QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
ý | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging Growth company |
Page | ||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | |||||||||||
Other assets: | |||||||||||
Finance lease right-of-use assets, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Goodwill | |||||||||||
Intangible assets | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Intangible assets, net | |||||||||||
Other noncurrent assets | |||||||||||
Investment in unconsolidated affiliate | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable to affiliates | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Operating lease current liabilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Operating lease noncurrent liabilities | |||||||||||
Revolving line of credit | |||||||||||
Long-term debt, net | |||||||||||
Advances from affiliates | |||||||||||
Deferred tax liability | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 10) | |||||||||||
Equity: | |||||||||||
Limited partners: | |||||||||||
Common unitholders ( | |||||||||||
Class C unitholders - held by subsidiaries ( December 31, 2021) | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | |||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of sales and operating expenses: | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Other operating | |||||||||||||||||||||||
Lease expense | |||||||||||||||||||||||
Gain on disposal of assets | ( | ( | ( | ( | |||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||
Total cost of sales and operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Equity in earnings of unconsolidated affiliate | |||||||||||||||||||||||
Loss on extinguishment of debt | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income and comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common units outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash distributions per common unit | $ | $ | $ | $ |
Balance at December 31, 2021 | $ | |||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at March 31, 2022 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at June 30, 2022 | $ | |||||||
Balance at December 31, 2020 | $ | |||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Other | ( | |||||||
Net income | ||||||||
Balance at March 31, 2021 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at June 30, 2021 | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Amortization of deferred financing fees | |||||||||||
Gain on disposal of assets | ( | ( | |||||||||
Loss on extinguishment of debt | |||||||||||
Non-cash unit-based compensation expense | |||||||||||
Deferred income tax | ( | ||||||||||
Inventory valuation adjustment | ( | ( | |||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable, net | ( | ( | |||||||||
Receivables from affiliates | ( | ||||||||||
Inventories, net | |||||||||||
Other assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accounts payable to affiliates | ( | ||||||||||
Accrued expenses and other current liabilities | |||||||||||
Other noncurrent liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Distributions from unconsolidated affiliate in excess of cumulative earnings | |||||||||||
Cash paid for acquisition | ( | ||||||||||
Proceeds from disposal of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Revolver borrowings | |||||||||||
Revolver repayments | ( | ( | |||||||||
Distributions to unitholders | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing activities: | |||||||||||
Change in note payable to affiliate | $ | ( | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Accounts receivable, trade | $ | $ | |||||||||
Credit card receivables | |||||||||||
Vendor receivables for rebates and branding | |||||||||||
Other receivables | |||||||||||
Allowance for expected credit losses | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Fuel | $ | $ | |||||||||
Other | |||||||||||
Inventories, net | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Wage and other employee-related accrued expenses | $ | $ | |||||||||
Accrued tax expense | |||||||||||
Accrued insurance | |||||||||||
Accrued interest expense | |||||||||||
Dealer deposits | |||||||||||
Accrued environmental expense | |||||||||||
Other | |||||||||||
Total | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Sale leaseback financing obligation | $ | $ | |||||||||
Credit Facility | |||||||||||
Finance leases | |||||||||||
Total debt | |||||||||||
Less: current maturities | |||||||||||
Less: debt issuance costs | |||||||||||
Long-term debt, net | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Asset retirement obligations | $ | $ | |||||||||
