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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 02/21/2018
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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
 
Three Months Ended December 31,
 
Years Ended December 31,
 
2017
 
2016*
 
2017
 
2016*
REVENUES
$
8,610

 
$
6,526

 
$
29,054

 
$
21,827

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
6,206

 
4,733

 
20,801

 
15,080

Operating expenses
567

 
480

 
2,170

 
1,839

Depreciation, depletion and amortization
619

 
517

 
2,332

 
1,986

Selling, general and administrative
99

 
122

 
434

 
348

Impairment losses
920

 
813

 
920

 
813

Total costs and expenses
8,411

 
6,665

 
26,657

 
20,066

OPERATING INCOME (LOSS)
199

 
(139
)
 
2,397

 
1,761

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net
(345
)
 
(336
)
 
(1,365
)
 
(1,317
)
Equity in earnings (losses) from unconsolidated affiliates
17

 
(201
)
 
156

 
59

Impairment of investment in an unconsolidated affiliate
(313
)
 

 
(313
)
 
(308
)
Gains on acquisitions

 
83

 

 
83

Losses on extinguishments of debt
(42
)
 

 
(42
)
 

Gains (losses) on interest rate derivatives
(9
)
 
167

 
(37
)
 
(12
)
Other, net
72

 
35

 
209

 
131

INCOME (LOSS) BEFORE INCOME TAX BENEFIT
(421
)
 
(391
)
 
1,005

 
397

Income tax benefit
(1,518
)
 
(55
)
 
(1,496
)
 
(186
)
NET INCOME (LOSS)
1,097

 
(336
)
 
2,501

 
583

Less: Net income attributable to noncontrolling interest
154

 
114

 
420

 
295

NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
943

 
(450
)
 
2,081

 
288

General Partner’s interest in net income
263

 
208

 
990

 
948

Preferred Unitholders’ interest in net income
12

 

 
12

 

Class H Unitholder’s interest in net income

 
94

 
93

 
351

Class I Unitholder’s interest in net income

 
2

 

 
8

Common Unitholders’ interest in net income (loss)
$
668

 
$
(754
)
 
$
986

 
$
(1,019
)
NET INCOME (LOSS) PER COMMON UNIT:
 
 
 
 
 
 
 
Basic
$
0.57

 
$
(0.97
)
 
$
0.94

 
$
(1.38
)
Diluted
$
0.57

 
$
(0.97
)
 
$
0.93

 
$
(1.38
)
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING:
 
 
 
 
 
 
 
Basic
1,159.6

 
783.7

 
1,032.7

 
758.2

Diluted
1,162.9

 
783.7

 
1,037.8

 
758.2

*
During the fourth quarter of 2017, the Partnership changed its accounting policy related to certain inventories. Certain crude oil, refined product and NGL inventories associated with the legacy Sunoco Logistics business were changed from the LIFO method to the weighted average cost method. These changes have been applied retrospectively to all periods presented, and the prior period amounts reflected below have been adjusted from those amounts previously reported.



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