05/06/2021 | Press release | Distributed by Public on 05/06/2021 14:26
DALLAS--(BUSINESS WIRE)--May 6, 2021-- Energy Transfer LP (NYSE:ET) ('ET' or the 'Partnership') today reported record financial results for the quarter ended March 31, 2021.
ET reported net income attributable to partners for the three months ended March 31, 2021 of $3.29 billion, an increase of $4.14 billion compared to the same period the previous year. For the three months ended March 31, 2021, net income per limited partner unit (diluted) was $1.21 per unit.
Adjusted EBITDA for the three months ended March 31, 2021 was $5.04 billion compared with $2.64 billion for the three months ended March 31, 2020.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2021 was $3.91 billion compared to $1.42 billion for the three months ended March 31, 2020.
Results for the first quarter reflected the one-time impacts of the winter storm in February and reliable operations of ET's flexible, well-maintained asset base, particularly its storage and transportation facilities in Texas. Prior to the storm, ET pre-deployed employees and specialized equipment to key assets, and added line pack to pipelines to serve as additional storage. During the storm, employees manned facilities 24 hours a day, ET's transmission lines remained fully operational and the Partnership did everything within its control to keep plants running and field compression idling so that ET would be prepared to deliver natural gas to facilities throughout Texas for residential consumption and power generation. ET was able to continuously provide energy to help meet critical needs throughout the historic storm, due to years of significant capital investments, strategic planning and a dedicated workforce.
Key accomplishments and current developments:
Operational
Strategic
Financial
ET benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership's multiple segments generate high-quality, balanced earnings with no single segment contributing more than 30% of the Partnership's consolidated Adjusted EBITDA (excluding the impacts of the February 2021 winter storm) for the three months ended March 31, 2021. The vast majority of the Partnership's segment margins are fee-based and therefore have limited commodity price sensitivity.
Conference Call information:
The Partnership has scheduled a conference call for 4:00 p.m. Central Time, Thursday, May 6, 2021 to discuss its first quarter 2021 results and provide a partnership update. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.comand will also be available for replay on the Partnership's website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, NGL and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states, as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer LP (NYSE: ET). 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. For more information, visit the USAC website 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, including the Partnership's Quarterly Report on Form 10-Q to be filed for the current period. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership has also been, and may in the future be, impacted by the winter storm in February 2021 and the resolution of related contingencies, including credit losses, disputed purchases and sales, litigation and/or potential legislative action. 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 LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (unaudited) |
|||||||
March 31, |
December 31, |
||||||
ASSETS |
|||||||
Current assets |
$ |
7,820 |
$ |
6,317 |
|||
Property, plant and equipment, net |
74,804 |
75,107 |
|||||
Investments in unconsolidated affiliates |
3,009 |
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 |
|||
LIABILITIES AND EQUITY |
|||||||
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: |
|||||||
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 |
ENERGY TRANSFER LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per unit data) (unaudited) |
|||||||
Three Months Ended |
|||||||
2021 |
2020 |
||||||
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 affiliates |
55 |
(7 |
) |
||||
Losses on extinguishments of debt |
(7 |
) |
(62 |
) |
|||
Gains (losses) on interest rate derivatives |
194 |
(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 interests |
341 |
(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 |
) |
||
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: |
|||||||
Basic |
2,702.8 |
2,691.7 |
|||||
Diluted |
2,708.6 |
2,691.7 |
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Dollars and units in millions) (unaudited) |
|||||||
Three Months Ended |
|||||||
2021(a) |
2020 |
||||||
Reconciliation of net income (loss) to Adjusted EBITDA and Distributable Cash Flow(b): |
|||||||
Net income (loss) |
$ |
3,641 |
$ |
(964 |
) |
||
Interest expense, net of interest capitalized |
589 |
602 |
|||||
Impairment losses |