Accrued environmental expense, long-term | |||||||||||
Other | |||||||||||
Total | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Motor fuel sales to affiliates | $ | $ | $ | $ | |||||||||||||||||||
Bulk fuel purchases from affiliates | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fuel Distribution and Marketing Segment | |||||||||||||||||||||||
Distributor | $ | $ | $ | $ | |||||||||||||||||||
Dealer | |||||||||||||||||||||||
Unbranded wholesale | |||||||||||||||||||||||
Commission agent | |||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
All Other Segment | |||||||||||||||||||||||
Motor fuel | |||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Contract balances | |||||||||||
Contract asset | $ | $ | |||||||||
Accounts receivable from contracts with customers | $ | $ | |||||||||
Contract liability | $ | $ |
June 30, | |||||||||||
Lease Term and Discount Rate | 2022 | 2021 | |||||||||
Weighted-average remaining lease term (years) | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted-average discount rate (%) | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
Six Months Ended June 30, | |||||||||||
Other information | 2022 | 2021 | |||||||||
(in millions) | |||||||||||
Cash paid for amount included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | |||||||
Operating cash flows from finance leases | $ | $ | ( | ||||||||
Financing cash flows from finance leases | $ | $ | |||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ |
Maturity of lease liabilities (as of June 30, 2022) | Operating leases | Finance leases | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
2022 (remainder) | $ | $ | $ | |||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total lease payment | ||||||||||||||||||||
Less: interest | ||||||||||||||||||||
Present value of lease liabilities | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Income tax expense at statutory federal rate | $ | $ | $ | $ | |||||||||||||||||||
Partnership earnings not subject to tax | ( | ( | ( | ( | |||||||||||||||||||
State and local tax, net of federal benefit | |||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Net income tax expense | $ | $ | $ | $ |
Number of Units | |||||
Number of common units at December 31, 2021 | |||||
Vested phantom units exercised | |||||
Number of common units at June 30, 2022 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Attributable to Common Units | |||||||||||||||||||||||
Distributions | $ | $ | $ | $ | |||||||||||||||||||
Distributions less than net income | |||||||||||||||||||||||
Limited partners' interest in net income | $ | $ | $ | $ |
Limited Partners | ||||||||||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||||||
August 19, 2022 | $ | $ | $ | |||||||||||||||||
May 19, 2022 | $ | $ | $ | |||||||||||||||||
February 18, 2022 | $ | $ | $ |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||||||||||||||||||||||||||
Lease income | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||
Net income and comprehensive income | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash unit-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on commodity derivatives | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Inventory adjustments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-cash adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2022 and December 31, 2021, respectively | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||||||||||||||||||||||||||
Lease income | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income and comprehensive income | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash unit-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets and impairment charges | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on commodity derivatives | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Inventory adjustments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-cash adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total assets as of June 30, 2022 and December 31, 2021, respectively | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions, except units and per unit amounts) | |||||||||||||||||||||||
Net income and comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Incentive distribution rights | |||||||||||||||||||||||
Distributions on nonvested phantom unit awards | |||||||||||||||||||||||
Limited partners’ interest in net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common units outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive effect of nonvested phantom unit awards | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Total | Fuel Distribution and Marketing | All Other | Total | |||||||||||||||||||||||||||||||||
