Energy Transfer Partners Reports First Quarter Results
On a pro forma basis for the Regency Merger, as discussed below,
Adjusted EBITDA for
On
In
ETP’s other recent key accomplishments include the following:
-
Material projects that commenced operations in the quarter included:
the Mariner South project, a LPG export/import facility with
Sunoco Logistics Partners L.P. (“SXL”), which loaded its first propane cargo, and our Rebel processing facility in thePermian Basin , which helped contribute to overall volumes in our midstream segment. -
ETP, as a member of a consortium, was awarded two pipeline projects
for the transportation of natural gas for
Mexico's state power company, CFE, under long-term contracts. The Trans-Pecos pipeline is an approximately 143-mile, 42-inch pipeline to deliver at least 1.356 Bcf/d of natural gas from the Waha Hub to the US/Mexico border nearPresidio, Texas . The Comanche Trail pipeline is an approximately 195-mile, 42-inch pipeline to deliver at least 1.135 Bcf/d of natural gas from the Waha Hub to the US/Mexico border nearSan Elizario, Texas . ETP will be the construction manager and operator of both pipelines. The expected all-in cost for these two pipelines is anticipated to be approximately$1 .3 billion and we expect both pipelines to be in-service in the first quarter of 2017. -
In
March 2015 , ETE transfered 30.8 million ETP Common Units, ETE’s 45% interest in the Bakken pipeline project, and $879 million in cash to the Partnership in exchange for 30.8 million newly issued Class H Units of ETP that, when combined with the 50.2 million previously issued Class H Units, generally entitle ETE to receive 90.05% of the cash distributions and other economic attributes of the general partner interest and IDRs of SXL (the “Bakken Pipeline Transaction”). In connection with this transaction, ETP also issued to ETE 100 Class I Units that provide distributions to ETE to offset IDR subsidies previously provided to ETP. The IDR subsidies from ETE to ETP, including the impact from distributions on Class I Units, will be reduced by $55 million in 2015 and $30 million in 2016. - In addition, ETP and SXL have agreed to transfer 30% of the Bakken pipeline to SXL.
-
In
April 2015 ,Sunoco LP completed the acquisition of a 31.58% equity interest inSunoco, LLC fromETP Retail Holdings (“Retail Holdings”).Sunoco LLC distributes approximately 5.3 billion gallons per year of motor fuel to customers in the east, midwest and southwest regions ofthe United States . The transaction was valued at approximately $816 million.Sunoco LP paid $775 million in cash and issued $41 million ofSunoco LP common units toRetail Holdings . -
In
March 2015 , we closed on the acquisition of theKing Ranch project fromExxon Mobil Corporation , for a total purchase price of$370 million . This acquisition includes a 750 MMcf/d natural gas processing plant, a 42,000 Bbls/d NGL fractionator, a NGL pipeline that delivers products toCorpus Christi and theETC King Ranch pipeline, which consists of 165 miles of mainline and gathering pipelines. -
Earlier this week, we announced that our subsidiary,
Lone Star NGL LLC (“Lone Star”), would construct a fourth NGL fractionation facility atMont Belvieu, Texas . Fractionator IV, estimated to cost approximately $450 million, is scheduled to be operational byDecember 2016 . The 120,000 Bbls/d fractionator is fully subscribed by multiple long-term contracts and will provide off-take for the new 533-mile, 24- and 30-inch Lone Star Express pipeline. -
Regarding our Lake Charles LNG project, on
April 10, 2015 , the draft Environmental Impact Statement for Lake Charles LNG and the expansion of the Trunkline interstate pipeline was issued by theFederal Energy Regulatory Commission (“FERC”).ETE/ETP andBG Group plc (“BG”) were pleased with the findings and recommendations by FERC. It moves the Lake Charles LNG project one step closer to our goal of achieving a final investment decision (“FID”) in 2016.
OnApril 7, 2015 ,BG andRoyal Dutch Shell plc (“Shell”) announced a proposed takeover of BG by Shell. We understand that the closing of the BG/Shell merger is expected to occur in early 2016. In the interim, BG and ETE/ETP remain focused on completing the development milestones for the project as the parties move toward FID. -
In
March 2015 , ETP issued$1 .0 billion aggregate principal amount of 4.05% senior notes dueMarch 2025 , $500 million aggregate principal amount of 4.90% senior notes dueMarch 2035 , and$1 .0 billion aggregate principal amount of 5.15% senior notes dueMarch 2045 . ETP used the$2 .48 billion net proceeds to pay outstanding borrowings under the ETP Credit Facility, to fund growth capital expenditures and for general partnership purposes. -
As of March 31, 2015, the ETP Credit Facility had no outstanding
borrowings and its credit ratio, as defined by the credit agreement,
was 4.05x. Pro forma for the Regency Merger, borrowings under the ETP
Credit Facility increased to
$1 .5 billion and the pro forma credit ratio, as defined by the credit agreement, was 4.62x. - In the first quarter of 2015, ETP issued approximately 1.2 million Common Units through its at-the-market equity program, generating net proceeds of approximately $76 million.
An analysis of ETP’s segment results and other supplementary data is
provided after the financial tables shown below. ETP has scheduled a
conference call for
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other factors
that are difficult to predict and many of which are beyond management’s
control. An extensive list of factors that can affect future results are
discussed in the Partnership’s Annual Reports on Form 10-K and other
documents filed from time to time with the
The information contained in this press release is available on our web site at www.energytransfer.com.
