Energy Transfer Equity Reports Second Quarter Results DALLAS
Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the
“Partnership”) today reported financial results for the quarter ended
June 30, 2018.
ETE’s net income attributable to partners was $355 million for the three
months ended June 30, 2018, an increase of $143 million compared to the
three months ended June 30, 2017. Distributable Cash Flow, as adjusted,
for the three months ended June 30, 2018 was $407 million, an increase
of $167 million compared to the three months ended June 30, 2017. The
improved results reflect an increase of $171 million in general partner
and incentive distributions from Energy Transfer Partners, L.P. (“ETP”)
of which $120 million was attributable to a reduction in incentive
distribution waivers.
The Partnership’s recent key accomplishments and other developments
include the following:
-
In August 2018, ETE and ETP entered into a merger agreement pursuant
to which ETP will merge with a wholly-owned subsidiary of ETE, with
ETP unitholders (other than ETE and its subsidiaries) receiving 1.28
ETE common units in exchange for each ETP common unit they own. The
transaction is expected to close in the fourth quarter of 2018,
subject to the approval by a majority of the unaffiliated unitholders
of ETP and other customary closing conditions.
-
In April 2018, ETE acquired the general partner of USA Compression
Partners, LP (“USAC”) and approximately 12.5 million USAC common units
from USA Compression Holdings, LLC.
-
In May 2018, the Partnership converted its 329.3 million Series A
Convertible Preferred Units into approximately 79.1 million ETE common
units in accordance with the terms of ETE’s partnership agreement.
-
In July 2018, ETE announced a $0.305 distribution per ETE common unit
for the quarter ended June 30, 2018, or $1.22 per unit on an
annualized basis.
-
As of June 30, 2018, ETE’s $1.5 billion revolving credit facility had
$956 million of outstanding borrowings and its leverage ratio, as
defined by the credit agreement, was 2.79x.
The Partnership has scheduled a conference call for 8:00 a.m. Central
Time, Thursday, August 9, 2018 to discuss its second quarter 2018
results. The conference call will be broadcast live via an internet
webcast, which can be accessed through www.energytransfer.com
and will also be available for replay on the Partnership’s website for a
limited time.
The Partnership’s principal sources of cash flow are derived from
distributions related to its direct and indirect investments in the
limited and general partner interests in ETP, including 100% of ETP’s
incentive distribution rights, limited and general partner interests in
Sunoco LP, as well as the Partnership’s ownership of Lake Charles LNG
Company, LLC (“Lake Charles LNG”). Subsequent to the acquisition on
April 2, 2018, the Partnership also owns interests in USAC, as discussed
above. The Partnership’s primary cash requirements are for general and
administrative expenses, debt service requirements and distributions to
its partners.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited
partnership that owns the general partner and 100% of the incentive
distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP)
and Sunoco LP (NYSE: SUN). ETE also owns Lake Charles LNG Company and
the general partner of USA Compression Partners, LP (NYSE: USAC). On a
consolidated basis, ETE’s family of companies owns and operates a
diverse portfolio of natural gas, natural gas liquids, crude oil and
refined products assets, as well as retail and wholesale motor fuel
operations and LNG terminalling. For more information, visit the Energy
Transfer Equity, L.P. website at www.energytransfer.com.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins,
ETP’s operations include complementary natural gas midstream, intrastate
and interstate transportation and storage assets; crude oil, natural gas
liquids (NGL) and refined product transportation and terminalling
assets; NGL fractionation; and various acquisition and marketing assets.
ETP’s general partner is owned by Energy Transfer Equity, L.P. (NYSE:
ETE). For more information, visit the Energy Transfer Partners, L.P.
website at www.energytransfer.com.
Sunoco LP (NYSE: SUN) is a master limited partnership that
distributes motor fuel to approximately 9,200 convenience stores,
independent dealers, commercial customers and distributors located in
more than 30 states. SUN’s general partner is owned by Energy Transfer
Equity, L.P. (NYSE: ETE). For more information, visit the Sunoco LP
website at www.sunocolp.com.
USA Compression Partners, LP (NYSE: USAC) is a
growth-oriented Delaware limited partnership that is one of the nation’s
largest independent providers of compression services in terms of total
compression fleet horsepower. USAC partners with a broad customer base
composed of producers, processors, gatherers and transporters of natural
gas and crude oil. USAC focuses on providing compression services to
infrastructure applications primarily in high-volume gathering systems,
processing facilities and transportation applications. More information
is available at www.usacompression.com.
