Energy Transfer 2015 Annual Report Download - page 68

Table of Contents
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 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 2015
Fourth Quarter $ 47.53
$ 27.44
$ 1.0550
Third Quarter 54.64
36.84
1.0550
Second Quarter 59.37
51.73
1.0350
First Quarter 66.58
53.25
1.0150
Fiscal Year 2014
Fourth Quarter $ 69.66
$ 53.12
$ 0.9950
Third Quarter 64.13
54.64
0.9750
Second Quarter 58.20
53.62
0.9550
First Quarter 57.00
52.49
0.9350
(1) Distributions are shown in the quarter with respect to which they relate. Please see “Cash Distribution Policy” below for a discussion of our policy
regarding the payment of distributions.
Description of Units
Common Units
As of February 19, 2016, there were approximately 595,972 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.”
Class E Units
In conjunction with our purchase of the capital stock of Heritage Holdings, Inc. (“HHI”) in January 2004, there are currently 8.9 million Class E Units
outstanding, all of which are currently owned by HHI. The Class E Units generally do not have any voting rights. The 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.
Class G Units
In conjunction with the Sunoco Merger, we amended our partnership agreement to create Class F Units. The number of Class F Units issued was determined at
the closing of the Sunoco Merger and equaled 90.7 million, which included 40 million Class F Units issued in exchange for cash contributed by Sunoco, Inc.
to us immediately prior to or concurrent with the closing of the Sunoco Merger. The Class F Units generally did not have any voting rights. The Class F Units
were entitled to aggregate cash distributions equal to 35% of the total amount of cash generated by us and our subsidiaries, other than ETP Holdco, and
available for distribution, up to a maximum of $3.75 per Class F Unit per year. In April 2013, all of the outstanding Class F Units were exchanged for Class G
Units on a one-for-one basis. The Class G Units have terms that are substantially the same as the Class F Units, with the principal difference between the Class
G Units and the Class F Units being that allocations of depreciation and amortization to the Class G Units for tax purposes are based on a predetermined
percentage and are not contingent on whether ETP has net income or loss. These units are held by a subsidiary and therefore are reflected as treasury units in
the consolidated financial statements.
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