(dollars and gallons in millions, except gross profit per gallon) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 7,481 | $ | 197 | $ | 7,678 | $ | 4,139 | $ | 153 | $ | 4,292 | ||||||||||||||||||||||||||
Non motor fuel sales | 41 | 61 | 102 | 16 | 50 | 66 | ||||||||||||||||||||||||||||||||
Lease income | 32 | 3 | 35 | 32 | 2 | 34 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 7,554 | $ | 261 | $ | 7,815 | $ | 4,187 | $ | 205 | $ | 4,392 | ||||||||||||||||||||||||||
Cost of Sales: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 7,248 | $ | 185 | $ | 7,433 | $ | 3,874 | $ | 141 | $ | 4,015 | ||||||||||||||||||||||||||
Non motor fuel sales | 10 | 27 | 37 | 2 | 22 | 24 | ||||||||||||||||||||||||||||||||
Lease | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total cost of sales | $ | 7,258 | $ | 212 | $ | 7,470 | $ | 3,876 | $ | 163 | $ | 4,039 | ||||||||||||||||||||||||||
Net income and comprehensive income | $ | 121 | $ | 166 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 200 | $ | 14 | $ | 214 | $ | 191 | $ | 10 | $ | 201 | ||||||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||||||||||||||
Total motor fuel gallons sold | 1,985 | 1,933 | ||||||||||||||||||||||||||||||||||||
Motor fuel gross profit cents per gallon (2) | 12.3 | ¢ | 11.3 | ¢ |
Three Months Ended June 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(in millions) | |||||||||||||||||
Segment Adjusted EBITDA | |||||||||||||||||
Fuel distribution and marketing | $ | 200 | $ | 191 | $ | 9 | |||||||||||
All other | 14 | 10 | 4 | ||||||||||||||
Consolidated Adjusted EBITDA | 214 | 201 | 13 | ||||||||||||||
Depreciation, amortization and accretion | (49) | (43) | (6) | ||||||||||||||
Interest expense, net | (45) | (43) | (2) | ||||||||||||||
Non-cash unit-based compensation expense | (3) | (3) | — | ||||||||||||||
Gain on disposal of assets | 5 | 8 | (3) | ||||||||||||||
Unrealized gain on commodity derivatives | 11 | 2 | 9 | ||||||||||||||
Inventory adjustments | 1 | 59 | (58) | ||||||||||||||
Equity in earnings of unconsolidated affiliate | 1 | 1 | — | ||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | (3) | (2) | (1) | ||||||||||||||
Other non-cash adjustments | (3) | (6) | 3 | ||||||||||||||
Income tax expense | (8) | (8) | — | ||||||||||||||
Net income and comprehensive income | $ | 121 | $ | 166 | $ | (45) |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Total | Fuel Distribution and Marketing | All Other | Total | |||||||||||||||||||||||||||||||||
(dollars and gallons in millions, except gross profit per gallon) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 12,608 | $ | 347 | $ | 12,955 | $ | 7,391 | $ | 264 | $ | 7,655 | ||||||||||||||||||||||||||
Non motor fuel sales | 82 | 110 | 192 | 30 | 109 | 139 | ||||||||||||||||||||||||||||||||
Lease income | 64 | 6 | 70 | 65 | 4 | 69 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 12,754 | $ | 463 | $ | 13,217 | $ | 7,486 | $ | 377 | $ | 7,863 | ||||||||||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 12,046 | $ | 325 | $ | 12,371 | $ | 6,853 | $ | 244 | $ | 7,097 | ||||||||||||||||||||||||||
Non motor fuel sales | 22 | 49 | 71 | 4 | 58 | 62 | ||||||||||||||||||||||||||||||||
Lease | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total cost of sales | $ | 12,068 | $ | 374 | $ | 12,442 | $ | 6,857 | $ | 302 | $ | 7,159 | ||||||||||||||||||||||||||
Net income and comprehensive income | $ | 337 | $ | 320 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 374,000,000 | $ | 31,000,000 | $ | 405,000,000 | $ | 344 | $ | 14 | $ | 358 | ||||||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||||||||||||||
Total motor fuel gallons sold | 3,755 | 3,689 | ||||||||||||||||||||||||||||||||||||
Motor fuel gross profit cents per gallon (2) | 12.3 | ¢ | 10.8 | ¢ |
Six Months Ended June 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(in millions) | |||||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||
Fuel distribution and marketing | $ | 374 | $ | 344 | $ | 30 | |||||||||||
All other | 31 | 14 | 17 | ||||||||||||||
Consolidated Adjusted EBITDA | 405 | 358 | 47 | ||||||||||||||
Depreciation, amortization and accretion | (96) | (90) | (6) | ||||||||||||||
Interest expense, net | (86) | (84) | (2) | ||||||||||||||
Non-cash unit-based compensation expense | (8) | (7) | (1) | ||||||||||||||
Gain on disposal of assets | 5 | 8 | (3) | ||||||||||||||
Loss on extinguishment of debt | — | (7) | 7 | ||||||||||||||
Unrealized gain on commodity derivatives | 20 | 7 | 13 | ||||||||||||||
Inventory adjustments | 121 | 159 | (38) | ||||||||||||||
