ETP Energy Transfer Partners, L.P. Common Units Representing Limited Partner Interests (delisted)

Energy Transfer Equity LP said its third-quarter earnings rose 56% on lower costs and expenses that offset slumping revenue.

Pipeline affiliate Energy Transfer Partners LP reported that its profit skidded 60%, reflecting weaker revenue along with an increase in general partner interests and other items.

ETE in late September reached a $32.6 billion deal for Williams Co., an acquisition that will create a massive U.S. network of natural-gas pipelines. The firms will have a combined network of more than 100,000 miles of oil and gas pipelines crisscrossing the continent. Williams offers Energy Transfer more access to the northeastern U.S., where connections are needed to bring surging output from the Marcellus Shale in Pennsylvania to New York and New England.

Overall, ETE a profit of $293 million, or 28 cents a unit, up from $188 million, or 17 cents a unit, a year earlier. Revenue slumped 29% to $10.62 billion.

Analysts polled by Thomson Reuters expected per-share unit of 26 cents and revenue of $12.45 billion.

ETE's costs and expenses dropped 30%.

Pipeline operator ETP reported a profit of $59 million, or 10 cents a unit, down from $148 million, or 44 cents a unit, a year earlier. Stripping out general partner interests and other unit holders' interests, earnings rose to $417 million from $342 million. Revenue plunged 56% to $6.6 billion.

Analysts polled by Thomson Reuters expected per-unit profit of 19 cents and revenue of $10.74 billion.

ETP's costs and expenses declined 57%

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

November 04, 2015 18:15 ET (23:15 GMT)

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