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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) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended September 30, 2022.
Energy Transfer reported net income attributable to partners for the three months ended September 30, 2022 of $1.01 billion, a $371 million increase from the same period last year. For the three months ended September 30, 2022, net income per limited partner unit (basic and diluted) was $0.29 per unit.
Adjusted EBITDA for the three months ended September 30, 2022 was $3.09 billion compared to $2.58 billion for the three months ended September 30, 2021. In the third quarter 2022, the Partnership experienced a $126 million charge in the crude oil transportation and services segment related to a legal matter. In addition, Energy Transfer’s third quarter 2022 results were impacted by an approximately $130 million negative adjustment related to hedged inventory in the NGL and refined products transportation and services segment. These two items impacted third quarter 2022 Adjusted EBITDA by approximately $260 million in the aggregate.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2022 was $1.58 billion compared to $1.31 billion for the three months ended September 30, 2021.
The improved results were primarily due to higher volumes across all of our core segments and the impacts of the recent acquisition of Enable Midstream.
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 for the three or nine months ended September 30, 2022. 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 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Tuesday, November 1, 2022 to discuss its third quarter 2022 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through www.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 U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer 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 40 U.S. states and territories, as well as refined product transportation and terminalling assets. SUN’s general partner is owned by 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 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, including future distribution levels and leverage ratio, 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. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. 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)
September 30,
2022
December 31,
2021
ASSETS
Current assets
$
12,159
$
10,537
Property, plant and equipment, net
80,261
81,607
Investments in unconsolidated affiliates
2,869
2,947
Lease right-of-use assets, net
815
838
Other non-current assets, net
1,573
1,645
Intangible assets, net
5,505
5,856
Goodwill
2,553
2,533
Total assets
$
105,735
$
105,963
LIABILITIES AND EQUITY
Current liabilities
$
11,243
$
10,835
Long-term debt, less current maturities
47,413
49,022
Non-current derivative liabilities
33
193
Non-current operating lease liabilities
794
814
Deferred income taxes
3,661
3,648
Other non-current liabilities
1,530
1,323
Commitments and contingencies
Redeemable noncontrolling interests
493
783
Equity:
Limited Partners:
Preferred Unitholders
6,077
6,051
Common Unitholders
26,725
25,230
General Partner
(3
)
(4
)
Accumulated other comprehensive income
32
23
Total partners’ capital
32,831
31,300
Noncontrolling interests
7,737
8,045
Total equity
40,568
39,345
Total liabilities and equity
$
105,735
$
105,963
ENERGY TRANSFER LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
REVENUES
$
22,939
$
16,664
$
69,375
$
48,760
COSTS AND EXPENSES:
Cost of products sold
18,516
13,188
56,169
35,641
Operating expenses
973
898
2,982
2,585
Depreciation, depletion and amortization
1,030
943
3,104
2,837
Selling, general and administrative
361
198
802
583
Impairment losses and other
86
—
386
11
Total costs and expenses
20,966
15,227
63,443
41,657
OPERATING INCOME
1,973
1,437
5,932
7,103
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(577
)
(558
)
(1,714
)
(1,713
)
Equity in earnings of unconsolidated affiliates
68
71
186
191
Losses on extinguishments of debt
