(Source: Tulsa World)
Energy Transfer Partners LP cut its 2009 earnings outlook Tuesday, citing lower shipping volumes and natural gas prices.
Earnings before interest, taxes, depreciation and amortization are expected to be $1.5 billion to $1.6 billion this year, the pipeline partnership said in a regulatory filing. The previous outlook was for $1.7 billion to $1.8 billion.
Gas futures traded in New York averaged $3.81 per million British thermal units during the second quarter, down 67 percent from a year earlier. Lower prices have caused some customers to shut in production, the Dallas-based partnership said.
Energy Transfer reported Monday that second-quarter profit fell 9 percent as processing margins narrowed.
Tuesday on the New York Stock Exchange, Energy Transfer fell $2.26, or 5 percent, to $41.82.
Originally published by Staff and Wire Reports.
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