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Table of Contents

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
 
Delaware
 
30-0108820
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
Non-accelerated filer
¨
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Units
 
ET
 
New York Stock Exchange
At November 1, 2019, the registrant had 2,626,996,383 Common Units outstanding.
 


Table of Contents

FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i

Table of Contents

Forward-Looking Statements
Certain matters discussed in this report, as well as certain statements by Energy Transfer LP, formerly Energy Transfer Equity, L.P. (“Energy Transfer,” the “Partnership” or “ET”), in periodic press releases and certain oral statements of Energy Transfer management during presentations about the Partnership, include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “estimate,” “intend,” “continue,” “believe,” “may,” “will” or similar expressions help identify forward-looking statements. Although the Partnership and its general partner believe such forward-looking statements are based on reasonable assumptions and current expectations and projections about future events, no assurance can be given that such assumptions, expectations or projections will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership’s actual results may vary materially from those anticipated, estimated or expressed, forecasted, projected or expected in forward-looking statements since many of the factors that determine these results are subject to uncertainties and risks that are difficult to predict and beyond management’s control. For additional discussion of risks, uncertainties and assumptions, see “Part I – Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 22, 2019 and “Part II – Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q.
Definitions
The following is a list of certain acronyms and terms generally used in the energy industry and throughout this document:
 
/d
 
per day
 
 
 
 
 
AOCI
 
accumulated other comprehensive income (loss)
 
 
 
 
 
BBtu
 
billion British thermal units
 
 
 
 
 
Btu
 
British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy content
 
 
 
 
 
CDM
 
CDM Resource Management LLC and CDM Environmental & Technical Services LLC, collectively
 
 
 
 
 
Citrus
 
Citrus, LLC, which owns 100% of FGT
 
 
 
 
 
DOJ
 
U.S. Department of Justice
 
 
 
 
 
EPA
 
U.S. Environmental Protection Agency
 
 
 
 
 
ETC Sunoco
 
ETC Sunoco Holdings LLC (formerly Sunoco, Inc.)
 
 
 
 
 
ETO
 
Energy Transfer Operating, L.P. (formerly Energy Transfer Partners, L.P.)
 
 
 
 
 
ETP GP
 
Energy Transfer Partners GP, L.P., the general partner of ETO
 
 
 
 
 
ETO Series A Preferred Units
 
ETO’s 6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series B Preferred Units
 
ETO’s 6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series C Preferred Units
 
ETO’s 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series D Preferred Units
 
ETO’s 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series E Preferred Units
 
ETO’s 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Exchange Act
 
Securities Exchange Act of 1934
 
 
 
 
 
FEP
 
Fayetteville Express Pipeline LLC
 
 
 
 
 
FERC
 
Federal Energy Regulatory Commission
 
 
 
 
 
FGT
 
Florida Gas Transmission Company, LLC
 
 
 
 

ii

Table of Contents

 
GAAP
 
accounting principles generally accepted in the United States of America
 
 
 
 
 
IDRs
 
incentive distribution rights
 
 
 
 
 
Lake Charles LNG
 
Lake Charles LNG Company, LLC
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate
 
 
 
 
 
MBbls
 
thousand barrels
 
 
 
 
 
MEP
 
Midcontinent Express Pipeline LLC
 
 
 
 
 
MTBE
 
methyl tertiary butyl ether
 
 
 
 
 
NGL
 
natural gas liquid, such as propane, butane and natural gasoline
 
 
 
 
NYMEX
 
New York Mercantile Exchange
 
 
 
 
 
OSHA
 
Federal Occupational Safety and Health Act
 
 
 
 
OTC
 
over-the-counter
 
 
 
 
 
Panhandle
 
Panhandle Eastern Pipe Line Company, LP
 
 
 
 
PES
 
Philadelphia Energy Solutions Refining and Marketing LLC
 
 
 
 
 
Regency
 
Regency Energy Partners LP
 
 
 
 
 
RIGS
 
Regency Interstate Gas LP
 
 
 
 
 
Rover
 
Rover Pipeline LLC
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
SemGroup
 
SemGroup Corporation
 
 
 
 
 
Series A Convertible Preferred Units
 
ET Series A convertible preferred units
 
 
 
 
 
SPLP
 
Sunoco Pipeline L.P.
 
