8-KSecurities & Listing

Energy Transfer LP 8-K Report, Listing Notice (Jul 17, 2012)

Filed July 17, 2012For Securities:ETET-PI

Summary

This 8-K filing from Energy Transfer LP (ET) dated July 17, 2012, primarily addresses a technical listing compliance issue with the New York Stock Exchange (NYSE). The company was found to be deficient in meeting NYSE's Listed Company Manual requirements regarding the composition of its Audit Committee, specifically Section 303A.07(a). This deficiency arose from the resignation of a board member, David R. Albin, from the general partner's board, who also served on the Audit Committee. The company has taken prompt action to rectify this situation. The LE GP Board of Directors elected a new member to the Audit Committee, effective July 17, 2012. This action is intended to cure the deficiency and maintain compliance with NYSE listing standards. While the resignation itself was not due to any disagreements regarding operations or policies, the event triggered a notification process with the NYSE and required corrective measures.

Key Highlights

  • 1Energy Transfer LP notified the NYSE of a deficiency in meeting listing requirements related to Audit Committee composition.
  • 2The deficiency stemmed from the resignation of David R. Albin from the LE GP Board of Directors and its Audit Committee.
  • 3The NYSE formally notified the Partnership of this deficiency on July 11, 2012.
  • 4The resignation of Mr. Albin was not related to any disagreements concerning the Partnership's operations, practices, or policies.
  • 5To cure the deficiency, a new member has been elected to the LE GP Audit Committee, effective July 17, 2012.
  • 6The company has taken steps to regain compliance with NYSE Section 303A.07(a).

Frequently Asked Questions

The main reason for this filing is to inform investors that Energy Transfer LP was temporarily out of compliance with a specific NYSE listing rule regarding the composition of its Audit Committee, and to report the corrective actions taken.

According to the filing, Mr. Albin's resignation was not due to any disagreement with the Partnership or LE GP relating to operations, practices, or policies. The issue was a technical breach of NYSE listing rules concerning Audit Committee composition, which has now been addressed.

Energy Transfer LP has elected a new member to the LE GP Board of Directors' Audit Committee, effective July 17, 2012. This action is intended to cure the deficiency and ensure continued compliance with NYSE listing standards.

No, this filing does not indicate financial distress or operational problems. It is a procedural matter related to corporate governance and stock exchange listing requirements that has been resolved.