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Partners' Capital
 6 Months Ended
Jun. 30, 2020
Partners' Capital [Abstract]  
Partners' Capital
Partners' Capital
As of June 30, 2020, ETO and its subsidiaries owned 28,463,967 common units, which constitutes 34.3% of our outstanding common units, and the public owned 54,576,814 common units. As of June 30, 2020, our consolidated subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”).
Common Units
The change in our outstanding common units for the six months ended June 30, 2020 is as follows: 
 
Number of Units
Number of common units at December 31, 2019
82,985,941

Phantom vested units exercised
54,840

Number of common units at June 30, 2020
83,040,781


Allocation of Net Income (Loss)
Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to incentive cash distributions, which are allocated 100% to ETO.
 
The calculation of net income (loss) allocated to the partners is as follows (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Attributable to Common Units
 
 
 
 
 
 
 
Distributions
$
69

 
$
68

 
$
137

 
$
136

Distributions in excess of net income (loss)
69

 
(32
)
 
(147
)
 
(12
)
Limited partners' interest in net income (loss)
$
138

 
$
36

 
$
(10
)
 
$
124


Cash Distributions
Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive.
Cash distributions paid or declared during 2020 were as follows:
 
 
Limited Partners
 
 
Payment Date
 
Per Unit Distribution
 
Total Cash Distribution
 
Distribution to IDR Holders
 
 
(in millions, except per unit amounts)
 
 
 
 
 
 
 
August 19, 2020
 
$
0.8255

 
$
69

 
$
18

May 19, 2020
 
$
0.8255

 
$
69

 
$
18

February 19, 2020
 
$
0.8255

 
$
69

 
$
18