Energy Transfer Partners (NYSE:ETP) said it earned $42.8 million in the second quarter, down from $155.3 million in the year-ago period. The limited partners’ interest in net income saw a loss of $47.7 million, or 26 cents a share, compared to a gain of $63.5 million, or 38 cents a share, last year. Earnings in the period included a $52.6 million charge related to a transfer of interest in the Midcontinent Express Pipeline. Distributable cash flow for the period totaled $200 million, a $65.4 million increase from a year ago. The energy company booked higher sales in both its natural gas operations and retail propane units due to "favorable pricing." –MarketWatch
BP Plc (NYSE:BP) may appoint Citigroup (NYSE:C) to lead the $20 billion fund to aid victims of the Gulf of Mexico oil spill, four people with knowledge of the matter said. Citigroup, the third-biggest U.S. lender by assets, probably will share a portion of the duties with another bank in the Gulf region, said one of the people, who declined to be identified because the decision isn’t final yet. BP Chairman Carl-Henric Svanberg agreed in June to create the fund after meeting at the White House with President Barack Obama. In a statement at the time, the White House said an escrow account would “provide assurance to the public that funds will be available to compensate the injured.” Bloomberg
In other news, Tyson Foods (NYSE:TSN) said its fiscal third-quarter earnings rose to $242 million, or 65 cents a share, from $130 million, or 35 cents a share, in the year-ago period. Sales were $7.44 billion, up from $6.66 billion. Analysts were looking for earnings of 60 cents a sale, on average, with sales of $7.22 billion. Looking ahead, the Springdale, Ark., butcher and prepared-foods provider said operational improvements and a lower interest expense will help results through the end of fiscal 2010. For the next fiscal year, overall production is expected to increase along with greater overseas demand. –MarketWatch
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