Energy Transfer 2015 Annual Report Download - page 203

Table of Contents
Common Units
The change in Common Units was as follows:
Years Ended December 31,
2015
2014
2013
Number of Common Units, beginning of period 355.5
333.8
301.5
Common Units redeemed in connection with certain transactions (51.8)
(18.7)
—
Common Units issued in connection with public offerings —
—
13.8
Common Units issued in connection with certain acquisitions 172.2
15.8
49.5
Common Units redeemed for Class H Units —
—
(50.2)
Common Units issued in connection with the Distribution Reinvestment Plan 7.7
2.8
2.3
Common Units issued in connection with Equity Distribution Agreements 21.1
21.4
16.9
Repurchases of Common Units in open-market transactions —
—
(0.4)
Issuance of Common Units under equity incentive plans 0.9
0.4
0.4
Number of Common Units, end of period 505.6
355.5
333.8
Our Common Units are registered under the Securities Exchange Act of 1934 (as amended) and are listed for trading on the NYSE. Each holder of a
Common Unit is entitled to one vote per unit on all matters presented to the Limited Partners for a vote. In addition, if at any time any person or group
(other than our General Partner and its affiliates) owns beneficially 20% or more of all Common Units, any Common Units owned by that person or group
may not be voted on any matter and are not considered to be outstanding when sending notices of a meeting of Unitholders (unless otherwise required by
law), calculating required votes, determining the presence of a quorum or for other similar purposes under the Partnership Agreement. The Common Units
are entitled to distributions of Available Cash as described below under “Quarterly Distributions of Available Cash.”
Public Offerings
In April 2013, the Partnership completed a public offerings of 13.8 million Common Units, all of which have been registered under the Securities Act of
1933 (as amended), for net proceeds of $657 million. Proceeds were used to repay amounts outstanding under the ETP Credit Facility and for general
partnership purposes.
Equity Distribution Program
From time to time, we have sold Common Units through equity distribution agreements. Such sales of Common Units are made by means of ordinary
brokers’ transactions on the NYSE at market prices, in block transactions or as otherwise agreed between us and the sales agent which is the counterparty
to the equity distribution agreements.
During the year ended December 31, 2015, we issued 21.1 million units for $1.07 billion, net of commissions of $11 million. As of December 31, 2015,
$328 million of our Common Units remained available to be issued under our currently effective equity distribution agreement.
Equity Incentive Plan Activity
We issue Common Units to employees and directors upon vesting of awards granted under our equity incentive plans. Upon vesting, participants in the
equity incentive plans may elect to have a portion of the Common Units to which they are entitled withheld by the Partnership to satisfy tax-withholding
obligations.
Distribution Reinvestment Program
Our Distribution Reinvestment Plan (the “DRIP”) provides Unitholders of record and beneficial owners of our Common Units a voluntary means by
which they can increase the number of ETP Common Units they own by reinvesting the quarterly cash distributions they would otherwise receive in the
purchase of additional Common Units.
During the years ended December 31, 2015, 2014 and 2013, aggregate distributions of $360 million, $155 million, and $109 million, respectively, were
reinvested under the DRIP resulting in the issuance in aggregate of 12.8 million Common Units.
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