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SEC Filings
8-K
ENERGY TRANSFER, LP filed this Form 8-K on 11/07/2017
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Following is a reconciliation of Segment Margin to operating income, as reported in the Partnership’s consolidated statements of operations:
 
Three Months Ended
September 30,
 
2017
 
2016
Intrastate transportation and storage
$
167

 
$
172

Interstate transportation and storage
224

 
236

Midstream
530

 
476

NGL and refined products transportation and services
488

 
484

Crude oil transportation and services
588

 
266

All other
112

 
79

Intersegment eliminations
(12
)
 
(26
)
Total Segment Margin
2,097

 
1,687

 
 
 
 
Less:
 
 
 
Operating expenses
571

 
475

Depreciation, depletion and amortization
596

 
503

Selling, general and administrative
105

 
71

Operating income
$
825

 
$
638

Intrastate Transportation and Storage
 
Three Months Ended
September 30,
 
2017
 
2016
Natural gas transported (MMBtu/d)
8,942,066

 
8,289,826

Revenues
$
773

 
$
758

Cost of products sold
606

 
586

Segment margin
167

 
172

Unrealized (gains) losses on commodity risk management activities
22

 
(7
)
Operating expenses, excluding non-cash compensation expense
(40
)
 
(43
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(6
)
 
(5
)
Adjusted EBITDA related to unconsolidated affiliates
19

 
15

Other
1

 
1

Segment Adjusted EBITDA
$
163

 
$
133

 
 
 
 
Distributions from unconsolidated affiliates
$
10

 
$
13

Transported volumes increased primarily due to higher demand for exports to Mexico, along with the addition of new pipes to our intrastate pipeline system. These increases were partially offset by lower production volumes in the Barnett Shale region.
Segment Adjusted EBITDA. For the three months ended September 30, 2017 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impacts of the following:
an increase of $29 million in natural gas sales and other (excluding net changes in unrealized gains and losses of $13 million) primarily due to higher realized gains from pipeline optimization activity;
an increase of $9 million in storage margin (excluding net changes in unrealized gains and losses of $16 million related to fair value inventory adjustments and unrealized gains and losses on derivatives);

9

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