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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 ended September 30, 2021.
ET reported net income attributable to partners for the three months ended September 30, 2021 of $635 million, an increase of $1.29 billion compared to the same period the previous year. For the three months ended September 30, 2021, net income per limited partner unit (basic and diluted) was $0.20 per unit.
Adjusted EBITDA for the three months ended September 30, 2021 was $2.58 billion compared to $2.87 billion for the three months ended September 30, 2020. The third quarter of 2020 benefited from approximately $300 million of one-time items and gains from optimization activities that did not re-occur in the current period.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2021 was $1.31 billion compared to $1.69 billion for the three months ended September 30, 2020. The decrease was primarily driven by the decrease in Adjusted EBITDA discussed above.
Key accomplishments and current developments:
Operational
Strategic
Financial
ET 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 months ended September 30, 2021. 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, Wednesday, November 3, 2021 to discuss its third quarter 2021 results and provide a partnership update. 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 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, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET 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 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 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, including the Partnership’s Quarterly Report on Form 10-Q to be filed for the current period. 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 has also been, and may in the future be, impacted by the winter storm in February 2021 and the resolution of related contingencies, including credit losses, disputed purchases and sales, litigation and/or potential legislative action. 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, 2021
December 31, 2020
ASSETS
Current assets
$
9,049
$
6,317
Property, plant and equipment, net
74,271
75,107
Investments in unconsolidated affiliates
2,958
3,060
Lease right-of-use assets, net
829
866
Other non-current assets, net
1,722
1,657
Intangible assets, net
5,474
5,746
Goodwill
2,395
2,391
Total assets
$
96,698
$
95,144
LIABILITIES AND EQUITY
Current liabilities (1)
$
9,834
$
5,923
Long-term debt, less current maturities
44,793
51,417
Non-current derivative liabilities
187
237
Non-current operating lease liabilities
799
837
Deferred income taxes
3,683
3,428
Other non-current liabilities
1,270
1,152
Commitments and contingencies
Redeemable noncontrolling interests
783
762
Equity:
Limited Partners:
Preferred Unitholders
5,671
—
Common Unitholders
21,726
18,531
General Partner
(5
)
(8
)
Accumulated other comprehensive income
19
6
Total partners’ capital
27,411
18,529
Noncontrolling interests
7,938
12,859
Total equity
35,349
31,388
Total liabilities and equity
$
96,698
$
95,144
(1)
As of September 30, 2021, current liabilities include $678 million of current maturities of long-term debt. This total includes all of the $650 million of senior notes due in April 2022 from the Bakken Pipeline entities, for which our proportionate ownership is 36.4%.
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,
2021
2020
2021
2020
REVENUES
$
16,664
$
9,955
$
48,760
$
28,920
COSTS AND EXPENSES:
Cost of products sold
13,188
6,376
35,641
18,784
Operating expenses
898
773
2,585
2,422
Depreciation, depletion and amortization
943
912
2,837
2,715
Selling, general and administrative
198
176
583
555
Impairment losses
—
1,474
11
2,803
Total costs and expenses
15,227
9,711
41,657
27,279
OPERATING INCOME
1,437
244
7,103
1,641
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(558
)
(569
)
(1,713
)
(1,750
)
Equity in earnings (losses) of unconsolidated affiliates
