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Share Name | Share Symbol | Market | Type |
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Sunoco LP | NYSE:SUN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 55.24 | 106 | 13:08:51 |
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended March 31, 2016. Adjusted EBITDA for ETP for the three months ended March 31, 2016 totaled $1.41 billion, an increase of $46 million compared to the same period last year. Distributable Cash Flow attributable to the partners of ETP, as adjusted, for the three months ended March 31, 2016 totaled $793 million, a decrease of $51 million compared to the same period last year. Net income for the three months ended March 31, 2016 was $376 million, an increase of $108 million compared to the same period last year.
In April 2016, ETP announced a quarterly distribution of $1.055 per unit ($4.22 annualized) on ETP Common Units for the quarter ended March 31, 2016.
ETP’s other recent key accomplishments include the following:
An analysis of ETP’s segment results and other supplementary data is provided after the financial tables shown below. ETP has scheduled a conference call for 8:00 a.m. Central Time, Thursday, May 5, 2016 to discuss the first quarter 2016 results. 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 ETP’s website for a limited time.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and 67.1 million common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which operates a geographically diverse portfolio of complementary crude oil, refined products, and natural gas liquids pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids, and refined products. ETP’s general partner is owned by Energy Transfer Equity, L.P. For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited partnership that owns the general partner and 100% of the incentive distribution rights of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns approximately 2.6 million ETP Common Units and approximately 81.0 million ETP Class H Units, which track 90% of the underlying economics of the general partner interest and the IDRs of Sunoco Logistics Partners L.P. (NYSE: SXL). On a consolidated basis, ETE’s family of companies owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. For more information, visit Energy Transfer Equity, L.P.’s website at www.energytransfer.com.
Sunoco Logistics Partners L.P. (NYSE: SXL) is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, refined products, and natural gas liquids pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids, and refined products. Sunoco Logistics’ general partner is a consolidated subsidiary of Energy Transfer Partners, L.P. (NYSE: ETP). For more information, visit the Sunoco Logistics Partners L.P. website at www.sunocologistics.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 PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
March 31,2016 December 31,2015 ASSETS Current assets $ 4,759 $ 4,698 Property, plant and equipment, net 45,787 45,087 Advances to and investments in unconsolidated affiliates 5,020 5,003 Non-current derivative assets 16 — Other non-current assets, net 514 536 Intangible assets, net 4,080 4,421 Goodwill 4,139 5,428 Total assets $ 64,315 $ 65,173 LIABILITIES AND EQUITY Current liabilities $ 4,911 $ 4,121 Long-term debt, less current maturities 26,769 28,553 Long-term notes payable – related party 223 233 Non-current derivative liabilities 213 137 Deferred income taxes 4,495 4,082 Other non-current liabilities 939 968 Commitments and contingencies Series A Preferred Units 33 33 Redeemable noncontrolling interests 15 15 Equity: Total partners’ capital 20,120 20,836 Noncontrolling interest 6,597 6,195 Total equity 26,717 27,031 Total liabilities and equity $ 64,315 $ 65,173ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
Three Months EndedMarch 31, 2016 2015 REVENUES $ 4,481 $ 10,326 COSTS AND EXPENSES: Cost of products sold 2,968 8,496 Operating expenses 348 610 Depreciation, depletion and amortization 470 479 Selling, general and administrative 81 133 Total costs and expenses 3,867 9,718 OPERATING INCOME 614 608 OTHER INCOME (EXPENSE): Interest expense, net (319 ) (310 ) Equity in earnings of unconsolidated affiliates 76 57 Losses on interest rate derivatives (70 ) (77 ) Other, net 17 7 INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) 318 285 Income tax expense (benefit) (58 ) 17 NET INCOME 376 268 Less: Net income (loss) attributable to noncontrolling interest 65 (6 ) Less: Net loss attributable to predecessor — (7 ) NET INCOME ATTRIBUTABLE TO PARTNERS 311 281 General Partner’s interest in net income 297 242 Class H Unitholder’s interest in net income 79 54 Class I Unitholder’s interest in net income 2 33 Common Unitholders’ interest in net loss $ (67 ) $ (48 ) NET LOSS PER COMMON UNIT: Basic $ (0.15 ) $ (0.17 ) Diluted $ (0.15 ) $ (0.17 ) WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: Basic 490.2 323.8 Diluted 490.2 323.8SUPPLEMENTAL INFORMATION
(Dollars and units in millions, except per unit amounts)
