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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 11/07/2018
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ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
(unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017 (a)
 
2018
 
2017 (a)
REVENUES
$
9,641

 
$
6,973

 
$
27,331

 
$
20,444

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
6,745

 
4,922

 
19,873

 
14,595

Operating expenses
632

 
571

 
1,863

 
1,603

Depreciation, depletion and amortization
636

 
596

 
1,827

 
1,713

Selling, general and administrative
123

 
105

 
347

 
335

Total costs and expenses
8,136

 
6,194

 
23,910

 
18,246

OPERATING INCOME
1,505

 
779

 
3,421

 
2,198

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net
(387
)
 
(352
)
 
(1,091
)
 
(1,020
)
Equity in earnings of unconsolidated affiliates
113

 
127

 
147

 
139

Gain on Sunoco LP common unit repurchase

 

 
172

 

Loss on deconsolidation of CDM

 

 
(86
)
 

Gains (losses) on interest rate derivatives
45

 
(8
)
 
117

 
(28
)
Other, net
21

 
57

 
127

 
137

INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)
1,297

 
603

 
2,807

 
1,426

Income tax expense (benefit)
(61
)
 
(112
)
 
(32
)
 
22

NET INCOME
1,358

 
715

 
2,839

 
1,404

Less: Net income attributable to noncontrolling interest
223

 
110

 
557

 
266

NET INCOME ATTRIBUTABLE TO PARTNERS
$
1,135

 
$
605

 
$
2,282

 
$
1,138

(a)
During the fourth quarter of 2017, ETP 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 above 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 nine months ended September 30, 2017.


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