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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
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
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 April 30, 2021, the registrant had 2,703,496,243 Common Units outstanding.


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

i

Table of Contents
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, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC
DOJU.S. Department of Justice
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC (formerly SemCAMS Midstream ULC), a less than wholly-owned subsidiary of ET
EPAU.S. Environmental Protection Agency
ET 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 and Series G Preferred Units (all originally issued by ETO and exchanged for preferred units issued by ET on April 1, 2021)
ETC TigerETC Tiger Pipeline, LLC, a wholly-owned subsidiary of ET, which owns the Tiger Pipeline
ETOEnergy Transfer Operating, L.P.
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 ET, which owns the Houston Terminal
Lake Charles LNGLake Charles LNG Company, LLC, a wholly-owned subsidiary of ET
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
OSHAFederal Occupational Safety and Health Act
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of ET
RegencyRegency Energy Partners LP
ii

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RoverRover Pipeline LLC
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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
Sunoco Logistics Operations
Sunoco Logistics Partners Operations L.P, a wholly-owned subsidiary of ET
Sunoco R&MSunoco (R&M), LLC (formerly Sunoco, Inc. (R&M))
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of ET
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a subsidiary of ET
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)
March 31,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$355 $367 
Accounts receivable, net
5,288 3,875 
Accounts receivable from related companies
90 79 
Inventories
1,810 1,739 
Income taxes receivable
29 35 
Derivative assets
16 9 
Other current assets
232 213 
Total current assets
7,820 6,317 
Property, plant and equipment
94,672 94,115 
Accumulated depreciation and depletion
(19,868)(19,008)
74,804 75,107 
Investments in unconsolidated affiliates3,009 3,060 
Lease right-of-use assets, net
857 866 
Other non-current assets, net
1,680 1,657 
Intangible assets, net
5,657 5,746 
Goodwill
2,391 2,391 
Total assets
$96,218 $95,144 
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)
March 31,
2021
December 31,
2020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$4,732 $2,809 
Accounts payable to related companies
23 27 
Derivative liabilities
120 238 
Operating lease current liabilities
52 53 
Accrued and other current liabilities
2,829 2,775 
Current maturities of long-term debt
23 21 
Total current liabilities
7,779 5,923 
Long-term debt, less current maturities
47,712 51,417 
Non-current derivative liabilities
136 237 
Non-current operating lease liabilities
820 837 
Deferred income taxes
3,550 3,428 
Other non-current liabilities
1,198 1,152 
Commitments and contingencies
Redeemable noncontrolling interests
769 762 
Equity:
Limited Partners:
Common Unitholders
21,428 18,531 
General Partner
(5)(8)
Accumulated other comprehensive income8 6 
Total partners’ capital
21,431 18,529 
Noncontrolling interests
12,823 12,859 
Total equity
34,254 31,388 
Total liabilities and equity
$96,218 $95,144 
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
March 31,
20212020
REVENUES:
Refined product sales
$3,524 $3,232 
Crude sales
2,988 3,543 
NGL sales
2,906 1,689 
Gathering, transportation and other fees
2,266 2,385 
Natural gas sales
5,124 588 
Other
187 190 
Total revenues
16,995 11,627 
COSTS AND EXPENSES:
Cost of products sold
10,948 8,291 
Operating expenses
820 879 
Depreciation, depletion and amortization
954 867 
Selling, general and administrative
201 204 
Impairment losses
3 1,325 
Total costs and expenses
12,926 11,566 
OPERATING INCOME
4,069 61 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(589)(602)
Equity in earnings (losses) of unconsolidated affiliates55 (7)
Losses on extinguishments of debt
(7)(62)
Gains (losses) on interest rate derivatives194 (329)
Other, net
(6)3 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
3,716 (936)
Income tax expense
75 28 
NET INCOME (LOSS)
3,641 (964)
Less: Net income (loss) attributable to noncontrolling interests341 (121)
Less: Net income attributable to redeemable noncontrolling interests
12 12 
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
3,288 (855)
General Partner’s interest in net income (loss)
3 (1)
Limited Partners’ interest in net income (loss)
$3,285 $(854)
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic
$1.22 $(0.32)
Diluted
$1.21 $(0.32)
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
March 31,
20212020
Net income (loss)$3,641 $(964)
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities
 (9)
Actuarial gain related to pension and other postretirement benefit plans5 3 
Foreign currency translation adjustments
12 (64)
Change in other comprehensive loss from unconsolidated affiliates(9)(16)
8 (86)
Comprehensive income (loss)3,649 (1,050)
Less: Comprehensive income (loss) attributable to noncontrolling interests347 (159)
Less: Comprehensive income attributable to redeemable noncontrolling interests
12 12 
Comprehensive income (loss) attributable to partners$3,290 $(903)
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 UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2020$18,531 $(8)$6 $12,859 $31,388 
Distributions to partners(406)   (406)
Distributions to noncontrolling interests
   (406)(406)
Capital contributions from noncontrolling interests
   20 20 
Other comprehensive income, net of tax  2 6 8 
Other, net
18   3 21 
Net income, excluding amounts attributable to redeemable noncontrolling interests3,285 3  341 3,629 
Balance, March 31, 2021$21,428 $(5)$8 $12,823 $34,254 