—
—
—
(8
)
Gains on interest rate derivatives
60
1
303
72
Other, net
(120
)
33
(117
)
45
INCOME BEFORE INCOME TAX EXPENSE
1,404
984
4,590
5,690
Income tax expense
82
77
159
234
NET INCOME
1,322
907
4,431
5,456
Less: Net income attributable to noncontrolling interests
304
260
793
870
Less: Net income attributable to redeemable noncontrolling interests
12
12
37
37
NET INCOME ATTRIBUTABLE TO PARTNERS
1,006
635
3,601
4,549
General Partner’s interest in net income
1
1
3
5
Preferred Unitholders’ interest in net income
106
99
317
185
Limited Partners’ interest in net income
$
899
$
535
$
3,281
$
4,359
NET INCOME PER COMMON UNIT:
Basic
$
0.29
$
0.20
$
1.06
$
1.61
Diluted
$
0.29
$
0.20
$
1.06
$
1.60
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
Basic
3,087.6
2,705.2
3,085.6
2,704.0
Diluted
3,108.6
2,720.6
3,106.4
2,718.4
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021(a)
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow(b):
Net income
$
1,322
$
907
$
4,431
$
5,456
Interest expense, net of interest capitalized
577
558
1,714
1,713
Impairment losses and other
86
—
386
11
Income tax expense
82
77
159
234
Depreciation, depletion and amortization
1,030
943
3,104
2,837
Non-cash compensation expense
27
26
88
81
Gains on interest rate derivatives
(60
)
(1
)
(303
)
(72
)
Unrealized (gains) losses on commodity risk management activities
(76
)
19
(130
)
(74
)
Losses on extinguishments of debt
—
—
—
8
Inventory valuation adjustments (Sunoco LP)
40
(9
)
(81
)
(168
)
Equity in earnings of unconsolidated affiliates
(68
)
(71
)
(186
)
(191
)
Adjusted EBITDA related to unconsolidated affiliates
147
141
409
400
Other, net
(19
)
(11
)
65
—
Adjusted EBITDA (consolidated)
3,088
2,579
9,656
10,235
Adjusted EBITDA related to unconsolidated affiliates
(147
)
(141
)
(409
)
(400
)
Distributable cash flow from unconsolidated affiliates
102
103
270
268
Interest expense, net of interest capitalized
(577
)
(558
)
(1,714
)
(1,713
)
Preferred unitholders’ distributions
(118
)
(110
)
(353
)
(305
)
Current income tax expense
(31
)
(10
)
(1
)
(34
)
Transaction-related income taxes(c)
—
—
(42
)
—
Maintenance capital expenditures
(247
)
(155
)
(527
)
(371
)
Other, net
5
14
17
50
Distributable Cash Flow (consolidated)
2,075
1,722
6,897
7,730
Distributable Cash Flow attributable to Sunoco LP (100%)
(195
)
(146
)
(496
)
(399
)
Distributions from Sunoco LP
41
41
124
124
Distributable Cash Flow attributable to USAC (100%)
(55
)
(52
)
(161
)
(157
)
Distributions from USAC
25
25
73
73
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned consolidated subsidiaries
(315
)
(284
)
(926
)
(786
)
Distributable Cash Flow attributable to the partners of Energy Transfer
1,576
1,306
5,511
6,585
Transaction-related adjustments
5
6
26
34
Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted
$
1,581
$
1,312
$
5,537
$
6,619
Distributions to partners:
Limited Partners
$
818
$
413
$
2,145
$
1,238
General Partner
1
1
2
2
Total distributions to be paid to partners
$
819
$
414
$
2,147
$
1,240
Common Units outstanding – end of period
3,088.0
2,705.8
3,088.0
2,705.8
Distribution coverage ratio
1.93x
3.17x
2.58x
5.34x
(a)
Winter Storm Uri, which occurred in February 2021, resulted in one-time impacts to the Partnership’s consolidated net income, Adjusted EBITDA and Distributable Cash Flow.
(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 Energy Transfer’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. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out (“LIFO”). These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.
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. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
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 Energy Transfer’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 adjustments 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 Energy Transfer in respect of such period.
(c)
For the nine months ended September 30, 2022, the amount reflected for transaction-related income taxes was related to an amended return from a previous transaction.
