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    Energy Transfer Equity - US-Pipeline MLP General Partner - Die letzten 30 Beiträge

    eröffnet am 04.12.09 13:25:31 von
    neuester Beitrag 06.03.24 16:21:04 von
    Beiträge: 42
    ID: 1.154.636
    Aufrufe heute: 2
    Gesamt: 17.261
    Aktive User: 0

    ISIN: US29273V1008 · WKN: A0JJTN · Symbol: ET
    15,730
     
    USD
    +1,22 %
    +0,190 USD
    Letzter Kurs 23:30:00 NYSE

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    6,2000+30,80
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    30,00+20,00

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     Ja Nein
      Avatar
      schrieb am 06.03.24 16:21:04
      Beitrag Nr. 42 ()
      Interessante Aktie; hier stimmt viel, was Fundamentaldaten angeht. Nebenbei noch eine hübsche Dividende.
      Energy Transfer | 15,11 $
      Avatar
      schrieb am 27.03.23 17:01:25
      Beitrag Nr. 41 ()
      Rock 'n' roll:

      27.3.
      Energy Transfer to Acquire Lotus Midstream in a $1.45 Billion Transaction
      https://www.businesswire.com/news/home/20230327005340/en/

      Lotus Midstream Owns and Operates Centurion Pipeline, a fully Integrated Crude Pipeline and Terminal System in the Permian Basin

      • Enhances Energy Transfer’s crude pipeline footprint across the Permian Basin
      • Adds ~3,000 miles of crude gathering and transportation pipelines that extend from Southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma
      • Increases Energy Transfer’s storage capacity in Midland, Texas by ~2 million barrels
      • Includes a 5% equity interest in the Wink to Webster Pipeline
      • Accretive to free cash flow as well as distributable cash flow per unit
      • Structured to continue positive financial momentum and improving leverage ratios

      ...


      ...
      Energy Transfer | 11,72 $
      Avatar
      schrieb am 15.02.23 23:02:23
      Beitrag Nr. 40 ()
      Energy Transfer | 13,14 $
      Avatar
      schrieb am 26.01.23 17:12:16
      Beitrag Nr. 39 ()
      mehr Geld:

      26.1.
      Energy Transfer Announces Increase in Quarterly Cash Distribution
      https://www.wallstreet-online.de/nachricht/16477219-energy-t…
      ...
      Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.305 per Energy Transfer common unit ($1.22 on an annualized basis) for the fourth quarter ended December 31, 2022, which will be paid on February 21, 2023 to unitholders of record as of the close of business on February 7, 2023.

      The distribution per unit is an approximate 75 percent increase over the fourth quarter of 2021 and is a 15 percent increase over the third quarter of 2022.

      This distribution increase represents another step in Energy Transfer’s plan to return additional value to unitholders while maintaining its target leverage ratio of 4.0x-4.5x debt-to-EBITDA. Future distributions will be evaluated, while balancing the partnership’s leverage target, growth opportunities and unit buy-backs.

      ...
      Energy Transfer | 13,19 $
      Avatar
      schrieb am 03.08.22 23:56:33
      Beitrag Nr. 38 ()
      3.8.
      Energy Transfer Reports Strong Second Quarter 2022 Results and Increases 2022 Full Year Outlook
      https://www.wallstreet-online.de/nachricht/15777120-energy-t…
      ...
      Energy Transfer reported net income attributable to partners for the three months ended June 30, 2022 of $1.33 billion, a $700 million increase from the same period last year. For the three months ended June 30, 2022, net income per limited partner unit (basic) was $0.40 per unit.

      Adjusted EBITDA for the three months ended June 30, 2022 was $3.23 billion compared to $2.62 billion for the three months ended June 30, 2021.

      Distributable Cash Flow attributable to partners, as adjusted, for the three months ended June 30, 2022 was $1.88 billion compared to $1.39 billion for the three months ended June 30, 2021.

      For the second quarter 2022, Energy Transfer had higher transportation volumes across all of its segments and a full quarter contribution from the Enable Midstream assets that were acquired in December 2021.

      ...
      Energy Transfer | 11,25 $

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      Avatar
      schrieb am 03.05.22 14:35:19
      Beitrag Nr. 37 ()
      2.5.
      Energy Transfer Signs LNG Sale and Purchase Agreement With Gunvor
      https://ir.energytransfer.com/news-releases/news-release-det…
      ...
      Energy Transfer LP (NYSE: ET) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd (Gunvor) has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC (Energy Transfer LNG), a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project.
      ...

      Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum to Gunvor on a free-on-board (FOB) basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge. The SPA is for a term of 20 years, and first deliveries are expected to commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG taking final investment decision (FID).

      “We are pleased to partner with Energy Transfer, which is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost resources and implementing competitive and reliable deliveries to our LNG buyers. We look forward to a successful, long-term relationship with the Energy Transfer team as their project continues to progress,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

      “Gunvor is a well-known participant in the LNG industry, and we are excited to have them as a customer,” said Tom Mason, President of Energy Transfer LNG. “Gunvor’s commitment to Lake Charles further evidences the progress we are making towards taking FID by year end.”

      Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer's Lake Charles LNG export facility will be constructed on the existing brownfield regasification facility and will capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure.

      Lake Charles LNG will also benefit from its direct connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines. These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale.

      ...
      Energy Transfer | 11,28 $
      Avatar
      schrieb am 16.02.22 23:00:09
      Beitrag Nr. 36 ()
      16.2.
      Energy Transfer Reports Fourth Quarter 2021 Results
      https://ir.energytransfer.com/news-releases/news-release-det…
      ...
      Energy Transfer reported net income attributable to partners for the three months ended December 31, 2021 of $921 million, an increase of $412 million compared to the same period last year. For the three months ended December 31, 2021, net income per limited partner unit (basic and diluted) was $0.29 per unit.
      ...

      Looking ahead, Energy Transfer is updating its 2022 growth and maintenance capital expenditures outlook as a result of the recently closed Enable acquisition and rapidly growing demand for midstream infrastructure.

      The Partnership expects its 2022 growth capital expenditures to range from $1.6 billion to $1.9 billion, which includes the addition of several new capital projects expected to be completed by year end. Maintenance capital expenditures are expected to range between $615 million and $665 million for 2022. Energy Transfer is also providing an outlook for 2022 Adjusted EBITDA which is expected to range between $11.8 billion and $12.2 billion.

      ...

      =>

      Energy Transfer | 10,13 $
      Avatar
      schrieb am 02.02.22 13:32:12
      Beitrag Nr. 35 ()
      ...
      Vistra Corp., one of the largest power generators in Texas, accused units of pipeline operator Energy Transfer LP of levying additional charges to deliver natural gas to profit from rising demand ahead of a looming winter storm.

      Two Vistra units filed a complaint Tuesday to the Texas Railroad Commission, which oversees the oil and gas industry, requesting action against the pipeline firm over a plan to charge a premium when electricity prices at certain hubs exceeds $500 a megawatt-hour.

      ...
      1.2.
      Vistra Accuses Energy Transfer of Price Gouging Before Storm
      https://www.bnnbloomberg.ca/vistra-accuses-energy-transfer-o…


      Von nichts kommt nichts :D
      Energy Transfer | 9,800 $
      Avatar
      schrieb am 26.01.22 12:31:20
      Beitrag Nr. 34 ()


      25.1.
      Cash-Rich Energy Transfer Set for Highest Return in Sector
      https://finance.yahoo.com/news/cash-rich-energy-transfer-set…
      ...
      The company owned by billionaire Kelcy Warren is seen reporting a record annual profit next month, boosted by sales of gas at skyrocketing prices during last February’s Texas freeze. The largest U.S. pipeline operator also signaled more cash will soon be returned to shareholders via dividends and buybacks as it has slashed debt following a decade of expansion.

      As a “first step”, Energy Transfer announced Tuesday a 15% increase in its quarterly cash distribution to 17.5 cents per common unit.

      The Dallas-based company, which operates more than 114,000 miles (183,000 kilometers) of pipelines across North America, trades at a discount to major rivals. Energy Transfer’s enterprise value is at 7.7 times the company’s forecast earnings before items such as taxes and interest. That compares with 10 times for Kinder Morgan Inc. and 9.6 times for Enterprise Products Partners LP.

