Date of Report (Date of earliest event reported) | ||
(Exact name of Registrant as specified in its charter) | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Registrant’s telephone number, including area code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Exhibit Number | Description of the Exhibit | |
99.1 | ||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
ENERGY TRANSFER LP | |||
By: | LE GP, LLC, its general partner | ||
Date: | May 11, 2020 | By: | /s/ Thomas E. Long |
Thomas E. Long | |||
Chief Financial Officer (duly authorized to sign on behalf of the registrant) |
• | In the first quarter of 2020, the COVID-19 pandemic prompted several states and municipalities in which we operate to take various actions to contain and combat the outbreak and spread of the virus. To date, our field operations have continued largely uninterrupted, and remote work and other COVID-19 related conditions have not significantly impacted our ability to maintain operations or caused us to incur significant additional expenses. |
• | In April 2020, ET was a successful bidder to lease crude oil storage capacity in the Department of Energy’s Strategic Petroleum Reserve. |
• | In February 2020, Frac VII was placed in service, bringing the total fractionation capacity at Mont Belvieu to over 900,000 barrels per day. |
• | In January 2020, the 200 MMcf/d Panther II processing plant in the Permian Basin was placed into full commissioned service. |
• | During this first quarter, we completed the integration of the recently acquired SemGroup business and we began to realize financial savings from those actions. |
• | In January 2020, Energy Transfer Operating, L.P. (“ETO”) completed a registered offering of $4.5 billion of its senior notes and $1.6 billion of perpetual preferred units. |
• | In March 2020, ET announced a quarterly distribution of $0.305 per unit ($1.220 annualized) on ET common units for the quarter ended March 31, 2020. The distribution coverage ratio for the first quarter of 2020 was 1.72x. |
• | As of March 31, 2020, ETO’s $6.00 billion revolving credit facilities had an aggregate $3.97 billion of available capacity, and ETO’s leverage ratio, as defined by its credit agreement, was 4.12x. |
March 31, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Current assets (1) | $ | 5,119 | $ | 7,464 | |||
Property, plant and equipment, net | 74,586 | 74,193 | |||||
Advances to and investments in unconsolidated affiliates | 3,337 | 3,460 | |||||
Lease right-of-use assets, net | 1,033 | 964 | |||||
Other non-current assets, net (1) | 1,515 | 1,571 | |||||
Intangible assets, net | 6,116 | 6,154 | |||||
Goodwill | 3,835 | 5,167 | |||||
Total assets | $ | 95,541 | $ | 98,973 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | $ | 6,166 | $ | 7,724 | |||
Long-term debt, less current maturities | 50,299 | 51,028 | |||||
Non-current derivative liabilities | 573 | 273 | |||||
Non-current operating lease liabilities | 821 | 901 | |||||
Deferred income taxes | 3,214 | 3,208 | |||||
Other non-current liabilities | 1,193 | 1,162 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 745 | 739 | |||||
Equity: | |||||||
Total partners’ capital | 19,447 | 21,920 | |||||
Noncontrolling interests | 13,083 | 12,018 | |||||
Total equity | 32,530 | 33,938 | |||||
Total liabilities and equity | $ | 95,541 | $ | 98,973 |
(1) | Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. The balances as of December 31, 2019 have been adjusted to reflect this change in accounting policy. |
Three Months Ended March 31, | |||||||
2020 | 2019(1) | ||||||
REVENUES | $ | 11,627 | $ | 13,121 | |||
COSTS AND EXPENSES: | |||||||
Cost of products sold | 8,291 | 9,477 | |||||
Operating expenses | 879 | 808 | |||||
Depreciation, depletion and amortization | 867 | 774 | |||||
Selling, general and administrative | 204 | 147 | |||||
Impairment losses (2) | 1,325 | 50 | |||||
Total costs and expenses | 11,566 | 11,256 | |||||
OPERATING INCOME | 61 | 1,865 | |||||
OTHER INCOME (EXPENSE): | |||||||
Interest expense, net of interest capitalized | (602 | ) | (590 | ) | |||
