Actually, the yield is 13% if you are reinvesting your dividends.
Energy Transfer Partners, L.P. (ETP) announced its distribution reinvestment plan (the Plan) in April 2011, and implemented it with the May 2011 quarterly distribution payment. The Plan, which is available to all owners of Energy Transfer Partners common units, is an excellent way for ETP owners to reinvest their distributions at a discount.
Common units purchased through the Plan will be at a discount ranging from 0% to 5% (currently set at 5%) and an investor will not pay any service fees, brokerage trading fees or other charges. If investors participate in the Plan through their brokers, they should consult with their brokers; their brokers may charge a service fee for participating on their behalf.