Equity in earnings of unconsolidated affiliate | 2 | 2 | — | ||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | (5) | (4) | (1) | ||||||||||||||
Other non-cash adjustments | (10) | (11) | 1 | ||||||||||||||
Income tax expense | (11) | (11) | — | ||||||||||||||
Net income and comprehensive income | $ | 337 | $ | 320 | $ | 17 | |||||||||||
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in millions) | |||||||||||
Net cash provided by (used in) | |||||||||||
Operating activities | $ | 337 | $ | 275 | |||||||
Investing activities | (305) | (31) | |||||||||
Financing activities | 111 | (254) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 143 | $ | (10) |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Sale leaseback financing obligation | $ | 85 | $ | 91 | |||||||
Credit Facility | 869 | 581 | |||||||||
6.000% Senior Notes Due 2027 | 600 | 600 | |||||||||
5.875% Senior Notes Due 2028 | 400 | 400 | |||||||||
4.500% Senior Notes Due 2029 | 800 | 800 | |||||||||
4.500% Senior Notes Due 2030 | 800 | 800 | |||||||||
Finance leases | 9 | 9 | |||||||||
Total debt | 3,563 | 3,281 | |||||||||
Less: current maturities | — | 6 | |||||||||
Less: debt issuance costs | 25 | 26 | |||||||||
Long-term debt, net | $ | 3,538 | $ | 3,249 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
3.8 | ||||||||
3.9 | ||||||||
3.10 | ||||||||
3.11 | ||||||||
3.12 | ||||||||
3.13 | ||||||||
3.14 | ||||||||
3.15 |
10.1 | ||||||||
22.1 | ||||||||
31.1 * | ||||||||
31.2 * | ||||||||
32.1 ** | ||||||||
32.2 ** | ||||||||
101* | The following financial information from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income, (iii) Consolidated Statements of Equity, (iv) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
* - | Filed herewith | |||||||
** - | Furnished herewith | |||||||
SUNOCO LP | ||||||||
By | Sunoco GP LLC, its general partner | |||||||
Date: August 4, 2022 | By | /s/ Rick Raymer | ||||||
Rick Raymer | ||||||||
Vice President, Controller and Principal Accounting Officer (In his capacity as principal accounting officer) |
Date: August 4, 2022 | /s/ Joseph Kim | ||||
Joseph Kim | |||||
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: August 4, 2022 | /s/ Dylan Bramhall | ||||
Dylan Bramhall | |||||
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: August 4, 2022 | /s/ Joseph Kim | ||||
Joseph Kim | |||||
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: August 4, 2022 | /s/ Dylan Bramhall | ||||
Dylan Bramhall | |||||
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Revenues: | ||||
Revenues | $ 7,815 | $ 4,392 | $ 13,217 | $ 7,863 |
Cost of sales and operating expenses: | ||||
Cost of sales | 7,470 | 4,039 | 12,442 | 7,159 |
General and administrative | 30 | 27 | 57 | 51 |
Other operating | 83 | 61 | 164 | 122 |
Lease expense | 15 | 14 | 31 | 29 |
Gain on disposal of assets | (5) | (8) | (5) | (8) |
Depreciation, amortization and accretion | 49 | 43 | 96 | 90 |
Total cost of sales and operating expenses | 7,642 | 4,176 | 12,785 | 7,443 |
Operating income | 173 | 216 | 432 | 420 |
Interest expense, net | (45) | (43) | (86) | (84) |
Equity in earnings of unconsolidated affiliate | 1 | 1 | 2 | 2 |
Other income (expense), net | 0 | 0 | 0 | (7) |
Income before income taxes | 129 | 174 | 348 | 331 |
Income tax expense | 8 | 8 | 11 | 11 |
Net income and comprehensive income | $ 121 | $ 166 | $ 337 | $ 320 |
Net income (loss) per common unit: | ||||
Basic | $ 1.22 | $ 1.76 | $ 3.56 | $ 3.37 |
Diluted | $ 1.20 | $ 1.73 | $ 3.52 | $ 3.33 |
Weighted average common units outstanding: | ||||
Basic | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 |
Diluted | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |
Cash distributions per unit | $ 0.8255 | $ 0.8255 | $ 1.6510 | $ 1.6510 |
Common Units [Member] | ||||
Weighted average common units outstanding: | ||||
Basic | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 |
Diluted | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |
Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | $ 7,678 | $ 4,292 | $ 12,955 | $ 7,655 |
Non Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | 102 | 66 | 192 | 139 |
Lease Income [Member] | ||||
Revenues: | ||||
Revenues | $ 35 | $ 34 | $ 70 | $ 69 |
