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SEC Filings
8-K
ENERGY TRANSFER, LP filed this Form 8-K on 05/03/2017
Entire Document
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SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
ETP’s Segments
 
Three Months Ended
March 31,
 
2017
 
2016
Segment Adjusted EBITDA:
 
 
 
Midstream
$
320

 
$
263

Liquids transportation and services
259

 
227

Interstate transportation and storage
265

 
292

Intrastate transportation and storage
169

 
179

Investment in Sunoco Logistics
278

 
349

All other
123

 
102

 
$
1,414

 
$
1,412


Midstream
 
Three Months Ended
March 31,
 
2017
 
2016
Gathered volumes (MMBtu/d)
10,231,895

 
9,851,105

NGLs produced (Bbls/d)
445,004

 
430,973

Equity NGLs (Bbls/d)
25,521

 
29,533

Revenues
$
1,637

 
$
1,092

Segment Adjusted EBITDA
$
320

 
$
263

Gathered volumes and NGL production increased primarily due to recent acquisitions, including PennTex, and gains in the Permian and Northeast regions, partially offset by basin declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions.
For the three months ended March 31, 2017 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net effects of the following:
an increase of $45 million in non-fee based margin due to higher crude oil and NGL prices;
an increase of $17 million in non-fee based margin due to gains in the Permian, partially offset by declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions;
an increase of $13 million in fee based revenue due to growth in the Permian, Northeast and North Louisiana, including recent acquisitions, offset by declines in South Texas, North Texas and the Mid-Continent/Panhandle regions; and
an increase of $13 million in fee based revenue due to the PennTex acquisition; partially offset by
a decrease of $5 million (excluding unrealized gains of $16 million) in non-fee based margin due to higher benefit from settled derivatives used to hedge commodity margins;
an increase of $16 million in operating expenses primarily due to recent acquisitions, including PennTex; and
an increase of $11 million in general and administrative expenses primarily due to a decrease of $4 million in capitalized overhead, a $3 million increase in shared services allocation, a $2 million increase in insurance allocation, and $2 million additional costs from the PennTex acquisition.



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