Company Quick10K Filing
Energy Transfer Operating
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-05-11 Regulation FD, Exhibits
8-K 2020-04-30 Sale of Shares, Amend Bylaw, Exhibits
8-K 2020-03-31 Sale of Shares
8-K 2020-03-17 Regulation FD
8-K 2020-02-19 Regulation FD, Exhibits
8-K 2020-02-01 Sale of Shares
8-K 2020-01-22 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2020-01-13 Regulation FD
8-K 2020-01-07 Enter Agreement, Exhibits
8-K 2020-01-01 Sale of Shares
8-K 2019-12-11 Regulation FD
8-K 2019-11-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-19 Regulation FD
8-K 2019-11-06 Regulation FD, Exhibits
8-K 2019-10-17
8-K 2019-09-25 Regulation FD
8-K 2019-09-03 Regulation FD
8-K 2019-08-13 Regulation FD
8-K 2019-08-07 Regulation FD, Exhibits
8-K 2019-07-02 Amend Bylaw, Exhibits
8-K 2019-06-17 Regulation FD
8-K 2019-05-13 Regulation FD
8-K 2019-05-08 Regulation FD, Exhibits
8-K 2019-04-25 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-04-17 Enter Agreement, Exhibits
8-K 2019-03-26 Regulation FD
8-K 2019-03-25 Enter Agreement, Other Events, Exhibits
8-K 2019-03-15 Other Events
8-K 2019-02-20 Regulation FD, Exhibits
8-K 2019-01-15 Enter Agreement, Exhibits
8-K 2019-01-08 Enter Agreement, Other Events, Exhibits
8-K 2019-01-07 Regulation FD
8-K 2019-01-04 Amend Bylaw, Exhibits
8-K 2018-12-04 Regulation FD
8-K 2018-11-13 Regulation FD
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-10-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-18 M&A, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-10-18 Shareholder Vote, Other Events, Exhibits
8-K 2018-09-11 Regulation FD, Other Events, Exhibits
8-K 2018-09-04 Regulation FD
8-K 2018-08-14 Other Events
8-K 2018-08-14 Regulation FD
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-01 Enter Agreement, Sale of Shares, Exhibits
8-K 2018-08-01 Regulation FD, Other Events, Exhibits
8-K 2018-07-23 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-07-18 Officers
8-K 2018-07-16 Enter Agreement, Exhibits
8-K 2018-06-18 Regulation FD
8-K 2018-06-05 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-22 Regulation FD
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-04-25 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-04-23 Enter Agreement, Exhibits
8-K 2018-04-09 Regulation FD
8-K 2018-04-03 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-02-27 Regulation FD
8-K 2018-02-21 Earnings, Exhibits
8-K 2018-02-15 Officers
8-K 2018-02-06 Officers
8-K 2018-01-24 Other Events
8-K 2018-01-15 Enter Agreement, Regulation FD, Exhibits
8-K 2018-01-09 Regulation FD

ETP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-18.1 eto03-31x2020ex181gtpr.htm
EX-22.1 eto03-31x2020ex221.htm
EX-31.1 eto03-31x2020ex311.htm
EX-31.2 eto03-31x2020ex312.htm
EX-32.1 eto03-31x2020ex321.htm
EX-32.2 eto03-31x2020ex322.htm

Energy Transfer Operating Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1008060402002012201420172020
Assets, Equity
151296302014201620182020
Rev, G Profit, Net Income
4.83.11.5-0.2-1.8-3.52012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-31219
Energy Transfer Operating, L.P.
(Exact name of registrant as specified in its charter)
Delaware
 
73-1493906
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (214) 981-0700
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
¨
 
Accelerated filer
 
Non-accelerated filer
 
ý
 
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprC
 
New York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprD
 
New York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprE
 
New York Stock Exchange
4.250% Senior Notes due 2023
 
ETP 23
 
New York Stock Exchange
5.875% Senior Notes due 2024
 
ETP 24
 
New York Stock Exchange
5.500% Senior Notes due 2027
 
ETP 27
 
New York Stock Exchange
 



FORM 10-Q
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS


i


Definitions
References to the “Partnership” or “ETO” refer to Energy Transfer Operating, L.P. In addition, the following is a list of certain acronyms and terms used throughout this document:
 
/d
 
per day
 
 
 
 
 
AOCI
 
accumulated other comprehensive income (loss)
 
 
 
 
 
BBtu
 
billion British thermal units
 
 
 
 
 
Btu
 
British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy used
 
 
 