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In millions) |
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(unaudited) |
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Actual | Pro Forma for Regency Merger(1) | ||||||||||||||||
March 31, 2015 |
December 31, 2014 |
March 31, 2015 |
December 31, 2014 |
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ASSETS |
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CURRENT ASSETS | $ | 6,206 | $ | 5,439 | $ | 6,776 | $ | 6,043 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 31,649 | 29,743 | 41,143 | 38,907 | |||||||||||||
ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 3,723 | 3,840 | 3,667 | 3,760 | |||||||||||||
GOODWILL | 6,256 | 6,419 | 7,480 | 7,642 | |||||||||||||
INTANGIBLE ASSETS, net | 2,093 | 2,087 | 5,499 | 5,526 | |||||||||||||
OTHER NON-CURRENT ASSETS, net | 702 | 693 | 802 | 796 | |||||||||||||
Total assets | $ | 50,629 | $ | 48,221 | $ | 65,367 | $ | 62,674 | |||||||||
LIABILITIES AND EQUITY |
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CURRENT LIABILITIES | $ | 4,707 | $ | 6,040 | $ | 5,258 | $ | 6,684 | |||||||||
LONG-TERM DEBT, less current maturities | 20,430 | 18,332 | 27,651 | 24,973 | |||||||||||||
NON-CURRENT PRICE RISK MANAGEMENT LIABILITIES | 214 | 138 | 228 | 154 | |||||||||||||
DEFERRED INCOME TAXES | 4,036 | 4,226 | 4,060 | 4,226 | |||||||||||||
OTHER NON-CURRENT LIABILITIES | 1,256 | 1,206 | 1,306 | 1,278 | |||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||||
SERIES A PREFERRED UNITS | — | — | 33 | 33 | |||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS | 15 | 15 | 15 | 15 | |||||||||||||
EQUITY: | |||||||||||||||||
Total partners’ capital | 12,966 | 12,070 | 12,966 | 12,070 | |||||||||||||
Noncontrolling interest | 7,005 | 6,194 | 5,943 | 5,152 | |||||||||||||
Predecessor equity | — | — | 7,907 | 8,089 | |||||||||||||
Total equity | 19,971 | 18,264 | 26,816 | 25,311 | |||||||||||||
Total liabilities and equity | $ | 50,629 | $ | 48,221 | $ | 65,367 | $ | 62,674 | |||||||||
(1) | The Regency Merger is a combination of entities under common control. Beginning with the quarter ending June 30, 2015, ETP’s GAAP financial statements will reflect retrospective consolidation of Regency. The pro forma amounts reflect the retrospective consolidation of Regency. |
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In millions, except per unit data) |
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(unaudited) |
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Actual | Pro Forma for Regency Merger(1) | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
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2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
REVENUES | $ | 9,530 | $ | 12,232 | $ | 10,326 | $ | 13,027 | |||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||
Cost of products sold | 8,040 | 10,866 | 8,487 | 11,442 | |||||||||||||||||
Operating expenses | 485 | 336 | 619 | 414 | |||||||||||||||||
Depreciation, depletion and amortization | 322 | 266 | 479 | 360 | |||||||||||||||||
Selling, general and administrative | 100 | 76 | 133 | 105 | |||||||||||||||||
Total costs and expenses | 8,947 | 11,544 | 9,718 | 12,321 | |||||||||||||||||
OPERATING INCOME | 583 | 688 | 608 | 706 | |||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense, net of interest capitalized | (228 | ) | (219 | ) | (310 | ) | (274 | ) | |||||||||||||
Equity in earnings of unconsolidated affiliates | 40 | 79 | 57 | 104 | |||||||||||||||||
Gain on sale of AmeriGas common units | — | 70 | — | 70 | |||||||||||||||||
Losses on interest rate derivatives | (77 | ) | (2 | ) | (77 | ) | (2 | ) | |||||||||||||
Other, net | 3 | (3 | ) | 7 | — | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 321 | 613 | 285 | 604 | |||||||||||||||||
Income tax expense from continuing operations | 13 | 146 | 17 | 145 | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 308 | 467 | 268 | 459 | |||||||||||||||||
Income from discontinued operations | — | 24 | — | 24 | |||||||||||||||||
NET INCOME | 308 | 491 | 268 | 483 | |||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 27 | 76 | 1 | 54 | |||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO PREDECESSOR | — | — | (14 | ) | 14 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO PARTNERS | 281 | 415 | 281 | 415 | |||||||||||||||||
General Partner’s interest in net income | 242 | 113 | 242 | 192 | |||||||||||||||||
Class H Unitholder’s interest in net income | 54 | 49 | 54 | 49 | |||||||||||||||||
Class I Unitholder’s interest in net income | 33 | — | 33 | — | |||||||||||||||||
Common Unitholders’ interest in net income (loss) | $ | (48 | ) | $ | 253 | $ | (48 | ) | $ | 174 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS PER COMMON UNIT: | |||||||||||||||||||||
Basic | $ | (0.17 | ) | $ | 0.69 | $ | (0.09 | ) | $ | 0.36 | |||||||||||
Diluted | $ | (0.17 | ) | $ | 0.69 | $ | (0.09 | ) | $ | 0.36 | |||||||||||
NET INCOME (LOSS) PER COMMON UNIT: | |||||||||||||||||||||
Basic | $ | (0.17 | ) | $ | 0.76 | $ | (0.09 | ) | $ | 0.41 | |||||||||||
Diluted | $ | (0.17 | ) | $ | 0.76 | $ | (0.09 | ) | $ | 0.41 | |||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: | |||||||||||||||||||||
Basic | 323.8 | 324.5 | 495.8 | 420.3 | |||||||||||||||||
Diluted | 323.8 | 325.5 | 493.5 | 421.3 | |||||||||||||||||
(1) See Footnote 1 of the condensed consolidated balance sheets. |
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SUPPLEMENTAL INFORMATION |
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(Tabular dollar amounts in millions) |
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(unaudited) |
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Actual | Pro Forma (a) | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
