Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE” or the
“Partnership”) today reported financial results for the quarter ended
September 30, 2017.
ETE’s net income attributable to partners was $252 million for the three
months ended September 30, 2017 compared to $209 million for the three
months ended September 30, 2016. Distributable Cash Flow, as adjusted,
for the three months ended September 30, 2017 was $271 million compared
to $281 million for the three months ended September 30, 2016. The
decrease in Distributable Cash Flow, as adjusted, is primarily driven by
a reduction in incentive distributions as previously agreed to between
ETE and Energy Transfer Partners, L.P. (“ETP”). These incentive
distribution waivers, the majority of which were originally provided to
support ETP’s funding of its growth capital projects, are scheduled to
reduce significantly as ETP’s projects are completed and ramp up in the
near term.
The Partnership’s recent key accomplishments and other developments
include the following:
-
In October 2017, ETE issued $1 billion aggregate principal amount of
4.25% senior notes due 2023. The $990 million net proceeds from the
offering are intended to be used to repay a portion of the outstanding
indebtedness under its term loan facility and for general partnership
purposes.
-
In October 2017, ETE amended its existing senior secured term loan
agreement to reduce the applicable margin for LIBOR rate loans from
2.75% to 2.0% and for base rate loans 1.75% to 1.0%.
-
In October 2017, ETE announced a $0.295 distribution per ETE common
unit for the quarter ended September 30, 2017, or $1.18 per unit on an
annualized basis.
-
As of September 30, 2017, ETE’s $1.5 billion revolving credit facility
had $1.19 billion of outstanding borrowings and its leverage ratio, as
defined by the credit agreement, was 3.45x.
The Partnership has scheduled a conference call for 8:00 a.m. Central
Time, Wednesday, November 8, 2017 to discuss its third quarter 2017
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 Energy Transfer Partners, L.P.
(“Post-Merger 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. In connection with the
merger of Energy Transfer Partners, L.P. (“Legacy ETP”) and Sunoco
Logistics in April 2017, the Legacy ETP Class H units were cancelled,
and ETE now owns 27.5 million Post-Merger ETP Common Units (representing
2.5% of the total outstanding Post-Merger ETP common units). 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. 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
owns and operates a geographically diverse portfolio of 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 assets; 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
operates 1,346 convenience stores and retail fuel sites and distributes
motor fuel to 7,898 convenience stores, independent dealers, commercial
customers and distributors located in 30 states. Our parent — Energy
Transfer Equity, L.P. (NYSE: ETE) — owns SUN’s general partner and
incentive distribution rights. For more information, visit the Sunoco LP
website at www.sunocolp.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)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
$
|
10,689
|
|
|
|
$
|
6,985
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
59,267
|
|
|
|
|
53,253
|
|
|
|
|
|
|
|
|
Advances to and investments in unconsolidated affiliates
|
|
|
|
3,177
|
|
|
|
|
3,040
|
|
Other non-current assets, net
|
|
|
|
891
|
|
|
|
|
816
|
|
Intangible assets, net
|
|
|
|
6,195
|
|
|
|
|
5,489
|
|
Goodwill
|
|
|
|
5,161
|
|
|
|
|
5,170
|
|
Non-current assets held for sale
|
|
|
|
—
|
|
|
|
|
4,258
|
|
Total assets
|
|
|
$
|
85,380
|
|
|
|
$
|
79,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
$
|
7,847
|
|
|
|
$
|
7,277
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
|
|
44,495
|
|
|
|
|
42,608
|
|
Long-term notes payable – related company
|