 
 
CDM
 
CDM Resource Management LLC and CDM Environmental & Technical Services LLC, collectively
 
 
 
 
 
Citrus
 
Citrus, LLC
 
 
 
 
 
DOJ
 
United States Department of Justice
 
 
 
 
 
EPA
 
United States Environmental Protection Agency
 
 
 
 
 
ET
 
Energy Transfer LP, the parent company of ETO
 
 
 
 
 
ETC Sunoco
 
ETC Sunoco Holdings LLC (formerly, Sunoco, Inc.), a wholly-owned subsidiary of ETO
 
 
 
 
 
ETP GP
 
Energy Transfer Partners GP, L.P., the general partner of ETO
 
 
 
 
 
ETP LLC
 
Energy Transfer Partners, L.L.C., the general partner of ETP GP
 
 
 
 
Exchange Act
 
Securities Exchange Act of 1934
 
 
 
 
 
FEP
 
Fayetteville Express Pipeline LLC
 
 
 
 
 
FERC
 
Federal Energy Regulatory Commission
 
 
 
 
 
FGT
 
Florida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
 
 
 
 
 
GAAP
 
accounting principles generally accepted in the United States of America
 
 
 
 
 
HFOTCO
 
Houston Fuel Oil Terminal Company, a wholly-owned subsidiary of ETO, which owns the Houston Terminal
 
 
 
 
 
IDRs
 
incentive distribution rights
 
 
 
 
 
Lake Charles LNG
 
Lake Charles LNG Company, LLC (previously named Trunkline LNG Company, LLC), a wholly-owned subsidiary of ETO
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate
 
 
 
 
 
MBbls
 
thousand barrels
 
 
 
 
 
MEP
 
Midcontinent Express Pipeline LLC
 
 
 
 
 
MTBE
 
methyl tertiary butyl ether
 
 
 
 
 
NGL
 
natural gas liquid, such as propane, butane and natural gasoline
 
 
 
 
 
NYMEX
 
New York Mercantile Exchange
 
 
 
 
 
OSHA
 
federal Occupational Safety and Health Act
 
 
 
 
 
OTC
 
over-the-counter
 
 
 
 
 
Panhandle
 
Panhandle Eastern Pipe Line Company, LP and its subsidiaries, wholly-owned by ETO
 
 
 
 
 
PES
 
Philadelphia Energy Solutions Refining and Marketing LLC, non-controlling interest owned by ETO
 
 
 
 
 
Preferred Unitholders
 
Unitholders of the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units and Series G Preferred Units, collectively
 
 
 
 
 
Regency
 
Regency Energy Partners LP, a wholly-owned subsidiary of ETO


ii


 
 
 
 
 
RIGS
 
Regency Intrastate Gas System, a wholly-owned subsidiary of ETO
 
 
 
 
 
Rover
 
Rover Pipeline LLC, a less than wholly-owned subsidiary of ETO
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
SemGroup
 
SemGroup Corporation
 
 
 
 
 
Series A Preferred Units
 
6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series B Preferred Units
 
6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series C Preferred Units
 
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series D Preferred Units
 
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series E Preferred Units
 
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series F Preferred Units
 
6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series G Preferred Units
 
7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
SPLP
 
Sunoco Pipeline L.P., a wholly-owned subsidiary of ETO
 
 
 
 
 
Sunoco Logistics Operations
 
Sunoco Logistics Partners Operations L.P., a wholly-owned subsidiary of ETO
 
 
 
 
 
Sunoco R&M
 
Sunoco (R&M), LLC
 
 
 
 
 
Southwest Gas
 
Pan Gas Storage LLC (d.b.a. Southwest Gas Storage Company)
 
 
 
 
 
Transwestern
 
Transwestern Pipeline Company, LLC, a wholly-owned subsidiary of ETO
 
 
 
 
 
Trunkline
 
Trunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
 
 
 
 
 
USAC
 
USA Compression Partners, LP, a wholly-owned subsidiary of ETO
 
 
 
 
 
USAC Preferred Units
 
USAC Series A Preferred Units
 
White Cliffs
 
White Cliffs Pipeline
 
 
 
 



iii


PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
March 31, 2020
 
December 31, 2019*
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
189

 
$
265

Accounts receivable, net
3,268

 
4,921

Accounts receivable from related companies
138

 
175

Inventories
1,024

 
1,532

Income taxes receivable
115

 
141

Derivative assets
25

 
23

Other current assets
297

 
287

Total current assets
5,056

 
7,344

 
 
