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Energy Transfer Partners, L.P. Message Board

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  • jc_magical_mystery_tour jc_magical_mystery_tour Jul 30, 2007 6:41 PM Flag

    Lehman's on ETP

    Here's more detail :

    EQUITY RESEARCH July 27, 2007 United States of America
    Energy & Power
    Energy Transfer Partners LP (ETP - US$ 61.24) 1-Overweight

    Company Update
    Main PT Pending Outcome of FERC/CFTC Inv

    Investment Conclusion

    � ETP has been under investigation by FERC and CFTC regarding certain physical and financial natural gas trades that occurred during 2003-2005. FERC has issued a show cause order giving ETP 30 days to respond to allegations. CFTC has filed a complaint with U.S. District Court. We believe worst case would be both commissions fine ETP for total of $377 million. Assuming fines were financed w/debt, this would impact our current PT of $68 by $3. PT based on dist run rate of $3.74 and 5.5% yield. Incr int exp of $0.19 would decr dist run rate to $3.55. We are maintaining our current PT and estimates pending outcome of investigations. We would note ETP released stmt today defending their position.


    � Timing of final outcomes difficult to predict.
    Although FERC may be resolved faster than
    CFTC given procedures involved.

    � We believe headline risk will continue to weigh on
    stock near-term, but LT fundamentals remain intact.

    Stock Rating Target Price

    New: 1-Overweight New: US$ 68.00
    Old: 1-Overweight Old: US$ 68.00
    Sector View: 2-Neutral

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