Energy Transfer Partners Reports Second Quarter Results | DALLAS--(BUSINESS WIRE)--Aug. 8, 2017--
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the
“Partnership”) today reported its financial results for the quarter
ended June 30, 2017. For the three months ended June 30, 2017, net
income was $292 million and Adjusted EBITDA was $1.60 billion. Adjusted
EBITDA increased $229 million compared to the three months ended June
30, 2016, reflecting significantly higher results from the midstream and
crude oil transportation and services segments, as discussed in the
segment results analysis below. Net income decreased $180 million
compared to the three months ended June 30, 2016, primarily due to a
non-cash loss recorded on the Partnership’s investment in Sunoco LP
related to Sunoco LP’s anticipated sale of its retail business, as well
as a one-time deferred tax impact resulting from the merger of Energy
Transfer Partners, L.P. and Sunoco Logistics Partners L.P. (the “Sunoco
Logistics Merger”). On a pro forma basis for the Sunoco Logistics
Merger, Distributable Cash Flow attributable to partners, as adjusted,
for the three months ended June 30, 2017 totaled $990 million, an
increase of $175 million compared to the three months ended June 30,
2016, primarily due to the increase in Adjusted EBITDA.
In April 2017, Energy Transfer Partners, L.P. and Sunoco Logistics
Partners L.P. (“Sunoco Logistics”) completed the merger transaction in
which Sunoco Logistics acquired Energy Transfer Partners, L.P. in a
unit-for-unit transaction. At the time of the Sunoco Logistics Merger,
Energy Transfer Partners, L.P. changed its name from “Energy Transfer
Partners, L.P.” to “Energy Transfer, LP” and Sunoco Logistics Partners
L.P. changed its name to “Energy Transfer Partners, L.P.” For purposes
of maintaining clarity, the following references are used herein:
-
References to “ETLP” refer to Energy Transfer, LP subsequent to the
close of the merger;
-
References to “Sunoco Logistics” refer to the entity named Sunoco
Logistics Partners L.P. prior to the close of the merger; and
-
References to “ETP” refer to the consolidated entity named Energy
Transfer Partners, L.P. subsequent to the close of the merger.
In July 2017, ETP announced that it had entered into a contribution
agreement, whereby the Partnership will receive approximately $1.57
billion in exchange for a 49.9% interest in the holding company that
owns 65% of the Rover pipeline. The transaction is expected to close in
October 2017, subject to customary closing conditions.
In July 2017, ETP announced a quarterly distribution of $0.550 per unit
($2.20 annualized) on ETP Common Units for the quarter ended June 30,
2017.
As of June 30, 2017, ETP had approximately $3.2 billion outstanding
under its aggregate $6.25 billion revolving credit facilities and its
leverage ratio, as defined by the legacy Sunoco Logistics credit
agreement, was 4.47x.
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 8:00 a.m. Central Time, Wednesday, August 9, 2017 to
discuss the second quarter 2017 results. The conference call will be
broadcast live via an internet webcast, which can be accessed through www.energytransfer.com
and will also be available for replay on ETP’s website for a limited
time.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
commodity acquisition and marketing assets. ETP’s general partner is
owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information,
visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited
partnership that owns the general partner and 100% of the incentive
distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP)
and Sunoco LP (NYSE: SUN). ETE also owns Lake Charles LNG Company. On a
consolidated basis, ETE’s family of companies owns and operates a
diverse portfolio of natural gas, natural gas liquids, crude oil and
refined products assets, as well as retail and wholesale motor fuel
operations and LNG terminalling. For more information, visit the Energy
Transfer Equity, L.P. website at www.energytransfer.com.
Forward-Looking Statements
This news 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 Report on Form 10-K and other documents
filed from time to time with the Securities and Exchange Commission. The
Partnership undertakes no obligation to update or revise any
forward-looking statement to reflect new information or events.
The information contained in this press release is available on our
website at www.energytransfer.com.
|
|
|
|
|
ENERGY TRANSFER PARTNERS, L.P. AND
SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (In millions) (unaudited)
|
|
|
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016 (a)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
5,386
|
|
|
$
|
5,729
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
54,536
|
|
|
|
50,917
|
|
|
|
|
|
|
|
Advances to and investments in unconsolidated affiliates
|
|
|
4,228
|
|
|
|
4,280
|
|
Other non-current assets, net
|
|
|
707
|
|
|
|
672
|
|
Intangible assets, net
|
|
|
5,443
|
|
|
|
4,696
|
|
Goodwill
|
|
|
3,919
|
|
|
|
3,897
|
|
Total assets
|
|
$
|
74,219
|
|
|
$
|
70,191
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
$
|
6,989
|
|
|
$
|
6,203
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
|
32,029
|
|
|
|
31,741
|
|
Long-term notes payable – related company
|
|
|
—
|
|
|
|
250
|
|
Non-current derivative liabilities
|
|
|
201
|
|
|
|
76
|
|
Deferred income taxes
|
|
|
4,498
|
|
|
|
4,394
|
|
Other non-current liabilities
|
|
|
1,066
|
|
|
|
952
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Series A Preferred Units
|
|
|
—
|
|
|
|
33
|
|
Redeemable noncontrolling interests
|
|
|
21
|
|
|
|
15
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Total partners’ capital
|
|
|
25,616
|
|
|
|
18,642
|
|
Noncontrolling interest
|
|
|
3,799
|
|
|
|
7,885
|
|
Total equity
|
|
|
29,415
|
|
|
|
26,527
|
|
Total liabilities and equity
|
|
$
|
74,219
|
|
|
$
|
70,191
|
|
|
(a) The Sunoco Logistics Merger resulted in Energy Transfer Partners,
L.P. being treated as the surviving consolidated entity from an
accounting perspective, while Sunoco Logistics (prior to changing its
name to “Energy Transfer Partners, L.P.”) was the surviving consolidated
entity from a legal and reporting perspective. Therefore, for the
pre-merger periods, the consolidated financial statements reflect the
consolidated financial statements of the legal acquiree (i.e., the
entity that was named “Energy Transfer Partners, L.P.” prior to the
merger and name changes).
