Tag Archives: SXL

$SXL,Sunoco Logistics Partners L.P.

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Energy Transfer Partners Has Lost 2.1% in May: Can It Recover?

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A Survey Of My Side Of The Oil Patch

Is Kayne Anderson The Best MLP Play Right Now?

Energy Transfer Partners Merged with Sunoco Logistics: Now What? PART 1 OF 9

Merger completion

Recently, Energy Transfer Partners (ETP) merged with Sunoco Logistics Partners. It became a wholly-owned subsidiary of Sunoco Logistics as Energy Transfer LP. Sunoco Logistics Partners was renamed Energy Transfer Partners with the ticker “ETP.” Since the merger, Energy Transfer Partners has become the US third-largest MLP in terms of market capitalization after Enterprise Product Partners (EPD) and Williams Partners (WPZ). Energy Transfer Equity (ETE) continues to hold limited partner interest, general partner interest, and IDRs (incentive distribution rights) in the combined entity.

Energy Transfer Partners Has Lost 2.1% in May: Can It Recover?

Market performance

Energy Transfer Partners has lost 2.1% since the beginning of May. In comparison, Energy Transfer Partners’ peers Kinder Morgan (KMI) and Enbridge Energy Partners (EEP) have fallen 5.3% and 11.9%, respectively. At the same time, the Alerian MLP ETF (AMLP), which includes 25 energy MLPs, fell 4.0%. For details on Kinder Morgan’s performance drivers in the past week, read Kinder Morgan Plans Canadian IPO, Stock Continued to Fall.

Series overview

In this series, we’ll try to find out whether Energy Transfer Partners can gain upward momentum. We’ll analyze the company’s recent earnings, cash flow measures, and balance position. Following an analysis of Energy Transfer Partners’ operating results, we’ll look into its valuations, commodity price exposure, and analysts’ projections.






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Philadelphia Refiners Facing Production Cuts Over Pipeline Closure

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Philadelphia area refiners may have to cut production in coming months because Energy Transfer Partner’s (ETP) Sunoco Logistics is temporarily shutting down a key pipeline that carries refined exports into central Pennsylvania, Reuters reports.

Sunoco Logistics told exporters last week that it was closing a 12-inch pipeline that runs from two terminals in the eastern part of the state to the Reading, PA. area.

The line will be shut on June 15 for six to 10 months to deal with integrity issues and increase capacity, Reuters reported.

In its place, Sunoco Logistics will install an alternative route utilizing a smaller pipeline.

The report stated that a Sunoco Logistics spokesman said that they expect to be able to work with “shippers and Philadelphia-area refineries to accommodate their needs.”

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Philadelphia refiners face run cuts due to Sunoco pipeline shutdown – sources

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By Jarrett Renshaw

Reuters) - Philadelphia area refiners may be forced to cut production in coming months because Energy Transfer Partner LP's Sunoco Logistics is temporarily shutting down a key pipeline that carries refined products into central Pennsylvania, two sources told Reuters." data-reactid="12">NEW YORK, May 15 (Reuters) – Philadelphia area refiners may be forced to cut production in coming months because Energy Transfer Partner LP’s Sunoco Logistics is temporarily shutting down a key pipeline that carries refined products into central Pennsylvania, two sources told Reuters.

Sunoco Logistics informed shippers last week that it was shutting down a 12-inch pipeline that runs from two terminals in the eastern part of the state to Reading, Pennsylvania, area, according to a shipping notice seen by Reuters. The line will be shut on June 15 for six to 10 months to deal with integrity issues and increase capacity, the notice said.

Sunoco is putting in place an alternative route using a smaller pipeline, the notice said, without providing any specifics.

Sunoco did not say whether the alternative shipping method allowed for similar volumes and whether the central part of the state should prepare for price spikes. A spokesman said that they expect to be able to work with “shippers and Philadelphia-area refineries to accommodate their needs.”

PES) and Monroe Energy, a subsidiary of Delta Air Lines Inc. Sunoco owns a stake in PES." data-reactid="16">The pipeline, known locally as the APL pipeline, is used primarily by refiners Philadelphia Energy Solutions Inc (PES) and Monroe Energy, a subsidiary of Delta Air Lines Inc. Sunoco owns a stake in PES.

The temporary loss of the pipeline will likely lead to run cuts, particularly in gasoline, since the plants lack spare capacity to park products.

“They need to pump it out and be done with it,” a product trader said.

