Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 16, 2004
Date of Earliest Event Reported: November 15, 2004
ENERGY TRANSFER PARTNERS, L.P.
| Delaware (State or other jurisdiction of incorporation) |
1-11727 (Commission File Number) |
73-1493906 (IRS Employer Identification No.) |
2838 Woodside Street
Dallas, Texas 75204
(Address of principal executive offices) (Zip Code)
(918) 492-7272
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Table of Contents
Item 2.02. Results of Operations and Financial Condition.
On November 15, 2004, Energy Transfer Partners, L.P. (the “Partnership”) issued a press release announcing our financial and operating results for the fourth quarter and for the fiscal year ended August 31, 2004. A copy of this press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On November 15, 2004, the Partnership issued a press release announcing that on November 18, 2004, the Partnership will be holding an earnings call to discuss the financial and operating results for the fourth quarter and fiscal year ended August 31, 2004. A copy of this press release is attached to this report as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (c) | Exhibits. The following exhibits are being furnished herewith: | |||
| Exhibit Number 99.1 – Press Release dated November 15, 2004 announcing financial results for the fourth quarter and fiscal year ended August 31, 2004. | ||||
| Exhibit Number 99.2 – Press Release dated November 15, 2004 announcing earnings call. | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Energy Transfer Partners, L.P. | ||||
| By: | U.S. Propane L.P., General Partner | |||
| By: | U.S. Propane L.L.C., General Partner | |||
Date: November 16, 2004
|
By: | /s/ Ray C. Davis | ||
| Ray C. Davis | ||||
| Co-Chief Executive Officer and officer duly authorized to sign on behalf of the registrant | ||||
| By: | /s/ Kelcy L. Warren | |||
| Kelcy L. Warren | ||||
| Co-Chief Executive Officer and officer duly authorized to sign on behalf of the registrant | ||||
Table of Contents
EXHIBIT INDEX
| Exhibit No. |
Description |
|
99.1
|
Press Release dated November 15, 2004 announcing financial results for the fourth quarter and fiscal year ended August 31, 2004 | |
99.2
|
Press Release dated November 15, 2004 announcing earnings call |
Exhibit 99.1
PRESS RELEASE
ENERGY TRANSFER PARTNERS, L.P.
REPORTS RECORD 2004 FISCAL YEAR END RESULTS
Dallas, Texas – November 15, 2004 – Energy Transfer Partners, L.P. (NYSE:ETP) today reported record net income for the fiscal year ended August 31, 2004 of $99.2 million as compared to net income of $46.6 million for the eleven months ended August 31, 2003. EBITDA, as adjusted, for the fiscal year ended August 31, 2004 reached a record $196.9 million versus the $77.5 million reported for the eleven months ended August 31, 2003.
The results for the fiscal year ended August 31, 2004 represent a financial reporting transition period following the January 20, 2004 combination of Energy Transfer’s midstream and transportation operations and Heritage’s propane operations. The business combination of Energy Transfer and Heritage (the Energy Transfer Transaction) resulted in a change of control causing Energy Transfer’s financial statements to become those of the registrant. Reported fiscal 2004 actual results reflect the operations of Energy Transfer’s midstream and transportation businesses for the entire reporting period but only Heritage’s propane business for the period from the date of the business combination on January 20, 2004 through August 31, 2004. Fiscal 2003 historical results only include Energy Transfer’s midstream and transportation operations. The aggregate results disclosed below reflect Heritage’s historical results from September 1, 2003 through January 19, 2004, and of Heritage’s historical results for the fiscal year ended August 31, 2003, together with the historical results for the years ended August 31, 2004 and 2003, for comparability purposes only. This aggregate information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the combined operations.
On an aggregate basis, net income for the fiscal year ended August 31, 2004 increased 57% to $121.8 million from the aggregate historical net income of $77.8 million for the eleven months ended August 31, 2003. Aggregate EBITDA, as adjusted, for the fiscal year ended August 31, 2004 was $249.8 million, a 33% increase from the aggregate historical EBITDA, as adjusted, of $188.4 million for the eleven months ended August 31, 2003. Both fiscal 2004 aggregate net income and aggregate EBITDA, as adjusted, includes non-recurring expense of $4.0 million associated with the Energy Transfer Transaction costs through August 31, 2004.