|
|
|
—
|
|
|
|
|
250
|
|
Non-current derivative liabilities
|
|
|
|
132
|
|
|
|
|
76
|
|
Deferred income taxes
|
|
|
|
5,027
|
|
|
|
|
5,112
|
|
Other non-current liabilities
|
|
|
|
1,218
|
|
|
|
|
1,055
|
|
Liabilities associated with assets held for sale
|
|
|
|
—
|
|
|
|
|
68
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units of subsidiary
|
|
|
|
—
|
|
|
|
|
33
|
|
Redeemable noncontrolling interests
|
|
|
|
21
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Total partners’ deficit
|
|
|
|
(1,192
|
)
|
|
|
|
(1,694
|
)
|
Noncontrolling interest
|
|
|
|
27,832
|
|
|
|
|
24,211
|
|
Total equity
|
|
|
|
26,640
|
|
|
|
|
22,517
|
|
Total liabilities and equity
|
|
|
$
|
85,380
|
|
|
|
$
|
79,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY TRANSFER EQUITY, L.P. AND
SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In millions, except per unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
REVENUES
|
|
|
$
|
9,474
|
|
|
|
$
|
7,705
|
|
|
|
$
|
27,637
|
|
|
|
$
|
21,227
|
|
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
|
7,078
|
|
|
|
|
5,776
|
|
|
|
|
21,028
|
|
|
|
|
15,430
|
|
Operating expenses
|
|
|
|
636
|
|
|
|
|
526
|
|
|
|
|
1,779
|
|
|
|
|
1,540
|
|
Depreciation, depletion and amortization
|
|
|
|
632
|
|
|
|
|
548
|
|
|
|
|
1,840
|
|
|
|
|
1,596
|
|
Selling, general and administrative
|
|
|
|
142
|
|
|
|
|
209
|
|
|
|
|
484
|
|
|
|
|
515
|
|
Total costs and expenses
|
|
|
|
8,488
|
|
|
|
|
7,059
|
|
|
|
|
25,131
|
|
|
|
|
19,081
|
|
OPERATING INCOME
|
|
|
|
986
|
|
|
|
|
646
|
|
|
|
|
2,506
|
|
|
|
|
2,146
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
(505
|
)
|
|
|
|
(474
|
)
|
|
|
|
(1,471
|
)
|
|
|
|
(1,336
|
)
|
Equity in earnings of unconsolidated affiliates
|
|
|
|
92
|
|
|
|
|
49
|
|
|
|
|
228
|
|
|
|
|
205
|
|
Losses on extinguishments of debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(25
|
)
|
|
|
|
—
|
|
Impairment of investment in an unconsolidated affiliate
|
|
|
|
—
|
|
|
|
|
(308
|
)
|
|
|
|
—
|
|
|
|
|
(308
|
)
|
Losses on interest rate derivatives
|
|
|
|
(8
|
)
|
|
|
|
(28
|
)
|
|
|
|
(28
|
)
|
|
|
|
(179
|
)
|
Other, net
|
|
|
|
76
|
|
|
|
|
55
|
|
|
|
|
168
|
|
|
|
|
98
|
|
INCOME (LOSS) BEFORE INCOME TAX BENEFIT
|
|
|
|
641
|
|
|
|
|
(60
|
)
|
|
|
|
1,378
|
|
|
|
|
626
|
|
Income tax benefit
|
|
|
|
(157
|
)
|
|
|
|
(89
|
)
|
|
|
|
(97
|
)
|
|
|
|
(151
|
)
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
798
|
|
|
|
|
29
|
|
|
|
|
1,475
|
|
|
|
|
777
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
|
|
6
|
|
|
|
|
12
|
|
|
|
|
(264
|
)
|
|
|
|
24
|
|
NET INCOME
|
|
|
|
804
|
|
|
|
|
41
|
|
|
|
|
1,211
|
|
|
|
|
801
|
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
|
|
552
|
|
|
|
|
(168
|
)
|
|
|
|
508
|
|
|
|
|
39
|
|
NET INCOME ATTRIBUTABLE TO PARTNERS
|
|
|
|
252
|
|
|
|
|
209
|
|
|
|
|
703
|
|
|
|
|
762
|
|
General Partner’s interest in net income
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
2
|
|
Convertible Unitholders’ interest in income
|
|
|
|
11
|
|
|
|
|
2
|
|
|
|
|
25
|
|
|
|
|
3
|
|
Limited Partners’ interest in net income
|
|
|
$
|
240
|
|
|
|
$
|
207
|
|
|
|
$
|
676
|
|
|
|
$
|
757
|
|
INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.22
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.72
|
|
Diluted
|
|
|
$
|
0.22
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.71
|
|
NET INCOME PER LIMITED PARTNER UNIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.22
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.63
|
|
|
|
$
|
0.72
|
|
Diluted
|
|
|
$
|
0.22
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.61
|
|
|
|
$
|
0.71
|
|
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,079.1
|
|
|
|
|
1,045.5
|
|
|
|
|
1,077.9
|
|
|
|
|
1,045.0
|
|
Diluted
|
|
|
|
1,148.3
|
|
|
|
|
1,100.7
|
|
|
|
|
1,147.3
|
|
|
|
|
1,071.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY TRANSFER EQUITY, L.P.
