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Actionable news in ETP: ENERGY TRANSFER PARTNERS L.P.,

Energy Transfer Partners, L.P. (Nyse: Etp)

The following excerpt is from the company's SEC filing.

(“ETP” or the “Partnership”) today reported its financial results for the quarter ended

September 30, 2015

. Adjusted EBITDA for ETP for the

totaled

$1.50 billion

an increase

$49 million

compared to the same period last year. Distributable Cash Flow attributable to the partners of ETP, as adjusted, for the

$740 million

a decrease

$130 million

compared to the same period last year. Income from continuing operations for the

$393 million

$121 million

Distributable Cash Flow for the third quarter of 2015 was affected by a partial reversal from the second quarter 2015 tax benefit, with $79 million of current income tax expense for the third quarter of 2015. Distributable Cash Flow was also affected this quarter by a lower overall pricing environment for percent-of-proceeds volumes, continued shut-in volumes in the Northeast and unscheduled plant outages in the Permian Basin.

In October 2015, ETP announced an increase in its quarterly distribution to

$1.055

per Partnership common unit (

annualized) for the quarter ended

, representing an increase of

per Partnership common unit on an annualized basis, or

, compared to the

ETP’s other recent key accomplishments include the following:

Effective July 1, 2015, Energy Transfer Equity, L.P. (“ETE”) acquired

of the membership interests of Sunoco GP LLC (“Sunoco GP”), the general partner of Sunoco LP, and all of the IDRs of Sunoco LP from ETP, and in exchange, ETE transferred to ETP

ETP common units. In connection with ETP’s 2014 acquisition of Susser, ETE agreed to provide ETP a

$35 million

annual IDR subsidy for

10 years

, which terminated upon the closing of ETE’s acquisition of Sunoco GP. In connection with the exchange and repurchase, ETE will provide ETP a

annual IDR subsidy for two years beginning with the quarter ended September 30, 2015. In connection with this transaction, the Partnership deconsolidated Sunoco LP. The Partnership continues to hold

26.8 million

Sunoco LP common units and

10.9 million

Sunoco LP subordinated units accounted for under the equity method.

In October 2015, Sunoco Logistics Partners L.P. (“Sunoco Logistics”) completed the previously announced acquisition of a

membership interest (the “Bakken Membership Interest”) in Bakken Holdings Company LLC (“Bakken Holdco”). Bakken Holdco, through its wholly-owned subsidiaries, owns a

membership interest in each of Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC, which together intend to develop the previously announced pipeline system to deliver crude oil from the Bakken/Three Forks production area in North Dakota to the Gulf Coast (the “Bakken Pipeline Project”). ETP transferred the Bakken Membership Interest to Sunoco Logistics in exchange for approximately

9.4 million

Class B Units representing limited partner interests in Sunoco Logistics and the payment by Sunoco Logistics to ETP of

$382 million

of cash, which represented reimbursement for its proportionate share of the total cash contributions made in the Bakken Pipeline Project as of the date of closing of the exchange transaction.

During the third quarter 2015, Lake Charles LNG Export Company, LLC (“Lake Charles LNG”), an entity owned 60% by ETE and 40% by ETP, received the Federal Energy Regulatory Commission (“FERC”) Final Environmental Impact Study for the liquefaction project. This issuance starts the 90-day period in which other federal agencies are required to complete their review of the liquefaction project and issue any necessary agency authorizations. That decision deadline is November 12, 2015. The FERC authorization for the liquefaction project is expected to be issued during this 90-day period. With the expected emphasis on capital discipline and overall cost, ETP continues to believe that Lake Charles LNG is one of the most attractive pre-final investment decision (“FID”) projects for both Royal Dutch Shell plc and BG Group plc and that as a result, the project remains on track to receive FID in 2016, with construction to start immediately thereafter and first LNG exports anticipated in late-2020.

