Energy Transfer 2015 Annual Report Download - page 117

Table of Contents
• availability of local, intrastate and interstate transportation systems;
• 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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