XML 67 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue      
Revenue from contract with customer $ 447 $ 469 $ 414
Total revenue 503 525 470
Costs and expenses      
Operations and maintenance – third parties 65 108 104
Operations and maintenance – related parties 59 54 46
Cost of product sold – third parties 5 7 0
Cost of product sold – related parties 31 25 0
Loss (gain) from revision of ARO and disposition of fixed assets 2 (3) 0
General and administrative – third parties 11 8 10
General and administrative – related parties 49 52 48
Depreciation, amortization and accretion 49 46 45
Property and other taxes 17 16 17
Total costs and expenses 288 313 270
Operating income 215 212 200
Income from equity method investments 373 235 187
Dividend income from other investments 14 67 37
Other income 36 31 0
Investment, dividend and other income 423 333 224
Interest expense, net 92 62 32
Income before income taxes 546 483 392
Income tax expense 0 1 0
Net income 546 482 392
Less: Net income attributable to the Parent 0 0 77
Less: Net income attributable to noncontrolling interests 18 18 20
Net income attributable to the Partnership 528 464 295
General partner’s interest in net income attributable to the Partnership 147 134 64
Limited Partners’ interest in net income attributable to the Partnership $ 381 $ 330 $ 231
Net income per Limited Partner Unit - Basic and Diluted:      
Distributions per Limited Partner unit (in dollars per share) $ 1.7500 $ 1.4950 $ 1.2461
Common      
Costs and expenses      
Net income attributable to the Partnership $ 381 $ 330 $ 231
Net income per Limited Partner Unit - Basic and Diluted:      
Net income per Limited Partner Unit - Basic and Diluted (in dollars per share) $ 1.66 $ 1.50 $ 1.28
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 229.2 220.3 180.4
Common units - public      
Costs and expenses      
Net income $ 204 $ 182 $ 119
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 123.8 121.3 91.4
Common units - public | Shell Pipeline Company L P      
Costs and expenses      
Net income $ 177 $ 147 $ 112
Common units - SPLC | Shell Pipeline Company L P      
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 105.4 99.0 89.0
Third Parties | Transportation, Terminaling And Storage Services      
Revenue      
Revenue from contract with customer $ 143 $ 209 $ 236
Third Parties | Product Revenue      
Revenue      
Revenue from contract with customer 5 2 0
Related Parties      
Revenue      
Lease revenue – related parties 56    
Lease revenue – related parties 56 56 56
Related Parties | Transportation, Terminaling And Storage Services      
Revenue      
Revenue from contract with customer 264 229 178
Related Parties | Product Revenue      
Revenue      
Revenue from contract with customer $ 35 $ 29 $ 0