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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
https://cdn.kscope.io/0e196c1f63fb5efb2f0cafa717cca516-etlogoa05.jpg
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
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprCNew York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprDNew York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprENew 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 July 28, 2023, the registrant had 3,143,207,052 Common Units outstanding.


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

2

Table of Contents
Definitions
References to the “Partnership” or “Energy Transfer” 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
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns Florida Gas Transmission Company, LLC, which owns the Florida Gas Transmission Pipeline
Dakota AccessDakota Access, LLC, a non-wholly-owned subsidiary of Energy Transfer and/or Dakota Access Pipeline
Energy Transfer CanadaEnergy Transfer Canada ULC, a non-wholly-owned subsidiary of Energy Transfer until its sale in August 2022
Energy Transfer Preferred UnitsCollectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, Series G Preferred Units and Series H Preferred Units
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
ETC SunocoETC Sunoco Holdings LLC (formerly Sunoco, Inc.), a wholly-owned subsidiary of Energy Transfer
ETO
Energy Transfer Operating, L.P., formerly a non-wholly-owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021
ETP HoldcoETP Holdco Corporation, a wholly-owned subsidiary of Energy Transfer
Exchange ActSecurities Exchange Act of 1934, as amended
ExplorerExplorer Pipeline Company
FERCFederal Energy Regulatory Commission
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
HFOTCOHFOTCO LLC, a wholly-owned subsidiary of Energy Transfer which owns the Houston Terminal
IFERCInside FERC’s Gas Market Report
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of Energy Transfer and/or Panhandle Eastern Pipe Line
Partnership AgreementEnergy Transfer’s Third Amended and Restated Agreement of Limited Partnership, as amended to date
PHMSAPipeline and Hazardous Materials Safety Administration
RoverRover Pipeline LLC, a non-wholly-owned subsidiary of Energy Transfer and/or Rover Pipeline
Sea RobinSea Robin Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (currently a floating rate security)
Series B Preferred Units6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series C Preferred Units7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (currently a floating rate security)
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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Series E Preferred Units7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series F Preferred Units6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series G Preferred Units7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series H Preferred Units6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
SOFRSecured overnight financing rate
SPLPSunoco Pipeline L.P., a wholly-owned subsidiary of Energy Transfer
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer and/or Transwestern Pipeline
USACUSA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of Energy Transfer
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)
June 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$330 $257 
Accounts receivable, net
7,294 8,466 
Accounts receivable from related companies
89 93 
Inventories
2,271 2,461 
Income taxes receivable
82 68 
Derivative assets
15 10 
Other current assets
517 726 
Total current assets
10,598 12,081 
Property, plant and equipment
108,718 105,996 
Accumulated depreciation and depletion
(27,569)(25,685)
Property, plant and equipment, net81,149 80,311 
Investments in unconsolidated affiliates3,007 2,893 
Non-current derivative assets
3  
Lease right-of-use assets, net
826 819 
Other non-current assets, net
1,684 1,558 
Intangible assets, net
5,301 5,415 
Goodwill
2,564 2,566 
Total assets
$105,132 $105,643 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
June 30,
2023
December 31,
2022
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$6,169 $6,952 
Accounts payable to related companies
10 17 
Derivative liabilities
7 23 
Operating lease current liabilities
45 45 
Accrued and other current liabilities
3,323 3,329 
Current maturities of long-term debt
3,459 2 
Total current liabilities
13,013 10,368 
Long-term debt, less current maturities
44,672 48,260 
Non-current derivative liabilities
23 23 
Non-current operating lease liabilities
786 798 
Deferred income taxes
3,839 3,701 
Other non-current liabilities
1,342 1,341 
Commitments and contingencies
Redeemable noncontrolling interests
495 493 
Equity:
Limited Partners:
Preferred Unitholders6,042 6,051 
Common Unitholders27,487 26,960 
General Partner
(2)(2)
Accumulated other comprehensive income24 16 
Total partners’ capital
33,551 33,025 
Noncontrolling interests
7,411 7,634 
Total equity
40,962 40,659 
Total liabilities and equity
$105,132 $105,643 
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
June 30,
Six Months Ended
June 30,
2023202220232022
REVENUES:
Refined product sales
$5,834 $7,950 $11,288 $13,396 
Crude sales
5,233 6,683 10,711 11,985 
NGL sales
3,489 5,896 7,649 11,005 
Gathering, transportation and other fees
2,811 2,765 5,588 5,458 
Natural gas sales
685 2,429 1,584 4,182 
Other
268 222 495 410 
Total revenues
18,320 25,945 37,315 46,436 
COSTS AND EXPENSES:
Cost of products sold
14,092 21,515 28,702 37,653 
Operating expenses
1,094 1,060 2,119 2,009 
Depreciation, depletion and amortization
1,061 1,046 2,120 2,074 
Selling, general and administrative
228 211 466 441 
Impairment losses10  11 300 
Total costs and expenses
16,485 23,832 33,418 42,477 
OPERATING INCOME
1,835 2,113 3,897 3,959 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(641)(578)(1,260)(1,137)