PES and Monroe Energy declined to comment.

The shutdown comes at the start of the critical summer driving season, when margins are typically the healthiest. The PES and Monroe refineries have been struggling with weak margins ever since the wide discount on railing in domestic crude vanished in late 2015.

It is unclear how much volumes moved on the Sunoco pipeline and the potential size of the production cuts, but one source said gasoline volumes were more than 50,000 barrels per day.

“If there’s product moving on that pipeline now, that’s because it’s the most cost-effective way to move it. If the pipeline is inoperable, and there’s no suitable substitute, then the shipper will have to pay a higher cost to move the barrels,” said Ernie Barsamian, chief executive officer and principal of the Tank Tiger, a terminal storage clearinghouse. (Reporting by Jarrett Renshaw; Editing by Lisa Shumaker)






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Energy Transfer Partners (ETP) Stock Down on Q1 Earnings Miss

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Natural gas pipeline operator Energy Transfer Partners, L.P. ETP reported first-quarter 2017 earnings of 9 cents per limited partner unit. The Zacks Consensus Estimate was of earnings of 32 cents per limited partner unit. However, the bottom line compared favorably with the year-ago quarter profit of 8 cents per limited partner unit.

The weaker-than-expected results were led by a 61% increase in total expenses in the reported quarter from the prior-year quarter. Post the earnings release, the units of the company fell 3%.

Quarterly revenues increased to $6,895 million from $4,481 million a year ago. However, the top line missed the Zacks Consensus Estimate of $6,968 million.

This is Energy Transfer Partner’s first earnings release as a combined entity after its merger with Sunoco Logistics Partners. The combined entity is called Energy Transfer Partners and all the financial results are based on the post merger effect.

Sunoco Logistics Partners LP Price, Consensus and EPS Surprise

 

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Sunoco Logistics Partners LP Price, Consensus and EPS Surprise | Sunoco Logistics Partners LP Quote

Quarterly Cash Distribution

Last month, Energy Transfer Partners announced first-quarter distribution of about 53.5 cents per unit ($2.14 per unit annualized). This cash distribution is equivalent to 80.25 cents per unit on a pre-merger basis. The partnership expects to use the cash flow savings to deliver its balance sheet and fund growth projects.

EBITDA, Operating Income and Net Income

EBITDA) for the quarter were $1,414 million compared with $1,412 million a year ago. This 0.14% improvement was mainly driven by strong performance from its Midstream and Liquids Transportation and Services segments. This rise was offset by a decline in Sunoco Logistics’ crude oil acquisition and marketing business." data-reactid="28">Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $1,414 million compared with $1,412 million a year ago. This 0.14% improvement was mainly driven by strong performance from its Midstream and Liquids Transportation and Services segments. This rise was offset by a decline in Sunoco Logistics’ crude oil acquisition and marketing business.

The company’s Midstream segment benefited from higher Permian volumes, higher non-fee-based processing margins due to a slight recovery in crude oil and natural gas liquid prices, and the PennTex Midstream Partners, LP PTXP acquisition. Higher NGL and crude oil transportation volumes drove the results of Liquids Transportation and Servicessegment. 

The partnership reported operating income of $654 million compared to $614 million in first-quarter 2016.

The partnership reported a net income of $364 million in the reported quarter, compared with a net profit of $376 million in the year-ago quarter. The decline in the partnership’s net income is due to an income-tax benefit in first-quarter 2016.

Total Expense

Energy Transfer Partners reported total expense of $6,241 million in first-quarter 2017. It had recorded total expense of $3,867 million in the year-ago period.  

Distributable Cash Flow

Distributable cash flow of $907 million was lower than the prior-year quarter level of $950 million. The 4.5% decrease in the distributable cash flow drove the partnership’s distribution coverage lower to $1.13x compared with 1.27x in the year ago quarter.  

Capital Expenditure

Total capital expenditure for the quarter totaled to $1,256 million with growth capex of $1,196 million accounting for 95% of the total capex. The remaining capex balance was attributed toward maintenance activities totaling $60 million.

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Balance Sheet

As of Mar 31, 2017, Energy Transfer Partners had long-term debt (less current maturities) of $31,648 million. Debt-to-capitalization ratio was about 51.5%.

Zacks Rank & Key Picks

Hold)." data-reactid="45">Energy Transfer Partners, under the Zacks categorized Oil and Gas – Production Pipeline – MLP industry, currently carries a Zacks Rank #3 (Hold).