71
(32
)
191
46
Impairment of investment in an unconsolidated affiliate
—
(129
)
—
(129
)
Losses on extinguishments of debt
—
—
(8
)
(62
)
Gains (losses) on interest rate derivatives
1
55
72
(277
)
Other, net
33
71
45
6
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
984
(360
)
5,690
(525
)
Income tax expense
77
41
234
168
NET INCOME (LOSS)
907
(401
)
5,456
(693
)
Less: Net income attributable to noncontrolling interests
260
242
870
427
Less: Net income attributable to redeemable noncontrolling interests
12
12
37
37
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
635
(655
)
4,549
(1,157
)
General Partner’s interest in net income (loss)
1
—
5
(1
)
Preferred Unitholders’ interest in net income
99
—
185
—
Limited Partners’ interest in net income (loss)
$
535
$
(655
)
$
4,359
$
(1,156
)
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic
$
0.20
$
(0.24
)
$
1.61
$
(0.43
)
Diluted
$
0.20
$
(0.24
)
$
1.60
$
(0.43
)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
Basic
2,705.2
2,696.6
2,704.0
2,694.4
Diluted
2,720.6
2,696.6
2,718.4
2,694.4
ENERGY TRANSFER LP AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021(a)
2020
Reconciliation of net income (loss) to Adjusted EBITDA and Distributable Cash Flow(b):
Net income (loss)
$
907
$
(401
)
$
5,456
$
(693
)
Interest expense, net of interest capitalized
558
569
1,713
1,750
Impairment losses
—
1,474
11
2,803
Income tax expense
77
41
234
168
Depreciation, depletion and amortization
943
912
2,837
2,715
Non-cash compensation expense
26
30
81
93
(Gains) losses on interest rate derivatives
(1
)
(55
)
(72
)
277
Unrealized (gains) losses on commodity risk management activities
19
30
(74
)
27
Losses on extinguishments of debt
—
—
8
62
Impairment of investment in an unconsolidated affiliate
—
129
—
129
Inventory valuation adjustments (Sunoco LP)
(9
)
(11
)
(168
)
126
Equity in (earnings) losses of unconsolidated affiliates
(71
)
32
(191
)
(46
)
Adjusted EBITDA related to unconsolidated affiliates
141
169
400
480
Other, net
(11
)
(53
)
—
48
Adjusted EBITDA (consolidated)
2,579
2,866
10,235
7,939
Adjusted EBITDA related to unconsolidated affiliates
(141
)
(169
)
(400
)
(480
)
Distributable cash flow from unconsolidated affiliates
103
128
268
353
Interest expense, net of interest capitalized
(558
)
(569
)
(1,713
)
(1,750
)
Preferred unitholders’ distributions
(110
)
(97
)
(305
)
(282
)
Current income tax expense
(10
)
(7
)
(34
)
(8
)
Maintenance capital expenditures
(155
)
(129
)
(371
)
(368
)
Other, net
14
17
50
57
Distributable Cash Flow (consolidated)
1,722
2,040
7,730
5,461
Distributable Cash Flow attributable to Sunoco LP (100%)
(146
)
(139
)
(399
)
(419
)
Distributions from Sunoco LP
41
41
124
123
Distributable Cash Flow attributable to USAC (100%)
(52
)
(57
)
(157
)
(170
)
Distributions from USAC
25
24
73
72
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned consolidated subsidiaries
(284
)
(234
)
(786
)
(733
)
Distributable Cash Flow attributable to the partners of ET
1,306
1,675
6,585
4,334
Transaction-related adjustments
6
16
34
46
Distributable Cash Flow attributable to the partners of ET, as adjusted
$
1,312
$
1,691
$
6,619
$
4,380
Distributions to partners:
Limited Partners
$
413
$
411
$
1,238
$
2,055
General Partner
1
1
2
3
Total distributions to be paid to partners
$
414
$
412
$
1,240
$
2,058
Common Units outstanding – end of period
2,705.8
2,698.0
2,705.8
2,698.0
Distribution coverage ratio
3.17x
4.10x
5.34x
2.13x
(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. Please see additional discussion of these impacts, as well as the potential impacts to future periods, included in the “Summary Analysis of Quarterly Results by Segment” below.
(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. 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 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 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 ET in respect of such period.
