Energy Transfer 2012 Annual Report Download - page 68

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PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON UNITS, RELATED UNITHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Price of and Distributions on the Common Units and Related Unitholder Matters
Our Common Units are listed on the New York Stock Exchange (the “NYSE”) under the symbol “ETP." The following table sets
forth, for the periods indicated, the high and low sales prices per Common Unit, as reported on the NYSE Composite Tape, and
the amount of cash distributions paid per Common Unit for the periods indicated.
Price Range Cash
Distribution (1) High Low
Fiscal Year 2012
Fourth Quarter $ 45.00 $ 40.19 $ 0.89375
Third Quarter 46.00 41.35 0.89375
Second Quarter 51.00 41.15 0.89375
First Quarter 50.12 45.75 0.89375
Fiscal Year 2011
Fourth Quarter $ 47.69 $ 38.08 $ 0.89375
Third Quarter 49.50 40.25 0.89375
Second Quarter 55.20 44.75 0.89375
First Quarter 55.50 50.31 0.89375
(1) Distributions are shown in the quarter with respect to which they relate. For each of the indicated quarters for which distributions
have been made, an identical per unit cash distribution was paid on any units subordinated to our Common Units outstanding
at such time. Please see “— Cash Distribution Policy” below for a discussion of our policy regarding the payment of
distributions.
Description of Units
As of February 25, 2013, there were approximately 552,000 individual Common Unitholders, which includes Common Units held
in street name. The Common Units are entitled to distributions of Available Cash as described below under “— Cash Distribution
Policy.”
In conjunction with our purchase of the capital stock of Heritage Holdings, Inc. (“HHI”) in January 2004, there are currently
8,853,832 Class E Units outstanding, all of which are currently owned by HHI, a subsidiary of Holdco. The Class E Units generally
do not have any voting rights. These Class E Units are entitled to aggregate cash distributions equal to 11.1% of the total amount
of cash distributed to all Unitholders, including the Class E Unitholders, up to $1.41 per unit per year. As the Class E Units are
owned by a wholly owned subsidiary, the cash distributions on those units are eliminated in our consolidated financial statements.
Although no plans are currently in place, management may evaluate whether to retire the Class E Units at a future date.
In conjunction with the Sunoco merger, we amended our partnership agreement to create the Class F Units. The number of Class
F Units issued was determined at the closing of the Sunoco merger and equaled 90,706,000, which includes 40,000,000 Class F
Units issued in exchange for cash contributed by Sunoco to us immediately prior to or concurrent with the closing of the Sunoco
merger. The Class F Units generally do not have any voting rights. The Class F Units issued to Sunoco in connection with the
Sunoco merger are entitled to aggregate cash distributions equal to 35% of the total amount of cash that is generated by us and
our subsidiaries (other than Holdco) and available for distribution, up to a maximum of $3.75 per Class F Unit per year.
As of December 31, 2012, our General Partner owned an approximate 0.9% general partner interest in us and the holders of
Common Units, Class E and Class F Units collectively owned a 99.1% limited partner interest in us.
Incentive Distribution Rights ("IDRs") represent the contractual right to receive a specified percentage of quarterly distributions
of Available Cash from operating surplus after the minimum quarterly distribution has been paid. Please read “— Distributions
of Available Cash from Operating Surplus” below.
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