DALLAS–(BUSINESS WIRE)–Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended March 31, 2016. Adjusted EBITDA for ETP for the three months ended March 31, 2016 totaled $1.41 billion, an increase of $46 million compared to the same period last year. Distributable Cash Flow attributable to the partners of ETP, as adjusted, for the three months ended March 31, 2016 totaled $793 million, a decrease of $51 million compared to the same period last year. Net income for the three months ended March 31, 2016 was $376 million, an increase of $108 million compared to the same period last year.
In April 2016, ETP announced a quarterly distribution of $1.055 per unit ($4.22 annualized) on ETP Common Units for the quarter ended March 31, 2016.
ETP’s other recent key accomplishments include the following:
- In March 2016, ETP contributed to Sunoco LP its remaining 68.42% interest in Sunoco, LLC and 100% interest in the legacy Sunoco, Inc. retail business for $2.23 billion. Sunoco LP paid $2.20 billion in cash, including a working capital adjustment, and issued 5.7 million Sunoco LP common units to ETP Retail Holdings, LLC, a wholly-owned subsidiary of the Partnership. The transaction was effective January 1, 2016.
- In April 2016, Bayou Bridge Pipeline, LLC (“Bayou Bridge”), a joint venture among ETP, Sunoco Logistics Partners L.P. (“Sunoco Logistics”) and Phillips 66 Partners LP, began commercial operations on the 30-inch segment of its pipeline from Nederland, Texas to Lake Charles, Louisiana. ETP and Sunoco Logistics each hold a 30% interest in the entity and Sunoco Logistics will be the operator of the system.
- As of March 31, 2016, ETP’s $3.75 billion credit facility had $4 million of outstanding borrowings and its leverage ratio, as defined by the credit agreement, was 4.27x.
- In the first quarter of 2016, ETP issued 11.2 million common units through its at-the-market equity program, generating net proceeds of $324 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, May 5, 2016 to discuss the first quarter 2016 results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on ETP’s website for a limited time.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates 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 67.1 million common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which operates 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, natural gas liquids, and refined products. ETP’s general partner is owned by Energy Transfer Equity, L.P. For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns approximately 2.6 million ETP Common Units and 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). 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 Energy Transfer Equity, L.P.’s website at www.energytransfer.com.
Sunoco Logistics Partners L.P. (NYSE: SXL) 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, natural gas liquids, and refined products. Sunoco Logistics’ general partner is a consolidated subsidiary of Energy Transfer Partners, L.P. (NYSE: ETP). For more information, visit the Sunoco Logistics Partners L.P. website at www.sunocologistics.com.
Forward-Looking Statements
This news 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 Report 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 website at www.energytransfer.com.
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions) |
||||||||
(unaudited) |
||||||||
March 31, 2016 |
December 31, 2015 |
|||||||
ASSETS | ||||||||
Current assets | $ | 4,759 | $ | 4,698 | ||||
Property, plant and equipment, net | 45,787 | 45,087 | ||||||
Advances to and investments in unconsolidated affiliates | 5,020 | 5,003 | ||||||
Non-current derivative assets | 16 | — | ||||||
Other non-current assets, net | 514 | 536 | ||||||
Intangible assets, net | 4,080 | 4,421 | ||||||
Goodwill | 4,139 | 5,428 | ||||||
Total assets | $ | 64,315 | $ | 65,173 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | $ | 4,911 | $ | 4,121 | ||||
Long-term debt, less current maturities | 26,769 | 28,553 | ||||||
Long-term notes payable – related party | 223 | 233 | ||||||
Non-current derivative liabilities | 213 | 137 | ||||||
Deferred income taxes | 4,495 | 4,082 | ||||||
Other non-current liabilities | 939 | 968 | ||||||
Commitments and contingencies | ||||||||
Series A Preferred Units | 33 | 33 | ||||||
Redeemable noncontrolling interests | 15 | 15 | ||||||
Equity: | ||||||||
Total partners’ capital | 20,120 | 20,836 | ||||||
Noncontrolling interest | 6,597 | 6,195 | ||||||
Total equity | 26,717 | 27,031 | ||||||
Total liabilities and equity | $ | 64,315 | $ | 65,173 |
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES |
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
(In millions, except per unit data) |
||||||||||
(unaudited) |
||||||||||
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
REVENUES | $ | 4,481 | $ | 10,326 | ||||||
COSTS AND EXPENSES: | ||||||||||
Cost of products sold | 2,968 | 8,496 | ||||||||
Operating expenses | 348 | 610 | ||||||||
Depreciation, depletion and amortization | 470 | 479 | ||||||||
Selling, general and administrative | 81 | 133 | ||||||||
Total costs and expenses | 3,867 | 9,718 | ||||||||
OPERATING INCOME | 614 | 608 | ||||||||
OTHER INCOME (EXPENSE): | ||||||||||
Interest expense, net | (319 | ) | (310 | ) | ||||||
Equity in earnings of unconsolidated affiliates | 76 | 57 | ||||||||
Losses on interest rate derivatives | (70 | ) | (77 | ) | ||||||
Other, net | 17 | 7 | ||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 318 | 285 | ||||||||
Income tax expense (benefit) | (58 | ) | 17 | |||||||
NET INCOME | 376 | 268 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 65 | (6 | ) | |||||||
Less: Net loss attributable to predecessor | — | (7 | ) | |||||||
NET INCOME ATTRIBUTABLE TO PARTNERS | 311 | 281 | ||||||||
General Partner’s interest in net income | 297 | 242 | ||||||||
Class H Unitholder’s interest in net income | 79 | 54 | ||||||||
Class I Unitholder’s interest in net income | 2 | 33 | ||||||||
Common Unitholders’ interest in net loss | $ | (67 | ) | $ | (48 | ) | ||||
NET LOSS PER COMMON UNIT: | ||||||||||
Basic | $ | (0.15 | ) | $ | (0.17 | ) | ||||
Diluted | $ | (0.15 | ) | $ | (0.17 | ) | ||||
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: | ||||||||||
Basic | 490.2 | 323.8 | ||||||||
Diluted | 490.2 | 323.8 |
SUPPLEMENTAL INFORMATION |
||||||||||
(Dollars and units in millions, except per unit amounts) |
||||||||||
(unaudited) |
||||||||||
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): | ||||||||||
Net income | $ | 376 | $ | 268 | ||||||
Interest expense, net of interest capitalized | 319 | 310 | ||||||||
Income tax expense (benefit) (b) | (58 | ) | 17 | |||||||
Depreciation, depletion and amortization | 470 | 479 | ||||||||
Non-cash compensation expense | 19 | 20 | ||||||||
Losses on interest rate derivatives | 70 | 77 | ||||||||
Unrealized losses on commodity risk management activities | 63 | 77 | ||||||||
Inventory valuation adjustments | 26 | 34 | ||||||||
Equity in earnings of unconsolidated affiliates | (76 | ) | (57 | ) | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 219 | 146 | ||||||||
Other, net | (16 | ) | (5 | ) | ||||||
Adjusted EBITDA (consolidated) | 1,412 | 1,366 | ||||||||
Adjusted EBITDA related to unconsolidated affiliates | (219 | ) | (146 | ) | ||||||
Distributable cash flow from unconsolidated affiliates | 144 |
101 |
||||||||
Interest expense, net of interest capitalized | (319 | ) | (310 | ) | ||||||
Amortization included in interest expense | (7 | ) | (13 | ) | ||||||
Current income tax benefit | 1 | 9 | ||||||||
Maintenance capital expenditures | (59 | ) | (84 | ) | ||||||
Other, net | 3 | 4 | ||||||||
Distributable Cash Flow (consolidated) | 956 |
927 |
||||||||
Distributable Cash Flow attributable to Sunoco Logistics (100%) | (283 | ) | (158 | ) | ||||||
Distributions from Sunoco Logistics to ETP | 125 | 90 | ||||||||
Distributable Cash Flow attributable to Sunoco LP (100%) (c) | — | (33 | ) | |||||||
Distributions from Sunoco LP to ETP (c) | — | 12 | ||||||||
Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries | (7 | ) | (5 | ) | ||||||
Distributable Cash Flow attributable to the partners of ETP | 791 |
833 |
||||||||
Transaction-related expenses | 2 | 11 | ||||||||
Distributable Cash Flow attributable to the partners of ETP, as adjusted | $ | 793 | $ |
844 |
||||||
Distributions to the partners of ETP (d): | ||||||||||
Limited Partners: | ||||||||||
Common Units held by public | $ | 526 | $ | 465 | ||||||
Common Units held by ETE | 3 | 24 | ||||||||
Class H Units held by ETE (e) | 83 | 56 | ||||||||
General Partner interests held by ETE | 8 | 8 | ||||||||
Incentive Distribution Rights (“IDRs”) held by ETE | 331 | 300 | ||||||||
IDR relinquishments net of Class I Unit distributions | (34 | ) | (27 | ) | ||||||
Total distributions to be paid to the partners of ETP | $ | 917 | $ | 826 | ||||||
Common Units outstanding – end of period (d) | 500.9 | 481.4 | ||||||||
Distribution coverage ratio (f) | 0.86x |
1.02x |
||||||||
Distributable Cash Flow per Common Unit (g) | $ | 0.83 | $ |
1.57 |
||||||
(a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of ETP’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities, or other GAAP measures.
