Energy Transfer Partners Reports First Quarter Results

DALLAS--(BUSINESS WIRE)--Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended March 31, 2017. Net income for the three months ended March 31, 2017 was $364 million, a decrease of $12 million compared to the three months ended March 31, 2016, primarily due to income tax benefits recognized in the prior period. Adjusted EBITDA for ETP for the three months ended March 31, 2017 totaled $1.41 billion, an increase of $2 million compared to the three months ended March 31, 2016, which reflects significantly higher results from the midstream and liquids transportation and services segments, offset by lower operating results from the legacy Sunoco Logistics crude oil acquisition and marketing activities. The lower Adjusted EBITDA from the crude oil acquisition and marketing activities was due to approximately $50 million of unfavorable impacts from LIFO inventory accounting, which are expected to reverse in future periods. On a pro forma basis for the ETP/Sunoco Logistics merger (discussed below), Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2017 totaled $907 million, a decrease of $43 million compared to the three months ended March 31, 2016, primarily due to the unfavorable impact from LIFO inventory accounting and an increase in net interest expense.