8-KFinancial EventsExhibits & Filings

Energy Transfer LP 8-K Report, Auditor Change (Mar 13, 2015)

Filed March 13, 2015For Securities:ETET-PI

Summary

This 8-K filing by Energy Transfer LP (ET) on March 13, 2015, primarily details a change in their independent registered public accounting firm. Following the acquisition of Susser and a controlling interest in Sunoco LP by Energy Transfer Partners (ETP), a subsidiary of Energy Transfer Equity (ETE), Sunoco LP and Susser became consolidated subsidiaries of ETE. As a result, the Audit Committee of Sunoco GP LLC, the general partner of Sunoco LP, has appointed Grant Thornton LLP as the new independent auditor for Sunoco LP for the fiscal year ending December 31, 2015, and has dismissed Ernst & Young LLP. This change is part of the integration process post-acquisition. Notably, Grant Thornton already serves as the independent auditor for ETE and ETP. The filing confirms that there were no disagreements or reportable events with the outgoing auditor, Ernst & Young, concerning accounting principles, financial disclosures, or auditing procedures for Susser and Sunoco LP. Ernst & Young's previous audit reports on Susser and Sunoco LP were relied upon by Grant Thornton for ETE's consolidated financial statements.

Key Highlights

  • 1Energy Transfer LP (ETE) has changed the independent auditor for its consolidated subsidiaries, Sunoco LP and Susser Holdings Corporation.
  • 2Grant Thornton LLP has been appointed as the new independent registered public accounting firm for Sunoco LP for the fiscal year ending December 31, 2015.
  • 3Ernst & Young LLP has been dismissed as the auditor for Sunoco LP and Susser Holdings Corporation.
  • 4The change in auditors is a direct result of the integration following ETE's acquisition of a controlling interest in Sunoco LP and the acquisition of Susser.
  • 5Grant Thornton LLP already serves as the independent auditor for Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP), facilitating a unified auditing approach across the consolidated entities.
  • 6The filing explicitly states there were no disagreements with Ernst & Young on accounting principles, financial disclosures, or auditing procedures.
  • 7There were no "reportable events" during the relevant periods that would have prompted Ernst & Young to qualify their audit opinions.

Frequently Asked Questions

The change in auditors is part of the integration process following Energy Transfer Equity's (ETE) acquisition of Susser Holdings Corporation and a controlling interest in Sunoco LP. By appointing Grant Thornton, which already audits ETE and its subsidiary ETP, the company aims to streamline auditing processes across the consolidated entities.

No, the filing explicitly states that there were no disagreements with Ernst & Young LLP on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedures. Furthermore, there were no "reportable events" that would have caused Ernst & Young to modify their audit reports.

Having the same auditor across these key entities simplifies financial reporting and auditing procedures, potentially leading to greater efficiency and consistency in financial statement presentation and audits. It reflects a move towards a more integrated financial structure post-acquisition.

The change in auditor is for future audits, specifically for the fiscal year ending December 31, 2015. The filing notes that Grant Thornton relied on Ernst & Young's audit reports for Susser and Sunoco LP as of December 31, 2014, in their own audit reports for ETE for the same period, indicating no immediate restatement or impact on previously issued financial statements related to the auditor change itself.