Business Context and Reporting Period
This Form 8-K is a Current Report filed by Energy Transfer Equity, L.P. on December 31, 2008. The filing serves as a Regulation FD disclosure to satisfy the New York Stock Exchange (NYSE) requirement for an annual written affirmation regarding corporate governance listing standards. The Partnership is providing information typically found in Item 10 of an Annual Report on Form 10-K because it has not yet filed its 2008 Annual Report due to a recent change in its fiscal year.
The Partnership previously amended its Agreement of Limited Partnership to change its fiscal year from ending on August 31 to ending on December 31, effective November 9, 2007. Consequently, the company now files quarterly and annual reports based on calendar quarters and calendar years.
Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. This document is strictly a corporate governance disclosure and does not contain financial statements or performance results for the period.
Material Changes
The primary material change disclosed is the transition of the Partnership's fiscal year-end from August 31 to December 31. This change required the filing of a Quarterly Report for the three months ended November 30, 2007, and a Transition Report for the four months ended December 31, 2007. No other material financial or operational changes are detailed in this specific filing.
Guidance, Outlook, and Corporate Governance
Corporate Governance: The Board of Directors of the General Partner has adopted a Code of Business Conduct and Corporate Governance Guidelines. Copies are available on the company website or upon request. The Board has established an Audit Committee composed of independent members, including John D. Harkey, Jr. as Chair, who is deemed an audit committee financial expert. The Partnership is not required to appoint a Compensation Committee or a Nominating/Corporate Governance Committee under NYSE rules due to its status as a limited partnership.
Communication: A procedure is in place for unitholders to communicate directly with the Board of Directors or independent directors via written correspondence to Sonia Aube at the principal executive offices.
Outlook and Risks: The filing does not contain management commentary on future outlook, specific risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the filing status of the Annual Report on Form 10-K for fiscal year 2008, as it was not yet filed at the time of this 8-K.
- Confirm the effective date of the fiscal year change (November 9, 2007) and review the associated Transition Report on Form 10-Q for the period ending December 31, 2007.
- Review the composition of the Audit Committee and the independence status of its members as disclosed in the filing.
- Check the company website (www.energytransfer.com) for the current Code of Business Conduct and Corporate Governance Guidelines.