The Sunoco Logistics Merger was accounted for as an equity transaction.
The Sunoco Logistics Merger did not result in any changes to the
carrying values of assets and liabilities in the consolidated financial
statements, and no gain or loss was recognized. For the periods prior to
the Sunoco Logistics Merger, the Sunoco Logistics limited partner
interests that were owned by third parties (other than Energy Transfer
Partners, L.P. or its consolidated subsidiaries) are presented as
noncontrolling interest in these consolidated financial statements.
|
|
|
|
|
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,
|
|
|
2017
|
|
2016 (a)
|
|
2017 (a)
|
|
2016 (a)
|
REVENUES
|
|
$
|
6,576
|
|
|
$
|
5,289
|
|
|
$
|
13,471
|
|
|
$
|
9,770
|
|
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
4,742
|
|
|
|
3,630
|
|
|
|
9,934
|
|
|
|
6,598
|
|
Operating expenses
|
|
|
425
|
|
|
|
374
|
|
|
|
804
|
|
|
|
722
|
|
Depreciation, depletion and amortization
|
|
|
557
|
|
|
|
496
|
|
|
|
1,117
|
|
|
|
966
|
|
Selling, general and administrative
|
|
|
120
|
|
|
|
74
|
|
|
|
230
|
|
|
|
155
|
|
Total costs and expenses
|
|
|
5,844
|
|
|
|
4,574
|
|
|
|
12,085
|
|
|
|
8,441
|
|
OPERATING INCOME
|
|
|
732
|
|
|
|
715
|
|
|
|
1,386
|
|
|
|
1,329
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(346
|
)
|
|
|
(317
|
)
|
|
|
(685
|
)
|
|
|
(636
|
)
|
Equity in earnings (losses) of unconsolidated affiliates
|
|
|
(61
|
)
|
|
|
119
|
|
|
|
12
|
|
|
|
195
|
|
Losses on interest rate derivatives
|
|
|
(25
|
)
|
|
|
(81
|
)
|
|
|
(20
|
)
|
|
|
(151
|
)
|
Other, net
|
|
|
71
|
|
|
|
27
|
|
|
|
97
|
|
|
|
44
|
|
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)
|
|
|
371
|
|
|
|
463
|
|
|
|
790
|
|
|
|
781
|
|
Income tax expense (benefit)
|
|
|
79
|
|
|
|
(9
|
)
|
|
|
134
|
|
|
|
(67
|
)
|
NET INCOME
|
|
|
292
|
|
|
|
472
|
|
|
|
656
|
|
|
|
848
|
|
Less: Net income attributable to noncontrolling interest
|
|
|
93
|
|
|
|
102
|
|
|
|
133
|
|
|
|
167
|
|
NET INCOME ATTRIBUTABLE TO PARTNERS
|
|
|
199
|
|
|
|
370
|
|
|
|
523
|
|
|
|
681
|
|
General Partner’s interest in net income
|
|
|
251
|
|
|
|
223
|
|
|
|
457
|
|
|
|
520
|
|
Class H Unitholder’s interest in net income
|
|
|
—
|
|
|
|
85
|
|
|
|
98
|
|
|
|
164
|
|
Class I Unitholder’s interest in net income
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
4
|
|
Common Unitholders’ interest in net income (loss)
|
|
$
|
(52
|
)
|
|
$
|
60
|
|
|
$
|
(32
|
)
|
|
$
|
(7
|
)
|
NET INCOME (LOSS) PER COMMON UNIT: (b)
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.04
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.03
|
)
|
Diluted
|
|
$
|
(0.04
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.03
|
)
|
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: (b)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,021.7
|
|
|
|
752.4
|
|
|
|
922.5
|
|
|
|
743.9
|
|
Diluted
|
|
|
1,021.7
|
|
|
|
753.9
|
|
|
|
922.5
|
|
|
|
744.4
|
|
|
(a) See note (a) to the condensed consolidated balance sheets.