3 |
1,325 |
|||||
Income tax expense |
75 |
28 |
|||||
Depreciation, depletion and amortization |
954 |
867 |
|||||
Non-cash compensation expense |
28 |
22 |
|||||
(Gains) losses on interest rate derivatives |
(194 |
) |
329 |
||||
Unrealized gains on commodity risk management activities |
(46 |
) |
(51 |
) |
|||
Losses on extinguishments of debt |
7 |
62 |
|||||
Inventory valuation adjustments (Sunoco LP) |
(100 |
) |
227 |
||||
Equity in (earnings) losses of unconsolidated affiliates |
(55 |
) |
7 |
||||
Adjusted EBITDA related to unconsolidated affiliates |
123 |
154 |
|||||
Other, net |
15 |
27 |
|||||
Adjusted EBITDA (consolidated) |
5,040 |
2,635 |
|||||
Adjusted EBITDA related to unconsolidated affiliates |
(123 |
) |
(154 |
) |
|||
Distributable cash flow from unconsolidated affiliates |
76 |
113 |
|||||
Interest expense, net of interest capitalized |
(589 |
) |
(602 |
) |
|||
Preferred unitholders' distributions |
(96 |
) |
(89 |
) |
|||
Current income tax (expense) benefit |
(9 |
) |
14 |
||||
Maintenance capital expenditures |
(76 |
) |
(103 |
) |
|||
Other, net |
19 |
22 |
|||||
Distributable Cash Flow (consolidated) |
4,242 |
1,836 |
|||||
Distributable Cash Flow attributable to Sunoco LP (100%) |
(108 |
) |
(159 |
) |
|||
Distributions from Sunoco LP |
41 |
41 |
|||||
Distributable Cash Flow attributable to USAC (100%) |
(53 |
) |
(55 |
) |
|||
Distributions from USAC |
24 |
24 |
|||||
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned consolidated subsidiaries |
(251 |
) |
(290 |
) |
|||
Distributable Cash Flow attributable to the partners of ET |
3,895 |
1,397 |
|||||
Transaction-related adjustments |
19 |
20 |
|||||
Distributable Cash Flow attributable to the partners of ET, as adjusted |
$ |
3,914 |
$ |
1,417 |
|||
Distributions to partners: |
|||||||
Limited Partners |
$ |
412 |
$ |
822 |
|||
General Partner |
- |
1 |
|||||
Total distributions to be paid to partners |
$ |
412 |
$ |
823 |
|||
Common Units outstanding - end of period |
2,703.5 |
2,694.2 |
|||||
Distribution coverage ratio |
9.50x |
1.72x |
(a) |
Winter Storm Uri, which occurred in February 2021, resulted in one-time impacts to the Partnership's consolidated net income, Adjusted EBITDA and Distributable Cash Flow. Please see additional discussion of these impacts, as well as the potential impacts to future periods, included in the 'Summary Analysis of Quarterly Results by Segment' below. |
(b) |
Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of ET's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures. |
There are material limitations to using measures such as Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio, including the difficulty associated with using any such measure as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company's net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as operating income, net income and cash flow from operating activities.
Definition of Adjusted EBITDA
We define Adjusted EBITDA 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. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out ('LIFO'). These amounts are unrealized valuation adjustments applied to Sunoco LP's fuel volumes remaining in inventory at the end of the period.
Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.
Definition of Distributable Cash Flow
We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest 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 deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership's proportionate share of the investee's distributable cash flow.
Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.
On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of ET's consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:
For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded.
Definition of Distribution Coverage Ratio
Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to partners, as adjusted, divided by distributions expected to be paid to the partners of ET in respect of such period.
ENERGY TRANSFER LP AND SUBSIDIARIES SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT (Tabular dollar amounts in millions) (unaudited) |
|||||||
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Segment Adjusted EBITDA: |
|||||||
Intrastate transportation and storage |
$ |
2,813 |
$ |
240 |
|||
Interstate transportation and storage |
453 |
404 |
|||||
Midstream |
288 |
383 |
|||||
NGL and refined products transportation and services |
647 |
663 |
|||||
Crude oil transportation and services |
510 |
591 |
|||||
Investment in Sunoco LP |
157 |
209 |
|||||
Investment in USAC |
100 |
106 |
|||||
All other |
72 |
39 |
|||||
Total Segment Adjusted EBITDA |
$ |
5,040 |
$ |
2,635 |
In the following analysis of segment operating results, a measure of segment margin is reported for segments with sales revenues. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented.
