Monday, Energy Transfer Equity, L.P. (ETE), reported lower profit for its second quarter compared to last year, mainly due to a sharp decline in revenues that more than halved.
Energy Transfer Equity, a publicly traded partnership that owns the general partner of Energy Transfer Partners, reported net income available to the limited partners for the second quarter of $104.05 million or $0.47 per limited partner unit, compared to $120.02 million or $0.54 per limited partner unit in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.44 per limited partner unit for the quarter. Analysts' estimates typically excludes special items.
Distributable cash for the quarter grew to $119.15 million from $99.32 million in the comparable period last year.
The company's principal sources of cash flow are distributions it receives from its investments in the limited and general partner interests in Energy Transfer Partners, L.P. ETE currently has no operating activities apart from those conducted by the operating subsidiaries within ETP. ETE's principal uses of cash are for distributions to its general and limited partners, expenses and debt service.
Total revenues for the quarter plunged to $1.15 billion from $2.65 million in the prior-year quarter. Four analysts had a revenue consensus of $2.54 billion for the second quarter.
Total costs and expenses decreased to $936.66 million from $2.43 billion a year ago.
Operating income for the quarter decreased to $215.03 million from $221.94 million in the second quarter of 2008.
For the six-month period, the company's net income available for limited partners increased to $119.76 million or $0.5350 per limited partner unit from $97.07 million or $0.4800 per limited partner unit in the same period last year.
Total revenues for the first half of fiscal 2009 fell to $2.78 billion from $5.29 billion in the similar quarter of 2008.
ETE closed Monday's regular trading at $28.92, up $0.01 or 0.03%, on a volume of about 313,624 shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.