Seeking Alpha: Energy Transfer Partners And Equity Offer Complicated Value

If you like complex, convoluted investing stories, Energy Transfer Partners, LP (ETP) and Energy Transfer Equity, LP (ETE) could be right up your alley. Energy Transfer Partners is one of the largest energy MLPs in the country, and a major player in natural gas transportation/storage, along with significant assets in midstream, natural gas liquids, and fuel distribution. Energy Transfer Equity is not only the owner of the general partner interest in ETP, but also the incentive distribution rights and about 52.5 million units, as well as the owner of additional GP/IDR interests in other partnerships.

MLPs are not for every investor, as they are subject to meaningfully different tax treatment. Nevertheless, both ETP and ETE look interesting at these levels. ETP offers a higher yield and substantially less growth, while ETE could be looking at high-teens distribution growth for multiple years and significant upside to an LNG export project in Louisiana.

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Energy Transfer Partners And Equity Offer Complicated Value

Investopedia: Penn Virginia Resource Partners Changing For The Better

Given how well the Street reacted to Penn Virginia Resource Partners' (NYSE:PVR) announcement that it was acquiring Chief Gathering in a transformative $1 billion deal, the time between now and closing will probably seem to drag a bit. After all, few investors are keen on thermal coal at all right now, and especially the Appalachian coal that makes up so much of PVR's asset base. Luckily for new investors, there still seems to be room for further appreciation, though it comes with added execution risk.

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http://stocks.investopedia.com/stock-analysis/2012/Penn-Virginia-Resource-Partners-Changing-For-The-Better-PVR-ARLP-NRP-MMP-ETP0501.aspx

Investopedia: Energy Transfer Equity Mastering The MLP Space

Investors certainly have plenty of choices when it comes to energy master limited partnerships (MLPs). One of the more interesting options these days may well be Energy Transfer Equity (NYSE:ETE). Not only is the company on track to complete its acquisition of Southern Union, but the company also holds the general partner interest and incentive distribution rights for two other MLPs - Energy Transfer Partners (NYSE:ETP) and Regency Energy Partners (NYSE:RGP). With those incentive rights and the potential for cash flow growth at both partnerships, ETE unit holders could look forward to some fairly significant distribution growth in the coming years.

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http://stocks.investopedia.com/stock-analysis/2012/Energy-Transfer-Equity-Mastering-The-MLP-Space-ETP-ETE-RGP-EPD0322.aspx

Investopedia: Can A Change In Priorities Drive Better Distributions From ETP?

A well-run energy MLP can be a beautiful thing for an investor whose inclinations run towards income. With the largest gas pipeline network in Texas and a growing focus on natural gas liquids (NGL), quality of assets is not an issue with Energy Transfer Partners (NYSE:ETP). The issue for shareholders, though, is whether this is the best play on these assets and whether the aggressive asset growth plans will translate into better distribution growth in the near future.

Q4 Results Not All That Great  
Although Energy Transfer Partners did report 17% year-on-year growth in EBITDA for the fourth quarter that was nevertheless about 4% below consensus expectations. That's admittedly not a big miss, but small percentages matter more with energy MLPs and investors' moods were not improved by the below-expectation distributions that the company announced. (For related reading, see EBITDA: Challenging The Calculation.)

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http://stocks.investopedia.com/stock-analysis/2012/Can-A-Change-In-Priorities-Drive-Better-Distributions-From-ETP--ETP-ETE-APU-TGRP-EPD0321.aspx