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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 June 30, 2019
or |
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-31219
Energy Transfer Operating, L.P.
(Exact name of registrant as specified in its charter)
|
| | |
Delaware | | 73-1493906 |
(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)
Registrant’s telephone number, including area code: (214) 981-0700
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 |
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | | ETPprC | | New York Stock Exchange |
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | | ETPprD | | New York Stock Exchange |
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | | ETPprE | | New York Stock Exchange |
7.500% Senior Notes due 2020 | | ETP 20 | | New York Stock Exchange |
4.250% Senior Notes due 2023 | | ETP 23 | | New York Stock Exchange |
5.875% Senior Notes due 2024 | | ETP 24 | | New York Stock Exchange |
5.500% Senior Notes due 2027 | | ETP 27 | | New York Stock Exchange |
FORM 10-Q
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS
Forward-Looking Statements
Certain matters discussed in this report, excluding historical information, as well as some statements by Energy Transfer Operating, L.P. (the “Partnership” or “ETO”) in periodic press releases and some oral statements of the Partnership’s officials 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,” “believe,” “intend,” “project,” “plan,” “expect,” “continue,” “estimate,” “goal,” “forecast,” “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, projected or expected, forecasted, estimated or expressed 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.
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 used |
| | | |
| CDM | | CDM Resource Management LLC and CDM Environmental & Technical Services LLC, collectively |
| | | |
| Citrus | | Citrus, LLC, which owns 100% of FGT |
| | | |
| DOJ | | United States Department of Justice |
| | | |
| EPA | | United States Environmental Protection Agency |
| | | |
| ET | | Energy Transfer LP, a publicly traded partnership and the owner of ETP LLC |
| | | |
| ETC Sunoco | | ETC Sunoco Holdings LLC (formerly Sunoco, Inc.) |
| | | |
| ETP GP | | Energy Transfer Partners GP, L.P., the general partner of ETO |
| | | |
| ETP LLC | | Energy Transfer Partners, L.L.C., the general partner of ETP GP |
| | |
| Exchange Act | | Securities Exchange Act of 1934 |
| | | |
| FEP | | Fayetteville Express Pipeline LLC |
| | | |
| FERC | | Federal Energy Regulatory Commission |
| | | |
| FGT | | Florida Gas Transmission Company, LLC |
| | | |
| GAAP | | accounting principles generally accepted in the United States of America |
| | | |
| IDRs | | incentive distribution rights |
| | | |
| Lake Charles LNG | | Lake Charles LNG Company, LLC (previously named Trunkline 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 and its subsidiaries |
| | | |
| PES | | Philadelphia Energy Solutions Refining and Marketing LLC |
| | | |
| Preferred Unitholders | | Unitholders of the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units and Series E Preferred Units, collectively |
| | | |
| Regency | | Regency Energy Partners LP |
| | | |
| RIGS | | Regency Intrastate Gas System |
| | | |
| Rover | | Rover Pipeline LLC, a subsidiary of ETO |
| | | |
| SEC | | Securities and Exchange Commission |
| | | |
| Series A Preferred Units | | 6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| | | |
| Series B Preferred Units | | 6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| | | |
| Series C Preferred Units | | 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| | | |
| Series D Preferred Units | | 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| | | |
| Series E Preferred Units | | 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| | | |
| SPLP | | Sunoco Pipeline L.P. |
| | | |
| Sunoco LP | | Sunoco LP (previously named Susser Petroleum Partners, LP) |
| | | |
| Sunoco R&M | | Sunoco (R&M), LLC (formerly Sunoco, Inc. (R&M)) |
| | | |
| Transwestern | | Transwestern Pipeline Company, LLC |
| | | |
| Trunkline | | Trunkline Gas Company, LLC, a subsidiary of Panhandle |
| | | |
| USAC | | USA Compression Partners, LP |
| | | |
| USAC Preferred Units | | USAC Series A Preferred Units |
Adjusted EBITDA is a term used throughout this document, which we define as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries’ results of operations and for unconsolidated affiliates based on our proportionate ownership.