Equity in earnings (losses) of unconsolidated affiliates | (7 | ) | 65 | ||||
Losses on extinguishments of debt | (62 | ) | (18 | ) | |||
Losses on interest rate derivatives | (329 | ) | (74 | ) | |||
Other, net | 3 | (4 | ) | ||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE | (936 | ) | 1,244 | ||||
Income tax expense from continuing operations | 28 | 126 | |||||
NET INCOME (LOSS) | (964 | ) | 1,118 | ||||
Less: Net income attributable to noncontrolling interests | (121 | ) | 297 | ||||
Less: Net income attributable to redeemable noncontrolling interests | 12 | 13 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS | (855 | ) | 808 | ||||
General Partner’s interest in net income (loss) | (1 | ) | 1 | ||||
Limited Partners’ interest in net income (loss) | $ | (854 | ) | $ | 807 | ||
NET INCOME (LOSS) PER LIMITED PARTNER UNIT: | |||||||
Basic | $ | (0.32 | ) | $ | 0.31 | ||
Diluted | $ | (0.32 | ) | $ | 0.31 | ||
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: | |||||||
Basic | 2,691.7 | 2,619.5 | |||||
Diluted | 2,691.7 | 2,627.9 |
(1) | Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. The condensed consolidated statement of operations for the three months ended March 31, 2019 has been adjusted to reflect this change in accounting policy. |
(2) | As a result of interim impairment tests performed during the first quarter of 2020, the Partnership recognized a goodwill impairment of $483 million related to our Arklatex and South Texas operations within the midstream segment, a goodwill impairment of $183 million related to our Lake Charles LNG regasification operations within the interstate transportation and storage segment due to a contractual reduction in payments for the remainder of the contract term, and a goodwill impairment of $40 million related to our all other operations primarily due to decreases in projected future revenues and cash flows as a result of the overall market demand decline. In addition, USAC recognized a goodwill impairment of $619 million during the three months ended March 31, 2020, which is included in the Partnership's consolidated results of operations. |
Three Months Ended March 31, | |||||||
2020 | 2019(a) | ||||||
Reconciliation of net income (loss) to Adjusted EBITDA and Distributable Cash Flow(b): | |||||||
Net income (loss) | $ | (964 | ) | $ | 1,118 | ||
Interest expense, net of interest capitalized | 602 | 590 | |||||
Impairment losses | 1,325 | 50 | |||||
Income tax expense from continuing operations | 28 | 126 | |||||
Depreciation, depletion and amortization | 867 | 774 | |||||
Non-cash compensation expense | 22 | 29 | |||||
Losses on interest rate derivatives | 329 | 74 | |||||
Unrealized gains on commodity risk management activities | (51 | ) | (49 | ) | |||
Losses on extinguishments of debt | 62 | 18 | |||||
Inventory valuation adjustments | 227 | (93 | ) | ||||
Equity in (earnings) losses of unconsolidated affiliates | 7 | (65 | ) | ||||
Adjusted EBITDA related to unconsolidated affiliates | 154 | 146 | |||||
Other, net | 27 | 17 | |||||
Adjusted EBITDA (consolidated) | 2,635 | 2,735 | |||||
Adjusted EBITDA related to unconsolidated affiliates | (154 | ) | (146 | ) | |||
Distributable cash flow from unconsolidated affiliates | 113 | 93 | |||||
Interest expense, net of interest capitalized | (602 | ) | (590 | ) | |||
Preferred unitholders’ distributions | (89 | ) | (53 | ) | |||
Current income tax (expense) benefit | 14 | (28 | ) | ||||
Maintenance capital expenditures | (103 | ) | (92 | ) | |||
Other, net | 22 | 18 | |||||
Distributable Cash Flow (consolidated) | 1,836 | 1,937 | |||||
Distributable Cash Flow attributable to Sunoco LP (100%) | (159 | ) | (97 | ) | |||
Distributions from Sunoco LP | 41 | 41 | |||||
Distributable Cash Flow attributable to USAC (100%) | (55 | ) | (55 | ) | |||
Distributions from USAC | 24 | 21 | |||||
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned consolidated subsidiaries | (290 | ) | (251 | ) | |||
Distributable Cash Flow attributable to the partners of ET | 1,397 | 1,596 | |||||
Transaction-related adjustments | 20 | (2 | ) | ||||
Distributable Cash Flow attributable to the partners of ET, as adjusted | $ | 1,417 | $ | 1,594 | |||