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2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (b): | |||||||||||||||||||||
Net income | $ | 308 | $ | 491 | $ | 268 | $ | 483 | |||||||||||||
Interest expense, net of interest capitalized | 228 | 219 | 310 | 274 | |||||||||||||||||
Gain on sale of AmeriGas common units | — | (70 | ) | — | (70 | ) | |||||||||||||||
Income tax expense from continuing operations (c) | 13 | 146 | 17 | 145 | |||||||||||||||||
Depreciation, depletion and amortization | 322 | 266 | 479 | 360 | |||||||||||||||||
Non-cash compensation expense | 16 | 14 | 20 | 17 | |||||||||||||||||
Losses on interest rate derivatives | 77 | 2 | 77 | 2 | |||||||||||||||||
Unrealized losses on commodity risk management activities | 66 | 29 | 77 | 32 | |||||||||||||||||
Inventory valuation adjustments | 34 | (14 | ) | 34 | (14 | ) | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (40 | ) | (79 | ) | (57 | ) | (104 | ) | |||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | 127 | 196 | 144 | 210 | |||||||||||||||||
Other, net | (2 | ) | 6 | (4 | ) | 2 | |||||||||||||||
Adjusted EBITDA (consolidated) | 1,149 | 1,206 | 1,365 | 1,337 | |||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | (127 | ) | (196 | ) | (144 | ) | (210 | ) | |||||||||||||
Distributions from unconsolidated affiliates (d) | 75 | 81 | 111 | 109 | |||||||||||||||||
Interest expense, net of interest capitalized | (228 | ) | (219 | ) | (310 | ) | (274 | ) | |||||||||||||
Amortization included in interest expense | (13 | ) | (16 | ) | (13 | ) | (14 | ) | |||||||||||||
Current income tax (expense) benefit from continuing operations | 9 | (253 | ) | 9 | (253 | ) | |||||||||||||||
Transaction-related income taxes (e) | — | 306 | — | 306 | |||||||||||||||||
Maintenance capital expenditures | (62 | ) | (39 | ) | (84 | ) | (64 | ) | |||||||||||||
Other, net | 4 | 2 | 3 | 2 | |||||||||||||||||
Distributable Cash Flow (consolidated) | 807 | 872 | 937 | 939 | |||||||||||||||||
Distributable Cash Flow attributable to SXL (100%) | (160 | ) | (157 | ) | (160 | ) | (157 | ) | |||||||||||||
Distributions from SXL to ETP | 90 | 62 | 90 | 62 | |||||||||||||||||
Distributable Cash Flow attributable to Sunoco LP (100%) | (33 | ) | — | (33 | ) | — | |||||||||||||||
Distributions from Sunoco LP to ETP | 12 | — | 12 | — | |||||||||||||||||
Distributions to Regency in respect of Lone Star (f) | (35 | ) | (33 | ) | — | — | |||||||||||||||
Distributable Cash Flow attributable to the partners of ETP | 681 | 744 | 846 | 844 | |||||||||||||||||
Bakken Pipeline Transaction – pro forma interest expense (g) | 6 | — | 6 | — | |||||||||||||||||
Transaction-related expenses | 5 | — | 5 | — | |||||||||||||||||
Distributable Cash Flow attributable to the partners of ETP, as adjusted | $ | 692 | $ | 744 | $ | 857 | $ | 844 | |||||||||||||
Distributions to the partners of ETP (h): | |||||||||||||||||||||
Limited Partners (i): | |||||||||||||||||||||
Common Units held by public | $ | 330 | $ | 266 | $ | 465 | $ | 390 | |||||||||||||
Common Units held by ETE | — | 29 | 24 | 29 | |||||||||||||||||
Class H Units held by ETE and ETE Common Holdings, LLC (“ETE Holdings”) (j) | 56 | 50 | 56 | 50 | |||||||||||||||||
General Partner interests held by ETE | 8 | 5 | 8 | 5 | |||||||||||||||||
Incentive Distribution Rights (“IDRs”) held by ETE | 199 | 168 | 300 | 242 | |||||||||||||||||
IDR relinquishments net of Class I Unit distributions | (7 | ) | (57 | ) | (27 | ) | (57 | ) | |||||||||||||
Total distributions to be paid to the partners of ETP | $ | 586 | $ | 461 | $ | 826 | $ | 659 | |||||||||||||
Distribution coverage ratio (k) |
1.18 |
x |
1.61 |
x |
1.04 |
x |
1.28 |
x |
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Distributable Cash Flow per Common Unit (l) | $ | 1.35 | $ | 1.78 | $ | 1.05 | $ | 1.44 | |||||||||||||
(a) Pro forma amounts reflect the combined results of ETP and Regency
assuming the Regency Merger closed
(b) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of ETP’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities, or other GAAP measures.
There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as gross margin, operating income, net income, and cash flow from operating activities.
Definition of Adjusted EBITDA
ETP defines Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities include unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries’ results of operations and for unconsolidated affiliates based on ETP’s proportionate ownership.
Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.
Definition of Distributable Cash Flow
ETP defines Distributable Cash Flow as net income, adjusted for certain non-cash items, less maintenance capital expenditures. Non-cash items include depreciation and amortization, non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities and deferred income taxes. Unrealized gains and losses on commodity risk management activities includes unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Distributable Cash Flow reflects earnings from unconsolidated affiliates on a cash basis.
Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.
On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of ETP’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among ETP’s subsidiaries, the Distributable Cash Flow generated by ETP’s subsidiaries may not be available to be distributed to the partners of ETP. In order to reflect the cash flows available for distributions to the partners of ETP, ETP has reported Distributable Cash Flow attributable to the partners of ETP, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:
- For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to the partners of ETP includes distributions to be received by the parent company with respect to the periods presented.