(unaudited)
Three Months EndedMarch 31, 2016 2015 Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): Net income $ 376 $ 268 Interest expense, net of interest capitalized 319 310 Income tax expense (benefit) (b) (58 ) 17 Depreciation, depletion and amortization 470 479 Non-cash compensation expense 19 20 Losses on interest rate derivatives 70 77 Unrealized losses on commodity risk management activities 63 77 Inventory valuation adjustments 26 34 Equity in earnings of unconsolidated affiliates (76 ) (57 ) Adjusted EBITDA related to unconsolidated affiliates 219 146 Other, net (16 ) (5 ) Adjusted EBITDA (consolidated) 1,412 1,366 Adjusted EBITDA related to unconsolidated affiliates (219 ) (146 ) Distributable cash flow from unconsolidated affiliates 144101
Interest expense, net of interest capitalized (319 ) (310 ) Amortization included in interest expense (7 ) (13 ) Current income tax benefit 1 9 Maintenance capital expenditures (59 ) (84 ) Other, net 3 4 Distributable Cash Flow (consolidated) 956927
Distributable Cash Flow attributable to Sunoco Logistics (100%) (283 ) (158 ) Distributions from Sunoco Logistics to ETP 125 90 Distributable Cash Flow attributable to Sunoco LP (100%) (c) — (33 ) Distributions from Sunoco LP to ETP (c) — 12 Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries (7 ) (5 ) Distributable Cash Flow attributable to the partners of ETP 791833
Transaction-related expenses 2 11 Distributable Cash Flow attributable to the partners of ETP, as adjusted $ 793 $844
Distributions to the partners of ETP (d): Limited Partners: Common Units held by public $ 526 $ 465 Common Units held by ETE 3 24 Class H Units held by ETE (e) 83 56 General Partner interests held by ETE 8 8 Incentive Distribution Rights (“IDRs”) held by ETE 331 300 IDR relinquishments net of Class I Unit distributions (34 ) (27 ) Total distributions to be paid to the partners of ETP $ 917 $ 826 Common Units outstanding – end of period (d) 500.9 481.4 Distribution coverage ratio (f) 0.86x1.02x
Distributable Cash Flow per Common Unit (g) $ 0.83 $1.57
(a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of ETP’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 and Distributable Cash Flow, including the difficulty associated with using either 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 and Distributable Cash Flow 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 gross margin, operating income, net income, and cash flow from operating activities.
Definition of Adjusted EBITDA
ETP defines Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, 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 and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities include unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries’ results of operations and for unconsolidated affiliates based on ETP’s proportionate ownership.
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
ETP defines Distributable Cash Flow as net income, adjusted for certain non-cash items, less maintenance capital expenditures. Non-cash items include depreciation and amortization, 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 and deferred income taxes. Unrealized gains and losses on commodity risk management activities includes unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). 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 ETP’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among ETP’s subsidiaries, the Distributable Cash Flow generated by ETP’s subsidiaries may not be available to be distributed to the partners of ETP. In order to reflect the cash flows available for distributions to the partners of ETP, ETP has reported Distributable Cash Flow attributable to the partners of ETP, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:
For Distributable Cash Flow attributable to the partners of ETP, as adjusted, certain transaction-related and non-recurring expenses that are included in net income are excluded.
(b) For the three months ended March 31, 2016, the Partnership’s effective income tax rate decreased from the prior year primarily due to lower earnings among the Partnership’s consolidated corporate subsidiaries. The three months ended March 31, 2016 also reflected a benefit of $20 million of net state tax benefit attributable to statutory state rate changes resulting from the contribution by ETP to Sunoco LP of its remaining 68.42% interest in Sunoco, LLC and 100% interest in the legacy Sunoco, Inc. retail business.
(c) Amounts related to Sunoco LP reflect the periods through June 30, 2015, subsequent to which Sunoco LP was deconsolidated and is now reflected as an unconsolidated affiliate.
(d) Distributions on ETP Common Units and the number of ETP Common Units outstanding at the end of the period, both as reflected above, exclude amounts related to ETP Common Units held by subsidiaries of ETP. For the three months ended March 31, 2015, ETP Common Units outstanding at the end of the period includes ETP Common Units issued in connection with the Regency Merger.
