Project: Orbit Gulf Coast NGL Export Facility
Firm Commitment: 150 M Bbls/d
COST: 1.8 $B
COST: 1.57 $B
COST: 45 $MM
COST: 2 $B
DALLAS, Oct. 17, 2018 /PRNewswire/ -- Alerian announced today that Energy Transfer Partners (NYSE: ETP) is expected to be removed from the Alerian Midstream Energy Index (AMNA), Alerian US Midstream Energy Index (AMUS), Alerian MLP Index (AMZ), Alerian MLP Equal Weight Index (AMZE), Alerian MLP Infrastructure Index (AMZI), Alerian Large Cap MLP Index (AMLI), and Alerian Natural Gas MLP Index (ANGI) in a special rebalancing. In addition, Energy Transfer Equity (NYSE: ETE) is expected to be added to the AMZ, AMZE, AMZI, and ANGI.
Special rebalancings are triggered by corporate actions such as mergers, bankruptcies, and liquidations. Pending unitholder approval, ETP will cease to trade due to its merger with ETE. If approved, the rebalancing will take place one full trading day after the issuance of a press release indicating all needed merger votes have passed.
Each index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from an index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of September 30, 2018, over $14 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
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SOURCE Alerian
DALLAS, Oct. 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to the constituents of The Cushing® Energy Supply Chain Index (the "Index"). The Cushing® 30 MLP Index (the "Sub-Index") announced today that after the market closes on October 18, 2018, and effective on October 19, 2018, Index constituent Energy Transfer Partners, L.P. (NYSE: ETP) will be removed from the Sub-Index and replaced with Targa Resources Corp. (NYSE: TRGP). Consequently, per the Index's Methodology Guide, after the market closes on October 18, 2018, and effective on October 19, 2018, TRGP will replace ETP in the Index at ETP's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® ENERGY SUPPLY CHAIN INDEX
The Cushing® Energy Supply Chain Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, or storage and transportation of oil, natural gas, coal and consumable fuels; oil and natural gas equipment and services companies; and companies that extract and/or manufacture materials. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CSCI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Supply Chain Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CSCI
Â
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-constituent-change-to-the-cushing-energy-supply-chain-index-300729332.html
SOURCE Cushing® Asset Management, LP; Swank Capital, LLC
DALLAS, Oct. 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to constituents of The Cushing® MLP High Income Index (the "Index"). On August 1, 2018, Index constituents Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced a merger agreement wherein ETE would acquire ETP, subject to the approval of ETP unitholders. A special meeting of ETP unitholders is scheduled for October 18, 2018, for the purpose of voting on the merger agreement. Per the Index's methodology guide, after the market closes on October 18, 2018, and effective on October 19, 2018, Enterprise Products Partners L.P. (NYSE: EPD) will replace ETP as a constituent of the Index at ETP's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® MLP HIGH INCOME INDEX
The Cushing® MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing® Asset Management, LP. The Cushing® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPY".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of Midstream Companies and other natural resource companies.Â
Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® MLP Market Cap Index (Bloomberg Ticker: CMCI) ), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.Â
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® MLP High Income Index (the "Index") is the exclusive property of Swank Capital, LLC and Cushing® Asset Management, LP, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to maintain and calculate the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing® Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones S&P nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-MLPY
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View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-constituent-change-to-the-cushing-mlp-high-income-index-300729323.html
SOURCE Cushing® Asset Management, LP; Swank Capital, LLC
DALLAS, Oct. 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim rebalance of The Cushing® MLP Market Cap Index (the "Index"). On August 1, 2018, Index constituents Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced a merger agreement wherein ETE would acquire ETP, subject to the approval of ETP unitholders. A special meeting of ETP unitholders is scheduled for October 18, 2018, for the purpose of voting on the merger agreement. Per the Index's methodology guide, after the market closes on October 18, 2018, and effective on October 19, 2018, ETP will be removed as a constituent of the Index.
Because ETP is expected to have a weight in the Index in excess of 3.5% at the time of its removal, per the Index's methodology guide, the Index will be rebalanced and all constituent weightings will be adjusted effective on October 19, 2018, as shown below.
Cushing® MLP Market Cap Index constituents, effective October 19, 2018: | |||
Company Name | Ticker | Index Weight | Status |
Enterprise Products Partners, L.P. | EPD | 7.50% | Existing |
Magellan Midstream Partners, L.P. | MMP | 7.50% | Existing |
The Williams Companies, Inc. | WMB | 7.50% | Existing |
Kinder Morgan, Inc. | KMI | 7.50% | Existing |
ONEOK, Inc. | OKE | 7.50% | Existing |
Cheniere Energy, Inc. | LNG | 7.50% | Existing |
Energy Transfer Equity, L.P. | ETE | 7.07% | Existing |
Targa Resources Corp. | TRGP | 6.59% | Existing |
Plains All American Pipeline, L.P. | PAA | 5.77% | NEW |
MPLX LP | MPLX | 5.30% | Existing |
Buckeye Partners, L.P. | BPL | 2.78% | Existing |
Western Gas Partners, L.P. | WES | 2.43% | Existing |
EQT Midstream Partners, LP | EQM | 2.43% | Existing |
Andeavor Logistics LP | ANDX | 2.25% | Existing |
DCP Midstream, LP | DCP | 2.03% | Existing |
Tallgrass Energy, LP | TGE | 1.89% | Existing |
Plains GP Holdings, L.P. | PAGP | 1.84% | NEW |
EnLink Midstream Partners, LP | ENLK | 1.54% | Existing |
Antero Midstream Partners LP | AM | 1.53% | Existing |
Phillips 66 Partners LP | PSXP | 1.48% | Existing |
AmeriGas Partners, L.P. | APU | 1.44% | Existing |
Shell Midstream Partners, L.P. | SHLX | 1.40% | Existing |
Enbridge Energy Partners, L.P. | EEP | 1.27% | Existing |
Crestwood Equity Partners LP | CEQP | 0.97% | Existing |
Alliance Resource Partners, L.P. | ARLP | 0.94% | Existing |
SemGroup Corporation | SEMG | 0.87% | Existing |
Sunoco LP | SUN | 0.83% | Existing |
Western Gas Equity Partners, LP | WGP | 0.82% | Existing |
Enable Midstream Partners, LP | ENBL | 0.77% | Existing |
Black Stone Minerals, L.P. | BSM | 0.76% | Existing |
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Constituents removed, effective October 19, 2018: | |
Company Name | Ticker |
Antero Midstream GP LP | AMGP |
Energy Transfer Partners, L.P. | ETP |
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). The Index is weighted on a float-adjusted market capitalization basis, with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded Midstream Companies. The Cushing® MLP Market Cap Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CMCI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of Midstream Companies and other natural resource companies.
Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY) ), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.comÂ
The Cushing® MLP Market Cap Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CMCI
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View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-rebalance-of-the-cushing-mlp-market-cap-index-300729333.html
SOURCE Cushing® Asset Management, LP; Swank Capital, LLC
DALLAS, Oct. 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to the constituents of The Cushing® Transportation Index (the "Index"). The Cushing® 30 MLP Index (the "Sub-Index") announced today that after the market closes on October 18, 2018, and effective on October 19, 2018, Index constituent Energy Transfer Partners, L.P. (NYSE: ETP) will be removed from the Sub-Index and replaced with Targa Resources Corp. (NYSE: TRGP). Consequently, per the Index's Methodology Guide, after the market closes on October 18, 2018, and effective on October 19, 2018, TRGP will replace ETP in the Index at ETP's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® TRANSPORTATION INDEX
The Cushing® Transportation Index tracks the performance of widely held companies engaged in road, rail, marine and air transportation of cargoes and passengers, as well as master limited partnerships (MLPs) engaged in storage and transportation of oil, natural gas, coal and consumable fuels. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CTRI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Transportation Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CTRI
Â
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-constituent-change-to-the-cushing-transportation-index-300729321.html
SOURCE Cushing® Asset Management, LP; Swank Capital, LLC
DALLAS, Oct. 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to the constituents of The Cushing® Utility Index (the "Index"). The Cushing® 30 MLP Index (the "Sub-Index") announced today that after the market closes on October 18, 2018, and effective on October 19, 2018, Index constituent Energy Transfer Partners, L.P. (NYSE: ETP) will be removed from the Sub-Index and replaced with Targa Resources Corp. (NYSE: TRGP). Consequently, per the Index's Methodology Guide, after the market closes on October 18, 2018, and effective on October 19, 2018, TRGP will replace ETP in the Index at ETP's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® UTILITY INDEX
The Cushing® Utility Index tracks the performance of widely held companies engaged in electric, gas and water utility services as well as master limited partnerships (MLPs) engaged in storage and transportation of oil, natural gas, coal and consumable fuels. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CUTI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI) and The Cushing® Transportation Index (Bloomberg Ticker: CTRI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Utility Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CUTI
Â
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-constituent-change-to-the-cushing-utility-index-300729339.html
SOURCE Cushing® Asset Management, LP; Swank Capital, LLC
DALLAS and TULSA, Okla., and FINDLAY, Ohio, and BRENTWOOD, Tenn., Sept. 4, 2018 /PRNewswire/ -- Energy Transfer Partners, L.P. (NYSE: ETP) ("Energy Transfer"), Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan"), MPLX LP (NYSE: MPLX) ("MPLX") and Delek US Holdings, Inc. (NYSE: DK) ("Delek") announced today that they have received sufficient commitments to proceed with plans to construct a new 30-inch diameter common carrier pipeline to transport crude oil from the Permian Basin to the Texas Gulf Coast region, with the ability to increase the pipe diameter to expand the capacity based upon additional commitments received during the upcoming open season. An open season for additional shipper volume commitments on the new pipeline system will be launched this week.
The 600-mile pipeline system is expected to be operational in mid-2020 with multiple Texas origins, including Wink, Crane and Midland. The pipeline system will have the strategic capability to transport crude oil to both Energy Transfer's Nederland, Texas terminal and Magellan's East Houston, Texas terminal for ultimate delivery through their respective distribution systems.
The project is subject to receipt of customary regulatory and Board approvals of the respective entities.
About Energy Transfer Partners, L.P.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ETP's general partner is owned by Energy Transfer Equity, L.P. (ETE). More information is available at www.energytransfer.com.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
About MPLX LP
MPLX LP (NYSE: MPLX) is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation, storage and distribution of crude oil and refined petroleum products through a marine fleet and approximately 10,000 miles of crude oil and light product pipelines. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of crude oil and products pipelines and supporting assets, including storage facilities (tank farms) located in the Midwest and Gulf Coast regions of the United States; 62 light-product terminals with approximately 24 million barrels of storage capacity; storage caverns with approximately 2.8 million barrels of storage capacity; a barge dock facility with approximately 80,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include approximately 5.9 billion cubic feet per day of gathering capacity, 8.7 billion cubic feet per day of natural gas processing capacity and 610,000 barrels per day of fractionation capacity. More information is available at www.mplx.com.  Â
About Delek US Holdings, Inc.
Delek US Holdings, Inc. (NYSE: DK) is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations primarily consist of Delek Logistics Partners, LP. Delek US Holdings, Inc. and its affiliates own approximately 63% (including the 2 percent general partner interest) of Delek Logistics Partners, LP. Delek Logistics Partners, LP (DKL) is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. The convenience store retail business is the largest 7-Eleven licensee in the United States and operates approximately 300 convenience stores in central and west Texas and New Mexico. More information is available at www.delekus.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, statements with respect to forecasts regarding capacity and timing for becoming operational for the opportunities discussed above. You can identify forward-looking statements by words such as "anticipate," "believe," "design," "estimate," "expect," "forecast," "intend," "plan," "project," "potential," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies and are difficult to predict.  Although management of Energy Transfer Partners, L.P., Magellan Midstream Partners, L.P., MPLX LP and Delek US Holdings, Inc. (the "companies") believe any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors associated with the project that may have a direct impact on completion of the project and construction of the pipeline or the pipeline's and the companies' results of operations and financial condition are: (1) the ability of the companies to negotiate and enter into definitive agreements and to obtain all required rights-of-way, permits and other approvals on a timely basis; (2) the ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil; (4) changes in the pipeline's tariff rates or other terms as required by state or federal regulatory authorities; (5) the occurrence of an operational hazard or unforeseen interruption; (6) disruption in the debt and equity markets that negatively impacts the companies' abilities to finance capital spending and (7) willingness to incur or failure of customers or vendors to meet or continue contractual obligations related to this project. Additional information about issues that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission for all companies. The companies undertake no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date.Â
SOURCE MPLX LP
DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
AM |
305,257,484 |
10,340,701 |
HEP |
151,911,915 |
5,375,510 | |
AMGP |
1,164,270 |
61,732 |
MMP |
1,501,453,809 |
21,735,000 | |
ANDX |
446,822,576 |
10,506,056 |
MPLX |
1,162,174,520 |
34,041,433 | |
APU |
58,778,057 |
1,392,185 |
NBLX |
22,166,701 |
434,130 | |
ARLP |
25,591,033 |
1,394,607 |
NGL |
165,162,738 |
13,213,019 | |
BPL |
604,497,037 |
17,197,640 |
NS |
210,933,016 |
9,312,716 | |
BPMP |
20,189,424 |
961,859 |
NSH |
239,822 |
19,340 | |
BWP |
170,678,160 |
14,688,310 |
PAA |
1,177,071,579 |
49,791,522 | |
CEQP |
183,499,246 |
5,779,504 |
PAGP |
3,213,393 |
134,395 | |
CQP |
173,601,824 |
4,828,980 |
PSXP |
318,554,875 |
6,238,834 | |
CVRR |
20,028,626 |
896,135 |
RMP |
147,346,450 |
8,657,253 | |
DCP |
421,401,442 |
10,654,904 |
SEP |
341,382,494 |
9,638,128 | |
DM |
13,475,016 |
990,810 |
SHLX |
322,823,077 |
14,554,692 | |
EEP |
277,227,481 |
25,363,905 |
SMLP |
12,744,536 |
827,567 | |
ENBL |
176,973,526 |
10,343,280 |
SPH |
28,830,596 |
1,227,356 | |
ENLC |
853,859 |
51,906 |
SUN |
27,065,571 |
1,084,358 | |
ENLK |
303,905,691 |
19,568,943 |
TCP |
165,868,659 |
6,391,856 | |
EPD |
1,503,782,388 |
54,347,032 |
TEGP |
386,005,955 |
17,419,041 | |
EQGP |
355,540 |
15,123 |
TGP |
18,444,324 |
1,094,619 | |
EQM |
356,373,011 |
6,907,792 |
USAC |
16,751,289 |
995,323 | |
ETE |
6,023,303 |
349,177 |
VLP |
17,131,051 |
449,988 | |
ETP |
1,481,856,983 |
77,828,623 |
VNOM |
25,953,041 |
813,320 | |
GEL |
281,851,288 |
12,864,048 |
WES |
571,788,034 |
11,816,244 | |
GLOP |
14,609,467 |
612,556 |
WGP |
826,761 |
23,126 | |
GMLP |
15,169,006 |
981,178 |
WPZ |
1,218,967,796 |
30,031,234 | |
HCLP |
18,789,000 |
1,592,288 |
||||
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html
SOURCE Alerian
DALLAS, June 8, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP, announce today an upcoming interim rebalancing of The Cushing® Energy Index (the "Index"). Per the Index's methodology guide, the removal of an Index constituent from a Sub-Index without a named direct replacement necessitates the rebalancing of the Index. The Cushing® 30 MLP Index (the "Sub-Index") announced today that Index constituents Spectra Energy Partners, LP (NYSE: SEP) and Tallgrass Energy GP, LP (NYSE: TEGP) will be removed from the Sub-Index after the markets close on June 15, 2018, and effective on June 18, 2018. Replacements named for the removed constituents are not direct replacements. After the markets close on June 15, 2018, the constituents of the Index will be rebalanced, and the changes in the table below will become effective on June 18, 2018.