Organization and Principles of Consolidation |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation As used in this document, the terms “Partnership,” “SUN,” “we,” “us,” and “our” should be understood to refer to Sunoco LP and our consolidated subsidiaries, unless the context clearly indicates otherwise. We are a Delaware master limited partnership. We are managed by our general partner, Sunoco GP LLC ( our “General Partner”), which is owned by Energy Transfer LP (“Energy Transfer”). As of June 30, 2022, Energy Transfer owned 100% of the limited liability company interests in our General Partner, 28,463,967 of our common units, which constitutes a 28.4% limited partner interest in us, and all of our incentive distribution rights ("IDRs"). The consolidated financial statements are composed of Sunoco LP, a publicly traded Delaware limited partnership, and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. On April 1, 2022, we completed the previously announced acquisition of a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital Partners, LLC for $264 million. The acquisition increased intangible assets and goodwill by $96 million and $19 million, respectively. The remaining $149 million consisted of fixed assets of $72 million and working capital of $77 million. Management with the assistance of a third party valuation firm, determined the preliminary assessment of fair value of assets and liabilities at the date of the Gladieux Capital Partners, LLC acquisition. We determined the preliminary value of goodwill by giving consideration to various qualitative factors. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. As a result, adjustments to this preliminary allocation may occur in the future. Goodwill acquired in connection with the Gladieux Capital Partners, LLC acquisition is deductible for tax purposes. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the balance sheets or statements of cash flows.
|
Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") on February 18, 2022. Significant Accounting Policies As of June 30, 2022, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022. Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $72 million and $87 million for the three months ended June 30, 2022 and 2021, respectively, and $143 million and $164 million for the six months ended June 30, 2022 and 2021, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the consolidated statements of operations and comprehensive income.
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Accounts Receivable, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net, consisted of the following:
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Inventories, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Fuel inventories are stated at the lower of cost or market using the last-in-first-out (“LIFO”) method. As of June 30, 2022 and December 31, 2021, the Partnership’s fuel inventory balance included lower of cost or market reserves of zero and $121 million, respectively. The fuel inventory replacement cost was $253 million higher than the fuel inventory balance as of June 30, 2022. For the three and six months ended June 30, 2022 and 2021, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $1 million and $59 million, respectively, and for the six months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $121 million and $159 million, respectively. Inventories, net, consisted of the following:
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Accrued Expenses and Other Current Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses And Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
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Long-Term Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
Revolving Credit Agreement On April 7, 2022, we entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, Collateral Agent, Swingline Lender and a letter of credit issuer (the “Credit Facility”). The Credit Facility amended and restated the former revolving credit facility entered into on July 27, 2018 (the "2018 Revolver"). The Credit Facility is a $1.50 billion revolving credit facility, expiring April 7, 2027 (which date may be extended in accordance with the terms of the Credit Facility). The Credit Facility can be increased from time to time upon our written request, subject to certain conditions, up to an additional $500 million. As of June 30, 2022, the balance on the Credit Facility was $869 million, and $6 million in standby letters of credit were outstanding. The unused availability on the Credit Facility at June 30, 2022 was $0.6 billion. The weighted average interest rate on the total amount outstanding at June 30, 2022 was 3.48%. The Partnership was in compliance with all financial covenants at June 30, 2022. Fair Value of Debt The estimated fair value of debt is calculated using Level 2 inputs. The fair value of debt as of June 30, 2022 is estimated to be approximately $3.2 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities.
