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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, 2020
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 | | ¨ | | Accelerated filer | | ☐ |
Non-accelerated filer | | ý | | 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 |
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
Definitions
References to the “Partnership” or “ETO” refer to Energy Transfer Operating, L.P. In addition, the following is a list of certain acronyms and terms used 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 |
| | | |
| Citrus | | Citrus, LLC |
| | | |
| DOJ | | United States Department of Justice |
| | | |
| EPA | | United States Environmental Protection Agency |
| | | |
| ET | | Energy Transfer LP, the parent company of ETO |
| | | |
| 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, a wholly-owned subsidiary of Citrus |
| | | |
| GAAP | | accounting principles generally accepted in the United States of America |
| | | |
| HFOTCO | | Houston Fuel Oil Terminal Company, a wholly-owned subsidiary of ETO, which owns the Houston Terminal |
| | | |
| Lake Charles LNG | | Lake Charles LNG Company, LLC, a wholly-owned subsidiary of ETO |
| | | |
| 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, wholly-owned by ETO |
| | | |
| PES | | Philadelphia Energy Solutions Refining and Marketing LLC, non-controlling interest owned by ETO |
| | | |
| Preferred Unitholders | | Unitholders of 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 and Series G Preferred Units, collectively |
| | | |
| Regency | | Regency Energy Partners LP, a wholly-owned subsidiary of ETO |
| | | |
| Rover | | Rover Pipeline LLC, a less than wholly-owned subsidiary of ETO |
| | | |
| SEC | | Securities and Exchange Commission |
| | | |
| SemCAMS | | SemCAMS Midstream ULC, a less than wholly-owned subsidiary of ETO |
| | | |
| SemGroup | | SemGroup, LLC (formerly SemGroup Corporation) |
|
| | | |
| | | |
| 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 |
| | | |
| Series F Preferred Units | | 6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| | | |
| Series G Preferred Units | | 7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| | | |
| SPLP | | Sunoco Pipeline L.P., a wholly-owned subsidiary of ETO |
| | | |
| Sunoco Logistics Operations | | Sunoco Logistics Partners Operations L.P., a wholly-owned subsidiary of ETO |
| | | |
| Sunoco R&M | | Sunoco (R&M), LLC |
| | | |
| Transwestern | | Transwestern Pipeline Company, LLC, a wholly-owned subsidiary of ETO |
| | | |
| Trunkline | | Trunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle |
| | | |
| USAC | | USA Compression Partners, LP, a wholly-owned subsidiary of ETO |
| | | |
| USAC Preferred Units | | USAC Series A Preferred Units |
| White Cliffs | | White Cliffs Pipeline |
| | | |
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
|
| | | | | | | |
| June 30, 2020 | | December 31, 2019* |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 152 |
| | $ | 288 |
|
Accounts receivable, net | 2,955 |
| | 5,038 |
|
Accounts receivable from related companies | 139 |
| | 167 |
|
Inventories | 1,593 |
| | 1,532 |
|
Income taxes receivable | 68 |
| | 147 |
|
Derivative assets | 14 |
| | 23 |
|
Other current assets | 245 |
| | 291 |
|
Total current assets | 5,166 |
| | 7,486 |
|
| | | |
Property, plant and equipment | 91,774 |
| | 89,294 |
|
Accumulated depreciation and depletion | (17,125 | ) | | (15,398 | ) |
| 74,649 |
| | 73,896 |
|
| | | |
Advances to and investments in unconsolidated affiliates | 3,306 |
| | 3,454 |
|
Lease right-of-use assets, net | 1,112 |
| | 964 |
|
Other non-current assets, net | 1,511 |
| | 1,572 |
|
Notes receivable from related company | 2,865 |
| | 3,603 |
|
Intangible assets, net | 6,007 |
| | 6,154 |
|
Goodwill | 3,868 |
| | 5,167 |
|
Total assets | $ | 98,484 |
| | $ | 102,296 |
|
*As adjusted. See Note 1.