-
For consolidated joint ventures or similar entities, where the
noncontrolling interest is not publicly traded, Distributable Cash
Flow (consolidated) includes 100% of Distributable Cash Flow
attributable to such subsidiary, but Distributable Cash Flow
attributable to the partners of ETP is net of distributions to be paid
by the subsidiary to the noncontrolling interests. As of March 31,
2015,
Lone Star was such a subsidiary, as it was 30% owned by Regency, which was an unconsolidated affiliate.
The Partnership has presented Distributable Cash Flow in previous communications; however, the Partnership changed its calculation of this non-GAAP measure in recent periods and has revised amounts in prior periods to be consistent with the Partnership’s updated calculation of this measure.
Previously, the Partnership’s calculation of Distributable Cash Flow reflected income tax expense from continuing operations, which included current and deferred income taxes. Current income tax expense represents the estimated taxes that will be payable or refundable for the current period, while deferred income taxes represent the estimated tax effects of tax carryforwards and the reversal of temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. The Partnership revised its calculation of Distributable Cash Flow to reflect current income tax expense from continuing operations, rather than total income tax expense from continuing operations. Management believes that this revised calculation is more useful and more accurately reflects the cash flows of the Partnership that are available for payment of distributions. Distributable Cash Flow previously reported for the three months ended March 31, 2014 has been revised to reflect these changes.
For Distributable Cash Flow attributable to the partners of ETP, certain transaction-related and non-recurring expenses that are included in net income are excluded.
(c) Income tax expense is based on the earnings of our taxable subsidiaries. For the three months ended March 31, 2015, the Partnership’s income tax expense from continuing operations included favorable state income tax adjustments of $14 million. For the three months ended March 31, 2014, the Partnership’s income tax expense from continuing operations included unfavorable income tax adjustments of $85 million related to the Lake Charles LNG Transaction, which was treated as a sale for tax purposes.
(d) Distributions from unconsolidated affiliates for the pro forma three months ended March 31, 2015 and 2014 include $16 million and $15 million, respectively, of distributions paid to a subsidiary of ETP related to Regency.
(e) Transaction-related income taxes primarily included income tax expense related to the Lake Charles LNG Transaction. For the three months ended March 31, 2014, amounts previously reported for each of the interim periods have been adjusted to reflect income taxes related to other transactions, which amounts had not previously been reflected in the calculation of Distributable Cash Flow for such interim periods.
(f) Cash distributions to Regency in respect of
(g) Pro forma interest expense adjustment for $879 million cash payment received from ETE related to the Bakken Pipeline Transaction.
(h) Distributions on ETP Common Units, as reflected above, exclude cash distributions on ETP Common Units held by subsidiaries of ETP.
(i) For the three months ended March 31, 2015, the distributions to the partners of ETP reflected in the “actual” column exclude distributions related to the ETP Common Units that were issued in the Regency Merger.
(j) Distributions on the Class H Units for the three months ended March 31, 2015 and 2014 were calculated as follows:
Three Months Ended March 31, |
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2015 | 2014 | ||||||||
General partner distributions and incentive distributions from SXL | $ | 62 | $ | 39 | |||||
90.05 | % | 50.05 | % | ||||||
Share of SXL general partner and incentive distributions payable to Class H Unitholder | 56 | 20 | |||||||
Incremental distributions payable to Class H Unitholder (IDR subsidy offset)* | — | 30 | |||||||
Total Class H Unit distributions | $ | 56 | $ | 50 | |||||
* Incremental distributions previously paid to the Class H Unitholder were eliminated in Amendment No. 9 to ETP’s Amended and Restated Agreement of Limited Partnership effective in the first quarter of 2015.
(k) Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to the partners of ETP, as adjusted, divided by net distributions expected to be paid to the partners of ETP in respect of such period.
(l) The Partnership defines Distributable Cash Flow per Common Unit for a period as the quotient of Distributable Cash Flow attributable to the partners of ETP, as adjusted, net of distributions related to the Class H Units, Class I Units and the General Partner and IDR interests, divided by the weighted average number of Common Units outstanding.
Similar to Distributable Cash Flow as described above, Distributable Cash Flow per Common Unit is a significant liquidity measure used by the Partnership’s senior management to compare net cash flows generated by the Partnership to the distributions the Partnership expects to pay to its unitholders. Using this measure, the Partnership’s management can compare Distributable Cash Flow attributable to the partners of ETP, as adjusted, among different periods on a per-unit basis.
Distributable Cash Flow per Common Unit is calculated as follows:
Actual | Pro Forma | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
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2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Distributable Cash Flow attributable to the partners of ETP, as adjusted | $ | 692 | $ | 744 | $ | 857 | $ | 844 | |||||||||||||
Less: | |||||||||||||||||||||
Class H Units held by ETE and ETE Holdings | (56 | ) | (50 | ) | (56 | ) | (50 | ) | |||||||||||||
General Partner interests held by ETE | (8 | ) | (5 | ) | (8 | ) | (5 | ) | |||||||||||||
IDRs held by ETE | (199 | ) | (168 | ) | (300 | ) | (242 | ) | |||||||||||||
IDR relinquishments net of Class I Unit distributions | 7 | 57 | 27 | 57 | |||||||||||||||||
$ | 436 | $ | 578 | $ | 520 | $ | 604 | ||||||||||||||
Weighted average Common Units outstanding – basic | 323.8 | 324.5 | 495.8 | 420.3 | |||||||||||||||||
Distributable Cash Flow per Common Unit | $ | 1.35 | $ | 1.78 | $ | 1.05 | $ | 1.44 | |||||||||||||
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT |
(Tabular dollar amounts in millions) |
(unaudited) |
Our segment results were presented based on the measure of Segment Adjusted EBITDA. The tables below identify the components of Segment Adjusted EBITDA, which was calculated as follows:
- Gross margin, operating expenses, and selling, general and administrative expenses. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.
