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ETPETE
Form 10-K
ENERGY TRANSFER OPERATING, L.P. filed this Form 10-K on 02/22/2019
Document Outline
Entire Document (19442.5 KB)
Subdocument 1 - 10-K - 10-K
Page 1 - UNITED STATES
Page 2 - TABLE OF CONTENTS
Page 3 - Forward-Looking Statements
Page 4 - N/A
Page 5 - N/A
Page 6 - PART I
Page 7 - Significant Achievements in 2018 and Beyond
Page 8 - Significant Organic Growth Projects
Page 9 - Interstate Transportation and Storage Segment
Page 10 - NGL and Refined Products Transportation and Services Segment
Page 11 - Investment in Sunoco LP
Page 12 - All Other Segment
Page 13 - N/A
Page 14 - Interstate Transportation and Storage
Page 15 - Regasification Facility
Page 16 - Ark-La-Tex Region:
Page 17 - Eastern Region:
Page 18 - N/A
Page 19 - N/A
Page 20 - Crude Oil Transportation and Services
Page 21 - Crude Oil Terminals
Page 22 - Midland.
Page 23 - Sunoco LP s Other Operations
Page 24 - Natural Resources Operations
Page 25 - Crude Oil and Products
Page 26 - Regulation of Interstate Natural Gas Pipelines.
Page 27 - Regulation of Intrastate Natural Gas and NGL Pipelines
Page 28 - Regulation of Interstate Crude Oil, NGL and Products Pipelines.
Page 29 - Regulation of Intrastate Crude Oil, NGL and Products Pipelines.
Page 30 - Regulation of Pipeline Safety.
Page 31 - Environmental Matters
Page 32 - N/A
Page 33 - Air Emissions.
Page 34 - Clean Water Act.
Page 35 - Endangered Species Act.
Page 36 - Employee Health and Safety.
Page 37 - Sunoco LP and USAC may issue additional common units, which may increase the risk that Sunoco LP or
Page 38 - Capital projects will require significant amounts of debt and equity financing, which may not be ava
Page 39 - The control of our General Partner may be transferred to a third party without Unitholder consent.
Page 40 - We do not have the same flexibility as other types of organizations to accumulate cash, which may li
Page 41 - The fiduciary duties of our General Partner s officers and directors may conflict with those of Suno
Page 42 - Some of our executive officers and directors face potential conflicts of interest in managing our bu
Page 43 - Affiliates of our General Partner may compete with us.
Page 44 - Income from our midstream, transportation, terminalling and storage operations is exposed to risks d
Page 45 - We may be unable to retain or replace existing midstream, transportation, terminalling and storagecu
Page 46 - The profitability of certain activities in our natural gas gathering, processing, transportation and
Page 47 - A material decrease in demand or distribution of crude oil available for transport through our pipel
Page 48 - Sunoco LP s financial condition and results of operations are influenced by changes in the prices of
Page 49 - Negative events or developments associated with Sunoco LP s branded suppliers could have an adverse
Page 50 - USAC s customers may choose to vertically integrate their operations by purchasing and operating the
Page 51 - Our revenues depend on our customers ability to use our pipelines and third-party pipelines over whi
Page 52 - Sunoco LP does not own all of the land on which its retail service stations are located, and Sunoco
Page 53 - If we and our subsidiaries do not make acquisitions on economically acceptable terms, our future gro
Page 54 - If we do not continue to construct new pipelines, our future growth could be limited.
Page 55 - Our interstate natural gas pipelines are subject to laws, regulations and policies governing the rat
Page 56 - Our interstate natural gas pipelines are subject to laws, regulations and policies governing terms a
Page 57 - State regulatory measures could adversely affect the business and operations of our midstream and in
Page 58 - We may incur significant costs and liabilities resulting from performance of pipeline integrity prog
Page 59 - Our business involves the generation, handling and disposal of hazardous substances, hydrocarbons an
Page 60 - Product liability claims and litigation could adversely affect our business and results of operation
Page 61 - The swaps regulatory provisions of the Dodd-Frank Act and the rules adopted thereunder could have an
Page 62 - The NYSE does not require a publicly traded partnership like us to comply with certain corporate gov
Page 63 - Additional deepwater drilling laws and regulations, delays in the processing and approval of drillin
Page 64 - Our operations could be disrupted if our information systems fail, causing increased expenses and lo
Page 65 - Mergers among customers and competitors could result in lower volumes being shipped on our pipelines
Page 66 - Sunoco LP is subject to federal laws related to the Renewable Fuel Standard.