(b) The historical common units and net income (loss) per limited
partner unit amounts presented in these consolidated financial
statements have been retrospectively adjusted to reflect the 1.5 to one
unit-for-unit exchange in connection with the Sunoco Logistics Merger.
|
|
|
|
|
SUPPLEMENTAL INFORMATION (Dollars
and units in millions) (unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017 (a)
|
|
2016 (a)
|
|
2017 (a)
|
|
2016 (a)
|
Reconciliation of net income to Adjusted EBITDA and Distributable
Cash Flow (b):
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
292
|
|
|
$
|
472
|
|
|
$
|
656
|
|
|
$
|
848
|
|
Interest expense, net
|
|
|
346
|
|
|
|
317
|
|
|
|
685
|
|
|
|
636
|
|
Income tax expense (benefit)
|
|
|
79
|
|
|
|
(9
|
)
|
|
|
134
|
|
|
|
(67
|
)
|
Depreciation, depletion and amortization
|
|
|
557
|
|
|
|
496
|
|
|
|
1,117
|
|
|
|
966
|
|
Non-cash unit-based compensation expense
|
|
|
15
|
|
|
|
19
|
|
|
|
38
|
|
|
|
38
|
|
Losses on interest rate derivatives
|
|
|
25
|
|
|
|
81
|
|
|
|
20
|
|
|
|
151
|
|
Unrealized gains (losses) on commodity risk management activities
|
|
|
(34
|
)
|
|
|
18
|
|
|
|
(98
|
)
|
|
|
81
|
|
Inventory valuation adjustments
|
|
|
58
|
|
|
|
(132
|
)
|
|
|
56
|
|
|
|
(106
|
)
|
Equity in earnings (losses) of unconsolidated affiliates
|
|
|
61
|
|
|
|
(119
|
)
|
|
|
(12
|
)
|
|
|
(195
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
247
|
|
|
|
252
|
|
|
|
486
|
|
|
|
471
|
|
Other, net
|
|
|
(47
|
)
|
|
|
(25
|
)
|
|
|
(69
|
)
|
|
|
(41
|
)
|
Adjusted EBITDA (consolidated)
|
|
|
1,599
|
|
|
|
1,370
|
|
|
|
3,013
|
|
|
|
2,782
|
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
(247
|
)
|
|
|
(252
|
)
|
|
|
(486
|
)
|
|
|
(471
|
)
|
Distributable cash flow from unconsolidated affiliates
|
|
|
123
|
|
|
|
116
|
|
|
|
267
|
|
|
|
260
|
|
Interest expense, net
|
|
|
(346
|
)
|
|
|
(317
|
)
|
|
|
(685
|
)
|
|
|
(636
|
)
|
Amortization included in interest expense
|
|
|
(2
|
)
|
|
|
(5
|
)
|
|
|
(3
|
)
|
|
|
(12
|
)
|
Current income tax expense
|
|
|
(12
|
)
|
|
|
(13
|
)
|
|
|
(13
|
)
|
|
|
(12
|
)
|
Maintenance capital expenditures
|
|
|
(107
|
)
|
|
|
(78
|
)
|
|
|
(167
|
)
|
|
|
(137
|
)
|
Other, net
|
|
|
14
|
|
|
|
3
|
|
|
|
30
|
|
|
|
6
|
|
Distributable Cash Flow (consolidated)
|
|
|
1,022
|
|
|
|
824
|
|
|
|
1,956
|
|
|
|
1,780
|
|
Distributable Cash Flow attributable to PennTex Midstream Partners,
LP (“PennTex”) (100%) (c)
|
|
|
—
|
|
|
|
—
|
|
|
|
(19
|
)
|
|
|
—
|
|
Distributions from PennTex to ETP (c)
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Distributable cash flow attributable to noncontrolling interest in
other consolidated subsidiaries
|
|
|
(57
|
)
|
|
|
(9
|
)
|
|
|
(80
|
)
|
|
|
(17
|
)
|
Distributable Cash Flow attributable to the partners of ETP
|
|
|
965
|
|
|
|
815
|
|
|
|
1,865
|
|
|
|
1,763
|
|
Transaction-related expenses
|
|
|
25
|
|
|
|
—
|
|
|
|
32
|
|
|
|
2
|
|
Distributable Cash Flow attributable to the partners of ETP, as
adjusted
|
|
$
|
990
|
|
|
$
|
815
|
|
|
$
|
1,897
|
|
|
$
|
1,765
|
|
|
|
|
|
|
|
|
|
|
Distributions to partners (d):
|
|
|
|
|
|
|
|
|
Limited Partners:
|
|
|
|
|
|
|
|
|
Common Units held by public
|
|
$
|
589
|
|
|
$
|
492
|
|
|
$
|
1,156
|
|
|
$
|
965
|
|
Common Units held by parent
|
|
|
15
|
|
|
|
2
|
|
|
|
30
|
|
|
|
4
|
|
Class H Units held by ETE
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
General Partner interests
|
|
|
4
|
|
|
|
4
|
|
|
|
8
|
|
|
|
7
|
|
Incentive Distribution Rights (“IDRs”) held by parent
|
|
|
396
|
|
|
|
319
|
|
|
|
773
|
|
|
|
622
|
|
IDR relinquishments
|
|
|
(162
|
)
|
|
|
(109
|
)
|
|
|
(319
|
)
|
|
|
(143
|
)
|
Total distributions to be paid to partners
|
|
$
|
842
|
|
|
$
|
708
|
|
|
$
|
1,648
|
|
|
$
|
1,455
|
|
Common Units outstanding – end of period (d)(e)
|
|
|
1,092.6
|
|
|
|
981.5
|
|
|
|
1,092.6
|
|
|
|
981.5
|
|
Distribution coverage ratio (f)
|
|
1.18x
|
|
1.15x
|
|
1.15x
|
|
1.21x
|
|
|
|
|
|
|
|
|
|
(a) For the three and six months ended June 30, 2017 and 2016, the
calculation of Distributable Cash Flow and the amounts reflected for
distributions to partners and common units outstanding reflect the pro
forma impacts of the Sunoco Logistics Merger as though the merger had
occurred on January 1, 2016. As a result, the prior period amounts
reported above differ from information previously reported by legacy
ETP, as follows:
-
Distributable cash flow attributable to the partners of ETP includes
amounts attributable to the partners of both legacy ETP and legacy
Sunoco Logistics. Previously, the calculation of distributable cash
flow attributable to the partners of ETP (as previously reported by
legacy ETP) excluded the distributable cash flow attributable to
Sunoco Logistics and only included distributions from legacy Sunoco
Logistics to legacy ETP.
