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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energy Transfer LP | NYSE:ET | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.17 | 1.08% | 15.95 | 15.99 | 15.775 | 15.94 | 9,335,518 | 00:51:08 |
Energy Transfer LP (NYSE:ET) (“ET” or the “Partnership”) today reported financial results for the quarter and year ended December 31, 2019.
ET reported net income attributable to partners for the three months ended December 31, 2019 of $1.01 billion, an increase of $395 million compared to the three months ended December 31, 2018. For the three months ended December 31, 2019, net income per limited partner unit (basic and diluted) was $0.38 per unit.
Adjusted EBITDA for the three months ended December 31, 2019 was $2.81 billion, an increase of $138 million compared to the three months ended December 31, 2018. Results were supported by continued strong performance among several of the Partnership’s core segments, with additional record operating performance in our NGL and refined products transportation and services segment.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended December 31, 2019 was $1.55 billion, an increase of $30 million compared to the three months ended December 31, 2018. The increase was primarily due to the increase in Adjusted EBITDA.
Key accomplishments and recent developments:
Operational
Strategic
Financial
Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single segment contributing more than 30% of the Partnership’s consolidated Adjusted EBITDA in 2019. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity.
Conference call information:
The Partnership has scheduled a conference call for 4:00 p.m. Central Time/5:00 p.m. Eastern Time on Wednesday, February 19, 2020 to discuss its fourth quarter 2019 results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com or ir.energytransfer.com and will also be available for replay on the Partnership’s website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, NGL and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states, as well as refined product transportation and terminalling assets. SUN’s general partner is owned by Energy Transfer Operating, L.P., a subsidiary of Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at www.sunocolp.com.
USA Compression Partners, LP (NYSE: USAC) is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USAC focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. For more information, visit the USAC website at www.usacompression.com.
Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.energytransfer.com.
ENERGY TRANSFER LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
December 31, 2019
December 31, 2018
ASSETS
Current assets
$
7,867
$
6,750
Property, plant and equipment, net
74,193
66,963
Advances to and investments in unconsolidated affiliates
3,460
2,642
Lease right-of-use assets, net (a)
964
—
Other non-current assets, net
1,075
1,006
Intangible assets, net
6,154
6,000
Goodwill
5,167
4,885
Total assets
$
98,880
$
88,246
LIABILITIES AND EQUITY
Current liabilities
$
7,724
$
9,310
Long-term debt, less current maturities
51,028
43,373
Non-current derivative liabilities
273
104
Non-current operating lease liabilities (a)
901
—
Deferred income taxes
3,208
2,926
Other non-current liabilities
1,162
1,184
Commitments and contingencies
Redeemable noncontrolling interests
739
499
Equity:
Total partners’ capital
21,827
20,559
Noncontrolling interest
12,018
10,291
Total equity
33,845
30,850
Total liabilities and equity
$
98,880
$
88,246
(a)
Lease-related balances as of December 31, 2019 were recorded in connection with the required adoption of the new lease accounting principles (referred to as ASC 842) on January 1, 2019.
