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ETE, ETP Q2 net income dip YOY

Energy Transfer Equity LP on Aug. 8 reported second-quarter 2017 limited partners' interest in net income of $204 million, down from $239 million during the prior-year quarter.

Net income per limited partner unit for the quarter was posted at 18 cents per unit, compared to 23 cents per unit during the year-ago period. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 26 cents.

The partnership reported income from continuing operations at $373 million, or 19 cents per unit, down from $409 million, or 23 cents per unit, during the same quarter of the previous year.

Operating income was reported at $788 million, down from $805 million during the same period last year. Adjusted distributable cash flow for the quarter was also posted at $240 million, compared to $276 million during the year-ago quarter. The decreases in net income and adjusted DCF were mainly attributed to a reduction in incentive distributions, as agreed upon by ETE and Energy Transfer Partners LP, as well as the merger between ETP and Sunoco Logistics Partners LP.

On a separate release, Energy Transfer Partners reported second-quarter 2017 net income of $292 million, down from $472 million during the same period last year.

Common unit holders' interest in net income for the quarter was at a loss of $52 million, or a loss of 4 cents per unit, down from $60 million, or 6 cents per unit, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 18 cents.

Second-quarter operating income for ETP was reported at $732 million, compared to $715 million during the year-ago quarter, with adjusted EBITDA being reported at $1.60 billion, up from $1.37 billion during the same quarter in the previous year. The increases were attributed to higher results from ETP's midstream and crude oil transportation and services segments.