ENERGY TRANSFER LP AND SUBSIDIARIES
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
Three Months Ended September 30,
2021
2020
Segment Adjusted EBITDA:
Intrastate transportation and storage
$
172
$
203
Interstate transportation and storage
334
425
Midstream
556
530
NGL and refined products transportation and services
706
762
Crude oil transportation and services
496
631
Investment in Sunoco LP
198
189
Investment in USAC
99
104
All other
18
22
Total Segment Adjusted EBITDA
$
2,579
$
2,866
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 September 30,
2021
2020
Natural gas transported (BBtu/d)
12,335
12,185
Withdrawals from storage natural gas inventory (BBtu)
2,350
10,315
Revenues
$
1,217
$
654
Cost of products sold
978
434
Segment margin
239
220
Unrealized (gains) losses on commodity risk management activities
(1
)
23
Operating expenses, excluding non-cash compensation expense
(64
)
(42
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(8
)
(7
)
Adjusted EBITDA related to unconsolidated affiliates
6
7
Other
—
2
Segment Adjusted EBITDA
$
172
$
203
Transported volumes increased primarily due to production increases in the Permian.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation segment decreased due to the net effects of the following:
Interstate Transportation and Storage
Three Months Ended September 30,
2021
2020
Natural gas transported (BBtu/d)
9,917
10,387
Natural gas sold (BBtu/d)
16
15
Revenues
$
418
$
471
Operating expenses, excluding non-cash compensation, amortization and accretion expenses
(152
)
(147
)
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses
(21
)
(20
)
Adjusted EBITDA related to unconsolidated affiliates
91
122
Other
(2
)
(1
)
Segment Adjusted EBITDA
$
334
$
425
Transported volumes decreased primarily due to foundation shipper contract expirations and a shipper bankruptcy on our Tiger system, as well as lower utilization resulting from unfavorable market conditions on our Trunkline system.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 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 September 30,
2021
2020
Gathered volumes (BBtu/d)
12,991
12,904
NGLs produced (MBbls/d)
667
635
Equity NGLs (MBbls/d)
37
32
Revenues
$
2,919
$
1,377
Cost of products sold
2,153
668
Segment margin
766
709
Operating expenses, excluding non-cash compensation expense
(191
)
(169
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(28
)
(21
)
Adjusted EBITDA related to unconsolidated affiliates
8
9
Other
1
2
Segment Adjusted EBITDA
$
556
$
530
Gathered volumes and NGL production increased compared to the same period last year primarily due to volume increases in the Permian, Ark-La-Tex, and South Texas regions, partially offset by volume declines in the Northeast and Mid-Continent/Panhandle regions.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 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,
2021
2020
NGL transportation volumes (MBbls/d)
1,803
1,493
Refined products transportation volumes (MBbls/d)
526
460
NGL and refined products terminal volumes (MBbls/d)
1,237
850
NGL fractionation volumes (MBbls/d)
884
877
Revenues
$
5,262
$
2,623
Cost of products sold
4,347
1,712
Segment margin
915
911
Unrealized (gains) losses on commodity risk management activities
(2
)
11
Operating expenses, excluding non-cash compensation expense
(207
)
(162
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(27
)
(20
)
Adjusted EBITDA related to unconsolidated affiliates
26
22
Other
1
—
Segment Adjusted EBITDA
$
706
$
762
NGL transportation volumes increased primarily due to the initiation of service on our propane and ethane export pipelines into our Nederland Terminal in the fourth quarter of 2020, higher volumes from the Eagle Ford region and higher volumes on our Mariner East and West pipeline systems.
