Earnings Per Limited Partner Unit

9 Months Ended

Sep. 30, 2020

The following table illustrates the Partnership’s calculation of earnings per unit for common units.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

	(In millions, except per unit data)
Net income (loss)	$	(163)	$	133	$	(14)	$	380
Net income (loss) attributable to noncontrolling interest	1		1		(6)		2
Series A Preferred Unit distributions	9		9		27		27
General partner interest in net income	—		—		—		—
Net income (loss) available to common units	$	(173)	$	123	$	(35)	$	351

Net income (loss) allocable to common units	$	(173)	$	123	$	(35)	$	351
Dilutive effect of Series A Preferred Unit distributions (2)	—		—		—		—
Diluted net income (loss) allocable to common units	$	(173)	$	123	$	(35)	$	351



Basic weighted average number of common units outstanding (1)	437		437		437		436
Dilutive effect of Series A Preferred Units (2)	—		—		—		—
Dilutive effect of performance units (3)	—		—		—		—
Diluted weighted average number of common units outstanding	437		437		437		436

Basic earnings (loss) per unit
Common units	$	(0.40)	$	0.28	$	(0.08)	$	0.81

Diluted earnings (loss) per unit
Common units	$	(0.40)	$	0.28	$	(0.08)	$	0.81

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(1)Basic weighted average number of outstanding common units includes approximately two million time-based phantom units for both the three months ended September 30, 2020 and 2019, and two million and one million time-based phantom units for the nine months ended September 30, 2020 and 2019, respectively.

(2)For the three and nine months ended September 30, 2020 and 2019, the issuance of “if-converted” common units attributable to the Series A Preferred Units were excluded in the calculation of diluted earnings (loss) per unit as the impact was anti-dilutive.

(3)The contingent effect of performance unit awards is anti-dilutive for the three and nine months ended September 30, 2020. The dilutive effect of the performance unit awards was less than $0.01 per unit during the three and nine months ended September 30, 2019.