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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue        
Revenue from contract with customer $ 95 $ 111 $ 308 $ 335
Lease revenue – related parties 15 14 43 42
Total revenue 110 125 351 377
Costs and expenses        
Operations and maintenance – third parties 9 19 33 48
Operations and maintenance – related parties 30 14 76 44
Cost of product sold 3 10 20 26
Loss from revision of asset retirement obligation 0 0 0 2
General and administrative – third parties 3 2 7 8
General and administrative – related parties 11 14 40 37
Depreciation, amortization and accretion 13 12 39 36
Property and other taxes 6 5 15 14
Total costs and expenses 75 76 230 215
Operating income 35 49 121 162
Income from equity method investments 109 115 330 265
Dividend income from other investments 0 0 0 14
Other income 7 8 27 28
Investment, dividend and other income 116 123 357 307
Interest income 8 1 16 2
Interest expense 22 27 71 69
Income before income taxes 137 146 423 402
Income tax expense 0 0 0 0
Net income 137 146 423 402
Less: Net income attributable to noncontrolling interests 2 5 9 14
Net income attributable to the Partnership 135 141 414 388
Preferred unitholder’s interest in net income attributable to the Partnership 12 0 24 0
General partner’s interest in net income attributable to the Partnership 0 36 55 93
Limited Partners’ interest in net income attributable to the Partnership’s common unitholders $ 123 $ 105 $ 335 $ 295
Net income per Limited Partner Unit:        
Distributions per Limited Partner unit (in dollars per share) $ 0.4600 $ 0.4450 $ 1.3800 $ 1.2900
Common        
Costs and expenses        
Net income attributable to the Partnership   $ 105   $ 295
Net income per Limited Partner Unit:        
Common - basic (in dollars per share) 0.31 $ 0.45 0.98 $ 1.30
Common - diluted (in dollars per share) $ 0.30 $ 0.45 $ 0.96 $ 1.30
Common units – public        
Costs and expenses        
Net income $ 38 $ 56    
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 $ 85 $ 49    
Common units – SPLC | Shell Pipeline Company L P        
Weighted average Limited Partner Units outstanding:        
Common units - basic (in shares) 269.5 109.5 216.3 104.1
Common units - diluted (in shares) 320.3 109.5 250.2 104.1
Third Parties | Transportation, Terminaling and Storage Services        
Revenue        
Revenue from contract with customer $ 26 $ 33 $ 84 $ 109
Third Parties | Product Revenue        
Revenue        
Revenue from contract with customer 0 0 0 4
Related Parties | Transportation, Terminaling and Storage Services        
Revenue        
Revenue from contract with customer 64 68 210 196
Related Parties | Product Revenue        
Revenue        
Revenue from contract with customer $ 5 $ 10 $ 14 $ 26