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Other Noncurrent Liabilities (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following:
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Related-Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions We are party to fee-based commercial agreements with various affiliates of Energy Transfer for pipeline, terminalling and storage services. We also have agreements with subsidiaries of Energy Transfer for the purchase and sale of fuel. Our investment in the J.C. Nolan pipeline (a joint venture with Energy Transfer) was $131 million and $132 million as of June 30, 2022 and December 31, 2021, respectively. In addition, we recorded income on the unconsolidated joint venture of $1 million for both the three months ended June 30, 2022 and 2021 and $2 million for both the six months ended June 30, 2022 and 2021. Summary of Transactions Related party transactions with affiliates for the three and six months ended June 30, 2022 and 2021 were as follows (in millions):
Significant affiliate balances and activity related to the consolidated balance sheets are as follows: •Net advances from affiliates were $118 million and $126 million as of June 30, 2022 and December 31, 2021, respectively, related to treasury services agreements with Energy Transfer. •Net accounts receivable from affiliates were $13 million and $12 million as of June 30, 2022 and December 31, 2021, respectively, which are primarily related to motor fuel sales to affiliates. •Net accounts payable to affiliates were $171 million and $59 million as of June 30, 2022 and December 31, 2021, respectively, attributable to operational expenses and bulk fuel purchases.
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Revenue (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenue Disaggregation of Revenue We operate our business in two primary segments, Fuel Distribution and Marketing and All Other. We disaggregate revenue within the segments by channels. The following table depicts the disaggregation of revenue by channel within each segment:
Contract Balances with Customers The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2022 and December 31, 2021 were as follows:
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Commitments And Contingencies |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Litigation We have at various points and may in the future become involved in various legal proceedings arising out of our operations in the normal course of business. These proceedings would be subject to the uncertainties inherent in any litigation, and we regularly assess the need for accounting recognition or disclosure of these contingencies. We would expect to defend ourselves vigorously in all such matters. Based on currently available information, we believe it is unlikely that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows. Lessee Accounting The details of the Partnership's operating and finance lease liabilities are as follows:
Lessor Accounting The Partnership leases or subleases a portion of its real estate portfolio to third party companies as a stable source of long-term revenue. Our lessor and sublease portfolio consists mainly of operating leases with convenience store operators. At this time, most lessor agreements contain 5-year terms with renewal options to extend and early termination options based on established terms specific to the individual agreement.
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Income Tax Expense |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | Income Tax Expense As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes. Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows:
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Partners' Capital |
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Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Equity As of June 30, 2022, Energy Transfer and its subsidiaries owned 28,463,967 common units, which constitutes a 28.4% limited partner interest in the Partnership. As of June 30, 2022, our wholly-owned consolidated subsidiaries owned 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”) and the public owned 55,298,299 common units. Common Units The change in our outstanding common units for the six months ended June 30, 2022 was as follows:
Allocation of Net Income 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 Energy Transfer. The calculation of net income allocated to the partners was as follows (in millions):
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 2022 were as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting Our consolidated financial statements reflect two reportable segments, Fuel Distribution and Marketing and All Other. We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets and non-cash impairment charges, unrealized gains and losses on commodity derivatives, inventory adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. The following table presents financial information by segment for the three and six months ended June 30, 2022 and 2021:
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Net Income per Unit |
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Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Unit | Net Income per Common Unit A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows:
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Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | On April 1, 2022, we completed the previously announced acquisition of a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital Partners, LLC for $264 million. The acquisition increased intangible assets and goodwill by $96 million and $19 million, respectively. The remaining $149 million consisted of fixed assets of $72 million and working capital of $77 million. Management with the assistance of a third party valuation firm, determined the preliminary assessment of fair value of assets and liabilities at the date of the Gladieux Capital Partners, LLC acquisition. We determined the preliminary value of goodwill by giving consideration to various qualitative factors. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. As a result, adjustments to this preliminary allocation may occur in the future. Goodwill acquired in connection with the Gladieux Capital Partners, LLC acquisition is deductible for tax purposes. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the balance sheets or statements of cash flows.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") on February 18, 2022.
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Recently Issued Accounting Pronouncements | Significant Accounting PoliciesAs of June 30, 2022, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022. |
Motor Fuel and Sales Taxes | Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $72 million and $87 million for the three months ended June 30, 2022 and 2021, respectively, and $143 million and $164 million for the six months ended June 30, 2022 and 2021, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the consolidated statements of operations and comprehensive income.
