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Energy Transfer Equity, L.P. (ETE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Energy Transfer Equity, L.P.

CIK: 1276187 Ticker: ETE


ENERGY TRANSFER EQUITY
REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Dallas - February 18, 2015 - Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the “Partnership”) today reported financial results for the fourth quarter ended December 31, 2014.
Distributable Cash Flow, as adjusted, was $243 million for the three months ended December 31, 2014 as compared to $185 million for the same period last year, an increase of $58 million. ETE’s net income attributable to partners was $113 million for the three months ended December 31, 2014, as compared to a net loss of $172 million for the same period last year, an increase of $285 million, including the impacts of non-cash goodwill impairments in 2013 and 2014.
Distributable Cash Flow, as adjusted, for the year ended December 31, 2014 was $895 million as compared to $719 million for last year, an increase of $176 million. Distributable Cash Flow per unit was $1.63 for 2014, an overall increase of 27% from 2013. ETE’s net income attributable to partners was $633 million for the year ended December 31, 2014, as compared to $196 million for last year, an increase of $437 million or over 220%.
In January 2015, ETE’s Board of Directors approved its ninth consecutive increase in its quarterly distribution to $0.45 per unit on ETE Common Units for the quarter ended December 31, 2014, an increase of 30% on an annualized basis compared to the fourth quarter of 2013. For the quarter ended December 31, 2014, ETE’s distribution coverage ratio was 1.00x. For the full year ended December 31, 2014, ETE’s distribution coverage ratio was 1.03x.
The Partnership’s recent key accomplishments and other developments include the following:
In December 2014, ETE and Energy Transfer Partners, L.P. (“ETP”) announced the final terms of a transaction whereby ETE will transfer 30.8 million ETP Common Units, ETE’s 45% interest in the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline (collectively, the “Bakken pipeline project”), and $879 million in cash (less amounts funded prior to closing by ETE for capital expenditures for the Bakken pipeline project) in exchange for 30.8 million newly issued Class H Units of ETP that, when combined with the 50.2 million previously issued Class H Units, generally entitle ETE to receive 90.05% of the cash distributions and other economic attributes of the general partner interest and IDRs of Sunoco Logistics. In addition, ETE and ETP agreed to reduce the IDR subsidies that ETE previously agreed to provide to ETP, with such reductions occurring in 2015 and 2016. The transaction is expected to close in March 2015.
As of December 31, 2014, ETE’s $1.2 billion revolving credit facility had $940 million of outstanding borrowings and its leverage ratio, as defined by the credit agreement, was 3.31x. In February 2015, ETE amended its revolving credit facility to increase the capacity to $1.5 billion.
In January 2015, ETP and Regency Energy Partners LP (“Regency”) announced their entry into a definitive merger agreement pursuant to which ETP will acquire Regency. Under the terms of the definitive merger agreement, holders of Regency common units will receive 0.4066 ETP common units for each Regency common unit. Regency unitholders will also receive at closing an additional $0.32 per common unit in the form of ETP common units (based on the price for ETP common units prior to the merger closing). The transaction is expected to close in the second quarter of 2015.
Regarding our Lake Charles LNG project, the Federal Energy Regulatory Commission (“FERC”) has issued the Notice of Schedule for the Lake Charles LNG project. The Notice of Schedule from FERC that was issued on January 26, 2015 has reset the timeframe under which we are working in terms of the Final Investment Decision (“FID”) on the project. FERC has set August 14, 2015 for the release of the Environmental Impact Statement (“EIS”) on the project and November 12, 2015 as the Federal Authorization Decision deadline (90 days from the date of the EIS).
Based on the FERC schedule, the FID for the project has been pushed to 2016. We continue to meet our development milestones and both BG and ETE/ETP remain fully committed to the project and the timetable as Lake Charles remains one of the lowest cost and most flexible LNG supply options in BG’s global portfolio.