Since the January 20, 2004 merger, the Partnership has:
| • | Closed the acquisition of the midstream and natural gas assets of TXU Fuel System (“ET Fuel System”) on June 2, 2004. The ET Fuel System includes approximately 2,000 miles of intrastate pipeline and related storage facilities located in Texas with a total system capacity of 1.3 billion cubic feet of natural gas per day. We believe that we will be able to increase throughput on, and therefore revenue from the ET Fuel System in future years through the addition of interconnects with other pipelines and other industrial users. | |||
| • | Completed the Bossier pipeline project, a 78-mile, 36-inch natural gas pipeline which became commercially operational on June 21, 2004. The Bossier pipeline has an initial capacity of 500 MMcf/d, which can be expanded to 1 Bcf/d, and has contracted under long-term agreements over 400 MMcf/d of capacity. | |||
| • | Closed the acquisition of certain East Texas midstream and natural gas assets of Devon Energy Corporation, known as the Texas Chalk and Madison Systems on November 1, 2004. The Devon assets include approximately 1,800 miles of gathering and mainline pipeline systems, four natural gas treating plants, condensate stabilization facilities, fractionation facilities and the 80MMcf/d Madison gas processing plant. |
EBITDA, as adjusted, is a non-GAAP financial measure used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of the Partnership’s fundamental business activities. EBITDA, as adjusted, should not be considered in isolation or as a substitute for net income, income from operations, or other measures of cash flow. A table reconciling EBITDA, as adjusted, and aggregate EBITDA, as adjusted, with appropriate GAAP financial measures is included in the notes to the consolidated financial statements included in this release.
Energy Transfer Partners, L.P. is a publicly traded partnership owning and operating a diversified portfolio of energy assets. The Partnership’s natural gas operations include approximately 7,750 miles of natural gas gathering and transportation pipelines with an aggregate throughput capacity of 5.2 billion cubic feet of natural gas per day, with natural gas treating and processing assets located in Texas, Oklahoma, and Louisiana. The Partnership is the fourth largest retail marketer of propane in the United States, serving more that 650,000 customers from 310 customer service locations in 32 states extending from coast to coast, with concentration in the western, upper midwestern, northeastern, and southeastern regions of the United States.
This press release may include certain statements concerning expectations for the future that are forward-looking statements. 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 the Partnership’s website at www.energytransfer.com. For more information, please contact H. Michael Krimbill, President and Chief Financial Officer, at 918-492-7272.
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit and unit data)
(unaudited)
| For the Year | For the Eleven | For the Year | ||||||||||
| Ended | Months Ended | Ended | ||||||||||
| August 31, | August 31, | August 31, | ||||||||||
| 2004 |
2003 |
2003 |
||||||||||
| (Energy Transfer | ||||||||||||
| Company) | (Heritage) | |||||||||||
REVENUES: |
||||||||||||
Midstream and transportation |
$ | 2,102,101 | $ | 1,023,468 | $ | — | ||||||
Propane |
342,522 | — | 512,091 | |||||||||
Other |
37,631 | — | 59,385 | |||||||||
Total revenues |
2,482,254 | 1,023,468 | 571,476 | |||||||||
COSTS AND EXPENSES: |
||||||||||||
Cost of products sold |
2,126,150 | 901,543 | 297,156 | |||||||||
Operating expenses |
152,100 | 27,960 | 152,131 | |||||||||