Forward-Looking Statements
This news release may include certain statements concerning expectations
for the future that are forward-looking statements as defined by federal
law. Such forward-looking statements are subject to a variety of known
and unknown risks, uncertainties, and other factors that are difficult
to predict and many of which are beyond management’s control. An
extensive list of factors that can affect future results are discussed
in the Partnership’s Annual Report on Form 10-K and other documents
filed from time to time with the Securities and Exchange Commission. The
Partnership undertakes no obligation to update or revise any
forward-looking statement to reflect new information or events.
The information contained in this press release is available on our
website at www.energytransfer.com.
|
|
|
|
|
|
ENERGY TRANSFER EQUITY, L.P. AND
SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
June 30, 2018
|
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
$
|
7,593
|
|
|
|
$
|
10,683
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
64,880
|
|
|
|
61,088
|
|
|
|
|
|
|
|
Advances to and investments in unconsolidated affiliates
|
|
2,687
|
|
|
|
2,705
|
|
Other non-current assets, net
|
|
996
|
|
|
|
886
|
|
Intangible assets, net
|
|
6,088
|
|
|
|
6,116
|
|
Goodwill
|
|
5,173
|
|
|
|
4,768
|
|
Total assets
|
|
$
|
87,417
|
|
|
|
$
|
86,246
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities
|
|
$
|
7,636
|
|
|
|
$
|
7,897
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
44,473
|
|
|
|
43,671
|
|
Non-current derivative liabilities
|
|
136
|
|
|
|
145
|
|
Deferred income taxes
|
|
3,075
|
|
|
|
3,315
|
|
Other non-current liabilities
|
|
1,227
|
|
|
|
1,217
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
487
|
|
|
|
21
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Total partners’ deficit
|
|
(1,110
|
)
|
|
|
(1,196
|
)
|
Noncontrolling interest
|
|
31,493
|
|
|
|
31,176
|
|
Total equity
|
|
30,383
|
|
|
|
29,980
|
|
Total liabilities and equity
|
|
$
|
87,417
|
|
|
|
$
|
86,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY TRANSFER EQUITY, L.P. AND
SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In millions, except per unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2018
|
|
|
2017 (1)
|
|
|
2018
|
|
|
2017 (1)
|
REVENUES
|
|
$
|
14,118
|
|
|
|
$
|
9,427
|
|
|
|
$
|
26,000
|
|
|
|
$
|
19,088
|
|
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
11,343
|
|
|
|
7,167
|
|
|
|
20,588
|
|
|
|
14,677
|
|
Operating expenses
|
|
772
|
|
|
|
648
|
|
|
|
1,496
|
|
|
|
1,249
|
|
Depreciation and amortization
|
|
694
|
|
|
|
607
|
|
|
|
1,359
|
|
|
|
1,235
|
|
Selling, general and administrative
|
|
183
|
|
|
|
173
|
|
|
|
331
|
|
|
|
338
|
|
Impairment losses
|
|
—
|
|
|
|
89
|
|
|
|
—
|
|
|
|
89
|
|
Total costs and expenses
|
|
12,992
|
|
|
|
8,684
|
|
|
|
23,774
|
|
|
|
17,588
|
|
OPERATING INCOME
|
|
1,126
|
|
|
|
743
|
|
|
|
2,226
|
|
|
|
1,500
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest capitalized
|
|
(510
|
)
|
|
|
(477
|
)
|
|
|
(976
|
)
|
|
|
(950
|
)
|
Equity in earnings of unconsolidated affiliates
|
|
92
|
|
|
|
49
|
|
|
|
171
|
|
|
|
136
|
|
Losses on extinguishments of debt
|
|
—
|
|
|
|
—
|
|
|
|
(106
|
)
|
|
|
(25
|
)
|
Gains (losses) on interest rate derivatives
|
|
20
|
|
|
|
(25
|
)
|
|
|
72
|
|
|
|
(20
|
)
|
Other, net
|
|
(1
|
)
|
|
|
57
|
|
|
|
56
|
|
|
|
74
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
|
|
727
|
|
|
|
347
|
|
|
|
1,443
|
|
|
|
715
|
|
Income tax expense from continuing operations
|
|
68
|
|
|
|
33
|
|
|
|
58
|
|
|
|
71
|
|
INCOME FROM CONTINUING OPERATIONS
|
|
659
|
|
|
|
314
|
|
|
|
1,385
|
|
|
|
644
|
|
Loss from discontinued operations
|
|
(26
|
)
|
|
|
(193
|
)
|
|
|
(263
|
)
|
|
|
(204
|
)
|
NET INCOME
|
|
633
|
|
|
|
121
|
|
|
|
1,122
|
|
|
|
440
|
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
278
|
|
|
|
(91
|
)
|
|
|
404
|
|
|
|
(11
|
)
|
NET INCOME ATTRIBUTABLE TO PARTNERS
|
|
355
|
|
|
|
212
|
|
|
|
718
|
|
|
|
451
|
|
Convertible Unitholders’ interest in income
|