-
Distributable cash flow attributable to noncontrolling interest in
other consolidated subsidiaries includes amounts attributable to the
noncontrolling interests in the other consolidated subsidiaries of
both legacy ETP and legacy Sunoco Logistics.
-
The transaction-related expenses adjustment in distributable cash flow
attributable to the partners of ETP, as adjusted, includes amounts
incurred by both legacy ETP and legacy Sunoco Logistics.
-
Distributions to limited partners include distributions paid on the
common units of both legacy ETP and legacy Sunoco Logistics but
exclude the following distributions in the prior periods on units that
were cancelled in the merger, which comprise the following: (i)
distributions paid by legacy Sunoco Logistics on its common units held
legacy ETP and (ii) distributions paid by legacy ETP on its Class H
units held by ETE.
-
Distributions on General Partner interests and incentive distribution
rights are reflected on a pro forma basis, based on the pro forma cash
distributions to limited partners and the current distribution
waterfall per the limited partnership agreement (i.e., the legacy
Sunoco Logistics distribution waterfall).
-
Common units outstanding for the pre-merger periods reflect (i) the
legacy ETP common units outstanding at the end of the period
multiplied by a factor of 1.5x and (ii) the legacy Sunoco Logistics
common units outstanding at the end of the period minus 67.1 million
legacy Sunoco Logistics common units held by ETP, which were cancelled
in connection with the closing of the merger.
(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 segment margin, operating
income, net income, and cash flow from operating activities.
Definition of Adjusted EBITDA
We define Adjusted EBITDA as total partnership earnings before interest,
taxes, depreciation, depletion, 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,
non-cash impairment charges, losses on extinguishments of debt 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 our 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
We define Distributable Cash Flow as net income, adjusted for certain
non-cash items, less maintenance capital expenditures. Non-cash items
include depreciation, depletion 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, non-cash impairment charges,
losses on extinguishments of debt 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). For
unconsolidated affiliates, Distributable Cash Flow reflects the
Partnership’s proportionate share of the investee’s distributable cash
flow.
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 our subsidiaries,
the Distributable Cash Flow generated by our subsidiaries may not be
available to be distributed to our partners. In order to reflect the
cash flows available for distributions to our partners, we have reported
Distributable Cash Flow attributable to partners, 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 our partners 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 partners is net of distributions to be paid by the
subsidiary to the noncontrolling interests.
For Distributable Cash Flow attributable to partners, as adjusted,
certain transaction-related and non-recurring expenses that are included
in net income are excluded.
(c) Beginning with the second quarter of 2017, PennTex became a wholly
owned subsidiary of ETP. The amounts reflected above for PennTex relate
only to the first quarter of 2017, and no distributable cash flow has
been attributed to noncontrolling interests in PennTex subsequent to
March 31, 2017.
(d) Distributions on ETP Common Units and the number of ETP Common Units
outstanding at the end of the period, both as reflected above, exclude
amounts related to ETP Common Units held by subsidiaries of ETP.
(e) Reflects the sum of (i) the ETP Common Units outstanding at the end
of period multiplied by a factor of 1.5x and (ii) the Sunoco Logistics
Common Units outstanding at end of period minus 67.1 million Sunoco
Logistics Common Units held by ETP, which units were cancelled in
connection with the closing of the merger.
(f) Distribution coverage ratio for a period is calculated as
Distributable Cash Flow attributable to partners, as adjusted, divided
by net distributions expected to be paid to the partners of ETP in
respect of such period.
|
|
|
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY
SEGMENT (Tabular dollar amounts in millions) (unaudited)
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Segment Adjusted EBITDA:
|
|
|
|
|
|
Intrastate transportation and storage
|
|
$
|
148
|
|
|
$
|
149
|
|
Interstate transportation and storage
|
|
|
262
|
|
|
|
278
|
|
Midstream
|
|
|
412
|
|
|
|
298
|
|
NGL and refined products transportation and services (1)
|
|
|
391
|
|
|
|
341
|
|
Crude oil transportation and services (1)
|
|
|
279
|
|
|
|
124
|
|
All other
|
|
|
107
|
|
|
|
180
|
|
|
|
$
|
1,599
|
|
|
$
|
1,370
|
|
|
|
|
|
|
|
|
|
|
(1) Subsequent to the Sunoco Logistics Merger, the
Partnership’s reportable segments were revised. Amounts reflected in
prior periods have been retrospectively adjusted to conform to the
current reportable segment presentation for NGL and refined products
transportation and services and crude oil transportation and services.
