Related Party Transactions

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS

ET-ETO Promissory Note

As of March 31, 2020 and December 31, 2019, ETO’s promissory note receivable from ET had an outstanding balance of $3.23 billion and $3.71 billion, respectively, and ETO’s long-term intercompany payable to ET had an outstanding balance of $120 million and $104 million, respectively. The outstanding promissory note receivable and intercompany payable are reflected on a net basis in the Partnership’s consolidated balance sheets.

Interest income attributable to promissory notes from ET included in other income, net in our consolidated statements of operations for the three months ended March 31, 2020 and 2019 was $44 million and $21 million. respectively.

ETO-SemGroup Long-Term Notes

In December 2019, in connection with the SemGroup acquisition, ETO and SemGroup entered into an intercompany promissory note for an aggregate amount up to $2.5 billion that accrues interest at 5.20% per annum. The ETO-SemGroup promissory note matures on December 31, 2029. As of March 31, 2020 and December 31, 2019, the ETO-SemGroup promissory note had an outstanding balance of $2.19 billion and $2.32 billion, respectively.

The Partnership also has related party transactions with several of its unconsolidated affiliates. In addition to commercial transactions, these transactions include the provision of certain management services and leases of certain assets.

The following table summarizes the revenues from related companies on our consolidated statements of operations:



	Three Months Ended March 31,
	2020		2019
Revenues from related companies	$	133	$	109

The following table summarizes the accounts receivable from and accounts payable to related companies on our consolidated balance sheets:



	March 31, 2020		December 31, 2019
Accounts receivable from related companies:
ET	$	7	$	8
FGT	20		50
Phillips 66	11		36
Traverse	54		42
Other	46		39
Total accounts receivable from related companies	$	138	$	175

Accounts payable to related companies:
ET	$	1,029	$	1,085
Other	8		27
Total accounts payable to related companies	$	1,037	$	1,112