Distributions to partners: | |||||||
Limited Partners | $ | 822 | $ | 799 | |||
General Partner | 1 | 1 | |||||
Total distributions to be paid to partners | $ | 823 | $ | 800 | |||
Common Units outstanding – end of period | 2,694.2 | 2,619.6 | |||||
Distribution coverage ratio | 1.72x | 1.99x |
(a) | Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. The results for the three months ended March31, 2019 have been adjusted to reflect this change in accounting policy. |
(b) | Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of ET’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. |
• | For subsidiaries with publicly traded equity interests, other than ETO, 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 subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Segment Adjusted EBITDA: | |||||||
Intrastate transportation and storage | $ | 240 | $ | 252 | |||
Interstate transportation and storage | 404 | 456 | |||||
Midstream | 383 | 382 | |||||
NGL and refined products transportation and services | 663 | 612 | |||||
Crude oil transportation and services | 591 | 744 | |||||
Investment in Sunoco LP | 209 | 153 | |||||
Investment in USAC | 106 | 101 | |||||
All other | 39 | 35 | |||||
Total Segment Adjusted EBITDA | $ | 2,635 | $ | 2,735 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Natural gas transported (BBtu/d) | 13,135 | 11,982 | |||||
Withdrawals from storage natural gas inventory (BBtu) | 6,975 | — | |||||
Revenues | $ | 593 | $ | 856 | |||
Cost of products sold | 303 | 572 | |||||
Segment margin | 290 | 284 | |||||
Unrealized (gains) losses on commodity risk management activities | (6 | ) | 10 | ||||
Operating expenses, excluding non-cash compensation expense | (41 | ) | (42 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (9 | ) | (6 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 6 | 6 | |||||
Segment Adjusted EBITDA | $ | 240 | $ | 252 |
• | a decrease of $32 million in realized natural gas sales and other primarily due to lower realized gains from pipeline optimization activity; |
• | a decrease of $4 million in retention revenue due to lower natural gas prices; and |
• | an increase of $3 million in selling, general and administrative expenses primarily due to higher allocated corporate costs; partially offset by |
• | an increase of $17 million in realized storage margin primarily due to higher storage optimization; |
• | an increase of $7 million in transportation fees primarily due to volume ramp-ups on the Red Bluff Express pipeline and new contracts; and |
• | a decrease of $1 million in operating expenses primarily related to lower cost of fuel consumption resulting from lower natural gas prices. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Natural gas transported (BBtu/d) | 10,630 | 11,532 | |||||
Natural gas sold (BBtu/d) | 15 | 19 | |||||
Revenues | $ | 464 | $ | 498 | |||
Operating expenses, excluding non-cash compensation, amortization and accretion expenses | (143 | ) | (146 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses | (21 | ) | (14 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 106 | 119 | |||||
Other | (2 | ) | (1 | ) | |||
Segment Adjusted EBITDA | $ | 404 | $ | 456 |
• | a decrease of $34 million in revenues primarily due to a $16 million decrease resulting from a contractual rate adjustment on commitments at our Lake Charles LNG facility and a $20 million decrease primarily due to lower rates and volumes as a result of less favorable market conditions on our Rover, Panhandle, Transwestern and Trunkline pipelines; |
• | an increase of $7 million in selling, general and administrative expenses primarily due to higher overhead costs; and |
• | a decrease of $13 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to an $11 million net decrease from our Midcontinent Express Pipeline joint venture as a result of less capacity sold and lower rates received following the expiration of certain contracts and a $2 million net decrease from our Citrus joint venture resulting from higher allocated expenses; partially offset by |
