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Name | Symbol | Market | Type |
---|---|---|---|
Enterprise Products Partners LP | NYSE:EPD | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.24 | 0.83% | 29.17 | 29.18 | 28.80 | 28.90 | 7,621,520 | 01:00:00 |
Delaware
|
|
76-0568219
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
1100 Louisiana Street, 10th Floor
|
Houston, Texas 77002
|
(Address of Principal Executive Offices, including Zip Code)
|
(713) 381-6500
|
(Registrant’s Telephone Number, including Area Code)
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange On Which Registered
|
Common Units
|
EPD
|
New York Stock Exchange
|
Large Accelerated Filer ☑
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
|
|
Page No.
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
March 31,
2021
|
December 31,
2020
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
229.4
|
$
|
1,059.9
|
||||
Restricted cash
|
105.0
|
98.2
|
||||||
Accounts receivable – trade, net of allowance for credit losses
of $47.3 at March 31, 2021 and $46.5 at December 31, 2020
|
5,779.9
|
4,802.6
|
||||||
Accounts receivable – related parties
|
7.0
|
5.6
|
||||||
Inventories (see Note 3)
|
3,703.3
|
3,303.5
|
||||||
Derivative assets (see Note 13)
|
323.0
|
228.6
|
||||||
Prepaid and other current assets
|
436.5
|
411.0
|
||||||
Total current assets
|
10,584.1
|
9,909.4
|
||||||
Property, plant and equipment, net (see Note 4)
|
42,102.4
|
41,912.8
|
||||||
Investments in unconsolidated affiliates (see Note 5)
|
2,449.8
|
2,429.2
|
||||||
Intangible assets, net (see Note 6)
|
3,259.8
|
3,309.1
|
||||||
Goodwill (see Note 6)
|
5,448.9
|
5,448.9
|
||||||
Other assets
|
1,138.5
|
1,097.3
|
||||||
Total assets
|
$
|
64,983.5
|
$
|
64,106.7
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 7)
|
$
|
1,513.4
|
$
|
1,325.0
|
||||
Accounts payable – trade
|
830.7
|
704.6
|
||||||
Accounts payable – related parties
|
85.1
|
149.5
|
||||||
Accrued product payables
|
7,053.0
|
5,395.4
|
||||||
Accrued interest
|
224.2
|
455.6
|
||||||
Derivative liabilities (see Note 13)
|
239.4
|
349.2
|
||||||
Other current liabilities
|
593.1
|
608.7
|
||||||
Total current liabilities
|
10,538.9
|
8,988.0
|
||||||
Long-term debt (see Note 7)
|
27,145.9
|
28,540.7
|
||||||
Deferred tax liabilities (see Note 15)
|
482.8
|
464.7
|
||||||
Other long-term liabilities
|
696.4
|
686.6
|
||||||
Commitments and contingent liabilities (see Note 16)
|
|
|
||||||
Redeemable preferred limited partner interests: (see Note 8)
|
||||||||
Series A cumulative convertible preferred units (“preferred units”)
(50,412 units outstanding at March 31, 2021 and 50,138 units outstanding
at December 31, 2020)
|
49.3
|
49.3
|
||||||
Equity: (see Note 8)
|
||||||||
Partners’ equity:
|
||||||||
Common limited partner interests (2,185,178,603 units issued and outstanding at March 31, 2021, 2,182,308,958 units issued and outstanding at December 31, 2020)
|
26,108.6
|
25,766.6
|
||||||
Treasury units, at cost
|
(1,297.3
|
)
|
(1,297.3
|
)
|
||||
Accumulated other comprehensive income (loss)
|
181.0
|
(165.2
|
)
|
|||||
Total partners’ equity
|
24,992.3
|
24,304.1
|
||||||
Noncontrolling interests in consolidated subsidiaries
|
1,077.9
|
1,073.3
|
||||||
Total equity
|
26,070.2
|
25,377.4
|
||||||
Total liabilities, preferred units, and equity
|
$
|
64,983.5
|
$
|
64,106.7
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Revenues:
|
||||||||
Third parties
|
$
|
9,141.1
|
$
|
7,466.5
|
||||
Related parties
|
14.2
|
16.0
|
||||||
Total revenues (see Note 9)
|
9,155.3
|
7,482.5
|
||||||
Costs and expenses:
|
||||||||
Operating costs and expenses:
|
||||||||
Third party and other costs
|
7,229.3
|
5,735.3
|
||||||
Related parties
|
324.1
|
325.0
|
||||||
Total operating costs and expenses
|
7,553.4
|
6,060.3
|
||||||
General and administrative costs:
|
||||||||
Third party and other costs
|
21.5
|
23.0
|
||||||
Related parties
|
34.8
|
32.5
|
||||||
Total general and administrative costs
|
56.3
|
55.5
|
||||||
Total costs and expenses (see Note 10)
|
7,609.7
|
6,115.8
|
||||||
Equity in income of unconsolidated affiliates
|
148.9
|
140.8
|
||||||
Operating income
|
1,694.5
|
1,507.5
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(322.8
|
)
|
(317.5
|
)
|
||||
Change in fair market value of Liquidity Option
|
–
|
(2.3
|
)
|
|||||
Interest income
|
1.1
|
7.2
|
||||||
Other, net
|
(0.2
|
)
|
0.9
|
|||||
Total other expense, net
|
(321.9
|
)
|
(311.7
|
)
|
||||
Income before income taxes
|
1,372.6
|
1,195.8
|
||||||
Benefit from (provision for) income taxes (see Note 15)
|
(10.0
|
)
|
179.2
|
|||||
Net income
|
1,362.6
|
1,375.0
|
||||||
Net income attributable to noncontrolling interests
|
(21.3
|
)
|
(24.9
|
)
|
||||
Net income attributable to preferred units
|
(0.9
|
)
|
–
|
|||||
Net income attributable to common unitholders
|
$
|
1,340.4
|
$
|
1,350.1
|
||||
|
||||||||
Earnings per unit: (see Note 11)
|
||||||||
Basic and diluted earnings per common unit
|
$
|
0.61
|
$
|
0.61
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
|
||||||||
Net income
|
$
|
1,362.6
|
$
|
1,375.0
|
||||
Other comprehensive income (loss):
|
||||||||
Cash flow hedges: (see Note 13)
|
||||||||
Commodity hedging derivative instruments:
|
||||||||
Changes in fair value of cash flow hedges
|
(461.2
|
)
|
475.1
|
|||||
Reclassification of losses (gains) to net income
|
616.1
|
(155.6
|
)
|
|||||
Interest rate hedging derivative instruments:
|
||||||||
Changes in fair value of cash flow hedges
|
182.9
|
(278.1
|
)
|
|||||
Reclassification of losses to net income
|
8.6
|
9.6
|
||||||
Total cash flow hedges
|
346.4
|
51.0
|
||||||
Other
|
(0.2
|
)
|
(0.1
|
)
|
||||
Total other comprehensive income
|
346.2
|
50.9
|
||||||
Comprehensive income
|
1,708.8
|
1,425.9
|
||||||
Comprehensive income attributable to noncontrolling interests
|
(21.3
|
)
|
(24.9
|
)
|
||||
Comprehensive income attributable to preferred units
|
(0.9
|
)
|
–
|
|||||
Comprehensive income attributable to common unitholders
|
$
|
1,686.6
|
$
|
1,401.0
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,362.6
|
$
|
1,375.0
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation and accretion
|
425.4
|
414.0
|
||||||
Amortization of intangible assets
|
36.1
|
39.6
|
||||||
Amortization of major maintenance costs for reaction-based plants
|
2.6
|
–
|
||||||
Other amortization expense
|
60.9
|
55.4
|
||||||
Impairment of assets other than goodwill (see Note 4)
|
65.6
|
1.6
|
||||||
Equity in income of unconsolidated affiliates
|
(148.9
|
)
|
(140.8
|
)
|
||||
Distributions received from unconsolidated affiliates attributable to earnings
|
111.9
|
126.9
|
||||||
Net losses attributable to asset sales and related matters
|
10.9
|
0.1
|
||||||
Deferred income tax expense (benefit)
|
4.6
|
(184.1
|
)
|
|||||
Change in fair market value of derivative instruments
|
(15.6
|
)
|
(29.5
|
)
|
||||
Change in fair market value of Liquidity Option
|
–
|
2.3
|
||||||
Non-cash expense related to long-term operating leases (see Note 16)
|
9.3
|
10.0
|
||||||
Net effect of changes in operating accounts (see Note 17)
|
99.0
|
341.7
|
||||||
Other operating activities
|
(1.3
|
)
|
–
|
|||||
Net cash flows provided by operating activities
|
2,023.1
|
2,012.2
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(679.0
|
)
|
(1,079.5
|
)
|
||||
Investments in unconsolidated affiliates
|
(1.3
|
)
|
(3.3
|
)
|
||||
Distributions received from unconsolidated affiliates attributable to the return of capital
|
18.6
|
10.3
|
||||||
Proceeds from asset sales
|
6.2
|
0.6
|
||||||
Other investing activities
|
(1.5
|
)
|
0.2
|
|||||
Cash used in investing activities
|
(657.0
|
)
|
(1,071.7
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
7,531.8
|
5,411.8
|
||||||
Repayments of debt
|
(8,741.8
|
)
|
(3,406.6
|
)
|
||||
Debt issuance costs
|
–
|
(28.4
|
)
|
|||||
Monetization of interest rate derivative instruments
|
75.2
|
(33.3
|
)
|
|||||
Cash distributions paid to common unitholders (see Note 8)
|
(981.7
|
)
|
(974.2
|
)
|
||||
Cash payments made in connection with distribution equivalent rights
|
(7.0
|
)
|
(5.8
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(29.8
|
)
|
(29.9
|
)
|
||||
Cash contributions from noncontrolling interests
|
13.1
|
5.2
|
||||||
Repurchase of common units under 2019 Buyback Program (see Note 8)
|
(13.9
|
)
|
(140.1
|
)
|
||||
Other financing activities
|
(35.7
|
)
|
(33.6
|
)
|
||||
Cash provided by (used in) financing activities
|
(2,189.8
|
)
|
765.1