Depreciation and amortization |
50,848 | 13,461 | 37,959 | |||||||||
Selling, general and administrative |
33,135 | 15,965 | 14,037 | |||||||||
Realized and unrealized (gains) losses
on derivatives not accounted for as
hedges |
(25,499 | ) | 2,950 | — | ||||||||
Total costs and expenses |
2,336,734 | 961,879 | 501,283 | |||||||||
OPERATING INCOME |
145,520 | 61,589 | 70,193 | |||||||||
OTHER INCOME (EXPENSE): |
||||||||||||
Interest expense |
(41,458 | ) | (12,456 | ) | (35,740 | ) | ||||||
Equity in earnings of affiliates |
363 | 1,423 | 1,371 | |||||||||
Gain (loss) on disposal of assets |
(1,006 | ) | — | 430 | ||||||||
Interest income and other |
509 | 501 | (3,213 | ) | ||||||||
INCOME BEFORE MINORITY INTERESTS AND
INCOME TAXES |
103,928 | 51,057 | 33,041 | |||||||||
Minority interests |
(295 | ) | — | (876 | ) | |||||||
INCOME BEFORE INCOME TAXES |
103,633 | 51,057 | 32,165 | |||||||||
Income tax expense |
4,481 | 4,432 | 1,023 | |||||||||
NET INCOME |
99,152 | 46,625 | 31,142 | |||||||||
GENERAL PARTNER’S INTEREST IN NET INCOME |
8,938 | 932 | 1,319 | |||||||||
LIMITED PARTNERS’ INTEREST IN NET INCOME |
$ | 90,214 | $ | 45,693 | $ | 29,823 | ||||||
BASIC NET INCOME PER LIMITED PARTNER UNIT |
$ | 3.45 | $ | 6.90 | $ | 1.79 | ||||||
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING |
26,114,371 | 6,621,737 | 16,635,966 | |||||||||
DILUTED NET INCOME PER LIMITED PARTNER UNIT |
$ | 3.45 | $ | 6.90 | $ | 1.79 | ||||||
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING |
26,141,605 | 6,621,737 | 16,694,343 | |||||||||
| For the Year | For the Eleven | For the Year | ||||||||||
| Ended | Months Ended | Ended | ||||||||||
| August 31, | August 31, | August 31, | ||||||||||
| 2004 |
2003 |
2003 |
||||||||||
| SUPPLEMENTAL | (Energy | |||||||||||
| INFORMATION: | Transfer | |||||||||||
| Company) | (Heritage) | |||||||||||
Net income reconciliation |
||||||||||||
Net income |
$ | 99,152 | $ | 46,625 | $ | 31,142 | ||||||
Depreciation and amortization |
50,848 | 13,461 | 37,959 | |||||||||
Interest |
41,458 | 12,456 | 35,740 | |||||||||
Income tax expense |
4,481 | 4,432 | 1,023 | |||||||||
Non-cash compensation expense |
42 | — | 1,159 | |||||||||
Interest (income) and other |
(509 | ) | (501 | ) | 3,213 | |||||||
Depreciation, amortization,
interest and taxes of investee |
440 | 1,003 | 901 | |||||||||
Minority interests in Operating
Partnership |
— | — | 256 | |||||||||
(Gain) loss on disposal of assets |
1,006 | — | (430 | ) | ||||||||
EBITDA, as adjusted (a) |
$ | 196,918 | $ | 77,476 | $ | 110,963 | ||||||
VOLUMES
|
||||||||||||
Midstream
|
||||||||||||
Natural gas MMBtu/d |
975,000 | 524,000 | — | |||||||||
NGLs bbls/d |
12,000 | 13,000 | — | |||||||||
Transportation
|
||||||||||||
Natural gas MMBtu/d |
1,091,000 | 921,000 | — | |||||||||
Propane operations (in gallons)
|
||||||||||||
Retail propane |
226,209 | — | 375,939 | |||||||||
Domestic wholesale |
7,071 | — | 15,343 | |||||||||
Foreign wholesale |
28,648 | — | 58,958 | |||||||||
| (a) | EBITDA, as adjusted, is defined as the Partnership’s earnings before interest, taxes, depreciation, amortization and other non-cash items, such as compensation charges for unit issuances to employees, gain or loss on disposal of assets, and other expenses. We present EBITDA, as adjusted, on a Partnership basis, which includes both the general and limited partner interests. Non-cash compensation expense represents charges for the value of the Common Units awarded under the Partnership’s compensation plans that have not yet vested under the terms of those plans and are charges which do not, or will not, require cash settlement. Non-cash income such as the gain arising from our disposal of assets is not included when determining EBITDA, as adjusted. EBITDA, as adjusted, (i) is not a measure of performance calculated in accordance with generally accepted accounting principles and (ii) should not be considered in isolation or as a substitute for net income, income from operations or cash flow as reflected in our consolidated financial statements. | |||
