Energy Transfer LP Announces Cash Distributions on Series C, D and E Preferred Units

Rhea-AI Summary

Energy Transfer LP (ET) has announced quarterly cash distributions for its preferred units, amounting to $0.4609375 for Series C, $0.4765625 for Series D, and $0.4750000 for Series E. These distributions will be paid on August 16, 2021, to unitholders recorded by August 2, 2021. Following the merger with Energy Transfer Operating, L.P., unitholders converted their preferred units to ET units. ET operates a diverse energy asset portfolio, including natural gas midstream and transportation assets, and is publicly traded.

Positive

• Announced quarterly cash distribution of $0.4609375 for Series C, $0.4765625 for Series D, and $0.4750000 for Series E units.
• Merger with Energy Transfer Operating, enhancing asset portfolio.

Negative

• Uncertainties and risks related to forward-looking statements including impacts from COVID-19.

Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.4609375 per Series C Preferred Unit (NYSE: ETprC), the quarterly cash distribution of $0.4765625 per Series D Preferred Unit (NYSE: ETprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETprE). These cash distributions will be paid on August 16, 2021 to Series C, Series D and Series E unitholders of record as of the close of business on August 2, 2021.

The Series C, Series D and Series E preferred units were originally issued by Energy Transfer Operating, L.P. (“ETO”). On April 1, 2021, ETO merged into ET with ET surviving the merger. At the effective time of the merger, each issued and outstanding ETO preferred unit was converted into the right to receive one newly created ET preferred unit.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The information contained in this press release is available on our website at energytransfer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210722005835/en/

FAQ

What are the cash distributions announced by Energy Transfer LP (ET)?

Energy Transfer LP announced cash distributions of $0.4609375 for Series C, $0.4765625 for Series D, and $0.4750000 for Series E preferred units.

When will Energy Transfer LP (ET) pay the announced cash distributions?

The cash distributions will be paid on August 16, 2021, to unitholders of record as of August 2, 2021.

What was the impact of the merger on Energy Transfer LP (ET)?

The merger with Energy Transfer Operating resulted in the conversion of preferred units into newly created ET preferred units.

What types of assets does Energy Transfer LP (ET) operate?

Energy Transfer LP operates a diversified portfolio of energy assets, including natural gas midstream and transportation assets.

What forward-looking risks are mentioned in Energy Transfer LP's press release?

The press release mentions risks and uncertainties, including potential impacts from the COVID-19 pandemic.