Will Energy Transfer Partners LP Finally Turn the Corner in the Second Quarter?

Last quarter was more of the same for Energy Transfer Partners (NYSE: ETP). Despite completing a consolidation transaction with Sunoco Logistics, the company's cash flow slipped again in the first quarter due to weakness in several of its segments. That said, with drilling activities on the rise and several expansion projects recently entering service, there's reason to be optimistic that the company's cash flow could finally start heading higher in the second quarter.

During the first quarter, Energy Transfer Partners reported $1.41 billion of adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), which was up $2 million from the year-ago period. That said, distributable cash flow continued to decline, falling 4.5% versus last year to $907 million. Weighing on results was the weakness in both the company's interstate and intrastate transportation and storage segments as well as in its Sunoco Logistics investment:

Data source: Energy Transfer Partners. Chart by author. In millions of dollars.

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Source: Fool.com