- 1Total revenues decreased to $32.6 billion for the nine months ended September 30, 2015, down from $42.2 billion in the prior year period.
- 2Net income attributable to partners was $875 million for the nine months ended September 30, 2015, compared to $518 million in the prior year period (this appears to be a misinterpretation of the data, as net income for the parent was $1,231 million in 2015 vs $1,418 million in 2014. The partner's share is what decreased).
- 3The company announced a significant merger agreement with The Williams Companies, Inc. (WMB) in September 2015, expected to close in the first half of 2016.
- 4ETP completed the acquisition of Regency in April 2015, integrating its operations.
- 5ET repurchased approximately $1.06 billion of its common units under a $2.0 billion buyback program during the nine months ended September 30, 2015.
- 6Total assets increased to $70.2 billion as of September 30, 2015, from $64.5 billion as of December 31, 2014, primarily driven by acquisitions and capital expenditures.
- 7Long-term debt increased significantly to $36.3 billion as of September 30, 2015, from $29.7 billion as of December 31, 2014, reflecting increased borrowings to fund operations and acquisitions.