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Condensed Statements of Combined Consolidated Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Affiliate [1] $ 202 $ 168 [2] $ 405 $ 337 [2]
Third-party 211 125 [2] 428 256 [2]
Total Revenues 413 293 833 593
Costs and Expenses        
Cost of sales 55 1 [2] 114 1 [2]
Operating expenses 132 106 [2] 258 216 [2]
General and administrative expenses 25 22 [2] 52 46 [2]
Depreciation and amortization expenses 60 46 [2] 118 92 [2]
(Gain) loss on asset disposals and impairments (25) 0 [2] (25) 1 [2]
Operating Income 166 118 [2] 316 237 [2]
Interest and financing costs, net (59) (45) (119) (89)
Equity in earnings of equity method investments 3 3 5 7
Other income, net 0 0 0 6
Net Earnings 110 76 [2] 202 161 [2],[3]
Loss attributable to Predecessors 0 7 [2] 0 14 [2]
Net Earnings Attributable to Partners 110 83 [2] 202 175 [2]
General partner’s interest in net earnings, including incentive distribution rights (40) (36) [2] (77) (68) [2]
Limited Partners’ Interest in Net Earnings $ 70 $ 47 [2] $ 125 $ 107 [2]
Net Earnings per Limited Partner Unit        
Common - basic $ 0.63 $ 0.48 [2] $ 1.15 $ 1.12 [2]
Common - diluted $ 0.63 $ 0.48 [2] $ 1.15 $ 1.12 [2]
Weighted Average Limited Partner Units Outstanding        
Common units - basic 108.0 95.2 [2] 106.4 94.4 [2]
Common units - diluted 108.1 95.2 [2] 106.5 94.4 [2]
Cash Distributions Paid Per Unit $ 0.94 $ 0.81 [2] $ 1.85 $ 1.59 [2]
[1] Andeavor accounted for 49% of our total revenues for both the three and six months ended June 30, 2017 and 57% for both the three and six months ended June 30, 2016.
[2] Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
[3] (a)Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.