In addition, for certain segments, the sections below include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.
Winter Storm Uri, which occurred in February 2021, resulted in one-time impacts to the Partnership's Adjusted EBITDA and also affected the results of operations in certain segments, as discussed in segment analysis below. The recognition of the impacts of Winter Storm Uri during the three months ended March 31, 2021 required management to make certain estimates and assumptions, including estimates of expected credit losses and assumptions related to the resolution of disputes with counterparties with respect to certain purchases and sales of natural gas. The ultimate realization of credit losses and the resolution of disputed purchases and sales of natural gas could impact the Partnership's financial condition and results of operations in future periods.
Intrastate Transportation and Storage
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Natural gas transported (BBtu/d) |
11,851 |
13,135 |
|||||
Withdrawals from storage natural gas inventory (BBtu) |
19,045 |
6,975 |
|||||
Revenues |
$ |
4,900 |
$ |
593 |
|||
Cost of products sold |
1,994 |
303 |
|||||
Segment margin |
2,906 |
290 |
|||||
Unrealized gains on commodity risk management activities |
(12 |
) |
(6 |
) |
|||
Operating expenses, excluding non-cash compensation expense |
(80 |
) |
(41 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(8 |
) |
(9 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
6 |
6 |
|||||
Other |
1 |
- |
|||||
Segment Adjusted EBITDA |
$ |
2,813 |
$ |
240 |
Transported volumes decreased primarily due to the bankruptcy filing of a transportation customer, a contract step-down, and impacts of Winter Storm Uri.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation segment increased due to the net effects of the following:
Interstate Transportation and Storage
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Natural gas transported (BBtu/d) |
9,654 |
10,630 |
|||||
Natural gas sold (BBtu/d) |
21 |
15 |
|||||
Revenues |
$ |
525 |
$ |
464 |
|||
Operating expenses, excluding non-cash compensation, amortization and accretion expenses |
(134 |
) |
(143 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses |
(21 |
) |
(21 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
85 |
106 |
|||||
Other |
(2 |
) |
(2 |
) |
|||
Segment Adjusted EBITDA |
$ |
453 |
$ |
404 |
Transported volumes decreased primarily due to foundation shipper contract expirations and a shipper bankruptcy on our ETC Tiger system, maintenance of third-party facilities, and lower crude production resulting in lower associated gas production.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impacts of the following:
Midstream
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Gathered volumes (BBtu/d) |
12,024 |
13,346 |
|||||
NGLs produced (MBbls/d) |
534 |
610 |
|||||
Equity NGLs (MBbls/d) |
30 |
36 |
|||||
Revenues |
$ |
2,672 |
$ |
1,170 |
|||
Cost of products sold |
2,202 |
575 |
|||||
Segment margin |
470 |
595 |
|||||
Operating expenses, excluding non-cash compensation expense |
(164 |
) |
(193 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(25 |
) |
(26 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
7 |
7 |
|||||
Segment Adjusted EBITDA |
$ |
288 |
$ |
383 |
Gathered volumes and NGL production decreased compared to the same period last year primarily due to basin declines and Winter Storm Uri in the South Texas, Mid-Continent/Panhandle, Permian and North Texas regions partially offset by volume growth in the Ark-La-Tex region.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment decreased due to the net impacts of the following:
NGL and Refined Products Transportation and Services
Three Months Ended |
|||||||
2021 |
2020 |
||||||
NGL transportation volumes (MBbls/d) |
1,502 |
1,398 |
|||||
Refined products transportation volumes (MBbls/d) |
462 |
542 |
|||||
NGL and refined products terminal volumes (MBbls/d) |
1,042 |
847 |
|||||
NGL fractionation volumes (MBbls/d) |
726 |
804 |
|||||
Revenues |
$ |
3,990 |
$ |
2,715 |
|||
Cost of products sold |
3,141 |
1,836 |
|||||
Segment margin |
849 |
879 |
|||||
Unrealized gains on commodity risk management activities |
(23 |
) |
(55 |
) |
|||
Operating expenses, excluding non-cash compensation expense |
(172 |
) |
(159 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(28 |
) |
(25 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
21 |
23 |
|||||
Segment Adjusted EBITDA |
$ |
647 |
$ |
663 |
Refined products transportation volumes decreased due to less domestic demand for jet fuel and other refined products, as well as COVID-19 related demand reductions.