|
12
|
|
|
|
8
|
|
|
|
33
|
|
|
|
14
|
|
General Partner’s interest in net income
|
|
1
|
|
|
|
—
|
|
|
|
2
|
|
|
|
1
|
|
Limited Partners’ interest in net income
|
|
$
|
342
|
|
|
|
$
|
204
|
|
|
|
$
|
683
|
|
|
|
$
|
436
|
|
NET INCOME PER LIMITED PARTNER UNIT:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.31
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.40
|
|
Diluted
|
|
$
|
0.31
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.39
|
|
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1,114.8
|
|
|
|
1,075.2
|
|
|
|
1,097.1
|
|
|
|
1,077.2
|
|
Diluted
|
|
1,158.2
|
|
|
|
1,141.3
|
|
|
|
1,158.2
|
|
|
|
1,143.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
During the fourth quarter of 2017, the Partnership changed its
accounting policy related to certain inventories. Certain crude oil,
refined product and NGL inventories associated with the legacy
Sunoco Logistics business were changed from the LIFO method to the
weighted average cost method. These changes have been applied
retrospectively to all periods presented, and the prior period
amounts reflected below have been adjusted from those amounts
previously reported. Certain other prior period amounts have also
been reclassified to conform to the current period presentation,
including a reclassification between capitalized interest and AFUDC
from the three months and six months ended June 30, 2017.
|
|
|
|
|
|
|
|
|
|
ENERGY TRANSFER EQUITY, L.P.
|
SUPPLEMENTAL INFORMATION
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Cash distributions from ETP associated with:
|
|
|
|
|
|
|
|
|
|
|
|
Limited partner interest
|
|
$
|
15
|
|
|
|
$
|
15
|
|
|
|
$
|
31
|
|
|
|
$
|
30
|
|
General partner interest and IDRs
|
|
451
|
|
|
|
400
|
|
|
|
900
|
|
|
|
781
|
|
IDR relinquishments, net of distributions on Class I Units
|
|
(42
|
)
|
|
|
(162
|
)
|
|
|
(84
|
)
|
|
|
(319
|
)
|
Total cash distributions from ETP
|
|
424
|
|
|
|
253
|
|
|
|
847
|
|
|
|
492
|
|
Cash distributions from Sunoco LP
|
|
19
|
|
|
|
31
|
|
|
|
39
|
|
|
|
54
|
|
Cash distributions from USAC
|
|
11
|
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
Total cash distributions from investments in subsidiaries
|
|
$
|
454
|
|
|
|
$
|
284
|
|
|
|
$
|
897
|
|
|
|
$
|
546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to Lake Charles LNG:
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
49
|
|
|
|
$
|
50
|
|
|
|
$
|
98
|
|
|
|
99
|
|
Operating expenses
|
|
(5
|
)
|
|
|
(4
|
)
|
|
|
(10
|
)
|
|
|
(9
|
)
|
Selling, general and administrative expenses
|
|
—
|
|
|
|
(2
|
)
|
|
|
(1
|
)
|
|
|
(2
|
)
|
Distributable cash flow attributable to Lake Charles LNG
|
|
$
|
44
|
|
|
|
$
|
44
|
|
|
|
$
|
87
|
|
|
|
$
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses of the Parent Company on a cash basis:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses, excluding certain
non-cash expenses
|
|
$
|
8
|
|
|
|
$
|
9
|
|
|
|
$
|
10
|
|
|
|
17
|
|
Management fee to ETP (1)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
Interest expense, net of amortization of financing costs, interest
income, and realized gains and losses on interest rate swaps
|
|
87
|
|
|
|
83
|
|
|
|
171
|
|
|
|
164
|
|
Total Parent Company expenses
|
|
$
|
95
|
|
|
|
$
|
92
|
|
|
|
$
|
181
|
|
|
|
$
|
186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distributions to be paid to the partners of ETE:
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to be paid to limited partners (2)
|
|
$
|
353
|
|
|
|
$
|
250
|
|
|
|
$
|
618
|
|
|
|
$
|
500
|
|
Distributions to be paid to general partner
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
Total cash distributions to be paid to the partners of ETE
|
|
$
|
354
|
|
|
|
$
|
251
|
|
|
|
$
|
620
|
|
|
|
$
|
502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units outstanding — end of period
|
|
1,158.2
|
|
|
|
1,079.1
|
|
|
|
1,158.2
|
|
|
|
1,079.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
ETE previously paid certain fees for management services under
agreements which expired in the first quarter of 2017.
