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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, 2020
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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsETNew York Stock Exchange
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 filerýAccelerated 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
At October 30, 2020, the registrant had 2,697,716,489 Common Units outstanding.


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

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Definitions
References to the “Partnership” or “ET” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:
/dper day
AOCIaccumulated other comprehensive income (loss)
BBtubillion British thermal units
BtuBritish 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
CitrusCitrus, LLC
DOJU.S. Department of Justice
EPAU.S. Environmental Protection Agency
ETOEnergy Transfer Operating, L.P..
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
ETO Series F Preferred Units
ETO’s 6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
ETO Series G Preferred Units
ETO’s 7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
ETP GPEnergy Transfer Partners GP, L.P., the general partner of ETO
Exchange ActSecurities Exchange Act of 1934
FEPFayetteville Express Pipeline LLC
FERCFederal Energy Regulatory Commission
FGTFlorida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
GAAPaccounting principles generally accepted in the United States of America
HFOTCOHouston Fuel Oil Terminal Company, a wholly-owned subsidiary of ETO, which owns the Houston Terminal
Lake Charles LNGLake Charles LNG Company, LLC, a wholly-owned subsidiary of ETO
LE GPLE GP, LLC, the general partner of ET
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
MTBEmethyl tertiary butyl ether
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
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OSHAFederal Occupational Safety and Health Act
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP and its subsidiaries, wholly-owned by ETO
PESPhiladelphia Energy Solutions Refining and Marketing LLC
RegencyRegency Energy Partners LP
RoverRover Pipeline LLC
SECSecurities and Exchange Commission
SemCAMSSemCAMS Midstream ULC, a less than wholly-owned subsidiary of ETO
SemGroupSemGroup, LLC (formerly SemGroup Corporation)
Series A Convertible Preferred Units
ET Series A convertible preferred units
Sunoco Logistics Operations
Sunoco Logistics Partners Operations L.P, a wholly-owned subsidiary of ETO
Sunoco R&MSunoco (R&M), LLC (formerly Sunoco, Inc. (R&M))
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of ETO
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a subsidiary of ETO
USAC Preferred UnitsUSAC Series A Preferred Units
White CliffsWhite Cliffs Pipeline, L.L.C.