|
|||||
Net change in cash and cash equivalents, including restricted cash
|
(823.7
|
)
|
1,705.6
|
|||||
Cash and cash equivalents, including restricted cash, at beginning of period
|
1,158.1
|
410.0
|
||||||
Cash and cash equivalents, including restricted cash, at end of period
|
$
|
334.4
|
$
|
2,115.6
|
|
Partners’ Equity
|
|||||||||||||||||||
Common
Limited
Partner
Interests
|
Treasury
Units
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests in
Consolidated
Subsidiaries
|
Total
|
||||||||||||||||
Balance, December 31, 2020
|
$
|
25,766.6
|
$
|
(1,297.3
|
)
|
$
|
(165.2
|
)
|
$
|
1,073.3
|
$
|
25,377.4
|
||||||||
Net income
|
1,340.4
|
–
|
–
|
21.3
|
1,361.7
|
|||||||||||||||
Cash distributions paid to common unitholders
|
(981.7
|
)
|
–
|
–
|
–
|
(981.7
|
)
|
|||||||||||||
Cash payments made in connection with distribution equivalent rights
|
(7.0
|
)
|
–
|
–
|
–
|
(7.0
|
)
|
|||||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
–
|
(29.8
|
)
|
(29.8
|
)
|
|||||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
–
|
13.1
|
13.1
|
|||||||||||||||
Amortization of fair value of equity-based awards
|
38.8
|
–
|
–
|
–
|
38.8
|
|||||||||||||||
Repurchase and cancellation of common units under
2019 Buyback Program (see Note 8)
|
(13.9
|
)
|
–
|
–
|
–
|
(13.9
|
)
|
|||||||||||||
Cash flow hedges
|
–
|
–
|
346.4
|
–
|
346.4
|
|||||||||||||||
Other, net
|
(34.6
|
)
|
–
|
(0.2
|
)
|
–
|
(34.8
|
)
|
||||||||||||
Balance, March 31, 2021
|
$
|
26,108.6
|
$
|
(1,297.3
|
)
|
$
|
181.0
|
$
|
1,077.9
|
$
|
26,070.2
|
|
Partners’ Equity
|
|||||||||||||||||||
Common
Limited
Partner
Interests
|
Treasury
Units
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests in
Consolidated
Subsidiaries
|
Total
|
||||||||||||||||
Balance, December 31, 2019
|
$
|
24,692.6
|
$
|
–
|
$
|
71.4
|
$
|
1,063.5
|
$
|
25,827.5
|
||||||||||
Net income
|
1,350.1
|
–
|
–
|
24.9
|
1,375.0
|
|||||||||||||||
Cash distributions paid to common unitholders
|
(974.2
|
)
|
–
|
–
|
–
|
(974.2
|
)
|
|||||||||||||
Cash payments made in connection with distribution equivalent rights
|
(5.8
|
)
|
–
|
–
|
–
|
(5.8
|
)
|
|||||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
–
|
(29.9
|
)
|
(29.9
|
)
|
|||||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
–
|
5.2
|
5.2
|
|||||||||||||||
Amortization of fair value of equity-based awards
|
39.1
|
–
|
–
|
–
|
39.1
|
|||||||||||||||
Repurchase and cancellation of common units under
2019 Buyback Program (see Note 8)
|
(140.1
|
)
|
–
|
–
|
–
|
(140.1
|
)
|
|||||||||||||
Common units issued to Skyline North Americas, Inc. in connection with
settlement of Liquidity Option (see Note 8)
|
1,297.3
|
–
|
–
|
–
|
1,297.3
|
|||||||||||||||
Treasury units acquired in connection with settlement of Liquidity Option,
at cost (see Note 8)
|
–
|
(1,297.3
|
)
|
–
|
–
|
(1,297.3
|
)
|
|||||||||||||
Cash flow hedges
|
–
|
–
|
51.0
|
–
|
51.0
|
|||||||||||||||
Other, net
|
(33.6
|
)
|
–
|
(0.1
|
)
|
0.1
|
(33.6
|
)
|
||||||||||||
Balance, March 31, 2020
|
$
|
26,225.4
|
$
|
(1,297.3
|
)
|
$
|
122.3
|
$
|
1,063.8
|
$
|
26,114.2
|
• |
natural gas gathering, treating, processing, transportation and storage;
|
• |
NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane);
|
• |
crude oil gathering, transportation, storage, and marine terminals;
|
• |
propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities;
|
• |
petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”); and
|
• |
a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
|
Allowance for credit losses, December 31, 2020
|
$
|
46.5
|
||
Charged to costs and expenses
|
0.2
|
|||
Charged to other accounts
|
1.1
|
|||
Deductions
|
(0.5
|
)
|
||
Allowance for credit losses, March 31, 2021
|
$
|
47.3
|
March 31,
2021
|
December 31,
2020
|
|||||||
Cash and cash equivalents
|
$
|
229.4
|
$
|
1,059.9
|
||||
Restricted cash
|
105.0
|
98.2
|
||||||
Total cash, cash equivalents and restricted cash shown in the
Unaudited Condensed Statements of Consolidated Cash Flows
|
$
|
334.4
|
$
|
1,158.1
|
March 31,
2021
|
December 31,
2020
|
|||||||
NGLs
|
$
|
1,707.8
|
$
|
1,888.1
|
||||
Petrochemicals and refined products
|
1,151.0
|
642.6
|
||||||
Crude oil
|
825.7
|
758.1
|
||||||
Natural gas
|
18.8
|
14.7
|
||||||
Total
|
$
|
3,703.3
|
$
|
3,303.5
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Cost of sales (1)
|
$
|
6,263.0
|
$
|
4,823.0
|
||||
Lower of cost or net realizable value adjustments recognized in cost of sales
|
10.0
|
38.0
|
(1)
|
Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
March 31,
2021
|
December 31,
2020
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45
|
(5)
|
$
|
50,036.0
|
$
|
49,972.8
|
||||||
Underground and other storage facilities (2)
|
5-40
|
(6)
|
4,231.4
|
4,207.5
|
||||||||
Transportation equipment (3)
|
3-10
|
199.2
|
204.9
|
|||||||||
Marine vessels (4)
|
15-30
|
929.6
|
932.7
|
|||||||||
Land
|
372.1
|
371.9
|
||||||||||
Construction in progress
|
2,055.3
|
1,807.7
|
||||||||||
Subtotal
|
57,823.6
|
57,497.5
|
||||||||||
Less accumulated depreciation
|
15,805.9
|
15,584.7
|
||||||||||
Subtotal property, plant and equipment, net
|
42,017.7
|
41,912.8
|
||||||||||
Capitalized major maintenance costs for reaction-based
plants, net of accumulated amortization (7)
|
84.7
|
–
|
||||||||||
Property, plant and equipment, net
|
$
|
42,102.4
|
$
|
41,912.8
|
(1)
|
Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
|
(2)
|
Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
|
(3)
|
Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
|
(4)
|
Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
|
(5)
|
In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
|
(6)
|
In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
(7)
|
For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected amortization period for these costs is 2.8 years.
|
ARO liability balance, December 31, 2020
|
$
|
149.5
|
||
Liabilities incurred
|
–
|
|||
Liabilities settled
|
–
|
|||
Revisions in estimated cash flows
|
(1.1
|
)
|
||
Accretion expense
|
1.7
|
|||
ARO liability balance, March 31, 2021
|
$
|
150.1
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Depreciation expense (1)
|
$
|
423.7
|
$
|
412.2
|
||||
Accretion expense (1)
|
1.7
|
1.8
|
||||||
Capitalized interest (2)
|
19.6
|
30.5
|
(1)
|
Depreciation and accretion expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
|
(2)
|
We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
March 31,
2021
|
December 31,
2020
|
|||||||
NGL Pipelines & Services
|
$
|
664.6
|
$
|
671.6
|
||||
Crude Oil Pipelines & Services
|
1,749.5
|
1,723.7
|
||||||
Natural Gas Pipelines & Services
|
32.5
|
31.4
|
||||||
Petrochemical & Refined Products Services
|
3.2
|
2.5
|
||||||
Total
|
$
|
2,449.8
|
$
|
2,429.2
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
NGL Pipelines & Services
|
$
|
28.1
|
$
|
32.7
|
||||
Crude Oil Pipelines & Services
|
118.9
|
107.3
|
||||||
Natural Gas Pipelines & Services
|
1.4
|
1.6
|
||||||
Petrochemical & Refined Products Services
|
0.5
|
(0.8
|
)
|
|||||
Total
|
$
|
148.9
|
$
|
140.8
|
March 31, 2021
|
December 31, 2020
|
|||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
447.8
|
$
|
(224.5
|
)
|
$
|
223.3
|
$
|
447.8
|
$
|
(221.3
|
)
|
$
|
226.5
|
||||||||||
Contract-based intangibles
|
162.6
|
(57.8
|
)
|
104.8
|
162.6
|
(55.0
|
)
|
107.6
|
||||||||||||||||
Segment total
|
610.4
|
(282.3
|
)
|
328.1
|
610.4
|
(276.3
|
)
|
334.1
|
||||||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
2,195.0
|
(306.1
|
)
|
1,888.9
|
2,195.0
|
(291.6
|
)
|
1,903.4
|
||||||||||||||||
Contract-based intangibles
|
283.1
|
(253.2
|
)
|
29.9
|
283.1
|
(249.9
|
)
|
33.2
|
||||||||||||||||
Segment total
|
2,478.1
|
(559.3
|
)
|
1,918.8
|
2,478.1
|
(541.5
|
)
|
1,936.6
|
||||||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,350.3
|
(521.1
|
)
|
829.2
|
1,350.3
|
(512.2
|
)
|
838.1
|
||||||||||||||||
Contract-based intangibles
|
231.1
|
(179.1
|
)
|
52.0
|
470.7
|
(403.8
|
)
|
66.9
|
||||||||||||||||
Segment total
|
1,581.4
|
(700.2
|
)
|
881.2
|
1,821.0
|
(916.0
|
)
|
905.0
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
181.4
|
(69.7
|
)
|
111.7
|
181.4
|
(68.3
|
)
|
113.1
|
||||||||||||||||
Contract-based intangibles
|
44.9
|
(24.9
|
)
|
20.0
|
44.9
|
(24.6
|
)
|
20.3
|
||||||||||||||||
Segment total
|
226.3
|
(94.6
|
)
|
131.7
|
226.3
|
(92.9
|
)
|
133.4
|
||||||||||||||||
Total intangible assets
|
$
|
4,896.2
|
$
|
(1,636.4
|
)
|
$
|
3,259.8
|
$
|
5,135.8
|
$
|
(1,826.7
|
)
|
$
|
3,309.1
