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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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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017 (a)
 
2018
 
2017 (a)
REVENUES
$
9,410

 
$
6,576

 
$
17,690

 
$
13,471

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
7,140

 
4,624

 
13,128

 
9,674

Operating expenses
627

 
539

 
1,231

 
1,031

Depreciation, depletion and amortization
588

 
557

 
1,191

 
1,117

Selling, general and administrative
112

 
120

 
224

 
230

Total costs and expenses
8,467

 
5,840

 
15,774

 
12,052

OPERATING INCOME
943

 
736

 
1,916

 
1,419

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net
(358
)
 
(336
)
 
(704
)
 
(668
)
Equity in earnings (losses) of unconsolidated affiliates
106

 
(61
)
 
34

 
12

Gain on Sunoco LP common unit repurchase

 

 
172

 

Loss on deconsolidation of CDM
(86
)
 

 
(86
)
 

Gains (losses) on interest rate derivatives
20

 
(25
)
 
72

 
(20
)
Other, net
46

 
61

 
106

 
80

INCOME BEFORE INCOME TAX EXPENSE
671

 
375

 
1,510

 
823

Income tax expense
69

 
79

 
29

 
134

NET INCOME
602

 
296

 
1,481

 
689

Less: Net income attributable to noncontrolling interest
170

 
94

 
334

 
156

NET INCOME ATTRIBUTABLE TO PARTNERS
432

 
202

 
1,147

 
533

Preferred Unitholders’ interest in net income
30

 

 
54

 

General Partner’s interest in net income
402

 
251

 
804

 
457

Class H Unitholder’s interest in net income

 

 

 
93

Common Unitholders’ interest in net income (loss)
$

 
$
(49
)
 
$
289

 
$
(17
)
NET INCOME (LOSS) PER COMMON UNIT:
 
 
 
 
 
 
 
Basic
$
(0.01
)
 
$
(0.04
)
 
$
0.23

 
$
(0.02
)
Diluted
$
(0.01
)
 
$
(0.04
)
 
$
0.23

 
$
(0.02
)
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING:
 
 
 
 
 
 
 
Basic
1,165.4

 
1,021.7

 
1,164.6

 
922.5

Diluted
1,165.4

 
1,021.7

 
1,169.4

 
922.5

(a)
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. Certain other prior period amounts have also been reclassified to conform to the current period presentation, including a reclassification between capitalized interest and AFUDC from the three months and six months ended June 30, 2017.

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