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iso4217:USD xbrli:shares ete:barrels ete:Megawatt ete:MMbtu ete:bbl ete:bushels
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 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
 


Table of Contents

FORM 10-Q
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i

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
 
 
 
 


ii

Table of Contents

 
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.


iii

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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