ENERGY TRANSFER LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
REVENUES
$
13,720
$
13,573
$
54,213
$
54,087
COSTS AND EXPENSES:
Cost of products sold
10,120
9,977
39,727
41,658
Operating expenses
888
809
3,294
3,089
Depreciation, depletion and amortization
804
750
3,147
2,859
Selling, general and administrative
195
187
694
702
Impairment losses
12
431
74
431
Total costs and expenses
12,019
12,154
46,936
48,739
OPERATING INCOME
1,701
1,419
7,277
5,348
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(584
)
(544
)
(2,331
)
(2,055
)
Equity in earnings of unconsolidated affiliates
78
86
302
344
Losses on extinguishments of debt
—
(6
)
(18
)
(112
)
Gains (losses) on interest rate derivatives
130
(70
)
(241
)
47
Other, net
6
(35
)
105
62
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE (BENEFIT)
1,331
850
5,094
3,634
Income tax expense (benefit) from continuing operations
(19
)
(2
)
195
4
INCOME FROM CONTINUING OPERATIONS
1,350
852
4,899
3,630
Loss from discontinued operations, net of income taxes
—
—
—
(265
)
NET INCOME
1,350
852
4,899
3,365
Less: Net income attributable to noncontrolling interest
325
220
1,256
1,632
Less: Net income attributable to redeemable noncontrolling interests
13
15
51
39
NET INCOME ATTRIBUTABLE TO PARTNERS
1,012
617
3,592
1,694
Convertible Unitholders’ interest in income
—
—
—
33
General Partner’s interest in net income
1
—
4
3
Limited Partners’ interest in net income
$
1,011
$
617
$
3,588
$
1,658
NET INCOME PER LIMITED PARTNER UNIT:
Basic
$
0.38
$
0.26
$
1.37
$
1.16
Diluted
$
0.38
$
0.26
$
1.36
$
1.15
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
Basic
2,646.2
2,332.1
2,628.0
1,423.8
Diluted
2,653.3
2,339.4
2,637.6
1,461.4
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (b):
Net income
$
1,350
$
852
$
4,899
$
3,365
Loss from discontinued operations
—
—
—
265
Interest expense, net of interest capitalized
584
544
2,331
2,055
Impairment losses
12
431
74
431
Income tax expense (benefit) from continuing operations
(19
)
(2
)
195
4
Depreciation, depletion and amortization
804
750
3,147
2,859
Non-cash compensation expense
28
23
113
105
(Gains) losses on interest rate derivatives
(130
)
70
241
(47
)
Unrealized (gains) losses on commodity risk management activities
95
(244
)
5
11
Losses on extinguishments of debt
—
6
18
112
Inventory valuation adjustments
(8
)
135
(79
)
85
Equity in earnings of unconsolidated affiliates
(78
)
(86
)
(302
)
(344
)
Adjusted EBITDA related to unconsolidated affiliates
156
152
626
655
Adjusted EBITDA from discontinued operations
—
—
—
(25
)
Other, net
13
38
(54
)
(21
)
Adjusted EBITDA (consolidated)
2,807
2,669
11,214
9,510
Adjusted EBITDA related to unconsolidated affiliates
(156
)
(152
)
(626
)
(655
)
Distributable Cash Flow from unconsolidated affiliates
108
95
415
407
Interest expense, net of interest capitalized
(584
)
(544
)
(2,331
)
(2,057
)
Subsidiary preferred unitholders’ distributions
(68
)
(54
)
(253
)
(170
)
Current income tax (expense) benefit
45
(7
)
22
(472
)
Transaction-related income taxes
(31
)
—
(31
)
470
Maintenance capital expenditures
(215
)
(137
)
(655
)
(510
)
Other, net(c)
30
19
85
49
Distributable Cash Flow (consolidated)
1,936
1,889
7,840
6,572
Distributable Cash Flow attributable to Sunoco LP (100%)
(120
)
(115
)
(450
)
(446
)
Distributions from Sunoco LP
42
43
165
166
Distributable Cash Flow attributable to USAC (100%)
(58
)
(55
)
(222
)
(148
)
Distributions from USAC
24
21
90
73
Distributable Cash Flow attributable to noncontrolling interest in other non-wholly-owned consolidated subsidiaries
(286
)
(294
)
(1,113
)
(874
)
Distributable Cash Flow attributable to the partners of ET – pro forma for the ETO Merger (a)
1,538
1,489
6,310
5,343
Transaction-related expenses
8
27
14
52
Distributable Cash Flow attributable to the partners of ET, as adjusted – pro forma for the ETO Merger (a)
$
1,546
$
1,516
$
6,324
$
5,395
Distributions to partners – pro forma for the ETO Merger (a):
Limited Partners (d)
$
820
$
799
$
3,221
$
3,104
General Partner
1
1
4
4
Total distributions to be paid to partners
$
821
$
800
$
3,225
$
3,108
Common Units outstanding – end of period
2,689.6
2,619.4
2,689.6
2,619.4
Distribution coverage ratio – pro forma for the ETO Merger (a)
1.88x
1.90x
1.96x
1.74x
(a)
The closing of the restructuring transaction in October 2018 (the “ETO Merger”) impacted the Partnership’s calculation of Distributable Cash Flow attributable to partners, as well as the number of ET Common Units outstanding and the amount of distributions to be paid to partners for the three months and year ended December 31, 2018. In order to provide information on a comparable basis for pre-ETO Merger and post-ETO Merger periods, the Partnership has included certain pro forma information for the year ended December 31, 2018.