ENERGY TRANSFER LP AND SUBSIDIARIES
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
Three Months Ended
September 30,
2022
2021
Segment Adjusted EBITDA:
Intrastate transportation and storage
$
301
$
172
Interstate transportation and storage
409
334
Midstream
868
556
NGL and refined products transportation and services
634
706
Crude oil transportation and services
461
496
Investment in Sunoco LP
276
198
Investment in USAC
109
99
All other
30
18
Total Segment Adjusted EBITDA
$
3,088
$
2,579
The following analysis of segment operating results includes a measure of segment margin. 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
September 30,
2022
2021
Natural gas transported (BBtu/d)
14,878
11,601
Withdrawals from storage natural gas inventory (BBtu)
—
2,350
Revenues
$
2,383
$
1,217
Cost of products sold
1,994
978
Segment margin
389
239
Unrealized (gains) losses on commodity risk management activities
12
(1
)
Operating expenses, excluding non-cash compensation expense
(93
)
(64
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(12
)
(8
)
Adjusted EBITDA related to unconsolidated affiliates
5
6
Segment Adjusted EBITDA
$
301
$
172
Transported volumes increased primarily due to the acquisition of the Enable Oklahoma Intrastate Transmission system, as well as increased production in the Haynesville.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impacts of the following:
Interstate Transportation and Storage
Three Months Ended
September 30,
2022
2021
Natural gas transported (BBtu/d)
14,157
9,917
Natural gas sold (BBtu/d)
28
16
Revenues
$
549
$
418
Cost of products sold
3
—
Segment margin
546
418
Operating expenses, excluding non-cash compensation, amortization and accretion expenses
(219
)
(152
)
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses
(37
)
(21
)
Adjusted EBITDA related to unconsolidated affiliates
106
91
Other
13
(2
)
Segment Adjusted EBITDA
$
409
$
334
Transported volumes increased primarily due to the impact of the Enable Acquisition, higher utilization on our Tiger system due to increased production in the Haynesville Shale and higher volumes on our Trunkline system due to increased demand.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impacts of the following:
Midstream
Three Months Ended
September 30,
2022
2021
Gathered volumes (BBtu/d)
19,107
12,991
NGLs produced (MBbls/d)
814
667
Equity NGLs (MBbls/d)
43
37
Revenues
$
4,871
$
2,919
Cost of products sold
3,678
2,153
Segment margin
1,193
766
Operating expenses, excluding non-cash compensation expense
(275
)
(191
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(55
)
(28
)
Adjusted EBITDA related to unconsolidated affiliates
5
8
Other
—
1
Segment Adjusted EBITDA
$
868
$
556
Gathered volumes and NGL production increased compared to the same period last year primarily due to increases in all regions.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impacts of the following:
NGL and Refined Products Transportation and Services
Three Months Ended
September 30,
2022
2021
NGL transportation volumes (MBbls/d)
1,892
1,803
Refined products transportation volumes (MBbls/d)
543
526
NGL and refined products terminal volumes (MBbls/d)
1,287
1,237
NGL fractionation volumes (MBbls/d)
940
884
Revenues
$
6,075
$
5,262
Cost of products sold
5,044
4,347
Segment margin
1,031
915
Unrealized gains on commodity risk management activities
(126
)
(2
)
Operating expenses, excluding non-cash compensation expense
(265
)
(207
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(33
)
(27
)
Adjusted EBITDA related to unconsolidated affiliates
27
26
Other
—
1
Segment Adjusted EBITDA
$
634
$
706
NGL transportation volumes increased primarily due to higher volumes from the Permian and Eagle Ford regions and higher volumes on our export pipelines into our Nederland Terminal.
Refined products transportation volumes increased due to recovery from COVID-19 related demand reduction in the prior period.
NGL and refined products terminal volumes increased primarily due to higher volumes on our export pipelines and refined product demand recovery.
