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ENERGY TRANSFER REPORTS SOLID THIRD QUARTER 2019 RESULTS
Net income attributable to partners of $832 million, reflecting an increase over previous period primarily due to higher operating income and the impact of the simplification transaction.
Adjusted EBITDA of $2.79 billion, up 8 percent from the third quarter of 2018.
Distributable Cash Flow attributable to partners of $1.52 billion, up 10 percent from the third quarter of 2018.
Distribution coverage ratio of 1.88x, yielding excess coverage of $712 million of Distributable Cash Flow attributable to partners in excess of distributions.
Dallas - November 6, 2019 - Energy Transfer LP (NYSE:ET) (“ET” or the “Partnership”) today reported financial results for the quarter ended September 30, 2019.
ET reported net income attributable to partners for the three months ended September 30, 2019 of $832 million, an increase of $461 million compared to the three months ended September 30, 2018. For the prior period, net income attributable to partners continues to reflect only the amount of net income attributable to the legacy Energy Transfer LP partners prior to the simplification merger transaction of ET and Energy Transfer Operating, L.P. (“ETO”) on October 19, 2018 (the “ETO Merger”).
Adjusted EBITDA for the three months ended September 30, 2019 was $2.79 billion, an increase of $209 million compared to the three months ended September 30, 2018. Results were supported by continued strong performance among several of the Partnership’s core segments, with another record operating performance in the Partnership’s NGL and refined products segment.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2019 was $1.52 billion, an increase of $137 million compared to the three months ended September 30, 2018. The increase was primarily due to the increase in Adjusted EBITDA.
Key accomplishments and current developments:
Operational
The JC Nolan Pipeline joint venture successfully commissioned its diesel fuel pipeline in West Texas during the third quarter of 2019.
The Arrowhead III processing plant went into service in early July 2019 and is projected to be full by year-end.
Phase II of the Red Bluff Express pipeline was completed ahead of schedule in August 2019.
The Permian Express 4 expansion went into full service on October 1, 2019.
Strategic
On September 16, 2019, the Partnership entered into a definitive merger agreement to acquire SemGroup Corporation (“SemGroup”) in a unit and cash transaction (the “SemGroup Merger”). Total consideration, including the assumption of debt is approximately $5 billion, based on the closing price of the Partnership’s common units on September 13, 2019. The transaction is subject to the approval of SemGroup’s stockholders, and the SemGroup stockholders’ meeting is scheduled for December 4, 2019. We expect to close the transaction shortly after receipt of the vote, and the Partnership expects to contribute the SemGroup assets to ETO subsequent to closing the acquisition.
Financial
In October 2019, ET announced a quarterly distribution of $0.305 per unit ($1.220 annualized) on ET common units for the quarter ended September 30, 2019. The distribution coverage ratio for the third quarter of 2019 is 1.88x.
In October 2019, ETO entered into a term loan credit agreement providing for a $2 billion three-year term loan credit facility. Borrowings under the term loan agreement mature on October 17, 2022.
As of September 30, 2019, ETO’s $6.00 billion revolving credit facilities had an aggregate $3.32 billion of available capacity, and ETO’s leverage ratio, as defined by its credit agreement, was 3.63x.

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The following information was filed by Energy Transfer Lp (ET) on Wednesday, November 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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