I also missed the CC. There is no replay. They have never replayed conference calls. Suggest calling them on their 800 number to complain.
IR told me that there would be an 8-K filing with the updated guidance for 2006. I asked about some printed ifinancials regarding mark to mark adjustments on hedging. The IR rep agreed that this would be helpful and would pass the suggestion on to mgmt. I was promised info either via e-mail or a call today or tomorrow. Will pass on that info when I receive it.
ARBTRDR wrote: "I asked about some printed ifinancials regarding mark to mark adjustments on hedging. The IR rep agreed that this would be helpful and would pass the suggestion on to mgmt. I was promised info either via e-mail or a call today or tomorrow."
I was not sure about the numbers on the hedges, and was waiting for some else to post them. But given that lack of important info, here is what I got.
ETP made $50 million on hedeges in Q2, Unlike Q1, this will NOT be reversable. But this will be one-time income.
ETP hedges as it buys gas for storage. ETP hedges are based NOT on the total amount of storage, but on what it expects to sell - based on the December contract, It makes its best guess on how much gas it will need to fulfill its on-demand contract. It was a very warm winter [did they say 10% warmer?], and thus they estimated the demand too high. Thus they sold short on more gas than they actually sold. Thus the lack of a 'reverse'. ETP has already started to refill its Bammel storage unit.
ETP made net income $250.8 million in Q1, as compared to $87.6 million in Q1-05, an increase of 186%. So by MY calculation - it would have been $200.6 million without the hedges, an increase of 129%.
ARB - please post what you get from IR, because I would like my numbers confirmed.
Your numbers are correct except for a gain of $50M that will also occour next year. My call was returned by their Mike Kimbrill their president rather than their IR person. We talked for about 45 minutes about all sorts of things. He was accomodating and easy to talk with. I plan on discussing things with him on a continuing basis.
I sent you 2 e-mails. Please repost that information on your blog and here as well as you see fit. Am trying to get through today and tomorrow completing taxes for seniors with AARP today and tomorrow.
"With Monday's breakout of an eight-month trading range, clearly things are changing for Energy Transfer Partners, L.P.
For more than eight months, ETP had been locked in a $39 - $32 trading range, with the exception of a failed two day breakdown back in October. ETP began nibbling at the top in of the range as early as Mar 20 on light volume. Nothing to get excited about.
However, with the release of Monday's earnings report, ETP has decisively broken out into new high ground confirmed with volume more than twice the two month average."