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
|
| | | | | | | |
| June 30, 2019 | | December 31, 2018 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 444 |
| | $ | 418 |
|
Accounts receivable, net | 4,349 |
| | 4,009 |
|
Accounts receivable from related companies | 169 |
| | 176 |
|
Inventories | 1,832 |
| | 1,677 |
|
Income taxes receivable | 99 |
| | 73 |
|
Derivative assets | 54 |
| | 111 |
|
Other current assets | 308 |
| | 356 |
|
Total current assets | 7,255 |
| | 6,820 |
|
| | | |
Property, plant and equipment | 81,856 |
| | 79,280 |
|
Accumulated depreciation and depletion | (13,970 | ) | | (12,625 | ) |
| 67,886 |
| | 66,655 |
|
| | | |
Advances to and investments in unconsolidated affiliates | 2,832 |
| | 2,636 |
|
Lease right-of-use assets, net | 853 |
| | — |
|
Other non-current assets, net | 1,025 |
| | 1,006 |
|
Notes receivable from related company | 4,416 |
| | 440 |
|
Intangible assets, net | 5,827 |
| | 6,000 |
|
Goodwill | 4,883 |
| | 4,885 |
|
Total assets | $ | 94,977 |
| | $ | 88,442 |
|
The accompanying notes are an integral part of these consolidated financial statements.
1
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
|
| | | | | | | |
| June 30, 2019 | | December 31, 2018 |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 3,645 |
| | $ | 3,491 |
|
Accounts payable to related companies | 14 |
| | 119 |
|
Derivative liabilities | 18 |
| | 185 |
|
Operating lease current liabilities | 59 |
| | — |
|
Accrued and other current liabilities | 2,683 |
| | 2,847 |
|
Current maturities of long-term debt | 7 |
| | 2,655 |
|
Total current liabilities | 6,426 |
| | 9,297 |
|
| | | |
Long-term debt, less current maturities | 46,375 |
| | 37,853 |
|
Non-current derivative liabilities | 354 |
| | 104 |
|
Non-current operating lease liabilities | 803 |
| | — |
|
Deferred income taxes | 3,031 |
| | 2,884 |
|
Other non-current liabilities | 1,140 |
| | 1,184 |
|
| | | |
Commitments and contingencies |
| |
|
Redeemable noncontrolling interests | 500 |
| | 499 |
|
| | | |
Equity: | | | |
Limited Partners: | | | |
Preferred Unitholders | 3,178 |
| | 2,388 |
|
Common Unitholders | 25,197 |
| | 26,372 |
|
Accumulated other comprehensive loss | (33 | ) | | (42 | ) |
Total partners’ capital | 28,342 |
| | 28,718 |
|
Noncontrolling interests | 8,006 |
| | 7,903 |
|
Total equity | 36,348 |
| | 36,621 |
|
Total liabilities and equity | $ | 94,977 |
| | $ | 88,442 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
REVENUES: | | | | | | | |
Refined product sales | $ | 4,477 |
| | $ | 4,600 |
| | $ | 8,203 |
| | $ | 8,203 |
|
Crude sales | 4,346 |
| | 4,244 |
| | 7,871 |
| | 7,500 |
|
NGL sales | 1,996 |
| | 2,356 |
| | 4,398 |
| | 4,591 |
|
Gathering, transportation and other fees | 2,035 |
| | 1,667 |
| | 4,302 |
| | 3,097 |
|
Natural gas sales | 763 |
| | 1,024 |
| | 1,727 |
| | 2,086 |
|
Other | 260 |
| | 227 |
| | 497 |
| | 523 |
|
Total revenues | 13,877 |
| | 14,118 |
| | 26,998 |
| | 26,000 |
|
COSTS AND EXPENSES: | | | | | | | |
Cost of products sold | 10,302 |
| | 11,343 |
| | 19,717 |
| | 20,588 |
|
Operating expenses | 792 |
| | 772 |
| | 1,600 |
| | 1,496 |
|
Depreciation, depletion and amortization | 781 |