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
NGL Pipelines & Services
|
$
|
6.0
|
$
|
6.5
|
||||
Crude Oil Pipelines & Services
|
17.8
|
20.9
|
||||||
Natural Gas Pipelines & Services
|
10.6
|
10.2
|
||||||
Petrochemical & Refined Products Services
|
1.7
|
2.0
|
||||||
Total
|
$
|
36.1
|
$
|
39.6
|
Remainder
of 2021
|
2022
|
2023
|
2024
|
2025
|
||||||||||||||
$
|
107.9
|
$
|
159.5
|
$
|
167.4
|
$
|
163.6
|
$
|
162.2
|
March 31,
2021
|
December 31,
2020
|
|||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, variable-rates
|
$
|
115.0
|
$
|
–
|
||||
Senior Notes TT, 2.80% fixed-rate, due February 2021
|
–
|
750.0
|
||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021
|
–
|
575.0
|
||||||
September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021
|
–
|
–
|
||||||
Senior Notes VV, 3.50% fixed-rate, due February 2022
|
750.0
|
750.0
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
850.0
|
||||||
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024
|
–
|
–
|
||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150.0
|
1,150.0
|
||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875.0
|
875.0
|
||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027
|
575.0
|
575.0
|
||||||
Senior Notes WW, 4.15% fixed-rate, due October 2028
|
1,000.0
|
1,000.0
|
||||||
Senior Notes YY, 3.125% fixed-rate, due July 2029
|
1,250.0
|
1,250.0
|
||||||
Senior Notes AAA, 2.80% fixed-rate, due January 2030
|
1,250.0
|
1,250.0
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,400.0
|
1,400.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
1,150.0
|
||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
975.0
|
975.0
|
||||||
Senior Notes UU, 4.25% fixed-rate, due February 2048
|
1,250.0
|
1,250.0
|
||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049
|
1,250.0
|
1,250.0
|
||||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050
|
1,250.0
|
1,250.0
|
||||||
Senior Notes BBB, 3.70% fixed-rate, due January 2051
|
1,000.0
|
1,000.0
|
||||||
Senior Notes DDD, 3.20% fixed-rate, due February 2052
|
1,000.0
|
1,000.0
|
||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400.0
|
400.0
|
||||||
Senior Notes CCC, 3.95% fixed rate, due January 2060
|
1,000.0
|
1,000.0
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
26,290.0
|
27,500.0
|
||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)
|
232.2
|
232.2
|
||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)
|
700.0
|
700.0
|
||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)
|
1,000.0
|
1,000.0
|
||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)
|
700.0
|
700.0
|
||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
28,936.4
|
30,146.4
|
||||||
Other, non-principal amounts
|
(277.1
|
)
|
(280.7
|
)
|
||||
Less current maturities of debt
|
(1,513.4
|
)
|
(1,325.0
|
)
|
||||
Total long-term debt
|
$
|
27,145.9
|
$
|
28,540.7
|
(1)
|
Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%.
|
(2)
|
Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
|
(3)
|
Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
|
(4)
|
Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.
|
|
Range of Interest
Rates Paid
|
Weighted-Average
Interest Rate Paid
|
Commercial Paper Notes
|
0.15% to 0.25%
|
0.22%
|
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes
|
2.97% to 3.00%
|
2.99%
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2021
|
2022
|
2023
|
2024
|
2025
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
115.0
|
$
|
115.0
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||||||||||
Senior Notes
|
26,175.0
|
–
|
1,400.0
|
1,250.0
|
850.0
|
1,150.0
|
21,525.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
2,646.4
|
–
|
–
|
–
|
–
|
–
|
2,646.4
|
|||||||||||||||||||||
Total
|
$
|
28,936.4
|
$
|
115.0
|
$
|
1,400.0
|
$
|
1,250.0
|
$
|
850.0
|
$
|
1,150.0
|
$
|
24,171.4
|
Common units outstanding at December 31, 2020
|
2,182,308,958
|
|||
Common unit repurchases under 2019 Buyback Program
|
(709,816
|
)
|
||
Common units issued in connection with the vesting of phantom unit awards, net
|
3,553,313
|
|||
Other
|
26,148
|
|||
Common units outstanding at March 31, 2021
|
2,185,178,603
|
Preferred units outstanding at December 31, 2020
|
50,138
|
|||
Paid in-kind distribution to related party
|
274
|
|||
Preferred units outstanding at March 31, 2021
|
50,412
|
|
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2020
|
$
|
(93.2
|
)
|
$
|
(74.3
|
)
|
$
|
2.3
|
$
|
(165.2
|
)
|
|||||
Other comprehensive income (loss) for period, before reclassifications
|
(461.2
|
)
|
182.9
|
(0.2
|
)
|
(278.5
|
)
|
|||||||||
Reclassification of losses (gains) to net income during period
|
616.1
|
8.6
|
–
|
624.7
|
||||||||||||
Total other comprehensive income (loss) for period
|
154.9
|
191.5
|
(0.2
|
)
|
346.2
|
|||||||||||
Accumulated Other Comprehensive Income, March 31, 2021
|
$
|
61.7
|
$
|
117.2
|
$
|
2.1
|
$
|
181.0
|
Cash Flow Hedges
|
||||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Accumulated Other Comprehensive Income, December 31, 2019
|
$
|
55.1
|
$
|
13.9
|
$
|
2.4
|
$
|
71.4
|
||||||||
Other comprehensive income (loss) for period, before reclassifications
|
475.1
|
(278.1
|
)
|
(0.1
|
)
|
196.9
|
||||||||||
Reclassification of losses (gains) to net income during period
|
(155.6
|
)
|
9.6
|
–
|
(146.0
|
)
|
||||||||||
Total other comprehensive income (loss) for period
|
319.5
|
(268.5
|
)
|
(0.1
|
)
|
50.9
|
||||||||||
Accumulated Other Comprehensive Income (Loss), March 31, 2020
|
$
|
374.6
|
$
|
(254.6
|
)
|
$
|
2.3
|
$
|
122.3
|
|
|
For the Three Months
Ended March 31,
|
||||
|
Location
|
2021
|
|
2020
|
||
Losses (gains) on cash flow hedges:
|
||||||
Interest rate derivatives
|
Interest expense
|
$
|
8.6
|
|
$
|
9.6
|
Commodity derivatives
|
Revenue
|
|
597.4
|
|
|
(154.4)
|
Commodity derivatives
|
Operating costs and expenses
|
|
18.7
|
|
|
(1.2)
|
Total
|
|
$
|
624.7
|
|
$
|
(146.0)
|
For the Three Months
Ended March 31,
|
||||||||
|
2021
|
2020
|
||||||
NGL Pipelines & Services:
|
||||||||
Sales of NGLs and related products
|
$
|
3,005.6
|
$
|
2,419.2
|
||||
Segment midstream services:
|
||||||||
Natural gas processing and fractionation
|
183.4
|
188.5
|
||||||
Transportation
|
274.6
|
265.0
|
||||||
Storage and terminals
|
119.9
|
95.4
|
||||||
Total segment midstream services
|
577.9
|
548.9
|
||||||
Total NGL Pipelines & Services
|
3,583.5
|
2,968.1
|
||||||
Crude Oil Pipelines & Services:
|
||||||||
Sales of crude oil
|
1,838.9
|
1,696.9
|
||||||
Segment midstream services:
|
||||||||
Transportation
|
208.8
|
218.4
|
||||||
Storage and terminals
|
117.8
|
123.6
|
||||||
Total segment midstream services
|
326.6
|
342.0
|
||||||
Total Crude Oil Pipelines & Services
|
2,165.5
|
2,038.9
|
||||||
Natural Gas Pipelines & Services:
|
||||||||
Sales of natural gas
|
1,335.3
|
399.2
|
||||||
Segment midstream services:
|
||||||||
Transportation
|
251.5
|
271.4
|
||||||
Total segment midstream services
|
251.5
|
271.4
|
||||||
Total Natural Gas Pipelines & Services
|
1,586.8
|
670.6
|
||||||
Petrochemical & Refined Products Services:
|
||||||||
Sales of petrochemicals and refined products
|
1,598.9
|
1,597.5
|
||||||
Segment midstream services:
|
||||||||
Fractionation and isomerization
|
53.5
|
35.8
|
||||||
Transportation, including marine logistics
|
116.7
|
134.9
|
||||||
Storage and terminals
|
50.4
|
36.7
|
||||||
Total segment midstream services
|
220.6
|
207.4
|
||||||
Total Petrochemical & Refined Products Services
|
1,819.5
|
1,804.9
|
||||||
Total consolidated revenues
|
$
|
9,155.3
|
$
|
7,482.5
|
Contract Asset
|
Location
|
Balance
|
|||
Unbilled revenue (current amount)
|
Prepaid and other current assets
|
$
|
66.5
|
||
Total
|
$
|
66.5
|
Contract Liability
|
Location
|
Balance
|
|||
Deferred revenue (current amount)
|
Other current liabilities
|
$
|
148.7
|
||
Deferred revenue (noncurrent)
|
Other long-term liabilities
|
216.7
|
|||
Total
|
$
|
365.4
|
Unbilled
Revenue
|
Deferred
Revenue
|
|||||||
Balance at December 31, 2020
|
$
|
18.8
|
$
|
343.5
|
||||
Amount included in opening balance transferred to other accounts during period (1)
|
(4.5
|
)
|
(105.0
|
)
|
||||
Amount recorded during period (2)
|
56.0
|
248.5
|
||||||
Amounts recorded during period transferred to other accounts (1)
|
(3.8
|
)
|
(120.0
|
)
|
||||
Other changes
|
–
|
(1.6
|
)
|
|||||
Balance at March 31, 2021
|
$
|
66.5
|
$
|
365.4
|
(1)
|
Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
|
(2)
|
Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.
