Dallas, Texas 05/08/2014 (FINANCIALSTRENDS) – Energy Transfer Equity LP (NYSE:ETE) share price shot up by a huge 4.5 percent during trading on 7th May in direct context to its first quarter earnings call. Net income generated from its partners program came in at $168 million for the reporting quarter as against the $90 million in 1Q13. Distributed Cash flow in the reporting quarter came in at $199 million as against the $178 million it had reported in 1Q13.
These solid increases its operational gains were largely driven by increase in its asset class, in addition to a sustained increase in demand for its products coupled with increase in price of the commodities.
Energy Transfer Equity LP (NYSE:ETE) also reported on the earnings call, that in April of this year its Board of Directors led by chairman Kelcy L. Warren has decided to up the quarterly distribution payout to hit 35 cents per unit. This translates to a $1.435 payout for the full year. These strong returns on the share holder value were further bumped up in the reporting quarter, when the company announced a two for one split in its common units held by investors.
During the reporting quarter, Energy Transfer Equity LP (NYSE:ETE) also completed the buyout of Trunkline LNG Company, LLC from its sister concern Energy Transfer Partners LP (NYSE:ETP) by surrendering the close to 18.7 million units of the former that Energy Transfer Equity LP (NYSE:ETE) owned.
It also raised its credit facility to peak at $1.2 billion so that it could fund its previously disclosed unit buyback program in addition to buyout of smaller stakes in the Regency common units. It is appropriate to note here that in the intervening months of January to April of this year, a total of $750 million worth common units have been bought out by the firm under its unit buy back program.