Company Quick10K Filing
Energy Transfer Operating
10-Q 2020-06-30 Filed 2020-08-06
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 2020-08-11 Regulation FD
8-K 2020-08-05 Regulation FD, Exhibits
8-K 2020-05-11
8-K 2020-04-30
8-K 2020-03-31
8-K 2020-03-17
8-K 2020-02-19
8-K 2020-02-01
8-K 2020-01-22
8-K 2020-01-13
8-K 2020-01-07
8-K 2020-01-01
8-K 2019-12-11
8-K 2019-11-19
8-K 2019-11-19
8-K 2019-11-06
8-K 2019-10-17
8-K 2019-09-25
8-K 2019-09-03
8-K 2019-08-13
8-K 2019-08-07
8-K 2019-07-02
8-K 2019-06-17
8-K 2019-05-13
8-K 2019-05-08
8-K 2019-04-25
8-K 2019-04-17
8-K 2019-03-26
8-K 2019-03-25
8-K 2019-03-15
8-K 2019-02-20
8-K 2019-01-15
8-K 2019-01-08
8-K 2019-01-07
8-K 2019-01-04
8-K 2018-12-04
8-K 2018-11-13
8-K 2018-11-07
8-K 2018-10-19
8-K 2018-10-18
8-K 2018-10-18
8-K 2018-09-11
8-K 2018-09-04
8-K 2018-08-14
8-K 2018-08-14
8-K 2018-08-08
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-07-23
8-K 2018-07-18
8-K 2018-07-16
8-K 2018-06-18
8-K 2018-06-05
8-K 2018-05-22
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-04-09
8-K 2018-04-03
8-K 2018-02-27
8-K 2018-02-21
8-K 2018-02-15
8-K 2018-02-06
8-K 2018-01-24
8-K 2018-01-15
8-K 2018-01-09

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-31.1 eto06-30x2020ex311.htm
EX-31.2 eto06-30x2020ex312.htm
EX-32.1 eto06-30x2020ex321.htm
EX-32.2 eto06-30x2020ex322.htm

Energy Transfer Operating Earnings 2020-06-30

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 June 30, 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
 
 
 
 
 
Citrus
 
Citrus, LLC
 
 
 
 
 
DOJ
 
United States Department of Justice
 
 
 
 
 
EPA
 
United States Environmental Protection Agency
 
 
 
 
 
ET
 
Energy Transfer LP, the parent company 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
 
 
 
 
 
Lake Charles LNG
 
Lake Charles 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
 
 
 
 
 
Rover
 
Rover Pipeline LLC, a less than wholly-owned subsidiary of ETO
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
SemCAMS
 
SemCAMS Midstream ULC, a less than wholly-owned subsidiary of ETO
 
 
 
 
 
SemGroup
 
SemGroup, LLC (formerly SemGroup Corporation)


ii


 
 
 
 
 
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
 
 
 
 
 
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)
 
June 30,
2020
 
December 31, 2019*
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
152

 
$
288

Accounts receivable, net
2,955

 
5,038

Accounts receivable from related companies
139

 
167

Inventories
1,593

 
1,532

Income taxes receivable
68

 
147

Derivative assets
14

 
23

Other current assets
245

 
291

Total current assets
5,166

 
7,486

 
 
 
 
Property, plant and equipment
91,774

 
89,294

Accumulated depreciation and depletion
(17,125
)
 
(15,398
)
 
74,649

 
73,896

 
 
 
 
Advances to and investments in unconsolidated affiliates
3,306

 
3,454

Lease right-of-use assets, net
1,112

 
964

Other non-current assets, net
1,511

 
1,572

Notes receivable from related company
2,865

 
3,603

Intangible assets, net
6,007

 
6,154

Goodwill
3,868

 
5,167

Total assets
$
98,484

 
$
102,296

*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)
 