|
(2)
|
|
Includes distributions to unitholders who elected to participate in
a plan to forgo a portion of their future potential cash
distributions on common units and reinvest those distributions in
ETE Series A convertible preferred units representing limited
partner interests in the Partnership. The quarter ended March 31,
2018 was the final quarter of participation in the plan.
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
RECONCILIATION OF DISTRIBUTABLE CASH FLOW
|
(Dollars in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net income attributable to partners
|
|
$
|
355
|
|
|
|
$
|
212
|
|
|
|
$
|
718
|
|
|
|
$
|
451
|
|
Equity in earnings related to investments in ETP, Sunoco LP and USAC
|
|
(420
|
)
|
|
|
(273
|
)
|
|
|
(834
|
)
|
|
|
(598
|
)
|
Total cash distributions from investments in subsidiaries
|
|
454
|
|
|
|
284
|
|
|
|
897
|
|
|
|
546
|
|
Amortization included in interest expense (excluding ETP, Sunoco LP
and USAC)
|
|
3
|
|
|
|
3
|
|
|
|
5
|
|
|
|
5
|
|
Other non-cash (excluding ETP, Sunoco LP and USAC)
|
|
11
|
|
|
|
10
|
|
|
|
17
|
|
|
|
44
|
|
Distributable Cash Flow
|
|
403
|
|
|
|
236
|
|
|
|
803
|
|
|
|
448
|
|
Transaction-related expenses (recovery of prior expenses)
|
|
4
|
|
|
|
4
|
|
|
|
(1
|
)
|
|
|
7
|
|
Distributable Cash Flow, as adjusted
|
|
$
|
407
|
|
|
|
$
|
240
|
|
|
|
$
|
802
|
|
|
|
$
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash distributions to be paid to the partners of ETE
|
|
$
|
354
|
|
|
|
$
|
251
|
|
|
|
$
|
620
|
|
|
|
$
|
502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution coverage ratio(1)
|
|
1.15x
|
|
|
0.96x
|
|
|
1.29x
|
|
|
0.91x
|
(1)
|
|
This press release and accompanying schedules include the
non-generally accepted accounting principle (“non-GAAP”) financial
measures of Distributable Cash Flow, Distributable Cash Flow, as
adjusted, and Distributable Cash Flow, as adjusted, per Unit. The
Partnership’s non-GAAP financial measures should not be considered
as alternatives to GAAP financial measures such as net income, cash
flow from operating activities or any other GAAP measure of
liquidity or financial performance.
|
|
|
|
Distributable Cash Flow and Distributable Cash
Flow, as adjusted. The Partnership defines Distributable Cash
Flow and Distributable Cash Flow, as adjusted, for a period as cash
distributions expected to be received in respect of such period in
connection with the Partnership’s investments in limited and general
partner interests, net of the Partnership’s cash expenditures for
general and administrative costs and interest expense. The Partnership’s
definitions of Distributable Cash Flow and Distributable Cash Flow, as
adjusted, also include distributable cash flow from Lake Charles LNG to
the Partnership. For Distributable Cash Flow, as adjusted, certain
transaction-related expenses that are included in net income are
excluded.