There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as gross margin, operating income, net income, and cash flow from operating activities.
Definition of Adjusted EBITDA
ETP defines Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities include unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries’ results of operations and for unconsolidated affiliates based on ETP’s proportionate ownership.
Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.
Definition of Distributable Cash Flow
ETP defines Distributable Cash Flow as net income, adjusted for certain non-cash items, less maintenance capital expenditures. Non-cash items include depreciation and amortization, non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities and deferred income taxes. Unrealized gains and losses on commodity risk management activities includes unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investee’s distributable cash flow.
Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.
On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of ETP’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among ETP’s subsidiaries, the Distributable Cash Flow generated by ETP’s subsidiaries may not be available to be distributed to the partners of ETP. In order to reflect the cash flows available for distributions to the partners of ETP, ETP has reported Distributable Cash Flow attributable to the partners of ETP, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:
- For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to the partners of ETP includes distributions to be received by the parent company with respect to the periods presented.
- For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, but Distributable Cash Flow attributable to the partners of ETP is net of distributions to be paid by the subsidiary to the noncontrolling interests.
For Distributable Cash Flow attributable to the partners of ETP, as adjusted, certain transaction-related and non-recurring expenses that are included in net income are excluded.
(b) For the three months ended March 31, 2016, the Partnership’s effective income tax rate decreased from the prior year primarily due to lower earnings among the Partnership’s consolidated corporate subsidiaries. The three months ended March 31, 2016 also reflected a benefit of $20 million of net state tax benefit attributable to statutory state rate changes resulting from the contribution by ETP to Sunoco LP of its remaining 68.42% interest in Sunoco, LLC and 100% interest in the legacy Sunoco, Inc. retail business.
(c) Amounts related to Sunoco LP reflect the periods through June 30, 2015, subsequent to which Sunoco LP was deconsolidated and is now reflected as an unconsolidated affiliate.
(d) Distributions on ETP Common Units and the number of ETP Common Units outstanding at the end of the period, both as reflected above, exclude amounts related to ETP Common Units held by subsidiaries of ETP. For the three months ended March 31, 2015, ETP Common Units outstanding at the end of the period includes ETP Common Units issued in connection with the Regency Merger.
(e) Distributions on the Class H Units for the three months ended March 31, 2016 and 2015 were calculated as follows:
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
General partner distributions and incentive distributions from Sunoco Logistics | $ | 92 | $ | 62 | ||||||
90.05 | % | 90.05 | % | |||||||
Total Class H Unit distributions | $ | 83 | $ | 56 | ||||||
(f) Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to the partners of ETP, as adjusted, divided by net distributions expected to be paid to the partners of ETP in respect of such period.
(g) The Partnership defines Distributable Cash Flow per Common Unit for a period as the quotient of Distributable Cash Flow attributable to the partners of ETP, as adjusted, net of distributions related to the Class H Units, Class I Units and the General Partner and IDR interests, divided by the weighted average number of Common Units outstanding.
Similar to Distributable Cash Flow as described above, Distributable Cash Flow per Common Unit is a significant liquidity measure used by the Partnership’s senior management to compare net cash flows generated by the Partnership to the distributions the Partnership expects to pay to its unitholders. Using this measure, the Partnership’s management can compare Distributable Cash Flow attributable to the partners of ETP, as adjusted, among different periods on a per-unit basis.
Distributable Cash Flow per Common Unit is calculated as follows:
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
Distributable Cash Flow attributable to the partners of ETP, as adjusted | $ | 793 | $ |
844 |
||||||
Less: | ||||||||||
Class H Units held by ETE | (83 | ) | (56 | ) | ||||||
General Partner interests held by ETE | (8 | ) | (8 | ) | ||||||
IDRs held by ETE | (331 | ) | (300 | ) | ||||||
IDR relinquishments net of Class I Unit distributions | 34 | 27 | ||||||||
$ | 405 | $ |
507 |
|||||||
Weighted average Common Units outstanding – basic | 490.2 | 323.8 | ||||||||
Distributable Cash Flow per Common Unit | $ | 0.83 | $ |
1.57 |
||||||
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
Our segment results were presented based on the measure of Segment Adjusted EBITDA. The tables below identify the components of Segment Adjusted EBITDA, which was calculated as follows:
- Gross margin, operating expenses, and selling, general and administrative expenses. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.
- Unrealized gains or losses on commodity risk management activities and inventory valuation adjustments. These are the unrealized amounts that are included in cost of products sold to calculate gross margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized losses are added back and the unrealized gains are subtracted to calculate the segment measure.
- Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative expenses. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure.
- Adjusted EBITDA related to unconsolidated affiliates. These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates. Amounts reflected are calculated consistently with our definition of Adjusted EBITDA.
