Processing margins are down. This will not impact ETP in a significant way.
Propane accounts for approx 15% of ETP's operating income. ETP's sells propane on a retail basis. Their margins are likely to remain satisfactory.
ETP's fee based transportation business (interstate and intrastate pipelines) will increase in profitability during 2009 due to increased volumes (prior capex) and expected govt approved rate increases.
ETP will at least maintain its distribution and could make modest distribution increases in 2009 (3-5%) even in this market. When commodity prices improve (late 2009 or 2010) ETP will be in a position to significantly increase distributions.