May 3, 2017 | ||
Date of Report (Date of earliest event reported) | ||
ENERGY TRANSFER, LP | ||
(Exact name of Registrant as specified in its charter) | ||
Delaware | 1-11727 | 73-1493906 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
8111 Westchester Drive, Suite 600, Dallas, Texas 75225 |
(Address of principal executive offices) (Zip Code) |
(214) 981-0700 |
(Registrant’s telephone number, including area code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description of the Exhibit | |
99.1 | Energy Transfer Partners, L.P. Press Release dated May 3, 2017 |
Exhibit Number | Description of the Exhibit | |
99.1 | Energy Transfer Partners, L.P. Press Release dated May 3, 2017 |
• | References to “ETP” refer to the entity named Energy Transfer Partners, L.P. prior to the close of the merger and Energy Transfer, LP subsequent to the close of the merger; |
• | References to “Sunoco Logistics” refer to the entity named Sunoco Logistics Partners L.P. prior to the close of the merger; and |
• | References to “Post-Merger ETP” refer to the consolidated entity named Energy Transfer Partners, L.P. subsequent to the merger. |
ETP (1) | Sunoco Logistics | ||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
ASSETS | |||||||||||||||
Current assets | $ | 5,505 | $ | 5,729 | $ | 2,931 | $ | 2,906 | |||||||
Property, plant and equipment, net | 52,532 | 50,917 | 13,149 | 12,324 | |||||||||||
Advances to and investments in unconsolidated affiliates | 4,294 | 4,280 | 662 | 952 | |||||||||||
Other non-current assets, net | 685 | 672 | 77 | 81 | |||||||||||
Intangible assets, net | 5,506 | 4,696 | 1,504 | 977 | |||||||||||
Goodwill | 3,915 | 3,897 | 1,613 | 1,609 | |||||||||||
Total assets | $ | 72,437 | $ | 70,191 | $ | 19,936 | $ | 18,849 |
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities | $ | 5,476 | $ | 6,203 | $ | 2,469 | $ | 2,138 | |||||||
Long-term debt, less current maturities | 31,648 | 31,741 | 6,760 | 7,313 | |||||||||||
Long-term notes payable – related company | — | 250 | — | — | |||||||||||
Non-current derivative liabilities | 72 | 76 | — | — | |||||||||||
Deferred income taxes | 4,432 | 4,394 | 256 | 257 | |||||||||||
Other non-current liabilities | 1,053 | 952 | 130 | 133 | |||||||||||
Commitments and contingencies | |||||||||||||||
Series A Preferred Units | — | 33 | — | — | |||||||||||
Redeemable noncontrolling interests | 15 | 15 | 15 | 15 | |||||||||||
Redeemable Limited Partners’ interests | — | — | 300 | 300 | |||||||||||
Equity: | |||||||||||||||
Total partners’ capital | 20,106 | 18,642 | 8,979 | 8,660 | |||||||||||
Noncontrolling interest | 9,635 | 7,885 | 1,027 | 33 | |||||||||||
Total equity | 29,741 | 26,527 | 10,006 | 8,693 | |||||||||||
Total liabilities and equity | $ | 72,437 | $ | 70,191 | $ | 19,936 | $ | 18,849 |
(1) | For the periods presented, Sunoco Logistics is included in ETP’s consolidated balance sheets. |
Actual (1) | |||||||||||||||||||||||
ETP | Sunoco Logistics | Pro Forma for Merger | |||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
REVENUES | $ | 6,895 | $ | 4,481 | $ | 3,702 | $ | 1,777 | $ | 6,895 | $ | 4,481 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Cost of products sold | 5,192 | 2,968 | 2,891 | 1,413 | 5,192 | 2,968 | |||||||||||||||||
Operating expenses | 379 | 348 | 21 | 23 | 379 | 348 | |||||||||||||||||
Depreciation, depletion and amortization | 560 | 470 | 125 | 106 | 560 | 470 | |||||||||||||||||
Selling, general and administrative | 110 | 81 | 32 | 26 | 110 | 81 | |||||||||||||||||
Impairment charge and others | — | — | (2 | ) | 26 | — | — | ||||||||||||||||
Total costs and expenses | 6,241 | 3,867 | 3,067 | 1,594 | 6,241 | 3,867 | |||||||||||||||||
OPERATING INCOME | 654 | 614 | 635 | 183 | 654 | 614 | |||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||||
Interest expense, net | (339 | ) | (319 | ) | (40 | ) | (39 | ) | (339 | ) | (319 | ) | |||||||||||
Equity in earnings of unconsolidated affiliates | 73 | 76 | 9 | 8 | 73 | 76 | |||||||||||||||||