As of

, the ETP Credit Facility had

$665 million

outstanding borrowings and its credit ratio, as defined by the credit agreement, was

In the

quarter of 2015, ETP issued

4.4 million

common units through its at-the-market equity program, generating net proceeds of

$206 million

An analysis of ETP’s segment results and other supplementary data is provided after the financial tables shown below. ETP has scheduled a conference call for 8:00 a.m. Central Time, Thursday,

November 5, 2015

to discuss the

results. The conference call will be broadcast live via an internet web cast, which can be accessed through

www.energytransfer.com

and will also be available for replay on ETP’s web site for a limited time.

Energy Transfer Partners, L.P. (NYSE: ETP)

is a master limited partnership owning and operating one of the largest and most diversified portfolios of energy assets in the United States. ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminalling and crude oil acquisition and marketing assets. Additionally, ETP owns fuel distribution and retail marketing assets and approximately 50.8% of the limited partner interests in Sunoco LP (formerly Susser Petroleum Partners LP) (NYSE: SUN), a wholesale fuel distributor and convenience store operator. ETP’s general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Energy Transfer Partners, L.P. web site at

) is a master limited partnership which owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN) and approximately 2.6 million ETP Common Units, approximately 81.0 million ETP Class H Units, which track 90% of the underlying economics of the general partner interest and the IDRs of Sunoco Logistics Partners L.P. (NYSE: SXL), and 100 ETP Class I Units. On a consolidated basis, ETE’s family of companies owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. For more information, visit the Energy Transfer Equity, L.P. web site at

) is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, refined products, and natural gas liquids pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, refined products, and natural gas liquids. Sunoco Logistics’ general partner is owned by Energy Transfer Partners, L.P. (NYSE: ETP). For more information, visit the Sunoco Logistics Partners, L.P. web site at

www.sunocologistics.com

Forward-Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Reports on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our web site at

Contacts

Investor Relations:

Brent Ratliff

214-981-0700 (office)

Lyndsay Hannah

214-840-5477 (office)

Media Relations:

Vicki Granado

Granado Communications Group

214-599-8785 (office)

214-498-9272 (cell)

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(unaudited)

December 31,

ASSETS

CURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT, net

42,821

38,907

ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED AFFILIATES

NON-CURRENT DERIVATIVE ASSETS

OTHER NON-CURRENT ASSETS, net

INTANGIBLE ASSETS, net

GOODWILL

Total assets

64,145

62,674

LIABILITIES AND EQUITY

CURRENT LIABILITIES

LONG-TERM DEBT, less current maturities

27,449

24,973

NON-CURRENT DERIVATIVE LIABILITIES

DEFERRED INCOME TAXES

OTHER NON-CURRENT LIABILITIES

COMMITMENTS AND CONTINGENCIES

SERIES A PREFERRED UNITS

REDEEMABLE NONCONTROLLING INTERESTS

EQUITY:

Total partners’ capital

21,074

12,070

Noncontrolling interest

Predecessor equity

Total equity

27,064

25,311

Total liabilities and equity

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per unit data)

Three Months Ended

Nine Months Ended

REVENUES

14,933

28,467

42,048

COSTS AND EXPENSES

Cost of products sold

13,014

22,750

36,808

Operating expenses

Depreciation, depletion and amortization

Selling, general and administrative

Total costs and expenses

14,123

26,395

39,764

OPERATING INCOME

OTHER INCOME (EXPENSE)

Interest expense, net of interest capitalized

Equity in earnings of unconsolidated affiliates

Losses on extinguishments of debt

Gain on sale of AmeriGas common units

Losses on interest rate derivatives

Other, net

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE

Income tax expense (benefit) from continuing operations

Income from discontinued operations

NET INCOME

Less: Net income (loss) attributable to noncontrolling interest

Less: Net income (loss) attributable to predecessor

NET INCOME ATTRIBUTABLE TO PARTNERS

General Partner’s interest in net income

Class H Unitholder’s interest in net income

Class I Unitholder’s interest in net income

Common Unitholders’ interest in net income

INCOME FROM CONTINUING OPERATIONS PER COMMON UNIT:

Diluted

NET INCOME PER COMMON UNIT:

WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING:

SUPPLEMENTAL INFORMATION

(Dollars and units in millions, except per unit amounts)

Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a):

Income tax expense (benefit) from continuing operations (b)

Non-cash compensation expense

Unrealized (gains) losses on commodity risk management...


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