Pro forma Distributable Cash Flow attributable to partners reflects the following merger related impacts:
Pro forma distributions to partners include actual distributions to legacy ET partners, as well as pro forma distributions to legacy ETO partners. Pro forma distributions to ETO partners are calculated assuming (i) historical ETO common units converted under the terms of the ETO Merger and (ii) distributions on such converted common units were paid at the historical rate paid on ET common units.
Pro forma Common Units outstanding include actual Common Units outstanding, in addition to Common Units assumed to be issued in the Merger, which are based on historical ETO common units converted under the terms of the ETO Merger.
(b)
Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of ET’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures.
There are material limitations to using measures such as Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio, including the difficulty associated with using any such measure as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as operating income, net income and cash flow from operating activities.
Definition of Adjusted EBITDA
We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates.
Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.
Definition of Distributable Cash Flow
We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investee’s distributable cash flow.
Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.
On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of ET’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:
For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related and non-recurring expenses that are included in net income are excluded.
Definition of Distribution Coverage Ratio
Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to partners, as adjusted, divided by distributions expected to be paid to the partners of ET in respect of such period.
(c)
For the three months and year ended December 31, 2019, “Other, net” includes $19 million of Distributable Cash Flow attributable to the operations of SemGroup for October 1 through December 4, 2019, which represents amounts distributable to ET’s common unitholders (including the holders of the common units issued in the SemGroup acquisition) with respect the fourth quarter 2019 distribution.
(d)
The amount reflected for the year ended December 31, 2018 includes distributions to unitholders who elected to participate in a plan to forgo a portion of their future potential cash distributions on common units and reinvest those distributions in ETE Series A convertible preferred units representing limited partner interests in the Partnership. The quarter ended March 31, 2018 was the final quarter of participation in the plan.
ENERGY TRANSFER LP AND SUBSIDIARIES
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
Three Months Ended December 31,
2019
2018
Segment Adjusted EBITDA:
Intrastate transportation and storage
$
222
$
306
Interstate transportation and storage
434
479
Midstream
397
402
NGL and refined products transportation and services
743
569
Crude oil transportation and services
715
636
Investment in Sunoco LP
168
180
Investment in USAC
110
104
All other
18
(7
)
Total Segment Adjusted EBITDA
$
2,807
$
2,669
In the following analysis of segment operating results, a measure of segment margin is reported for segments with sales revenues. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented.
In addition, for certain segments, the sections below include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin, and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.
Intrastate Transportation and Storage
Three Months Ended December 31,
2019
2018
Natural gas transported (BBtu/d)
13,098
11,708
Revenues
$
714
$
1,127
Cost of products sold
436
777
Segment margin
278
350
Unrealized (gains) losses on commodity risk management activities
(1
)
5
Operating expenses, excluding non-cash compensation expense
(53
)
(48
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(9
)
(7
)
Adjusted EBITDA related to unconsolidated affiliates
7
6
Segment Adjusted EBITDA
$
222
$
306
For the three months ended December 31, 2019 compared to the same period last year, transported volumes increased primarily due to increased utilization of our Texas pipelines.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment decreased due to the net impacts of the following:
Interstate Transportation and Storage
Three Months Ended December 31,
2019
2018
Natural gas transported (BBtu/d)
11,620
11,062
Natural gas sold (BBtu/d)
17
18
Revenues
$
493
$
495
Operating expenses, excluding non-cash compensation, amortization and accretion expenses
(144
)
(120
)
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses
(23
)
(8
)
Adjusted EBITDA related to unconsolidated affiliates
109
118
Other
(1
)
(6
)
Segment Adjusted EBITDA
$
434
$
479
Transported volumes reflected an increase due to stronger demand for delivery to markets in the Western U.S., the successful addition of new contracted volumes for delivery out of the Haynesville Shale, and higher volumes on the Rover pipeline; offset by lower utilization of contracted capacity on the Panhandle Eastern and Trunkline pipelines.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net impacts of the following:
