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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Union Company Common Stock | NYSE:SUG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.10 | 0.00 | 01:00:00 |
DOW JONES NEWSWIRES
Energy Transfer Partners LP's (ETP) fourth-quarter profit fell 8.9% as mild winter weather dragged on the natural-gas pipeline operator's propane sales, while the owner of its general partner, Energy Transfer Equity LP (ETE), reported 13% higher earnings.
Like many of its peers, Energy Transfer Partners has generally reported improving results in recent quarters, though adjustments reflecting nonhedged derivatives hurt its bottom line earlier in the year.
Results suffered in the latest quarter, however, as mild winter weather across the U.S. hurt sales in the company's propane business.
The limited partnership in October agreed to sell its propane operations to AmeriGas Partners LP (APU) for $2.8 billion, part of an effort to devote more resources to its pipelines business.
Energy Transfer Equity is putting all its chips into natural-gas pipelines as a growing supply glut prompts producers to look for more ways to ship the fuel to far flung markets.
Energy Transfer Equity recently beat Williams Cos. (WMB) in a bidding war for natural-gas pipeline giant Southern Union Co. (SUG) in a $5.7 billion deal expected to close soon.
Energy Transfer Partners reported a profit of $206.8 million, down from $226.9 million a year earlier. On a limited-partner basis, the profit was $91.9 million, or 41 cents a unit, down from $126.8 million, or 65 cents a unit, a year earlier.
Revenue jumped 25% to $1.82 billion.
Analysts polled by Thomson Reuters expected a 68-cent per-unit profit on $2.11 billion in revenue.
Energy Transfer Equity reported a $85.8 million profit, up from $76.1 million. On a limited partner basis, the company earned 38 cents a share, up from 34 cents a year ago, as revenue 23% to $2.18 billion.
Energy Transfer Equity shares closed at $41.88 Wednesday and were unchanged after hours. Energy Transfer Partners ended the session at $48.27 and its shares were down 2.1% after hours.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com
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