| | 692 |
| | 1,552 |
| | 1,353 |
|
Selling, general and administrative | 175 |
| | 173 |
| | 324 |
| | 320 |
|
Impairment losses | — |
| | — |
| | 50 |
| | — |
|
Total costs and expenses | 12,050 |
| | 12,980 |
| | 23,243 |
| | 23,757 |
|
OPERATING INCOME | 1,827 |
| | 1,138 |
| | 3,755 |
| | 2,243 |
|
OTHER INCOME (EXPENSE): | | | | | | | |
Interest expense, net of capitalized interest | (578 | ) | | (420 | ) | | (1,105 | ) | | (800 | ) |
Equity in earnings of unconsolidated affiliates | 77 |
| | 92 |
| | 142 |
| | 171 |
|
Losses on extinguishments of debt | — |
| | — |
| | (2 | ) | | (109 | ) |
Gains (losses) on interest rate derivatives | (122 | ) | | 20 |
| | (196 | ) | | 72 |
|
Other, net | 112 |
| | (1 | ) | | 129 |
| | 56 |
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 1,316 |
| | 829 |
| | 2,723 |
| | 1,633 |
|
Income tax expense from continuing operations | 35 |
| | 69 |
| | 161 |
| | 59 |
|
INCOME FROM CONTINUING OPERATIONS | 1,281 |
| | 760 |
| | 2,562 |
| | 1,574 |
|
Loss from discontinued operations, net of income taxes | — |
| | (26 | ) | | — |
| | (263 | ) |
NET INCOME | 1,281 |
| | 734 |
| | 2,562 |
| | 1,311 |
|
Less: Net income attributable to noncontrolling interests | 266 |
| | 170 |
| | 522 |
| | 334 |
|
Less: Net income attributable to redeemable noncontrolling interests | 13 |
| | — |
| | 26 |
| | — |
|
Less: Net income (loss) attributable to predecessor equity | — |
| | 132 |
| | — |
| | (170 | ) |
NET INCOME ATTRIBUTABLE TO PARTNERS | $ | 1,002 |
| | $ | 432 |
| | $ | 2,014 |
| | $ | 1,147 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income | $ | 1,281 |
| | $ | 734 |
| | $ | 2,562 |
| | $ | 1,311 |
|
Other comprehensive income (loss), net of tax: | | | | | | | |
Change in value of available-for-sale securities | 3 |
| | — |
| | 8 |
| | (2 | ) |
Actuarial gain (loss) related to pension and other postretirement benefit plans | 3 |
| | — |
| | 10 |
| | (2 | ) |
Change in other comprehensive income from unconsolidated affiliates | (5 | ) | | 2 |
| | (9 | ) | | 7 |
|
| 1 |
| | 2 |
| | 9 |
| | 3 |
|
Comprehensive income | 1,282 |
| | 736 |
| | 2,571 |
| | 1,314 |
|
Less: Comprehensive income attributable to noncontrolling interests | 266 |
| | 170 |
| | 522 |
| | 334 |
|
Less: Comprehensive income attributable to redeemable noncontrolling interests | 13 |
| | — |
| | 26 |
| | — |
|
Less: Comprehensive income (loss) attributable to predecessor equity | — |
| | 132 |
| | — |
| | (170 | ) |
Comprehensive income attributable to partners | $ | 1,003 |
| | $ | 434 |
| | $ | 2,023 |
| | $ | 1,150 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| Limited Partners | | | | | | |
| Preferred Unitholders | | Common Unitholders | | AOCI | | Non-controlling Interests | | Total |
Balance, December 31, 2018 | $ | 2,388 |
| | $ | 26,372 |
| | $ | (42 | ) | | $ | 7,903 |
| | $ | 36,621 |
|
Distributions to partners | (64 | ) | | (1,450 | ) | | — |
| | — |
| | (1,514 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (361 | ) | | (361 | ) |
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 | — |
| | 15 |
| | — |
| | 13 |
| | 28 |
|
Net income, excluding amounts attributable to redeemable noncontrolling interests | 40 |