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, 2020$19,512 $(6)$(59)$13,083 $32,530 
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)
Three Months Ended
March 31,
20212020
OPERATING ACTIVITIES:
Net income (loss)$3,641 $(964)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization
954 867 
Deferred income taxes
66 42 
Inventory valuation adjustments(100)227 
Non-cash compensation expense
28 22 
Impairment losses
3 1,325 
Losses on extinguishments of debt
7 62 
Distributions on unvested awards
(6)(11)
Equity in (earnings) losses of unconsolidated affiliates(55)7 
Distributions from unconsolidated affiliates
45 58 
Other non-cash
39 17 
Net change in operating assets and liabilities, net of effects of acquisitions
533 176 
Net cash provided by operating activities
5,155 1,828 
INVESTING ACTIVITIES:
Capital expenditures, excluding allowance for equity funds used during construction
(698)(1,621)
Contributions in aid of construction costs
3 25 
Contributions to unconsolidated affiliates
(2)(9)
Distributions from unconsolidated affiliates in excess of cumulative earnings
55 52 
Proceeds from the sale of other assets
7 2 
Other
 (6)
Net cash used in investing activities
(635)(1,557)
FINANCING ACTIVITIES:
Proceeds from borrowings
4,751 12,134 
Repayments of debt
(8,479)(12,898)
Subsidiary units issued for cash
 1,580 
Capital contributions from noncontrolling interests
20 95 
Distributions to partners
(406)(770)
Distributions to noncontrolling interests
(406)(444)
Distributions to redeemable noncontrolling interest(12)(12)
Debt issuance costs
 (51)
Net cash used in financing activities
(4,532)(366)
Decrease in cash and cash equivalents(12)(95)
Cash and cash equivalents, beginning of period367 291 
Cash and cash equivalents, end of period$355 $196 
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 “ET”).
On April 1, 2021, ET, ETO and certain of ETO’s subsidiaries consummated several internal reorganization transactions (the “Rollup Mergers”). In connection with the Rollup Mergers, Sunoco Logistics Operations and its general partner merged with and into ETO, with ETO surviving, and immediately thereafter, ETO merged with and into ET, with ET surviving. The impacts of the Rollup Mergers also included the following:
All of ETO’s long-term debt was assumed by ET, as more fully described in Note 7.
Each issued and outstanding ETO preferred unit was converted into the right to receive one newly created ET preferred unit. A description of the ET Preferred Units is included in Note 9.
Each of ETO’s issued and outstanding Class K, Class L, Class M and Class N units, all of which were held by ETP Holdco Corporation, a wholly-owned subsidiary of ETO, were converted into an aggregate 675,625,000 newly created Class B Units representing limited partner interests in ET.
Our financial statements reflect the following reportable segments:
intrastate transportation and storage;
interstate transportation and storage;
midstream;
NGL and refined products transportation and services;
crude oil transportation and services;
investment in Sunoco LP;
investment in USAC; and
all other.
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, 2020, filed with the SEC on February 19, 2021. 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 footnote 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.
Our subsidiaries also own varying undivided interests in certain pipelines. Ownership of these pipelines has been structured as an ownership of an undivided interest in assets, not as an ownership interest in a partnership, limited liability company, joint venture or other forms of entities. Each owner controls marketing and invoices separately, and each owner is responsible for any loss, damage or injury that may occur to their own customers. As a result, we apply proportionate consolidation for our interests in these entities.
Certain prior period amounts have also been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
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Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes 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 AND RELATED TRANSACTIONS
Pending Enable Acquisition
On February 16, 2021, the Partnership entered into a definitive merger agreement to acquire Enable. Under the terms of the merger agreement, Enable’s common unitholders will receive 0.8595 of an ET common unit in exchange for each Enable common unit. In addition, each outstanding Enable preferred unit will be exchanged for 0.0265 of a Series G Preferred Unit, and ET will make a $10 million cash payment for Enable’s general partner. Pursuant to support agreements entered into in connection with the merger agreement, the two largest Enable unitholders have delivered their written consents to approve the merger. These unitholders collectively own 79% of Enable’s outstanding common units, and those consents are therefore sufficient to approve the merger. The transaction is subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino Act (“HSR”) clearance.
We anticipate that the Federal Trade Commission (“FTC”) will issue requests for additional information and documentary material, commonly known as “second requests,” which would extend the HSR waiting period until the 30th calendar day after the date that both parties substantially comply with the second requests. We continue to believe that the FTC will grant unconditional clearance of the transaction, and we remain fully committed to closing the Enable merger under the terms of the merger agreement. We expect to close the transaction in the second half of 2021.
