We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.32 | 0.57% | 56.64 | 56.78 | 55.84 | 56.08 | 523,125 | 01:00:00 |
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended September 30, 2016. Net income for the three months ended September 30, 2016 was $138 million, a decrease of $255 million compared to the three months ended September 30, 2015, primarily due to a $308 million non-cash impairment of the Partnership’s investment in the Midcontinent Express Pipeline. Adjusted EBITDA for ETP for the three months ended September 30, 2016 totaled $1.39 billion, a decrease of $110 million compared to the three months ended September 30, 2015, primarily due to lower earnings from the Partnership’s unconsolidated affiliates, including the impact from the Partnership’s contribution of certain assets to Sunoco LP in March 2016. Distributable Cash Flow attributable to the partners of ETP, as adjusted, for the three months ended September 30, 2016 totaled $720 million, a decrease of $14 million compared to the three months ended September 30, 2015, primarily due to a decrease in distributable cash flow from unconsolidated affiliates, which was largely offset by an increase in distributions received from Sunoco Logistics Partners L.P. (“Sunoco Logistics”) and a decrease in current income tax expense.
In October 2016, ETP announced a quarterly distribution of $1.055 per unit ($4.22 annualized) on ETP Common Units for the quarter ended September 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, November 10, 2016 to discuss the third 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 recently acquired the general partner, 100% of the incentive distribution rights, and an approximate 65% limited partnership interest in PennTex Midstream Partners, LP (Nasdaq: PTXP), which is a growth-oriented master limited partnership that provides natural gas gathering and processing and residue gas and natural gas liquids transportation services to producers in northern Louisiana. 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)
September 30, December 31, 2016 2015 ASSETS Current assets $ 5,481 $ 4,698 Property, plant and equipment, net 49,082 45,087 Advances to and investments in unconsolidated affiliates 4,648 5,003 Non-current derivative assets 11 — Other non-current assets, net 581 536 Intangible assets, net 3,985 4,421 Goodwill 4,139 5,428 Total assets $ 67,927 $ 65,173 LIABILITIES AND EQUITY Current liabilities $ 6,182 $ 4,121 Long-term debt, less current maturities 29,182 28,553 Long-term notes payable – related companies 83 233 Non-current derivative liabilities 160 137 Deferred income taxes 4,438 4,082 Other non-current liabilities 919 968 Commitments and contingencies Series A Preferred Units 33 33 Redeemable noncontrolling interests 15 15 Equity: Total partners’ capital 19,364 20,836 Noncontrolling interest 7,551 6,195 Total equity 26,915 27,031 Total liabilities and equity $ 67,927 $ 65,173ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 REVENUES $ 5,531 $ 6,601 $ 15,301 $ 28,467 COSTS AND EXPENSES: Cost of products sold 3,931 4,942 10,529 22,792 Operating expenses 388 518 1,110 1,763 Depreciation, depletion and amortization 503 471 1,469 1,451 Selling, general and administrative 71 94 226 389 Total costs and expenses 4,893 6,025 13,334 26,395 OPERATING INCOME 638 576 1,967 2,072 OTHER INCOME (EXPENSE): Interest expense, net (345 ) (333 ) (981 ) (979 ) Equity in earnings of unconsolidated affiliates 65 214 260 388 Impairment of investment in an unconsolidated affiliate (308 ) — (308 ) — Losses on extinguishments of debt — (10 ) — (43 ) Losses on interest rate derivatives (28 ) (64 ) (179 ) (14 ) Other, net 52 32 96 56 INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) 74 415 855 1,480 Income tax expense (benefit) (64 ) 22 (131 ) (20 ) NET INCOME 138 393 986 1,500 Less: Net income (loss) attributable to noncontrolling interest 64 (24 ) 231 182 Less: Net loss attributable to predecessor — — — (34 ) NET INCOME ATTRIBUTABLE TO PARTNERS 74 417 755 1,352 General Partner’s interest in net income 220 277 740 779 Class H Unitholder’s interest in net income 93 66 257 184 Class I Unitholder’s interest in net income 2 15 6 80 Common Unitholders’ interest in net income (loss) $ (241 ) $ 59 $ (248 ) $ 309 NET INCOME (LOSS) PER COMMON UNIT: Basic $ (0.49 ) $ 0.11 $ (0.54 ) $ 0.70 Diluted $ (0.49 ) $ 0.10 $ (0.54 ) $ 0.68 WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: Basic 507.4 485.0 499.8 415.1 Diluted 507.4 487.3 499.8 417.7SUPPLEMENTAL INFORMATION
