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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunoco LP | NYSE:SUN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.91 | -1.59% | 56.30 | 57.22 | 56.23 | 57.22 | 688,145 | 01:00:00 |
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended June 30, 2016. Net income for the three months ended June 30, 2016 was $472 million, a decrease of $367 million compared to the three months ended June 30, 2015, primarily due to a $208 million impact from interest rate derivatives, a $118 million decrease in Adjusted EBITDA, and a $50 million impact from income taxes. Adjusted EBITDA for ETP for the three months ended June 30, 2016 totaled $1.37 billion, a decrease of $118 million compared to the three months ended June 30, 2015, primarily due to an $85 million impact from LIFO inventory accounting, a $72 million decrease from retail marketing primarily driven by the deconsolidation of those operations, and the absence of a $63 million realized gain from ETP’s midstream segment in the prior period. These Adjusted EBITDA impacts were partially offset by increased earnings from ETP’s liquids transportation and services and intrastate transportation and storage segments of $66 million and $32 million, respectively. Distributable Cash Flow attributable to the partners of ETP, as adjusted, for the three months ended June 30, 2016 totaled $774 million, a decrease of $183 million compared to the three months ended June 30, 2015, primarily due to the decrease in Adjusted EBITDA as well as the absence of a current income tax benefit in the prior period, partially offset by lower maintenance capital expenditures and lower interest expense.
In July 2016, ETP announced a quarterly distribution of $1.055 per unit ($4.22 annualized) on ETP Common Units for the quarter ended June 30, 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, August 4, 2016 to discuss the second 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 approximately 67.1 million common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which operates a geographically diverse portfolio of pipelines, terminalling and acquisition and marketing assets. 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 (IDRs) 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 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 the Energy Transfer Equity, L.P. 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 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)
June 30, December 31, 2016 2015 ASSETS Current assets $ 5,329 $ 4,698 Property, plant and equipment, net 46,987 45,087 Advances to and investments in unconsolidated affiliates 5,018 5,003 Non-current derivative assets 18 — Other non-current assets, net 518 536 Intangible assets, net 4,032 4,421 Goodwill 4,139 5,428 Total assets $ 66,041 $ 65,173 LIABILITIES AND EQUITY Current liabilities $ 5,359 $ 4,121 Long-term debt, less current maturities 27,950 28,553 Long-term notes payable – related companies 182 233 Non-current derivative liabilities 367 137 Deferred income taxes 4,471 4,082 Other non-current liabilities 961 968 Commitments and contingencies Series A Preferred Units 33 33 Redeemable noncontrolling interests 15 15 Equity: Total partners’ capital 19,728 20,836 Noncontrolling interest 6,975 6,195 Total equity 26,703 27,031 Total liabilities and equity $ 66,041 $ 65,173ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 REVENUES $ 5,289 $ 11,540 $ 9,770 $ 21,866 COSTS AND EXPENSES: Cost of products sold 3,630 9,354 6,598 17,850 Operating expenses 374 635 722 1,245 Depreciation, depletion and amortization 496 501 966 980 Selling, general and administrative 74 162 155 295 Total costs and expenses 4,574 10,652 8,441 20,370 OPERATING INCOME 715 888 1,329 1,496 OTHER INCOME (EXPENSE): Interest expense, net (317 ) (336 ) (636 ) (646 ) Equity in earnings of unconsolidated affiliates 119 117 195 174 Losses on extinguishments of debt — (33 ) — (33 ) Gains (losses) on interest rate derivatives (81 ) 127 (151 ) 50 Other, net 27 17 44 24 INCOME BEFORE INCOME TAX BENEFIT 463 780 781 1,065 Income tax benefit (9 ) (59 ) (67 ) (42 ) NET INCOME 472 839 848 1,107 Less: Net income attributable to noncontrolling interest 102 212 167 206 Less: Net loss attributable to predecessor — (27 ) — (34 ) NET INCOME ATTRIBUTABLE TO PARTNERS 370 654 681 935 General Partner’s interest in net income 223 260 520 502 Class H Unitholder’s interest in net income 85 64 164 118 Class I Unitholder’s interest in net income 2 32 4 65 Common Unitholders’ interest in net income (loss) $ 60 $ 298 $ (7 ) $ 250 NET INCOME (LOSS) PER COMMON UNIT: Basic $ 0.10 $ 0.67 $ (0.05 ) $ 0.63 Diluted $ 0.10 $ 0.67 $ (0.05 ) $ 0.63 WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: Basic 501.6 434.8 495.9 379.6 Diluted 502.7 436.3 496.3 381.1SUPPLEMENTAL INFORMATION