      ...
      Energy Transfer | 9,295 $
      Avatar
      schrieb am 31.12.21 12:53:26
      Beitrag Nr. 33 ()
      "Deal from hell"
      30.12.
      Energy Transfer Told to Pay $410 Million Over Williams Deal
      https://ca.finance.yahoo.com/news/energy-transfer-must-pay-4…
      ...
      Oil-pipeline giant Energy Transfer LP must pay $410 million for scuttling a $33 billion merger with rival Williams Cos. over a tax flaw in the deal, a judge concluded.

      Since Dallas-based Energy Transfer -- owned by billionaire Kelcy Warren -- successfully pulled the plug on the 2016 combination, it’s required under the merger agreement to pay a so-called break-up fee, Delaware Chancery Court Judge Sam Glasscock III ruled Wednesday.

      “Having called a dirge for the merger,” Energy Transfer “must pay the piper,” Glasscock said in his 95-page ruling in the more than five-year dispute over the deal.

      Glasscock’s ruling marks the latest twist in what was nicknamed the energy industry’s “deal from hell.” The proposed tie-up stands as one of the largest deals undone by a collapse in oil prices. The merger was aimed at creating the nation’s largest natural-gas transporter. Oil prices have since rebounded.

      ...


      __
      Williams Companies Inc. v. Energy Transfer Equity LP, 12168, Delaware Chancery Court
      Energy Transfer | 8,160 $
      Avatar
      schrieb am 08.09.21 22:04:21
      Beitrag Nr. 32 ()
      8.9.
      ...
      Energy’s middlemen aren’t getting the attention or valuations they deserve, according to Citi analyst Timm Schneider, who thinks that the stocks have the potential to rise 45%, on average.
      ...
      The bargain-bin stocks with the most potential to rise include Energy Transfer (ET), Plains All American (PAA), and Genesis Energy (GEL), according to Schneider.

      The most attractive blue-chip stocks include Cheniere Energy (LNG), Enterprise Products Partners (EPD), and Magellan Midstream Partners (MMP).

      ...

      https://www.barrons.com/articles/6-energy-infrastrcture-stoc…
      Energy Transfer | 9,445 $
      Avatar
      schrieb am 14.06.21 20:49:05
      Beitrag Nr. 31 ()
      Antwort auf Beitrag Nr.: 67.417.913 von faultcode am 11.03.21 15:43:0314.6.
      ...
      Goldman Sachs analyst Michael Lapides thinks pipelines and other energy-infrastructure stocks can continue to gain as oil prices stay strong and the companies are able to transport more fuel. So far this year, the Alerian MLP Index (ticker: AMLP) and the Alerian Midstream Index (AMNA) are up 49% and 41%, respectively, versus 13% for the S&P 500. Those two indexes lagged behind the market by 56 and 46 percentage points, respectively, last year.

      in the second half of 2021, “we believe investors will continue rewarding companies with visibility into material free cash flow generation and a clear path to material returns to shareholders and in some cases rapid deleveraging,” Lapides wrote. His favorites include Cheniere Energy (ticker: LNG), Targa Resources (TRGP), and Energy Transfer (ET).

      On Monday, Lapides also upgraded Cheniere Energy Partners (CQP) to Buy because the stock has underperformed some competitors and has some protection from risk.

      ...
      https://www.marketwatch.com/articles/oil-gas-pipeline-stocks…
      Energy Transfer | 11,11 $
      Avatar
      schrieb am 11.03.21 15:43:03
      Beitrag Nr. 30 ()
      nach über 8 Jahren wieder eine kleinere Position aufgebaut in die aktuelle Kursstärke hinein.

      Aber eher zurückhaltend, weil die Energie-Rally auch schon mMn recht weit fortgeschritten ist, auch bei ET (Schulden!) mMn.

      Aber wenn die Zinsen in den USA tendenziell eher weiter steigen (am langen Ende) oder zumindest flach bleiben, als (wieder) zu fallen, dann sitzt doch Energy Transfer auf einem Haufen "Billig-Schulden", oder? :rolleyes:
      Energy Transfer | 8,580 $
      1 Antwort
      Avatar
      schrieb am 21.08.20 05:45:16
      Beitrag Nr. 29 ()
      Hallo alle ,
      Warren Buffet hat nun langweillige Pipeline Infratruktur fuer sich entdeckt und hat wenn auch nicht in ET aber 10 MRD USD in Dominion Energy investiert. Sollte dem Pipline Geschaeft speziell fuer Gas das nun auch mehr und mehr zur Herstellung von sogenanntem "grauer Wasserstoff"im Gespraech ist mehr stabilitaet geben als auch die Moeglichkeit in einingen Netzen den Wasserstoff ueber Gas pipline als ein Gemisch zu transportieeren.