• | a decrease of $3 million in operating expenses primarily due to lower ad valorem taxes. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Gathered volumes (BBtu/d) | 13,346 | 12,718 | |||||
NGLs produced (MBbls/d) | 610 | 563 | |||||
Equity NGLs (MBbls/d) | 36 | 35 | |||||
Revenues | $ | 1,170 | $ | 1,718 | |||
Cost of products sold | 575 | 1,141 | |||||
Segment margin | 595 | 577 | |||||
Operating expenses, excluding non-cash compensation expense | (193 | ) | (183 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (26 | ) | (19 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 7 | 6 | |||||
Other | — | 1 | |||||
Segment Adjusted EBITDA | $ | 383 | $ | 382 |
• | an increase of $28 million in fee-based margin due to volume growth in the Permian, Mid-Continent/Panhandle and Northeast regions; and |
• | an increase of $13 million in non fee-based margin due to increased throughput volume in the Permian region; partially offset by |
• | a decrease of $22 million in non fee-based margin due to lower NGL prices of $17 million and lower natural gas prices of $5 million; |
• | an increase of $10 million in operating expenses due to an increase of $6 million in maintenance project costs and $4 million in employee costs; and |
• | an increase of $7 million in selling, general and administrative expenses due to an increase in overhead costs allocated to the segment. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
NGL transportation volumes (MBbls/d) | 1,398 | 1,178 | |||||
Refined products transportation volumes (MBbls/d) | 533 | 617 | |||||
NGL and refined products terminal volumes (MBbls/d) | 847 | 777 | |||||
NGL fractionation volumes (MBbls/d) | 804 | 678 | |||||
Revenues | $ | 2,715 | $ | 3,031 | |||
Cost of products sold | 1,836 | 2,326 | |||||
Segment margin | 879 | 705 | |||||
Unrealized (gains) losses on commodity risk management activities | (55 | ) | 57 | ||||
Operating expenses, excluding non-cash compensation expense | (159 | ) | (149 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (25 | ) | (19 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 23 | 18 | |||||
Segment Adjusted EBITDA | $ | 663 | $ | 612 |
• | an increase of $113 million in transportation margin primarily due to a $74 million increase from higher throughput volumes on our Mariner East pipeline system, a $35 million increase from higher throughput volumes received from the Permian region on our Texas NGL pipelines, a $7 million increase due to the initiation of service on our JC Nolan diesel fuel pipeline in the third quarter of 2019, and a $5 million increase due to higher throughput volumes from the Barnett region. These increases were partially offset by a $6 million decrease resulting from the closure of a third-party refinery during the third quarter of 2019; |
• | an increase of $16 million in terminal services margin primarily due to an $18 million increase from higher throughput on our Mariner East system partially offset by a $2 million decrease due to the closure of a third-party refinery; |
• | an increase of $11 million in fractionators and refinery services margin primarily due to a $10 million increase from the commissioning of our sixth and seventh fractionators in February 2019 and February 2020, respectively, and higher NGL volumes from the Permian region feeding our Mont Belvieu fractionation facility; and |
• | an increase of $7 million in storage margin primarily due to a $3 million increase in fees generated from exported volumes and a $3 million increase from higher throughput; partially offset by |
• | a decrease of $85 million in marketing margin primarily due to a $50 million decrease from inventory valuation adjustments and a $34 million decrease from capacity lease fees incurred by our marketing affiliate on our Mariner East pipeline system; |
• | an increase of $10 million in operating expenses primarily due to increases totaling $16 million for costs associated with operating additional assets as well as an increase in throughput volumes, partially offset by a $6 million decrease in power costs; and |