- Unrealized gains or losses on commodity risk management activities and inventory valuation adjustments. These are the unrealized amounts that are included in cost of products sold to calculate gross margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized losses are added back and the unrealized gains are subtracted to calculate the segment measure.
- Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative expenses. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure.
- Adjusted EBITDA related to unconsolidated affiliates. These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates. Amounts reflected are calculated consistently with our definition of Adjusted EBITDA.
Pro forma amounts reflect the combined results of ETP and Regency
assuming the Regency Merger closed
Actual | Pro Forma for Regency Merger | ||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
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2015 | 2014 | 2015 | 2014 | ||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||
Midstream | $ | 153 | $ | 126 | $ | 318 | $ | 236 | |||||||||
Liquids transportation and services | 166 | 128 | 166 | 128 | |||||||||||||
Interstate transportation and storage | 277 | 300 | 302 | 324 | |||||||||||||
Intrastate transportation and storage | 162 | 177 | 176 | 191 | |||||||||||||
Investment in Sunoco Logistics | 221 | 208 | 221 | 208 | |||||||||||||
Retail marketing | 129 | 109 | 129 | 109 | |||||||||||||
All other | 41 | 158 | 53 | 141 | |||||||||||||
$ | 1,149 | $ | 1,206 | $ | 1,365 | $ | 1,337 | ||||||||||
Midstream
Actual | Pro Forma for Regency Merger | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Gathered volumes (MMBtu/d) | 3,657,371 | 2,558,851 | 9,413,358 | 5,221,201 | |||||||||||||||||
NGLs produced (Bbls/d) | 202,370 | 136,818 | 369,941 | 238,146 | |||||||||||||||||
Equity NGLs (Bbls/d) | 14,320 | 12,106 | 26,368 | 20,878 | |||||||||||||||||
Revenues | $ | 531 | $ | 653 | $ | 1,406 | $ | 1,459 | |||||||||||||
Cost of products sold | 346 | 493 | 959 | 1,133 | |||||||||||||||||
Gross margin | 185 | 160 | 447 | 326 | |||||||||||||||||
Unrealized losses on commodity risk management activities |
— | — | 11 | 3 | |||||||||||||||||
Operating expenses, excluding non-cash compensation expense | (30 | ) | (28 | ) | (138 | ) | (88 | ) | |||||||||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (2 | ) | (6 | ) | (3 | ) | (7 | ) | |||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | — | — | 1 | 2 | |||||||||||||||||
Segment Adjusted EBITDA | $ | 153 | $ | 126 | $ | 318 | $ | 236 | |||||||||||||
Gathered volumes, NGLs produced and equity NGLs produced increased
primarily due to increased production by our customers in the
Segment Adjusted EBITDA for the midstream segment reflected an increase in gross margin as follows:
Actual | Pro Forma for Regency Merger | |||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
|||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gathering and processing fee-based revenues | $ | 161 | $ | 123 | $ | 363 | $ | 219 | ||||||||
Non fee-based contracts and processing | 24 | 37 | 84 | 107 | ||||||||||||
Total gross margin | $ | 185 | $ | 160 | $ | 447 | $ | 326 | ||||||||
Midstream gross margin reflected an increase in fee-based revenues of
$38 million primarily due to increased capacity from assets recently
placed in service in the
Segment Adjusted EBITDA for the midstream segment also reflected lower selling, general and administrative expenses primarily due to a reduction in employee-related costs.
For the pro forma results, the increase in actual Segment Adjusted EBITDA, as discussed above, was incrementally increased due to Regency’s gathering and processing operations.
Liquids Transportation and Services
Three Months Ended March 31, |
||||||||||
2015 | 2014 | |||||||||
Liquids transportation volumes (Bbls/d) | 438,646 | 307,511 | ||||||||
NGL fractionation volumes (Bbls/d) | 226,041 | 156,898 | ||||||||
Revenues | $ | 831 | $ | 830 | ||||||
Cost of products sold | 637 | 671 | ||||||||
Gross margin | 194 | 159 | ||||||||
Unrealized losses on commodity risk management activities | 9 | 1 | ||||||||
Operating expenses, excluding non-cash compensation expense | (35 | ) | (28 | ) | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (4 | ) | (5 | ) | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 2 | 1 | ||||||||
Segment Adjusted EBITDA | $ | 166 | $ | 128 | ||||||
NGL transportation volumes increased approximately 98,000 Bbls/d on our
wholly-owned and joint venture pipelines due to an increase in NGL
production from our Jackson processing plants and volumes transported to
our
Segment Adjusted EBITDA for the liquids transportation and services segment reflected an increase in gross margin as follows:
Three Months Ended March 31, |
||||||||
2015 | 2014 | |||||||
Transportation margin | $ | 81 | $ | 59 | ||||
Processing and fractionation margin | 65 | 49 | ||||||
Storage margin | 44 | 40 | ||||||
Other margin | 4 | 11 | ||||||
Total gross margin | $ | 194 | $ | 159 | ||||
Transportation margin increased $11 million due to higher volumes
transported out of west
Processing and fractionation margin increased primarily due to the
ramp-up of Lone Star’s second fractionator at
Storage margin reflected increases of approximately $6 million due to increased demand for leased storage capacity as a result of market conditions and higher ancillary fees associated with throughput volumes of $2 million. These increases in fee-based storage margin were offset by a decrease of $4 million from lower non fee-based storage activities, including blending activities.
Other margin decreased primarily due to the impact of the cold winter season in early 2014.