Equity in earnings of unconsolidated affiliates95 62 183 118 
Gains on interest rate derivatives35 129 15 243 
Other, net
17 (18)24 3 
INCOME BEFORE INCOME TAX EXPENSE1,341 1,708 2,859 3,186 
Income tax expense108 86 179 77 
NET INCOME1,233 1,622 2,680 3,109 
Less: Net income attributable to noncontrolling interests308 284 629 489 
Less: Net income attributable to redeemable noncontrolling interests
14 12 27 25 
NET INCOME ATTRIBUTABLE TO PARTNERS911 1,326 2,024 2,595 
General Partner’s interest in net income1 1 2 2 
Preferred Unitholders’ interest in net income113 105 222 211 
Common Unitholders’ interest in net income $797 $1,220 $1,800 $2,382 
NET INCOME PER COMMON UNIT:
Basic
$0.25 $0.40 $0.58 $0.77 
Diluted
$0.25 $0.39 $0.57 $0.77 
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
(Dollars in millions)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Net income$1,233 $1,622 $2,680 $3,109 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities(1)(4) (9)
Actuarial gain related to pension and other postretirement benefit plans5   7 
Foreign currency translation adjustments(6)(30)(5)(19)
Change in other comprehensive income from unconsolidated affiliates3 6 3 18 
1 (28)(2)(3)
Comprehensive income1,234 1,594 2,678 3,106 
Less: Comprehensive income attributable to noncontrolling interests308 270 629 480 
Less: Comprehensive income attributable to redeemable noncontrolling interests14 12 27 25 
Comprehensive income attributable to partners$912 $1,312 $2,022 $2,601 
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
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2022$26,960 $6,051 $(2)$16 $7,634 $40,659 
Distributions to partners(920)(80)(1)  (1,001)
Distributions to noncontrolling interests    (441)(441)
Capital contributions from noncontrolling interests    3 3 
Other comprehensive loss, net of tax   (3) (3)
Other, net14    4 18 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,003 109 1  321 1,434 
Balance, March 31, 202327,057 6,080 (2)13 7,521 40,669 
Distributions to partners(942)(151)(1)  (1,094)
Distributions to noncontrolling interests    (421)(421)
Other comprehensive income, net of tax   1  1 
Lotus Midstream acquisition574     574 
Other, net1   10 3 14 
Net income, excluding amounts attributable to redeemable noncontrolling interests797 113 1  308 1,219 
Balance, June 30, 2023$27,487 $6,042 $(2)$24 $7,411 $40,962 
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2021$25,230 $6,051 $(4)$23 $8,045 $39,345 
Distributions to partners(528)(80)   (608)
Distributions to noncontrolling interests    (307)(307)
Capital contributions from noncontrolling interests    373 373 
Other comprehensive income, net of tax   20 5 25 
Other, net17    10 27 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,162 106 1  205 1,474 
Balance, March 31, 202225,881 6,077 (3)43 8,331 40,329 
Distributions to partners(603)(131)(1)  (735)
Distributions to noncontrolling interests    (446)(446)
Capital contributions from noncontrolling interests    24 24 
Other comprehensive loss, net of tax   (14)(14)(28)
Other, net9    2 11 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,220 105 1  284 1,610 
Balance, June 30, 2022$26,507 $6,051 $(3)$29 $8,181 $40,765 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Six Months Ended
June 30,
20232022
OPERATING ACTIVITIES:
Net income$2,680 $3,109 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization2,120 2,074 
Deferred income taxes134 107 
Inventory valuation adjustments28 (121)
Non-cash compensation expense64 61 
Impairment losses11 300 
Distributions on unvested awards(33)(27)
Equity in earnings of unconsolidated affiliates(183)(118)
Distributions from unconsolidated affiliates182 108 
Other non-cash(4)(38)
Net change in operating assets and liabilities, net of effects of acquisitions887 (731)
Net cash provided by operating activities5,886 4,724 
INVESTING ACTIVITIES:
Cash paid for Lotus Midstream acquisition, net of cash received(930) 
Cash paid for other acquisitions, net of cash received(111)(589)
Capital expenditures, excluding allowance for equity funds used during construction(1,729)(1,458)
Contributions in aid of construction costs30 35 
Contributions to unconsolidated affiliates(1) 
Distributions from unconsolidated affiliates in excess of cumulative earnings27 46 
Proceeds from sales of assets23 12 
Net cash used in investing activities(2,691)(1,954)
FINANCING ACTIVITIES:
Proceeds from borrowings15,412 11,798 
Repayments of debt(15,549)(12,819)
Capital contributions from noncontrolling interests3 397 
Distributions to partners(2,095)(1,343)
Distributions to noncontrolling interests(862)(753)
Distributions to redeemable noncontrolling interests(24)(24)
Debt issuance costs(7)(9)
Net cash used in financing activities(3,122)(2,753)
Increase in cash and cash equivalents73 17 
Cash and cash equivalents, beginning of period257 336 
Cash and cash equivalents, end of period$330 $353 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts, except per unit data, are in millions)
(unaudited)
1.ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”).
Basis of Presentation
The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 17, 2023. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC. The Partnership owns the general partner interest, incentive distribution rights and 28.5 million common units of Sunoco LP, and the general partner interests and 46.1 million common units of USAC.
Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.
2.ACQUISITIONS
Lotus Midstream Acquisition
On May 2, 2023, Energy Transfer acquired Lotus Midstream Operations, LLC (“Lotus Midstream”) for total consideration of $1.50 billion, including working capital. Consideration included $930 million in cash and approximately 44.5 million newly issued Energy Transfer common units, which had an aggregate acquisition-date fair value of $574 million. Lotus Midstream owns and operates Centurion Pipeline Company LLC, an integrated crude midstream platform located in the Permian Basin.