NGL and refined products terminal volumes increased primarily due to higher volumes from our Mariner East system. In addition, loaded vessels at our Nederland Terminal increased due to the additional supply from the initiation of service on our propane and ethane export pipelines in the fourth quarter of 2020. These increases were partially offset by lower domestic demand for jet fuel and other refined products at our refined product terminals due primarily to COVID-19 related demand reductions.
Average fractionated volumes at our Mont Belvieu, Texas fractionation facility decreased primarily due to lower NGL volumes feeding our Mont Belvieu fractionation facility as a result of production interruptions, primarily in the Permian region, due to Winter Storm Uri during the first quarter of 2021.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment decreased due to the net impacts of the following:
Crude Oil Transportation and Services
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Crude transportation volumes (MBbls/d) |
3,491 |
4,424 |
|||||
Crude terminals volumes (MBbls/d) |
2,327 |
2,996 |
|||||
Revenues |
$ |
3,500 |
$ |
4,213 |
|||
Cost of products sold |
2,838 |
3,458 |
|||||
Segment margin |
662 |
755 |
|||||
Unrealized (gains) losses on commodity risk management activities |
(5 |
) |
10 |
||||
Operating expenses, excluding non-cash compensation expense |
(122 |
) |
(158 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(30 |
) |
(28 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
5 |
12 |
|||||
Segment Adjusted EBITDA |
$ |
510 |
$ |
591 |
Crude transportation volumes were lower on our Texas pipeline system and Bakken pipeline, driven by COVID-19 related demand reductions impacting both regions, as well as lower crude oil production along our Texas systems due to Winter Storm Uri during the first quarter of 2021. These volume reductions also resulted in lower terminal volumes compared to the prior period.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment decreased due to the net impacts of the following:
Investment in Sunoco LP
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Revenues |
$ |
3,471 |
$ |
3,272 |
|||
Cost of products sold |
3,120 |
3,164 |
|||||
Segment margin |
351 |
108 |
|||||
Unrealized (gains) losses on commodity risk management activities |
(5 |
) |
6 |
||||
Operating expenses, excluding non-cash compensation expense |
(76 |
) |
(109 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(20 |
) |
(30 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
2 |
2 |
|||||
Inventory valuation adjustments |
(100 |
) |
227 |
||||
Other |
5 |
5 |
|||||
Segment Adjusted EBITDA |
$ |
157 |
$ |
209 |
The Investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment decreased due to the net impacts of the following:
Investment in USAC
Three Months Ended March 31, |
|||||||
2021 |
2020 |
||||||
Revenues |
$ |
158 |
$ |
179 |
|||
Cost of products sold |
21 |
24 |
|||||
Segment margin |
137 |
155 |
|||||
Operating expenses, excluding non-cash compensation expense |
(28 |
) |
(35 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(9 |
) |
(14 |
) |
|||
Segment Adjusted EBITDA |
$ |
100 |
$ |
106 |
The Investment in USAC segment reflects the consolidated results of USAC.
