Active Stocks Buzz: Energy Transfer Equity LP (NYSE:ETE), Teck Resources Ltd (USA) (NYSE:TCK), Valero Energy Corporation (NYSE:VLO)


On Friday, Shares of Energy Transfer Equity LP (NYSE:ETE), gained 3.36% to $21.55.

Energy Transfer Partners, declared a $0.02 improvement in its quarterly distribution to $1.055 per ETP common unit ($4.22 annualized) for the third quarter ended September 30, 2015.

The quarterly distribution of $1.055 represents a distribution improvement of $0.32 per common unit on an annualized basis, or 8.2%, contrast to the third quarter of 2014 and represents an annualized distribution improvement of $0.08 per common unit contrast to the second quarter of 2015. This marks the ninth successive quarter that ETP has raised its distribution. The cash distribution will be paid on November 16, 2015 to unit holders of record as of the close of business on November 5, 2015.

ETP anticipates to release earnings for the third quarter of 2015 on Wednesday, November 4, 2015, after the market closes. ETP and Energy Transfer Equity, L.P. (ETE), which owns the general partner of ETP, will conduct a joint conference call on Thursday, November 5, 2015, at 8:00 a.m. Central Time to discuss their quarterly results.

Energy Transfer Equity, L.P., through its auxiliaries, provides diversified energy-related services in the Unites States. It owns and operates about 7,700 miles of natural gas transportation pipelines and 3 natural gas storage facilities located in the state of Texas; and about 12,800 miles of interstate natural gas pipeline.

Shares of Teck Resources Ltd (USA) (NYSE:TCK), inclined 4.26% to $5.87, during its last trading session.

Teck Resources Limited, stated adjusted profit attributable to shareholders of $29 million, or $0.05 per share, in the third quarter of 2015. Teck also stated non-cash after-tax impairment charges of $2.2 billion resulting in a third quarter loss attributable to shareholders of $2.1 billion, or $3.73 per share. The impairment charges are non-cash revaluations of assets to reflect lower market expectations of commodity prices.

We are taking noteworthy steps to meet the challenge of low commodity prices, said Don Lindsay, President and CEO. We have reduced costs throughout the company and weve raised nearly $1 billion in two streaming transactions. We used a portion of those proceeds to reduce debt by $400 million and our current cash balance of $1.8 billion exceeds our remaining $1.5 billion share of capital required for Fort Hills.

Highlights and Noteworthy Items

  • Gross profit before depreciation and amortization was $670 million in the third quarter contrast with $752 million in the third quarter of 2014.
  • Cash flow from operations, before working capital changes, was $302 million in the third quarter of 2015 contrast with $553 million a year ago.
  • Adjusted EBITDA (not counting non-cash impairment charges of $2.9 billion) was $389 million in the third quarter. Adjusted EBITDA before final pricing adjustments was $530 million.
  • We recorded impairment charges in the aggregate of $2.2 billion on an after-tax basis ($2.9 billion pre-tax) counting $1.5 billion on our steelmaking coal assets, $0.3 billion on copper and $0.4 billion on the Fort Hills oil sands project resulting in a loss attributable to shareholders of $2.1 billion.
  • Our debt to debt-plus-equity ratio was 36% at September 30, and our net debt to net-debt-plus-equity ratio was 32%. Giving effect to the impairments and our recent streaming transaction and debt repayments, our pro forma debt to debt-plus-equity ratio and net debt to net-debt-plus-equity ratios at September 30, 2015 were 35% and 30%, respectively.
  • Subsequent to quarter end, we accomplished the sale of a silver stream linked to our share of the Antamina mine. Taken together with the gold stream sold from the Carmen de Andacollo Operations which closed during the third quarter, these transactions have raised our cash position by about $1 billion.
  • Our cash balance of $1.8 billion as of October 21 is more than our $1.5 billion share of costs required to complete Fort Hills. We also have an additional US$3 billion undrawn credit facility that can be used for general corporate purposes and US$1.2 billion available for cash draws or for letters of credit. We have certain contractual arrangements that may result in us having to issue letters of credit that would utilize substantially all of this US$1.2 billion facility.

Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.

Finally, Shares of Valero Energy Corporation (NYSE:VLO), ended its last trade with 0.17% gain, and closed at $65.92.

Valero Energy Partners LP, stated third quarter 2015 net income attributable to partners of $31.4 million, or $0.51 per common limited partner unit. The Partnership generated earnings before interest, income taxes, depreciation, and amortization of $43.6 million and distributable cash flow of $41.9 million. VLPs coverage ratio for the third quarter of 2015 was 2.08x.

VLPs acquisition of the Corpus Christi Terminal Services Business from auxiliaries of its sponsor, Valero Energy Corporation (NYSE: VLO, Valero), closed on October 1, 2015. The Partnership anticipates this business to contribute toward achieving annual distribution growth of about 25 percent for the next couple of years.

On October 15, the board of directors of VLPs general partner declared a third quarter 2015 cash distribution of $0.3075 per unit. This distribution represents an improvement of 5.1 percent from the second quarter of 2015 and an improvement of 28.1 percent from the third quarter of 2014.

Valero Energy Corporation operates as an independent petroleum refining and marketing company in the United States, Canada, the Caribbean, the United Kingdom, and Ireland. It operates through two segments, Refining and Ethanol.


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