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Inventory (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy | Fuel inventories are stated at the lower of cost or market using the last-in-first-out (“LIFO”) method. As of June 30, 2022 and December 31, 2021, the Partnership’s fuel inventory balance included lower of cost or market reserves of zero and $121 million, respectively. The fuel inventory replacement cost was $253 million higher than the fuel inventory balance as of June 30, 2022. For the three and six months ended June 30, 2022 and 2021, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $1 million and $59 million, respectively, and for the six months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $121 million and $159 million, respectively. |
Revenue from Contract with Customer (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Contract Balances with CustomersCosts to Obtain or Fulfill a ContractFor the three and six months ended June 30, 2022, the Partnership recognized $3 million and $10 million, respectively, and $5 million and $9 million for the three and six months ended June 30, 2021, respectively, of amortization on capitalized costs incurred to obtain contracts. |
Partners' Capital Partners' Capital (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Partners' Capital [Abstract] | |
Allocation of net income [Policy Text Block] | Allocation of Net Income 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 Energy Transfer.
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Accounts Receivable, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable, net, consisted of the following:
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Inventories, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories, net, consisted of the following:
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Accrued Expenses and Other Current Liabilities (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses And Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consisted of the following:
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Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consisted of the following:
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Other Noncurrent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities [Table Text Block] |
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Related-Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Related party transactions with affiliates for the three and six months ended June 30, 2022 and 2021 were as follows (in millions):
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table depicts the disaggregation of revenue by channel within each segment:
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2022 and December 31, 2021 were as follows:
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Commitments And Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The details of the Partnership's operating and finance lease liabilities are as follows:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Income Tax Expense (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows:
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Partners' Capital (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Partners' Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Units | The change in our outstanding common units for the six months ended June 30, 2022 was as follows:
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Schedule of Net Income Allocation By Partners | The calculation of net income allocated to the partners was as follows (in millions):
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Distributions Made to Limited Partner, by Distribution | Cash distributions paid or declared during 2022 were as follows:
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Segment Reporting (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
________________________________
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Net Income per Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income per Unit, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows:
|
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accounting Policies [Abstract] | ||||
Motor fuel and sales taxes | $ 72 | $ 87 | $ 143 | $ 164 |
Inventories, net - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Inventory Disclosure [Abstract] | |||||
Inventory Adjustments | $ 0 | $ 0 | $ 121 | ||
Inventory valuation adjustment | (1) | $ (59) | 121 | $ 159 | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 253 | $ 253 |
Inventories, net (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Fuel | $ 746 | $ 526 |
Other | 11 | 8 |
Inventories, net | $ 757 | $ 534 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Wage and other employee-related accrued expenses | $ 19 | $ 23 |
Accrued tax expense | 162 | 152 |
Accrued insurance | 23 | 22 |
Accrued interest expense | 30 | 31 |
Dealer deposits | 22 | 21 |
Accrued environmental expense | 7 | 7 |
Other | 51 | 35 |
Total | $ 314 | $ 291 |
Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 869 | $ 581 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |
Accordion feature of line of credit | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Revolving Credit Agreement [Member] | Two Thousand Eighteen Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 869 | $ 581 |