Cushing® Energy Index constituents, effective June 18, 2018:
Company Name |
Ticker |
Index Weight |
Status |
The Williams Companies, Inc. |
WMB |
6.00% |
Existing |
Kinder Morgan, Inc. |
KMI |
6.00% |
Existing |
ONEOK, Inc. |
OKE |
6.00% |
Existing |
Helmerich & Payne, Inc. |
HP |
5.78% |
Existing |
Exxon Mobil Corporation |
XOM |
5.22% |
Existing |
Chevron Corporation |
CVX |
4.74% |
Existing |
Occidental Petroleum Corporation |
OXY |
4.65% |
Existing |
Schlumberger N.V. (Schlumberger Limited) |
SLB |
3.79% |
Existing |
Phillips 66 |
PSX |
3.58% |
Existing |
Valero Energy Corporation |
VLO |
3.45% |
Existing |
Apache Corporation |
APA |
3.30% |
Existing |
Marathon Petroleum Corporation |
MPC |
3.05% |
Existing |
Baker Hughes, A GE Company |
BHGE |
2.72% |
Existing |
ConocoPhillips |
COP |
2.19% |
Existing |
Andeavor |
ANDV |
2.14% |
Existing |
TechnicFMC plc |
FTI |
2.13% |
Existing |
Hess Corporation |
HES |
2.12% |
Existing |
Dominion Energy Midstream Partners, LP |
DM |
2.00% |
NEW |
Alliance Resource Partners, L.P. |
ARLP |
2.00% |
Existing |
Andeavor Logistics LP |
ANDX |
2.00% |
Existing |
Tallgrass Energy Partners, LP |
TEP |
2.00% |
Existing |
EnLink Midstream Partners, LP |
ENLK |
2.00% |
Existing |
DCP Midstream, LP |
DCP |
2.00% |
Existing |
Enable Midstream Partners, LP |
ENBL |
2.00% |
NEW |
EQT Midstream Partners, LP |
EQM |
2.00% |
NEW |
Western Gas Partners, L.P. |
WES |
2.00% |
Existing |
Crestwood Equity Partners LP |
CEQP |
2.00% |
NEW |
Energy Transfer Equity, L.P. |
ETE |
2.00% |
Existing |
Energy Transfer Partners, L.P. |
ETP |
2.00% |
NEW |
Halliburton Company |
HAL |
1.95% |
Existing |
Anadarko Petroleum Corporation |
APC |
1.88% |
Existing |
Noble Energy, Inc. |
NBL |
1.67% |
Existing |
Cabot Oil & Gas Corporation |
COG |
1.37% |
Existing |
Marathon Oil Corporation |
MRO |
1.26% |
Existing |
Devon Energy Corporation |
DVN |
1.01% |
Existing |
Constituents removed, effective June 18, 2018:
Company Name |
Ticker |
MPLX LP |
MPLX |
Spectra Energy Partners, LP |
SEP |
Sunoco LP |
SUN |
Tallgrass Energy GP, LP |
TEGP |
Williams Partners L.P. |
WPZ |
ABOUT THE CUSHING® ENERGY INDEX
The Cushing® Energy Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, and storage and transportation of oil, natural gas, coal and consumable fuels, as well as oil and natural gas equipment and services companies. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CENI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CENI
Â
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC
DALLAS, March 9, 2018 /PRNewswire/ --Â Alerian announced the results of the March quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, March 16, 2018.
There are no constituent changes to the Alerian MLP Infrastructure Index (AMZI), Alerian Natural Gas MLP Index (ANGI), Alerian Energy Infrastructure Index (AMEI), and the Alerian MLP Closed End Fund Index (AMCI).
In addition, each index will be rebalanced in accordance with their existing methodology. Constituent additions to and deletions from an index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of February 28, over $14 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
Â
View original content:http://www.prnewswire.com/news-releases/alerian-index-series-march-2018-index-review-300611251.html
SOURCE Alerian
DALLAS, Feb. 21, 2018 /PRNewswire/ --Â Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
AM |
318,072,149 |
10,952,898 |
MMP |
1,644,568,414 |
23,182,526 | |
AMGP |
754,587 |
38,265 |
MPLX |
1,279,929,181 |
36,084,837 | |
ANDX |
516,099,522 |
11,173,404 |
NBLX |
21,404,873 |
428,097 | |
APU |
76,556,528 |
1,655,992 |
NGL |
195,952,022 |
13,946,763 | |
ARLP |
20,166,275 |
1,023,669 |
NS |
296,565,295 |
9,902,013 | |
BPL |
908,164,717 |
18,328,249 |
NSH |
236,356 |
15,055 | |
BWP |
201,509,203 |
15,608,769 |
PAA |
1,085,692,515 |
52,601,382 | |
CEQP |
30,317,020 |
1,175,078 |
PAGP |
3,567,709 |
162,538 | |
CQP |
30,774,953 |
1,038,291 |
PSXP |
303,822,210 |
5,803,672 | |
DCP |
411,714,791 |
11,332,639 |
RMP |
197,598,050 |
9,203,449 | |
DM |
186,044,367 |
6,109,831 |
SEP |
397,826,315 |
10,061,364 | |
EEP |
372,358,764 |
26,962,981 |
SHLX |
369,468,507 |
12,389,957 | |
ENBL |
30,305,242 |
2,131,170 |
SMLP |
20,113,987 |
981,170 | |
ENLC |
1,134,945 |
64,485 |
SPH |
35,347,307 |
1,459,426 | |
ENLK |
317,615,016 |
20,664,607 |
SUN |
36,559,156 |
1,287,294 | |
EPD |
1,672,410,145 |
63,086,011 |
TCP |
350,896,258 |
6,608,216 | |
EQGP |
315,059 |
11,712 |
TEGP |
1,533,669 |
59,583 | |
EQM |
536,502,790 |
7,339,299 |
TEP |
269,478,027 |
5,877,383 | |
ETE |
6,574,648 |
380,918 |
TGP |
26,220,374 |
1,301,259 | |
ETP |
1,669,396,449 |
93,158,284 |
VLP |
23,823,578 |
535,361 | |
GEL |
300,264,393 |
13,434,648 |
VNOM |
20,179,418 |
864,956 | |
GLOP |
17,814,465 |
719,776 |
WES |
604,184,334 |
12,563,617 | |
GMLP |
26,442,305 |
1,159,750 |
WGP |
664,201 |
17,874 | |
HEP |
168,157,229 |
5,175,661 |
WPZ |
1,231,920,496 |
31,766,903 |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
Â
View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html
SOURCE Alerian
DALLAS, Jan. 25, 2018 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("Sunoco") and Energy Transfer Equity, L.P. (NYSE: ETE) ("ETE") announced that today Sunoco will redeem all outstanding Series A Preferred Units held by ETE for an aggregate redemption amount of approximately $312.6 million. The redemption amount includes the original consideration of $300 million and a 1% call premium plus accrued and unpaid quarterly distributions. ETE intends to use proceeds from the redemption of the Sunoco Series A Preferred Units to repay amounts outstanding under its revolving credit facility.
Sunoco and Energy Transfer Partners, L.P. (NYSE: ETP) ("ETP") also announced today they have entered into a Common Unit Repurchase Agreement, whereby Sunoco will repurchase 17,286,859 Sunoco common units owned by ETP for aggregate cash consideration of approximately $540 million. The repurchase price per common unit is $31.2376, which is equal to the volume weighted average trading price of Sunoco common units on the New York Stock Exchange for the ten trading days ending on January 23, 2018. Sunoco will fund the repurchase with cash on hand and expects to close the transaction on February 7, 2018, after the record date for Sunoco's fourth quarter 2017 cash distributions. ETP intends to use the proceeds from the sale of the Sunoco common units to repay amounts outstanding under its revolving credit facility.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that distributes motor fuel to approximately 9,200 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states. SUN's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE).Â
About Energy Transfer
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns Lake Charles LNG Company. On a consolidated basis, ETE's family of companies owns and operates a diverse portfolio of natural gas, natural gas liquids, crude oil and refined products assets, as well as retail and wholesale motor fuel operations and LNG terminalling.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation assets; and various acquisition and marketing assets. ETP's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE).