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 the previously mentioned start of new pipelines and refined product demand recovery.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 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,
2021
2020
Crude transportation volumes (MBbls/d)
4,173
3,551
Crude terminals volumes (MBbls/d)
2,703
2,317
Revenues
$
4,578
$
2,850
Cost of products sold
3,918
2,096
Segment margin
660
754
Unrealized (gains) losses on commodity risk management activities
14
(1
)
Operating expenses, excluding non-cash compensation expense
(142
)
(112
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(44
)
(28
)
Adjusted EBITDA related to unconsolidated affiliates
7
9
Other
1
9
Segment Adjusted EBITDA
$
496
$
631
Crude transportation volumes were higher on our Texas pipeline system and Bakken pipeline, driven by a recovery in crude oil production in these regions as a result of higher crude oil prices as well as a recovery in refinery utilization. Volumes on our Bayou Bridge pipeline were also higher, driven by more favorable crude oil differentials for shippers. Volumes also benefited from a full quarter of operations from our Cushing South pipeline. Crude terminal volumes were higher due to increased customer throughput activity at our Gulf Coast terminals.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 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,
2021
2020
Revenues
$
4,779
$
2,805
Cost of products sold
4,472
2,497
Segment margin
307
308
Unrealized (gains) losses on commodity risk management activities
2
(6
)
Operating expenses, excluding non-cash compensation expense
(85
)
(84
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(23
)
(24
)
Adjusted EBITDA related to unconsolidated affiliates
3
2
Inventory valuation adjustments
(9
)
(11
)
Other
3
4
Segment Adjusted EBITDA
$
198
$
189
The Investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 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,
2021
2020
Revenues
$
159
$
161
Cost of products sold
19
20
Segment margin
140
141
Operating expenses, excluding non-cash compensation expense
(31
)
(27
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(10
)
(10
)
Segment Adjusted EBITDA
$
99
$
104
The Investment in USAC segment reflects the consolidated results of USAC.
Segment Adjusted EBITDA. For the three months ended September 30, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment decreased due to the following:
All Other
Three Months Ended September 30,
2021
2020
Revenues
$
696
$
367
Cost of products sold
652
318
Segment margin
44
49
Unrealized losses on commodity risk management activities
6
3
Operating expenses, excluding non-cash compensation expense
(29
)
(35
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(13
)
(23
)
Adjusted EBITDA related to unconsolidated affiliates
2
1
Other and eliminations
8
27
Segment Adjusted EBITDA
$
18
$
22
For the three months ended September 30, 2021 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment decreased primarily 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 our revolving credit facilities. We also have other consolidated subsidiaries with revolving credit facilities which are not included in this table.
Facility Size
Funds Available at September 30, 2021
Maturity Date
Five-Year Revolving Credit Facility
$
5,000
$
4,370
December 1, 2024
364-Day Revolving Credit Facility
1,000
1,000
November 26, 2021
$
6,000
$
5,370
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,
2021
2020
Equity in earnings (losses) of unconsolidated affiliates:
Citrus
$
44
$
50
FEP
—
(106
)
MEP
(5
)
(1
)
White Cliffs
(1
)
2
Other
33
23
Total equity in earnings (losses) of unconsolidated affiliates
$
71
$
(32
)
Adjusted EBITDA related to unconsolidated affiliates:
Citrus
$
87
$
96
FEP
—
19
MEP
4
8
White Cliffs
4
11
Other
46
35
Total Adjusted EBITDA related to unconsolidated affiliates
$
141
$
169
Distributions received from unconsolidated affiliates:
Citrus
$
106
$
48
FEP
—
20
MEP
1
4
White Cliffs
5
2
Other
26
24
Total distributions received from unconsolidated affiliates
$
138
$
98
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON NON-WHOLLY-OWNED JOINT VENTURE SUBSIDIARIES (Dollars 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, our non-wholly-owned subsidiaries that are publicly traded.
Three Months Ended September 30,
2021
2020
Adjusted EBITDA of non-wholly-owned subsidiaries (100%) (a)
$
599
$
529
Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries (b)
299
269
Distributable Cash Flow of non-wholly-owned subsidiaries (100%) (c)
$
556
$
483
Our proportionate share of Distributable Cash Flow of non-wholly-owned subsidiaries (d)
272
249
Below is our current ownership percentage of certain non-wholly-owned subsidiaries:
Non-wholly-owned subsidiary:
ET 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 %
Energy Transfer Canada
51.0 %
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 Adjusted 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/20211103006161/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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