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 Segment Margin to operating income, as
reported in the Partnership’s consolidated statements of operations:
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Segment Margin by segment:
|
|
|
|
|
|
|
|
|
Intrastate transportation and storage
|
|
$
|
202
|
|
|
$
|
188
|
|
|
$
|
384
|
|
|
$
|
353
|
|
Interstate transportation and storage
|
|
|
207
|
|
|
|
234
|
|
|
|
442
|
|
|
|
493
|
|
Midstream
|
|
|
571
|
|
|
|
460
|
|
|
|
1,084
|
|
|
|
874
|
|
NGL and refined products transportation and services
|
|
|
523
|
|
|
|
448
|
|
|
|
1,080
|
|
|
|
879
|
|
Crude oil transportation and services
|
|
|
369
|
|
|
|
319
|
|
|
|
614
|
|
|
|
586
|
|
All other
|
|
|
76
|
|
|
|
86
|
|
|
|
178
|
|
|
|
179
|
|
Intersegment eliminations
|
|
|
(114
|
)
|
|
|
(76
|
)
|
|
|
(245
|
)
|
|
|
(192
|
)
|
Total Segment Margin
|
|
|
1,834
|
|
|
|
1,659
|
|
|
|
3,537
|
|
|
|
3,172
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
425
|
|
|
|
374
|
|
|
|
804
|
|
|
|
722
|
|
Depreciation, depletion and amortization
|
|
|
557
|
|
|
|
496
|
|
|
|
1,117
|
|
|
|
966
|
|
Selling, general and administrative
|
|
|
120
|
|
|
|
74
|
|
|
|
230
|
|
|
|
155
|
|
Operating income
|
|
$
|
732
|
|
|
$
|
715
|
|
|
$
|
1,386
|
|
|
$
|
1,329
|
|
|
|
|
Intrastate Transportation and Storage
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Natural gas transported (MMBtu/d)
|
|
|
9,254,999
|
|
|
|
8,659,255
|
|
Revenues
|
|
$
|
753
|
|
|
$
|
541
|
|
Cost of products sold
|
|
|
551
|
|
|
|
353
|
|
Segment margin
|
|
|
202
|
|
|
|
188
|
|
Unrealized gains on commodity risk management activities
|
|
|
(21
|
)
|
|
|
(7
|
)
|
Operating expenses, excluding non-cash compensation expense
|
|
|
(46
|
)
|
|
|
(41
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation expense
|
|
|
(5
|
)
|
|
|
(6
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
18
|
|
|
|
15
|
|
Segment Adjusted EBITDA
|
|
$
|
148
|
|
|
$
|
149
|
|
|
|
|
|
|
Distributions from unconsolidated affiliates
|
|
$
|
14
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
Transported volumes increased primarily due to higher demand for exports
to Mexico, along with the acquisition of an intrastate pipeline in
northern Louisiana. These increases were partially offset by lower
production volumes in the Barnett Shale region.
Segment Adjusted EBITDA. For the three months ended June 30, 2017
compared to the same period last year, Segment Adjusted EBITDA related
to our intrastate transportation and storage segment decreased due to
the net impacts of the following:
-
a decrease of $20 million in transportation fees due to renegotiated
contracts resulting in lower billed volumes;
-
a decrease of $13 million in storage margin (excluding net changes in
unrealized amounts of $7 million related to fair value inventory
adjustments and unrealized gains and losses on derivatives); and
-
an increase of $5 million in operating expenses primarily due to
higher maintenance and project related expenses of $6 million as well
as higher compression fuel expense of $2 million, partially offset by
fewer allocated expenses and lower capitalized overhead; partially
offset by
-
an increase of $29 million in natural gas sales and other (excluding
changes in unrealized gains of $4 million) primarily from higher
realized gains from pipeline optimization activity due to more
favorable market conditions;
-
an increase of $4 million in retained fuels (excluding changes in
unrealized gains of $3 million) primarily due to higher market prices.
The average spot price at the Houston Ship Channel location increased
53% for the quarter ended June 30, 2017 compared to the same period
last year; and
-
an increase of $3 million in adjusted EBITDA related to unconsolidated
affiliates due to the Trans-Pecos and Comanche Trail pipelines that
were placed in service in 2017.
Interstate Transportation and Storage
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Natural gas transported (MMBtu/d)
|
|
|
5,299,099
|
|
|
|
5,363,658
|
|
Natural gas sold (MMBtu/d)
|
|
|
17,035
|
|
|
|
21,539
|
|
Revenues
|
|
$
|
207
|
|
|
$
|
234
|
|
Operating expenses, excluding non-cash compensation, amortization
and accretion expenses
|
|
|
(67
|
)
|
|
|
(75
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation, amortization and accretion expenses
|
|
|
(7
|
)
|
|
|
(11
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
128
|
|
|
|
128
|
|
Other
|
|
|
1
|
|
|
|
2
|
|
Segment Adjusted EBITDA
|
|
$
|
262
|
|
|
$
|
278
|
|
|
|
|
|
|
Distributions from unconsolidated affiliates
|
|
$
|
52
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
Transported volumes decreased primarily due to producer maintenance and
production declines related to the Sea Robin pipeline.