Better-ranked players in the broader energy space include Bellatrix Exploration Ltd BXE and McDermott International, Inc. MDR. All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Bellatrix reported positive earnings surprise of 58.54% in the trailing four quarters.

McDermott posted positive average earnings surprise of 387.5% in the preceding four quarters.

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Protesters could be arrested for trespassing on own land

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AP) -- Pennsylvania landowners could face arrest for trespassing on their own property if they violate a court order obtained by a pipeline company." data-reactid="11">HUNTINGDON, Pa. (AP) — Pennsylvania landowners could face arrest for trespassing on their own property if they violate a court order obtained by a pipeline company.

The Gerhart family of Huntingdon County has been battling Sunoco Logistics’ Mariner East 2 pipeline. They’re challenging Sunoco’s use of eminent domain to lay the $2.5 billion pipeline across a portion of their 27-acre property.

An order from a county judge gives Sunoco the ability to have the Gerharts or any other protester trespassing on the company’s right of way arrested by law enforcement. Sunoco called it an “emergency measure” in response to an ongoing protest that has included sitting in trees on the property.

The 350-mile-long pipeline across southern Pennsylvania that state environmental regulators approved in February will carry propane, butane and ethane from the Marcellus Shale natural gas formation to an export terminal near Philadelphia.

The Gerharts are among a handful of landowners challenging eminent domain. Their case is before a state appeals court.

The family’s attorney, Rich Raiders, said Friday that Sunoco has not yet started construction on the Gerharts’ land. No arrests have been made.

Ellen Gerhart and her daughter, Elise Gerhart, have been spearheading the protest. Ellen Gerhart was arrested last year after getting in the way of tree-cutting crews on the site, but charges were later dropped.

Sunoco) show their true face."" data-reactid="18">“We’re seriously looking at going to jail,” Elise Gerhart told StateImpact Pennsylvania. “I’m not the type of person who lets injustice go unchallenged, and neither is my mother. What we’re doing makes (Sunoco) show their true face.”

The company said Friday that it had “no other options” but to go to court to enforce its right of way.

“We hope it will not be necessary for law enforcement to take any action once construction begins,” said Jeff Shields, spokesman for Energy Transfer Partners, which merged with Sunoco Logistics last week. “We will continue to conduct ourselves according to the law at all times and we fully expect those who oppose the project to do so peacefully and in compliance with the law.”






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Part-2-9af28003080bf8fa7fffa133168fc2e2ccc82e5a

Why ETP’s Midstream Segment Was Its Top Performer in 1Q17

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Part 2

Key Takeaways from Energy Transfer’s 1Q17 Earnings Results PART 2 OF 5

ETP’s segments

Energy Transfer Partners (ETP) did not integrate its segments in its 1Q17 earnings results. ETP reported separate segment performance for Energy Transfer Partners legacy assets and Sunoco Logistics Partners legacy assets.

Why ETP’s Midstream Segment Was Its Top Performer in 1Q17

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ETP’s Midstream segment

ETP’s Midstream segment mainly provides natural gas gathering and processing services. The segment was ETP’s top performing segment in 1Q17. It posted YoY (year-over-year) EBITDA (earnings before interest, tax, depreciation, and amortization) growth of 21.7% in 1Q17. The segment benefited from higher Permian volumes, higher non-fee-based processing margins due to a slight recovery in crude oil and NGL (natural gas liquid) prices, and the PennTex Midstream Partners (PTXP) acquisition. These benefits were partially offset by lower Eagle Ford and Barnett shale volumes and expenses related to the PennTex Midstream acquisition.

ETP’s Liquids Transportation and Services segment

Energy Transfer Partners’ Liquids Transportation and Services segment provides NGL transportation and fractionation services. The segment’s 1Q17 performance was driven by higher NGL and crude oil transportation volumes. Crude oil volumes were higher due to the startup of Phase 1 of the Bayou Bridge crude oil pipeline. Moreover, the segment continues to experience higher fractionation volumes, driven by the ramp-up of ETP’s third fractionator at Mont Belvieu.

ETP’s Interstate Transportation and Storage segment

ETP’s Interstate Transportation and Storage segment, which is involved in natural gas transportation, storage, and sales between US states, saw a 9.2% YoY decline in its adjusted EBITDA in 1Q17. This fall was due to lower natural gas throughput volumes along the Trunkline and Transwestern pipelines and contract restructuring on the Tiger pipeline.