| EBITDA, as adjusted, is presented because such information is relevant and is used by management, industry analysts, investors, lenders and rating agencies to assess the financial performance and operating results of the Partnership’s fundamental business activities. Management believes that the presentation of EBITDA, as adjusted, is useful to lenders and investors because of its use in the natural gas and propane industries and for master limited partnerships as an indicator of the strength and performance of the Partnership’s ongoing business operations, including the ability to fund capital expenditures, service debt and pay distributions. Additionally, management believes that EBITDA, as adjusted, provides additional and useful information to the Partnership’s investors for trending, analyzing and benchmarking the operating results of the Partnership from period to period as compared to other companies that may have different financing and capital structures. The presentation of EBITDA, as adjusted, allows investors to view the Partnership’s performance in a manner similar to the methods used by management and provides additional insight to the Partnership’s operating results. | ||||
| EBITDA, as adjusted, is used by management to determine our operating performance, and along with other data as internal measures for setting annual operating budgets, assessing financial performance of the Partnership’s numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation. The Partnership has a large number of business locations located in different regions of the United States. EBITDA, as adjusted, can be a meaningful measure of financial performance because it excludes factors which are outside the control of the employees responsible for operating and managing the business locations, and provides information management can use to evaluate the performance of the business locations, or the region where they are located, and the employees responsible for operating them. To present EBITDA, as adjusted, on a full Partnership basis, we add back the | ||||
| minority interest of the general partner because net income is reported net of the general partner’s minority interest. Our EBITDA, as adjusted, includes non-cash compensation expense which is a non-cash expense item resulting from our unit based compensation plans that does not require cash settlement and is not considered during management’s assessment of the operating results of the Partnership’s business. By adding these non-cash compensation expenses in EBITDA, as adjusted, allows management to compare the Partnership’s operating results to those of other companies in the same industry who may have compensation plans with levels and values of annual grants that are different than the Partnership’s. Other expenses include other finance charges and other asset non-cash impairment charges that are reflected in the Partnership’s operating results but are not classified in interest, depreciation and amortization. We do not include gain or loss on the sale of assets when determining EBITDA, as adjusted, since including non-cash income or loss resulting from the sale of assets increases or decreases the performance measure in a manner that is not related to the true operating results of the Partnership’s business. In addition, the Partnership’s debt agreements contain financial covenants based on EBITDA, as adjusted. For a description of these covenants, please read “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Description of Indebtedness” included in the Partnership’s Form 10-K/A for the fiscal year ended August 31, 2003, as filed with the Securities and Exchange Commission on November 26, 2003. | ||||