      Wie seht Ihr Das ?

      ET is eine MLP .. bezueglich der Reuckerstattung der 37%/39.4 % US Quellensteuer hat hier jemand praktische Erfahrung ? Ich habe als Steuerauslaender Erfarung mit der Schweiz und Deutschland und das hat soweit prima geklappt und auch puenktlich , war aber ein bisschen Arbeit mit verbunden .
      Energy Transfer | 6,650 $
      Avatar
      schrieb am 15.11.19 15:27:12
      Beitrag Nr. 28 ()
      Antwort auf Beitrag Nr.: 61.928.081 von wallstreetmarc am 15.11.19 00:06:11Die Antwort von der Consorsbank:

      Gerne geben wir Ihnen hier Auskunft. In diesem Fall fällt eine US-Quellensteuer von 37 %, da es sich hier um eine Limited Partnership (L.P.) handelt. Diese Quellensteuer ist nicht auf die deutsche Kapitalertragsteuer anrechenbar. Es fällt daher zusätzlich in voller Höhe deutsche Kapitalertragsteuer an (25% zzgl. Soli und ggf. Kirchensteuer).



      ..daher aus Dividenden-Aspekten nicht kaufbar für mich.
      Energy Transfer | 10,36 €
      Avatar
      schrieb am 15.11.19 00:06:11
      Beitrag Nr. 27 ()
      Antwort auf Beitrag Nr.: 60.545.433 von R-BgO am 11.05.19 16:48:43hat du die Info, wieviel denn aktuell steuerlich (US Quellensteuer / dt. Kapitalertragssetuer) bei den $0.305 Ditributions /Quartal bei ENERGY TRANSFER EQUITY L.P.einbehalten wird bei deutschen Brokern wie der comdirekt oder bei der Consorsbank?
      Vielen Dank!
      Energy Transfer | 11,18 $
      1 Antwort
      Avatar
      schrieb am 11.05.19 16:48:43
      Beitrag Nr. 26 ()
      aktuelles KGV rund 24
      2 Antworten
      Avatar
      schrieb am 20.10.18 15:49:45
      Beitrag Nr. 25 ()
      Antwort auf Beitrag Nr.: 57.886.782 von R-BgO am 01.06.18 14:20:12
      dürfte nun positiv sein,
      da die Tochter auf ETE verschmolzen wurde:


      Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P. Complete Merger, Simplify Structure

      Nachrichtenquelle: Business Wire (engl.) | 19.10.2018, 14:30

      Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) today announced the completion of their previously announced merger of ETE with ETP.

      At the effective time of the merger, each ETP common unit converted into the right to receive 1.28 ETE common units.

      Based on the ETP units outstanding, ETE issued approximately 1.46 billion ETE common units to ETP unitholders.

      As part of the merger, ETE changed its name to “Energy Transfer LP” and its common units will begin trading on the New York Stock Exchange (“NYSE”) under the “ET” ticker symbol at the opening of the market today.

      In addition, ETP changed its name to “Energy Transfer Operating, L.P.” and its common units ceased trading on the NYSE effective with the opening of the market today. ETP’s Series C preferred units and Series D preferred units will continue to be listed on the NYSE under the symbols “ETPprC” and “ETPprD”, respectively
      Avatar
      schrieb am 01.06.18 14:20:12
      Beitrag Nr. 24 ()
      weiter negatives EK
      1 Antwort
      Avatar
      schrieb am 04.06.17 12:08:23
      Beitrag Nr. 23 ()
      Antwort auf Beitrag Nr.: 52.724.224 von R-BgO am 29.06.16 17:17:02
      sie bauen andauernd um:
      http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9N…
      Avatar
      schrieb am 29.06.16 17:17:02
      Beitrag Nr. 22 ()
      Energy Transfer Equity Announces Termination of Merger Agreement with The Williams Companies

      DALLAS--(BUSINESS WIRE)--Jun. 29, 2016-- Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the “Partnership”) today announced that it has terminated its merger agreement with The Williams Companies, Inc. (“Williams”) effective June 29, 2016.

