ETP Anticipates Further Volume Increase

MICHAEL BLUM, Wells Fargo (12/09/2010)
"Management confirmed its previous distribution growth guidance of 2.5% in 2011-13. Notably, management believes distribution growth will be driven by organic growth projects in the Bakken Shale and Cushing, OK and potentially M&A. EEP's estimated tax deferral rate is currently 100%, and management believes the partnership will maintain a tax deferral rate of 95-100% in 2011-13. Management believes that earnings from its Natural Gas Segment bottomed in Q110. Since then, management has seen volumes increase in the Granite Wash and Haynesville."

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