Segment Adjusted EBITDA for the liquids transportation and services
segment also reflected an increase in operating expenses for the three
months ended March 31, 2015 compared to the same period last year
primarily due to the ramp-up of Lone Star’s second fractionator in
Interstate Transportation and Storage
Actual | Pro Forma for Regency Merger | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Natural gas transported (MMBtu/d) | 6,763,691 | 6,956,089 | 6,763,691 | 6,956,089 | |||||||||||||||||
Natural gas sold (MMBtu/d) | 16,656 | 15,783 | 16,656 | 15,783 | |||||||||||||||||
Revenues | $ | 276 | $ | 298 | $ | 276 | $ | 298 | |||||||||||||
Operating expenses, excluding non-cash compensation, amortization and accretion expenses | (72 | ) | (71 | ) | (72 | ) | (71 | ) | |||||||||||||
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses | (15 | ) | (14 | ) | (15 | ) | (14 | ) | |||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | 88 | 87 | 113 | 111 | |||||||||||||||||
Segment Adjusted EBITDA | $ | 277 | $ | 300 | $ | 302 | $ | 324 | |||||||||||||
Distributions from unconsolidated affiliates | $ | 49 | $ | 50 | $ | 69 | $ | 68 | |||||||||||||
Transported volumes decreased primarily due to warmer weather in 2015 along the Panhandle pipeline, resulting in a decrease of 137,508 MMBtu/d, and declines in supply into the Sea Robin pipeline as a result of a customer maintenance related outage, resulting in a decrease of 78,260 MMBtu/d.
Segment Adjusted EBITDA for the interstate transportation and storage segment decreased primarily due to lower transportation loan-related revenues of approximately $23 million as a result of higher basis differentials in 2014 driven by the colder weather.
The pro forma results for adjusted EBITDA related to unconsolidated
affiliates and distributions from unconsolidated affiliates reflect the
impact of Regency’s investment in
Intrastate Transportation and Storage
Actual | Pro Forma for Regency Merger | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Natural gas transported (MMBtu/d) | 8,809,018 | 9,399,267 | 8,809,018 | 9,399,267 | |||||||||||||||||
Revenues | $ | 586 | $ | 934 | $ | 586 | $ | 934 | |||||||||||||
Cost of products sold | 416 | 734 | 416 | 734 | |||||||||||||||||
Gross margin | 170 | 200 | 170 | 200 | |||||||||||||||||
Unrealized losses on commodity risk management activities | 35 | 27 | 35 | 27 | |||||||||||||||||
Operating expenses, excluding non-cash compensation expense | (36 | ) | (42 | ) | (36 | ) | (42 | ) | |||||||||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (7 | ) | (7 | ) | (7 | ) | (7 | ) | |||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | — | (1 | ) | 14 | 13 | ||||||||||||||||
Segment Adjusted EBITDA | $ | 162 | $ | 177 | $ | 176 | $ | 191 | |||||||||||||
Distributions from unconsolidated affiliates | $ | 1 | $ | 1 | $ | 14 | $ | 11 | |||||||||||||
Transported volumes declined compared to the same period last year
primarily due to lower production from certain key shippers in the
Intrastate transportation and storage gross margin decreased $17 million
in margin from natural gas sales and other primarily due to a decrease
in gains from derivatives. Additionally, retained fuel revenues
decreased $15 million primarily due to the impact of the cold weather
season in early 2014 and storage margin decreased $9 million principally
driven by a decline in the spreads between the spot and forward prices
on natural gas inventory held in the
The pro forma results for adjusted EBITDA related to unconsolidated
affiliates and distributions from unconsolidated affiliates reflect the
impact of Regency’s investment in
Investment in
Three Months Ended March 31, |
|||||||||
2015 | 2014 | ||||||||
Revenues | $ | 2,572 | $ | 4,477 | |||||
Cost of products sold | 2,350 | 4,210 | |||||||
Gross margin | 222 | 267 | |||||||
Unrealized (gains) losses on commodity risk management activities | 15 | (1 | ) | ||||||
Operating expenses, excluding non-cash compensation expense | (48 | ) | (39 | ) | |||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (22 | ) | (27 | ) | |||||
Inventory valuation adjustments | 41 | — | |||||||
Adjusted EBITDA related to unconsolidated affiliates | 13 | 8 | |||||||
Segment Adjusted EBITDA | $ | 221 | $ | 208 | |||||
Distributions from unconsolidated affiliates | $ | 5 | $ | 2 | |||||
Segment Adjusted EBITDA related to
- an increase of $19 million from crude oil acquisition and marketing activities, primarily due to an increase of $17 million from higher realized crude margins and an increase of $1 million from increased crude oil volumes resulting from recent acquisitions and the expansion of the crude oil trucking fleet;
- an increase of $26 million from products pipelines, primarily due to an increase of $12 million from higher throughput volumes and higher average pipeline revenue per barrel of $10 million, which were largely driven by contributions from Sunoco Logistics’ Mariner NGL pipeline projects, and increased contributions from Sunoco Logistics’ joint venture interests of $5 million; and
-
an increase of $2 million from crude oil pipelines, primarily due to
higher throughput volumes of $10 million largely driven by expansion
projects placed into service in
Texas and Oklahoma during 2014, largely offset by lower average pipeline revenue per barrel of $7 million, which was impacted by reduced volumes on higher-priced tariff movements; partially offset by -
a decrease of $34 million from terminal facilities, primarily due to
lower results from products acquisition and marketing activities of
$45 million.
Sunoco Logistics utilized its storage capabilities to increase its level of certain refined products inventories in order to capture the contango market structure. These inventory positions, combined with the timing of butane blending sales, were negatively impacted by inventory valuation adjustments. This decrease in operating results was partially offset by higher contributions from Sunoco Logistics’ bulk marine and refined products terminals of $10 million.