The information contained in this press release is available on the Sunoco LP website at www.SunocoLP.com and the Energy Transfer website at www.energytransfer.com.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "opportunity," "value-creating," "designed," "predict," "seek," "ongoing," "increases" or "continue" and variations or similar expressions. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in  Annual Reports on Form 10-K filed by SUN, ETE and ETP and other documents filed from time to time with the Securities and Exchange Commission. The partnerships undertake no obligation to update or revise any forward-looking statement to reflect new information or events.
Contacts
Sunoco LP
Scott Grischow
Senior Director – Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA
Senior Analyst – Investor Relations and Finance
(214) 840-5553, derek.rabe@sunoco.com
Energy Transfer
Investor Relations:
Helen Ryoo, 214-981-0795
or
Lyndsay Hannah, 214-981-0795
or
Brent Ratliff, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820
Â
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SOURCE Sunoco LP
DALLAS, Aug. 22, 2017 /PRNewswire/ -- Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) today filed a federal lawsuit in the United States District Court for the District of North Dakota against Greenpeace International, Greenpeace Inc., Greenpeace Fund, Inc., BankTrack, Earth First!, and other organizations and individuals. The Complaint, which is Index number 1:17-cv-00173, alleges that this group of co-conspirators (the "Enterprise") manufactured and disseminated materially false and misleading information about Energy Transfer and the Dakota Access Pipeline ("DAPL") for the purpose of fraudulently inducing donations, interfering with pipeline construction activities and damaging Energy Transfer's critical business and financial relationships. The Complaint also alleges that the Enterprise incited, funded, and facilitated crimes and acts of terrorism to further these objectives. It further alleges claims that these actions violated federal and state racketeering statutes, defamation, and constituted defamation and tortious interference under North Dakota law.
The alleged Enterprise is comprised of rogue environmental groups and militant individuals who employ a pattern of criminal activity and a campaign of misinformation for purposes of increasing donations and advancing their political or business agendas. The Complaint describes the Enterprise's misinformation campaign that aggressively targeted Energy Transfer's critical business relationships, including the financing sources for DAPL and Energy Transfer's other infrastructure projects, by publicly demanding these financial institutions sever ties with Energy Transfer or face crippling boycotts and other illegal attacks.
The Complaint asserts that the attacks were calculated and thoroughly irresponsible, causing enormous harm to people and property along the pipeline's route. Dakota Access was a legally permitted project that underwent nearly three years of rigorous environmental review and for this reason, Energy Transfer believes it has an obligation to its shareholders, partners, stakeholders and all those negatively impacted by the violence and destruction intentionally incited by the defendants to file this lawsuit.
The DAPL misinformation campaign was predicated on a series of false, alarmist, and sensational claims that plaintiffs:
The Enterprise also claimed that the pipeline will inevitably result in catastrophic oil spills, poisoned water, and massive climate change, while ironically, members of the Enterprise deliberately and maliciously attempted to cut holes in the pipeline with torches which, if successful, would have resulted in significant environmental damage and possible loss of life.
The Enterprise supported these false claims with manufactured evidence, including phony GPS coordinates purporting to show the existence of cultural and religious artifacts along DAPL's corridor, and sham affidavits submitted in court.
In addition to its misinformation campaign, the Enterprise directly and indirectly funded eco-terrorists on the ground in North Dakota. These groups formed their own outlaw camp among peaceful protestors gathered near Lake Oahe, and exploited the peaceful activities of these groups to further the Enterprise's corrupt agenda by inducing and directing violent and destructive attacks against law enforcement as well as Plaintiffs' property and personnel. The Enterprise then flagrantly manipulated these "made-for-TV" events to raise more funds for the Enterprise. These terrorist groups also funded their activities and the Enterprise by using donations to fund a lucrative drug trafficking scheme inside the camps.
Other illegal activities directed at Energy Transfer and its executives that are alleged in the Complaint include persistent attempted cyber-attacks and telephonic and electronic threats to the physical safety of executives. Â
The Enterprise has conceded that their campaign has inflicted "hundreds of millions of dollars of damage to the Company," including increased costs of financing resulting from the Enterprise's interference with the Company's financial relationships and mitigation costs in response to the Enterprise's illegal and malicious campaign. These damages, as well as the harm to the Company's reputation, resulting from the Enterprise's misinformation campaign, continue to this day. Energy Transfer is seeking compensatory damages in an amount to be proven at trial as well as treble and punitive damages.
Michael J. Bowe from Kasowitz, Benson & Torres LLP, the Company's counsel, is continuing the investigation into the Enterprise's campaign and practices. Anyone with information can provide it on a confidential basis by telephone at 212-506-1777. A website will be established to catalog information and publish progress reports on the case and, when necessary, to set the record straight as the facts warrant.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns Lake Charles LNG Company. On a consolidated basis, ETE's family of companies owns and operates a diverse portfolio of natural gas, natural gas liquids, crude oil and refined products assets, as well as retail and wholesale motor fuel operations and LNG terminalling. For more information, visit the Energy Transfer Equity, L.P. website at energytransfer.com.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, ETP owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ETP's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Energy Transfer Partners, L.P. website at energytransfer.com.
Â
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SOURCE Energy Transfer Equity, L.P.
DALLAS, April 25, 2017 /PRNewswire/ --Â Alerian announced today that Energy Transfer Partners (NYSE: ETP) is expected to be removed from the Alerian MLP Index (AMZ), Alerian MLP Equal Weight Index (AMZE), Alerian MLP Infrastructure Index (AMZI), and the Alerian Large Cap MLP Index (AMLI) in a special rebalancing.
Special rebalancings are triggered by corporate actions such as mergers, bankruptcies, and liquidations. Pending shareholder approval, ETP will cease to trade due to its merger with Sunoco Logistics Partners (NYSE: SXL). If approved, the rebalancing will take place one trading day after the issuance of a press release indicating all needed merger votes have passed.
Notably, following the closing of the merger, it is anticipated that Sunoco Logistics Partners will change its name to Energy Transfer Partners and that SXL common units will trade on the NYSE under the ticker symbol "ETP".
The index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from the index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of March 31, 2017, over $17 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
SOURCE Alerian
HOUSTON, May 5, 2016 /PRNewswire/ --Â Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today announced financial and operating results for the three-month period ended March 31, 2016.Â
Adjusted EBITDA (1) for the quarter totaled $158.9 million, compared with $128.2 million in the first quarter of 2015. The favorable year-over-year comparison primarily reflects stronger retail and wholesale fuel margins as well as increased merchandise sales and merchandise margins.   A full quarter's contribution from the Partnership's acquisition of the remaining 68.42 percent interest in Sunoco, LLC and the retail marketing assets from Energy Transfer Partners, L.P. (NYSE: ETP) is included in the first quarter results and the comparable period from the prior year. Comparable period results from the prior year also include a full quarter's contribution from the July 2015 Susser Holdings Corporation and April 2015 Sunoco, LLC dropdowns.
Distributable cash flow attributable to partners(1), as adjusted, was $111.5 million, compared to $30.5 million a year earlier, and distributable cash flow per common unit was $1.17.Â
Revenue was $3.2 billion, a decrease of 25.6 percent, compared to $4.3 billion in the first quarter of 2015. The decrease was the result of a 60-cent per-gallon decrease in the average selling price of fuel as well as a 2.4% decrease in total gallons sold.
Total gross profit was $498.7 million, compared to $441.1 million in the first quarter of 2015. Key drivers of the increase were higher fuel margins, an increase in merchandise gross margin as well as the impact of acquisitions made and new-to-industry sites opened during 2015.
Income from operations was $91.8 million, versus $65.3 million in the first quarter of 2015, reflecting an increase in gross profit partly offset by increases in operating and depreciation expenses.
Net income was $62.0 million, or $0.47 per diluted unit, versus $49.3 million, or $0.44 per diluted unit, in the first quarter of 2015, reflecting an increase in operating income partly offset by an increase in interest expense.
On a weighted-average basis, fuel margin for all gallons sold in the first quarter increased to 14.7 cents per gallon, compared to 12.4 cents per gallon in the first quarter of 2015. The increase was primarily attributable to favorable margins in supply and trading activity partly offset by rapidly rising refined product costs experienced toward the end of the first quarter.