 
 
 
 
Sunoco LP Series A Preferred Units
 
Sunoco LP Series A Preferred Units previously held by ET
 
 
 
 
 
Sunoco R&M
 
Sunoco (R&M), LLC (formerly Sunoco, Inc. (R&M))
 
 
 
 
 
Southwest Gas
 
Pan Gas Storage LLC (d.b.a. Southwest Gas Storage Company)
 
 
 
 
 
Transwestern
 
Transwestern Pipeline Company, LLC
 
 
 
 
 
Trunkline
 
Trunkline Gas Company, LLC
 
 
 
 
 
USAC
 
USA Compression Partners, LP
 
 
 
 
 
USAC Preferred Units
 
USAC Series A Preferred Units


iii

Table of Contents

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
211

 
$
419

Accounts receivable, net
4,368

 
4,009

Accounts receivable from related companies
166

 
111

Inventories
1,814

 
1,677

Income taxes receivable
109

 
73

Derivative assets
56

 
111

Other current assets
342

 
350

Total current assets
7,066

 
6,750

 
 
 
 
Property, plant and equipment
84,033

 
79,776

Accumulated depreciation and depletion
(14,864
)
 
(12,813
)
 
69,169

 
66,963

 
 
 
 
Advances to and investments in unconsolidated affiliates
2,992

 
2,642

Lease right-of-use assets, net
889

 

Other non-current assets, net
1,089

 
1,006

Intangible assets, net
5,781

 
6,000

Goodwill
4,870

 
4,885

Total assets
$
91,856

 
$
88,246


The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in million)
(unaudited)

 
September 30, 2019
 
December 31, 2018
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
3,519

 
$
3,493

Accounts payable to related companies
32

 
59

Derivative liabilities
181

 
185

Operating lease current liabilities
57

 

Accrued and other current liabilities
3,234

 
2,918

Current maturities of long-term debt
14

 
2,655

Total current liabilities
7,037

 
9,310

 
 
 
 
Long-term debt, less current maturities
46,840

 
43,373

Non-current derivative liabilities
360

 
104

Non-current operating lease liabilities
807

 

Deferred income taxes
3,133

 
2,926

Other non-current liabilities
1,138

 
1,184

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
499

 
499

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Common Unitholders
20,962

 
20,606

General Partner
(4
)
 
(5
)
Accumulated other comprehensive loss
(40
)
 
(42
)
Total partners’ capital
20,918

 
20,559

Noncontrolling interests
11,124

 
10,291

Total equity
32,042

 
30,850

Total liabilities and equity
$
91,856

 
$
88,246


The accompanying notes are an integral part of these consolidated financial statements.
2

Table of Contents

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Refined product sales
$
4,311

 
$
4,777

 
$
12,514

 
$
12,980

Crude sales
3,971

 
3,844

 
11,842

 
11,344

NGL sales
1,723

 
2,870

 
6,121

 
7,461

Gathering, transportation and other fees
2,466

 
1,781

 
6,768

 
4,878

Natural gas sales
822

 
1,026

 
2,549

 
3,112

Other
202

 
216

 
699

 
739

Total revenues
13,495

 
14,514

 
40,493

 
40,514

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
9,890

 
11,093

 
29,607

 
31,681

Operating expenses
806

 
784

 
2,406

 
2,280

Depreciation, depletion and amortization
784


750

 
2,343

 
2,109

Selling, general and administrative
173

 
184

 
499

 
515

Impairment losses
12

 

 
62

 

Total costs and expenses
11,665

 
12,811

 
34,917

 
36,585

OPERATING INCOME
1,830

 
1,703

 
5,576

 
3,929

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(579
)
 
(535
)
 
(1,747
)
 
(1,511
)
Equity in earnings of unconsolidated affiliates
82

 
87

 
224

 
258

Losses on extinguishments of debt

 

 
(18
)
 
(106
)
Gains (losses) on interest rate derivatives
(175
)
 
45

 
(371
)
 
117

Other, net
57

 
41

 
99

 
97

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
1,215

 
1,341

 
3,763

 
2,784

Income tax expense (benefit) from continuing operations
54

 
(52
)
 
214

 
6

INCOME FROM CONTINUING OPERATIONS
1,161

 
1,393

 
3,549

 
2,778

Loss from discontinued operations, net of income taxes


(2
)
 

 
(265
)
NET INCOME
1,161

 
1,391

 
3,549

 
2,513

Less: Net income attributable to noncontrolling interests
317

 
1,008

 
931

 
1,412

Less: Net income attributable to redeemable noncontrolling interests
12

 
12

 
38

 
24

NET INCOME ATTRIBUTABLE TO PARTNERS
832

 
371

 
2,580

 
1,077

Series A Convertible Preferred Unitholders' interest in income

 

 

 
33

General Partner’s interest in net income
1

 
1

 
3

 
3

Limited Partners’ interest in net income
$
831

 
$
370

 
$
2,577

 
$
1,041

INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.32

 
$
0.98

 
$
0.94

Diluted
$
0.32

 
$
0.32

 
$
0.98

 
$
0.94

NET INCOME PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.32

 
$
0.98

 
$
0.93

Diluted
$
0.32

 
$
0.32

 
$
0.98

 
$
0.93



The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
1,161

 
$
1,391

 
$
3,549

 
$
2,513

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Change in value of available-for-sale securities

 
2

 
8

 

Actuarial gain (loss) related to pension and other postretirement benefit plans
(3
)
 