• | an increase of $6 million in selling, general and administrative expenses primarily due to a $6 million increase in overhead costs allocated to the segment. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Crude transportation volumes (MBbls/d) | 4,454 | 4,048 | |||||
Crude terminals volumes (MBbls/d) | 2,996 | 2,560 | |||||
Revenues | $ | 4,213 | $ | 4,186 | |||
Cost of products sold | 3,458 | 3,162 | |||||
Segment margin | 755 | 1,024 | |||||
Unrealized (gains) losses on commodity risk management activities | 10 | (109 | ) | ||||
Operating expenses, excluding non-cash compensation expense | (158 | ) | (150 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (28 | ) | (20 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 12 | (2 | ) | ||||
Other | — | 1 | |||||
Segment Adjusted EBITDA | $ | 591 | $ | 744 |
• | a decrease of $150 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $206 million decrease (excluding a net change of $119 million in unrealized gains and losses on commodity risk management activities) from our crude oil acquisition and marketing business that was primarily from inventory valuation adjustments (a loss of $154 million for the current period compared to a gain of $36 million for the prior period) and a $58 million decrease on our Texas crude pipeline system due to lower average rates realized, partially offset by a $73 million increase in margin from terminal operations primarily due to assets acquired in 2019, a $20 million increase due to higher volumes on our Bakken Pipeline, and an $18 million increase due to higher volumes on our Bayou Bridge Pipeline; |
• | an increase of $8 million in operating expenses primarily due to costs related to assets acquired in 2019, partly offset by lower crude trucking expenses; and |
• | an increase of $8 million in selling, general and administrative expenses primarily due to a $3 million increase in allocated overhead, a $4 million increase in costs related to assets acquired in 2019, and a $1 million increase in legal expenses; partially offset by |
• | an increase of $14 million in Adjusted EBITDA related to unconsolidated affiliates due to assets acquired in 2019 and improved jet fuels sales by our joint ventures. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenues | $ | 3,272 | $ | 3,692 | |||
Cost of products sold | 3,164 | 3,322 | |||||
Segment margin | 108 | 370 | |||||
Unrealized (gains) losses on commodity risk management activities | 6 | (6 | ) | ||||
Operating expenses, excluding non-cash compensation expense | (109 | ) | (98 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (30 | ) | (24 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 2 | — | |||||
Inventory valuation adjustments | 227 | (93 | ) | ||||
Other | 5 | 4 | |||||
Segment Adjusted EBITDA | $ | 209 | $ | 153 |
• | an increase of $70 million in gross profit on motor fuel sales, primarily due to a 32.6% increase in gross profit per gallon sold and the receipt of a $13 million make-up payment under a fuel supply agreement; partially offset by a 2.2% decrease in gallons sold; |
• | an increase in non-motor fuel sales gross profit of $2 million; and |
• | an increase in unconsolidated affiliate adjusted EBITDA of $2 million; partially offset by |
• | an increase of $17 million in operating expenses and selling, general and administrative expenses, excluding non-cash compensation, primarily attributable to a $16 million charge for current expected credit losses of Sunoco LP’s accounts receivable in connection with the financial impact from COVID-19. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenues | $ | 179 | $ | 171 | |||
Cost of products sold | 24 | 22 | |||||
Segment margin | 155 | 149 | |||||
Operating expenses, excluding non-cash compensation expense | (35 | ) | (35 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (14 | ) | (13 | ) | |||
Segment Adjusted EBITDA | $ | 106 | $ | 101 |
• | an increase of $6 million in segment margin primarily due to an increase revenues as a result of the increase in average revenue generating horsepower; partially offset by |