Adjusted EBITDA for the wholesale segment was $102.2 million in the first quarter of 2016 versus $82.0 million in the first quarter of 2015. Total wholesale gallons sold in the first quarter were 1,232.6 million, compared with 1,296.6 million in the first quarter of 2015, a decrease of 4.9 percent. This includes gallons sold to consignment stores and third-party customers, including independent dealers, fuel distributors and commercial customers. The Partnership earned 11.4 cents per gallon on these volumes, compared to 9.6 cents per gallon a year earlier.Â
Adjusted EBITDA for the retail segment was $56.7 million in the first quarter of 2016 versus $46.2 million in the first quarter of last year. Total retail gallons sold increased by 3.2 percent to 608.1 million gallons as a result of acquisitions made and new-to-industry sites opened during 2015. The Partnership earned 21.3 cents per gallon on these volumes, compared to 18.6 cents per gallon a year earlier.Â
Merchandise sales in the first quarter increased by 8.5 percent from a year ago to $524.1 million, reflecting acquisitions made and new-to-industry sites opened during 2015. Â Merchandise sales contributed $166.4 million of gross profit from a retail merchandise margin of 31.7 percent.
Same store merchandise sales increased by 2.8 percent, reflecting strong performance across all of SUN's convenience store operations, while same store fuel sales declined 1.0 percent, as a result of inclement weather on the East Coast and lower year-over-year activity in oil producing regions in South and West Texas. In these oil producing regions, same store merchandise sales decreased by 13.3 percent, and same store fuel sales declined 16.0 percent. Excluding these oil producing regions, same store sales increased by 5.9 percent and same store fuel sales increased by 1.1 percent. Both same store merchandise sales and same store fuel sales benefited from a leap day in the first quarter by approximately 1.1 percent.
As of March 31, SUN operated approximately 1,315 convenience stores and retail fuel outlets along the East Coast, in the Southwest and in Hawaii. Third party operated locations totaled 5,525 locations.Â
SUN's other recent accomplishments include the following:
SUN's segment results and other supplementary data are provided after the financial tables below.
Distribution Increase
On April 25, the Board of Directors of SUN's general partner declared a distribution for the first quarter of 2016 of $0.8173 per unit, which corresponds to $3.2692 per unit on an annualized basis. This represents a 2.0 percent increase compared to the distribution for the fourth quarter of 2015 and a 26.7 percent increase compared with the first quarter of 2015. This is the Partnership's 12th consecutive quarterly increase. The distribution will be paid on May 16 to unitholders of record on May 6.
SUN achieved a 1.14 times distribution coverage ratio for the first quarter. The distribution coverage ratio on a trailing 12-month basis was 1.30 times.
Liquidity
At March 31, SUN had borrowings against its revolving line of credit of $675.0 million and other long-term debt of $3.6 billion. Availability on the revolving credit facility after borrowings and letters of credit commitments was $802.7 million. Net debt to Adjusted EBITDA, pro forma for acquisitions, was 5.4 times at quarter end.
(1) |
Adjusted EBITDA and distributable cash flow are non-GAAP financial measures of performance that have limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under "Reconciliations of Non-GAAP Measures" later in this news release for a discussion of our use of Adjusted EBITDA and distributable cash flow, and a reconciliation to net income. |
Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, May 5, at 9:00 a.m. CT (10:00 a.m. ET) to discuss first quarter results and recent developments. To participate, dial 412-902-0003 approximately 10 minutes early and ask for the Sunoco LP conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Sunoco's website at www.SunocoLP.com under Events and Presentations.Â
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,300 retail fuel sites and convenience stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands)Â and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. Our parent -- Energy Transfer Equity, L.P. (NYSE: ETE) -- owns Sunoco's general partner and incentive distribution rights. For more information, visit the Sunoco LP website at www.SunocoLP.com
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.SunocoLP.com
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Contacts
Investors:
Scott Grischow, Senior Director – Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Patrick Graham, Senior Analyst – Investor Relations and Finance
(610) 833-3776, patrick.graham@sunoco.com
Dennard-Lascar Associates
Anne Pearson
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications Manager
(215) 977-6056, jpshields@sunocoinc.com
- Financial Schedules Follow –
Â
SUNOCO LP | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except units) | ||||||||
(unaudited) | ||||||||
March 31, 2016 |
December 31, 2015 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
76,529 |
$ |
72,627 |
||||
Advances to affiliates |
386,327 |
365,536 |
||||||
Accounts receivable, net |
317,568 |
308,285 |
||||||
Receivables from affiliates |
1,565 |
8,074 |
||||||
Inventories, net |
344,459 |
467,291 |
||||||
Other current assets |
70,807 |
46,080 |
||||||
Total current assets |
1,197,255 |
1,267,893 |
||||||
Property and equipment, net |
3,161,953 |
3,154,826 |
||||||
Other assets: |
||||||||
Goodwill |
3,109,258 |
3,111,262 |
||||||
Intangible assets, net |
1,271,488 |
1,259,440 |
||||||
Other noncurrent assets |
62,688 |
48,398 |
||||||
Total assets |
$ |
8,802,642 |
$ |
8,841,819 |
||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
393,776 |
$ |
433,988 |
||||
Accounts payable to affiliates |
11,031 |
14,988 |
||||||
Accrued expenses and other current liabilities |
261,617 |
307,939 |
||||||
Current maturities of long-term debt |
4,824 |
5,084 |
||||||
Total current liabilities |
671,248 |
761,999 |
||||||
Revolving line of credit |
675,000 |
450,000 |
||||||
Long-term debt, net |
3,517,912 |
1,502,531 |
||||||
Deferred tax liability |
684,082 |
694,383 |
||||||
Other noncurrent liabilities |
170,806 |
170,169 |
||||||
Total liabilities |
5,719,048 |
3,579,082 |
||||||
Commitments and contingencies |
||||||||
Partners' capital: |
||||||||
Limited partner interest: |
||||||||
Common unitholders - public (49,588,960 units issued and outstanding as of March 31, 2016 and December 31, 2015) |
1,764,698 |
1,768,890 |
||||||
Common unitholders - affiliated (45,750,826 units issued and outstanding as of March 31, 2016 and 37,776,746 units issued and outstanding as of December 31, 2015) |
1,318,896 |
1,305,350 |
||||||
Class A unitholders - held by subsidiary (no units issued and outstanding as of March 31, 2016 and 11,018,744 units issued and outstanding as of December 31, 2015) |
— |
— |
||||||
Class C unitholders - held by subsidiary (16,410,780 units issued and outstanding as of March 31, 2016 and no units issued and outstanding as of December 31, 2015) |
— |
— |
||||||
Total partners' capital |
3,083,594 |
3,074,240 |
||||||
Predecessor equity |
— |
2,188,497 |
||||||
Total equity |
3,083,594 |
5,262,737 |
||||||
Total liabilities and equity |
$ |
8,802,642 |
$ |
8,841,819 |
Â
Â
Â
SUNOCO LP | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||
(in thousands, except unit and per unit amounts) | ||||||||
(unaudited) | ||||||||
For the Three Months Ended March 31, |
||||||||
2016 |
2015 |
|||||||
Revenues |
||||||||
Retail motor fuel sales |
$ |
1,115,715 |
$ |
1,367,656 |
||||
Wholesale motor fuel sales to third parties |
1,495,874 |
2,436,502 |
||||||
Wholesale motor fuel sales to affiliates |
7,129 |
644 |
||||||
Merchandise sales |
524,094 |
483,123 |
||||||
Rental income |
22,124 |
19,782 |
||||||
Other |
37,377 |
34,681 |
||||||
Total revenues |
3,202,313 |
4,342,388 |
||||||
Cost of sales |
||||||||
Retail motor fuel cost of sales |
984,442 |
1,258,550 |
||||||
Wholesale motor fuel cost of sales |
1,351,844 |
2,306,165 |
||||||
Merchandise cost of sales |
357,715 |
334,922 |
||||||
Other |
9,569 |
1,659 |
||||||
Total cost of sales |
2,703,570 |
3,901,296 |
||||||
Gross profit |
498,743 |
441,092 |
||||||
Operating expenses |
||||||||
General and administrative |
45,191 |
44,934 |
||||||
Other operating |
249,005 |
230,774 |
||||||
Rent |
33,457 |
33,326 |
||||||
Loss (gain) on disposal of assets |
1,214 |
(31) |
||||||
Depreciation, amortization and accretion |
78,066 |
66,743 |
||||||
Total operating expenses |
406,933 |
375,746 |
||||||
Income from operations |
91,810 |
65,346 |
||||||
Interest expense, net |
27,689 |
7,977 |
||||||
Income before income taxes |
64,121 |
57,369 |
||||||
Income tax expense |
2,112 |
8,063 |
||||||
Net income and comprehensive income |
62,009 |
49,306 |
||||||
Less: Net income and comprehensive income attributable to noncontrolling interest |
— |
846 |
||||||
Less: Preacquisition income allocated to general partner |
— |
31,388 |
||||||
Net income and comprehensive income attributable to partners |
$ |
62,009 |
$ |
17,072 |
||||
Net income per limited partner unit: |
||||||||
Common (basic and diluted) |
$ |
0.47 |
$ |
0.44 |
||||
Subordinated (basic and diluted) |
$ |
— |
$ |
0.44 |
||||
Weighted average limited partner units outstanding: |
||||||||
Common units - public (basic) |
49,588,960 |
20,036,329 |
||||||
Common units - public (diluted) |
49,610,314 |
20,074,000 |
||||||
Common units - affiliated (basic and diluted) |
37,864,373 |
4,062,848 |
||||||
Subordinated units - affiliated |
— |
10,939,436 |
||||||
Cash distribution per unit |
$ |
0.82 |
$ |
0.65 |
Key Operating Metrics
The following information is intended to provide investors with a reasonable basis for assessing our historical operations but should not serve as the only criteria for predicting our future performance. We operate our business in two primary operating divisions, wholesale and retail, both of which are included as reportable segments.