Midstream
Three Months Ended December 31,
2019
2018
Gathered volumes (BBtu/d)
14,000
12,827
NGLs produced (MBbls/d)
583
558
Equity NGLs (MBbls/d)
29
25
Revenues
$
1,535
$
1,781
Cost of products sold
899
1,172
Segment margin
636
609
Operating expenses, excluding non-cash compensation expense
(217
)
(193
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(27
)
(22
)
Adjusted EBITDA related to unconsolidated affiliates
6
8
Other
(1
)
—
Segment Adjusted EBITDA
$
397
$
402
For the three months ended December 31, 2019 compared to the same period last year, gathered volumes increased primarily due to increases in the Northeast, Permian, Ark-La-Tex, South Texas and North Texas regions. NGL production increased due to increases in the Permian region, partially offset by ethane rejection in the South Texas and North Texas regions.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment decreased due to the net impacts of the following:
NGL and Refined Products Transportation and Services
Three Months Ended December 31,
2019
2018
NGL transportation volumes (MBbls/d)
1,325
1,115
Refined products transportation volumes (MBbls/d)
535
601
NGL and refined products terminal volumes (MBbls/d)
935
898
NGL fractionation volumes (MBbls/d)
734
594
Revenues
$
3,120
$
2,946
Cost of products sold
2,257
2,106
Segment margin
863
840
Unrealized (gains) losses on commodity risk management activities
66
(112
)
Operating expenses, excluding non-cash compensation expense
(185
)
(156
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(26
)
(22
)
Adjusted EBITDA related to unconsolidated affiliates
23
19
Other
2
—
Segment Adjusted EBITDA
$
743
$
569
For the three months ended December 31, 2019 compared to the same period last year, NGL transportation volumes on our Texas NGL pipeline system increased due to higher receipt of liquids production from both wholly-owned and third-party gas plants primarily in the Permian and North Texas regions. In addition, NGL transportation volumes on our Northeast assets increased due to the initiation of service on our Mariner East 2 pipeline system.
Refined products transportation volumes decreased for the three months ended December 31, 2019 compared to the same period last year primarily due to the closure of a third-party refinery, negatively impacting supply on our system in 2019. These decreases are partially offset by the initiation of service on the JC Nolan Pipeline in the third quarter of 2019.
NGL and refined products terminal volumes increased for the three months ended December 31, 2019 compared to the same period last year primarily due to the initiation of service on our Mariner East 2 pipeline system which commenced operations in December 2018. This increase was partially offset by lower volumes from our refined products marketing terminals due to the closure of a third-party refinery and lower volumes exported out of our Nederland terminal.
Average fractionated volumes at our Mont Belvieu, Texas fractionation facility increased for the three months ended December 31, 2019 compared to the same period last year primarily due to the commissioning of our sixth fractionator in February 2019.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to net impacts of the following:
Crude Oil Transportation and Services
Three Months Ended December 31,
2019
2018
Crude transportation volumes (MBbls/d)
4,734
4,330
Crude terminals volumes (MBbls/d)
1,923
2,202
Revenues
$
4,762
$
4,346
Cost of products sold
3,901
3,407
Segment margin
861
939
Unrealized (gains) losses on commodity risk management activities
31
(132
)
Operating expenses, excluding non-cash compensation expense
(160
)
(150
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(24
)
(22
)
Adjusted EBITDA related to unconsolidated affiliates
8
1
Other
(1
)
—
Segment Adjusted EBITDA
$
715
$
636
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased due to the net impacts of the following:
Investment in Sunoco LP
Three Months Ended December 31,
2019
2018
Revenues
$
4,098
$
3,877
Cost of products sold
3,813
3,694
Segment margin
285
183
Unrealized (gains) losses on commodity risk management activities
(1
)
5
Operating expenses, excluding non-cash compensation expense
(84
)
(111
)
Selling, general and administrative, excluding non-cash compensation expense
(32
)
(36
)
Adjusted EBITDA related to unconsolidated affiliates
3
—
Inventory fair value adjustments
(8
)
135
Other, net
5
4
Segment Adjusted EBITDA
$
168
$
180
The Investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP decreased due to the net impacts of the following:
Investment in USAC
Three Months Ended December 31,
2019
2018
Revenues
$
178
$
172
Cost of products sold
22
23
Segment margin
156
149
Operating expenses, excluding non-cash compensation expense
(32
)
(30
)
Selling, general and administrative, excluding non-cash compensation expense
(14
)
(16
)
Other, net
—
1
Segment Adjusted EBITDA
$
110
$
104
The Investment in USAC segment reflects the consolidated results of operations for USAC.