 
7

 
(2
)
Change in other comprehensive income from unconsolidated affiliates
(4
)
 
2

 
(13
)
 
9

 
(7
)
 
4

 
2

 
7

Comprehensive income
1,154

 
1,395

 
3,551

 
2,520

Less: Comprehensive income attributable to noncontrolling interests
317

 
1,012

 
931

 
1,419

Less: Comprehensive income attributable to redeemable noncontrolling interests
12

 
12

 
38

 
24

Comprehensive income attributable to partners
$
825

 
$
371

 
$
2,582

 
$
1,077


The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Dollars in millions)
(unaudited)
 
Common Unitholders    
 
General Partner    
 
AOCI
 
Noncontrolling Interests
 
Total   
Balance, December 31, 2018
$
20,606

 
$
(5
)
 
$
(42
)
 
$
10,291

 
$
30,850

Distributions to partners
(799
)
 
(1
)
 

 

 
(800
)
Distributions to noncontrolling interests

 

 

 
(425
)
 
(425
)
Capital contributions from noncontrolling interests

 

 

 
140

 
140

Sale of noncontrolling interest in subsidiary

 

 

 
93

 
93

Other comprehensive income, net of tax

 

 
8

 

 
8

Other, net
17

 

 

 
12

 
29

Net income, excluding amounts attributable to redeemable noncontrolling interests
869

 
1

 

 
297

 
1,167

Balance, March 31, 2019
20,693

 
(5
)
 
(34
)
 
10,408

 
31,062

Distributions to partners
(799
)
 
(1
)
 

 


 
(800
)
Distributions to noncontrolling interests

 

 

 
(388
)
 
(388
)
Units issued
51

 

 

 

 
51

Capital contributions from noncontrolling interests

 

 

 
66

 
66

Subsidiary units issued for cash

 

 

 
780

 
780

Other comprehensive income, net of tax

 

 
1

 

 
1

Other, net
50

 

 

 

 
50

Net income, excluding amounts attributable to redeemable noncontrolling interests
877

 
1

 

 
317

 
1,195

Balance, June 30, 2019
20,872

 
(5
)
 
(33
)
 
11,183

 
32,017

Distributions to partners
(800
)
 

 

 

 
(800
)
Distributions to noncontrolling interests

 

 

 
(457
)
 
(457
)
Units issued
49

 

 

 

 
49

Capital contributions from noncontrolling interests

 

 

 
72

 
72

Other comprehensive loss, net of tax

 

 
(7
)
 

 
(7
)
Other, net
10

 

 

 
9

 
19

Net income, excluding amounts attributable to redeemable noncontrolling interests
831

 
1

 

 
317

 
1,149

Balance, September 30, 2019
20,962

 
(4
)
 
(40
)
 
11,124

 
32,042


The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents

 
Series A Convertible Preferred Units
 
Common Unitholders    
 
General Partner    
 
Noncontrolling Interests
 
Total    
Balance, December 31, 2017
$
450

 
$
(1,643
)
 
$
(3
)
 
$
31,176

 
$
29,980

Distributions to partners

 
(265
)
 
(1
)
 

 
(266
)
Distributions to noncontrolling interests

 

 

 
(893
)
 
(893
)
Distributions reinvested
58

 
(58
)
 

 

 

Subsidiary units repurchased
(6
)
 
(98
)
 

 
80

 
(24
)
Subsidiary units issued

 
1

 

 
19

 
20

Capital contributions from noncontrolling interests

 

 

 
229

 
229

Other comprehensive income, net of tax

 

 

 
1

 
1

Cumulative effect adjustment due to change in accounting principle

 

 

 
(54
)
 
(54
)
Other, net
(4
)
 
26

 

 
(23
)
 
(1
)
Net income
21

 
341

 
1

 
126

 
489

Balance, March 31, 2018
519

 
(1,696
)
 
(3
)
 
30,661

 
29,481

Distributions to partners

 
(265
)
 
(1
)
 

 
(266
)
Distributions to noncontrolling interests

 

 

 
(900
)
 
(900
)
Distributions reinvested
57

 
(57
)
 

 

 

Subsidiary units repurchased
(1
)
 
(21
)
 

 
22

 

Subsidiary units issued

 

 

 
469

 
469

Capital contributions from noncontrolling interests

 

 

 
89

 
89

Other comprehensive income, net of tax

 

 

 
2

 
2

Acquisition of USAC

 

 

 
832

 
832

Series A Convertible Preferred Units conversion
(589
)
 
589

 

 

 

Other, net
2

 
2

 
(1
)
 
40

 
43

Net income
12

 
342

 
1

 
278

 
633

Balance, June 30, 2018

 
(1,106
)
 
(4
)
 
31,493

 
30,383

Distributions to partners

 
(353
)
 
(1
)
 

 
(354
)
Distributions to noncontrolling interests