Energy Transfer Partners, L.P.
 (ETP)

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  • Tue, Feb. 9, 7:39 PM
    • Chesapeake Energy’s (NYSE:CHK) problems illustrate the potential for a domino effect in U.S. pipeline companies, and threatens to shatter the assumption of many investors that the companies are insulated from plunging energy prices.
    • CHK has commitments to pay ~$2B/year for space on pipelines run by MLPs; Williams Cos. (WMB, WPZ) has the most exposure to CHK after buying the company's logistics assets for $6B in 2014
    • CHK's distress threatens the $33B Williams-Energy Transfer (ETE, ETP) tie-up announced last September, and has been a drag on WMB's credit rating, which could cause headaches for ETE if the merger goes through.
    • WMB likely will be forced to accept a 50% price cut in its contract price with CHK, either through the courts or mutual renegotiation - which would equal a drop of $300M in annual cash flow - says InfraCap portfolio manager Jay Hatfield.
    • Williams and Energy Transfer "would be way better off if they did not merge,” Hatfield says. “I can’t believe that both stocks wouldn’t rocket if the deal was called off.”
    • Other companies with CHK contracts include Spectra Energy Partners (NYSE:SEP), Columbia Pipeline Partners (NYSE:CPPL) and Marathon Petroleum's (NYSE:MPC) MPLX unit; a SEP spokesperson tells Reuters that its CHK contract to supply gas out of the Marcellus Shale accounted for less than 3% of its 2015 revenues.
    • Kinder Morgan (NYSE:KMI) has not disclosed its exposure to CHK.
    | Tue, Feb. 9, 7:39 PM | 49 Comments
  • Mon, Feb. 8, 3:22 PM
    | Mon, Feb. 8, 3:22 PM | 46 Comments
  • Mon, Feb. 8, 10:37 AM
    • Energy Transfer Equity (ETE -25.8%) plunges on news that CFO Jamie Welch will be replaced by Thomas Long, CFO of its Energy Transfer Partners (ETP -17.3%) affiliate.
    • ETE says the change was not caused on any disagreement over accounting or financial matters, and it says it is in talks with Welch about taking a consulting role on its liquefied natural gas export project.
    • Williams Cos. (WMB -24.1%), which is being bought by ETE, also is sharply lower following the CFO news; also, WPZ -18.5%.
    • ETE shares also are downgraded to Neutral from Outperform with a $7 price target at Baird.
    | Mon, Feb. 8, 10:37 AM | 119 Comments
  • Fri, Jan. 29, 6:24 PM
    • Phillips 66 (NYSE:PSX) says it may consider increasing its 25% stake in Energy Transfer Partners' (NYSE:ETP) pipeline project to move North Dakota oil to Illinois and Texas, two days after ETP said it had reduced 2016 growth capex by $750M to $4.2B from November's outlook and would evaluate project financing of the Bakken pipeline that would materially reduce the direct spending required for the project.
    • Taylor said during PSX's earnings conference call that their partners on the project have "been exploring various options," and PSX may consider raising its stake but "our commitment is where we would like it to be at this point."
    • The project involves two legs: the new 1,168-mile North Dakota-to-Illinois Dakota Access pipeline, and the 744-mile Illinois-to-Texas Energy Transfer Crude Oil pipeline, mostly a natural gas line converted to move oil.
    • PSX rose 1.8% in today's trade, swept along in the stock market's run-up after spending most of the day in the red, as Q4 earnings of $650M were 59% lower than Q3's $1.58B, due in large part to lower realized refining margins.
    • Q4 refining adjusted earnings totaled $376M, down 64% from $1.05B in Q3, which the company mostly attributed to a 35% Q/Q decline in global market cracks.
    | Fri, Jan. 29, 6:24 PM | 14 Comments
  • Thu, Jan. 28, 4:58 PM
    • Energy MLPs will survive the current difficult period - unlike many E&P companies, which may not - Stifel analysts say, while urging investors to take a more defensive approach to partnerships with strong balance sheet and coverage ratios, along with conservative management teams.
    • Stifel keeps Buy ratings on Buckeye Partners (NYSE:BPL), Energy Transfer Partners (NYSE:ETP), Enterprise Product Partners (NYSE:EPD) and Magellan Midstream Partners (NYSE:MMP), and upgrades Kinder Morgan (NYSE:KMI) - which is no longer an MLP but is still treated like one by many analysts.
    • The firm downgrades DCP Midstream Partners (NYSE:DPM), Sunoco Logistics Partners (NYSE:SXL) and Tallgrass Energy Partners (NYSE:TEP) to Hold, and cuts Azure Midstream Partners (NYSE:AZUR) to Sell from Hold.
    • Earlier: Kinder Morgan upgraded at Credit Suisse, which sees 40% upside
    | Thu, Jan. 28, 4:58 PM | 48 Comments
  • Wed, Jan. 27, 4:53 PM
    • Energy Transfer Partners L.P. (NYSE:ETP) declares $1.055/share quarterly dividend, in line with previous.
