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Energy Transfer Partners, L.P. Message Board

  • Kelvinvin Kelvinvin Jul 8, 2012 11:00 AM Flag

    a newbie here

    I like to know where this company gets the money to pay the dividend. capital expenditures is actually more than cash flow from operating activities. Go easy on me. I'm trying to learn how to read cash flow statement. :)

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    • Any company that undertakes a sizable capital expansion program is going to need funding far in excess of its annual cash flow. That is what debt issuance is for. Also, in the case of MLPs, secondary offerings of new units.

      Annual interest on the debt, and distributions on the MLP units, are only a small percentage of the total borrowings and equity issuances. As long as the return on the invested capital generates sufficient free cash flow, everything works just fine./

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