Segment Adjusted EBITDA. For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment decreased due to the net impacts of the following:
All Other
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Revenues |
$ |
1,512 |
$ |
513 |
|||
Cost of products sold |
1,342 |
415 |
|||||
Segment margin |
170 |
98 |
|||||
Unrealized gains on commodity risk management activities |
(1 |
) |
(5 |
) |
|||
Operating expenses, excluding non-cash compensation expense |
(51 |
) |
(38 |
) |
|||
Selling, general and administrative expenses, excluding non-cash compensation expense |
(39 |
) |
(35 |
) |
|||
Adjusted EBITDA related to unconsolidated affiliates |
(1 |
) |
- |
||||
Other and eliminations |
(6 |
) |
19 |
||||
Segment Adjusted EBITDA |
$ |
72 |
$ |
39 |
For the three months ended March 31, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impacts of the following:
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON LIQUIDITY (In millions) (unaudited) The following table is a summary of our revolving credit facilities. We also have other consolidated subsidiaries with revolving credit facilities which are not included in this table. |
|||||||||
Facility Size |
Funds Available at |
Maturity Date |
|||||||
Five-Year Revolving Credit Facility |
$ |
5,000 |
$ |
4,079 |
December 1, 2023 |
||||
364-Day Revolving Credit Facility |
1,000 |
1,000 |
November 26, 2021 |
||||||
$ |
6,000 |
$ |
5,079 |
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES (In millions) (unaudited) The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership's financial statements for the periods presented. |
|||||||
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Equity in earnings (losses) of unconsolidated affiliates: |
|||||||
Citrus |
$ |
37 |
$ |
35 |
|||
FEP |
- |
(70 |
) |
||||
MEP |
(3 |
) |
- |
||||
White Cliffs |
- |
8 |
|||||
Other |
21 |
20 |
|||||
Total equity in earnings (losses) of unconsolidated affiliates |
$ |
55 |
$ |
(7 |
) |
||
Adjusted EBITDA related to unconsolidated affiliates: |
|||||||
Citrus |
$ |
79 |
$ |
79 |
|||
FEP |
- |
19 |
|||||
MEP |
5 |
8 |
|||||
White Cliffs |
5 |
14 |
|||||
Other |
34 |
34 |
|||||
Total Adjusted EBITDA related to unconsolidated affiliates |
$ |
123 |
$ |
154 |
|||
Distributions received from unconsolidated affiliates: |
|||||||
Citrus |
$ |
56 |
$ |
49 |
|||
FEP |
4 |
18 |
|||||
MEP |
4 |
11 |
|||||
White Cliffs |
15 |
13 |
|||||
Other |
21 |
19 |
|||||
Total distributions received from unconsolidated affiliates |
$ |
100 |
$ |
110 |
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON NON-WHOLLY-OWNED JOINT VENTURE SUBSIDIARIES (Dollars in millions) (unaudited) The table below provides information on an aggregated basis for our non-wholly-owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, our non-wholly-owned subsidiaries that are publicly traded. |
|||||||
Three Months Ended |
|||||||
2021 |
2020 |
||||||
Adjusted EBITDA of non-wholly-owned subsidiaries (100%) (a) |
$ |
540 |
$ |
646 |
|||
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries (b) |
275 |
335 |
|||||
Distributable Cash Flow of non-wholly-owned subsidiaries (100%) (c) |
$ |
504 |
$ |
608 |
|||
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries (d) |
253 |
318 |
Below is our current ownership percentage of certain non-wholly-owned subsidiaries: |
|
Non-wholly-owned subsidiary: |
ET Percentage Ownership (e) |
Bakken Pipeline |
36.4% |
Bayou Bridge |
60.0% |
Maurepas |
51.0% |
Ohio River System |
75.0% |
Permian Express Partners |
87.7% |
Red Bluff Express |
70.0% |
Rover |
32.6% |
SemCAMS |
51.0% |
Others |
various |
(a) |
Adjusted EBITDA of non-wholly-owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly-owned subsidiaries on an aggregated basis. This is the amount of Adjusted EBITDA included in our consolidated non-GAAP measure of Adjusted EBITDA. |
(b) |
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. |
(c) |
Distributable Cash Flow of non-wholly-owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly-owned subsidiaries on an aggregated basis. |
(d) |
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount of Distributable Cash Flow included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of ET. |
(e) |
Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006102/en/
Energy Transfer
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820
Source: Energy Transfer LP