| There are material limitations to using a measure such as EBITDA, as adjusted, including the difficulty associated with using it 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. In addition, our calculation of EBITDA, as adjusted, 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. EBITDA, as adjusted, for the periods described herein is calculated in the same manner as presented by us in the past. Management compensates for these limitations by considering EBITDA, as adjusted, in conjunction with its analysis of other GAAP financial measures, such as gross profit, net income (loss), and cash flow from operating activities. | ||||
| The aggregate unaudited results presented below reflect Heritage’s historical results from September 1, 2003 through January 19, 2004, and of Heritage’s historical results for the fiscal year ended August 31, 2003, and the historical results for the year ended August 31, 2004, for comparability purposes only. This aggregate information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the combined operations. |
| For the Year Ended | For the Eleven Months Ended | |||||||||||||||
| August 31, | August 31, | August 31, | August 31, | |||||||||||||
| 2004 |
2004 |
2003 |
2003 |
|||||||||||||
| Aggregate Results | (historical) | (aggregate) | (historical) | (aggregate) | ||||||||||||
REVENUES: |
||||||||||||||||
Midstream and transportation |
$ | 2,102,101 | $ | 2,102,101 | $ | 1,023,468 | $ | 1,023,468 | ||||||||
Propane Operations |
342,522 | 584,577 | — | 510,758 | ||||||||||||
Other |
37,631 | 65,928 | — | 60,718 | ||||||||||||
Total revenues |
2,482,254 | 2,752,606 | 1,023,468 | 1,594,944 | ||||||||||||
COSTS AND EXPENSES: |
||||||||||||||||
Cost of products sold |
2,126,150 | 2,274,479 | 901,543 | 1,198,699 | ||||||||||||
Operating expenses |
152,100 | 212,835 | 27,960 | 180,091 | ||||||||||||
Depreciation and amortization |
50,848 | 66,237 | 13,461 | 51,420 | ||||||||||||
Selling, general and administrative |
33,135 | 43,234 | 15,965 | 30,002 | ||||||||||||
Realized and unrealized (gains)
losses on derivatives |
(25,499 | ) | (25,499 | ) | 2,950 | 2,950 | ||||||||||
Total costs and expenses |
2,336,734 | 2,571,286 | 961,879 | 1,463,162 | ||||||||||||
OPERATING INCOME |
145,520 | 181,320 | 61,589 | 131,782 | ||||||||||||
OTHER INCOME (EXPENSE) |
||||||||||||||||
Interest, net |
(41,458 | ) | (54,212 | ) | (12,456 | ) | (48,196 | ) | ||||||||
Equity in earnings of affiliates |
363 | 859 | 1,423 | 2,794 | ||||||||||||
Gain loss on disposal of assets |
(1,006 | ) | (1,246 | ) | — | 430 | ||||||||||
Other |
509 | 443 | 501 | (2,712 | ) | |||||||||||
INCOME BEFORE MINORITY INTERESTS AND
INCOME TAXES |
103,928 | 127,164 | 51,057 | 84,098 | ||||||||||||
Minority interests |
(295 | ) | (867 | ) | — | (876 | ) | |||||||||
INCOME BEFORE INCOME TAXES |
103,633 | 126,297 | 51,057 | 83,222 | ||||||||||||
Income Taxes |
4,481 | 4,501 | 4,432 | 5,455 | ||||||||||||
NET INCOME |
99,152 | 121,796 | 46,625 | 77,767 | ||||||||||||
GENERAL PARTNER’S INTEREST IN NET
INCOME |
8,938 | 9,489 | 932 | 2,251 | ||||||||||||
LIMITED PARTNERS’ INTEREST IN NET
INCOME |
$ | 90,214 | $ | 112,306 | $ | 45,693 | $ | 75,516 | ||||||||
BASIC EARNINGS PER LIMITED PARTNER
UNIT |
$ | 3.45 | $ | 3.03 | $ | 6.90 | $ | 2.24 | ||||||||
BASIC AVERAGE NUMBER OF UNITS
