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Net income of ETE, ETP, Sunoco picks up in Q1'16

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Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Net income of ETE, ETP, Sunoco picks up in Q1'16

EnergyTransfer Equity LP on May 4 reported first-quarter 2016 net incomeattributable to partners of $312 million, or 30 cents per unit, compared to$284 million, or 26 cents per unit, during the same period in 2015.

The partnership posted adjusted distributable cash flow of$349 million, or 33 cents per unit, compared to $321 million, or 30 cents perunit during the year-ago period.

ETE also reported operating income of $701 million, comparedto $617 million during the corresponding period last year.

In a separate release the same day, reportednet income attributable to partners of $311 million, compared to $281 millionduring the prior-year period. ETP posted operating income of $614 million,compared to $608 million during the corresponding quarter in 2015.

The partnership reported adjusted DCF attributable to thepartners of ETP of $793 million, compared to $844 million during the samequarter last year. ETP also posted an adjusted EBITDA of $1.41 billion,compared to $1.37 billion during the prior year period.

SunocoLogistics Partners LP also reported net income attributable topartners of $145 million, or 18 cents per unit, compared to $36 million, or aloss of 10 cents per unit. The first-quarter S&P Capital IQ normalized EPSconsensus estimate was 26 cents.

Sunoco reported total adjusted EBITDA of $349 million,compared to $221 million during the first quarter in 2015, and posted DCF of$283 million, compared to $158 million in the same period last year.

The partnership reported operating income of $183 million,compared to $66 million, during the year-ago period.

"We are pleased to announce another quarter ofincreased earnings, distributable cash flow and distributions," SunocoPresident and CEO Michael Hennigan said in a statement. "Our blue bargrowth continues to be strong as our ratable earnings have increased over 30 percentcompared to last year which more than offset our significantly reduced red baropportunities in this challenging macro environment. Even excluding thefavorable LIFO accounting, we experienced year-on-year growth in all three ofour diversified operating segments: crude oil, natural gas liquids and refinedproducts."