Retail Marketing
Three Months Ended March 31, |
|||||||||
2015 | 2014 | ||||||||
Retail gasoline outlets, end of period: | |||||||||
Total | 6,683 | 5,122 | |||||||
Company-operated | 1,258 | 529 | |||||||
Motor fuel sales: | |||||||||
Total gallons (in millions) | 1,881 | 1,392 | |||||||
Company-operated (gallons/month per site) | 156,456 | 178,448 | |||||||
Motor fuel gross profit (cents per gallon): | |||||||||
Total | 12.9 | 8.4 | |||||||
Company-operated | 26.0 | 22.1 | |||||||
Merchandise sales | $ | 481 | $ | 140 | |||||
Revenues | $ | 4,805 | $ | 5,011 | |||||
Cost of products sold | 4,367 | 4,756 | |||||||
Gross margin | 438 | 255 | |||||||
Unrealized losses on commodity risk management activities | 2 | 3 | |||||||
Operating expenses, excluding non-cash compensation expense | (271 | ) | (126 | ) | |||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (34 | ) | (10 | ) | |||||
Inventory valuation adjustments | (7 | ) | (14 | ) | |||||
Adjusted EBITDA related to unconsolidated affiliates | 1 | 1 | |||||||
Segment Adjusted EBITDA | $ | 129 | $ | 109 | |||||
Retail marketing gross margin increased due to the net impacts of the following:
-
an increase of $184 million from the acquisition of Susser in
August 2014 ; - favorable impact of $34 million from other recent acquisitions;
- an increase of $33 million from stronger retail and wholesale motor fuel margins;
- an increase of $4 million from other retail margins; partially offset by
- a decrease of $45 million due to exceptionally strong results in 2014 from ethanol manufacturing and blending, largely related to weather related impacts and regional market dynamics;
- unfavorable impact of $20 million in non-retail fuel activities; and
- unfavorable impact of $7 million related to non-cash inventory valuation adjustments.
Segment Adjusted EBITDA for the retail marketing segment also reflected an increase in operating expenses and in selling, general and administrative expenses primarily due to recent acquisitions.
All Other
Actual | Pro Forma for Regency Merger | ||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended March 31, |
||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Revenues | $ | 383 | $ | 591 | $ | 493 | $ | 660 | |||||||||||||
Cost of products sold | 374 | 564 | 389 | 574 | |||||||||||||||||
Gross margin | 9 | 27 | 104 | 86 | |||||||||||||||||
Unrealized (gains) losses on commodity risk management activities | 5 | (1 | ) | 5 | (1 | ) | |||||||||||||||
Operating expenses, excluding non-cash compensation expense | 5 | (5 | ) | (21 | ) | (27 | ) | ||||||||||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (18 | ) | (11 | ) | (46 | ) | (36 | ) | |||||||||||||
Adjusted EBITDA related to discontinued operations | — | 27 | — | 27 | |||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | 25 | 102 | 3 | 75 | |||||||||||||||||
Other | 19 | 19 | 19 | 19 | |||||||||||||||||
Elimination | (4 | ) | — | (11 | ) | (2 | ) | ||||||||||||||
Segment Adjusted EBITDA | $ | 41 | $ | 158 | $ | 53 | $ | 141 | |||||||||||||
Distributions from unconsolidated affiliates | $ | 18 | $ | 26 | $ | 18 | $ | 26 | |||||||||||||
Amounts reflected in our all other segment primarily include:
- our natural gas marketing and compression operations;
- an approximate 33% non-operating interest in PES, a refining joint venture;
- our investment in Regency common and Class F units; and
-
our investment in
AmeriGas untilAugust 2014 .
Segment Adjusted EBITDA decreased due to the net impact of the following:
-
a decrease of $77 million in Adjusted EBITDA related to unconsolidated
affiliates, primarily due to a decrease of $51 million related to our
investment in
AmeriGas driven by a reduction in our investment due to the sale ofAmeriGas common units in 2014 and lower earnings from our investment in PES of $21 million; and -
Adjusted EBITDA related to discontinued operations of $27 million in
the prior period related to a marketing business that was sold
effective
April 1, 2014 .
For the pro forma results, the decrease in actual Segment Adjusted EBITDA, as discussed above, was partially offset by increases in Regency’s natural resources and contract services operations.