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The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:
At May 2, 2023
Total current assets$61 
Property, plant and equipment, net1,263 
Investments in unconsolidated affiliates138 
Lease right-of-use assets, net10 
Other non-current assets4 
Intangible assets, net75 
Total assets1,551 
Total current liabilities27 
Other non-current liabilities16 
Total liabilities43 
Total consideration1,508 
Cash received4 
Total consideration, net of cash received$1,504 
Sunoco LP’s Acquisition
On May 1, 2023, Sunoco LP completed the acquisition of 16 refined product terminals located across the East Coast and Midwest from Zenith Energy for $111 million, including working capital. The purchase price was primarily allocated to property and equipment.
3.CASH AND CASH EQUIVALENTS
Cash and cash equivalents include all cash on hand, demand deposits and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of June 30, 2023 or December 31, 2022.
We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.
The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows:
Six Months Ended
June 30,
20232022
Accounts receivable
$1,192 $(2,555)
Accounts receivable from related companies
(23)(67)
Inventories
166 26 
Other current assets
200 (333)
Other non-current assets, net
(108)83 
Accounts payable
(761)2,029 
Accounts payable to related companies
31 22 
Accrued and other current liabilities
212 252 
Other non-current liabilities
2 98 
Derivative assets and liabilities, net
(24)(286)
Net change in operating assets and liabilities, net of effects of acquisitions$887 $(731)