Segment Adjusted EBITDA. For the three months ended June 30, 2017
compared to the same period last year, Segment Adjusted EBITDA related
to our interstate transportation and storage segment decreased due to
the net effect of the following:
-
a decrease in revenues of $21 million on the Panhandle, Trunkline and
Transwestern pipelines, including a $14 million decrease in
reservation revenues and a decrease of $7 million in gas parking
service related revenues on the Panhandle and Trunkline pipelines,
primarily due to lack of customer demand driven by weak spreads and
mild weather. In addition, revenues decreased by $3 million on the
Tiger pipeline due to contract restructuring and $2 million on the Sea
Robin pipeline due to producer maintenance and production declines;
partially offset by
-
a decrease in operating expenses of $8 million primarily due to lower
allocated costs and system gas activity; and
-
a decrease in selling, general and administrative expenses of
$4 million due to refunds associated with legal fees, insurance
premiums and franchise taxes.
The decrease in cash distributions from unconsolidated affiliates is due
to higher Citrus cash taxes and Fayetteville Express Pipeline LLC debt
settlement, partially offset by increased distributions from
Midcontinent Express Pipeline LLC.
Midstream
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Gathered volumes (MMBtu/d)
|
|
|
10,961,338
|
|
|
|
10,037,648
|
|
NGLs produced (Bbls/d)
|
|
|
473,699
|
|
|
|
468,732
|
|
Equity NGLs (Bbls/d)
|
|
|
28,083
|
|
|
|
31,638
|
|
Revenues
|
|
$
|
1,615
|
|
|
$
|
1,330
|
|
Cost of products sold
|
|
|
1,044
|
|
|
|
870
|
|
Segment margin
|
|
|
571
|
|
|
|
460
|
|
Unrealized gains on commodity risk management activities
|
|
|
(3
|
)
|
|
|
—
|
|
Operating expenses, excluding non-cash compensation expense
|
|
|
(152
|
)
|
|
|
(155
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation expense
|
|
|
(11
|
)
|
|
|
(13
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
7
|
|
|
|
6
|
|
Segment Adjusted EBITDA
|
|
$
|
412
|
|
|
$
|
298
|
|
|
|
|
|
|
|
|
|
|
Gathered volumes and NGL production increased primarily due to recent
acquisitions, including PennTex, and gains in the Permian and Northeast
regions, partially offset by basin declines in the South Texas, North
Texas, and Mid-Continent/Panhandle regions.
For the three months ended June 30, 2017 compared to the same period
last year, Segment Adjusted EBITDA related to our midstream segment
increased due to the net effects of the following:
-
an increase of $45 million in non-fee based margin due to higher
realized crude, NGL and natural gas prices;
-
an increase of $1 million (excluding unrealized gains of $3 million)
in non-fee based margin due to higher benefit from settled derivatives
used to hedge commodity margins;
-
an increase of $18 million in non-fee based margin due to volume
increases in the Permian, partially offset by declines in the South
Texas, North Texas, and Mid-Continent/Panhandle regions;
-
an increase of $20 million in fee-based revenue due to minimum volume
commitments in the South Texas region, as well as volume increases in
the Permian and Northeast regions. These increases were partially
offset by declines in South Texas, North Texas and the
Mid-Continent/Panhandle regions; and
-
an increase of $24 million in fee-based revenue due to recent
acquisitions, including PennTex; partially offset by
-
a decrease of $3 million in operating expenses primarily due to lower
outside service costs and capitalized overhead; and
-
a decrease in general and administrative expenses due to a favorable
impact of $11 million from the adjustment of certain reserves that
were recorded in connection with contingent matters, partially offset
by an increase of $2 million in shared services allocation, a
$1 million increase in insurance allocation, and a $3 million increase
due to additional costs from the PennTex acquisition.
NGL and Refined Products Transportation and Services
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
NGL transportation volumes (MBbls/d)
|
|
|
835
|
|
|
|
741
|
|
Refined products transportation volumes (MBbls/d)
|
|
|
643
|
|
|
|
556
|
|
NGL and refined products terminal volumes (MBbls/d)
|
|
|
791
|
|
|
|
773
|
|
NGL fractionation volumes (MBbls/d)
|
|
|
431
|
|
|
|
345
|
|
Revenues
|
|
$
|
1,768
|
|
|
$
|
1,487
|
|
Cost of products sold
|
|
|
1,245
|
|
|
|
1,039
|
|
Segment margin
|
|
|
523
|
|
|
|
448
|
|
Unrealized (gains) losses on commodity risk management activities
|
|
|
(4
|
)
|
|
|
10
|
|
Operating expenses, excluding non-cash compensation expense
|
|
|
(129
|
)
|
|
|
(107
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation expense
|
|
|
(17
|
)
|
|
|
(15
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
18
|
|
|
|
16
|
|
Inventory valuation adjustments
|
|
|
—
|
|
|
|
(11
|
)
|
Segment Adjusted EBITDA
|
|
$
|
391
|
|
|
$
|
341
|
|
|
|
|
|
|
|
|
|
|
NGL transportation volumes increased in the major producing regions,
including the Permian, Louisiana and the Eagle Ford, but declined
slightly in North Texas. Refined products transportation volumes
increased due to increased throughput from certain Midwest and Northeast
refineries.