Key operating metrics set forth below are presented as of and for the three months ended March 31, 2016 and 2015 and have been derived from our historical consolidated financial statements.
The following table sets forth, for the periods indicated, information concerning key measures we rely on to gauge our operating performance (in thousands, except gross profit per gallon):
For the Three Months Ended March 31, | |||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||
Wholesale |
Retail |
Total |
Wholesale |
Retail |
Total | ||||||||||||||||||
Revenues |
|||||||||||||||||||||||
Retail motor fuel sales |
$ |
— |
$ |
1,115,715 |
$ |
1,115,715 |
$ |
— |
$ |
1,367,656 |
$ |
1,367,656 | |||||||||||
Wholesale motor fuel sales to third parties |
1,495,874 |
— |
1,495,874 |
2,436,502 |
— |
2,436,502 | |||||||||||||||||
Wholesale motor fuel sales to affiliates |
7,129 |
— |
7,129 |
644 |
— |
644 | |||||||||||||||||
Merchandise sales |
— |
524,094 |
524,094 |
— |
483,123 |
483,123 | |||||||||||||||||
Rental income |
18,720 |
3,404 |
22,124 |
11,509 |
8,273 |
19,782 | |||||||||||||||||
Other income |
5,941 |
31,436 |
37,377 |
5,612 |
29,069 |
34,681 | |||||||||||||||||
Total revenue |
$ |
1,527,664 |
$ |
1,674,649 |
$ |
3,202,313 |
$ |
2,454,267 |
$ |
1,888,121 |
$ |
4,342,388 | |||||||||||
Gross profit |
|||||||||||||||||||||||
Retail motor fuel |
$ |
— |
$ |
131,273 |
$ |
131,273 |
$ |
— |
$ |
109,106 |
$ |
109,106 | |||||||||||
Wholesale motor fuel |
151,159 |
— |
151,159 |
130,981 |
— |
130,981 | |||||||||||||||||
Merchandise |
— |
166,379 |
166,379 |
— |
148,201 |
148,201 | |||||||||||||||||
Rental and other |
23,367 |
26,565 |
49,932 |
15,565 |
37,239 |
52,804 | |||||||||||||||||
Total gross profit |
$ |
174,526 |
$ |
324,217 |
$ |
498,743 |
$ |
146,546 |
$ |
294,546 |
$ |
441,092 | |||||||||||
Net income (loss) and comprehensive income (loss) attributable to partners |
$ |
86,019 |
$ |
(24,010) |
$ |
62,009 |
$ |
41,584 |
$ |
(24,512) |
$ |
17,072 | |||||||||||
Adjusted EBITDA attributable to partners (2) |
$ |
102,228 |
$ |
56,659 |
$ |
158,887 |
$ |
82,008 |
$ |
45,309 |
$ |
127,317 | |||||||||||
Distributable cash flow attributable to partners, as adjusted (2) |
$ |
111,520 |
$ |
30,454 | |||||||||||||||||||
Operating Data |
|||||||||||||||||||||||
Total motor fuel gallons sold: |
|||||||||||||||||||||||
Retail |
608,141 |
608,141 |
589,096 |
589,096 | |||||||||||||||||||
Wholesale |
1,232,599 |
1,232,599 |
1,296,575 |
1,296,575 | |||||||||||||||||||
Motor fuel gross profit (cents per gallon) (1): |
|||||||||||||||||||||||
Retail |
21.3¢  |
18.6¢  |
|||||||||||||||||||||
Wholesale |
11.4¢  |
9.6¢  |
|||||||||||||||||||||
Volume-weighted average for all gallons |
14.7¢  |
12.4¢  | |||||||||||||||||||||
Retail merchandise margin |
31.7% |
30.7% |
(1) |
Excludes the impact of inventory fair value adjustments consistent with the definition of Adjusted EBITDA. |
(2) |
We define EBITDA as net income before net interest expense, income tax expense and depreciation, amortization and accretion expense. We define Adjusted EBITDA to include adjustments for non-cash compensation expense, gains and losses on disposal of assets, unrealized gains and losses on commodity derivatives and inventory fair value adjustments. We define distributable cash flow as Adjusted EBITDA less cash interest expense including the accrual of interest expense related to our 2020 and 2023 Senior Notes that is paid on a semi-annual basis, current income tax expense, maintenance capital expenditures, and other non-cash adjustments. Further adjustments are made to distributable cash flow for certain transaction-related and non-recurring expenses that are included in net income. |
We believe EBITDA, Adjusted EBITDA, and distributable cash flow are useful to investors in evaluating our operating performance because: | |
| |
| |
| |
| |
EBITDA, Adjusted EBITDA and distributable cash flow are not recognized terms under GAAP and do not purport to be alternatives to net income (loss) as measures of operating performance or to cash flows from operating activities as a measure of liquidity. EBITDA, Adjusted EBITDA and distributable cash flow have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations include: | |
| |
| |
| |
| |
|
The following table presents a reconciliation of net income to EBITDA, Adjusted EBITDA and distributable cash flow for the three months ended March 31, 2016 and 2015 (in thousands):
For the Three Months Ended March 31, | |||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||
Wholesale |
Retail |
Total |
Wholesale |
Retail |
Total | ||||||||||||||||||
Net income (loss) and comprehensive income (loss) |
$ |
86,019 |
$ |
(24,010) |
$ |
62,009 |
$ |
66,100 |
$ |
(16,794) |
$ |
49,306 | |||||||||||
  Depreciation, amortization and accretion |
16,853 |
61,213 |
78,066 |
18,791 |
47,952 |
66,743 | |||||||||||||||||
  Interest expense, net |
12,128 |
15,561 |
27,689 |
1,002 |
6,975 |
7,977 | |||||||||||||||||
Income tax expense (benefit) |
(748) |
2,860 |
2,112 |
1,041 |
7,022 |
8,063 | |||||||||||||||||
EBITDA |
$ |
114,252 |
$ |
55,624 |
$ |
169,876 |
$ |
86,934 |
$ |
45,155 |
$ |
132,089 | |||||||||||
  Non-cash stock compensation expense |
2,369 |
815 |
3,184 |
430 |
928 |
1,358 | |||||||||||||||||
  Loss (gain) on disposal of assets |
(446) |
1,660 |
1,214 |
159 |
(190) |
(31) | |||||||||||||||||
  Unrealized loss (gain) on commodity derivatives |
(2,725) |
— |
(2,725) |
1,406 |
— |
1,406 | |||||||||||||||||
  Inventory fair value adjustment |
(11,222) |
(1,440) |
(12,662) |
(6,921) |
262 |
(6,659) | |||||||||||||||||
Adjusted EBITDA |
$ |
102,228 |
$ |
56,659 |
$ |
158,887 |
$ |
82,008 |
$ |
46,155 |
$ |
128,163 | |||||||||||
Adjusted EBITDA attributable to noncontrolling interest |
— |
— |
— |
— |
846 |
846 | |||||||||||||||||
Adjusted EBITDA attributable to partners |
$ |
102,228 |
$ |
56,659 |
$ |
158,887 |
$ |
82,008 |
$ |
45,309 |
$ |
127,317 | |||||||||||
Cash interest expense (3) |
26,449 |
7,129 | |||||||||||||||||||||
Income tax expense (current) |
2,120 |
133 | |||||||||||||||||||||
Maintenance capital expenditures |
19,628 |
2,864 | |||||||||||||||||||||
Preacquisition earnings |
— |
87,621 | |||||||||||||||||||||
Distributable cash flow attributable to partners |
$ |
110,690 |
$ |
29,570 | |||||||||||||||||||
Transaction-related expense |
830 |
884 | |||||||||||||||||||||
Distributable cash flow attributable to partners, as adjusted |
$ |
111,520 |
$ |
30,454 |
(3) |
Reflects the Partnership's cash interest paid less the cash interest paid on our VIE debt of $0.7 million during the three months ended March 31, 2015. |
Capital Spending
SUN's gross capital expenditures for the first quarter were $96.2 million, which included $76.6 million for growth capital and $19.6 million for maintenance capital. Approximately $23.8 million of the growth capital spend was for the construction of new-to-industry sites of which four were opened in the first quarter with six currently under construction.