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The following information was filed by Energy Transfer Equity, L.P. (ETE) on Thursday, February 19, 2015 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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Inside this 10-K Annual Report

Document And Entity Information Document
Income Taxes
Income Taxes Changes In Unrecognized Tax Benefits (details)
Income Taxes Components Of Income Tax (details)
Income Taxes Components Of Net Deferred Tax Liability (details)
Income Taxes Effects Of Temporary Differences That Comprise Net Deffered Income Tax Liability (details)
Income Taxes Income Taxes (tables)
Income Taxes Narrative (details)
Income Taxes Reconciliation Of Income Tax Satutory Rate (details)
Consolidated Balance Sheets
Consolidated Balance Sheets Balance Sheet (paranthetical)
Consolidated Statement Of Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisitions (pro Forma Results Of Operations Table) (details)
Acquisitions (schedule Of Assets Acquired And Liabilities Assumed In Acquisition Table) (details)
Acquisitions And Related Transactions
Acquisitions And Related Transactions (tables)
Acquisitions And Related Transactions Acquisitions (2012 Narrative) (details)
Acquisitions And Related Transactions Acquisitions (2013 Narrative) (details)
Acquisitions And Related Transactions Acquisitions (2014 Narrative) (details)
Acquisitions And Related Transactions Acquisitions (discontinued Operations Table) (details)
Advances To And Investments In Unconsolidated Affiliates
Advances To And Investments In Unconsolidated Affiliates (details)
Advances To And Investments In Unconsolidated Affiliates (tables)
Debt Obligations
Debt Obligations (credit Facilities Narrative) (details)
Debt Obligations (senior Notes And Term Loans Narrative) (details)
Debt Obligations Debt Obligations (covenants Related To Credit Agrrements) (narrative) (details)
Debt Obligations Debt Obligations (future Maturities Of Long-term Debt) (details)
Debt Obligations Debt Obligations (parenthetical) (details)
Debt Obligations Debt Obligations (schedule Of Debt Obligations) (details)
Debt Obligations Debt Obligations (tables)
Equity
Equity (accumulated Other Comprehensive Income) (details)
Equity (change In Ete Common Units) (details)
Equity (narrative) (details)
Equity (quarterly Distributions Of Available Cash) (details)
Equity (tables)
Equity Equity (schedule Of Class I Distributions) (details)
Equity Equity (schedule Of Common Units Sold In Public Offering) (details)
Equity Tax Amounts In Components Of Other Comprehensive Income (loss) (details)
Estimates (accrued And Other Current Liabilities) (details)
Estimates (aggregate Amortization Expense Of Intangibles And Other Assets) (details)
Estimates (components And Useful Lives Of Intangibles And Other Assets) (details)
Estimates (estimated Aggregate Amortization Expense) (details)
Estimates (fair Value Of Financial Assets And Liabilities Measured On Recurring Basis) (details)
Estimates (other Current Assets) (details)
Estimates (property, Plant And Equipment) (details)
Estimates (reconciliation For Liabilities Measured At Fair Value On A Recurring Basis) (details)
Estimates (schedule Of Goodwill) (details)
Estimates (schedule Of Inventory) (details)
Estimates (schedule Of Net Changes In Operating Assets And Liabilities Included Cash Flows From Operating Activities) (details)
Estimates (schedule Of Non-cash Investing And Financing Activities) (details)
Estimates (schedule Of Other Non-current Assets, Net) (details)
Estimates (schedule Of Property, Plant And Equipment Depreciation And Capitalized Interest Expense) (details)
Estimates, Significant Accounting Policies And Balance Sheet Detail
Estimates, Significant Accounting Policies And Balance Sheet Detail (narrative) (details)
Estimates, Significant Accounting Policies And Balance Sheet Detail (policy)
Estimates, Significant Accounting Policies And Balance Sheet Detail (tables)
Estimates, Significant Accounting Policies And Balance Sheet Detail Estimates (asset Retirement Obligations) (details)
Estimates, Significant Accounting Policies And Balance Sheet Detail Estimates (fair Value Schedule Of Unobservable Inputs) (details)
Estimates, Significant Accounting Policies And Balance Sheet Detail Estimates (schedule Of Useful Lives) (details) (details)