Gains (losses) on interest rate derivatives | 5 | (70 | ) | — | — | 5 | (70 | ) | |||||||||||||||
Other, net | 26 | 17 | 1 | (1 | ) | 26 | 17 | ||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 419 | 318 | 605 | 151 | 419 | 318 | |||||||||||||||||
Income tax expense (benefit) | 55 | (58 | ) | 10 | 5 | 55 | (58 | ) | |||||||||||||||
NET INCOME | 364 | 376 | 595 | 146 | 364 | 376 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | 40 | 65 | 10 | 1 | 36 | 18 | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO PARTNERS | 324 | 311 | 585 | 145 | 328 | 358 | |||||||||||||||||
General Partner’s interest in net income | 206 | 297 | 113 | 90 | 222 | 268 | |||||||||||||||||
Class H Unitholder’s interest in net income | 98 | 79 | N/A | N/A | — | — | |||||||||||||||||
Class I Unitholder’s interest in net income | — | 2 | N/A | N/A | — | 2 | |||||||||||||||||
Common Unitholders’ interest in net income (loss) | $ | 20 | $ | (67 | ) | $ | 472 | $ | 55 | $ | 106 | $ | 88 | ||||||||||
NET INCOME (LOSS) PER COMMON UNIT: | |||||||||||||||||||||||
Basic | $ | 0.02 | $ | (0.15 | ) | $ | 1.42 | $ | 0.18 | $ | 0.09 | $ | 0.08 | ||||||||||
Diluted | $ | 0.02 | $ | (0.15 | ) | $ | 1.42 | $ | 0.18 | $ | 0.09 | $ | 0.08 | ||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: | |||||||||||||||||||||||
Basic | 548.2 | 490.2 | 331.8 | 282.5 | 1,087.1 | 950.8 | |||||||||||||||||
Diluted | 549.6 | 490.2 | 332.8 | 283.1 | 1,090.2 | 951.4 |
(1) | Reflects pre-merger results for ETP and Sunoco Logistics. For the periods presented, Sunoco Logistics is included in ETP’s consolidated statements of operations. |
Actual (1) | |||||||||||||||||||||||
ETP | Sunoco Logistics | Pro Forma for Merger | |||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): | |||||||||||||||||||||||
Net income | $ | 364 | $ | 376 | $ | 595 | $ | 146 | $ | 364 | $ | 376 | |||||||||||
Interest expense, net | 339 | 319 | 40 | 39 | 339 | 319 | |||||||||||||||||
Income tax expense (benefit) | 55 | (58 | ) | 10 | 5 | 55 | (58 | ) | |||||||||||||||
Depreciation, depletion and amortization | 560 | 470 | 125 | 106 | 560 | 470 | |||||||||||||||||
Non-cash compensation expense | 23 | 19 | 6 | 5 | 23 | 19 | |||||||||||||||||
(Gains) losses on interest rate derivatives | (5 | ) | 70 | — | — | (5 | ) | 70 | |||||||||||||||
Unrealized (gains) losses on commodity risk management activities | (64 | ) | 63 | (24 | ) | 13 | (64 | ) | 63 | ||||||||||||||
Inventory valuation adjustments | (2 | ) | 26 | (2 | ) | 26 | (2 | ) | 26 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | (73 | ) | (76 | ) | (9 | ) | (8 | ) | (73 | ) | (76 | ) | |||||||||||
Adjusted EBITDA related to unconsolidated affiliates | 239 | 219 | 19 | 16 | 239 | 219 | |||||||||||||||||
Gain on sale of investment in affiliate | — | — | (483 | ) | — | — | — | ||||||||||||||||
Other, net | (22 | ) | (16 | ) | 1 | 1 | (22 | ) | (16 | ) | |||||||||||||
Adjusted EBITDA (consolidated) | 1,414 | 1,412 | 278 | 349 | 1,414 | 1,412 | |||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliates | (239 | ) | (219 | ) | (19 | ) | (16 | ) | (239 | ) | (219 | ) | |||||||||||
Distributable cash flow from unconsolidated affiliates | 144 | 144 | 11 | 8 | 144 | 144 | |||||||||||||||||
Interest expense, net | (339 | ) | (319 | ) | (40 | ) | (39 | ) | (339 | ) | (319 | ) | |||||||||||
Amortization included in interest expense | (1 | ) | (7 | ) | — | — | (1 | ) | (7 | ) | |||||||||||||
Current income tax (expense) benefit | (1 | ) | 1 | (11 | ) | (5 | ) | (1 | ) | 1 | |||||||||||||
Maintenance capital expenditures | (60 | ) | (59 | ) | (13 | ) | (13 | ) | (60 | ) | (59 | ) | |||||||||||
Other, net | 16 | 3 | (1 | ) | — | 16 | 3 | ||||||||||||||||
Distributable Cash Flow (consolidated) | 934 | 956 | 205 | 284 | 934 | 956 | |||||||||||||||||
Distributable Cash Flow attributable to Sunoco Logistics (100%) | (194 | ) | (283 | ) | N/A | N/A | N/A | N/A | |||||||||||||||
Distributions from Sunoco Logistics to ETP | 139 | 125 | N/A | N/A | N/A | N/A | |||||||||||||||||