Page 67 - The tax treatment of publicly traded partnerships or an investment in our ETO Preferred Units could
Page 68 - ETO PreferredUnitholders may be required to pay taxes on their share of our income even if they do n
Page 69 - ETO PreferredUnitholders will likely be subject to state and local taxes and return filing requireme
Page 70 - ITEM 3. LEGAL PROCEEDINGS
Page 71 - N/A
Page 72 - N/A
Page 73 - ITEM 4. MINE SAFETY DISCLOSURES
Page 74 - PART II
Page 75 - ITEM 6. SELECTED FINANCIAL DATA
Page 76 - ITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
Page 77 - Permian Gulf Coast Pipeline Joint Venture
Page 78 - New Ethane Export Facility Joint Venture
Page 79 - Regulatory Update
Page 80 - Interstate Liquids Transportation Regulation
Page 81 - N/A
Page 82 - N/A
Page 83 - Trends and Outlook
Page 84 - Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017
Page 85 - Impairment Losses
Page 86 - Supplemental Information on Unconsolidated Affiliates
Page 87 - Adjusted EBITDA related to unconsolidated affiliates
Page 88 - Intrastate Transportation and Storage
Page 89 - Interstate Transportation and Storage
Page 90 - Volumes.
Page 91 - Segment Margin
Page 92 - Crude Oil Transportation and Services
Page 93 - Investment in Sunoco LP
Page 94 - All Other
Page 95 - Year Ended December 31, 2017 Compared to the Year Ended December 31, 2016
Page 96 - Losses on Interest Rate Derivatives.
Page 97 - Supplemental Information on Unconsolidated Affiliates
Page 98 - Segment Operating Results
Page 99 - Gross Margin
Page 100 - Segment Adjusted EBITDA.
Page 101 - Segment Adjusted EBITDA.
Page 102 - Segment Margin
Page 103 - Segment Adjusted EBITDA.
Page 104 - All Other
Page 105 - Sunoco LP
Page 106 - Cash Flows
Page 107 - Investing Activities
Page 108 - Financing Activities
Page 109 - Year Ended December 31, 2017
Page 110 - Description of Indebtedness
Page 111 - Sunoco LP Senior Notes Offering
Page 112 - Bakken Credit Facility
Page 113 - Covenants Related to Panhandle
Page 114 - Covenants Related to Sunoco LP
Page 115 - Cash Distributions
Page 116 - USAC Cash Distributions
Page 117 - ASU 2016-02
Page 118 - Revenue Recognition
Page 119 - Investment in Sunoco LP
Page 120 - Regulatory Assets and Liabilities
Page 121 - Impairment of Long-Lived Assets, Goodwill, Intangible Assets and Investments in Unconsolidated Affil
Page 122 - N/A
Page 123 - Property, Plant and Equipment
Page 124 - Pensions and Other Postretirement Benefit Plans.
Page 125 - Deferred Income Taxes.
Page 126 - Inflation
Page 127 - ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Page 128 - Interest Rate Risk
Page 129 - Credit Risk
Page 130 - ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
Page 131 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 132 - Changes in Internal Control over Financial Reporting
Page 133 - PART III
Page 134 - Annual Certification
Page 135 - Meetings of Non-management Directors and Communications with Directors
Page 136 - Thomas E. Long.
Page 137 - W. Brett Smith.
Page 138 - Compensation Discussion and Analysis
Page 139 - Components of Executive Compensation
Page 140 - Base Salary.
Page 141 - Annual Bonus
Page 142 - Affiliate and Subsidiary Equity Awards
Page 143 - Affiliate and Subsidiary Equity Awards.
Page 144 - Qualified Retirement Plan Benefits
Page 145 - Risk Assessment Related to our Compensation Structure
Page 146 - Board Report on Compensation
Page 147 - Grants of Plan-Based Awards Table
Page 148 - N/A
Page 149 - Option Exercises and Units Vested Table
Page 150 - Deferred Compensation Plan
Page 151 - Director Compensation
Page 152 - ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTE
Page 153 - Class L Units
Page 154 - PART IV
Page 155 - INDEX TO EXHIBITS
Page 156 - N/A
Page 157 - N/A
Page 158 - N/A
Page 159 - N/A
Page 160 - N/A
Page 161 - N/A
Page 162 - SIGNATURES
Page 163 - INDEX TO FINANCIAL STATEMENTS
Page 164 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 165 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 166 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 167 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 168 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 169 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 170 - N/A
Page 171 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 172 - N/A
Page 173 - ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
Page 174 - Basis of Presentation.