      As previously announced, on Friday, June 24, 2016, the Delaware Court of Chancery issued an opinion finding that ETE is contractually entitled to terminate the merger agreement with Williams in the event ETE’s counsel Latham & Watkins LLP (“Latham”) were unable to deliver a required tax opinion prior to the June 28, 2016, outside date in the merger agreement. Latham advised ETE that it was unable to deliver the opinion as of the outside date. Consistent with its rights and obligations under the merger agreement, ETE subsequently provided written notice terminating the merger agreement due to failure of conditions under the merger agreement, including Latham’s inability to deliver the required tax opinion, as well as the other bases detailed in ETE’s filings in the Delaware lawsuit referenced above.

      Williams has appealed the decision by the Delaware Court of Chancery to the Delaware Supreme Court.
      1 Antwort
      Avatar
      schrieb am 10.05.16 18:02:54
      Beitrag Nr. 21 ()
      langweilig wird's nicht:

      So ein Scheiß!

      Der deutsche Fiskus läuft wieder mal Amok.

      Habe anläßlich umfangreicher Nachbuchungen von comdirect erfahren, dass Monsieur le Schäuble per Schreiben vom 18.1.2016 folgendes erließ:

      "Einkommensteuerrechtliche Behandlung der Erträge aus einer Limited Liability Company (LLC), Limited Partnership (LP) oder einer Master Limited Partnership (MLP)

      Bestimmte Gesellschaften - beispielsweise in der Rechtsform einer LLC, LP oder einer MLP -, deren Anteile als depotfähige Wertpapiere an einer Börse gehandelt werden, können nach ausländischem Steuerrecht ein Wahlrecht zur Besteuerung als Kapital- oder Personenge- sellschaft haben. Erträge aus solchen Gesellschaften sind für das Steuerabzugsverfahren auch dann als Dividendenerträge i. S. des § 20 Absatz 1 Nummer 1 EStG zu behandeln, wenn nach ausländischem Steuerrecht zur Besteuerung als Personengesellschaft optiert wurde.

      Die Anrechnung der ausländischen Quellensteuer findet allein im Veranlagungsverfahren statt. Hinsichtlich der steuerlichen Einordnung beispielsweise einer LLC, LP oder einer MLP als Personengesellschaft oder Kapitalgesellschaft gelten die Grundsätze des BMF-Schreibens vom 19. März 2004 (BStBl I S. 411) unter Berücksichtigung der Ausführungen in Textzif- fer 1.2 des BMF-Schreibens vom 26. September 2014 (BStBl I S. 1258)."



      Ergebnis:
      Von 100% Distribution lassen die Amis eh' schon nur 60,4% durch und davon tun sich unsere nochmal 26,375% weg. Es bleiben also 34%, die Steuerlast beträgt 76%!.

      Von der Anrechnung im Veranlagungsverfahren erwarte ich mir wenig, da in den referenzierten älteren Schreiben ziemlich klar wird, dass die börsennotierten MLP nach deutschem Recht als Körperschaften einzustufen und deswegen keine US-Steuern anzurechnen sind.


      Habe inzwischen alles verkauft oder ein Erinnerungsstück behalten bei:

      Hi-Crush, Emerge Energy Services, Enbridge Energy Partners, Williams Partners, Energy Transfer Partners (Komplettverkauf)

      Northern Tier Energy, Amerigas, Energy Transfer Equity, CONE Midstream, CNX Resources, Enterprise Products, Legacy Reserves, CSI Compressco, USA Compression, Archrock Partners, Buckeye Partners, Blueknight Partners, Boardwalk Pipeline, Alliance Resource Partners, Alliance Holdings, EV Energy Partners, Cheniere Energy Partners, Linn Energy (Erinnerungsstück(e))


      Scheinbar ausgenommen vom Problem ist nur Enbridge Energy Management, weil dort nicht die US-Steuer vorabgezogen wird.


      Wenigstens sollten die Verluste nun anrechenbar sein...


      Werde trotz meiner Skepsis natürlich versuchen, im Anrechnungsverfahren was zu erreichen.