• | an increase of $1 million in selling, general and administrative expenses primarily due to an increase in the provision for expected credit losses. |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenues | $ | 513 | $ | 497 | |||
Cost of products sold | 415 | 455 | |||||
Segment margin | 98 | 42 | |||||
Unrealized gains on commodity risk management activities | (5 | ) | (1 | ) | |||
Operating expenses, excluding non-cash compensation expense | (38 | ) | (7 | ) | |||
Selling, general and administrative expenses, excluding non-cash compensation expense | (35 | ) | (11 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | — | (1 | ) | ||||
Other and eliminations | 19 | 13 | |||||
Segment Adjusted EBITDA | $ | 39 | $ | 35 |
• | an increase of $25 million from the acquisition of SemCAMS; |
• | an increase of $16 million from settlement payments received from our ownership of PES; and |
• | an increase of $5 million due to storage gains; partially offset by |
• | a decrease of $2 million due to lower sales of residue gas; |
• | a decrease of $3 million due to lower gas prices and increased power costs at our compression services business; |
• | a decrease of $4 million due to lower revenues from our compression equipment business; |
• | a decrease of $3 million due to higher expenses in our compression business resulting from lower cost recoveries and higher allocated costs; |
• | a decrease of $2 million due to power trading activities; |
• | a decrease of $10 million due to changes in eliminations of intersegment amounts, the net impacts of which are reflected in the all other segment; and |
• | a decrease of $20 million due to higher merger and acquisition expense. |
Facility Size | Funds Available at March 31, 2020 | Maturity Date | |||||||
ETO Five-Year Revolving Credit Facility | $ | 5,000 | $ | 2,973 | December 1, 2023 | ||||
ETO 364-Day Revolving Credit Facility | 1,000 | 1,000 | November 27, 2020 | ||||||
$ | 6,000 | $ | 3,973 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Equity in earnings (losses) of unconsolidated affiliates: | |||||||
Citrus | $ | 35 | $ | 32 | |||
FEP | (70 | ) | 14 | ||||
MEP | — | 7 | |||||
White Cliffs | 8 | — | |||||
Other | 20 | 12 | |||||
Total equity in earnings (losses) of unconsolidated affiliates | $ | (7 | ) | $ | 65 | ||
Adjusted EBITDA related to unconsolidated affiliates: | |||||||
Citrus | $ | 79 | $ | 81 | |||
FEP | 19 | 19 | |||||
MEP | 8 | 19 | |||||
White Cliffs | 14 | — | |||||
Other | 34 | 27 | |||||
Total Adjusted EBITDA related to unconsolidated affiliates | $ | 154 | $ | 146 | |||
Distributions received from unconsolidated affiliates: | |||||||
Citrus | $ | 49 | $ | 35 | |||
FEP | 18 | 17 | |||||
MEP | 11 | 11 | |||||
White Cliffs | 13 | — | |||||
Other | 19 | 16 | |||||
Total distributions received from unconsolidated affiliates | $ | 110 | $ | 79 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Adjusted EBITDA of non-wholly-owned subsidiaries (100%) (a) | $ | 646 | $ | 617 | |||
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries (b) | 335 | 342 | |||||
Distributable Cash Flow of non-wholly-owned subsidiaries (100%) (c) | $ | 608 | $ | 579 | |||
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries (d) | 318 | 328 |
Non-wholly-owned subsidiary: | ET Percentage Ownership (e) | |
Bakken Pipeline | 36.4 | % |
Bayou Bridge | 60.0 | % |
Maurepas | 51.0 | % |
Ohio River System | 75.0 | % |
Permian Express Partners | 87.7 | % |
Red Bluff Express | 70.0 | % |
Rover | 32.6 | % |
SemCAMS | 51.0 | % |
Others | various |
(a) | Adjusted EBITDA of non-wholly-owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly-owned subsidiaries on an aggregated basis. This is the amount of Adjusted EBITDA included in our consolidated non-GAAP measure of Adjusted EBITDA. |
(b) | Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. |
(c) | Distributable Cash Flow of non-wholly-owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly-owned subsidiaries on an aggregated basis. |
(d) | Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount of Distributable Cash Flow included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of ET. |
(e) | Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities. |