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, 2020 | | December 31, 2019* |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 2,138 |
| | $ | 4,119 |
|
Accounts payable to related companies | 36 |
| | 31 |
|
Derivative liabilities | 24 |
| | 147 |
|
Operating lease current liabilities | 54 |
| | 60 |
|
Accrued and other current liabilities | 2,730 |
| | 3,339 |
|
Current maturities of long-term debt | 34 |
| | 25 |
|
Total current liabilities | 5,016 |
| | 7,721 |
|
| | | |
Long-term debt, less current maturities | 51,179 |
| | 50,905 |
|
Non-current derivative liabilities | 577 |
| | 273 |
|
Non-current operating lease liabilities | 903 |
| | 901 |
|
Deferred income taxes | 3,277 |
| | 3,171 |
|
Other non-current liabilities | 1,216 |
| | 1,161 |
|
| | | |
Commitments and contingencies |
| |
|
Redeemable noncontrolling interests | 750 |
| | 739 |
|
| | | |
Equity: | | | |
Limited Partners: | | | |
Preferred Unitholders | 4,764 |
| | 3,174 |
|
Common Unitholders | 22,510 |
| | 24,226 |
|
Accumulated other comprehensive loss | (21 | ) | | (18 | ) |
Total partners’ capital | 27,253 |
| | 27,382 |
|
Noncontrolling interests | 8,313 |
| | 8,018 |
|
Predecessor equity | — |
| | 2,025 |
|
Total equity | 35,566 |
| | 37,425 |
|
Total liabilities and equity | $ | 98,484 |
| | $ | 102,296 |
|
*As adjusted. See Note 1.
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, |
| 2020 | | 2019* | | 2020 | | 2019* |
REVENUES: | | | | | | | |
Refined product sales | $ | 2,000 |
| | $ | 4,477 |
| | $ | 5,232 |
| | $ | 8,203 |
|
Crude sales | 1,329 |
| | 4,346 |
| | 4,872 |
| | 7,871 |
|
NGL sales | 1,254 |
| | 1,996 |
| | 2,943 |
| | 4,398 |
|
Gathering, transportation and other fees | 2,137 |
| | 2,035 |
| | 4,522 |
| | 4,302 |
|
Natural gas sales | 514 |
| | 763 |
| | 1,102 |
| | 1,727 |
|
Other | 104 |
| | 260 |
| | 294 |
| | 497 |
|
Total revenues | 7,338 |
| | 13,877 |
| | 18,965 |
| | 26,998 |
|
COSTS AND EXPENSES: | | | | | | | |
Cost of products sold | 4,117 |
| | 10,301 |
| | 12,408 |
| | 19,778 |
|
Operating expenses | 770 |
| | 792 |
| | 1,649 |
| | 1,600 |
|
Depreciation, depletion and amortization | 934 |
| | 781 |
| | 1,799 |
| | 1,552 |
|
Selling, general and administrative | 171 |
| | 175 |
| | 373 |
| | 324 |
|
Impairment losses | 4 |
| | — |
| | 1,329 |
| | 50 |
|
Total costs and expenses | 5,996 |
| | 12,049 |
| | 17,558 |
| | 23,304 |
|
OPERATING INCOME | 1,342 |
| | 1,828 |
| | 1,407 |
| | 3,694 |
|
OTHER INCOME (EXPENSE): | | | | | | | |
Interest expense, net of interest capitalized | (578 | ) | | (578 | ) | | (1,178 | ) | | (1,105 | ) |
Equity in earnings of unconsolidated affiliates | 85 |
| | 77 |
| | 78 |
| | 142 |
|
Losses on extinguishments of debt | — |
| | — |
| | (59 | ) | | (2 | ) |
Losses on interest rate derivatives | (3 | ) | | (122 | ) | | (332 | ) | | (196 | ) |
Other, net | (29 | ) | | 112 |
| | 16 |
| | 129 |
|
INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 817 |
| | 1,317 |
| | (68 | ) | | 2,662 |
|
Income tax expense | 98 |
| | 35 |
| | 127 |
| | 161 |
|
NET INCOME (LOSS) | 719 |
| | 1,282 |
| | (195 | ) | | 2,501 |
|
Less: Net income attributable to noncontrolling interests | 225 |
| | 266 |
| | 25 |
| | 522 |
|
Less: Net income attributable to redeemable noncontrolling interests | 13 |
| | 13 |
| | 25 |
| | 26 |
|
Less: Net loss attributable to predecessor equity | — |
| | — |
| | (6 | ) | | — |
|
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS | $ | 481 |
| | $ | 1,003 |
| | $ | (239 | ) | | $ | 1,953 |
|
*As adjusted. See Note 1.