      Wie schon gesagt: So ein Scheiß!
      Avatar
      schrieb am 08.03.16 16:46:18
      Beitrag Nr. 20 ()
      Avatar
      schrieb am 08.03.16 15:15:41
      Beitrag Nr. 19 ()
      Avatar
      schrieb am 10.02.16 17:45:03
      Beitrag Nr. 18 ()
      Antwort auf Beitrag Nr.: 51.690.253 von R-BgO am 08.02.16 20:30:01
      man kann sich ja alles schönlügen...
      ich sehe meinen heutige ETE-Auf einfach als langlaufende Option;

      leider deutlich teurer als gestern mit $5,36
      Avatar
      schrieb am 08.02.16 20:30:01
      Beitrag Nr. 17 ()
      Antwort auf Beitrag Nr.: 50.735.283 von R-BgO am 29.09.15 16:20:38
      definitiv zu früh!
      aktueller Kurs $4,35;

      nachdem heute morgen der CFO gegangen ist:

      "Energy Transfer Equity -26% on news of CFO replacement

      Feb 8 2016, 10:37 ET | About: Energy Transfer Equity, L.P. (ETE) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip

      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."


      gab's ein Minus von gut 35%....


      ist das schon peak-panic, oder kommt es noch dicker?
      1 Antwort
      Avatar
      schrieb am 01.02.16 13:26:05
      Beitrag Nr. 16 ()
      bullish für die Energyfamilie
      Energy Transfer Equity--ETE
      Energy Transfer Partners--ETP
      Sunoco--SUN
      Sunoco Logistics Partners --SXL


      Analysen für 2016-2017 auf 4-Traders bullish
      Avatar
      schrieb am 28.12.15 11:31:34
      Beitrag Nr. 15 ()
      Antwort auf Beitrag Nr.: 50.735.283 von R-BgO am 29.09.15 16:20:38
      das war zu früh...
      http://econintersect.com/pages/investing/investing.php?post=…
      Avatar
      schrieb am 29.09.15 16:20:38
      Beitrag Nr. 14 ()
      Antwort auf Beitrag Nr.: 47.769.639 von R-BgO am 12.09.14 18:45:26
      Verkauf war split-adjusted zu EUR 24,05
      Zitat von R-BgO: wegen Bewertung verkauft bis auf ein Erinnerungsstück;

      stattdessen Amerigas genommen



      Teilrückkauf heute in USA zu $20,23
      3 Antworten
      Avatar
      schrieb am 29.09.15 12:11:46
      Beitrag Nr. 13 ()
      Energy Transfer Equity to Combine with Williams
      Anticipated Commercial Synergies Exceed $2 Billion of Incremental EBITDA by 2020

      Up to $400 Million of Additional Cost Savings Expected from the Implementation of ETE’s Shared Service Model

      Williams’ Stockholders Can Elect to Receive Shares Issued by New ETE C-corp and/or Cash, Subject to Proration If Either is Oversubscribed

      Transaction is Immediately Accretive to Cash Flow and Distributions for Both ETE and WMB

      Williams Partners L.P. (WPZ) to Retain Its Name and Remain Headquartered in Tulsa



      DALLAS & TULSA, Okla.--(BUSINESS WIRE)--Sep. 28, 2015--

      Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE”) and The Williams Companies, Inc. (NYSE:WMB) (“Williams” or “WMB”) today announced a business combination transaction valued at approximately $37.7 billion, including the assumption of debt and other liabilities. This announcement follows the termination of the previously agreed merger agreement between WMB and Williams Partners L.P. (“WPZ”). The business combination between ETE and WMB was approved by the Boards of Directors of both entities. The combination will create the third largest energy franchise in North America and one of the five largest global energy companies. The combination will also benefit customers by enabling further investments in capital projects and efficiencies that would not be achievable absent the transaction.

      Under the terms of the transaction, Energy Transfer Corp LP (“ETC”), an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share. Williams’ stockholders will have the right to elect to receive as merger consideration either ETC common shares, which would be publicly traded on the NYSE under the symbol “ETC”, and / or cash. Elections to receive ETC common shares and cash will be subject to proration. Cash elections will be prorated to the extent they exceed $6.05 billion in the aggregate and stock elections will be prorated to the extent the full $6.05 billion cash pool is not utilized.

      Williams stockholders electing to receive stock consideration will receive a fixed exchange ratio of 1.8716 ETC common shares for each share of WMB common stock, before giving effect to proration. If all Williams’ stockholders elect to receive all cash or all stock, then each share of Williams common stock would receive $8.00 in cash and 1.5274 ETC common shares. In addition, WMB stockholders will be entitled to a special one-time dividend of $0.10 per WMB share to be paid immediately prior to the closing of the transaction. The special one-time dividend is in addition to the regularly scheduled WMB dividends to be paid before closing.