ETP’s Intrastate Transportation and Storage segment

ETP’s Intrastate Transportation and Storage segment, which is involved in natural gas transportation, storage, and sales within US states, saw a 20.3% YoY decline in its adjusted EBITDA in 1Q17. The segment’s performance was impacted by lower volumes from the Barnett Shale region and contract renegotiations. This impact was partially offset by higher natural gas sale volumes and a slight recovery in natural gas prices.

ETP’s Investment in Sunoco Logistics segment

ETP’s Investment in Sunoco Logistics segment represents Sunoco Logistics Partners’ legacy crude oil, refined product, and NGL transportation, storage, and marketing businesses. The segment saw a YoY decline of 20.3%, or $71 million, in its 1Q17 EBITDA. This fall was mainly due to LIFO (last in, first out) inventory accounting in its crude oil acquisition and marketing business. The partnership expects this to reverse in the next quarter.






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Energy Transfer Partners (ETP) and Sunoco Complete Merger

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Energy Transfer Partners ETP recently announced that the majority of its unitholders have voted in favor of its proposed merger with Sunoco Logistics Partners. The merged entity retained the name “Energy Transfer Partners” and started trading on the New York Stock Exchange under the ticker symbol “ETP”. The deal was okayed by 88% of the Energy Transfer’s unitholders.

Under the terms of the merger, unit holders of each ETP common unit got the right to receive 1.5 Sunoco Logistics common units. Based on the ETP units outstanding, approximately 845 million common units have been issued by Sunoco Logistics to Energy Transfer Partners unitholders. For the merger, the outstanding ETP Class E, G, I and K units were converted into an equal number of newly created classes of Sunoco Logistics units identical to the ETP units,. The outstanding common units of Sunoco Logistics and its Class B units owned by ETP at the time of the merger were canceled.

Before the merger, Energy Transfer owned and operated on more than 62,500 miles of natural gas and natural gas liquids pipelines. The merger will create a distinct network of pipelines and terminals for crude oil, natural gas liquids, and refined products.

About the Company

Energy Transfer is a publicly traded partnership that owns and operates a diversified portfolio of energy assets. The partnership’s natural gas operations include miles of natural gas gathering and transportation pipelines, natural gas treating and processing assets in Texas and Louisiana, and three natural gas storage facilities in Texas. The partnership is headquartered in Dallas, TX.

Price Performance

In the last one month, Energy Transfers Partners units underperformed the Zacks categorized Oil and Gas – Production Pipeline – MLP industry. During this period, the units of the partnership lost 2.02%, while the industry witnessed a decrease of 0.97%.

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Zacks Rank and Stocks to Consider

Hold). Some better-ranked stocks in oil and energy sector include Global Partners LP GLP, PBF Logistics LP PBFX and Antero Resources Corporation AR. All these stocks flaunt the Zacks Rank #1 (Strong Buy). You can see<strong> the complete list</strong><strong>of today’s Zacks #1 (Strong Buy) Rank stocks here</strong><strong>.</strong>" data-reactid="26">Energy Transfer Partners presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector include Global Partners LP GLP, PBF Logistics LP PBFX and Antero Resources Corporation AR. All these stocks flaunt the Zacks Rank #1 (Strong Buy). You can see the complete listof today’s Zacks #1 (Strong Buy) Rank stocks here.

Global Partners is expected to witness sales growth of 7.98% year over year in 2017. The partnership had an average positive earnings surprise of 96.55% in the last four quarters.

PBF Logistics is expected to record 41.69% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 17.80% in the last four quarters.

Antero Resources is expected to record 7.82% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 239.10% in the last four quarters.

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Should You Sell Sunoco Logistics (SXL) Before Earnings?

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Investors are always looking for stocks that are poised to beat at earnings season and Sunoco Logistics Partners L.P. SXL may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because Sunoco Logistics is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings—with the most up-to-date information possible—is a pretty good indicator of some favorable trends underneath the surface for SXL in this report.

In fact, the Most Accurate Estimate for the current quarter is currently at 15 cents per share for SXL, compared to a broader Zacks Consensus Estimate of 12 cents per share. This suggests that analysts have very recently bumped up their estimates for SXl, giving the stock a Zacks Earnings ESP of 25.00% heading into earnings season.

Sunoco Logistics Partners LP Price and EPS Surprise

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Sunoco Logistics Partners LP Price and EPS Surprise | Sunoco Logistics Partners LP Quote

Why is this Important?

Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here)." data-reactid="24">A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10 year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).

Given that SXL has a Zacks Rank #3 and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Clearly, recent earnings estimate revisions suggest that good things are ahead for Spirit Sunoco Logistics, and that a beat might be in the cards for the upcoming report.

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Energy Transfer Equity Announces Quarterly Cash Distribution

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DALLAS–(BUSINESS WIRE)–

Energy Transfer Equity, L.P. (ETE) today announced its quarterly cash distribution for the first quarter ended March 31, 2017 of $0.285 per ETE common unit. This cash distribution is the same as the distribution for the fourth quarter of 2016 and will be paid on May 19, 2017 to unitholders of record as of the close of business on May 10, 2017.

ETE plans to release earnings for the first quarter of 2017 on Wednesday, May 3, 2017, after the market closes. ETE and its subsidiary, Energy Transfer Partners, L.P. (ETP), will conduct a joint conference call on Thursday, May 4, 2017 at 8:00 a.m. Central Time to discuss quarterly results. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at www.energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.

The following information applies to ETE’s quarterly distribution announcement:

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Record Date:

May 10, 2017

Ex-Date:

May 8, 2017

Payment Date:

May 19, 2017

Amount Paid:

$0.285 per common unit
 

Energy Transfer Equity, L.P. (ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (ETP) and Sunoco LP (SUN). ETE also owns Lake Charles LNG Company. On a consolidated basis, ETE’s family of companies owns and operates a diverse portfolio of natural gas, natural gas liquids, crude oil and refined products assets, as well as retail and wholesale motor fuel operations and LNG terminalling. For more information, visit the Energy Transfer Equity, L.P. website at www.energytransfer.com.

Energy Transfer Partners, L.P. (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. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ETP’s general partner is owned by Energy Transfer Equity, L.P. (ETE). For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.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 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.

b)(4) and (d). Please note that 100 percent of Energy Transfer Equity, L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Equity, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors." data-reactid="21">This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer Equity, L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Equity, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The information contained in this press release is available on our website at www.energytransfer.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005984/en/






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Energy Transfer Partners Announces Quarterly Cash Distribution

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DALLAS–(BUSINESS WIRE)–

Energy Transfer Partners, L.P. (ETP) today announced a quarterly cash distribution for the first quarter ended March 31, 2017 of $0.535 per common unit ($2.14 on an annualized basis). This cash distribution will be paid on May 15, 2017 to unitholders of record as of the close of business on May 10, 2017.

Earlier today, ETP completed its merger with a subsidiary of Sunoco Logistics Partners L.P. (“SXL”), with ETP continuing as the surviving entity and becoming a wholly owned subsidiary of SXL. At the same time, SXL changed its name to Energy Transfer Partners, L.P. Upon closing of the merger, all ETP unitholders received, for each ETP common unit held, 1.50 common units of SXL. On May 1, 2017, SXL common units will begin trading on the New York Stock Exchange under the ticker symbol “ETP.” Today’s distribution announcement is the first for the combined partnerships following the merger.

ETP expects to release earnings for the first quarter of 2017 on Wednesday, May 3, 2017, after the market closes. ETP and Energy Transfer Equity, L.P. (ETE), which owns the general partner of ETP, will conduct a joint conference call on Thursday, May 4, 2017 at 8:00 a.m. Central Time to discuss their quarterly results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.

The following information applies to ETP’s quarterly distribution announcement:

Record Date: May 10, 2017
Ex-Date: May 8, 2017
Payment Date: May 15, 2017
Amount Paid: $0.535 per common unit

Energy Transfer Partners, L.P. (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. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ETP’s general partner is owned by Energy Transfer Equity, L.P. (ETE). For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.

Energy Transfer Equity, L.P. (ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (ETP) and Sunoco LP (SUN). ETE also owns Lake Charles LNG Company. On a consolidated basis, ETE’s family of companies owns and operates a diverse portfolio of natural gas, natural gas liquids, crude oil and refined products assets, as well as retail and wholesale motor fuel operations and LNG terminalling. For more information, visit the Energy Transfer Equity, L.P. website at www.energytransfer.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 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.

b)(4) and (d). Please note that 100 percent of Energy Transfer Partners, L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Partners, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors." data-reactid="21">This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer Partners, L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Partners, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The information contained in this press release is available on our website at www.energytransfer.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005987/en/






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