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Energy Transfer Partners, L.P. Message Board

  • musketeernumberone musketeernumberone Aug 22, 2012 12:20 PM Flag

    Nobody can understand ETP...

    I am only moderately intelligent -- and increasingly concerned by my inability to figure this company out.

    So, I came across this article written by a guy who appears much smarter than me. But even he cant figure out the convoluted mess that is ETP:

    http://seekingalpha.com/article/817511-examining-energy-transfer-partners-distributable-cash-flow-as-of-q2-2012?source=yahoo

    *In addition to my discomfort with the SUN acquisition, the Q1 2012 and Q2 2012 results, and the fact that distributions are being funded with debt and equity, I am also troubled by the sheer complexity of the ETP story.*

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    • bender_from_the_future bender_from_the_future Aug 23, 2012 11:06 AM Flag

      I understand that the pps goes down on a regular basis.

    • Maybe the divestitures and the acquisitions can create some value in themselves, but the other machinations are a distraction.

      Management is trying to create value out of thin air using accounting tricks rather than running a solid, profitable, growing business.

      Common, guys, no wonder your partners are rebelling with lawsuits alleging self-dealing and mis-management.

      You su*ck and the shares reflect that reality!

      • 1 Reply to musketeernumberone
      • Musketeer-

        There is no thin air or magic tricks. The problem is ETP has a challenge to grow with all the acquisitions while keeping investment grade. The SUN purchase will be very accretive and result in some sales of assets. Next year ETP will be able to sell the APU units.

        The organizational chart is indeed a nightmare but little different than when EPD owned DEP, ETE and thus ETP and RGNC. The organizational chart will get simplier beginning in Q4 of this year or Q1 of next year.

        Also remember that there are some $4B in almost 100% fee based organic projects. ETP in 2014 will look almost 80% different than in January of this year. Personally I'm happy to get paid over 8% to wait.

        As for value. People forget that MWE was down 25% earlier this year and is still down about 14%. That is more of a decrease than ETP in the comperable time frame.

        ARB

    • nothing to understand it hasnt raised divy in a looooooooooong time and does not have the growth to do so in the future. even if they appear to get ahead they go buy somebodys line of pipes and issue more shares that are not covered by the profits, then come on cramer and say im sorry to all the share holders and well try to do better. i sold mine the next day at 45 something and bought ngls and mwe. they havent apoligized one time to me

    • Holy crap, does this look like a ponzi scheme? WTF???

      In addition to my discomfort with the SUN acquisition, the Q1 2012 and Q2 2012 results, and the fact that distributions are being funded with debt and equity, I am also troubled by the sheer complexity of the ETP story. It has announced acquisitions in excess of $10 billion over an 18-month period, it will own a retail gasoline business, which is non-strategic and does not fit well structure-wise because it is a corporation and is subject to corporate taxes, and it must dispose of aging refineries. The complexities created by using ETP for some acquisitions and ETE for others need to be untangled and, in attempting to do so, additional structures are being created. I find it difficult to follow the logic, economics and implications of the recent transaction, announced June 15, 2012, whereby ETE and ETP agreed that following the closing of the SUN acquisition:

 
ETP
63.66-0.83(-1.29%)Oct 22 4:05 PMEDT

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