| | 972 |
| | — |
| | 256 |
| | 1,268 |
|
Balance, March 31, 2019 | 2,364 |
| | 25,909 |
| | (34 | ) | | 8,044 |
| | 36,283 |
|
Distributions to partners | (18 | ) | | (1,625 | ) | | — |
| | — |
| | (1,643 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (370 | ) | | (370 | ) |
Units issued for cash | 780 |
| | — |
| | — |
| | — |
| | 780 |
|
Capital contributions from noncontrolling interests | — |
| | — |
| | — |
| | 66 |
| | 66 |
|
Other comprehensive income, net of tax | — |
| | — |
| | 1 |
| | — |
| | 1 |
|
Other, net | (1 | ) | | (36 | ) | | — |
| | — |
| | (37 | ) |
Net income, excluding amounts attributable to redeemable noncontrolling interests | 53 |
| | 949 |
| | — |
| | 266 |
| | 1,268 |
|
Balance, June 30, 2019 | $ | 3,178 |
| | $ | 25,197 |
| | $ | (33 | ) | | $ | 8,006 |
| | $ | 36,348 |
|
The accompanying notes are an integral part of these consolidated financial statements.
5
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Limited Partners | | | | | | | | | | |
| Preferred Unitholders | | Common Unitholders | | General Partner | | AOCI | | Non-controlling Interests | | Predecessor Equity | | Total |
Balance, December 31, 2017 | $ | 1,491 |
| | $ | 26,531 |
| | $ | 244 |
| | $ | 3 |
| | $ | 5,882 |
| | $ | 2,816 |
| | $ | 36,967 |
|
Distributions to partners | (24 | ) | | (657 | ) | | (264 | ) | | — |
| | — |
| | — |
| | (945 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | (183 | ) | | (70 | ) | | (253 | ) |
Units issued for cash | — |
| | 20 |
| | — |
| | — |
| | — |
| | — |
| | 20 |
|
Repurchases of common units | — |
| | (24 | ) | | — |
| | — |
| | — |
| | — |
| | (24 | ) |
Subsidiary repurchases of common units | — |
| | — |
| | — |
| | — |
| | — |
| | (300 | ) | | (300 | ) |
Capital contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | 229 |
| | — |
| | 229 |
|
Cumulative effect adjustment due to change in accounting principle | — |
| | — |
| | — |
| | — |
| | — |
| | (54 | ) | | (54 | ) |
Other comprehensive income, net of tax | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Other, net | (2 | ) | | (16 | ) | | (17 | ) | | (2 | ) | | (6 | ) | | 1 |
| | (42 | ) |
Net income (loss) | 24 |
| | 289 |
| | 402 |
| | — |
| | 164 |
| | (302 | ) | | 577 |
|
Balance, March 31, 2018 | 1,489 |
| | 26,143 |
| | 365 |
| | 2 |
| | 6,086 |
| | 2,091 |
| | 36,176 |
|
Distributions to partners | — |
| | (658 | ) | | (408 | ) | | — |
| | — |
| | — |
| | (1,066 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | (176 | ) | | (101 | ) | | (277 | ) |
Units issued for cash | 436 |
| | 19 |
| | — |
| | — |
| | — |
| | — |
| | 455 |
|
Capital contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | 89 |
| | — |
| | 89 |
|
Acquisition of USAC | — |
| | — |
| | — |
| | — |
| | — |
| | 832 |
| | 832 |
|
Deemed contribution | — |
| | — |
| | — |
| | — |
| | — |
| | 248 |
| | 248 |
|
Other comprehensive income, net of tax | — |
| | — |
| | — |
| | 2 |
| | — |
| | — |
| | 2 |
|
Other, net | 1 |
| | 42 |
| | — |
| | — |
| | 2 |
| | 10 |
| | 55 |
|
Net income | 30 |
| | — |
| | 402 |
| | — |
| | 170 |
| | 132 |
| | 734 |
|
Balance, June 30, 2018 | $ | 1,956 |
|
|