(Dollars and units in millions, except per unit amounts)
(unaudited)
Three Months EndedJune 30, Six Months EndedJune 30, 2016 2015 2016 2015 Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): Net income $ 472 $ 839 $ 848 $ 1,107 Interest expense, net of interest capitalized 317 336 636 646 Income tax benefit (b) (9 ) (59 ) (67 ) (42 ) Depreciation, depletion and amortization 496 501 966 980 Non-cash compensation expense 19 23 38 43 Gains (losses) on interest rate derivatives 81 (127 ) 151 (50 ) Unrealized losses on commodity risk management activities 18 42 81 119 Inventory valuation adjustments (132 ) (184 ) (106 ) (150 ) Losses on extinguishments of debt — 33 — 33 Equity in earnings of unconsolidated affiliates (119 ) (117 ) (195 ) (174 ) Adjusted EBITDA related to unconsolidated affiliates 252 215 471 361 Other, net (25 ) (14 ) (41 ) (19 ) Adjusted EBITDA (consolidated) 1,370 1,488 2,782 2,854 Adjusted EBITDA related to unconsolidated affiliates (252 ) (215 ) (471 ) (361 ) Distributable cash flow from unconsolidated affiliates 116 188 260 289 Interest expense, net of interest capitalized (317 ) (336 ) (636 ) (646 ) Amortization included in interest expense (5 ) (8 ) (12 ) (21 ) Current income tax (expense) benefit (13 ) 112 (12 ) 121 Maintenance capital expenditures (78 ) (100 ) (137 ) (184 ) Other, net 3 3 6 7 Distributable Cash Flow (consolidated) 824 1,132 1,780 2,059 Distributable Cash Flow attributable to Sunoco Logistics (100%) (173 ) (264 ) (456 ) (422 ) Distributions from Sunoco Logistics to ETP 132 98 257 188 Distributable Cash Flow attributable to Sunoco LP (100%) (c) — (35 ) — (68 ) Distributions from Sunoco LP to ETP (c) — 12 — 24 Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries (9 ) (5 ) (16 ) (10 ) Distributable Cash Flow attributable to the partners of ETP 774 938 1,565 1,771 Transaction-related expenses — 19 2 30 Distributable Cash Flow attributable to the partners of ETP, as adjusted $ 774 $ 957 $ 1,567 $ 1,801 Distributions to the partners of ETP (d): Limited Partners: Common Units held by public $ 527 $ 485 $ 1,053 $ 950 Common Units held by ETE 2 24 5 48 Class H Units held by ETE (e) 88 62 171 118 General Partner interests held by ETE 8 7 16 15 Incentive Distribution Rights (“IDRs”) held by ETE 335 317 666 617 IDR relinquishments net of Class I Unit distributions (f) (110 ) (28 ) (144 ) (55 ) Total distributions to be paid to the partners of ETP $ 850 $ 867 $ 1,767 $ 1,693 Common Units outstanding – end of period (d) 502.3 492.2 502.3 492.2 Distribution coverage ratio (g) 0.91x 1.10x 0.89x 1.06x(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 and six months ended June 30, 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 and six months ended June 30, 2016 also reflected a benefit of $35 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 and state law changes.
(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 and six months ended June 30, 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 and six months ended June 30, 2016 and 2015 were calculated as follows:
Three Months EndedJune 30, Six Months EndedJune 30, 2016 2015 2016 2015 General partner distributions and incentive distributions from Sunoco Logistics $ 98 $ 69 $ 190 $ 131 90.05 % 90.05 % 90.05 % 90.05 % Total Class H Unit distributions $ 88 $ 62 $ 171 $ 118(f) IDR relinquishments for the three and six months ended June 30, 2016 include the impact of $75 million of incentive distribution reduction with respect to the second quarter 2016 distribution, as agreed to between ETE and ETP in July 2016.
(g) 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.
