Business Context and Reporting Period
This Form 8-K Current Report was filed by Energy Transfer Equity, L.P. on July 18, 2018, regarding events occurring on July 17, 2018. The filing focuses on corporate governance changes within the Partnership's general partner, LE GP, LLC.
Key Financial Metrics
The filing does not provide current period revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to historical lease payments made by Energy Transfer Partners, L.P. (ETP) to former owners, including the newly appointed director:
- Annual operating lease payments: $5 million.
- One-time payment made in August 2017: $8.8 million.
Material Changes
The primary material change reported is the appointment of Ray C. Davis to the Board of Directors of LE GP, LLC. Mr. Davis previously served on the Board of Directors of ETP. The filing confirms there are no special arrangements or understandings regarding this appointment.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance. Regarding compensation, Mr. Davis will receive director fees consistent with those provided to other non-employee directors as disclosed in the Partnership's 2017 Form 10-K. The filing notes that ETP retained equipment from a previous lease with Mr. Davis and former owners when that lease expired.
Investor Verification Checklist
- Verify the specific compensation structure for non-employee directors in the Partnership's 2017 Form 10-K to confirm Mr. Davis's expected remuneration.
- Confirm the current status of the relationship between Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P. (ETP).
- Review the 2017 Form 10-K for details on the $8.8 million one-time payment and the $5 million annual lease payments to understand the historical financial context of the former owners.