Distributable Cash Flow attributable to PennTex Midstream Partners, LP (100%) | (19 | ) | — | N/A | N/A | (19 | ) | — | |||||||||||||||
Distributions from PennTex Midstream Partners, LP to ETP (b) | 8 | — | N/A | N/A | 8 | — | |||||||||||||||||
Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries | (12 | ) | (7 | ) | (11 | ) | (1 | ) | (23 | ) | (8 | ) | |||||||||||
Distributable Cash Flow attributable to the partners of ETP | 856 | 791 | 194 | 283 | 900 | 948 | |||||||||||||||||
Transaction-related expenses | 3 | 2 | 4 | — | 7 | 2 | |||||||||||||||||
Distributable Cash Flow attributable to the partners of ETP, as adjusted | $ | 859 | $ | 793 | $ | 198 | $ | 283 | $ | 907 | $ | 950 |
(1) | Reflects pre-merger results for ETP and Sunoco Logistics. |
Pro Forma for Merger | |||||||
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Distributions to partners (c): | |||||||
Limited Partners: | |||||||
Common Units held by public | $ | 567 | $ | 473 | |||
Common Units held by parent (d) | 15 | 2 | |||||
General Partner interests | 4 | 3 | |||||
Incentive Distribution Rights (“IDRs”) held by parent | 377 | 303 | |||||
IDR relinquishments | (157 | ) | (34 | ) | |||
Total distributions to be paid to partners | $ | 806 | $ | 747 | |||
Common Units outstanding – end of period (c)(e) | 1,084.6 | 965.3 | |||||
Distribution coverage ratio (f) | 1.13x | 1.27x |
(a) | Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of ETP’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. |
• | For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented. |
• | For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, but Distributable Cash Flow attributable to partners is net of distributions to be paid by the subsidiary to the noncontrolling interests. |
(b) | Amount reflects distributions for the first quarter of 2017, to be paid by PennTex on May 12, 2017 with respect to ETP’s ownership interests of 6.3 million common units and 20 million subordinated units of PennTex acquired on November 1, 2016. |
(c) | Distributions on ETP Common Units and the number of ETP Common Units outstanding at the end of the period, both as reflected above, exclude amounts related to ETP Common Units held by subsidiaries of ETP. |
(d) | For the three months ended March 31, 2016, the “Pro Forma for Merger” column excludes distributions on Sunoco Logistics Common Units held by ETP as those units were cancelled in connection with the closing of the merger. |
(e) | For the three months ended March 31, 2017 and 2016, the “Pro Forma for Merger” columns reflect the sum of (i) the ETP Common Units outstanding at the end of period multiplied by a factor of 1.5x and (ii) the Sunoco Logistics Common Units outstanding at end of period minus 67.1 million Sunoco Logistics Common Units held by ETP, which units were cancelled in connection with the closing of the merger. |
(f) | Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to partners, as adjusted, divided by net distributions expected to be paid to the partners of ETP in respect of such period. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Segment Adjusted EBITDA: | |||||||
Midstream | $ | 320 | $ | 263 | |||
Liquids transportation and services | 259 | 227 | |||||
Interstate transportation and storage | 265 | 292 | |||||
Intrastate transportation and storage | 169 | 179 | |||||
Investment in Sunoco Logistics | 278 | 349 | |||||
All other | 123 | 102 | |||||
$ | 1,414 | $ | 1,412 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Gathered volumes (MMBtu/d) | 10,231,895 | 9,851,105 | |||||
NGLs produced (Bbls/d) | 445,004 | 430,973 | |||||
Equity NGLs (Bbls/d) | 25,521 | 29,533 | |||||
Revenues | $ | 1,637 | $ | 1,092 | |||
Segment Adjusted EBITDA | $ | 320 | $ | 263 |
• | an increase of $45 million in non-fee based margin due to higher crude oil and NGL prices; |
• | an increase of $17 million in non-fee based margin due to gains in the Permian, partially offset by declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions; |
