Energy Transfer 2012 Annual Report Download - page 112

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• the continued ability to find and contract for new sources of natural gas supply;
• availability and marketing of competitive fuels;
• the impact of energy conservation efforts;
• energy efficiencies and technological trends;
• governmental regulation and taxation;
• changes to, and the application of, regulation of tariff rates and operational requirements related to our interstate and intrastate
pipelines;
• hazards or operating risks incidental to the gathering, treating, processing and transporting of natural gas and NGLs;
• competition from other midstream companies and interstate pipeline companies;
• loss of key personnel;
• loss of key natural gas producers or the providers of fractionation services;
• reductions in the capacity or allocations of third-party pipelines that connect with our pipelines and facilities;
• the effectiveness of risk-management policies and procedures and the ability of our liquids marketing counterparties to satisfy
their financial commitments;
• the nonpayment or nonperformance by our customers;
• regulatory, environmental, political and legal uncertainties that may affect the timing and cost of our internal growth projects,
such as our construction of additional pipeline systems;
• risks associated with the construction of new pipelines and treating and processing facilities or additions to our existing
pipelines and facilities, including difficulties in obtaining permits and rights-of-way or other regulatory approvals and the
performance by third-party contractors;
• the availability and cost of capital and our ability to access certain capital sources;
• a deterioration of the credit and capital markets;
• risks associated with the assets and operations of entities in which we own less than a controlling interests, including risks
related to management actions at such entities that we may not be able to control or exert influence;
• the ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to our financial
results and to successfully integrate acquired businesses;
• changes in laws and regulations to which we are subject, including tax, environmental, transportation and employment
regulations or new interpretations by regulatory agencies concerning such laws and regulations; and
• the costs and effects of legal and administrative proceedings.
You should not put undue reliance on any forward-looking statements. When considering forward-looking statements, please
review the risks described under “Item 1A. Risk Factors” in this annual report. Any forward-looking statement made by us in this
Annual Report on Form 10-K is based only on information currently available to us and speaks only as of the date on which it is
made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future developments or otherwise.
Inflation
Interest rates on existing and future credit facilities and future debt offerings could be significantly higher than current levels,
causing our financing costs to increase accordingly. Although increased financing costs could limit our ability to raise funds in
the capital markets, we expect to remain competitive with respect to acquisitions and capital projects since our competitors would
face similar circumstances.
Inflation in the United States has been relatively low in recent years and has not had a material effect on our results of operations.
It may in the future, however, increase the cost to acquire or replace property, plant and equipment and may increase the costs of
labor and supplies. Our operating revenues and costs are influenced to a greater extent by commodity price changes. To the extent
permitted by competition, regulation and our existing agreements, we have and will continue to pass along a portion of increased
costs to our customers in the form of higher fees.
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