      ETC will be treated as a corporation for U.S. federal income tax purposes, and holders of ETC common shares will therefore receive an IRS Form 1099, rather than a Schedule K-1, for federal income tax reporting. As part of this transaction, in exchange for the contribution by ETC to ETE of all of the assets and liabilities of WMB, ETE will issue to ETC a number of ETE Class E common units equal to the number of ETC common shares to be issued in the transaction. The Class E common units will be entitled to receive the same quarterly cash distribution per unit as the quarterly cash distribution per ETE common unit. As ETE has agreed to provide all administrative services to ETC and to indemnify ETC for all liabilities incurred by ETC, ETC is expected to distribute 100% of the after-tax cash distributions it receives from ETE to holders of ETC common shares on a quarterly basis as a cash dividend. ETC will benefit from a dividend equalization agreement through calendar 2018 with ETE that ensures that ETC shareholders will receive the identical cash dividend as an ETE unit holder.

      To address any uncertainty as to how the newly listed ETC common shares, as a new security, will trade relative to ETE common units, ETE has agreed that, as part of the merger consideration, each ETC share will have attached to it one contingent consideration right (“CCR”). In the event the ETC common shares trade at a discount to the ETE common units on a daily volume-weighted average basis over the 23-month period following the 20th trading day after the closing of the transaction, ETC will make a one-time payment in an amount equal to such volume-weighted price differential (the “Shortfall Amount”). Any Shortfall Amount will be settled in ETC common shares (at the then current value) or cash at ETE’s election, and ETE will issue a proportionate amount of Class E common units to ETC. If ETC common shares trade at a premium to ETE common units over the same 23-month period, the CCR will expire with no value and a portion of the ETE Class E common units held by ETC will be cancelled based on the volume weighted average price differential, thereby reducing ETC’s ownership interest in ETE. There is also an automatic termination provision of the CCR if ETC trades above ETE on a daily VWAP basis for 20 consecutive trading days and there is no Shortfall Amount outstanding at the end of that 20 trading day period.

      The transaction is expected to be tax-free to Williams’ stockholders, except with respect to any cash received. The parties believe that all stakeholders will benefit from the cash flow diversification associated with ownership in three large investment grade MLPs (Energy Transfer Partners, L.P. (“ETP”), Sunoco Logistics Partners L.P. (“SXL”) and WPZ). As a result, the combination creates a truly unique and diversified collection of compatible businesses that will drive greater near- and long-term value.

      Kelcy Warren, ETE’s Chairman, said, “I am excited that we have now agreed to the terms of this merger with Williams. I believe that the combination of Williams and ETE will create substantial value for both companies’ stakeholders that would not be realized otherwise.”

      Frank T. MacInnis, Chairman of the Williams Board of Directors, said, “After a comprehensive evaluation of strategic alternatives, including extensive discussions with numerous parties, the Williams Board of Directors concluded that a merger with Energy Transfer Equity is in the best interests of Williams’ stockholders and all of our other stakeholders. The merger provides Williams stockholders with compelling value today as well as the opportunity to benefit from enhanced growth projects.”

      Alan Armstrong, President and Chief Executive Officer of Williams, said, “Williams’ intense focus on connecting the best natural gas supplies to the best natural gas markets will be a significant complement to the ETE family of diverse energy infrastructure. As a combined company, we will have enhanced prospects for growth, be better able to connect our customers to more diverse markets, and have more stability in an environment of low commodity prices. Importantly, Williams Partners will retain its current name and remain a publicly traded partnership headquartered in Tulsa, Oklahoma.”

      During the course of its diligence process over the last ten weeks, the Energy Transfer family has identified significant commercial synergies. These synergies run across a broad spectrum, ranging from new revenue opportunities, improved operational efficiencies and performance, new capital opportunities and prioritization of existing capital projects. ETE expects that the anticipated EBITDA from these commercial synergies will exceed $2 billion per year by 2020 (or more than 20% of the estimated current pro forma EBITDA for the combined company) and will require overall incremental capital investment of more than $5 billion to achieve.

