183; Energy Transfer Equity, Energy Transfer Partners Post Weaker Results
November 09 2016 - 6:20PM
Dow Jones News
Energy Transfer Equity LP said its third-quarter earnings fell
29%, mostly as a result of the company's move to support projects
at affiliate Energy Transfer Partners LP by waiving special
payments from the master limited partnership.
The move was part of Energy Transfer's plans to expand its
sprawling pipeline holdings after it ended its merger agreement
with rival pipeline operator Williams Cos.
Energy Transfer Partners also reported lower earnings on a
write-down of its investment in the Midcontinent Express
Pipeline.
Energy Transfer Equity's common units fell 3.4% to $15.80 in
recent after-hours trading.
At the close of trading Wednesday, Energy Transfer's units had
risen 17% to $16.35 and Energy Transfer Partner units had increased
11% to $37.08 amid expectations that President-elect Donald Trump
will give the green light to the embattled Dakota Access pipeline
project. The 1,170-mile pipeline from North Dakota to Texas needs
an easement from the Army Corps of Engineers to finish
construction, but the plan has come under harsh criticism and
federal agencies have said they're reviewing issues raised by the
Standing Rock Sioux tribe.
Overall, Energy Transfer Equity reported a profit of $209
million, or 19 cents a common unit, down from $293 million, or 28
cents a unit, a year earlier. Revenue decreased 8.9% to $9.68
billion.
Analysts polled by Thomson Reuters expected per-unit profit of
25 cents and revenue of $9.51 billion.
Overall, Energy Transfer Partners reported a profit of $74
million, down sharply from $417 million, a year earlier. On a
per-unit basis, which reflects general partner interests, the
company reported a loss of 49 cents, compared with a year-earlier
profit of 10 cents. Revenue declined 16% to $5.53 billion.
Analysts polled by Thomson Reuters expected per-share unit of 29
cents and revenue of $6.45 billion.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
November 09, 2016 18:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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