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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
September 30,
2020
December 31, 2019*
ASSETS
Current assets:
Cash and cash equivalents
$275 $291 
Accounts receivable, net
3,731 5,038 
Accounts receivable from related companies
90 159 
Inventories
1,723 1,532 
Income taxes receivable
77 146 
Derivative assets
19 23 
Other current assets
235 275 
Total current assets
6,150 7,464 
Property, plant and equipment
93,239 89,790 
Accumulated depreciation and depletion
(18,111)(15,597)
75,128 74,193 
Advances to and investments in unconsolidated affiliates
3,068 3,460 
Lease right-of-use assets, net
934 964 
Other non-current assets, net
1,582 1,571 
Intangible assets, net
5,915 6,154 
Goodwill
2,418 5,167 
Total assets
$95,195 $98,973 
*As adjusted. See Note 1.
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in million)
(unaudited)
September 30,
2020
December 31, 2019*
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$2,765 $4,118 
Accounts payable to related companies
30 31 
Derivative liabilities
264 147 
Operating lease current liabilities
54 60 
Accrued and other current liabilities
2,913 3,342 
Current maturities of long-term debt
21 26 
Total current liabilities
6,047 7,724 
Long-term debt, less current maturities
51,424 51,028 
Non-current derivative liabilities
275 273 
Non-current operating lease liabilities
901 901 
Deferred income taxes
3,349 3,208 
Other non-current liabilities
1,152 1,162 
Commitments and contingencies
Redeemable noncontrolling interests
756 739 
Equity:
Limited Partners:
Common Unitholders
18,296 21,935 
General Partner
(8)(4)
Accumulated other comprehensive loss
(4)(11)
Total partners’ capital
18,284 21,920 
Noncontrolling interests
13,007 12,018 
Total equity
31,291 33,938 
Total liabilities and equity
$95,195 $98,973 
*As adjusted. See Note 1.
The accompanying notes are an integral part of these consolidated financial statements.
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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,
20202019*20202019*
REVENUES:
Refined product sales
$2,720 $4,311 $7,952 $12,514 
Crude sales
2,298 3,971 7,170 11,842 
NGL sales
1,808 1,723 4,751 6,121 
Gathering, transportation and other fees
2,283 2,466 6,805 6,768 
Natural gas sales
681 822 1,783 2,549 
Other
165 202 459 699 
Total revenues
9,955 13,495 28,920 40,493 
COSTS AND EXPENSES:
Cost of products sold
6,376 9,864 18,784 29,642 
Operating expenses
773 806 2,422 2,406 
Depreciation, depletion and amortization
912 784 2,715 2,343 
Selling, general and administrative
176 173 555 499 
Impairment losses
1,474 12 2,803 62 
Total costs and expenses
9,711 11,639 27,279 34,952 
OPERATING INCOME
244 1,856 1,641 5,541 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(569)(579)(1,750)(1,747)
Equity in earnings (losses) of unconsolidated affiliates(32)82 46 224 
Impairment of investment in an unconsolidated affiliate(129) (129) 
Losses on extinguishments of debt
  (62)(18)
Gains (losses) on interest rate derivatives55 (175)(277)(371)
Other, net
71 57 6 99 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
(360)1,241 (525)3,728 
Income tax expense
41 54 168 214 
NET INCOME (LOSS)
(401)1,187 (693)3,514 
Less: Net income attributable to noncontrolling interests
369 317 554 931 
Less: Net income attributable to redeemable noncontrolling interests
12 12 37 38 
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
(782)858 (1,284)2,545 
General Partner’s interest in net income (loss)
 1 (1)3 
Limited Partners’ interest in net income (loss)
$(782)$857 $(1,283)$2,542 
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic
$(0.29)$0.33 $(0.48)$0.97 
Diluted
$(0.29)$0.33 $(0.48)$0.97 
*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
20202019*20202019*
Net income (loss)$(401)$1,187 $(693)$3,514 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities
3  3 8 
Actuarial gain (loss) related to pension and other postretirement benefit plans4 (3)15 7 
Foreign currency translation adjustments
18  (16) 
Change in other comprehensive income (loss) from unconsolidated affiliates1 (4)(15)(13)
26 (7)(13)2 
Comprehensive income (loss)(375)1,180 (706)3,516 
Less: Comprehensive income attributable to noncontrolling interests
369 317 554 931 
Less: Comprehensive income attributable to redeemable noncontrolling interests
12 12 37 38 
Comprehensive income (loss) attributable to partners$(756)$851 $(1,297)$2,547 
*As adjusted. See Note 1.
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollars in millions)
(unaudited)
Common UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2019*$21,935 $(4)$(11)$12,018 $33,938 
Distributions to partners(1,591)(1)  (1,592)
Distributions to noncontrolling interests
   (444)(444)
Subsidiary units issued   1,580 1,580 
Capital contributions from noncontrolling interests
   95 95 
Other comprehensive loss, net of tax
  (48)(38)(86)
Other, net
22   (7)15 
Net loss, excluding amounts attributable to redeemable noncontrolling interests
(854)(1) (121)(976)
Balance, March 31, 202019,512 (6)(59)13,083 32,530 
Distributions to partners
9 (1)  8 
Distributions to noncontrolling interests
   (408)(408)
Units issued
     
Capital contributions from noncontrolling interests
   83 83 
Other comprehensive income, net of tax
  38 9 47 
Other, net
(31)  4 (27)
Net income, excluding amounts attributable to redeemable noncontrolling interests
353   306 659 
Balance, June 30, 202019,843 (7)(21)13,077 32,892 
Distributions to partners
(812)(1)  (813)
Distributions to noncontrolling interests
   (430)(430)
Capital contributions from noncontrolling interests
   25 25 
Other comprehensive loss, net of tax
  17 9 26 
Other, net
47   (43)4 
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests(782)  369 (413)
Balance, September 30, 2020$18,296 $(8)$(4)$13,007 $31,291 
*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
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Common UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2018*$20,773 $(5)$(42)$10,291 $31,017 
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
807 1  297 1,105 
Balance, March 31, 2019*20,798 (5)(34)10,408 31,167 
Distributions to partners(748)(1)  (749)
Distributions to noncontrolling interests
   (388)(388)
Subsidiary units issued   780 780 
Capital contributions from noncontrolling interests
   66 66 
Other comprehensive income, net of tax
  1  1 
Other, net50    50 
Net income, excluding amounts attributable to redeemable noncontrolling interests
878 1  317 1,196 
Balance, June 30, 2019*20,978 (5)(33)11,183 32,123 
Distributions to partners
(800)