Energy Transfer 2010 Annual Report Download - page 28
Download and view the complete annual report
Please find page 28 of the 2010 Energy Transfer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
26 -
27 -
28 -
29 -
30 -
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
 |
 |
ITEM 1A. RISK FACTORS
In addition to risks and uncertainties in the ordinary course of business that are common to all businesses,
important factors that are specific to our structure as a limited partnership, our industry and our company could
materially impact our future performance and results of operations. We have provided below a list of these risk
factors that should be reviewed when considering an investment in our securities. These are not all the risks we
face and other factors currently considered immaterial or unknown to us may impact our future operations.
Risks Inherent in an Investment in Us
Cash distributions are not guaranteed and may fluctuate with our performance and other external factors.
The amount of cash we can distribute to holders of our Common Units or other partnership securities depends
upon the amount of cash we generate from our operations. The amount of cash we generate from our operations
will fluctuate from quarter to quarter and will depend upon, among other things:
• the amount of natural gas transported in our pipelines and gathering systems;
• the level of throughput in our processing and treating operations;
• the fees we charge and the margins we realize for our gathering, treating, processing, storage and
transportation services;
• the price of natural gas and NGLs;
• the relationship between natural gas and NGL prices;
• the weather in our operating areas;
• the cost to us of the propane we buy for resale and the prices we receive for our propane;
• the level of competition from other midstream companies, interstate pipeline companies, propane companies
and other energy providers;
• the level of our operating costs;
• prevailing economic conditions; and
• the level of our derivative activities.
In addition, the actual amount of cash we will have available for distribution will also depend on other factors,
such as:
• the level of capital expenditures we make;
• the level of costs related to litigation and regulatory compliance matters;
• the cost of acquisitions, if any;
• the levels of any margin calls that result from changes in commodity prices;
• our debt service requirements;
• fluctuations in our working capital needs;
• our ability to borrow under our credit facilities;
• our ability to access capital markets;
• restrictions on distributions contained in our debt agreements; and
• the amount, if any, of cash reserves established by our General Partner in its discretion for the proper
conduct of our business.
26