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 March 31, 2021 or December 31, 2020.
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:
Three Months Ended
March 31,
20212020
Accounts receivable
$(1,413)$1,667 
Accounts receivable from related companies
(11)(20)
Inventories
30 281 
Other current assets
(12)110 
Other non-current assets, net
(31)(101)
Accounts payable
1,958 (1,704)
Accounts payable to related companies
(7)(21)
Accrued and other current liabilities
194 (233)
Other non-current liabilities
51 37 
Derivative assets and liabilities, net
(226)160 
Net change in operating assets and liabilities, net of effects of acquisitions
$533 $176 
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Non-cash activities were as follows:
Three Months Ended
March 31,
20212020
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures
$559 $1,015 
Accrued distributions to partners
 822 
Lease assets obtained in exchange for new lease liabilities
14 17 
4.INVENTORIES
Inventories consist principally of natural gas held in storage, NGLs, and refined products, crude oil and spare parts, all of which are valued at the lower of cost or net realizable value utilizing the weighted-average cost method.
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2021 and December 31, 2020, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $211 million and $311 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three months ended March 31, 2021 and 2020, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory.
March 31,
2021
December 31,
2020
Natural gas, NGLs and refined products
$1,020 $1,013 
Crude oil350 287 
Spare parts and other440 439 
Total inventories$1,810 $1,739 
We utilize commodity derivatives to manage price volatility associated with our natural gas inventory. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations.
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 our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements. Level 3 inputs are unobservable. During the three months ended March 31, 2021, 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 March 31, 2021 and December 31, 2020 based on inputs used to derive their fair values:
Fair Value Measurements at
March 31, 2021
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$14 $14 $ 
Swing Swaps IFERC
1  1 
Fixed Swaps/Futures
2 2  
Forward Physical Contracts
6  6 
Power:
Forwards
14  14 
Futures
1 1  
NGLs – Forwards/Swaps
91 91  
Refined Products – Futures
2 2  
Crude – Forwards/Swaps
135 135  
Total commodity derivatives
266 245 21 
Other non-current assets
36 24 12 
Total assets
$302 $269 $33 
Liabilities:
Interest rate derivatives
$(254)$ $(254)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(10)(10) 
Fixed Swaps/Futures
(7)(7) 
Forward Physical Contracts
(2) (2)
Power:
Forwards
(9) (9)
Futures
(2)(2) 
NGLs – Forwards/Swaps
(162)(162) 
Refined Products – Futures
(2)(2) 
Crude – Forwards/Swaps
(130)(130) 
Total commodity derivatives
(324)(313)(11)
Total liabilities
$(578)$(313)$(265)
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Fair Value Measurements at
December 31, 2020
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$12 $12 $ 
Swing Swaps IFERC
1  1 
Fixed Swaps/Futures
13 13  
Forward Physical Contracts
5  5 
Power:
Forwards
4  4 
Futures
2 2  
Options – Calls
1 1  
NGLs – Forwards/Swaps
127 127  
Refined Products – Futures
3 3  
Total commodity derivatives
168 158 10 
Other non-current assets
34 22 12 
Total assets
$202 $180 $22 
Liabilities:
Interest rate derivatives
$(448)$ $(448)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(11)(11) 
Swing Swaps IFERC
(3) (3)
Fixed Swaps/Futures
(13)(13) 
Forward Physical Contracts
(1) (1)
Power:
Futures
(3)(3) 
NGLs – Forwards/Swaps
(227)(227) 
Refined Products – Futures
(11)(11) 
Total commodity derivatives
(269)(265)(4)
Total liabilities
$(717)$(265)$(452)
Based on the estimated borrowing rates currently available to us and our subsidiaries for loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of March 31, 2021 were $51.39 billion and $47.74 billion, respectively. As of December 31, 2020, the aggregate fair value and carrying amount of our consolidated debt obligations were $56.21 billion and $51.44 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs used for similar liabilities.
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6.NET INCOME (LOSS) PER LIMITED PARTNER UNIT
A reconciliation of income and weighted average units used in computing basic and diluted income (loss) per unit is as follows:
Three Months Ended
March 31,
20212020
Net income (loss)
$3,641 $(964)
Less: Net income (loss) attributable to noncontrolling interests341 (121)
Less: Net income attributable to redeemable noncontrolling interests
12 12 
Net income (loss), net of noncontrolling interests
3,288 (855)
Less: General Partner’s interest in income (loss)
3 (1)
Income (loss) available to Limited Partners
$3,285 $(854)
Basic Income (Loss) per Limited Partner Unit:
Weighted average limited partner units
2,702.8 2,691.7 
Basic income (loss) per Limited Partner unit
$1.22 $(0.32)
Diluted Income (Loss) per Limited Partner Unit:
Income (loss) available to Limited Partners
$3,285 $(854)
Dilutive effect of equity-based compensation of subsidiaries (1)
  
Diluted income (loss) available to Limited Partners
$3,285 $(854)
Weighted average limited partner units
2,702.8 2,691.7 
Dilutive effect of unvested unit awards (1)
5.8  
Weighted average limited partner units, assuming dilutive effect of unvested unit awards
2,708.6 2,691.7 
Diluted income (loss) per Limited Partner unit$1.21 $(0.32)