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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
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
 
Three Months Ended
September 30,
 
2018
 
2017
Segment Adjusted EBITDA:
 
 
 
Intrastate transportation and storage
$
221

 
$
163

Interstate transportation and storage
416

 
273

Midstream
434

 
356

NGL and refined products transportation and services
498

 
439

Crude oil transportation and services
682

 
420

All other
78

 
133

Total Segment Adjusted EBITDA
$
2,329

 
$
1,784

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.
Following is a reconciliation of ETP’s segment margin to operating income, as reported in its consolidated statements of operations:
 
Three Months Ended
September 30,
 
2018
 
2017
Segment Margin:
 
 
 
Intrastate transportation and storage
$
284

 
$
167

Interstate transportation and storage
395

 
224

Midstream
622

 
530

NGL and refined products transportation and services
634

 
483

Crude oil transportation and services
944

 
548

All other
25

 
112

Intersegment eliminations
(8
)
 
(13
)
Total segment margin
2,896

 
2,051

 
 
 
 
Less:
 
 
 
Operating expenses
632

 
571

Depreciation, depletion and amortization
636

 
596

Selling, general and administrative
123

 
105

Operating income
$
1,505

 
$
779


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