      As part of the merger, WPZ will retain its current name and remain a publicly traded partnership headquartered with a meaningful ongoing presence in Tulsa, Oklahoma. Also as a result of this announcement, WMB and WPZ are withdrawing their financial guidance. ETE expects no impact from this transaction on the credit ratings of ETP, SXL, Sunoco L.P. (“SUN”) or WPZ.

      ETE and Williams believe there are numerous meaningful benefits from a proposed combination:


      ETE Stakeholders

      At closing, the transaction will be immediately accretive to distributable cash flow and distributions per unit for ETE and is expected to be credit positive to ETE’s credit ratings;

      ETE’s distribution growth rate is expected to remain at its current level;

      as a result of diligence, the size of both the expected cost savings and the anticipated commercial synergies exceeds ETE’s previous expectations and will help ensure that the duration of ETE’s distribution growth rate will be longer as a result of the transaction;

      the introduction of cash into the transaction consideration has reduced the ETC share issuance by over 260 million shares (or approximately 18.5% of the overall ETC share issuance);

      the number of possible opportunities to migrate assets within the Energy Transfer family and find additional commercial opportunities, not currently quantified, within the expanded asset base will increase significantly, thereby creating more value for ETP, SXL, WPZ and SUN, which in turn will result in increased cash flow growth for ETE;

      the ability of ETE to broaden its overall shareholder base through the ETC structure; and
      the creation of ETC will result in increased liquidity for ETE unitholders because of the option for ETE unitholders to exchange ETE common units for ETC common shares.


      WMB Stakeholders

      A compelling transaction that provides Williams’ stockholders with:

      an attractive premium to the implied trading price of WMB assuming WMB traded in line with either the Alerian index or its midstream peers since the date of ETE’s initial offer;

      a pro forma level of dividend per ETC common shares received that will exceed the 2016 dividend per WMB share that Williams had forecast on a pro forma basis for the Williams/WPZ merger;

      ETC dividend growth superior to that of Williams on a pro forma basis for the proposed Williams/WPZ merger;
      the option to elect cash in the transaction will allow Williams’ stockholders to monetize, on a taxable basis, all or some of their investment in WMB, subject only to the aggregate $6.05 billion pool of cash consideration being fully utilized;

      the exchange of WMB shares for ETC common shares is expected to be tax free to WMB stockholders, except with respect to cash received;

      for each outstanding ETC common share, ETC will receive from ETE the same cash distribution per quarter as ETE distributes with respect to each ETE common unit;

      ETC will benefit from a dividend equalization agreement through calendar 2018 that ensures that ETC shareholders will receive the identical cash dividend as an ETE unitholder;

      the CCR is intended to address any trading price differences between ETC and ETE during the two-year period following closing;

      ETE will become co-obligor of Williams’ existing debt and Williams’ credit facility will be terminated at closing; and
      ETC common shares are expected to have tremendous liquidity, a strong growth profile and the potential for inclusion in the S&P 500 index (similar to WMB’s current inclusion in that index).


      WPZ Stakeholders

      There is no expected impact to WPZ’s credit ratings as a result of the ETE/Williams combination;

      WPZ unitholders will have greater distributable cash flow from material cost savings and synergies of up to $400 million per annum with WPZ joining the Energy Transfer shared service model;

      the combination will create new commercial opportunities for WPZ, including the potential to acquire assets from the overall Energy Transfer group, that will improve WPZ’s business outlook, cash flow growth and overall financial profile;

      WPZ unitholders will benefit from having a general partner, ETE, that, based on the unique intrinsic financial and strategic optionality in the Energy Transfer family, will be in a position to help WPZ fully realize its long-term growth potential;

      and WPZ will receive a $428 million break-up fee for the termination of its merger agreement with WMB payable to all outstanding limited partnership units of WPZ including WMB’s approximate 60 percent ownership.


      Regulatory Process and Transaction Timing

      The closing of the transaction is subject to customary conditions, including the receipt of approval of the merger from Williams’ stockholders and all required regulatory approvals, including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”). ETE and Williams anticipate that the transaction will be completed in the first half of 2016. There is no requirement for an ETE unitholder vote, providing additional deal certainty to Williams’ stockholders. The parties intend to commence the integration planning process immediately following receipt of HSR clearance to ensure that the implementation of the shared service model between Energy Transfer and WMB/WPZ is fully effective and functioning at completion of the merger.
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      Energy Transfer Equity - US-Pipeline MLP General Partner