    • Forward yield 14.94%
    • Payable Feb. 16; for shareholders of record Feb. 8; ex-div Feb. 4.
    | Wed, Jan. 27, 4:53 PM | 42 Comments
  • Wed, Jan. 27, 3:28 PM
    • Energy Transfer Equity (ETE -9.6%) plans to move forward with its $32.9B takeover of Williams Cos. (WMB -5.8%) without altering the terms of the deal, Bloomberg reports, despite speculation that the deal may need to be reworked.
    • However, ETE may cover some of the cost of the deal by making lower than expected quarterly distributions to unitholders, according to the report.
    • ETE reportedly may release a statement reaffirming its commitment to the deal as soon as this week; WMB said earlier this month that it was committed to the deal.
    • The declining value of both ETE and WMB since the deal was announced has fueled speculation about whether the transaction will actually be completed, as WMB shares have fallen 48% while ETE units have declined 55%.
    • Also: ETP +0.1%, WPZ -7.4%.
    | Wed, Jan. 27, 3:28 PM | 33 Comments
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Wed, Jan. 20, 3:59 PM
    • North Dakota's Public Service Commission approves Energy Transfer Partners' (ETP -7%) permit to build the Dakota Access Pipeline, the biggest capacity U.S. crude pipeline yet proposed, that would move nearly 600K bbl/day from the oil patch to Illinois.
    • Regulators in South Dakota and Illinois have approved permits, while Iowa still remains, although ETP says it expects approval next month; the U.S. Army Corps of Engineers also must approve the pipeline because it would cross beneath the Missouri River twice in North Dakota, near Williston and Mandan.
    • ETP hopes to complete the $3.8B, four-state, 1,150-mile project by year's end; the North Dakota portion is the longest leg (~360 miles) and the most expensive ($1.4B).
    | Wed, Jan. 20, 3:59 PM | 13 Comments
  • Tue, Jan. 19, 7:45 PM
    • Energy Transfer Equity (NYSE:ETE) today tumbled to its lowest close since June 2010 amid doubts that its deal to buy Williams Cos. (WMB, WPZ) will cross the finish line.
    • While WMB said last week it is committed to the deal, ETE has yet to explain how it will finance planned pipeline expansions after slumps by both stocks weakened their balance sheets, and some investors question whether ETE might better spend cash reducing debt and funding growth at pipeline partnerships it already controls, Bloomberg analyst Michael Kay says.
    • "Might it fall apart, be restructured, or continue as currently contemplated?” asks Tortoise Capital's Brian Kessens. "The current deal spread of 25% indicates the market believes one of the former is more likely.”
    • Energy Transfer Partners (NYSE:ETP) sank another 6% in today's trade, -31% YTD and the lowest close since September 2004.
    | Tue, Jan. 19, 7:45 PM | 36 Comments
  • Fri, Jan. 15, 6:33 PM
    | Fri, Jan. 15, 6:33 PM | 129 Comments
  • Fri, Jan. 15, 6:15 PM
    • Williams Cos.' (WMB, WPZ) board says it is "unanimously committed" to move forward with the planned $33B acquisition by Energy Transfer Equity ([ETE, ETP), easing concerns that the deal could fall apart due to the plunge in oil prices.
    • Analysts have questioned whether the deal would be renegotiated or cancelled following a 60% drop in shares of WMB and ETE since Sept. 28, when the offer to buy WMB for $43.50/share was announced.
    | Fri, Jan. 15, 6:15 PM | 47 Comments
  • Fri, Jan. 15, 9:29 AM
    | Fri, Jan. 15, 9:29 AM | 3 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Mon, Jan. 4, 3:48 PM
    • Enterprise Products Partners (EPD +3%) maintains strong early gains after announcing that it raised its quarterly distribution by 1.3% while planning to recommend a 5.2% increase for FY 2016's annual distribution.
    • EPD also said affiliates of Enterprise Products Company and its general partner plan to purchase $200M in EPD common units during Q1 through the partnership's distribution reinvestment plan and/or at-the-market equity issuance program.
    • The news is providing support across the MLP sector, which is in the green in an otherwise dismal showing for stocks; the ALPS Alerian MLP ETF (AMLP +0.6%) - which includes EPD, Magellan Midstream (MMP +1.3%), Energy Transfer Partners (ETP +3.7%), Plains All American (PAA +4.9%), Williams Partners (WPZ +2.4%), Buckeye Partners (BPL -0.5%), ONEOK Partners (OKS +0.3%), Enbridge Energy Partners (EEP +3.4%), Sunoco Logistics (SXL +0.6%) and Targa Resources Partners (NGLS -3%) - edges higher for its best level since late November.
    | Mon, Jan. 4, 3:48 PM | 9 Comments
  • Dec. 22, 2015, 1:30 PM
    | Dec. 22, 2015, 1:30 PM | 44 Comments
Company Description
Energy Transfer Partners LP is engaged in natural gas operations. Its activities include intrastate transportation & storage, interstate transportation & storage, midstream services, retail marketing and among others.