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SEC Filings
8-K
ENERGY TRANSFER, LP filed this Form 8-K on 05/03/2017
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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
 
Actual (1)
 
 
 
 
 
ETP
 
Sunoco Logistics
 
Pro Forma for Merger
 
Three Months Ended
March 31,
 
Three Months Ended
March 31,
 
Three Months Ended
March 31,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
REVENUES
$
6,895

 
$
4,481

 
$
3,702

 
$
1,777

 
$
6,895

 
$
4,481

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
5,192

 
2,968

 
2,891

 
1,413

 
5,192

 
2,968

Operating expenses
379

 
348

 
21

 
23

 
379

 
348

Depreciation, depletion and amortization
560

 
470

 
125

 
106

 
560

 
470

Selling, general and administrative
110

 
81

 
32

 
26

 
110

 
81

Impairment charge and others

 

 
(2
)
 
26

 

 

Total costs and expenses
6,241

 
3,867

 
3,067

 
1,594

 
6,241

 
3,867

OPERATING INCOME
654

 
614

 
635

 
183

 
654

 
614

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
(339
)
 
(319
)
 
(40
)
 
(39
)
 
(339
)
 
(319
)
Equity in earnings of unconsolidated affiliates
73

 
76

 
9

 
8

 
73

 
76

Gains (losses) on interest rate derivatives
5

 
(70
)
 

 

 
5

 
(70
)
Other, net
26

 
17

 
1

 
(1
)
 
26

 
17

INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)
419

 
318

 
605

 
151

 
419

 
318

Income tax expense (benefit)
55

 
(58
)
 
10

 
5

 
55

 
(58
)
NET INCOME
364

 
376

 
595

 
146

 
364

 
376

Less: Net income attributable to noncontrolling interest
40

 
65

 
10

 
1

 
36

 
18

NET INCOME ATTRIBUTABLE TO PARTNERS
324

 
311

 
585

 
145

 
328

 
358

General Partner’s interest in net income
206

 
297

 
113

 
90

 
222

 
268

Class H Unitholder’s interest in net income
98

 
79

 
N/A

 
N/A

 

 

Class I Unitholder’s interest in net income

 
2

 
N/A

 
N/A

 

 
2

Common Unitholders’ interest in net income (loss)
$
20

 
$
(67
)
 
$
472

 
$
55

 
$
106

 
$
88

NET INCOME (LOSS) PER COMMON UNIT:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.02

 
$
(0.15
)
 
$
1.42

 
$
0.18

 
$
0.09

 
$
0.08

Diluted
$
0.02

 
$
(0.15
)
 
$
1.42

 
$
0.18

 
$
0.09

 
$
0.08

WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING:
 
 
 
 
 
 
 
 
 
 
 
Basic
548.2

 
490.2

 
331.8

 
282.5

 
1,087.1

 
950.8

Diluted
549.6

 
490.2

 
332.8

 
283.1

 
1,090.2

 
951.4

(1) 
Reflects pre-merger results for ETP and Sunoco Logistics. For the periods presented, Sunoco Logistics is included in ETP’s consolidated statements of operations.

4

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