• | an increase of $13 million in fee based revenue due to growth in the Permian, Northeast and North Louisiana, including recent acquisitions, offset by declines in South Texas, North Texas and the Mid-Continent/Panhandle regions; and |
• | an increase of $13 million in fee based revenue due to the PennTex acquisition; partially offset by |
• | a decrease of $5 million (excluding unrealized gains of $16 million) in non-fee based margin due to higher benefit from settled derivatives used to hedge commodity margins; |
• | an increase of $16 million in operating expenses primarily due to recent acquisitions, including PennTex; and |
• | an increase of $11 million in general and administrative expenses primarily due to a decrease of $4 million in capitalized overhead, a $3 million increase in shared services allocation, a $2 million increase in insurance allocation, and $2 million additional costs from the PennTex acquisition. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Liquids transportation volumes (Bbls/d) | 739,982 | 537,251 | |||||
NGL fractionation volumes (Bbls/d) | 433,473 | 362,906 | |||||
Revenues | $ | 1,622 | $ | 919 | |||
Segment Adjusted EBITDA | $ | 259 | $ | 227 |
• | an increase of $37 million in transportation fees due to higher NGL and crude transport volumes; |
• | an increase of $17 million in processing and fractionation margin (excluding changes in unrealized gains of $4 million) primarily due to higher NGL volumes from most major producing regions, as noted above; and |
• | an increase of $8 million in storage margin primarily due to increased volumes from our Mont Belvieu fractionators; partially offset by |
• | a decrease of $8 million in other margin (excluding changes in unrealized gains of $31 million) primarily due to the timing of the recognition of margin from optimization activities; |
• | an increase of $19 million in operating expenses primarily due to increased costs associated with our fourth fractionator at Mont Belvieu and new pipelines placed in service; and |
• | an increase of $2 million in general and administrative expenses due to lower capitalized overhead as a result of reduced capital spending. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Natural gas transported (MMBtu/d) | 5,655,558 | 5,835,046 | |||||
Natural gas sold (MMBtu/d) | 16,905 | 17,177 | |||||
Revenues | $ | 235 | $ | 259 | |||
Segment Adjusted EBITDA | $ | 265 | $ | 292 | |||
Distributions from unconsolidated affiliates | $ | 114 | $ | 73 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Natural gas transported (MMBtu/d) | 7,807,045 | 8,229,972 | |||||
Revenues | $ | 816 | $ | 558 | |||
Segment Adjusted EBITDA | $ | 169 | $ | 179 | |||
Distributions from unconsolidated affiliates | $ | 4 | $ | 15 |
• | a decrease of $10 million in transportation fees due to renegotiated contracts resulting in lower demand volumes beginning in the second quarter of 2016 on our ET Fuel pipeline, partially offset by an increase of $5 million due to fees from renegotiated and newly initiated fixed fee contracts primarily on our Houston Pipeline system; |
• | a decrease of $8 million in storage margin (excluding net changes in unrealized amounts of $18 million related to fair value inventory adjustments and unrealized gains and losses on derivatives), as discussed below; and |
• | an increase of $5 million in operating expenses primarily due to higher outside services labor costs and compression fuel expenses; partially offset by |
• | an increase of $7 million in natural gas sales and other (excluding changes in unrealized gains of $4 million) primarily due to higher realized gains from the buying and selling of gas along our system; and |
• | an increase of $5 million in retained fuels (excluding changes in unrealized gains of $1 million) primarily due to higher market prices. The average spot price at the Houston Ship Channel location increased 56% for the quarter ended March 31, 2017 compared to the same period last year. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenues | $ | 3,219 | $ | 1,777 | |||