In connection with the Lake Charles LNG Transaction, ETP agreed to
continue to provide management services for ETE through 2015 in relation
to both Lake Charles LNG’s regasification facility and the development
of a liquefaction project at Lake Charles LNG’s facility, for which ETE
has agreed to pay incremental management fees to ETP of
The decrease in cash distributions from unconsolidated affiliates was
primarily due to a decrease of $11 million in cash distribution from our
ownership in
SUPPLEMENTAL INFORMATION ON CAPITAL EXPENDITURES |
(Tabular amounts in millions) |
(unaudited) |
The following is a summary of capital expenditures (net of contributions
in aid of construction costs) for the three months ended
Growth | Maintenance | Total | ||||||||
Direct(1): | ||||||||||
Midstream | $ | 248 | $ | 4 | $ | 252 | ||||
Liquids transportation and services(2) | 559 | 4 | 563 | |||||||
Interstate transportation and storage(2) | 271 | 19 | 290 | |||||||
Intrastate transportation and storage | 15 | 3 | 18 | |||||||
Retail marketing(3) | 73 | 14 | 87 | |||||||
All other (including eliminations) | 10 | — | 10 | |||||||
Total direct capital expenditures | 1,176 | 44 | 1,220 | |||||||
Indirect(1): | ||||||||||
Investment in Sunoco Logistics | 416 | 15 | 431 | |||||||
Investment in Sunoco LP(3) | 36 | 3 | 39 | |||||||
Total indirect capital expenditures | 452 | 18 | 470 | |||||||
Total capital expenditures – actual | 1,628 | 62 | 1,690 | |||||||
Regency capital expenditures (excluding contributions to Lone Star) | 438 | 22 | 460 | |||||||
Total capital expenditures – pro forma for Regency Merger | $ | 2,066 | $ | 84 | $ | 2,150 | ||||
(1) | Indirect capital expenditures comprise those funded by our publicly traded subsidiaries; all other capital expenditures are reflected as direct capital expenditures. | |
(2) | Includes 100% of Lone Star, Bakken and Rover’s capital expenditures. | |
(3) | The retail marketing segment includes the investment in Sunoco LP, as well as ETP’s wholly-owned retail marketing operations. Capital expenditures by Sunoco LP are reflected as indirect because Sunoco LP is a publicly traded subsidiary. | |
We currently expect capital expenditures (net of contributions in aid of construction costs) for the full year 2015 to be within the following ranges, including Regency’s expected capital expenditures:
Growth | Maintenance | ||||||||||||||||
Low | High | Low | High | ||||||||||||||
Direct(1): | |||||||||||||||||
Midstream | $ | 1,900 | $ | 2,000 | $ | 90 | $ | 110 | |||||||||
Liquids transportation and services: | |||||||||||||||||
NGL(2) | 1,700 | 1,750 | 25 | 30 | |||||||||||||
Crude(3) | 700 | 750 | — | — | |||||||||||||
Interstate transportation and storage(3) | 750 | 850 | 100 | 115 | |||||||||||||
Intrastate transportation and storage | 150 | 200 | 30 | 35 | |||||||||||||
Retail marketing(4) | 200 | 250 | 80 | 100 | |||||||||||||
All other (including eliminations) | 200 | 250 | 35 | 45 | |||||||||||||
Total direct capital expenditures | 5,600 | 6,050 | 360 | 435 | |||||||||||||
Indirect(1): | |||||||||||||||||
Investment in Sunoco Logistics | 2,400 | 2,600 | 65 | 75 | |||||||||||||
Investment in Sunoco LP(4) | 180 | 230 | 15 | 25 | |||||||||||||
Total indirect capital expenditures | 2,580 | 2,830 | 80 | 100 | |||||||||||||
Total projected capital expenditures | $ | 8,180 | $ | 8,880 | $ | 440 | $ | 535 | |||||||||
(1) | Indirect capital expenditures comprise those funded by our publicly traded subsidiaries; all other capital expenditures are reflected as direct capital expenditures. | |
(2) | Includes 100% of Lone Star’s capital expenditures. | |
(3) | Includes capital expenditures related to our proportionate ownership of the Bakken and Rover pipeline projects. | |
(4) | The retail marketing segment includes the investment in Sunoco LP, as well as ETP’s wholly-owned retail marketing operations. Capital expenditures by Sunoco LP are reflected as indirect because Sunoco LP is a publicly traded subsidiary. | |
SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES |
||||||||||
(In millions) |
||||||||||
(unaudited) |
||||||||||
Three Months Ended March 31, |
||||||||||
2015 | 2014 | |||||||||
Equity in earnings (losses) of unconsolidated affiliates: | ||||||||||
Citrus | $ | 19 | $ | 18 | ||||||
FEP | 14 | 14 | ||||||||
Regency | 4 | (7 | ) | |||||||
PES | (9 | ) | 17 | |||||||
AmeriGas | 6 | 34 | ||||||||
Other | 6 | 3 | ||||||||
Total equity in earnings of unconsolidated affiliates – actual | $ | 40 | $ | 79 | ||||||
MEP | 12 | 11 | ||||||||
HPC | 9 | 7 | ||||||||
Other and eliminations | (4 | ) | 7 | |||||||
Total equity in earnings of unconsolidated affiliates – pro forma for Regency Merger | $ | 57 | $ | 104 | ||||||
Adjusted EBITDA related to unconsolidated affiliates: | ||||||||||
Citrus | $ | 69 | $ | 68 | ||||||
FEP | 19 | 19 | ||||||||
Regency | 23 | 27 | ||||||||
PES | 2 | 23 | ||||||||
AmeriGas | — | 51 | ||||||||
Other | 14 | 8 | ||||||||
Total Adjusted EBITDA related to unconsolidated affiliates – actual | $ | 127 | $ | 196 | ||||||
MEP | 24 | 26 | ||||||||
HPC | 15 | 14 | ||||||||
Other and eliminations | (22 | ) | (26 | ) | ||||||
Total Adjusted EBITDA related to unconsolidated affiliates – pro forma for Regency Merger | $ | 144 | $ | 210 | ||||||
Distributions received from unconsolidated affiliates: | ||||||||||
Citrus | $ | 33 | $ | 34 | ||||||
FEP | 16 | 16 | ||||||||
Regency | 16 | 15 | ||||||||
PES | 2 | — | ||||||||
AmeriGas | — | 11 | ||||||||
Other | 8 | 5 | ||||||||
Total distributions received from unconsolidated affiliates – actual | $ | 75 | $ | 81 | ||||||
MEP | 20 | 18 | ||||||||
HPC | 13 | 10 | ||||||||
Other and eliminations | 3 | — | ||||||||
Total distributions received from unconsolidated affiliates – pro forma for Regency Merger | $ | 111 | $ | 109 |
Source:
Investor Relations:
Energy Transfer
Brent Ratliff,
214-981-0700
or
Lyndsay Hannah, 214-840-5477
or
Media
Relations:
Granado Communications Group
Vicki Granado,
214-599-8785
Cell: 214-498-9272