|
Period
|
Fixed
Consideration
|
|||
Nine Months Ended December 31, 2021
|
$
|
2,959.8
|
||
One Year Ended December 31, 2022
|
3,528.0
|
|||
One Year Ended December 31, 2023
|
3,123.2
|
|||
One Year Ended December 31, 2024
|
2,948.0
|
|||
One Year Ended December 31, 2025
|
2,634.0
|
|||
Thereafter
|
12,928.8
|
|||
Total
|
$
|
28,121.8
|
• |
Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals.
|
• |
Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities.
|
• |
Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities.
|
• |
Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and a PDH facility, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Operating income
|
$
|
1,694.5
|
$
|
1,507.5
|
||||
Adjustments to reconcile operating income to total segment gross operating margin
(addition or subtraction indicated by sign):
|
||||||||
Depreciation, amortization and accretion expense in operating costs and expenses (1)
|
496.1
|
482.8
|
||||||
Asset impairment charges in operating costs and expenses
|
65.5
|
1.6
|
||||||
Net losses attributable to asset sales and related matters in operating costs
and expenses
|
10.9
|
0.1
|
||||||
General and administrative costs
|
56.3
|
55.5
|
||||||
Non-refundable payments received from shippers attributable to make-up rights (2)
|
19.3
|
16.8
|
||||||
Subsequent recognition of revenues attributable to make-up rights (3)
|
(39.3
|
)
|
(7.1
|
)
|
||||
Total segment gross operating margin
|
$
|
2,303.3
|
$
|
2,057.2
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
|
(2)
|
Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
|
(3)
|
As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Gross operating margin by segment:
|
||||||||
NGL Pipelines & Services
|
$
|
1,086.4
|
$
|
1,042.0
|
||||
Crude Oil Pipelines & Services
|
400.2
|
452.9
|
||||||
Natural Gas Pipelines & Services
|
535.2
|
283.8
|
||||||
Petrochemical & Refined Products Services
|
281.5
|
278.5
|
||||||
Total segment gross operating margin
|
$
|
2,303.3
|
$
|
2,057.2
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||
Three months ended March 31, 2021
|
$
|
3,580.7
|
$
|
2,157.0
|
$
|
1,583.9
|
$
|
1,819.5
|
$
|
–
|
$
|
9,141.1
|
||||||||||||
Three months ended March 31, 2020
|
2,966.3
|
2,027.7
|
667.6
|
1,804.9
|
–
|
7,466.5
|
||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||
Three months ended March 31, 2021
|
2.8
|
8.5
|
2.9
|
–
|
–
|
14.2
|
||||||||||||||||||
Three months ended March 31, 2020
|
1.8
|
11.2
|
3.0
|
–
|
–
|
16.0
|
||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||
Three months ended March 31, 2021
|
13,088.6
|
7,420.1
|
145.8
|
6,234.2
|
(26,888.7
|
)
|
–
|
|||||||||||||||||
Three months ended March 31, 2020
|
5,780.7
|
7,840.3
|
115.1
|
808.1
|
(14,544.2
|
)
|
–
|
|||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||
Three months ended March 31, 2021
|
16,672.1
|
9,585.6
|
1,732.6
|
8,053.7
|
(26,888.7
|
)
|
9,155.3
|
|||||||||||||||||
Three months ended March 31, 2020
|
8,748.8
|
9,879.2
|
785.7
|
2,613.0
|
(14,544.2
|
)
|
7,482.5
|
|||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||
Three months ended March 31, 2021
|
28.1
|
118.9
|
1.4
|
0.5
|
–
|
148.9
|
||||||||||||||||||
Three months ended March 31, 2020
|
32.7
|
107.3
|
1.6
|
(0.8
|
)
|
–
|
140.8
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Property, plant and equipment, net:
(see Note 4)
|
||||||||||||||||||||||||
At March 31, 2021
|
$
|
17,121.5
|
$
|
7,015.1
|
$
|
8,355.8
|
$
|
7,554.7
|
$
|
2,055.3
|
$
|
42,102.4
|
||||||||||||
At December 31, 2020
|
17,128.3
|
6,982.6
|
8,465.8
|
7,528.4
|
1,807.7
|
41,912.8
|
||||||||||||||||||
Investments in unconsolidated affiliates:
(see Note 5)
|
||||||||||||||||||||||||
At March 31, 2021
|
664.6
|
1,749.5
|
32.5
|
3.2
|
–
|
2,449.8
|
||||||||||||||||||
At December 31, 2020
|
671.6
|
1,723.7
|
31.4
|
2.5
|
–
|
2,429.2
|
||||||||||||||||||
Intangible assets, net: (see Note 6)
|
||||||||||||||||||||||||
At March 31, 2021
|
328.1
|
1,918.8
|
881.2
|
131.7
|
–
|
3,259.8
|
||||||||||||||||||
At December 31, 2020
|
334.1
|
1,936.6
|
905.0
|
133.4
|
–
|
3,309.1
|
||||||||||||||||||
Goodwill: (see Note 6)
|
||||||||||||||||||||||||
At March 31, 2021
|
2,651.7
|
1,841.0
|
–
|
956.2
|
–
|
5,448.9
|
||||||||||||||||||
At December 31, 2020
|
2,651.7
|
1,841.0
|
–
|
956.2
|
–
|
5,448.9
|
||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||
At March 31, 2021
|
20,765.9
|
12,524.4
|
9,269.5
|
8,645.8
|
2,055.3
|
53,260.9
|
||||||||||||||||||
At December 31, 2020
|
20,785.7
|
12,483.9
|
9,402.2
|
8,620.5
|
1,807.7
|
53,100.0
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Consolidated revenues:
|
||||||||
NGL Pipelines & Services
|
$
|
3,583.5
|
$
|
2,968.1
|
||||
Crude Oil Pipelines & Services
|
2,165.5
|
2,038.9
|
||||||
Natural Gas Pipelines & Services
|
1,586.8
|
670.6
|
||||||
Petrochemical & Refined Products Services
|
1,819.5
|
1,804.9
|
||||||
Total consolidated revenues
|
$
|
9,155.3
|
$
|
7,482.5
|
||||
|
||||||||
Consolidated costs and expenses
|
||||||||
Operating costs and expenses:
|
||||||||
Cost of sales
|
$
|
6,263.0
|
$
|
4,823.0
|
||||
Other operating costs and expenses (1)
|
715.3
|
752.8
|
||||||
Depreciation, amortization and accretion
|
498.7
|
482.8
|
||||||
Asset impairment charges
|
65.5
|
1.6
|
||||||
Net losses attributable to asset sales and related matters
|
10.9
|
0.1
|
||||||
General and administrative costs
|
56.3
|
55.5
|
||||||
Total consolidated costs and expenses
|
$
|
7,609.7
|
$
|
6,115.8
|
(1)
|
Represents the cost of operating our plants, pipelines and other fixed assets excluding depreciation, amortization and accretion charges; asset impairment charges; and net losses (or gains) attributable to asset sales and related matters.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
BASIC EARNINGS PER COMMON UNIT
|
||||||||
Net income attributable to common unitholders
|
$
|
1,340.4
|
$
|
1,350.1
|
||||
Earnings allocated to phantom unit awards (1)
|
(11.0
|
)
|
(9.9
|
)
|
||||
Net income allocated to common unitholders
|
$
|
1,329.4
|
$
|
1,340.2
|
||||
|
||||||||
Basic weighted-average number of common units outstanding
|
2,183.4
|
2,188.9
|
||||||
|
||||||||
Basic earnings per common unit
|
$
|
0.61
|
$
|
0.61
|
||||
|
||||||||
DILUTED EARNINGS PER COMMON UNIT
|
||||||||
Net income attributable to common unitholders
|
$
|
1,340.4
|
$
|
1,350.1
|
||||
Net income attributable to preferred units
|
0.9
|
–
|
||||||
Net income attributable to limited partners
|
$
|
1,341.3
|
$
|
1,350.1
|
||||
|
||||||||
Diluted weighted-average number of units outstanding:
|
||||||||
Distribution-bearing common units
|
2,183.4
|
2,188.9
|
||||||
Phantom units (2)
|
17.4
|
15.1
|
||||||
Preferred units (2)
|
2.5
|
–
|
||||||
Total
|
2,203.3
|
2,204.0
|
||||||
|
||||||||
Diluted earnings per common unit
|
$
|
0.61
|
$
|
0.61
|
(1)
|
Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.
|
(2)
|
We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Equity-classified awards:
|
||||||||
Phantom unit awards
|
$
|
38.0
|
$
|
36.2
|
||||
Profits interest awards
|
1.1
|
2.9
|
||||||
Total
|
$
|
39.1
|
$
|
39.1
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at December 31, 2020
|
15,669,442
|
$
|
26.76
|
|||||
Granted (2)
|
7,700,645
|
$
|
21.30
|
|||||
Vested
|
(5,141,095
|
)
|
$
|
27.19
|
||||
Forfeited
|
(119,963
|
)
|
$
|
25.08
|
||||
Phantom unit awards at March 31, 2021
|
18,109,029
|
$
|
24.32
|
(1)
|
Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
|
(2)
|
The aggregate grant date fair value of phantom unit awards issued during 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Cash payments made in connection with DERs
|
$
|
7.0
|
$
|
5.8
|
||||
Total intrinsic value of phantom unit awards that vested during period
|
112.7
|
109.2
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))
|
20.3
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchase of NGLs (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
0.4
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Natural gas storage inventory management activities (Bcf)
|
2.8
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
132.9
|
2.7
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
139.7
|
4.2
|
Cash flow hedge
|
NGLs inventory management activities (MMBbls)
|
2.6
|
n/a
|
Fair value hedge
|
Refined products marketing:
|
|
||
Forecasted purchases of refined products (MMBbls)
|
25.8
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
37.4
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
1.3
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
17.9
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
27.0
|
n/a
|
Cash flow hedge
|
Petrochemical marketing:
|
|||
Forecasted purchases of petrochemical products (MMBbls)
|
1.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of petrochemical products (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3)
|
26.3
|
0.4
|
Mark-to-market
|
NGL risk management activities (MMBbls) (3)
|
31.7
|
21.1
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (3)
|
14.2
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (3)
|
32.0
|
2.4
|
Mark-to-market
|
(1)
|
Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
|
(2)
|
The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2022, December 2021 and October 2023, respectively.