(e) Distributions on the Class H Units for the three months ended March 31, 2016 and 2015 were calculated as follows:
Three Months EndedMarch 31, 2016 2015 General partner distributions and incentive distributions from Sunoco Logistics $ 92 $ 62 90.05 % 90.05 % Total Class H Unit distributions $ 83 $ 56(f) Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to the partners of ETP, as adjusted, divided by net distributions expected to be paid to the partners of ETP in respect of such period.
(g) The Partnership defines Distributable Cash Flow per Common Unit for a period as the quotient of Distributable Cash Flow attributable to the partners of ETP, as adjusted, net of distributions related to the Class H Units, Class I Units and the General Partner and IDR interests, divided by the weighted average number of Common Units outstanding.
Similar to Distributable Cash Flow as described above, Distributable Cash Flow per Common Unit is a significant liquidity measure used by the Partnership’s senior management to compare net cash flows generated by the Partnership to the distributions the Partnership expects to pay to its unitholders. Using this measure, the Partnership’s management can compare Distributable Cash Flow attributable to the partners of ETP, as adjusted, among different periods on a per-unit basis.
Distributable Cash Flow per Common Unit is calculated as follows:
Three Months EndedMarch 31, 2016 2015 Distributable Cash Flow attributable to the partners of ETP, as adjusted $ 793 $844
Less: Class H Units held by ETE (83 ) (56 ) General Partner interests held by ETE (8 ) (8 ) IDRs held by ETE (331 ) (300 ) IDR relinquishments net of Class I Unit distributions 34 27 $ 405 $507
Weighted average Common Units outstanding – basic 490.2 323.8 Distributable Cash Flow per Common Unit $ 0.83 $1.57
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT(Tabular dollar amounts in millions)(unaudited)
Our segment results were presented based on the measure of Segment Adjusted EBITDA. The tables below identify the components of Segment Adjusted EBITDA, which was calculated as follows:
Midstream
Three Months EndedMarch 31, 2016 2015 Gathered volumes (MMBtu/d) 9,851,105 9,514,586 NGLs produced (Bbls/d) 427,923 367,382 Equity NGLs (Bbls/d) 29,533 28,090 Revenues $ 1,092 $ 1,151 Cost of products sold 678 712 Gross margin 414 439 Unrealized losses on commodity risk management activities — 11 Operating expenses, excluding non-cash compensation expense (145 ) (138 ) Selling, general and administrative expenses, excluding non-cash compensation expense (12 ) (3 ) Adjusted EBITDA related to unconsolidated affiliates 6 1 Segment Adjusted EBITDA $ 263 $ 310Gathered volumes and NGLs produced increased primarily due to the King Ranch acquisition as well as increased gathering and processing capacities in the Eagle Ford, Permian Basin and Cotton Valley regions, partially offset by declines in the Panhandle/Mid-Con, North Texas, and North East regions.
Segment Adjusted EBITDA for the midstream segment reflected a decrease in gross margin as follows:
Three Months EndedMarch 31, 2016 2015 Gathering and processing fee-based revenues $ 374 $ 370 Non fee-based contracts and processing 40 69 Total gross margin $ 414 $ 439For the three months ended March 31, 2016 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment decreased due to the net effects of the following:
Liquids Transportation and Services
Three Months EndedMarch 31, 2016 2015 Liquids transportation volumes (Bbls/d) 486,907 408,504 NGL fractionation volumes (Bbls/d) 362,906 218,325 Revenues $ 919 $ 835 Cost of products sold 661 638 Gross margin 258 197 Unrealized losses on commodity risk management activities 9 9 Operating expenses, excluding non-cash compensation expense (37 ) (35 ) Selling, general and administrative expenses, excluding non-cash compensation expense (5 ) (4 ) Adjusted EBITDA related to unconsolidated affiliates 2 2 Segment Adjusted EBITDA $ 227 $ 169NGL transportation volumes increased in all major producing regions, including the Permian, North Texas, Southeast Texas, Eagle Ford, and Louisiana. Additionally, our crude transportation pipeline in the Eagle Ford region transported approximately 44,000 Bbls/d for the three months ended March 31, 2016 compared to 38,000 Bbls/d for the three months ended March 31, 2015.