 
 
Property, plant and equipment
89,132

 
87,886

Accumulated depreciation and depletion
(16,161
)
 
(15,395
)
 
72,971

 
72,491

 
 
 
 
Advances to and investments in unconsolidated affiliates
3,313

 
3,435

Lease right-of-use assets, net
1,026

 
956

Other non-current assets, net
1,493

 
1,547

Notes receivable from related company
5,299

 
5,926

Intangible assets, net
5,948

 
5,974

Goodwill
3,807

 
5,132

Total assets
$
98,913

 
$
102,805

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
1


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
March 31, 2020
 
December 31, 2019*
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
2,378

 
$
4,099

Accounts payable to related companies
1,037

 
1,112

Derivative liabilities
9

 
147

Operating lease current liabilities
54

 
57

Accrued and other current liabilities
3,888

 
3,245

Current maturities of long-term debt
16

 
12

Total current liabilities
7,382

 
8,672

 
 
 
 
Long-term debt, less current maturities
49,909

 
50,560

Non-current derivative liabilities
573

 
273

Non-current operating lease liabilities
821

 
895

Deferred income taxes
3,180

 
3,113

Other non-current liabilities
1,161

 
1,134

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
492

 
492

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Preferred Unitholders
4,748

 
3,174

Common Unitholders
22,804

 
24,226

Accumulated other comprehensive loss
(37
)
 
(18
)
Total partners’ capital
27,515

 
27,382

Noncontrolling interests
7,880

 
8,018

Predecessor equity

 
2,266

Total equity
35,395

 
37,666

Total liabilities and equity
$
98,913

 
$
102,805

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
2


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
REVENUES:
 
 
 
Refined product sales
$
3,232

 
$
3,726

Crude sales
3,543

 
3,525

NGL sales
1,689

 
2,402

Gathering, transportation and other fees
2,326

 
2,267

Natural gas sales
588

 
964

Other
190

 
237

Total revenues
11,568

 
13,121

COSTS AND EXPENSES:
 
 
 
Cost of products sold
8,291

 
9,477

Operating expenses
848

 
808

Depreciation, depletion and amortization
851

 
771

Selling, general and administrative
192

 
149

Impairment losses
1,325

 
50

Total costs and expenses
11,507

 
11,255

OPERATING INCOME
61

 
1,866

OTHER INCOME (EXPENSE):
 
 
 
Interest expense, net of interest capitalized
(595
)
 
(527
)
Equity in earnings (losses) of unconsolidated affiliates
(7
)
 
65

Losses on extinguishments of debt
(59
)
 
(2
)
Losses on interest rate derivatives
(329
)
 
(74
)
Other, net
75

 
17

INCOME (LOSS) BEFORE INCOME TAX EXPENSE
(854
)
 
1,345

Income tax expense
53

 
126

NET INCOME (LOSS)
(907
)
 
1,219

Less: Net income (loss) attributable to noncontrolling interests
(200
)
 
256

Less: Net income attributable to redeemable noncontrolling interests
12

 
13

NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
$
(719
)
 
$
950

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
3


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
Net income (loss)
$
(907
)
 
$
1,219

Other comprehensive income (loss), net of tax:
 
 
 
Change in value of available-for-sale securities
(9
)
 
5

Actuarial gain related to pension and other postretirement benefit plans
6

 
7

Change in other comprehensive income from unconsolidated affiliates
(16
)
 
(4
)
 
(19
)
 
8

Comprehensive income (loss)
(926
)
 
1,227

Less: Comprehensive income (loss) attributable to noncontrolling interests
(200
)
 
256

Less: Comprehensive income attributable to redeemable noncontrolling interests
12

 
13

Comprehensive income (loss) attributable to partners
$
(738
)
 
$
958

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
4


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
 
Limited Partners
 
 
 
 
 
 
 
 
 
Preferred Unitholders
 
Common Unitholders
 
AOCI
 
Non-controlling Interests
 
Predecessor Equity
 
Total
Balance, December 31, 2019*
$
3,174

 
$
24,226

 
$
(18
)
 
$
8,018

 
$
2,266

 
$
37,666

Distributions to partners
(80
)
 
(2,550
)
 

 

 

 
(2,630
)
Distributions to noncontrolling interests

 

 

 
(340
)
 

 
(340
)
Units issued for cash
1,580

 

 

 

 

 
1,580

Capital contributions from noncontrolling interests

 

 

 
66

 

 
66

SemGroup contribution (See Note 2)

 
1,933

 