|
(3)
|
Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
March 31, 2021
|
|
December 31, 2020
|
|
March 31, 2021
|
|
December 31, 2020
|
|||||||||
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|||||
Derivatives designated as hedging instruments
|
|||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
–
|
Current assets
|
$
|
–
|
Current
liabilities
|
$
|
–
|
Current
liabilities
|
$
|
109.1
|
|||
Interest rate derivatives
|
Other assets
|
–
|
Other assets
|
12.4
|
Other liabilities
|
–
|
Other liabilities
|
11.0
|
|||||||
Total interest rate derivatives
|
–
|
12.4
|
–
|
120.1
|
|||||||||||
Commodity derivatives
|
Current assets
|
289.3
|
|
Current assets
|
210.5
|
|
Current
liabilities
|
233.4
|
|
Current
liabilities
|
234.0
|
||||
Commodity derivatives
|
Other assets
|
|
0.9
|
|
Other assets
|
|
0.4
|
|
Other liabilities
|
|
9.5
|
|
Other liabilities
|
|
6.1
|
Total commodity derivatives
|
290.2
|
210.9
|
242.9
|
240.1
|
|||||||||||
Total derivatives designated as hedging instruments
|
$
|
290.2
|
$
|
223.3
|
$
|
242.9
|
$
|
360.2
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments
|
|||||||||||||||
Commodity derivatives
|
Current assets
|
$
|
33.7
|
|
Current assets
|
$
|
18.1
|
|
Current
liabilities
|
$
|
6.0
|
|
Current
liabilities
|
$
|
6.1
|
Commodity derivatives
|
Other assets
|
|
1.0
|
|
Other assets
|
0.2
|
|
Other liabilities
|
0.6
|
|
Other liabilities
|
0.1
|
|||
Total commodity derivatives
|
|
|
34.7
|
|
|
18.3
|
|
|
6.6
|
|
|
6.2
|
|||
Total derivatives not designated as hedging instruments
|
$
|
34.7
|
$
|
18.3
|
$
|
6.6
|
$
|
6.2
|
|
Offsetting of Financial Assets and Derivative Assets
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of March 31, 2021:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
324.9
|
$
|
–
|
$
|
324.9
|
$
|
(248.7
|
)
|
$
|
(68.0
|
)
|
$
|
–
|
$
|
8.2
|
||||||||||||
As of December 31, 2020:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
12.4
|
$
|
–
|
$
|
12.4
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
12.4
|
||||||||||||||
Commodity derivatives
|
229.2
|
–
|
229.2
|
(228.5
|
)
|
–
|
–
|
0.7
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of March 31, 2021:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
249.5
|
$
|
–
|
$
|
249.5
|
$
|
(248.7
|
)
|
$
|
–
|
$
|
–
|
$
|
0.8
|
|||||||||||||
As of December 31, 2020:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
120.1
|
$
|
–
|
$
|
120.1
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
120.1
|
||||||||||||||
Commodity derivatives
|
246.3
|
–
|
246.3
|
(228.5
|
)
|
–
|
(17.3
|
)
|
0.5
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||
|
|
For the Three Months
Ended March 31,
|
|||||||
|
|
2021
|
2020
|
||||||
Commodity derivatives
|
Revenue
|
$
|
(120.0
|
)
|
$
|
3.9
|
|||
Total
|
|
$
|
(120.0
|
)
|
$
|
3.9
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||
|
|
For the Three Months
Ended March 31,
|
|||||||
|
|
2021
|
2020
|
||||||
Commodity derivatives
|
Revenue
|
$
|
169.7
|
$
|
(8.2
|
)
|
|||
Total
|
|
$
|
169.7
|
$
|
(8.2
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
on Derivative
|
|||||||
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Interest rate derivatives
|
$
|
182.9
|
$
|
(278.1
|
)
|
|||
Commodity derivatives – Revenue (1)
|
(442.2
|
)
|
477.8
|
|||||
Commodity derivatives – Operating costs and expenses (1)
|
(19.0
|
)
|
(2.7
|
)
|
||||
Total
|
$
|
(278.3
|
)
|
$
|
197.0
|
(1)
|
The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations when the forecasted transactions affect earnings.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other
Comprehensive Income (Loss)
to Income
|
|||||||
|
|
For the Three Months
Ended March 31,
|
|||||||
|
|
2021
|
2020
|
||||||
Interest rate derivatives
|
Interest expense
|
$
|
(8.6
|
)
|
$
|
(9.6
|
)
|
||
Commodity derivatives
|
Revenue
|
(597.4
|
)
|
154.4
|
|||||
Commodity derivatives
|
Operating costs and expenses
|
(18.7
|
)
|
1.2
|
|||||
Total
|
|
$
|
(624.7
|
)
|
$
|
146.0
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||
|
|
For the Three Months
Ended March 31,
|
|||||||
|
|
2021
|
2020
|
||||||
Commodity derivatives
|
Revenue
|
$
|
(43.1
|
)
|
$
|
63.5
|
|||
Commodity derivatives
|
Operating costs and expenses
|
0.9
|
(0.1
|
)
|
|||||
Total
|
$
|
(42.2
|
)
|
$
|
63.4
|
|
At March 31, 2021
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
$
|
719.7
|
$
|
1,155.6
|
$
|
2.5
|
$
|
1,877.8
|
||||||||
Impact of CME Rule 814
|
(719.7
|
)
|
(831.9
|
)
|
(1.3
|
)
|
(1,552.9
|
)
|
||||||||
Total commodity derivatives
|
–
|
323.7
|
1.2
|
324.9
|
||||||||||||
Total
|
$
|
–
|
$
|
323.7
|
$
|
1.2
|
$
|
324.9
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
$
|
1,270.7
|
$
|
947.3
|
$
|
0.5
|
$
|
2,218.5
|
||||||||
Impact of CME Rule 814
|
(1,270.7
|
)
|
(698.2
|
)
|
(0.1
|
)
|
(1,969.0
|
)
|
||||||||
Total commodity derivatives
|
–
|
249.1
|
0.4
|
249.5
|
||||||||||||
Total
|
$
|
–
|
$
|
249.1
|
$
|
0.4
|
$
|
249.5
|
|
At December 31, 2020
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
–
|
$
|
12.4
|
$
|
–
|
$
|
12.4
|
||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
678.6
|
878.6
|
12.9
|
1,570.1
|
||||||||||||
Impact of CME Rule 814
|
(678.6
|
)
|
(650.4
|
)
|
(11.9
|
)
|
(1,340.9
|
)
|
||||||||
Total commodity derivatives
|
–
|
228.2
|
1.0
|
229.2
|
||||||||||||
Total
|
$
|
–
|
$
|
240.6
|
$
|
1.0
|
$
|
241.6
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
–
|
$
|
120.1
|
$
|
–
|
$
|
120.1
|
||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
1,065.6
|
1,047.4
|
25.9
|
2,138.9
|
||||||||||||
Impact of CME Rule 814
|
(1,065.6
|
)
|
(807.3
|
)
|
(19.7
|
)
|
(1,892.6
|
)
|
||||||||
Total commodity derivatives
|
–
|
240.1
|
6.2
|
246.3
|
||||||||||||
Total
|
$
|
–
|
$
|
360.2
|
$
|
6.2
|
$
|
366.4
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Revenues – related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
14.2
|
$
|
16.0
|
||||
Costs and expenses – related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
292.2
|
$
|
286.0
|
||||
Unconsolidated affiliates
|
66.7
|
71.5
|
||||||
Total
|
$
|
358.9
|
$
|
357.5
|
|
March 31,
2021
|
December 31,
2020
|
||||||
Accounts receivable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
1.8
|
$
|
1.9
|
||||
Unconsolidated affiliates
|
5.2
|
3.7
|
||||||
Total
|
$
|
7.0
|
$
|
5.6
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
73.3
|
$
|
139.6
|
||||
Unconsolidated affiliates
|
11.8
|
9.9
|
||||||
Total
|
$
|
85.1
|
$
|
149.5
|
Total Number of Limited Partner Interests Held
|
Percentage of
Common Units
Outstanding
|
702,863,875 common units
|
32.2%
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Operating costs and expenses
|
$
|
254.7
|
$
|
251.2
|
||||
General and administrative expenses
|
33.2
|
30.5
|
||||||
Total costs and expenses
|
$
|
287.9
|
$
|
281.7
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Deferred tax benefit (expense) attributable to
OTA Holdings, Inc. (“OTA”)
|
$
|
(6.3
|
)
|
$
|
187.2
|
|||
Revised Texas Franchise Tax (“Texas Margin Tax”)
|
(3.3
|
)
|
(7.7
|
)
|
||||
Other
|
(0.4
|
)
|
(0.3
|
)
|
||||
Benefit from (provision for) income taxes
|
$
|
(10.0
|
)
|
$
|
179.2
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Current portion of income tax benefit (provision):
|
||||||||
Federal
|
$
|
0.8
|
$
|
(0.1
|
)
|
|||
State
|
(5.1
|
)
|
(4.6
|
)
|
||||
Foreign
|
(1.1
|
)
|
(0.2
|
)
|
||||
Total current portion
|
(5.4
|
)
|
(4.9
|
)
|
||||
Deferred portion of income tax benefit (provision):
|
||||||||
Federal
|
(5.9
|
)
|
172.8
|
|||||
State
|
1.3
|
11.3
|
||||||
Total deferred portion
|
(4.6
|
)
|
184.1
|
|||||
Total benefit from (provision for) income taxes
|
$
|
(10.0
|
)
|
$
|
179.2
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Pre-Tax Net Book Income (“NBI”)
|
$
|
1,372.6
|
$
|
1,195.8
|
||||
|
||||||||
Texas Margin Tax (1)
|
(3.3
|
)
|
(7.7
|
)
|
||||
State income tax benefit (provision), net of federal benefit (2)
|
(0.6
|
)
|
11.3
|
|||||
Federal income tax benefit (provision) computed by applying the federal
statutory rate to NBI of corporate entities
|
(3.1
|
)
|
107.8
|
|||||
Federal benefit attributable to settlement of
Liquidity Option Agreement (2)
|
–
|
67.8
|
||||||
Valuation allowance on deferred tax assets (3)
|
(2.8
|
)
|
–
|
|||||
Other
|
(0.2
|
)
|
–
|
|||||
Benefit from (provision for) income taxes
|
$
|
(10.0
|
)
|
$
|
179.2
|
|||
|
||||||||
Effective income tax rate
|
(0.7
|
)%
|
15.0
|
%
|
(1)
|
Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.