Average daily fractionated volumes increased 25% for the three months
ended June 30, 2017 compared to the same period last year primarily due
to the commissioning of our fourth fractionator at Mont Belvieu, Texas,
in October 2016 which has a capacity of 120,000 Bbls/d, as well as
increased producer volumes as mentioned above.
For the three months ended June 30, 2017 compared to the same period
last year, Segment Adjusted EBITDA related to our NGL and refined
products transportation and services segment increased due to net impact
of the following:
-
an increase in storage margin of $4 million primarily due to increased
volumes from our Mont Belvieu fractionators;
-
an increase in transportation margin of $34 million primarily due to
higher volumes on our Texas NGL pipelines and the ramp-up of volumes
on our Mariner East system;
-
an increase in fractionation and refinery services margin of
$23 million (excluding changes in unrealized losses of $2 million)
primarily due to higher NGL volumes from most major producing regions,
as noted above;
-
an increase in terminal services margin of $2 million due to higher
terminal volumes from the Mariner NGL projects; and
-
an increase of $8 million in marketing margin (excluding changes in
unrealized gains of $16 million) primarily due to the timing of the
recognition of margin from optimization activities; offset by
-
an increase of $22 million in operating expenses primarily due to
increased utilities costs associated with our fourth fractionator at
Mont Belvieu and the Mariner project ramp-up at the Marcus Hook
Industrial Complex of $3 million, higher ad valorem tax expenses of $6
million from our Lone Star Express pipeline beginning service in 2016,
and higher employee expenses associated with assets placed in service
of $10 million, project related service expenses of $2 million; and
-
an increase of $2 million in selling, general and administrative
expenses due to higher allocations and lower capitalized overhead
resulting from reduced capital spending.
Crude Oil Transportation and Services
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Crude Transportation Volumes (MBbls/d)
|
|
|
3,484
|
|
|
|
2,639
|
|
Crude Terminals Volumes (MBbls/d)
|
|
|
1,921
|
|
|
|
1,497
|
|
Revenues
|
|
$
|
2,586
|
|
|
$
|
1,989
|
|
Cost of products sold
|
|
|
2,217
|
|
|
|
1,670
|
|
Segment margin
|
|
|
369
|
|
|
|
319
|
|
Unrealized gains on commodity risk management activities
|
|
|
(2
|
)
|
|
|
—
|
|
Operating expenses, excluding non-cash compensation expense
|
|
|
(116
|
)
|
|
|
(63
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation expense
|
|
|
(32
|
)
|
|
|
(14
|
)
|
Inventory valuation adjustments
|
|
|
58
|
|
|
|
(121
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
2
|
|
|
|
3
|
|
Segment Adjusted EBITDA
|
|
$
|
279
|
|
|
$
|
124
|
|
|
|
|
|
|
Distributions from unconsolidated affiliates
|
|
$
|
6
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA. For the three months ended June 30, 2017
compared to the same period last year, Segment Adjusted EBITDA related
to our crude oil transportation and services segment increased due to
the following:
-
an increase of $66 million due to the impact of LIFO accounting; and
-
an increase of $129 million due to improved results from our crude oil
pipelines, joint ventures and terminal activities, which was primarily
attributed to expansion projects and the acquisition of Vitol Inc.’s
crude oil assets in the fourth quarter of 2016, resulting in an
increase of $109 million, as well as increased volumes and lower
operating expenses from our existing crude pipeline and terminal
assets resulting in an increase of $20 million; partially offset by
-
a decrease of $21 million due to lower results from our crude oil
acquisition and marketing activities; and
-
an increase of $18 million in selling, general and administrative
expenses driven largely by merger-related expenses and legal and
environmental reserves.
All Other
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Revenues
|
|
$
|
870
|
|
|
$
|
711
|
|
Cost of products sold
|
|
|
794
|
|
|
|
625
|
|
Segment margin
|
|
|
76
|
|
|
|
86
|
|
Unrealized (gains) losses on commodity risk management activities
|
|
|
(4
|
)
|
|
|
15
|
|
Operating expenses, excluding non-cash compensation expense
|
|
|
(34
|
)
|
|
|
(16
|
)
|
Selling, general and administrative expenses, excluding non-cash
compensation expense
|
|
|
(29
|
)
|
|
|
(19
|
)
|
Adjusted EBITDA related to unconsolidated affiliates
|
|
|
76
|
|
|
|
85
|
|
Other
|
|
|
21
|
|
|
|
24
|
|
Eliminations
|
|
|
1
|
|
|
|
5
|
|
Segment Adjusted EBITDA
|
|
$
|
107
|
|
|
$
|
180
|
|
|
|
|
|
|
Distributions from unconsolidated affiliates
|
|
$
|
40
|
|
|
$
|
39
|
|
|
|
|
|
|
|
|
|
|
Amounts reflected in our all other segment primarily include:
-
our equity method investment in limited partnership units of Sunoco LP
consisting of 43.5 million units, representing 43.7% of Sunoco LP’s
total outstanding common units;
-
our natural gas marketing and compression operations;
-
a non-controlling interest in PES, comprising 33% of PES’ outstanding
common units; and
-
our investment in Coal Handling, an entity that owns and operates
end-user coal handling facilities.