OUTSTANDING |
26,114,371 | 37,076,700 | 6,621,737 | 33,736,187 | ||||||||||||
DILUTED EARNINGS PER LIMITED PARTNER
UNIT |
$ | 3.45 | $ | 3.03 | $ | 6.90 | $ | 2.24 | ||||||||
DILUTED AVERAGE NUMBER OF UNITS
OUTSTANDING |
26,141,605 | 37,103,934 | 6,621,737 | 33,756,187 | ||||||||||||
| For the Year Ended | For the Eleven Months Ended | |||||||||||||||
| August 31, | August 31, | August 31, | August 31, | |||||||||||||
| AGGREGATE SUPPLEMENTAL | 2004 |
2004 |
2003 |
2003 |
||||||||||||
| INFORMATION: | (historical) | (aggregate) | (historical) | (aggregate) | ||||||||||||
Net income reconciliation |
||||||||||||||||
Net income |
$ | 99,152 | $ | 121,796 | $ | 46,625 | $ | 77,767 | ||||||||
Depreciation and amortization |
50,848 | 66,237 | 13,461 | 51,420 | ||||||||||||
Interest |
41,458 | 54,212 | 12,456 | 48,196 | ||||||||||||
Taxes |
4,481 | 4,501 | 4,432 | 5,455 | ||||||||||||
Non-cash compensation expense |
42 | 1,274 | — | 1,159 | ||||||||||||
Other expense (income) |
(509 | ) | (443 | ) | (501 | ) | 2,712 | |||||||||
Depreciation, amortization,
interest and taxes of investee |
440 | 762 | 1,003 | 1,904 | ||||||||||||
Minority interest |
— | 178 | — | 256 | ||||||||||||
(Gain) loss on disposal of assets |
1,006 | 1,246 | — | (430 | ) | |||||||||||
EBITDA, as adjusted (a) |
$ | 196,918 | $ | 249,762 | $ | 77,476 | $ | 188,439 | ||||||||
VOLUMES |
||||||||||||||||
Midstream |
||||||||||||||||
Natural gas MMBtu/d |
975,000 | 975,000 | 524,000 | 524,000 | ||||||||||||
NGLs bbls/d |
12,000 | 12,000 | 13,000 | 13,000 | ||||||||||||
Transportation |
||||||||||||||||
Natural gas MMBtu/d |
1,091,000 | 1,091,000 | 921,000 | 921,000 | ||||||||||||
Propane operations (in
gallons) |
||||||||||||||||
Retail propane |
226,209 | 397,862 | — | 375,939 | ||||||||||||
Domestic wholesale |
7,071 | 12,452 | — | 15,343 | ||||||||||||
Foreign wholesale |
28,648 | 51,947 | — | 58,958 | ||||||||||||
| (a) | Please see footnote (a) to the supplemental information of historical results previously presented. |
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(unaudited)
| August 31, | August 31, | August 31, | ||||||||||
| 2004 |
2003 |
2003 |
||||||||||
| (Energy Transfer | ||||||||||||
| Company) | (Heritage) | |||||||||||
ASSETS |
||||||||||||
CURRENT ASSETS: |
||||||||||||
Cash and cash equivalents |
$ | 81,745 | $ | 53,122 | $ | 7,117 | ||||||
Marketable securities |
2,464 | — | 3,044 | |||||||||
Accounts receivable, net of allowance for doubtful accounts |
275,424 | 105,987 | 35,879 | |||||||||
Accounts receivable from related companies |
34 | — | — | |||||||||
Inventories |
54,067 | 3,947 | 45,274 | |||||||||
Deposits paid to vendors |
3,023 | 19,053 | — | |||||||||
Exchanges receivable |
8,852 | 1,373 | — | |||||||||
Price risk management asset |
4,615 | 928 | — | |||||||||
Prepaid expenses and other |
6,658 | 770 | 2,824 | |||||||||
Total current assets |
436,882 | 185,180 | 94,138 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, net |
1,467,649 | 393,025 | 426,588 | |||||||||
INVESTMENT IN AFFILIATES |
8,010 | 6,844 | 8,694 | |||||||||
GOODWILL |
313,720 | 13,409 | 156,595 | |||||||||
INTANGIBLES AND OTHER ASSETS, net |
100,421 | 3,645 | 52,824 | |||||||||
Total assets |
$ | 2,326,682 | $ | 602,103 | $ | 738,839 | ||||||
LIABILITIES AND PARTNERS’ CAPITAL |
||||||||||||
CURRENT LIABILITIES: |
||||||||||||
Working capital facility |
$ | 14,550 | $ | — | $ | 26,700 | ||||||
Accounts payable |
274,122 | 114,198 | 43,690 | |||||||||
Accounts payable to related companies |
4,276 | 820 | 6,255 | |||||||||
Exchanges payable |
2,846 | 1,410 | — | |||||||||
Customer deposits |
11,378 | 11,600 | 2,137 | |||||||||
Accrued and other current liabilities |