|
(2)
|
The total benefit recognized in income tax expense in March 2020 from settlement of the Liquidity Option Agreement was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit.
|
(3)
|
Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable. Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets at March 31, 2021.
|
March 31,
|
December 31,
|
|||||||
|
2021
|
2020
|
||||||
Deferred tax liabilities:
|
||||||||
Attributable to investment in OTA
|
$
|
362.9
|
$
|
356.6
|
||||
Attributable to property, plant and equipment
|
105.2
|
106.4
|
||||||
Attributable to investments in other entities
|
4.0
|
4.1
|
||||||
Other
|
13.5
|
–
|
||||||
Total deferred tax liabilities
|
485.6
|
467.1
|
||||||
Less deferred tax assets:
|
||||||||
Net operating loss carryovers (1)
|
2.9
|
0.1
|
||||||
Temporary differences related to Texas Margin Tax
|
2.7
|
2.3
|
||||||
Total deferred tax assets
|
5.6
|
2.4
|
||||||
Total net deferred tax liabilities before valuation allowance
|
480.0
|
464.7
|
||||||
Less: Valuation allowance on deferred tax assets
|
2.8
|
–
|
||||||
Total net deferred tax liabilities
|
$
|
482.8
|
$
|
464.7
|
(1)
|
Of the loss amount presented for March 31, 2021, $0.1 million expires in various years between 2021 and 2037. The remaining $2.8 million has an indefinite carryover period. All losses are subject to limitations on their utilization.
|
Asset Category
|
ROU
Asset
Carrying
Value (1)
|
Lease
Liability
Carrying
Value (2)
|
Weighted-
Average
Remaining
Term
|
Weighted-
Average
Discount
Rate (3)
|
|||||
Storage and pipeline facilities
|
$
|
124.3
|
$
|
124.9
|
15 years
|
4.3%
|
|||
Transportation equipment
|
31.6
|
33.6
|
3 years
|
3.3%
|
|||||
Office and warehouse space
|
168.7
|
185.9
|
16 years
|
3.2%
|
|||||
Total
|
$
|
324.6
|
$
|
344.4
|
(1)
|
Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
|
(2)
|
At March 31, 2021, lease liabilities of $27.1 million and $317.3 million were included within “Other current liabilities” and “Other liabilities,” respectively.
|
(3)
|
The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Long-term operating leases:
|
||||||||
Fixed lease expense:
|
||||||||
Non-cash lease expense (amortization of ROU assets)
|
$
|
9.3
|
$
|
10.0
|
||||
Related accretion expense on lease liability balances
|
3.1
|
3.4
|
||||||
Total fixed lease expense
|
12.4
|
13.4
|
||||||
Variable lease expense
|
0.4
|
0.2
|
||||||
Subtotal operating lease expense
|
12.8
|
13.6
|
||||||
Short-term operating leases
|
13.5
|
13.2
|
||||||
Total operating lease expense
|
$
|
26.3
|
$
|
26.8
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
(1,214.7
|
)
|
$
|
1,702.4
|
|||
Accounts receivable – related parties
|
(1.6
|
)
|
0.5
|
|||||
Inventories
|
(95.7
|
)
|
507.7
|
|||||
Prepaid and other current assets
|
158.4
|
1,001.7
|
||||||
Other assets
|
2.3
|
22.7
|
||||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
83.5
|
22.4
|
||||||
Accounts payable – related parties
|
(64.4
|
)
|
(93.0
|
)
|
||||
Accrued product payables
|
1,591.7
|
(1,743.1
|
)
|
|||||
Accrued interest
|
(231.4
|
)
|
(193.4
|
)
|
||||
Other current liabilities
|
(160.2
|
)
|
(896.4
|
)
|
||||
Other liabilities
|
31.1
|
10.2
|
||||||
Net effect of changes in operating accounts
|
$
|
99.0
|
$
|
341.7
|
||||
Cash payments for interest, net of $19.6 and $30.5 capitalized during the
three months ended March 31, 2021 and 2020, respectively
|
$
|
541.1
|
$
|
496.3
|
||||
Cash payments (refunds) for federal and state income taxes
|
$
|
(4.5
|
)
|
$
|
0.4
|
• |
natural gas gathering, treating, processing, transportation and storage;
|
• |
NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane);
|
• |
crude oil gathering, transportation, storage, and marine terminals;
|
• |
propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities;
|
• |
petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”); and
|
• |
a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
|
|
Polymer
|
Refinery
|
Indicative Gas
|
||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
Processing
|
||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Gross Spread
|
|
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/gallon
|
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
|
2020 by quarter:
|
|||||||||
1st Quarter
|
$1.95
|
$0.14
|
$0.37
|
$0.57
|
$0.63
|
$0.93
|
$0.31
|
$0.18
|
$0.19
|
2nd Quarter
|
$1.71
|
$0.19
|
$0.41
|
$0.43
|
$0.44
|
$0.41
|
$0.26
|
$0.11
|
$0.17
|
3rd Quarter
|
$1.98
|
$0.22
|
$0.50
|
$0.58
|
$0.60
|
$0.80
|
$0.35
|
$0.17
|
$0.25
|
4th Quarter
|
$2.67
|
$0.21
|
$0.57
|
$0.76
|
$0.68
|
$0.92
|
$0.41
|
$0.24
|
$0.22
|
2020 Averages
|
$2.08
|
$0.19
|
$0.46
|
$0.59
|
$0.59
|
$0.77
|
$0.33
|
$0.18
|
$0.21
|
2021 by quarter:
|
|||||||||
1st Quarter
|
$2.71
|
$0.24
|
$0.89
|
$0.94
|
$0.93
|
$1.33
|
$0.73
|
$0.44
|
$0.38
|
(1)
|
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
|
(2)
|
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
|
(3)
|
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene (“RGP”) prices represent weighted-average spot prices for such product as reported by IHS Chemical.
|
(4)
|
The “Indicative Gas Processing Gross Spread” represents our generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana. Our estimate of the indicative spread does not consider the operating costs incurred by a natural gas processing facility to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics.
|
|
WTI
|
Midland
|
Houston
|
LLS
|
Crude Oil,
|
Crude Oil,
|
Crude Oil
|
Crude Oil,
|
|
$/barrel
|
$/barrel
|
$/barrel
|
$/barrel
|
|
(1)
|
(2)
|
(2)
|
(3)
|
|
2020 by quarter:
|
||||
1st Quarter
|
$46.17
|
$45.51
|
$47.81
|
$48.15
|
2nd Quarter
|
$27.85
|
$28.22
|
$29.68
|
$30.12
|
3rd Quarter
|
$40.93
|
$41.05
|
$41.77
|
$42.47
|
4th Quarter
|
$42.66
|
$43.07
|
$43.63
|
$44.08
|
2020 Averages
|
$39.40
|
$39.46
|
$40.72
|
$41.21
|
2021 by quarter:
|
||||
1st Quarter
|
$57.84
|
$59.00
|
$59.51
|
$59.99
|
(1)
|
WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
|
(2)
|
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
|
(3)
|
Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Revenues
|
$
|
9,155.3
|
$
|
7,482.5
|
||||
Costs and expenses:
|
||||||||
Operating costs and expenses:
|
||||||||
Cost of sales
|
6,263.0
|
4,823.0
|
||||||
Depreciation, amortization and accretion expenses
|
498.7
|
482.8
|
||||||
Asset impairment charges
|
65.5
|
1.6
|
||||||
Other operating costs and expenses
|
726.2
|
752.9
|
||||||
Total operating costs and expenses
|
7,553.4
|
6,060.3
|
||||||
General and administrative costs
|
56.3
|
55.5
|
||||||
Total costs and expenses
|
7,609.7
|
6,115.8
|
||||||
Equity in income of unconsolidated affiliates
|
148.9
|
140.8
|
||||||
Operating income
|
1,694.5
|
1,507.5
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(322.8
|
)
|
(317.5
|
)
|
||||
Other, net
|
0.9
|
5.8
|
||||||
Total other expense, net
|
(321.9
|
)
|
(311.7
|
)
|
||||
Income before income taxes
|
1,372.6
|
1,195.8
|
||||||
Benefit from (provision for) income taxes
|
(10.0
|
)
|
179.2
|
|||||
Net income
|
1,362.6
|
1,375.0
|
||||||
Net income attributable to noncontrolling interests
|
(21.3
|
)
|
(24.9
|
)
|
||||
Net income attributable to preferred units
|
(0.9
|
)
|
–
|
|||||
Net income attributable to common unitholders
|
$
|
1,340.4
|
$
|
1,350.1
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
NGL Pipelines & Services:
|
||||||||
Sales of NGLs and related products
|
$
|
3,005.6
|
$
|
2,419.2
|
||||
Midstream services
|
577.9
|
548.9
|
||||||
Total
|
3,583.5
|
2,968.1
|
||||||
Crude Oil Pipelines & Services:
|
||||||||
Sales of crude oil
|
1,838.9
|
1,696.9
|
||||||
Midstream services
|
326.6
|
342.0
|
||||||
Total
|
2,165.5
|
2,038.9
|
||||||
Natural Gas Pipelines & Services:
|
||||||||
Sales of natural gas
|
1,335.3
|
399.2
|
||||||
Midstream services
|
251.5
|
271.4
|
||||||
Total
|
1,586.8
|
670.6
|
||||||
Petrochemical & Refined Products Services:
|
||||||||
Sales of petrochemicals and refined products
|
1,598.9
|
1,597.5
|
||||||
Midstream services
|
220.6
|
207.4
|
||||||
Total
|
1,819.5
|
1,804.9
|
||||||
Total consolidated revenues
|
$
|
9,155.3
|
$
|
7,482.5
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Interest charged on debt principal outstanding
|
$
|
326.9
|
$
|
331.5
|
||||
Impact of interest rate hedging program, including related amortization
|
8.6
|
9.6
|
||||||
Interest costs capitalized in connection with construction projects (1)
|
(19.6
|
)
|
(30.5
|
)
|
||||
Other (2)
|
6.9
|
6.9
|
||||||
Total
|
$
|
322.8
|
$
|
317.5
|
(1)
|
We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings.