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 EndedJune 30, 2016 2015 Gathered volumes (MMBtu/d) 10,037,648 9,964,237 NGLs produced (Bbls/d) 468,732 399,662 Equity NGLs (Bbls/d) 31,638 30,160 Revenues $ 1,330 $ 1,240 Cost of products sold 870 796 Gross margin 460 444 Unrealized losses on commodity risk management activities — 71 Operating expenses, excluding non-cash compensation expense (155 ) (147 ) Selling, general and administrative expenses, excluding non-cash compensation expense (13 ) (24 ) Adjusted EBITDA related to unconsolidated affiliates 6 7 Other — 1 Segment Adjusted EBITDA $ 298 $ 352Gathered volumes and NGLs produced increased primarily due to increased gathering and processing capacities in the Permian Basin, Eagle Ford and Cotton Valley regions, partially offset by declines in the Mid-Continent/Panhandle and North Texas regions. In addition, volumes also increased for the six months ended June 30, 2016 due to the King Ranch acquisition in the second quarter of 2015.
Segment Adjusted EBITDA for the midstream segment reflected an increase in gross margin as follows:
Three Months EndedJune 30, 2016 2015 Gathering and processing fee-based revenues $ 396 $ 384 Non fee-based contracts and processing 64 60 Total gross margin $ 460 $ 444For the three months ended June 30, 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 EndedJune 30, 2016 2015 Liquids transportation volumes (Bbls/d) 607,656 455,739 NGL fractionation volumes (Bbls/d) 345,182 246,348 Revenues $ 1,110 $ 828 Cost of products sold 850 629 Gross margin 260 199 Unrealized (gains) losses on commodity risk management activities 6 (5 ) Operating expenses, excluding non-cash compensation expense (41 ) (39 ) Selling, general and administrative expenses, excluding non-cash compensation expense (5 ) (4 ) Adjusted EBITDA related to unconsolidated affiliates — 3 Segment Adjusted EBITDA $ 220 $ 154NGL 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 45,000 Bbls/d for the three months ended June 30, 2016 compared to 36,000 Bbls/d for the three months ended June 30, 2015. Our crude pipeline, originating in Nederland and delivering into Lake Charles, also began transporting volumes in April 2016, and transported approximately 57,000 Bbls/d during the three months ended June 30, 2016.
Average daily fractionated volumes increased for the three months ended June 30, 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 EndedJune 30, 2016 2015 Transportation margin $ 123 $ 96 Processing and fractionation margin 93 76 Storage margin 49 39 Other margin (5 ) (12 ) Total gross margin $ 260 $ 199For the three months ended June 30, 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 EndedJune 30, 2016 2015 Natural gas transported (MMBtu/d) 5,363,658 5,873,424 Natural gas sold (MMBtu/d) 21,539 14,827 Revenues $ 234 $ 243 Operating expenses, excluding non-cash compensation, amortization and accretion expenses (75 ) (71 ) Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses (11 ) (14 ) Adjusted EBITDA related to unconsolidated affiliates 128 127 Other 2 — Segment Adjusted EBITDA $ 278 $ 285 Distributions from unconsolidated affiliates $ 58 $ 83Transported volumes decreased 343,629 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, 96,758 MMBtu/d on the Sea Robin pipeline due to reduced supply as a result of producer system maintenance and overall lower production, and 84,390 MMBtu/d on the Tiger pipeline due to lower contract utilization due to market conditions.
For the three months ended June 30, 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 decrease in cash distributions from unconsolidated affiliates is due to higher Citrus cash taxes.
Intrastate Transportation and Storage
Three Months EndedJune 30, 2016 2015 Natural gas transported (MMBtu/d) 7,861,264 8,666,363 Revenues $ 541 $ 569 Cost of products sold 353 383 Gross margin 188 186 Unrealized gains on commodity risk management activities (7 ) (34 ) Operating expenses, excluding non-cash compensation expense (41 ) (42 ) Selling, general and administrative expenses, excluding non-cash compensation expense (6 ) (8 ) Adjusted EBITDA related to unconsolidated affiliates 15 15 Segment Adjusted EBITDA $ 149 $ 117 Distributions from unconsolidated affiliates $ 13 $ 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.