June 30,
2020
 
December 31, 2019*
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
2,138

 
$
4,119

Accounts payable to related companies
36

 
31

Derivative liabilities
24

 
147

Operating lease current liabilities
54

 
60

Accrued and other current liabilities
2,730

 
3,339

Current maturities of long-term debt
34

 
25

Total current liabilities
5,016

 
7,721

 
 
 
 
Long-term debt, less current maturities
51,179

 
50,905

Non-current derivative liabilities
577

 
273

Non-current operating lease liabilities
903

 
901

Deferred income taxes
3,277

 
3,171

Other non-current liabilities
1,216

 
1,161

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
750

 
739

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Preferred Unitholders
4,764

 
3,174

Common Unitholders
22,510

 
24,226

Accumulated other comprehensive loss
(21
)
 
(18
)
Total partners’ capital
27,253

 
27,382

Noncontrolling interests
8,313

 
8,018

Predecessor equity

 
2,025

Total equity
35,566

 
37,425

Total liabilities and equity
$
98,484

 
$
102,296

*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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019*
 
2020
 
2019*
REVENUES:
 
 
 
 
 
 
 
Refined product sales
$
2,000

 
$
4,477

 
$
5,232

 
$
8,203

Crude sales
1,329

 
4,346

 
4,872

 
7,871

NGL sales
1,254

 
1,996

 
2,943

 
4,398

Gathering, transportation and other fees
2,137

 
2,035

 
4,522

 
4,302

Natural gas sales
514

 
763

 
1,102

 
1,727

Other
104

 
260

 
294

 
497

Total revenues
7,338

 
13,877

 
18,965

 
26,998

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
4,117

 
10,301

 
12,408

 
19,778

Operating expenses
770

 
792

 
1,649

 
1,600

Depreciation, depletion and amortization
934

 
781

 
1,799

 
1,552

Selling, general and administrative
171

 
175

 
373

 
324

Impairment losses
4

 

 
1,329

 
50

Total costs and expenses
5,996

 
12,049

 
17,558

 
23,304

OPERATING INCOME
1,342

 
1,828

 
1,407

 
3,694

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(578
)
 
(578
)
 
(1,178
)
 
(1,105
)
Equity in earnings of unconsolidated affiliates
85

 
77

 
78

 
142

Losses on extinguishments of debt

 

 
(59
)
 
(2
)
Losses on interest rate derivatives
(3
)
 
(122
)
 
(332
)
 
(196
)
Other, net
(29
)
 
112

 
16

 
129

INCOME (LOSS) BEFORE INCOME TAX EXPENSE
817

 
1,317

 
(68
)
 
2,662

Income tax expense
98

 
35

 
127

 
161

NET INCOME (LOSS)
719

 
1,282

 
(195
)
 
2,501

Less: Net income attributable to noncontrolling interests
225

 
266

 
25

 
522

Less: Net income attributable to redeemable noncontrolling interests
13

 
13

 
25

 
26

Less: Net loss attributable to predecessor equity

 

 
(6
)
 

NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
$
481

 
$
1,003

 
$
(239
)
 
$
1,953

*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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019*
 
2020
 
2019*
Net income (loss)
$
719

 
$
1,282

 
$
(195
)
 
$
2,501

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

 
3

 

 
8

Actuarial gain related to pension and other postretirement benefit plans
8

 
3

 
14

 
10

Foreign currency translation adjustments
30

 

 
30

 

Change in other comprehensive loss from unconsolidated affiliates

 
(5
)
 
(16
)
 
(9
)
 
47

 
1

 
28

 
9

Comprehensive income (loss)
766

 
1,283

 
(167
)
 
2,510

Less: Comprehensive income attributable to noncontrolling interests
225

 
266

 
25

 
522

Less: Comprehensive income attributable to redeemable noncontrolling interests
13

 
13

 
25

 
26

Less: Comprehensive loss attributable to predecessor equity

 

 
(6
)
 

Comprehensive income (loss) attributable to partners
$
528

 
$
1,004

 
$
(211
)
 
$
1,962

*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
 
Noncontrolling Interests
 
Predecessor Equity
 
Total
Balance, December 31, 2019*