|
(2)
|
Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Deferred tax benefit (expense) attributable to OTA
|
$
|
(6.3
|
)
|
$
|
187.2
|
|||
Texas Margin Tax
|
(3.3
|
)
|
(7.7
|
)
|
||||
Other
|
(0.4
|
)
|
(0.3
|
)
|
||||
Benefit from (provision for) income taxes
|
$
|
(10.0
|
)
|
$
|
179.2
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Gross operating margin by segment:
|
||||||||
NGL Pipelines & Services
|
$
|
1,086.4
|
$
|
1,042.0
|
||||
Crude Oil Pipelines & Services
|
400.2
|
452.9
|
||||||
Natural Gas Pipelines & Services
|
535.2
|
283.8
|
||||||
Petrochemical & Refined Products Services
|
281.5
|
278.5
|
||||||
Total segment gross operating margin (1)
|
2,303.3
|
2,057.2
|
||||||
Net adjustment for shipper make-up rights
|
20.0
|
(9.7
|
)
|
|||||
Total gross operating margin (non-GAAP)
|
$
|
2,323.3
|
$
|
2,047.5
|
(1)
|
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found under Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Operating income
|
$
|
1,694.5
|
$
|
1,507.5
|
||||
Adjustments to reconcile operating income to total gross operating margin
(addition or subtraction indicated by sign):
|
||||||||
Depreciation, amortization and accretion expense in operating costs and expenses (1)
|
496.1
|
482.8
|
||||||
Asset impairment charges in operating costs and expenses
|
65.5
|
1.6
|
||||||
Net losses attributable to asset sales and related matters in operating costs
and expenses
|
10.9
|
0.1
|
||||||
General and administrative costs
|
56.3
|
55.5
|
||||||
Total gross operating margin (non-GAAP)
|
$
|
2,323.3
|
$
|
2,047.5
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Segment gross operating margin:
|
||||||||
Natural gas processing and related NGL marketing activities
|
$
|
294.3
|
$
|
252.3
|
||||
NGL pipelines, storage and terminals
|
626.6
|
653.3
|
||||||
NGL fractionation
|
165.5
|
136.4
|
||||||
Total
|
$
|
1,086.4
|
$
|
1,042.0
|
||||
Selected volumetric data:
|
||||||||
NGL pipeline transportation volumes (MBPD)
|
3,271
|
3,762
|
||||||
NGL marine terminal volumes (MBPD)
|
652
|
742
|
||||||
NGL fractionation volumes (MBPD)
|
1,190
|
1,133
|
||||||
Equity NGL production volumes (MBPD) (1)
|
162
|
140
|
||||||
Fee-based natural gas processing volumes (MMcf/d) (2,3)
|
4,018
|
4,659
|
(1)
|
Represents the NGL volumes we earn and take title to in connection with our processing activities.
|
(2)
|
Volumes reported correspond to the revenue streams earned by our natural gas processing plants.
|
(3)
|
Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Segment gross operating margin:
|
||||||||
Midland-to-ECHO System and related business activities
|
$
|
79.0
|
$
|
90.4
|
||||
Other crude oil pipelines, terminals and related marketing results
|
321.2
|
362.5
|
||||||
Total
|
$
|
400.2
|
$
|
452.9
|
||||
Selected volumetric data:
|
||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,935
|
2,393
|
||||||
Crude oil marine terminal volumes (MBPD)
|
572
|
985
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Segment gross operating margin
|
$
|
535.2
|
$
|
283.8
|
||||
Selected volumetric data:
|
||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
13,704
|
13,854
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Segment gross operating margin:
|
||||||||
Propylene production and related activities
|
$
|
146.0
|
$
|
108.6
|
||||
Butane isomerization and related operations
|
11.2
|
16.1
|
||||||
Octane enhancement and related plant operations
|
15.5
|
69.0
|
||||||
Refined products pipelines and related activities
|
102.3
|
75.1
|
||||||
Ethylene exports and other services
|
6.5
|
9.7
|
||||||
Total
|
$
|
281.5
|
$
|
278.5
|
||||
Selected volumetric data:
|
||||||||
Propylene production volumes (MBPD)
|
83
|
98
|
||||||
Butane isomerization volumes (MBPD)
|
63
|
105
|
||||||
Standalone deisobutanizer (“DIB”) processing volumes (MBPD)
|
139
|
105
|
||||||
Octane enhancement and related plant sales volumes (MBPD) (1)
|
29
|
34
|
||||||
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD)
|
749
|
712
|
||||||
Marine terminal volumes, primarily refined products and petrochemicals (MBPD)
|
266
|
271
|
(1)
|
Reflects aggregate sales volumes for our octane additive and iBDH facilities located at our Chambers County complex and our HPIB facility located adjacent to the Houston Ship Channel.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2021
|
2022
|
2023
|
2024
|
2025
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
115.0
|
$
|
115.0
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||||||||||
Senior Notes
|
26,175.0
|
–
|
1,400.0
|
1,250.0
|
850.0
|
1,150.0
|
21,525.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
2,646.4
|
–
|
–
|
–
|
–
|
–
|
2,646.4
|
|||||||||||||||||||||
Total
|
$
|
28,936.4
|
$
|
115.0
|
$
|
1,400.0
|
$
|
1,250.0
|
$
|
850.0
|
$
|
1,150.0
|
$
|
24,171.4
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Net cash flows provided by operating activities
|
$
|
2,023.1
|
$
|
2,012.2
|
||||
Cash used in investing activities
|
657.0
|
1,071.7
|
||||||
Cash provided by (used in) financing activities
|
(2,189.8
|
)
|
765.1
|
• |
a $362.7 million quarter-to-quarter increase in cash related to the timing of cash receipts and payments related to operations; and
|
• |
a $268.6 million quarter-to-quarter increase resulting from higher partnership earnings (determined by adjusting our $12.4 million quarter-to-quarter decrease in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows); partially offset by
|
• |
a $605.4 million quarter-to-quarter decrease in cash receipts attributable to the return of working capital employed in our marketing activities, which was $638.4 million in the first quarter of 2020 compared to $33.0 million in the first quarter of 2021.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Net income attributable to common unitholders (GAAP) (1)
|
$
|
1,340.4
|
$
|
1,350.1
|
||||
Adjustments to net income attributable to common unitholders to derive DCF (addition or subtraction indicated by sign):
|
||||||||
Depreciation, amortization and accretion expenses
|
525.0
|
509.0
|
||||||
Cash distributions received from unconsolidated affiliates (2)
|
130.5
|
137.2
|
||||||
Equity in income of unconsolidated affiliates
|
(148.9
|
)
|
(140.8
|
)
|
||||
Asset impairment charges
|
65.6
|
1.6
|
||||||
Change in fair market value of derivative instruments
|
(15.6
|
)
|
(29.5
|
)
|
||||
Change in fair value of Liquidity Option
|
–
|
2.3
|
||||||
Deferred income tax expense (benefit)
|
4.6
|
(184.1
|
)
|
|||||
Sustaining capital expenditures (3)
|
(143.8
|
)
|
(68.9
|
)
|
||||
Other, net (4)
|
(101.9
|
)
|
9.4
|
|||||
Operational DCF (5)
|
$
|
1,655.9
|
$
|
1,586.3
|
||||
Proceeds from asset sales
|
6.2
|
0.6
|
||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges
|
75.2
|
(33.3
|
)
|
|||||
DCF (non-GAAP)
|
$
|
1,737.3
|
$
|
1,553.6
|
||||
|
||||||||
Cash distributions paid to common unitholders with respect to period, including distribution equivalent rights on phantom unit awards
|
$
|
991.5
|
$
|
979.8
|
||||
|
||||||||
Cash distribution per common unit declared by Enterprise GP with respect to period (6)
|
$
|
0.4500
|
$
|
0.4450
|
||||
|
||||||||
Total DCF retained by the Partnership with respect to period (7)
|
$
|
745.8
|
$
|
573.8
|
||||
|
||||||||
Distribution coverage ratio (8)
|
1.8
|
x
|
1.6
|
x
|
(1)
|
For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statement Highlights” within this Part I, Item 2.
|
(2)
|
Reflects aggregate distributions received from unconsolidated affiliates attributable to both earnings and the return of capital.
|
(3)
|
Sustaining capital expenditures include cash payments and accruals applicable to the period.
|
(4)
|
First quarter of 2021 includes $107.0 million of accounts receivable that we do not expect to collect in the normal billing cycle.
|
(5)
|
Represents DCF before proceeds from asset sales and the monetization of interest rate derivative instruments accounted for as cash flow hedges.
|
(6)
|
See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for information regarding our cash distributions declared with respect to the periods indicated.
|
(7)
|
Cash retained by the Partnership may be used for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash reduces our reliance on the capital markets.
|
(8)
|
Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to common unitholders and in connection with distribution equivalent rights with respect to the period.
