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Energy Transfer Equity, L.P. (ETE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Energy Transfer Equity, L.P.

CIK: 1276187 Ticker: ETE
Exhibit 99.1
(ENERGY TRANSFER LOGO)

ENERGY TRANSFER EQUITY REPORTS
QUARTERLY AND ANNUAL RESULTS
Dallas — February 16, 2009
Energy Transfer Equity, L.P. (NYSE:ETE) today reported Distributable Cash of $114.9 million for the quarter ended December 31, 2008. Distributable Cash is a “non-GAAP measure,” as explained below.
ETE’s net income for the year ended December 31, 2008 increased by $35.2 million to $375.0 million as compared to $339.8 million for the twelve months ended November 30, 2007. ETE’s net income for the fourth quarter ended December 31, 2008 was $22.6 million compared to $51.5 million for the quarter ended November 30, 2007. The fourth quarter 2008 results reflect unrealized losses on certain interest rate derivatives of $109.7 million, compared to unrealized losses of $30.2 million for the three months ended November 30, 2007. Excluding these unrealized losses, net income increased for both the quarter and the full year due principally to increased earnings of Energy Transfer Partners, L.P. (“ETP”).
ETE changed its fiscal year from August 31st to December 31st in November 2007. Quarterly results are compared to the three months ended November 30, 2007, which was included in the transition period. Annual results are compared to the twelve months ended November 30, 2007.
The principal sources of cash flow of ETE are distributions it receives from its investments in the limited and general partner interests in ETP. ETE currently has no other operating activities apart from those conducted by the operating subsidiaries within ETP. ETE’s principal uses of cash are for administrative expenses, debt service and distributions to its general and limited partners.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-generally accepted accounting principle (“non-GAAP”) financial measure of Distributable Cash. The accompanying schedules provide a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with GAAP. The Partnership’s Distributable Cash should not be considered as an alternative to GAAP financial measures such as net income, cash flow from operating activities, or any other GAAP measure of liquidity or financial performance.
Distributable Cash. The Partnership defines Distributable Cash as cash distributions expected to be received from ETP in connection with the Partnership’s investments in limited and general partner interests of ETP, net of the Partnership’s expenditures for general and administrative costs and debt service. Distributable Cash is a significant liquidity measure used by the Partnership’s senior management to compare net cash flows generated by the Partnership’s equity investments in ETP to the distributions the Partnership expects to pay its unitholders. Using this measure, the Partnership’s management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.

 

 


The following information was filed by Energy Transfer Equity, L.P. (ETE) on Tuesday, February 17, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ETE
CIK: 1276187
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-041412
Submitted to the SEC: Fri Feb 27 2009 9:46:30 PM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: Natural Gas Transmission

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