Investments In Affiliates (summarized Balance Sheet Information) (details)
Investments In Affiliates (summarized Income Statement Information) (details)
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit (details)
Net Income Per Limited Partner Unit (tables)
Operations And Organization
Operations And Organization (narrative) (details)
Operations And Organization (schedule Of Equity Interests (details)
Operations And Organization (tables)
Price Risk Management Assets And Liabilities
Price Risk Management Assets And Liabilities (fair Value Of Derivative Instruments) (details)
Price Risk Management Assets And Liabilities (interest Rate Swaps Outstanding) (details)
Price Risk Management Assets And Liabilities (narrative) (details)
Price Risk Management Assets And Liabilities (offsetting Agreements Netting Table) (details)
Price Risk Management Assets And Liabilities (outstanding Commodity-related Derivatives) (details)
Price Risk Management Assets And Liabilities (partnership's Derivative Assets And Liabilities Amount Of Gain (loss) Recognized) (details)
Price Risk Management Assets And Liabilities (partnership's Derivative Assets And Liabilities Recognized Oci On Derivatives) (details)
Price Risk Management Assets And Liabilities (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (schedule Of Quarterly Financial Information) (details)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) Narrative (details)
Redeemable Noncontrolling Interest (notes)
Redeemable Preferred Units
Redeemable Preferred Units (details)
Redeemable Preferred Units (tables)
Redeemable Preferred Units Schedule Of Redeemable Preferred Units (details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (narrative) (details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Regulatory Matters, Commitments, Contingencies And Environemental Liabilities (environmental Liabilities) (details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (schedule Of Future Minimum Rental Payments For Operating Leases) (details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (tables)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Schedule Of Rental Expense (details)
Related Party Transactions
Related Party Transactions (narrative) (details)
Reportable Segments
Reportable Segments (advances To And Investments In Affiliates) (details)
Reportable Segments (assets Segments)(details)
Reportable Segments (equity In Earnings Of Unconsolidated Affiliates) (details)
Reportable Segments (operating Segments) (details)
Reportable Segments (tables)
Reportable Segments Etp Revenue (details)
Reportable Segments Regency Revenue (details)
Reportable Segments Reportable Segments (segment Adjusted Ebitda) (details)
Reporting Segments (additions To Property Plant And Equipment Including Acquisitions Net Of Contributions In Aid Of Construction Costs Segments) (details)
Retirement Benefits
Retirement Benefits (accumulated Benefit Obligation In Excess Of Plan Assets) (details)
Retirement Benefits (benefit Assumptions) (details)
Retirement Benefits (benefit Payments) (details)
Retirement Benefits (fair Value Of Plan Assets) (details)
Retirement Benefits (narrative) (details)
Retirement Benefits (net Periodic Benefit Costs Schedule) (details)
Retirement Benefits (obligations And Funded Status) (details)
Retirement Benefits Retirement Benefits (tables)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (schedule Of Balance Sheets) (details)
Supplemental Financial Statement Information (schedule Of Statements Of Cash Flows) (details)
Supplemental Financial Statement Information (schedule Of Statements Of Operations) (details)
Supplemental Financial Statement Information (tables)
Unit-based Compensation Plans
Unit-based Compensation Plans (details)
Unit-based Compensation Plans Unit-based Compensation Plans (schedule Of Etp Awards Granted To Employees And Non-employee Directors) (details) (details)
Unit-based Compensation Plans Unit-based Compensation Plans (tables)
Ticker: ETE
CIK: 1276187
Form Type: 10-K Annual Report
Accession Number: 0001276187-15-000014
Submitted to the SEC: Mon Mar 02 2015 11:51:21 AM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: Natural Gas Transmission

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