Average daily fractionated volumes increased for the three months ended March 31, 2016 compared to the same period last year due to the ramp-up of our third 100,000 Bbls/d fractionator at Mont Belvieu, Texas, which was commissioned in late December 2015, as well as increased producer volumes as mentioned above.
Segment Adjusted EBITDA for the liquids transportation and services segment reflected an increase in gross margin as follows:
Three Months EndedMarch 31, 2016 2015 Transportation margin $ 108 $ 84 Processing and fractionation margin 100 65 Storage margin 49 44 Other margin 1 4 Total gross margin $ 258 $ 197For the three months ended March 31, 2016 compared to the same period last year, Segment Adjusted EBITDA related to our liquids transportation and services segment increased due to the following:
Interstate Transportation and Storage
Three Months EndedMarch 31, 2016 2015 Natural gas transported (MMBtu/d) 5,835,046 6,794,740 Natural gas sold (MMBtu/d) 16,946 16,656 Revenues $ 259 $ 276 Operating expenses, excluding non-cash compensation, amortization and accretion expenses (72 ) (72 ) Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses (12 ) (15 ) Adjusted EBITDA related to unconsolidated affiliates 117 112 Segment Adjusted EBITDA $ 292 $ 301 Distributions from unconsolidated affiliates $ 73 $ 69Transported volumes decreased 790,206 MMBtu/d on the Trunkline pipeline due to the transfer of one of the pipelines at Trunkline which was repurposed from natural gas service to crude oil service. The remainder of the decrease in transported volumes was primarily due to the impacts of milder weather, including a decrease of 93,958 MMBtu/d on the Tiger pipeline.
For the three months ended March 31, 2016 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net effects of the following:
The increase in cash distributions from unconsolidated affiliates is due to higher earnings from Citrus for the three months ended March 31, 2016, as discussed above.
Intrastate Transportation and Storage
Three Months EndedMarch 31, 2016 2015 Natural gas transported (MMBtu/d) 7,994,473 8,809,018 Revenues $ 558 $ 586 Cost of products sold 393 416 Gross margin 165 170 Unrealized losses on commodity risk management activities 38 35 Operating expenses, excluding non-cash compensation expense (33 ) (36 ) Selling, general and administrative expenses, excluding non-cash compensation expense (6 ) (7 ) Adjusted EBITDA related to unconsolidated affiliates 15 15 Segment Adjusted EBITDA $ 179 $ 177 Distributions from unconsolidated affiliates $ 15 $ 14Transported volumes decreased primarily due to lower production volumes, primarily in the Barnett Shale region, partially offset by increased volumes related to significant new long-term transportation contracts.
For the three months ended March 31, 2016 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:
Investment in Sunoco Logistics
Three Months EndedMarch 31, 2016 2015 Revenues $ 1,777 $ 2,572 Cost of products sold 1,439 2,359 Gross margin 338 213 Unrealized losses on commodity risk management activities 13 15 Operating expenses, excluding non-cash compensation expense (21 ) (39 ) Selling, general and administrative expenses, excluding non-cash compensation expense (23 ) (22 ) Inventory valuation adjustments 26 41 Adjusted EBITDA related to unconsolidated affiliates 16 13 Segment Adjusted EBITDA $ 349 $ 221 Distributions from unconsolidated affiliates $ 5 $ 5Segment Adjusted EBITDA related to Sunoco Logistics increased due to the following:
Retail Marketing
Three Months EndedMarch 31, 2016 2015 Revenues $ — $ 4,805 Cost of products sold — 4,367 Gross margin — 438 Unrealized losses on commodity risk management activities — 2 Operating expenses, excluding non-cash compensation expense — (271 ) Selling, general and administrative expenses, excluding non-cash compensation expense — (34 ) Inventory valuation adjustments — (7 ) Adjusted EBITDA related to unconsolidated affiliates 57 1 Segment Adjusted EBITDA $ 57 $ 129 Distributions from unconsolidated affiliates $ 30 $ —Due to the transfer of the general partnership interest of Sunoco LP from ETP to ETE in 2015 and completion of the dropdown of remaining Retail Marketing interests from ETP to Sunoco LP in March 2016, the Partnership’s retail marketing segment has been deconsolidated, and the segment results now reflect an equity method investment in limited partnership units of Sunoco LP. As of March 31, 2016, the Partnership owns 43.5 million Sunoco LP common units, representing 45.6% of Sunoco LP’s total outstanding common units.