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
2,023.1
|
$
|
2,012.2
|
||||
Adjustments to reconcile net cash flows provided by operating activities to DCF (addition or subtraction indicated by sign):
|
||||||||
Net effect of changes in operating accounts
|
(99.0
|
)
|
(341.7
|
)
|
||||
Sustaining capital expenditures
|
(143.8
|
)
|
(68.9
|
)
|
||||
Distributions received from unconsolidated affiliates attributable to the return of capital
|
18.6
|
10.3
|
||||||
Proceeds from asset sales
|
6.2
|
0.6
|
||||||
Net income attributable to noncontrolling interests
|
(21.3
|
)
|
(24.9
|
)
|
||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges
|
75.2
|
(33.3
|
)
|
|||||
Other, net
|
(121.7
|
)
|
(0.7
|
)
|
||||
DCF (non-GAAP)
|
$
|
1,737.3
|
$
|
1,553.6
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
2,023.1
|
$
|
2,012.2
|
||||
Adjustments to net cash flows provided by operating activities to derive FCF (addition or subtraction indicated by sign):
|
||||||||
Cash used in investing activities
|
(657.0
|
)
|
(1,071.7
|
)
|
||||
Cash contributions from noncontrolling interests
|
13.1
|
5.2
|
||||||
Cash distributions paid to noncontrolling interests
|
(29.8
|
)
|
(29.9
|
)
|
||||
FCF (non-GAAP)
|
$
|
1,349.4
|
$
|
915.8
|
|
For the Three Months
Ended March 31,
|
|||||||
|
2021
|
2020
|
||||||
Capital investments for property, plant and equipment: (1)
|
||||||||
Growth capital projects (2)
|
$
|
573.5
|
$
|
1,006.5
|
||||
Sustaining capital projects (3)
|
105.5
|
73.0
|
||||||
Total
|
$
|
679.0
|
$
|
1,079.5
|
||||
Investments in unconsolidated affiliates
|
$
|
1.3
|
$
|
3.3
|
(1)
|
Growth and sustaining capital amounts are presented on a cash basis. In total, these amounts represent “Capital expenditures” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows.
|
(2)
|
Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
|
(3)
|
Sustaining capital projects are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. Sustaining capital amounts include the costs of major maintenance activities accounted for using the deferral method.
|
• |
completion of projects at our Chambers County complex (e.g., the completion of Frac X and Frac XI), which accounted for a $193.4 million decrease;
|
• |
completion of projects associated with crude oil pipelines (e.g., expansion projects involving the Midland-to-ECHO System and related crude oil-related infrastructure supporting Permian Basin producers), which accounted for a combined $121.4 million decrease;
|
• |
lower investments in Permian Basin natural gas processing facilities and related infrastructure, which accounted for a $52.4 million decrease;
|
• |
lower investments in projects attributable to our ethylene business, which accounted for a $26.7 million decrease; and,
|
• |
lower investments in natural gas pipelines and related infrastructure in support of East Texas and Louisiana producers, which accounted for a net $25.1 million decrease.
|
• |
depreciation methods and estimated useful lives of property, plant and equipment;
|
• |
measuring recoverability of long-lived assets and fair value of equity method investments;
|
• |
valuation and amortization methods of customer relationships and contract-based intangible assets;
|
• |
methods we employ to measure the fair value of goodwill and related assets; and
|
• |
the use of estimates for revenue and expenses.
|
Selected asset information:
|
March 31, 2021
|
December 31, 2020
|
||||||
Current receivables from Non-Obligor Subsidiaries
|
$
|
1,346.9
|
$
|
775.4
|
||||
Other current assets
|
5,590.3
|
5,805.7
|
||||||
Long-term receivables from Non-Obligor Subsidiaries
|
187.3
|
187.3
|
||||||
Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $45.86 billion at March 31, 2021 and $45.98 billion at December 31, 2020
|
8,456.2
|
8,198.5
|
||||||
Selected liability information:
|
||||||||
Current portion of Guaranteed Debt, including interest of $224.2 million at March 31, 2021 and $455.6 million at December 31, 2020
|
$
|
1,737.5
|
$
|
1,780.6
|
||||
Current payables to Non-Obligor Subsidiaries
|
1,617.8
|
1,129.0
|
||||||
Other current liabilities
|
4,611.7
|
3,858.6
|
||||||
Noncurrent portion of Guaranteed Debt, principal only
|
27,406.8
|
28,806.8
|
||||||
Noncurrent payables to Non-Obligor Subsidiaries
|
27.0
|
27.0
|
||||||
Other noncurrent liabilities
|
54.0
|
42.9
|
||||||
Mezzanine equity of Obligor Group:
|
||||||||
Preferred units
|
$
|
49.3
|
$
|
49.3
|
For the three months ended
March 31, 2021
|
For the twelve months ended
December 31, 2020
|
|||||||
Revenues from Non-Obligor Subsidiaries
|
$
|
3,365.1
|
$
|
2,602.4
|
||||
Revenues from other sources
|
3,423.5
|
15,361.4
|
||||||
Operating income of Obligor Group
|
799.3
|
1,069.7
|
||||||
Net income (loss) of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $878.0 million for the three months ended March 31, 2021 and $3.54 billion for the twelve months ended December 31, 2020
|
461.9
|
(157.0
|
)
|
• |
the derivative instrument functions effectively as a hedge of the underlying risk;
|
• |
the derivative instrument is not closed out in advance of its expected term; and
|
• |
the hedged forecasted transaction occurs within the expected time period.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2020
|
March 31,
2021
|
April 15,
2021
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
3.7
|
$
|
2.8
|
$
|
2.2
|
||||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
2.6
|
2.1
|
1.6
|
|||||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
4.9
|
3.5
|
2.9
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2020
|
March 31,
2021
|
April 15,
2021
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(388.2
|
)
|
$
|
(70.4
|
)
|
$
|
(151.6
|
)
|
|||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(521.0
|
)
|
(101.8
|
)
|
(186.8
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
(255.4
|
)
|
(39.0
|
)
|
(116.4
|
)
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2020
|
March 31,
2021
|
April 15,
2021
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(184.3
|
)
|
$
|
(273.1
|
)
|
$
|
(333.9
|
)
|
|||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(266.5
|
)
|
(354.9
|
)
|
(421.5
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
(102.1
|
)
|
(191.4
|
)
|
(246.4
|
)
|
(i) |
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii) |
that our disclosure controls and procedures are effective.
|
Period
|
Total Number
of Units
Purchased
|
Average
Price Paid
per Unit
|
Total
Number
Of Units
Purchased
as Part of
2019 Buyback
Program
|
Remaining
Dollar Amount
of Units
That May
Be Purchased
Under the 2019 Buyback
Program
($ thousands)
|
||||||||||||
2019 Buyback Program: (1)
|
||||||||||||||||
January 2021
|
709,816
|
$
|
19.58
|
709,816
|
$
|
1,718,911
|
||||||||||
February 2021
|
–
|
$
|
–
|
–
|
$
|
1,718,911
|
||||||||||
March 2021
|
–
|
$
|
–
|
–
|
$
|
1,718,911
|
||||||||||
Vesting of phantom unit awards:
|
||||||||||||||||
January 2021
|
–
|
$
|
–
|
n/a
|
n/a
|
|||||||||||
February 2021 (2)
|
1,587,782
|
$
|
21.92
|
n/a
|
n/a
|
|||||||||||
March 2021
|
–
|
$
|
–
|
n/a
|
n/a
|
(1)
|
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units. Units repurchased under this program are cancelled immediately upon acquisition.
|
(2)
|
Of the 5,132,145 phantom unit awards that vested in February 2021 and converted to common units, 1,587,782 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition.
|
Exhibit Number
|
Exhibit*
|
2.1
|
|
2.2
|
|
2.3
|
|
2.4
|
|
2.5
|
|
2.6
|
|
2.7
|
|
2.8
|
|
2.9
|
|
2.10
|
2.11
|
|
2.12
|
|
2.13
|
|
2.14
|
|
3.1
|
|
3.2
|
|
3.3
|
|
3.4
|
|
3.5
|
|
3.6
|
|
3.7
|
|
3.8
|
|
3.9
|
|
3.10
|
|
3.11
|
|
4.1
|
|
4.2
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
|
4.8
|
|
4.9
|
|
4.10
|
|
4.11
|
|
4.12
|
|
4.13
|
|
4.14
|
|
4.15
|
4.16
|
|
4.17
|
|
4.18
|
|
4.19
|
|
4.20
|
|
4.21
|
|
4.22
|
|
4.23
|
|
4.24
|
|
4.25
|
|
4.26
|
|
4.27
|
|
4.28
|
4.29
|
|
4.30
|
|
4.31
|
|
4.32
|
|
4.33
|
|
4.34
|
|
4.35
|
|
4.36
|
|
4.37
|
|
4.38
|
|
4.39
|
|
4.40
|
|
4.41
|
|
4.42
|
|
4.43
|
|
4.44
|
|
4.45
|
4.46
|
|
4.47
|
|
4.48
|
|
4.49
|
|
4.50
|
|
4.51
|
|
4.52
|
|
4.53
|
|
4.54
|
|
4.55
|
|
4.56
|
|
4.57
|
|
4.58
|
|
4.59
|
|
4.60
|
|
4.61
|
|
4.62
|
4.63
|
|
4.64
|
|
4.65
|
|
4.66
|
|
4.67
|
|
4.68
|
|
4.69
|
|
4.70
|
|
4.71
|
|
4.72
|
|
4.73
|
|
4.74
|
|
4.75
|
|
4.76
|
4.77
|
|
4.78
|
|
4.79
|
|
4.80
|
|
4.81
|
|
4.82
|
|
4.83
|
|
4.84
|
|
4.85
|
|
4.86
|
|
4.87
|
|
22.1#
|
|
31.1#
|
|
31.2#
|
32.1#
|
|
32.2#
|
|
101#
|
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) in this Form 10-Q include the: (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Statements of Consolidated Operations, (iii) Unaudited Condensed Statements of Consolidated Comprehensive Income, (iv) Unaudited Condensed Statements of Consolidated Cash Flows, (v) Unaudited Condensed Statements of Consolidated Equity and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.
|
104#
|
Cover Page Interactive Data File (embedded within the iXBRL document).
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
(A Delaware Limited Partnership)
|
|||
By:
|
Enterprise Products Holdings LLC, as General Partner
|
||
By:
|
/s/ R. Daniel Boss
|
||
Name:
|
R. Daniel Boss
|
||
Title:
|
Executive Vice President – Accounting, Risk Control and Information Technology of the General Partner
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of the General Partner
|
1 Year Enterprise Products Part... Chart |
1 Month Enterprise Products Part... Chart |
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