Page 175 - Revenue Recognition
Page 176 - N/A
Page 177 - Regulatory Accounting Regulatory Assets and Liabilities
Page 178 - Accounts Receivable
Page 179 - Inventories
Page 180 - Advances to and Investments in Unconsolidated Affiliates
Page 181 - Intangible Assets
Page 182 - Goodwill
Page 183 - Asset Retirement Obligations
Page 184 - Accrued and Other Current Liabilities
Page 185 - N/A
Page 186 - Contributions in Aid of Construction Costs
Page 187 - Costs and Expenses
Page 188 - Non-Cash Compensation
Page 189 - Recent Accounting Pronouncements
Page 190 - USAC Acquisition
Page 191 - Sunoco LP Retail Store and Real Estate Sales
Page 192 - 2017 Transactions
Page 193 - Bakken Equity Sale
Page 194 - Bakken Financing
Page 195 - Summarized Financial Information
Page 196 - N/A
Page 197 - N/A
Page 198 - ETO Senior Notes
Page 199 - 2018 Senior Notes Offering and Redemption
Page 200 - USAC Senior Notes
Page 201 - Covenants Related to Our Credit Agreements
Page 202 - Covenants Related to Bakken Credit Facility
Page 203 - Compliance with our Covenants
Page 204 - Class H Units
Page 205 - Sales of Common Units by legacy Sunoco Logistics
Page 206 - Subsidiary Equity Transactions
Page 207 - Cash Distributions
Page 208 - USAC Cash Distributions
Page 209 - Subsidiary Long-Term Incentive Plans
Page 210 - N/A
Page 211 - N/A
Page 212 - FERC Proceedings
Page 213 - Commitments
Page 214 - Dakota Access Pipeline
Page 215 - Mont Belvieu Incident
Page 216 - Energy Transfer Merger Litigation
Page 217 - Bayou Bridge
Page 218 - N/A
Page 219 - Environmental Matters
Page 220 - Environmental Remediation
Page 221 - Disaggregation of revenue
Page 222 - Intrastate transportation and storage revenue
Page 223 - Midstream revenue
Page 224 - Crude oil transportation and services revenue
Page 225 - Sunoco LP s all other revenue
Page 226 - USAC s retail parts and services revenue
Page 227 - Performance Obligations
Page 228 - Unearned variable consideration:
Page 229 - Interest Rate Risk
Page 230 - Credit Risk
Page 231 - Derivative Summary
Page 232 - Savings and Profit Sharing Plans
Page 233 - N/A
Page 234 - Obligations and Funded Status
Page 235 - Components of Net Periodic Benefit Cost
Page 236 - Plan Assets
Page 237 - Contributions
Page 238 - N/A
Page 239 - N/A
Page 240 - N/A
Page 241 - N/A
Page 242 - N/A
Page 243 - N/A
Page 244 - N/A
Page 245 - N/A
Page 246 - N/A
Page 247 - N/A
Page 248 - N/A
Subdocument 2 - EX-21.1 - EXHIBIT 21.1
Page 1 - Exhibit 21.1
Page 2 - N/A
Page 3 - N/A
Page 4 - N/A
Page 5 - N/A
Page 6 - SUBSIDIARIES OF ENERGY TRANSFER PARTNERS, L.P., a Delaware limited partnership:
Subdocument 3 - EX-23.1 - EXHIBIT 23.1
Page 1 - N/A
Subdocument 4 - EX-31.1 - EXHIBIT 31.1
Page 1 - N/A
Subdocument 5 - EX-31.2 - EXHIBIT 31.2
Page 1 - N/A
Subdocument 6 - EX-32.1 - EXHIBIT 32.1
Page 1 - Exhibit 32.1
Page 2 - N/A
Subdocument 7 - EX-32.2 - EXHIBIT 32.2
Page 1 - Exhibit 32.2
Page 2 - N/A
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