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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 08/08/2018
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SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
 
Three Months Ended
June 30,
 
2018
 
2017
Segment Adjusted EBITDA:
 
 
 
Intrastate transportation and storage
$
208

 
$
148

Interstate transportation and storage
330

 
262

Midstream
414

 
412

NGL and refined products transportation and services
461

 
388

Crude oil transportation and services
548

 
228

All other
90

 
107

 
$
2,051

 
$
1,545

In the following analysis of segment operating results, a measure of segment margin is reported for segments with sales revenues. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization.
In addition, for certain segments, the sections below include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin, and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.
For prior periods reported herein, certain transactions related to the business of legacy Sunoco Logistics have been reclassified from cost of products sold to operating expenses; these transactions include sales between operating subsidiaries and their marketing affiliates. These reclassifications had no impact on net income or total equity.
Following is a reconciliation of segment margin to operating income, as reported in the Partnership’s consolidated statements of operations:
 
Three Months Ended
June 30,
 
2018
 
2017
Intrastate transportation and storage
$
267

 
$
202

Interstate transportation and storage
328

 
207

Midstream
593

 
571

NGL and refined products transportation and services
587

 
516

Crude oil transportation and services
442

 
374

All other
57

 
76

Intersegment eliminations
(4
)
 
6

Total segment margin
2,270

 
1,952

 
 
 
 
Less:
 
 
 
Operating expenses
627

 
539

Depreciation, depletion and amortization
588

 
557

Selling, general and administrative
112

 
120

Operating income
$
943

 
$
736


8

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