Energy Transfer 2010 Annual Report Download - page 56

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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 2010
Fourth Quarter Ended December 31, 2010 $ 52.00 $ 48.01 $ 0.89375
Third Quarter Ended September 30, 2010 51.95 44.97 0.89375
Second Quarter Ended June 30, 2010 49.99 40.06 0.89375
First Quarter Ended March 31, 2010 47.76 42.69 0.89375
Fiscal Year 2009
Fourth Quarter Ended December 31, 2009 $ 45.56 $ 40.77 $ 0.89375
Third Quarter Ended September 30, 2009 47.44 38.70 0.89375
Second Quarter Ended June 30, 2009 44.33 36.50 0.89375
First Quarter Ended March 31, 2009 38.69 30.72 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 16, 2011, there were approximately 265,000 individual Common Unitholders, which includes
Common Units held in street name. Our Common Units represent limited partner interests in us that entitle the
holders to the rights and privileges specified in our Partnership Agreement. Our Common Units are registered
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on the
NYSE. 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 owned by HHI, our wholly-owned subsidiary.
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.
As of December 31, 2010, our General Partner owned an approximate 1.8% general partner interest in us and the
holders of Common Units and Class E Units collectively owned a 98.2% limited partner interest in us.
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