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC increased primarily due to an increase in demand for compression services driven by increased U.S. production of crude oil and natural gas, and an increase in average revenue per revenue generating horsepower per month.
All Other
Three Months Ended December 31,
2019
2018
Revenues
$
413
$
630
Cost of products sold
366
585
Segment margin
47
45
Unrealized gains on commodity risk management activities
—
(11
)
Operating expenses, excluding non-cash compensation expense
(25
)
(6
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(24
)
(41
)
Adjusted EBITDA related to unconsolidated affiliates
1
—
Other and eliminations
19
6
Segment Adjusted EBITDA
$
18
$
(7
)
Segment Adjusted EBITDA. For the three months ended December 31, 2019 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impacts of the following:
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION ON LIQUIDITY
(In millions)
(unaudited)
The following table is a summary of ETO’s revolving credit facilities. We also have consolidated subsidiaries with revolving credit facilities which are not included.
Facility Size
Funds Available at December 31, 2019
Maturity Date
ETO Five-Year Revolving Credit Facility
$
5,000
$
709
December 1, 2023
ETO 364-Day facility
1,000
1,000
November 27, 2020
$
6,000
$
1,709
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES
(In millions)
(unaudited)
The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership’s financial statements for the periods presented.
Three Months Ended December 31,
2019
2018
Equity in earnings of unconsolidated affiliates:
Citrus
$
33
$
39
FEP
16
14
MEP
—
7
Other
29
26
Total equity in earnings of unconsolidated affiliates
$
78
$
86
Adjusted EBITDA related to unconsolidated affiliates:
Citrus
$
82
$
81
FEP
19
18
MEP
8
19
Other
47
34
Total Adjusted EBITDA related to unconsolidated affiliates
$
156
$
152
Distributions received from unconsolidated affiliates:
Citrus
$
50
$
46
FEP
20
18
MEP
3
8
Other
21
34
Total distributions received from unconsolidated affiliates
$
94
$
106
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION ON NON-WHOLLY-OWNED JOINT VENTURE SUBSIDIARIES
(In millions)
(unaudited)
The table below provides information on an aggregated basis for our non-wholly-owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, which are non-wholly-owned subsidiaries that are publicly traded.
Three Months Ended December 31,
2019
2018
Adjusted EBITDA of non-wholly-owned subsidiaries (100%) (a)
$
642
$
669
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries (b)
335
351
Distributable Cash Flow of non-wholly-owned subsidiaries (100%) (c)
$
601
$
626
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries (d)
315
332
Below is our ownership percentage of certain non-wholly-owned subsidiaries:
Non-wholly-owned subsidiary:
ET Percentage Ownership (e)
Bakken Pipeline
36.4%
Bayou Bridge
60.0%
Ohio River System
75.0%
Permian Express Partners
87.7%
Red Bluff Express
70.0%
Rover
32.6%
Others
various
(a)
Adjusted EBITDA of non-wholly-owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly-owned subsidiaries on an aggregated basis. This is the amount of EBITDA included in our consolidated non-GAAP measure of Adjusted EBITDA.
(b)
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest.
(c)
Distributable Cash Flow of non-wholly-owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly-owned subsidiaries on an aggregated basis.
(d)
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount of Distributable Cash Flow included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of ET.
(e)
Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200219005972/en/
Energy Transfer Investor Relations: Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795 or Media Relations: Vicki Granado, 214-840-5820
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