Distributable Cash Flow is a significant liquidity measure used by the
Partnership’s senior management to compare net cash flows generated by
the Partnership to the distributions the Partnership expects to pay its
unitholders. Due to cash expenses incurred from time to time in
connection with the Partnership’s merger and acquisition activities and
other transactions, Distributable Cash Flow, as adjusted, is also a
significant liquidity measure used by the Partnership’s senior
management to compare net cash flows generated by the Partnership to the
distributions the Partnership expects to pay its unitholders. Using
these measures, the Partnership’s management can compute the coverage
ratio of estimated cash flows for a period to planned cash distributions
for such period.
Distributable Cash Flow and Distributable Cash Flow, as adjusted, are
also important non-GAAP financial measures for our limited partners
since these indicate to investors whether the Partnership’s investments
are generating cash flows at a level that can sustain or support an
increase in quarterly cash distribution levels. Financial measures such
as Distributable Cash Flow and Distributable Cash Flow, as adjusted, are
quantitative standards used by the investment community with respect to
publicly traded partnerships because the value of a partnership unit is
in part measured by its yield (which in turn is based on the amount of
cash distributions a partnership can pay to a unitholder). The GAAP
measure most directly comparable to Distributable Cash Flow, and
Distributable Cash Flow, as adjusted, is net income for ETE on a
stand-alone basis (the “Parent Company”).
Distribution Coverage Ratio. The
Partnership defines Distribution Coverage Ratio for a period as
Distributable Cash Flow, as adjusted, divided by total cash
distributions expected to be paid to the partners of ETE in respect of
such period.
SUPPLEMENTAL INFORMATION FINANCIAL
STATEMENTS FOR PARENT COMPANY
Following are condensed balance sheets and statements of operations of
the Parent Company on a stand-alone basis.
|
|
|
|
|
|
BALANCE SHEETS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
June 30, 2018
|
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
$
|
59
|
|
|
|
$
|
67
|
|
Property, plant and equipment, net
|
|
27
|
|
|
|
27
|
|
Advances to and investments in unconsolidated affiliates
|
|
6,042
|
|
|
|
6,082
|
|
Goodwill
|
|
9
|
|
|
|
9
|
|
Other non-current assets, net
|
|
7
|
|
|
|
8
|
|
Total assets
|
|
$
|
6,144
|
|
|
|
$
|
6,193
|
|
LIABILITIES AND PARTNERS’ DEFICIT
|
|
|
|
|
|
Current liabilities
|
|
$
|
78
|
|
|
|
$
|
70
|
|
Long-term debt, less current maturities
|
|
6,472
|
|
|
|
6,700
|
|
Long-term notes payable – related companies
|
|
702
|
|
|
|
617
|
|
Other non-current liabilities
|
|
2
|
|
|
|
2
|
|
Commitments and contingencies
|
|
|
|
|
|
Total partners’ deficit
|
|
(1,110
|
)
|
|
|
(1,196
|
)
|
Total liabilities and partners’ deficit
|
|
$
|
6,144
|
|
|
|
$
|
6,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
2017
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
$
|
(9
|
)
|
|
|
$
|
(9
|
)
|
|
|
$
|
(11
|
)
|
|
$
|
(22
|
)
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
(90
|
)
|
|
|
(86
|
)
|
|
|
(176
|
)
|
|
(169
|
)
|
Equity in earnings of unconsolidated affiliates
|
|
454
|
|
|
|
308
|
|
|
|
902
|
|
|
669
|
|
Losses on extinguishments of debt
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
(25
|
)
|
Other, net
|
|
—
|
|
|
|
(1
|
)
|
|
|
3
|
|
|
(2
|
)
|
NET INCOME
|
|
355
|
|
|
|
212
|
|
|
|
718
|
|
|
451
|
|
Convertible Unitholders’ interest in income
|
|
12
|
|
|
|
8
|
|
|
|
33
|
|
|
14
|
|
General Partner’s interest in net income
|
|
1
|
|
|
|
—
|
|
|
|
2
|
|
|
1
|
|
Limited Partners’ interest in net income
|
|
$
|
342
|
|
|
|
$
|
204
|
|
|
|
$
|
683
|
|
|
$
|
436
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180808005799/en/ Copyright Business Wire 2018
Source: Business Wire
(August 8, 2018 - 4:30 PM EDT)
News by QuoteMedia
www.quotemedia.com
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