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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue        
Revenue from contract with customer $ 106 $ 107 $ 213 $ 224
Lease revenue – related parties 14 14 28 28
Total revenue 120 121 241 252
Costs and expenses        
Operations and maintenance – third parties 10 16 24 29
Operations and maintenance – related parties 32 16 46 30
Cost of product sold 2 7 17 16
Loss from revision of asset retirement obligation 0 0 0 2
General and administrative – third parties 1 5 4 6
General and administrative – related parties 17 12 29 23
Depreciation, amortization and accretion 13 12 26 24
Property and other taxes 4 5 9 9
Total costs and expenses 79 73 155 139
Operating income 41 48 86 113
Income from equity method investments 109 80 221 150
Dividend income from other investments 0 0 0 14
Other income 11 12 20 20
Investment, dividend and other income 120 92 241 184
Interest income 7 1 8 2
Interest expense 24 22 49 43
Income before income taxes 144 119 286 256
Income tax expense 0 0 0 0
Net income 144 119 286 256
Less: Net income attributable to noncontrolling interests 3 4 7 9
Net income attributable to the Partnership 141 115 279 247
Preferred unitholder’s interest in net income attributable to the Partnership 12 0 12 0
General partner’s interest in net income attributable to the Partnership 0 30 55 57
Limited Partners’ interest in net income attributable to the Partnership’s common unitholders $ 129 $ 85 $ 212 $ 190
Net income per Limited Partner Unit:        
Distributions per Limited Partner unit (in dollars per share) $ 0.4600 $ 0.4300 $ 0.9200 $ 0.8450
Common        
Costs and expenses        
Net income attributable to the Partnership   $ 85   $ 190
Net income per Limited Partner Unit:        
Common - basic (in dollars per share) 0.33 $ 0.38 0.68 $ 0.84
Common - diluted (in dollars per share) $ 0.32 $ 0.38 $ 0.66 $ 0.84
Common units – public        
Costs and expenses        
Net income $ 41 $ 45    
Weighted average Limited Partner Units outstanding:        
Common units - basic (in shares) 123.8 123.8 123.8 123.8
Common units - diluted (in shares) 123.8 123.8 123.8 123.8
Common units – public | Shell Pipeline Company L P        
Costs and expenses        
Net income $ 88 $ 40    
Common units – SPLC | Shell Pipeline Company L P        
Weighted average Limited Partner Units outstanding:        
Common units - basic (in shares) 269.5 102.6 189.5 101.3
Common units - diluted (in shares) 320.3 102.6 214.8 101.3
Third Parties | Transportation, Terminaling and Storage Services        
Revenue        
Revenue from contract with customer $ 27 $ 34 $ 58 $ 76
Third Parties | Product Revenue        
Revenue        
Revenue from contract with customer 0 3 0 4
Related Parties | Transportation, Terminaling and Storage Services        
Revenue        
Revenue from contract with customer 77 64 146 128
Related Parties | Product Revenue        
Revenue        
Revenue from contract with customer $ 2 $ 6 $ 9 $ 16