|
SUPPLEMENTAL INFORMATION
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Cash distributions from ETP associated with: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited partner interest
|
|
|
$
|
15
|
|
|
|
$
|
3
|
|
|
|
$
|
45
|
|
|
|
$
|
8
|
|
Class H Units
|
|
|
|
—
|
|
|
|
|
92
|
|
|
|
|
—
|
|
|
|
|
263
|
|
General partner interest
|
|
|
|
4
|
|
|
|
|
8
|
|
|
|
|
12
|
|
|
|
|
24
|
|
Incentive distribution rights
|
|
|
|
431
|
|
|
|
|
346
|
|
|
|
|
1,204
|
|
|
|
|
1,012
|
|
IDR relinquishments, net of distributions on Class I Units (2)
|
|
|
|
(163
|
)
|
|
|
|
(127
|
)
|
|
|
|
(482
|
)
|
|
|
|
(271
|
)
|
Total cash distributions from ETP
|
|
|
|
287
|
|
|
|
|
322
|
|
|
|
|
779
|
|
|
|
|
1,036
|
|
Cash distributions from Sunoco LP
|
|
|
|
30
|
|
|
|
|
22
|
|
|
|
|
84
|
|
|
|
|
66
|
|
Total cash distributions from investments in subsidiaries
|
|
|
$
|
317
|
|
|
|
$
|
344
|
|
|
|
$
|
863
|
|
|
|
$
|
1,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to Lake Charles LNG:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
49
|
|
|
|
$
|
50
|
|
|
|
$
|
148
|
|
|
|
|
148
|
|
Operating expenses
|
|
|
|
(6
|
)
|
|
|
|
(4
|
)
|
|
|
|
(15
|
)
|
|
|
|
(13
|
)
|
Maintenance capital expenditures
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
Selling, general and administrative expenses
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
Distributable cash flow attributable to Lake Charles LNG
|
|
|
$
|
42
|
|
|
|
$
|
45
|
|
|
|
$
|
130
|
|
|
|
$
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses of the Parent Company on a cash basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses, excluding certain
non-cash expenses
|
|
|
$
|
2
|
|
|
|
$
|
17
|
|
|
|
$
|
19
|
|
|
|
|
72
|
|
Management fee to ETP (3)
|
|
|
|
—
|
|
|
|
|
24
|
|
|
|
|
5
|
|
|
|
|
72
|
|
Interest expense, net of amortization of financing costs, interest
income, and realized gains and losses on interest rate swaps
|
|
|
|
87
|
|
|
|
|
78
|
|
|
|
|
251
|
|
|
|
|
235
|
|
Total Parent Company expenses
|
|
|
$
|
89
|
|
|
|
$
|
119
|
|
|
|
$
|
275
|
|
|
|
$
|
379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distributions to be paid to the partners of ETE:
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to be paid to limited partners (4)
|
|
|
$
|
257
|
|
|
|
$
|
241
|
|
|
|
$
|
757
|
|
|
|
$
|
721
|
|
Distributions to be paid to general partner
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
2
|
|
Total cash distributions to be paid to the partners of ETE
|
|
|
$
|
257
|
|
|
|
$
|
242
|
|
|
|
$
|
759
|
|
|
|
$
|
723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units outstanding — end of period
|
|
|
|
1,079.1
|
|
|
|
|
1,047.0
|
|
|
|
|
1,079.1
|
|
|
|
|
1,047.0
|
|
_________________
(1) Following the merger of Legacy ETP and Sunoco Logistics
in April 2017, the Post-Merger ETP partnership agreement contains
distribution requirements consistent with those of Sunoco Logistics
prior to the merger.
(2) IDR relinquishments for the three months ended
September 30, 2017 include the impact of incentive distribution
reductions agreed to between ETE and Legacy ETP in addition to incentive
distribution reductions previously agreed to between Legacy ETP and
Sunoco Logistics.
(3) ETE previously paid Legacy ETP certain fees for
management services under agreements expired in the first quarter of
2017.