For the three months ended March 31, 2016, distributions from unconsolidated affiliates reflect the distributions to be received from Sunoco LP for the period. No comparable amounts are reflected in the prior period, because Sunoco LP was a consolidated subsidiary at that time.
All Other
Three Months EndedMarch 31, 2016 2015 Revenues $ 854 $ 742 Cost of products sold 761 635 Gross margin 93 107 Unrealized losses on commodity risk management activities 3 5 Operating expenses, excluding non-cash compensation expense (21 ) (23 ) Selling, general and administrative expenses, excluding non-cash compensation expense (27 ) (49 ) Adjusted EBITDA related to unconsolidated affiliates 4 3 Other 24 24 Eliminations (31 ) (8 ) Segment Adjusted EBITDA $ 45 $ 59 Distributions from unconsolidated affiliates $ 1 $ 2Amounts reflected in our all other segment primarily include:
For the three months ended March 31, 2016 compared to the same period last year, Segment Adjusted EBITDA decreased primarily due to unfavorable results from our natural resources operations.
SUPPLEMENTAL INFORMATION ON CAPITAL EXPENDITURES(Tabular amounts in millions)(unaudited)
The following is a summary of capital expenditures (net of contributions in aid of construction costs) for the three months ended March 31, 2016:
Growth Maintenance Total Direct(1): Midstream $ 322 $ 26 $ 348 Liquids transportation and services(2) 731 4 735 Interstate transportation and storage(2) 61 5 66 Intrastate transportation and storage 14 2 16 All other (including eliminations) 31 9 40 Total direct capital expenditures 1,159 46 1,205 Indirect(1): Investment in Sunoco Logistics 467 13 480 Total capital expenditures $ 1,626 $ 59 $ 1,685(1)
Indirect capital expenditures comprise those funded by our publicly traded subsidiary; all other capital expenditures are reflected as direct capital expenditures.(2)
Includes capital expenditures related to the Bakken, Bayou Bridge and Rover pipeline projects, which includes $112 million related to Sunoco Logistics’ proportionate ownership in the Bakken and Bayou Bridge pipeline projects.
We currently expect capital expenditures for the full year 2016 to be within the following ranges:
Growth Maintenance Low High Low High Direct(1): Midstream $ 1,050 $ 1,100 $ 130 $ 140 Liquids transportation and services: NGL 975 1,025 20 25Crude(2)
350 400 — — Interstate transportation and storage(2)(3) 200 240 110 115Intrastate transportation and storage(3)
25 35 30 35 All other (including eliminations) 65 75 25 30 Total direct capital expenditures $ 2,665 $ 2,875 $ 315 $ 345(1)
Direct capital expenditures exclude those funded by our publicly traded subsidiary.
(2)
Includes capital expenditures related to our proportionate ownership of the Bakken, Bayou Bridge and Rover pipeline projects.
(3)
Net of amounts forecasted to be financed at the asset level with non-recourse debt of approximately $1.21 billion.
SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES
(In millions)
(unaudited)
Three Months EndedMarch 31, 2016 2015 Equity in earnings (losses) of unconsolidated affiliates: Citrus $ 21 $ 19 FEP 14 14 PES (6 ) (9 ) MEP 11 12 HPC 8 9 AmeriGas (2 ) 6 Sunoco LP 15 — Other 15 6 Total equity in earnings of unconsolidated affiliates $ 76 $ 57 Adjusted EBITDA related to unconsolidated affiliates: Citrus $ 74 $ 69 FEP 19 19 PES 4 2 MEP 24 24 HPC 15 15 Sunoco LP 57 — Other 26 17 Total Adjusted EBITDA related to unconsolidated affiliates $ 219 $ 146 Distributions received from unconsolidated affiliates: Citrus $ 35 $ 33 FEP 17 16 PES — 2 MEP 21 20 HPC 12 13 Sunoco LP 30 — Other 17 11 Total distributions received from unconsolidated affiliates $ 132 $ 95
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006867/en/
Investor Relations:Energy TransferBrent Ratliff, 214-981-0700orLyndsay Hannah, 214-840-5477orMedia Relations:Granado Communications GroupVicki Granado, 214-599-8785cell: 214-498-9272
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