 
333

 
(2,266
)
 

Other comprehensive loss, net of tax

 

 
(19
)
 

 

 
(19
)
Other, net
(3
)
 
(9
)
 

 
3

 

 
(9
)
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests
77

 
(796
)
 

 
(200
)
 

 
(919
)
Balance, March 31, 2020
$
4,748

 
$
22,804

 
$
(37
)
 
$
7,880

 
$

 
$
35,395

 
Limited Partners
 
 
 
 
 
 
 
Preferred Unitholders
 
Common Unitholders
 
AOCI
 
Non-controlling Interests
 
Total
Balance, December 31, 2018*
$
2,388

 
$
26,539

 
$
(42
)
 
$
7,903

 
$
36,788

Distributions to partners
(64
)
 
(1,450
)
 

 

 
(1,514
)
Distributions to noncontrolling interests

 

 

 
(361
)
 
(361
)
Capital contributions from noncontrolling interests

 

 

 
140

 
140

Sale of noncontrolling interest in subsidiary

 

 

 
93

 
93

Other comprehensive income, net of tax

 

 
8

 

 
8

Other, net

 
15

 

 
13

 
28

Net income, excluding amounts attributable to redeemable noncontrolling interest
40

 
910

 

 
256

 
1,206

Balance, March 31, 2019*
$
2,364

 
$
26,014

 
$
(34
)
 
$
8,044

 
$
36,388

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
5


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
OPERATING ACTIVITIES
 
 
 
Net income (loss)
$
(907
)
 
$
1,219

Reconciliation of net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
851

 
771

Deferred income taxes
66

 
98

Inventory valuation adjustments
227

 
(93
)
Non-cash compensation expense
18

 
29

Impairment losses
1,325

 
50

Losses on extinguishments of debt
59

 
2

Distributions on unvested awards
(2
)
 
(1
)
Equity in (earnings) losses of unconsolidated affiliates
7

 
(65
)
Distributions from unconsolidated affiliates
58

 
66

Other non-cash
11

 
107

Net change in operating assets and liabilities, net of effects of acquisitions
113

 
(337
)
Net cash provided by operating activities
1,826

 
1,846

INVESTING ACTIVITIES
 
 
 
Cash proceeds from sale of noncontrolling interest in subsidiary

 
93

Cash paid for all other acquisitions, net of cash received

 
(5
)
Capital expenditures, excluding allowance for equity funds used during construction
(1,621
)
 
(1,150
)
Contributions in aid of construction costs
25

 
15

Contributions to unconsolidated affiliates
(9
)
 
(28
)
Distributions from unconsolidated affiliates in excess of cumulative earnings
52

 
13

Proceeds from the sale of other assets
2

 
4

Other
(6
)
 
(40
)
Net cash used in investing activities
(1,557
)
 
(1,098
)
FINANCING ACTIVITIES
 
 
 
Proceeds from borrowings
12,088

 
11,295

Repayments of debt
(12,769
)
 
(9,513
)
Cash received from (paid to) related company
611

 
(613
)
Preferred units issued for cash
1,580

 

Capital contributions from noncontrolling interests
66

 
140

Distributions to partners
(1,530
)
 
(1,514
)
Distributions to noncontrolling interests
(340
)
 
(361
)
Debt issuance costs
(51
)
 
(84
)
Net cash used in financing activities
(345
)
 
(650
)
Increase (decrease) in cash and cash equivalents
(76
)
 
98

Cash and cash equivalents, beginning of period
265

 
418

Cash and cash equivalents, end of period
$
189

 
$
516

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
6


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts are in millions)
(unaudited)
1.
ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein include Energy Transfer Operating, L.P. and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “ETO”).
Energy Transfer Operating, L.P. is a consolidated subsidiary of Energy Transfer LP. In December 2019, ET completed the acquisition of SemGroup. During the first quarter of 2020, ET contributed certain former SemGroup subsidiaries to ETO through sale and contribution transactions. The contribution transactions were accounted for as reorganizations of entities under common control; therefore, the contributed entities’ assets and liabilities were not adjusted as of the contribution date. The Partnership’s consolidated financial statements have been retrospectively adjusted to reflect consolidation beginning December 5, 2019 for SemGroup assets contributed (the date ET acquired SemGroup). Predecessor equity included in the consolidated financial statements represents the equity of contributed entities prior to the contribution transactions.
Our consolidated financial statements reflect the following reportable segments:
intrastate transportation and storage;
interstate transportation and storage;
midstream;