Average fractionated volumes at our Mont Belvieu, Texas fractionation facility increased due to increased production to our system, primarily from the Permian and Eagle Ford regions.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment decreased due to the net impacts of the following:
Crude Oil Transportation and Services
Three Months Ended
September 30,
2022
2021
Crude transportation volumes (MBbls/d)
4,575
4,173
Crude terminal volumes (MBbls/d)
3,080
2,703
Revenues
$
6,416
$
4,578
Cost of products sold
5,627
3,918
Segment margin
789
660
Unrealized losses on commodity risk management activities
2
14
Operating expenses, excluding non-cash compensation expense
(176
)
(142
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(155
)
(44
)
Adjusted EBITDA related to unconsolidated affiliates
1
7
Other
—
1
Segment Adjusted EBITDA
$
461
$
496
Crude transportation volumes were higher on our Texas pipeline system and Bakken Pipeline, driven by continuing crude oil production growth in these regions as a result of higher crude prices and refinery demand. Additionally, volumes benefited from assets acquired in 2021 as well as new assets placed into service, primarily Cushing South and Ted Collins Link. Volumes on Bayou Bridge were also higher, primarily due to increased crude supply from recent Strategic Petroleum Reserve sales. Crude Terminal volumes were higher due to Strategic Petroleum Reserve sale volumes increasing throughput and export activity at our Gulf Coast terminals.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment decreased due to the net impacts of the following:
Investment in Sunoco LP
Three Months Ended
September 30,
2022
2021
Revenues
$
6,594
$
4,779
Cost of products sold
6,261
4,472
Segment margin
333
307
Unrealized losses on commodity risk management activities
23
2
Operating expenses, excluding non-cash compensation expense
(98
)
(85
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(29
)
(23
)
Adjusted EBITDA related to unconsolidated affiliates
2
3
Inventory valuation adjustments
40
(9
)
Other
5
3
Segment Adjusted EBITDA
$
276
$
198
The Investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased due to the net impacts of the following:
Investment in USAC
Three Months Ended
September 30,
2022
2021
Revenues
$
179
$
159
Cost of products sold
28
19
Segment margin
151
140
Operating expenses, excluding non-cash compensation expense
(31
)
(31
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(11
)
(10
)
Segment Adjusted EBITDA
$
109
$
99
The Investment in USAC segment reflects the consolidated results of USAC.
Segment Adjusted EBITDA. For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased primarily due to an increase of $11 million in segment margin primarily due to an increase in contract operations revenue as a result of select price increases on USAC’s existing fleet under contract and higher revenue generating horsepower.
All Other
Three Months Ended
September 30,
2022
2021
Revenues
$
1,084
$
696
Cost of products sold
1,052
652
Segment margin
32
44
Unrealized losses on commodity risk management activities
13
6
Operating expenses, excluding non-cash compensation expense
(17
)
(29
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(11
)
(13
)
Adjusted EBITDA related to unconsolidated affiliates
2
2
Other and eliminations
11
8
Segment Adjusted EBITDA
$
30
$
18
For the three months ended September 30, 2022 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased primarily due to the net impacts of the following:
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION ON LIQUIDITY
(In millions)
(unaudited)
The following table summarizes the status of our revolving credit facility. We also have consolidated subsidiaries with revolving credit facilities which are not included in this table.
Facility Size
Funds Available at
September 30, 2022
Maturity Date
Five-Year Revolving Credit Facility
$
5,000
$
2,317
April 11, 2027
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
September 30,
2022
2021
Equity in earnings (losses) of unconsolidated affiliates:
Citrus
$
36
$
44
MEP
(1
)
(5
)
White Cliffs
—
(1
)
Explorer
8
9
Other
25
24
Total equity in earnings of unconsolidated affiliates
$
68
$
71
Adjusted EBITDA related to unconsolidated affiliates:
Citrus
$
86
$
87
MEP
8
4
White Cliffs
5
4
Explorer
12
12
Other
36
34
Total Adjusted EBITDA related to unconsolidated affiliates
$
147
$
141
Distributions received from unconsolidated affiliates:
Citrus
$
52
$
106
MEP
4
1
White Cliffs
5
5
Explorer
6
6
Other
27
20
Total distributions received from unconsolidated affiliates
$
94
$
138
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
September 30,
2022
2021
Adjusted EBITDA of non-wholly-owned subsidiaries (100%) (a)
$
622
$
599
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries (b)
297
299
Distributable Cash Flow of non-wholly-owned subsidiaries (100%) (c)
$
593
$
556
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries (d)
278
272
Below is our ownership percentage of certain non-wholly-owned subsidiaries:Non-wholly-owned subsidiary:
Energy Transfer Percentage
Ownership (e)
Bakken Pipeline
36.4%
Bayou Bridge
60.0%
Maurepas
51.0%
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 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 included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of Energy Transfer.
(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. In addition to the ownership reflected in the table above, the Partnership also owned a 51% interest in Energy Transfer Canada until August 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221101006138/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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