For the three months ended June 30, 2017 compared to the same period
last year, Segment Adjusted EBITDA related to our all other segment
decreased primarily due to a decrease of $27 million in Adjusted EBITDA
related to our investment in PES. In addition, the three months ended
June 30, 2017 experienced lower segment margin from the mark-to-market
of physical system gas related to our marketing operation, and higher
general and administrative expenses and operating expenses related to
the termination of the management fees received from ETE as well as
higher transaction-related expenses.
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION ON CAPITAL
EXPENDITURES (In millions) (unaudited)
|
|
The following is a summary of capital expenditures (net of
contributions in aid of construction costs) for the six months
ended June 30, 2017:
|
|
|
|
|
|
|
|
|
|
Growth
|
|
Maintenance
|
|
Total
|
Intrastate transportation and storage
|
|
$
|
23
|
|
|
$
|
13
|
|
|
$
|
36
|
|
Interstate transportation and storage
|
|
|
979
|
|
|
|
27
|
|
|
|
1,006
|
|
Midstream
|
|
|
560
|
|
|
|
45
|
|
|
|
605
|
|
NGL and refined products transportation and services
|
|
|
1,096
|
|
|
|
33
|
|
|
|
1,129
|
|
Crude oil transportation and services
|
|
|
231
|
|
|
|
21
|
|
|
|
252
|
|
All other (including eliminations)
|
|
|
70
|
|
|
|
28
|
|
|
|
98
|
|
Total capital expenditures
|
|
$
|
2,959
|
|
|
$
|
167
|
|
|
$
|
3,126
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION ON LIQUIDITY (In
millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
Facility Size
|
|
Funds Available at June 30, 2017
|
|
Maturity Date
|
Legacy ETP Revolving Credit Facility
|
|
$
|
3,750
|
|
|
$
|
2,066
|
|
|
November 18, 2019
|
Legacy Sunoco Logistics Revolving Credit Facility
|
|
|
2,500
|
|
|
|
827
|
|
|
March 20, 2020
|
|
|
$
|
6,250
|
|
|
$
|
2,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION ON
UNCONSOLIDATED AFFILIATES (In millions) (unaudited)
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2017
|
|
2016
|
Equity in earnings (losses) of unconsolidated affiliates:
|
|
|
|
|
|
Citrus
|
|
$
|
30
|
|
|
$
|
28
|
|
FEP
|
|
|
13
|
|
|
|
12
|
|
PES
|
|
|
(20
|
)
|
|
|
7
|
|
MEP
|
|
|
10
|
|
|
|
11
|
|
HPC
|
|
|
5
|
|
|
|
7
|
|
AmeriGas
|
|
|
(6
|
)
|
|
|
19
|
|
Sunoco LP
|
|
|
(110
|
)
|
|
|
23
|
|
Other
|
|
|
17
|
|
|
|
12
|
|
Total equity in earnings (losses) of unconsolidated affiliates
|
|
$
|
(61
|
)
|
|
$
|
119
|
|
|
|
|
|
|
|
Adjusted EBITDA related to unconsolidated affiliates:
|
|
|
|
|
|
Citrus
|
|
$
|
88
|
|
|
$
|
87
|
|
FEP
|
|
|
19
|
|
|
|
18
|
|
PES
|
|
|
(10
|
)
|
|
|
17
|
|
MEP
|
|
|
21
|
|
|
|
23
|
|
HPC
|
|
|
12
|
|
|
|
15
|
|
Sunoco LP
|
|
|
83
|
|
|
|
68
|
|
Other
|
|
|
34
|
|
|
|
24
|
|
Total Adjusted EBITDA related to unconsolidated affiliates
|
|
$
|
247
|
|
|
$
|
252
|
|
|
|
|
|
|
|
Distributions received from unconsolidated affiliates:
|
|
|
|
|
|
Citrus
|
|
$
|
22
|
|
|
$
|
27
|
|
FEP
|
|
|
10
|
|
|
|
13
|
|
AmeriGas
|
|
|
3
|
|
|
|
3
|
|
MEP
|
|
|
20
|
|
|
|
18
|
|
HPC
|
|
|
13
|
|
|
|
13
|
|
Sunoco LP
|
|
|
37
|
|
|
|
36
|
|
Other
|
|
|
14
|
|
|
|
10
|
|
Total distributions received from unconsolidated affiliates
|
|
$
|
119
|
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20170808006493/en/
Source: Energy Transfer Partners, L.P.
Energy Transfer Investor Relations: Lyndsay Hannah,
Brent Ratliff, Helen Ryoo, 214-981-0795 or Media Relations: Vicki
Granado, 214-840-5820
|
|