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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 LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017 (a)
 
2018
 
2017 (a)
REVENUES
$
14,514

 
$
9,984

 
$
40,514

 
$
29,072

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
11,093

 
7,341

 
31,681

 
22,018

Operating expenses
784

 
918

 
2,280

 
2,167

Depreciation, depletion and amortization
750

 
642

 
2,109

 
1,877

Selling, general and administrative
184

 
142

 
515

 
480

Impairment losses

 
10

 

 
99

Total costs and expenses
12,811

 
9,053

 
36,585

 
26,641

OPERATING INCOME
1,703

 
931

 
3,929

 
2,431

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(535
)
 
(490
)
 
(1,511
)
 
(1,440
)
Equity in earnings of unconsolidated affiliates
87

 
92

 
258

 
228

Gains on disposal of assets
18

 
5

 
14

 

Losses on extinguishments of debt

 

 
(106
)
 
(25
)
Gains (losses) on interest rate derivatives
45

 
(8
)
 
117

 
(28
)
Other, net
23

 
54

 
83

 
133

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE (BENEFIT)
1,341

 
584

 
2,784

 
1,299

Income tax expense (benefit) from continuing operations
(52
)
 
(157
)
 
6

 
(86
)
INCOME FROM CONTINUING OPERATIONS
1,393

 
741

 
2,778

 
1,385

Income (loss) from discontinued operations, net of income taxes
(2
)
 
17

 
(265
)
 
(187
)
NET INCOME
1,391

 
758

 
2,513

 
1,198

Less: Net income attributable to noncontrolling interest
1,008

 
506

 
1,412

 
495

Less: Net income attributable to redeemable noncontrolling interests
12

 

 
24

 

NET INCOME ATTRIBUTABLE TO PARTNERS
371

 
252

 
1,077

 
703

Convertible Unitholders’ interest in income

 
11

 
33

 
25

General Partner’s interest in net income
1

 
1

 
3

 
2

Limited Partners’ interest in net income
$
370

 
$
240

 
$
1,041

 
$
676

NET INCOME PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.22

 
$
0.93

 
$
0.62

Diluted
$
0.32

 
$
0.22

 
$
0.93

 
$
0.61

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
 
 
 
 
 
 
 
Basic
1,158.2

 
1,079.1

 
1,117.7

 
1,077.9

Diluted
1,158.2

 
1,148.3

 
1,158.2

 
1,147.4

Amounts above reflect the historical financial statements of Energy Transfer LP for dates preceding the Merger; therefore, these financial statements do not reflect any impacts from the Merger.
(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 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 nine months ended September 30, 2017.

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