(4) Includes distributions of $0.11 per common unit for the
three months ended September 30, 2017 and 2016, and $0.33 per common
unit for the nine months ended September 30, 2017 and 2016, to
unitholders who elected to participate in a plan to forgo a portion of
their future potential cash distributions on common units for a period
of up to nine fiscal quarters, commencing with the distributions for the
quarter ended March 31, 2016, and reinvest those distributions in ETE
Series A convertible preferred units representing limited partner
interests in the Partnership.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
RECONCILIATION OF DISTRIBUTABLE CASH FLOW
|
(Dollars in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Net income attributable to partners
|
|
|
$
|
252
|
|
|
|
$
|
209
|
|
|
|
$
|
703
|
|
|
|
$
|
762
|
|
Equity in earnings related to investments in ETP and Sunoco LP
|
|
|
|
(310
|
)
|
|
|
|
(333
|
)
|
|
|
|
(908
|
)
|
|
|
|
(1,065
|
)
|
Total cash distributions from investments in subsidiaries
|
|
|
|
317
|
|
|
|
|
344
|
|
|
|
|
863
|
|
|
|
|
1,102
|
|
Amortization included in interest expense (excluding ETP and Sunoco
LP)
|
|
|
|
2
|
|
|
|
|
3
|
|
|
|
|
7
|
|
|
|
|
9
|
|
Lake Charles LNG maintenance capital expenditures
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
Other non-cash (excluding ETP and Sunoco LP)
|
|
|
|
10
|
|
|
|
|
47
|
|
|
|
|
54
|
|
|
|
|
48
|
|
Distributable Cash Flow
|
|
|
|
270
|
|
|
|
|
270
|
|
|
|
|
718
|
|
|
|
|
856
|
|
Transaction-related expenses
|
|
|
|
1
|
|
|
|
|
11
|
|
|
|
|
8
|
|
|
|
|
51
|
|
Distributable Cash Flow, as adjusted
|
|
|
$
|
271
|
|
|
|
$
|
281
|
|
|
|
$
|
726
|
|
|
|
$
|
907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution coverage ratio(1)
|
|
|
1.05x
|
|
|
1.16x
|
|
|
0.96x
|
|
|
1.25x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This press release and accompanying schedules include the
non-generally accepted accounting principle (“non-GAAP”) financial
measures of Distributable Cash Flow and Distributable Cash Flow, as
adjusted. 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 attributable to
partners.
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)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
$
|
66
|
|
|
|
$
|
57
|
|
Property, plant and equipment, net
|
|
|
|
27
|
|
|
|
|
36
|
|
Advances to and investments in unconsolidated affiliates
|
|
|
|
6,031
|
|
|
|
|
5,088
|
|
Intangible assets, net
|
|
|
|
—
|
|
|
|
|
1
|
|
Goodwill
|
|
|
|
9
|
|
|
|
|
9
|
|
Other non-current assets, net
|
|
|
|
17
|
|
|
|
|
10
|
|
Total assets
|
|
|
$
|
6,150
|
|
|
|
$
|
5,201
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
|
|
Current liabilities
|
|
|
$
|
82
|
|
|
|
$
|
92
|
|
Long-term debt, less current maturities
|
|
|
|
6,684
|
|
|
|
|
6,358
|
|
Long-term notes payable – related companies
|
|
|
|
574
|
|
|
|
|
443
|
|
Other non-current liabilities
|
|
|
|
2
|
|
|
|
|
2
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Total partners’ deficit
|
|
|
|
(1,192
|
)
|
|
|
|
(1,694
|
)
|
Total liabilities and partners’ deficit
|
|
|
$
|
6,150
|
|
|
|
$
|
5,201
|
|
|
|
|
|
|
|
|
STATEMENTS OF OPERATIONS
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
$
|
(3
|
)
|
|
|
$
|
(75
|
)
|
|
|
$
|
(25
|
)
|
|
|
$
|
(156
|
)
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest capitalized
|
|
|
|
(88
|
)
|
|
|
|
(81
|
)
|
|
|
|
(257
|
)
|
|
|
|
(244
|
)
|
Equity in earnings of unconsolidated affiliates
|
|
|
|
343
|
|
|
|
|
367
|
|
|
|
|
1,012
|
|
|
|
|
1,166
|
|
Losses on extinguishments of debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(25
|
)
|
|
|
|
—
|
|
Other, net
|
|
|
|
—
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
NET INCOME
|
|
|
|
252
|
|
|
|
|
209
|
|
|
|
|
703
|
|
|
|
|
762
|
|
General Partner’s interest in net income
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
2
|
|
Convertible Unitholders' interest in income
|
|
|
|
11
|
|
|
|
|
2
|
|
|
|
|
25
|
|
|
|
|
3
|
|
Limited Partners’ interest in net income
|
|
|
$
|
240
|
|
|
|
$
|
207
|
|
|
|
$
|
676
|
|
|
|
$
|
757
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006756/en/
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