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 (LOSS)
(Dollars in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2020 | | 2019* | | 2020 | | 2019* |
Net income (loss) | $ | 719 |
| | $ | 1,282 |
| | $ | (195 | ) | | $ | 2,501 |
|
Other comprehensive income (loss), net of tax: | | | | | | | |
Change in value of available-for-sale securities | 9 |
| | 3 |
| | — |
| | 8 |
|
Actuarial gain related to pension and other postretirement benefit plans | 8 |
| | 3 |
| | 14 |
| | 10 |
|
Foreign currency translation adjustments | 30 |
| | — |
| | 30 |
| | — |
|
Change in other comprehensive loss from unconsolidated affiliates | — |
| | (5 | ) | | (16 | ) | | (9 | ) |
| 47 |
| | 1 |
| | 28 |
| | 9 |
|
Comprehensive income (loss) | 766 |
| | 1,283 |
| | (167 | ) | | 2,510 |
|
Less: Comprehensive income attributable to noncontrolling interests | 225 |
| | 266 |
| | 25 |
| | 522 |
|
Less: Comprehensive income attributable to redeemable noncontrolling interests | 13 |
| | 13 |
| | 25 |
| | 26 |
|
Less: Comprehensive loss attributable to predecessor equity | — |
| | — |
| | (6 | ) | | — |
|
Comprehensive income (loss) attributable to partners | $ | 528 |
| | $ | 1,004 |
| | $ | (211 | ) | | $ | 1,962 |
|
*As adjusted. See Note 1.
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 | | Noncontrolling Interests | | Predecessor Equity | | Total |
Balance, December 31, 2019* | $ | 3,174 |
| | $ | 24,226 |
| | $ | (18 | ) | | $ | 8,018 |
| | $ | 2,025 |
| | $ | 37,425 |
|
Distributions to partners | (80 | ) | | (2,550 | ) | | — |
| | — |
| | — |
| | (2,630 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (340 | ) | | (25 | ) | | (365 | ) |
Units issued for cash | 1,580 |
| | — |
| | — |
| | — |
| | — |
| | 1,580 |
|
Capital contributions from noncontrolling interests | — |
| | — |
| | — |
| | 66 |
| | 30 |
| | 96 |
|
SemGroup contribution (See Note 2) | — |
| | 1,840 |
| | (2 | ) | | 333 |
| | (2,171 | ) | | — |
|
Other comprehensive loss, net of tax | — |
| | — |
| | (19 | ) | | — |
| | (38 | ) | | (57 | ) |
Other, net | (3 | ) | | (8 | ) | | — |
| | 3 |
| | (10 | ) | | (18 | ) |
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests | 77 |
| | (797 | ) | | — |
| | (200 | ) | | (6 | ) | | (926 | ) |
Balance, March 31, 2020* | 4,748 |
| | 22,711 |
| | (39 | ) | | 7,880 |
| | (195 | ) | | 35,105 |
|
Distributions to partners | (67 | ) | | — |
| | — |
| | — |
| | — |
| | (67 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (340 | ) | | — |
| | (340 | ) |
Capital contributions from noncontrolling interests | — |
| | — |
| | — |
| | 82 |
| | — |
| | 82 |
|
SemGroup contribution (See Note 2) | — |
| | (630 | ) | | (20 | ) | | 455 |
| | 195 |
| | — |
|
Other comprehensive income, net of tax | — |
| | — |
| | 38 |
| | 9 |
| | — |
| | 47 |
|
Other, net | (1 | ) | | 32 |
| | — |
| | 2 |
| | — |
| | 33 |
|
Net income, excluding amounts attributable to redeemable noncontrolling interests | 84 |
| | 397 |
| | — |
| | 225 |
| | — |
| | 706 |
|
Balance, June 30, 2020 | $ | 4,764 |
| | $ | 22,510 |
| | $ | (21 | ) | | $ | 8,313 |
| | $ | — |
| | $ | 35,566 |
|
*As adjusted. See Note 1.
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 | | AOCI | | Noncontrolling Interests | | Total |
Balance, December 31, 2018* | $ | 2,388 |
| | $ | 26,539 |
| | $ | (42 | ) | | $ | 7,903 |
| | $ | 36,788 |
|
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 interest | 40 |
| | 910 |
| | — |
| | 256 |
| | 1,206 |
|
Balance, March 31, 2019* | 2,364 |
| | 26,014 |
| | (34 | ) | | 8,044 |
| | 36,388 |
|
Distributions to partners | (18 | ) | | (1,625 | ) | | — |
| | — |
| | (1,643 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (370 | ) | | (370 | ) |
Units issued for cash | 780 |
| | — |
| |
|