Segment Adjusted EBITDA. For the three months ended June 30, 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 EndedJune 30, 2016 2015 Revenues $ 2,268 $ 3,202 Cost of products sold 1,859 2,737 Gross margin 409 465 Unrealized losses on commodity risk management activities 4 8 Operating expenses, excluding non-cash compensation expense (31 ) (37 ) Selling, general and administrative expenses, excluding non-cash compensation expense (24 ) (23 ) Inventory valuation adjustments (132 ) (100 ) Adjusted EBITDA related to unconsolidated affiliates 19 13 Segment Adjusted EBITDA $ 245 $ 326 Distributions from unconsolidated affiliates $ 5 $ 5Segment Adjusted EBITDA. For the three months ended June 30, 2016 compared to the same period last year, Segment Adjusted EBITDA related to Sunoco Logistics decreased due to the following:
Retail Marketing
Three Months EndedJune 30, 2016 2015 Revenues $ — $ 5,537 Cost of products sold — 5,003 Gross margin — 534 Unrealized losses on commodity risk management activities — 1 Operating expenses, excluding non-cash compensation expense — (281 ) Selling, general and administrative expenses, excluding non-cash compensation expense — (57 ) Inventory valuation adjustments — (57 ) Adjusted EBITDA related to unconsolidated affiliates 68 — Segment Adjusted EBITDA $ 68 $ 140 Distributions from unconsolidated affiliates $ 36 $ —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 June 30, 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 June 30, 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 EndedJune 30, 2016 2015 Revenues $ 711 $ 722 Cost of products sold 625 617 Gross margin 86 105 Unrealized losses on commodity risk management activities 15 1 Operating expenses, excluding non-cash compensation expense (16 ) (23 ) Selling, general and administrative expenses, excluding non-cash compensation expense (19 ) (30 ) Adjusted EBITDA related to unconsolidated affiliates 17 53 Other 24 24 Eliminations 5 (16 ) Segment Adjusted EBITDA $ 112 $ 114 Distributions from unconsolidated affiliates $ 3 $ 22Amounts reflected in our all other segment primarily include:
For the three months ended June 30, 2016 compared to the same period last year, Segment Adjusted EBITDA slightly decreased due to lower horsepower from our compression operations and the impact of refining crack spreads on our investment in PES that reduced Adjusted EBITDA related to unconsolidated affiliates, partially offset by elimination timing and increased gains in our natural gas marketing 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 six months ended June 30, 2016:
Growth Maintenance Total Direct(1): Midstream $ 586 $ 49 $ 635 Liquids transportation and services(2) 1,342 9 1,351 Interstate transportation and storage(2) 87 26 113 Intrastate transportation and storage 25 6 31 All other (including eliminations) 54 20 74 Total direct capital expenditures 2,094 110 2,204 Indirect(1): Investment in Sunoco Logistics 821 27 848 Total capital expenditures $ 2,915 $ 137 $ 3,052(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, Rover and Bayou Bridge pipeline projects, which includes $277 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 $ 1,225 $ 1,275 $ 125 $ 135 Liquids transportation and services: NGL 975 1,000 20 25 Crude(2)(3) 300 325 — — Interstate transportation and storage(2)(3) 210 250 105 115 Intrastate transportation and storage(3) 30 40 20 25 All other (including eliminations) 90 100 40 45 Total direct capital expenditures $ 2,830 $ 2,990 $ 310 $ 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, Rover and Bayou Bridge pipeline projects.(3)
Net of amounts forecasted to be financed at the asset level with non-recourse debt of approximately $1.16 billion.
SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES
(In millions)
(unaudited)
Three Months EndedJune 30, 2016 2015 Equity in earnings (losses) of unconsolidated affiliates: Citrus $ 28 $ 29 FEP 12 13 PES 7 47 MEP 11 11 HPC 7 6 AmeriGas 19 (2 ) Sunoco LP 23 — Other 12 13 Total equity in earnings of unconsolidated affiliates $ 119 $ 117 Adjusted EBITDA related to unconsolidated affiliates: Citrus $ 87 $ 85 FEP 18 18 PES 17 54 MEP 23 24 HPC 15 15 Sunoco LP 68 — Other 24 19 Total Adjusted EBITDA related to unconsolidated affiliates $ 252 $ 215 Distributions received from unconsolidated affiliates: Citrus $ 27 $ 47 FEP 13 16 AmeriGas 3 3 PES — 19 MEP 18 20 HPC 13 14 Sunoco LP 36 — Other 10 9 Total distributions received from unconsolidated affiliates $ 120 $ 128
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006807/en/
Investor Relations:Energy TransferLyndsay Hannah or Brent Ratliff, 214-981-0795orMedia Relations:Granado Communications GroupVicki Granado, 214-599-8785214-498-9272 (cell)
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