Energy Transfer Partners L.P. (ETP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Energy Transfer Partners L.p. has a market cap of $9.66 billion; its shares were traded at around $51.05 with a P/E ratio of 26.73 and P/S ratio of 1.78. The dividend yield of Energy Transfer Partners L.p. stocks is 7%.ETP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Equity in Earnings of Affiliates. The equity in earnings of affiliates increased $2.4 million for the three months ended June 30, 2010 and $8.1 million for the six months ended June 30, 2010 compared to the same periods in the previous year primarily attributable to increased earnings of MEP as a result of placing the Midcontinent Express Pipeline into service in 2009 (the first Zone in April 2009 and the second Zone in August 2009). On May 26, 2010, we transferred substantially all of our interest in MEP to ETE. We recorded equity in earnings related to MEP of $3.4 million and $8.9 million for the three and six months ended June 30, 2010, respectively, compared to equity in earnings related to MEP of $0.7 million for the three and six months ended June 30, 2009.
Gains on Non-Hedged Interest Rate Derivatives. The gains on non-hedged interest rate derivatives decreased $36.8 million for the three months ended June 30, 2010 and $50.6 million for the six months ended June 30, 2010 compared to the same periods in the previous year. During 2009, we settled all of our non-hedged interest rate swaps. As of June 30, 2010, we had no outstanding non-hedged interest rate swaps.
Allowance for Equity Funds Used During Construction. Allowance for equity funds used during construction (AFUDC) increased $6.1 million for the three months ended June 30, 2010, primarily due to construction on the Tiger pipeline and decreased $13.0 million for the six months ended June 30, 2010 compared to the same periods in the previous year, primarily due to Transwesterns completion of the Phoenix lateral pipeline in February 2009. AFUDC on equity amounts recorded in property, plant and equipment (excluding AFUDC gross-up) were $4.2 million and ($1.1) million for the three months ended June 30, 2010 and 2009, respectively and $5.5 million and $11.4 million for the six months ended June 30, 2010 and 2009.
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Energy Transfer Partners L.p. has a market cap of $9.66 billion; its shares were traded at around $51.05 with a P/E ratio of 26.73 and P/S ratio of 1.78. The dividend yield of Energy Transfer Partners L.p. stocks is 7%.ETP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Interest Expense. Interest expense increased $2.3 million for the three months ended June 30, 2010 and $25.3 million for the six months ended June 30, 2010 compared to the same periods in the previous year principally due to our issuances of $1.0 billion in senior notes in April 2009 and Transwesterns issuance of $350.0 million of senior notes in December 2009. Interest expense is presented net of capitalized interest and allowance for debt funds used during construction, which totaled $2.9 million and $3.9 million for the three months ended June 30, 2010 and 2009, respectively, and $3.9 million and $9.8 million for the six months ended June 30, 2010 and 2009, respectively.Equity in Earnings of Affiliates. The equity in earnings of affiliates increased $2.4 million for the three months ended June 30, 2010 and $8.1 million for the six months ended June 30, 2010 compared to the same periods in the previous year primarily attributable to increased earnings of MEP as a result of placing the Midcontinent Express Pipeline into service in 2009 (the first Zone in April 2009 and the second Zone in August 2009). On May 26, 2010, we transferred substantially all of our interest in MEP to ETE. We recorded equity in earnings related to MEP of $3.4 million and $8.9 million for the three and six months ended June 30, 2010, respectively, compared to equity in earnings related to MEP of $0.7 million for the three and six months ended June 30, 2009.
Gains on Non-Hedged Interest Rate Derivatives. The gains on non-hedged interest rate derivatives decreased $36.8 million for the three months ended June 30, 2010 and $50.6 million for the six months ended June 30, 2010 compared to the same periods in the previous year. During 2009, we settled all of our non-hedged interest rate swaps. As of June 30, 2010, we had no outstanding non-hedged interest rate swaps.
Allowance for Equity Funds Used During Construction. Allowance for equity funds used during construction (AFUDC) increased $6.1 million for the three months ended June 30, 2010, primarily due to construction on the Tiger pipeline and decreased $13.0 million for the six months ended June 30, 2010 compared to the same periods in the previous year, primarily due to Transwesterns completion of the Phoenix lateral pipeline in February 2009. AFUDC on equity amounts recorded in property, plant and equipment (excluding AFUDC gross-up) were $4.2 million and ($1.1) million for the three months ended June 30, 2010 and 2009, respectively and $5.5 million and $11.4 million for the six months ended June 30, 2010 and 2009.
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