SUN expects capital spending for the full year 2016, excluding acquisitions, to be within the following ranges ($ in millions)
Growth |
 Maintenance | ||
Low |
High |
Low |
High |
$390 |
$420 |
$100 |
$110 |
Growth capital spending includes the construction of 35 to 40 new-to-industry sites that SUN anticipates building in 2016.
Â
SOURCE Sunoco LP
DALLAS and HOUSTON, March 31, 2016 /PRNewswire/ -- Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN) announced today that they have completed the previously announced dropdown to SUN of the remaining 68.42% interest in Sunoco, LLC and 100% interest in Sunoco Retail LLC, which owns the legacy Sunoco convenience store business, for approximately $2.226 billion.
The transaction has an effective date of January 1, 2016 and is expected to be accretive to distributable cash flow and expected distributions per unit for SUN in 2016 and thereafter.
SUN paid ETP approximately $2.2 billion in cash including the expected value of working capital and issued to ETP 5,710,922 million SUN common units valued at approximately $194 million based on the five-day volume-weighted average price of SUN's common units as of November 13, 2015. In connection with the closing of the acquisition, SUN entered into a $2.035 billion senior secured term loan facility to fund a portion of the cash consideration for the acquisition, with the remaining portion funded with borrowings under SUN's revolving credit facility.
This final dropdown completes a total of $5.7 billion of dropdowns from ETP to SUN since the fourth quarter of 2014, transforming into one of the leading wholesale fuel and retail marketing platforms in the United States, with tremendous geographic scale and a unique diversity of business drivers.
Simultaneously with the closing of the acquisition, SUN completed its previously announced sale of 2,263,518 SUN common units to Energy Transfer Equity, L.P. (NYSE: ETE) and received $64.5 million in proceeds which were used to repay borrowings under SUN's revolving credit facility.
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,340 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. Our parent -- Energy Transfer Equity, L.P. (NYSE: ETE) -- owns SUN's general partner and incentive distribution rights. For more information, visit the Sunoco LP website at www.SunocoLP.com
Energy Transfer Partners, L.P. (NSYE: ETP) is a master limited partnership owning and operating one of the largest and most diversified portfolios of energy assets in the United States. ETP's subsidiaries include Panhandle Eastern Pipe Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminalling and crude oil acquisition and marketing assets. ETP's general partner is owned by Energy Transfer Equity, L.P. For more information, visit the Energy Transfer Partners, L.P. web site at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights of Energy Transfer Partners, L.P. and Sunoco LP and approximately 2.6 million ETP Common Units, approximately 81.0 million ETP Class H Units, which track 90% of the underlying economics of the general partner interest and the IDRs of Sunoco Logistics Partners L.P. (NYSE: SXL), and 100 ETP Class I Units. On a consolidated basis, ETE's family of companies owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. For more information, visit Energy Transfer Equity, L.P.'s web site at www.energytransfer.com.
Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this news release is available on our website at www.SunocoLP.com
Contacts
Sunoco LP
Scott Grischow, Director – Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Dennard-Lascar Associates
Anne Pearson
(210) 408-6321, apearson@dennardlascar.com
Energy Transfer Partners, L.P.
Brent Ratliff, Vice President, Investor Relations
(214) 981-0795, brent.ratliff@energytransfer.com
Lyndsay Hannah, Director of Finance and Investor Relations
(214) 981-0795, lyndsay.hannah@energytransfer.com
Granado Communications
Vicki Granado
(214) 599-8785, vicki@granadopr.com
Â
SOURCE Energy Transfer Equity, L.P.; Sunoco LP; Energy Transfer Partners, L.P.
HOUSTON, Feb. 26, 2016 /PRNewswire/ -- Sunoco LP (NYSE: SUN) today filed operational and financial results for the fiscal year ended December 31, 2015 on Form 10-K with the U.S. Securities and Exchange Commission. The Annual Report on Form 10-K is available in the Investor Relations section of the Partnership's website at www.SunocoLP.com under "SEC Filings," as well as on the SEC's website at www.sec.gov.
Sunoco LP unitholders may also request a printed copy of the report, which contains the Partnership's audited financial statements, free of charge by emailing IR@SunocoLP.com, by completing the request form on the Investor Relations website, or by calling Investor Relations at 361-693-3755.
K-1 tax information for Sunoco LP unitholders will be mailed in mid-March and will also be available online. Visit the Investor Relations section of the Partnership's website at www.SunocoLP.com under "Distribution and K-1 Information" to receive an email notification when tax year 2015 information is available or to sign up to receive your K-1 electronically.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 900 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in more than 30 states at approximately 6,800 sites, both directly and through our 31.58 percent interest in Sunoco, LLC, owned in partnership with Energy Transfer Partners, L.P. (NYSE: ETP). Our parent -- Energy Transfer Equity (NYSE: ETE) -- owns SUN's general partner and incentive distribution rights. ETP owns a 38.4% limited partner interest. For more information, visit the Sunoco LP website at www.SunocoLP.com.
Contacts
Investors:
Scott Grischow, Director of Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications Manager
(215) 977-6056, jpshields@sunocoinc.com
Â
SOURCE Sunoco LP
HOUSTON, Jan. 29, 2016 /PRNewswire/ -- Sunoco LP (NYSE: SUN) will release its fourth quarter 2015 financial and operating results after the market closes on Wednesday, February 24. In conjunction with the news release, management will hold a conference call on Thursday, February 25, at 9:00 a.m. Central Time (10 a.m. Eastern Time) to discuss the Partnership's results.
By Phone: |
Dial 412-902-0003 at least 10 minutes before the call. A replay will be available through March 3 by dialing 201-612-7415 and using the conference ID 13629514#. |
By Webcast: |
Connect to the webcast via the Events and Presentations pages of Sunoco LP's Investor Relations website at www.SunocoLP.com. Please log in at least 10 minutes in advance to register and download any necessary software.  A replay will be available shortly after the call. |
Sunoco LP (NYSE: SUN) is a master limited partnership that operates more than 850 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites, both directly as well as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of Energy Transfer Partners, L.P. (NYSE: ETP).  SUN's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Sunoco LP website at www.SunocoLP.com.