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Non-cash investing and financing activities were as follows:
Six Months Ended
June 30,
20232022
Accrued capital expenditures
$339 $595 
Lease assets obtained in exchange for new lease liabilities13 32 
Distribution reinvestment
48 26 
4.INVENTORIES
Inventories consisted of the following:
June 30,
2023
December 31,
2022
Natural gas, NGLs and refined products
$1,629 $1,802 
Crude oil172 246 
Spare parts and other470 413 
Total inventories$2,271 $2,461 
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2023 and December 31, 2022, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $144 million and $116 million, respectively. For the three and six months ended June 30, 2023 and 2022, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended June 30, 2023 and 2022, the Partnership’s cost of products sold included unfavorable inventory adjustments of $57 million and favorable inventory adjustments of $1 million, respectively, related to Sunoco LP’s LIFO inventory. For the six months ended June 30, 2023 and 2022, the Partnership’s cost of products sold included unfavorable inventory adjustments of $28 million and favorable inventory adjustments of $121 million, respectively, related to Sunoco LP’s LIFO inventory.
5.FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the six months ended June 30, 2023, no transfers were made between any levels within the fair value hierarchy.

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The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 based on inputs used to derive their fair values:
Fair Value Measurements at
June 30, 2023
Fair Value TotalLevel 1Level 2
Assets:
Interest rate derivatives
$13 $ $13 
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
3 3  
Swing Swaps IFERC
5 5  
Fixed Swaps/Futures
38 38  
Forward Physical Contracts
4  4 
Power:
Forwards
55  55 
Futures
8 8  
Options – Calls
1 1  
NGLs – Forwards/Swaps
670 670  
Refined Products – Futures
9 9  
Crude – Forwards/Swaps
16 16  
Total commodity derivatives
809 750 59 
Other non-current assets
29 19 10 
Total assets
$851 $769 $82 
Liabilities:
Interest rate derivatives
$(23)$ $(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(11)(11) 
Swing Swaps IFERC
(3)(3) 
Fixed Swaps/Futures
(5)(5) 
Power:
Forwards
(54) (54)
Futures
(10)(10) 
Options – Calls
(1)(1) 
NGLs – Forwards/Swaps
(644)(644) 
Refined Products – Futures
(16)(16) 
Crude – Forwards/Swaps
(6)(6) 
Total commodity derivatives
(750)(696)(54)
Total liabilities
$(773)$(696)$(77)

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Fair Value Measurements at
December 31, 2022
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$60 $60 $ 
Swing Swaps IFERC
75 75  
Fixed Swaps/Futures
113 113  
Forward Physical Contracts
10  10 
Power:
Forwards
52  52 
Futures
3 3  
NGLs – Forwards/Swaps
317 317  
Refined Products – Futures
20 20  
Crude – Forwards/Swaps
38 38  
Total commodity derivatives
688 626 62 
Other non-current assets
27 18 9 
Total assets
$715 $644 $71 
Liabilities:
Interest rate derivatives
$(23)$ $(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(25)(25) 
Swing Swaps IFERC
(12)(12) 
Fixed Swaps/Futures
(4)(4) 
Forward Physical Contracts
(2) (2)
Power:
Forwards
(51) (51)
Futures
(3)(3) 
NGLs – Forwards/Swaps
(358)(358) 
Refined Products – Futures
(59)(59) 
Crude – Forwards/Swaps
(12)(12) 
Total commodity derivatives
(526)(473)(53)
Total liabilities
$(549)$(473)$(76)
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of June 30, 2023 were $45.80 billion and $48.13 billion, respectively. As of December 31, 2022, the aggregate fair value and carrying amount of our consolidated debt obligations were $45.42 billion and $48.26 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities.