55,817 | 8,055 | 33,356 | |||||||||
Price risk management liabilities |
1,262 | 823 | 80 | |||||||||
Income taxes payable |
2,252 | 2,567 | 500 | |||||||||
Current maturities of long-term debt |
30,957 | 30,000 | 38,309 | |||||||||
Total current liabilities |
397,460 | 169,473 | 151,027 | |||||||||
LONG-TERM DEBT, less current maturities |
1,070,871 | 196,000 | 360,762 | |||||||||
DEFERRED TAXES |
109,896 | 55,385 | — | |||||||||
OTHER NONCURRENT LIABILITIES |
— | 157 | — | |||||||||
MINORITY INTERESTS |
1,475 | — | 4,002 | |||||||||
| 1,579,702 | 421,015 | 515,791 | ||||||||||
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(unaudited)
| August 31, | August 31, | August 31, | ||||||||||
| 2004 |
2003 |
2003 |
||||||||||
| (Energy Transfer | ||||||||||||
| Company) | (Heritage) | |||||||||||
COMMITMENTS AND CONTINGENCIES |
||||||||||||
PARTNERS’ CAPITAL: |
||||||||||||
Common Unitholders (44,559,031 and 6,621,737 units authorized,
issued and outstanding at August 31, 2004 and 2003, respectively
and 18,013,229 units authorized, issued and outstanding at August
31, 2003 for Heritage) |
720,187 | 180,896 | 221,207 | |||||||||
Class C Unitholders (1,000,000 and 0 units authorized, issued and
outstanding at August 31, 2004 and 2003, respectively and
1,000,000 units authorized, issued and outstanding at August 31,
2003 for Heritage) |
— | — | — | |||||||||
Class D Unitholders (0 units authorized, issued and outstanding at
August 31, 2004 and 2003 and at August 31, 2004 for Heritage) |
— | — | — | |||||||||
Class E Unitholders (4,426,916 and 0 units authorized, issued and
outstanding at August 31, 2004 and 2003, respectively – held by
subsidiary and reported as treasury units and 0 units authorized,
issued and outstanding at August 31, 2003 for Heritage) |
— | — | — | |||||||||
Special Units (0 units authorized, issued and outstanding
at August 31, 2004 and 2003 and at August 31, 2003 for
Heritage) |
— | — | — | |||||||||
General Partner |
26,761 | 192 | 2,190 | |||||||||
Accumulated other comprehensive income (loss) |
32 | — | (349 | ) | ||||||||
Total partners’ capital |
746,980 | 181,088 | 223,048 | |||||||||
Total liabilities and partners’ capital |
$ | 2,326,682 | $ | 602,103 | $ | 738,839 | ||||||
Exhibit 99.2
PRESS RELEASE
ENERGY TRANSFER PARTNERS, L.P.
ANNOUNCES CONFERENCE CALL TO DISCUSS RECORD
2004 FISCAL YEAR END RESULTS
Dallas, Texas – November 15, 2004 – Energy Transfer Partners, L.P. (NYSE:ETP) announced today that it has scheduled a conference call for 2:00 p.m. Central Time, Thursday, November 18, 2004, to discuss the results of the 2004 Fiscal Year ending August 31, 2004. The dial-in number is 800-230-1092; participant code: Energy Transfer Partners.
Energy Transfer Partners, L.P. is a publicly traded partnership owning and operating a diversified portfolio of energy assets. The Partnership’s natural gas operations include approximately 7,750 miles of natural gas gathering and transportation pipelines with an aggregate throughput capacity of 5.2 billion cubic feet of natural gas per day, with natural gas treating and processing assets located in Texas, Oklahoma, and Louisiana. The Partnership is the fourth largest retail marketer of propane in the United States, serving more that 650,000 customers from 310 customer service locations in 32 states extending from coast to coast, with concentration in the western, upper midwestern, northeastern, and southeastern regions of the United States.
The information contained in this press release is available on the Partnership’s website at www.energytransfer.com. For more information, please contact H. Michael Krimbill, President and Chief Financial Officer, at 918-492-7272.