Segment Adjusted EBITDA | $ | 278 | $ | 349 | |||
Distributions from unconsolidated affiliates | $ | 8 | $ | 5 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenues | $ | 770 | $ | 854 | |||
Segment Adjusted EBITDA | $ | 123 | $ | 102 | |||
Distributions from unconsolidated affiliates | $ | 38 | $ | 34 |
• | our equity method investment in limited partnership units of Sunoco LP consisting of 43.5 million units, representing 43.7% of Sunoco LP’s total outstanding common units; |
• | our natural gas marketing and compression operations; |
• | a non-controlling interest in PES, comprising 33% of PES’ outstanding common units; and |
• | our investment in Coal Handling, an entity that owns and operates end-user coal handling facilities. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Pipeline throughput (thousands of barrels per day ("bpd")) (1) | 2,706 | 2,258 | |||||
Terminal throughput (thousands of bpd) (1) | 1,917 | 1,517 | |||||
Revenues | $ | 2,557 | $ | 1,380 | |||
Segment Adjusted EBITDA | $ | 147 | $ | 224 |
(1) | Excludes amounts attributable to equity interests which are not consolidated. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Pipeline throughput (thousands of bpd) | 280 | 269 | |||||
Terminal throughput (thousands of bpd) | 264 | 220 | |||||
Revenues | $ | 385 | $ | 233 | |||
Segment Adjusted EBITDA | $ | 82 | $ | 74 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Pipeline throughput (thousands of bpd) (1) | 624 | 551 | |||||
Terminal throughput (thousands of bpd) (1) | 542 | 532 | |||||
Revenues | $ | 277 | $ | 164 | |||
Segment Adjusted EBITDA | $ | 49 | $ | 51 |
(1) | Excludes amounts attributable to equity interests which are not consolidated. |
Growth | Maintenance | Total | |||||||||
ETP: | |||||||||||
Midstream | $ | 234 | $ | 16 | $ | 250 | |||||
Liquids transportation and services(1) | 105 | 5 | 110 | ||||||||
Interstate transportation and storage(1) | 288 | 9 | 297 | ||||||||
Intrastate transportation and storage | 16 | 5 | 21 | ||||||||
All other (including eliminations) | 47 | 12 | 59 | ||||||||
Total capital expenditures | 690 | 47 | 737 | ||||||||
Sunoco Logistics: | |||||||||||
Crude oil | 51 | 5 | 56 | ||||||||
Natural gas liquids | 445 | 1 | 446 | ||||||||
Refined products | 10 | 7 | 17 | ||||||||
Total capital expenditures | $ | 1,196 | $ | 60 | $ | 1,256 |
(1) | Includes capital expenditures related to the Bakken, Rover and Bayou Bridge pipeline projects, but excludes amounts related to Sunoco Logistics’ proportionate ownership in the Bakken and Bayou Bridge pipeline projects. |
Facility Size | Funds Available at March 31, 2017 | Maturity Date | |||||||
Legacy ETP Revolving Credit Facility | $ | 3,750 | $ | 3,217 | November 18, 2019 | ||||
Legacy Sunoco Logistics Revolving Credit Facility | 2,500 | 1,760 | March 20, 2020 | ||||||
Legacy Sunoco Logistics 364-Day Credit Facility | 1,000 | 370 | May 26, 2017 | ||||||
$ | 7,250 | $ | 5,347 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Equity in earnings (losses) of unconsolidated affiliates: | |||||||
Citrus | $ | 21 | $ | 21 | |||
FEP | 12 | 14 | |||||
PES | 14 | (6 | ) | ||||
MEP | 10 | 11 | |||||
HPC | 7 | 8 | |||||
AmeriGas | 9 | (2 | ) | ||||
Sunoco LP | (14 | ) | 15 | ||||
Other | 14 | 15 | |||||
Total equity in earnings of unconsolidated affiliates | $ | 73 | $ | 76 | |||
Adjusted EBITDA related to unconsolidated affiliates: | |||||||
Citrus | $ | 75 | $ | 74 | |||
FEP | 18 | 19 | |||||
PES | 26 | 4 | |||||
MEP | 22 | 24 | |||||
HPC | 15 | 15 | |||||
Sunoco LP | 54 | 57 | |||||
Other | 29 | 26 | |||||
Total Adjusted EBITDA related to unconsolidated affiliates | $ | 239 | $ | 219 | |||
Distributions received from unconsolidated affiliates: | |||||||
Citrus | $ | 41 | $ | 35 | |||
FEP | — | 17 | |||||
AmeriGas | 3 | 3 | |||||
MEP | 73 | 21 | |||||
HPC | — | 12 | |||||
Sunoco LP | 35 | 30 | |||||
Other | 20 | 17 | |||||
Total distributions received from unconsolidated affiliates | $ | 172 | $ | 135 |
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