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6.NET INCOME PER COMMON UNIT
A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Net income $1,233 $1,622 $2,680 $3,109 
Less: Net income attributable to noncontrolling interests308 284 629 489 
Less: Net income attributable to redeemable noncontrolling interests
14 12 27 25 
Net income, net of noncontrolling interests911 1,326 2,024 2,595 
Less: General Partner’s interest in net income1 1 2 2 
Less: Preferred Unitholders’ interest in net income113 105 222 211 
Common Unitholders’ interest in net income$797 $1,220 $1,800 $2,382 
Basic Income per Common Unit:
Weighted average common units3,126.9 3,085.9 3,111.3 3,084.7 
Basic income per common unit$0.25 $0.40 $0.58 $0.77 
Diluted Income per Common Unit:
Common Unitholders’ interest in net income$797 $1,220 $1,800 $2,382 
Dilutive effect of equity-based compensation of subsidiaries (1)
  1 1 
Diluted income attributable to Common Unitholders$797 $1,220 $1,799 $2,381 
Weighted average common units3,126.9 3,085.9 3,111.3 3,084.7 
Dilutive effect of unvested restricted unit awards (1)
21.3 19.8 21.7 19.5 
Weighted average common units, assuming dilutive effect of unvested restricted unit awards3,148.2 3,105.7 3,133.0 3,104.2 
Diluted income per common unit$0.25 $0.39 $0.57 $0.77 
(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.
7.DEBT OBLIGATIONS
Recent Transactions
Senior Notes
In the first quarter of 2023, the Partnership redeemed $350 million aggregate principal amount of its 3.45% Senior Notes due January 2023, $800 million aggregate principal amount of its 3.60% Senior Notes due February 2023 and $1.00 billion aggregate principal amount of its 4.25% Senior Notes due March 2023 using proceeds from its Five-Year Credit Facility (defined below).
HFOTCO Debt
In May 2023, the Partnership refinanced all of the $225 million outstanding principal amount of HFOTCO tax-exempt bonds with new 10-year tax-exempt bonds. The new bonds, which were issued through the Harris County Industrial Development Corporation and are obligations of Energy Transfer, accrue interest at a fixed rate of 4.05% and are mandatorily redeemable in 2033. Upon redemption, these tax-exempt bonds may be remarketed on different terms through final maturity of November 1, 2050.
Current Maturities of Long-Term Debt
As of June 30, 2023, current maturities of long-term debt reflected on the Partnership’s consolidated balance sheet includes (i) $2.45 billion, representing the amount of Energy Transfer senior notes maturing on or before June 30, 2024, less the current available capacity on the Partnership’s Five-Year Credit Facility and (ii) $1.00 billion of senior notes issued by the Bakken Pipeline entities, which mature in April 2024.

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Credit Facilities and Commercial Paper
Five-Year Credit Facility
The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion and matures in April 2027. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions.
As of June 30, 2023, the Five-Year Credit Facility had $2.61 billion of outstanding borrowings, of which $862 million consisted of commercial paper. The amount available for future borrowings was $2.36 billion, after accounting for outstanding letters of credit in the amount of $32 million. The weighted average interest rate on the total amount outstanding as of June 30, 2023 was 6.33%.
Sunoco LP Credit Facility
As of June 30, 2023, Sunoco LP’s credit facility had $990 million of outstanding borrowings and $7 million in standby letters of credit and matures in April 2027. The amount available for future borrowings at June 30, 2023 was $503 million. The weighted average interest rate on the total amount outstanding as of June 30, 2023 was 7.00%.
USAC Credit Facility
As of June 30, 2023, USAC’s credit facility, which matures in December 2026, had $750 million of outstanding borrowings and no outstanding letters of credit. As of June 30, 2023, USAC had $850 million of availability under its credit facility, and subject to compliance with applicable financial covenants, available borrowing capacity of $328 million. The weighted average interest rate on the total amount outstanding as of June 30, 2023 was 7.74%.
Compliance with our Covenants
We and our subsidiaries were in compliance with all requirements, tests, limitations and covenants related to our debt agreements as of June 30, 2023. For the quarter ended June 30, 2023, our leverage ratio, as calculated pursuant to the covenant related to our Five-Year Credit Facility, was 3.33x.
8.REDEEMABLE NONCONTROLLING INTERESTS
Certain redeemable noncontrolling interests in the Partnership’s subsidiaries were reflected as mezzanine equity on the consolidated balance sheets. Redeemable noncontrolling interests as of June 30, 2023 and December 31, 2022 included a balance of $477 million related to the USAC Series A preferred units. Redeemable noncontrolling interests also included a balance of $18 million as of June 30, 2023 and $16 million as of December 31, 2022 related to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership.
9.EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the six months ended June 30, 2023 were as follows:
Number of Units
Number of common units at December 31, 20223,094.4 
Common units issued under the distribution reinvestment plan3.7 
Common units issued for Lotus Midstream acquisition