Three Months Ended March 31, |
||||||||
2016 | 2015 | |||||||
Segment Adjusted EBITDA: | ||||||||
Midstream | $ | 263 | $ | 310 | ||||
Liquids transportation and services | 227 | 169 | ||||||
Interstate transportation and storage | 292 | 301 | ||||||
Intrastate transportation and storage | 179 | 177 | ||||||
Investment in Sunoco Logistics | 349 | 221 | ||||||
Retail marketing | 57 | 129 | ||||||
All other | 45 | 59 | ||||||
$ | 1,412 | $ | 1,366 |
Midstream |
||||||||||
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
Gathered volumes (MMBtu/d) | 9,851,105 | 9,514,586 | ||||||||
NGLs produced (Bbls/d) | 427,923 | 367,382 | ||||||||
Equity NGLs (Bbls/d) | 29,533 | 28,090 | ||||||||
Revenues | $ | 1,092 | $ | 1,151 | ||||||
Cost of products sold | 678 | 712 | ||||||||
Gross margin | 414 | 439 | ||||||||
Unrealized losses on commodity risk management activities | — | 11 | ||||||||
Operating expenses, excluding non-cash compensation expense | (145 | ) | (138 | ) | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (12 | ) | (3 | ) | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 6 | 1 | ||||||||
Segment Adjusted EBITDA | $ | 263 | $ | 310 | ||||||
Gathered volumes and NGLs produced increased primarily due to the King Ranch acquisition as well as increased gathering and processing capacities in the Eagle Ford, Permian Basin and Cotton Valley regions, partially offset by declines in the Panhandle/Mid-Con, North Texas, and North East regions.
Segment Adjusted EBITDA for the midstream segment reflected a decrease in gross margin as follows:
Three Months Ended March 31, |
||||||||
2016 | 2015 | |||||||
Gathering and processing fee-based revenues | $ | 374 | $ | 370 | ||||
Non fee-based contracts and processing | 40 | 69 | ||||||
Total gross margin | $ | 414 | $ | 439 | ||||
For the three months ended March 31, 2016 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment decreased due to the net effects of the following:
- a decrease of $9 million in non-fee based margins for natural gas due to lower natural gas prices and a $20 million decrease in non-fee based margins for crude oil and NGL due to lower crude oil and NGL prices;
- a decrease in gross margin of $22 million from realized gains and losses on derivatives;
- an increase of $7 million in operating expenses primarily due to assets that are recently placed in service, including the King Ranch and Eagle Ford systems in south Texas; and
- an increase of $9 million in general and administrative expenses primarily due to a higher allocation of costs to the midstream segment; partially offset by
- an increase of $4 million in fee-based revenues due to increased production and increased capacity from assets placed in service in the Eagle Ford Shale, Permian Basin and Cotton Valley regions partially offset by volume declines in the North Texas, Mid-Continent/Panhandle and North East regions; and
- an increase of $5 million in adjusted EBITDA related to unconsolidated affiliates due to increased volumes through unconsolidated joint ventures.
Liquids Transportation and Services |
||||||||||
Three Months Ended March 31, |
||||||||||
2016 | 2015 | |||||||||
Liquids transportation volumes (Bbls/d) | 486,907 | 408,504 | ||||||||
NGL fractionation volumes (Bbls/d) | 362,906 | 218,325 | ||||||||
Revenues | $ | 919 | $ | 835 | ||||||
Cost of products sold | 661 | 638 | ||||||||
Gross margin | 258 | 197 | ||||||||
Unrealized losses on commodity risk management activities | 9 | 9 | ||||||||
Operating expenses, excluding non-cash compensation expense | (37 | ) | (35 | ) | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (5 | ) | (4 | ) | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 2 | 2 | ||||||||
Segment Adjusted EBITDA | $ | 227 | $ | 169 | ||||||
NGL transportation volumes increased in all major producing regions, including the Permian, North Texas, Southeast Texas, Eagle Ford, and Louisiana. Additionally, our crude transportation pipeline in the Eagle Ford region transported approximately 44,000 Bbls/d for the three months ended March 31, 2016 compared to 38,000 Bbls/d for the three months ended March 31, 2015.
Average daily fractionated volumes increased for the three months ended March 31, 2016 compared to the same period last year due to the ramp-up of our third 100,000 Bbls/d fractionator at Mont Belvieu, Texas, which was commissioned in late December 2015, as well as increased producer volumes as mentioned above.
Contacts
Investor Relations:
Energy Transfer
Brent Ratliff, 214-981-0700
or
Lyndsay Hannah, 214-840-5477
or
Media Relations:
Granado Communications Group
Vicki Granado, 214-599-8785
cell: 214-498-9272