Contacts
Investors:
Scott Grischow
Director – Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications Manager
(215) 977-6056, jpshields@sunocoinc.com
Â
SOURCE Sunoco LP
HOUSTON, Jan. 29, 2016 /PRNewswire/ -- Sunoco LP (NYSE: SUN) will release its fourth quarter 2015 financial and operating results after the market closes on Wednesday, February 24. In conjunction with the news release, management will hold a conference call on Thursday, February 25, at 9:00 a.m. Central Time (10 a.m. Eastern Time) to discuss the Partnership's results.
By Phone: |
Dial 412-902-0003 at least 10 minutes before the call. A replay will be available through March 3 by dialing 201-612-7415 and using the conference ID 13629514#. |
By Webcast: |
Connect to the webcast via the Events and Presentations pages of Sunoco LP's Investor Relations website at www.SunocoLP.com. Please log in at least 10 minutes in advance to register and download any necessary software.  A replay will be available shortly after the call. |
Sunoco LP (NYSE: SUN) is a master limited partnership that operates more than 850 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites, both directly as well as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of Energy Transfer Partners, L.P. (NYSE: ETP).  SUN's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Sunoco LP website at www.SunocoLP.com.
Contacts
Investors:
Scott Grischow
Director – Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications Manager
(215) 977-6056, jpshields@sunocoinc.com
Â
SOURCE Sunoco LP
HOUSTON, Jan. 26, 2016 /PRNewswire/ -- Sunoco LP (NYSE: SUN) announced that the Board of Directors of its general partner has declared a quarterly distribution for the fourth quarter of 2015 of $0.8013 per common unit, which corresponds to $3.2052 per common unit on an annualized basis. This represents a 7.5 percent increase compared to the distribution for the third quarter of 2015 and a 33.6 percent increase compared with the fourth quarter of 2014. This increase marks the eleventh consecutive quarter that Sunoco LP has raised its distribution.
The distribution will be paid on February 16, 2016 to common unitholders of record on February 5, 2016.Â
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that operates more than 850 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites, both directly as well as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of Energy Transfer Partners, L.P. (NYSE: ETP).  SUN's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Sunoco LP website at www.SunocoLP.com.
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Contacts
Scott Grischow, Director – Investor Relations and Treasury Â
(361) 884-2463, scott.grischow@sunoco.com
Dennard-Lascar Associates Â
Anne Pearson Â
(210) 408-6321, apearson@dennardlascar.com
Â
Â
Â
SOURCE Sunoco LP
Arguelles Pipeline Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Houston Pipeline Company
Arrowhead Processing Plant (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Bayou Bridge Pipeline Phase I (subscriber access)
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Bayou Bridge Pipeline LLC
Bayou Bridge Pipeline Phase II (subscriber access)
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Parent Entities:
Bayou Bridge Pipeline LLC
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Energy Transfer LP
Blue Marlin Offshore Port (subscriber access)
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Energy Transfer LP
Comanche Trail Pipeline Project (subscriber access)
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Parent Entities:
Comanche Trail Pipeline, LLC
Cushing to Nederland Expansion Project - Phase 1 (subscriber access)
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Parent Entities:
Energy Transfer LP
Cushing to Nederland Expansion Project - Phase 2 (subscriber access)
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Parent Entities:
Energy Transfer LP
Dakota Access Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Phillips 66
Dakota Access, LLC
MarEn Bakken Pipeline Company LLC
Sunoco Logistics Partners L.P.
Dakota Access Pipeline Expansion II (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Delaware Basin Extension (subscriber access)
Status: (subscriber access)
Parent Entities:
Sunoco Logistics Partners L.P.
East - West Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Energy Transfer Bakken Pipeline Optimization Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Energy Transfer Bear Processing (subscriber access)
Parent Entities:
Energy Transfer LP
Energy Transfer Crude Oil Pipeline Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Phillips 66
Energy Transfer Crude Oil Company, LLC
MarEn Bakken Pipeline Company LLC
Sunoco Logistics Partners L.P.
Energy Transfer Long-Haul Permian Basin Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Energy Transfer Mount Belvieu Expansion (subscriber access)
Parent Entities:
Energy Transfer LP
Energy Transfer Mount Belvieu Fractionator VIII (subscriber access)
Parent Entities:
Energy Transfer LP
Energy Transfer Oasis Pipeline Expansion (subscriber access)
Parent Entities:
Energy Transfer LP
FGT Sanford Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Galveston County Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Granite Wash Extension (subscriber access)
Status: (subscriber access)
Parent Entities:
Sunoco Logistics Partners L.P.
Grey Wolf Natural Gas Processing Plant (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Gulf Coast Ethylene Export Facility (NOVA/Sunoco) (subscriber access)
Status: (subscriber access)
Parent Entities:
NOVA Chemicals Olefins LLC
Sunoco Partners Marketing & Terminals L.P.
Gulf Run Pipeline Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Gulf Run Zone 2 Compression Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Jacksonville Expansion Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Jefferson County Crude Oil VLCC Terminal (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Lake Charles LNG Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Lake Charles LNG Company, LLC
Lake Charles LNG Train 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
Lake Charles LNG Company, LLC
Lake Charles LNG Train 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
Lake Charles LNG Company, LLC
Lake Charles LNG Train 3 (subscriber access)
Status: (subscriber access)
Parent Entities:
Lake Charles LNG Company, LLC
Lone Star Express Pipeline Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
LONE STAR NGL LLC
Energy Transfer LP
Lone Star Express Pipeline Phase I (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Lone Star Express Pipeline Phase II (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Lone Star NGL Fractionator III (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Lone Star NGL Fractionator IV (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Lone Star NGL Fractionator V (subscriber access)
Status: (subscriber access)
Parent Entities:
LONE STAR NGL LLC
Energy Transfer Operating, L.P.
Lone Star NGL Fractionator VI (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
LONE STAR NGL LLC
Lone Star NGL Fractionator VII (subscriber access)
Status: (subscriber access)
Parent Entities:
LONE STAR NGL LLC
Energy Transfer LP
Lone Star NGL Fractionator VIII (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Majorsville Compressor Station Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Rover Pipeline LLC
Malaga Lateral Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Transwestern Pipeline Company, LLC
Marcus Hook Fractionation Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Marcus Hook Industrial Complex Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Sunoco Logistics Partners L.P.
Mariner East 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
Sunoco Pipeline L.P.
Sunoco Logistics Partners L.P.
Mariner East 2 Expansion Project (2X) (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Mariner East Phase I (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Sunoco Logistics Partners L.P.
Martin-Gulfstream M&R Station Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Mont Belvieu to Orbit Ethane Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Orbit Gulf Coast NGL Exports, LLC
Nederland LPG Expansion Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Okeechobee Lateral Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
Orbit Gulf Coast NGL Export Facility (subscriber access)
Status: (subscriber access)
Parent Entities:
Orbit Gulf Coast NGL Exports, LLC
Panhandle Backhaul Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Panhandle Eastern Pipe Line Company, LP
Pennsylvania Access project (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Permian Express 3 Pipeline - Phase 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
Permian Express Partners LLC
Permian Express Terminal LLC
Permian Express 4 Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Permian Longview & Louisiana Extension (PELA) Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Sunoco Logistics Partners L.P.
Presidio Crossing Pipeline Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Trans-Pecos Pipeline, LLC
Presidio Lateral Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Trans-Pecos Pipeline, LLC
Energy Transfer Operating, L.P.
Putnam Expansion Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Citrus Energy Corporation
Florida Gas Transmission Company, LLC
Rebel II Processing Plant (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Red Bluff Express Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Revolution Gathering System (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Revolution Natural Gas Processing Plant (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer Operating, L.P.
Rover Pipeline LLC (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Rover Pipeline LLC
Traverse Midstream Partners LLC
Rover Pipeline Phase 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
Rover Pipeline LLC
Rover Pipeline Phase 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
Rover Pipeline LLC
San Elizario Crossing Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Comanche Trail Pipeline, LLC
Ted Collins Link (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Trans-Panama Gateway LPG Pipeline & Terminal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Transwestern Lea County Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Transwestern Pipeline Company, LLC
Trunkline Backhaul Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Trunkline Gas Company, LLC
Trunkline Gas Pipeline Modification Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Trunkline Gas Company, LLC
Warrior Natural Gas Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Energy Transfer LP
Western Division Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Gas Transmission Company, LLC
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