Letters of Credit Outstanding, Amount | 6 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 600 | |
Debt, Weighted Average Interest Rate | 3.48% |
Long-Term Debt Fair Value Measurements (Details) $ in Billions |
Jun. 30, 2022
USD ($)
|
---|---|
Fair Value Measurements [Abstract] | |
Long-term Debt, Fair Value | $ 3.2 |
Other Noncurrent Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Reserve for underground storage tank removal | $ 81 | $ 79 |
Accrued environmental expense, long-term | 12 | 12 |
Other | 18 | 13 |
Other noncurrent liabilities | $ 111 | $ 104 |
Related-Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||||
Investment in unconsolidated affiliate | $ 131 | $ 131 | $ 132 | ||
Equity in earnings of unconsolidated affiliate | 1 | $ 1 | 2 | $ 2 | |
Advances from affiliates | 118 | 118 | 126 | ||
Receivables from affiliates | 13 | 13 | 12 | ||
Accounts payable to affiliates | 171 | 171 | $ 59 | ||
Wholesale motor fuel sales to affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 23 | 7 | 28 | 9 | |
Wholesale Motor Fuel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 703 | $ 419 | $ 1,243 | $ 752 |
Revenue (Contract Balances with Customer) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract asset | $ 182 | $ 157 |
Receivables from Customers | 802 | 463 |
Contract with Customer, Liability | $ 0 | $ 0 |
Revenue (Costs to Obtain or Fulfill a Contract) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||||
Capitalized Contract Cost, Amortization | $ 3 | $ 5 | $ 10 | $ 9 |
Commitments And Contingencies (Lessor Disclosures) (Details) |
Jun. 30, 2022 |
---|---|
Lessor Disclosure [Abstract] | |
Lessor, Operating Lease, Term of Contract | 5 years |
Income Tax Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense at statutory federal rate | $ 27 | $ 37 | $ 73 | $ 69 |
Partnership earnings not subject to tax | (22) | (30) | (66) | (61) |
State and local tax, net of federal benefit | 2 | 2 | 3 | 3 |
Other | 1 | (1) | 1 | 0 |
Net income tax expense | $ 8 | $ 8 | $ 11 | $ 11 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Partners' Capital Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Common Units | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 55,298,299 | |
Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 83,762,266 | 83,670,950 |
Class C Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | 16,410,780 |
Subsidiaries [Member] | Class C Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | |
Energy Transfer Operating, L.P. [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Percentage of Common Units Owned | 28.40% | |
Energy Transfer Operating, L.P. [Member] | Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 28,463,967 |
Partners' Capital (Schedule of Common Units) (Details) - Common Units [Member] |
6 Months Ended |
---|---|
Jun. 30, 2022
shares
| |
Class of Stock [Line Items] | |
Number of common units at December 31, 2021 | 83,670,950 |
Vested phantom units exercised | 91,316 |
Number of common units at June 30, 2022 | 83,762,266 |
Partners' Capital (Allocations of Net Income) (Details) - Common Units [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Schedule of Partners' Capital [Line Items] | ||||
Distributions | $ 69 | $ 69 | $ 138 | $ 138 |
Distributions in excess of income | (33) | (78) | (160) | (143) |
Limited partners’ interest in net income | $ 102 | $ 147 | $ 298 | $ 281 |
Partners' Capital (Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Aug. 19, 2022 |
May 19, 2022 |
Feb. 18, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Per Unit Distribution (in dollars per unit) | $ 0.8255 | $ 0.8255 | |||
Total Cash Distribution | $ 69 | $ 69 | $ 176 | $ 176 | |
General Partner | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Total Cash Distribution | $ 18 | $ 18 | |||
Subsequent Event [Member] | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Per Unit Distribution (in dollars per unit) | $ 0.8255 | ||||
Total Cash Distribution | $ 69 | ||||
Subsequent Event [Member] | General Partner | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Total Cash Distribution | $ 18 |
Segment Reporting - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share Basic [Line Items] | ||||||
Net Income (Loss) Attributable to Parent | $ 121 | $ 216 | $ 166 | $ 154 | $ 337 | $ 320 |
Incentive distribution rights | 18 | 18 | 36 | 36 | ||
Distributions on nonvested phantom unit awards | $ 1 | $ 1 | $ 3 | $ 3 | ||
Weighted average common units outstanding: | ||||||
Common - basic (in shares) | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 | ||
Common - diluted (in shares) | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 | ||
Basic | $ 1.22 | $ 1.76 | $ 3.56 | $ 3.37 | ||
Diluted | $ 1.20 | $ 1.73 | $ 3.52 | $ 3.33 | ||
Common Units [Member] | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Limited partners’ interest in net income | $ 102 | $ 147 | $ 298 | $ 281 | ||
Weighted average common units outstanding: | ||||||
Common - basic (in shares) | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 | ||
Common - equivalents (in shares) | 1,030,359 | 1,052,300 | 1,039,486 | 929,921 | ||
Common - diluted (in shares) | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |
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