Energy Transfer Equity, L.P. announced that the board of directors of its general partner has approved a series of measures to continue ETE’s growth into 2014, including a two-for-one split of the Partnership’s outstanding common units (“Unit Split”) and a $1 billion buyback program for its common units.
The Unit Split will be effected by a distribution of one common unit for each common unit outstanding and held by unitholders of record at the close of business on January 13, 2014. The Unit Split is expected to be completed on January 24, 2014. The buyback program will be put into place immediately and will be available to be accessed by the Partnership. The program is intended to be used opportunistically and will be utilized and sequenced from time to time depending on the trading price activity and performance for ETE's common units. The common units will be repurchased in the open market at the Partnership’s discretion. The Partnership may commence, suspend or discontinue purchases of common units under this authorization at any time without prior notice and any common units repurchased will be canceled.