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SEC Filings
8-K
ENERGY TRANSFER, LP filed this Form 8-K on 11/07/2017
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SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016 (a)
 
2017 (a)
 
2016 (a)
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (b):
 
 
 
 
 
 
 
Net income
$
761

 
$
138

 
$
1,417

 
$
986

Interest expense, net
367

 
345

 
1,052

 
981

Income tax expense (benefit)
(112
)
 
(64
)
 
22

 
(131
)
Depreciation, depletion and amortization
596

 
503

 
1,713

 
1,469

Non-cash unit-based compensation expense
19

 
22

 
57

 
60

Losses on interest rate derivatives
8

 
28

 
28

 
179

Unrealized (gains) losses on commodity risk management activities
81

 
15

 
(17
)
 
96

Inventory valuation adjustments
(86
)
 
(37
)
 
(30
)
 
(143
)
Impairment of investment in an unconsolidated affiliate

 
308

 

 
308

Equity in earnings of unconsolidated affiliates
(127
)
 
(65
)
 
(139
)
 
(260
)
Adjusted EBITDA related to unconsolidated affiliates
279

 
240

 
765

 
711

Other, net
(42
)
 
(43
)
 
(111
)
 
(84
)
Adjusted EBITDA (consolidated)
1,744

 
1,390

 
4,757

 
4,172

Adjusted EBITDA related to unconsolidated affiliates
(279
)
 
(240
)
 
(765
)
 
(711
)
Distributable cash flow from unconsolidated affiliates
169

 
124

 
436

 
384

Interest expense, net
(367
)
 
(345
)
 
(1,052
)
 
(981
)
Current income tax expense
(9
)
 
(11
)
 
(22
)
 
(23
)
Maintenance capital expenditures
(119
)
 
(97
)
 
(286
)
 
(234
)
Other, net
16

 
3

 
43

 
(3
)
Distributable Cash Flow (consolidated)
1,155

 
824

 
3,111

 
2,604

Distributable Cash Flow attributable to PennTex Midstream Partners, LP (“PennTex”) (100%) (c)

 

 
(19
)
 

Distributions from PennTex to ETP (c)

 
8

 
8

 
8

Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries
(119
)
 
(11
)
 
(199
)
 
(28
)
Distributable Cash Flow attributable to the partners of ETP
1,036

 
821

 
2,901

 
2,584

Transaction-related expenses
13

 
2

 
45

 
4

Distributable Cash Flow attributable to the partners of ETP, as adjusted
$
1,049

 
$
823

 
$
2,946

 
$
2,588

 
 
 
 
 
 
 
 
Distributions to partners (d):
 
 
 
 
 
 
 
Limited Partners:
 
 
 
 
 
 
 
Common Units held by public
$
638

 
$
530

 
$
1,794

 
$
1,495

Common Units held by parent
15

 
2

 
45

 
6

General Partner interests
4

 
3

 
12

 
10

Incentive Distribution Rights (“IDRs”) held by parent
431

 
346

 
1,204

 
968

IDR relinquishments
(163
)
 
(135
)
 
(482
)
 
(278
)
Total distributions to be paid to partners
$
925

 
$
746

 
$
2,573

 
$
2,201

Common Units outstanding – end of period (d)(e)
1,155.5

 
1,019.9

 
1,155.5

 
1,019.9

Distribution coverage ratio (f)
1.13x

 
1.10x

 
1.14x

 
1.18x


5

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