Energy Transfer Partners Q2 2009 Earnings Transcript

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2009-08-13 19:45:54.0

Tags: Morgan Stanley, Energy Transfer Partners L.P., Mergers & Acquisitions, Balance Sheets, Corporate Law, Investment, Finance, Financial Statements, Financial Accounting, Business Operations, Seeking Alpha, Energy Transfer Partners LP

Question-and-Answer Session

Operator

(Operator Instructions). Our first question comes from the line of Stephen Maresca with Morgan Stanley. Please go ahead.

Stephen Maresca - Morgan Stanley

Good morning, guys.

Martin Salinas

Hi, Stephen.

Stephen Maresca - Morgan Stanley

Couple of quick housekeeping. Don't know if I missed this. What is your current liquidity, I guess at the quarter end and maybe if there is an update as it where it is right now?

Martin Salinas

No updates until right now, but as it relates to June 30th, its about $1.94 billion available under our prolonged capacity of $2 billion.

Stephen Maresca - Morgan Stanley

Okay. And then just whatever cash is on the balance sheet and then that that's how you guys are settle right now?

Martin Salinas

Well, I believe we had a about little over $100 million of cash that was June, 30.

Stephen Maresca - Morgan Stanley

Okay. My next question is maybe you can talk to the Midstream segment, obviously it's a little bit weak and maybe you can talk to what you're seeing going on and how you feel like you can protect yourself in a difficult environment as we move forward and maybe just touch upon that a little bit?

Kelcy Warren

Yes Steven, this is Kelcy. You know what, in the Texas intrastate segment of the business there has been tremendous market pressure. As you know, I'll talk about the intrastate and the Midstream together, processing margins of course have suffered, they've comeback by the way as you probably followed and we feel good about that. But in the quarter that they were off, so much of our business is impacted through some of that margin but not a lot of it is speed basis well.

But if you look at the intrastate business, the delta of value to move gas from 1000 spite together has been probably the largest impact to our company. We experienced for the past several years of helping margin, we've seen six single digit margins value between Waha and Carthage let say. And even Waha to Katy from time-to-time.

So, that's probably been the largest impact and those thing don't last but they do occur and it will occur and it will cover and they will keep stocking like that. That's probably been the most impact able thing that we've seen.

Stephen Maresca - Morgan Stanley

Okay. I guess finally, Kelcy you haven't been too shy in terms of talking about looking at acquisition opportunities and looking for something in the potentially transformational. My guess maybe if you use right now what you're saying from sellers in the market in general.

 

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