(Dollars and units in millions, except per unit amounts)
(unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): Net income $ 138 $ 393 $ 986 $ 1,500 Interest expense, net of interest capitalized 345 333 981 979 Income tax expense (benefit) (64 ) 22 (131 ) (20 ) Depreciation, depletion and amortization 503 471 1,469 1,451 Non-cash compensation expense 22 16 60 59 Losses on interest rate derivatives 28 64 179 14 Unrealized (gains) losses on commodity risk management activities 15 (47 ) 96 72 Inventory valuation adjustments (37 ) 134 (143 ) (16 ) Impairment of investment in an unconsolidated affiliate 308 — 308 — Losses on extinguishments of debt — 10 — 43 Equity in earnings of unconsolidated affiliates (65 ) (214 ) (260 ) (388 ) Adjusted EBITDA related to unconsolidated affiliates 240 350 711 711 Other, net (43 ) (32 ) (84 ) (51 ) Adjusted EBITDA (consolidated) 1,390 1,500 4,172 4,354 Adjusted EBITDA related to unconsolidated affiliates (240 ) (350 ) (711 ) (711 ) Distributable cash flow from unconsolidated affiliates 124 228 384 517 Interest expense, net of interest capitalized (345 ) (333 ) (981 ) (979 ) Amortization included in interest expense (4 ) (9 ) (16 ) (30 ) Current income tax (expense) benefit (11 ) (79 ) (23 ) 42 Maintenance capital expenditures (97 ) (124 ) (234 ) (308 ) Other, net 7 4 13 11Distributable Cash Flow (consolidated)
824 837 2,604 2,896 Distributable Cash Flow attributable to Sunoco Logistics (100%) (240 ) (212 ) (696 ) (634 ) Distributions from Sunoco Logistics to ETP 136 107 393 295 Distributions from PennTex (b) 8 — 8 — Distributable Cash Flow attributable to Sunoco LP (100%) (c) — — — (68 ) Distributions from Sunoco LP to ETP (c) — — — 24 Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries (10 ) (5 ) (26 ) (15 ) Distributable Cash Flow attributable to the partners of ETP 718 727 2,283 2,498 Transaction-related expenses 2 7 4 37 Distributable Cash Flow attributable to the partners of ETP, as adjusted $ 720 $ 734 $ 2,287 $ 2,535 Distributions to the partners of ETP (d): Limited Partners: Common Units held by public $ 554 $ 508 $ 1,607 $ 1,458 Common Units held by ETE 3 3 8 51 Class H Units held by ETE (e) 92 68 263 186 General Partner interests held by ETE 8 8 24 23 Incentive Distribution Rights (“IDRs”) held by ETE 346 320 1,012 937 IDR relinquishments net of Class I Unit distributions (f) (127 ) (28 ) (271 ) (83 ) Total distributions to be paid to the partners of ETP $ 876 $ 879 $ 2,643 $ 2,572 Common Units outstanding – end of period (d) 512.0 495.6 512.0 495.6 Distribution coverage ratio (g) 0.82x 0.84x 0.87x 0.99x(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, 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, non-cash impairment charges, losses on extinguishments of debt 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, depletion 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, non-cash impairment charges, losses on extinguishments of debt 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) Amount reflects distributions for the third quarter of 2016, to be paid by PennTex on November 14, 2016 with respect to ETP’s ownership interests of 6.3 million common units and 20 million subordinated units of PennTex acquired on November 1, 2016.
(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.
(e) Distributions on the Class H Units for the three and nine months ended September 30, 2016 and 2015 were calculated as follows:
Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 General partner distributions and incentive distributions from Sunoco Logistics $ 102 $ 76 $ 292 $ 207 90.05 % 90.05 % 90.05 % 90.05 % Total Class H Unit distributions $ 92 $ 68 $ 263 $ 186(f) IDR relinquishments for the three and nine months ended September 30, 2016 include the impact of $85 million and $160 million, respectively, of incentive distribution reductions beginning with respect to the second quarter 2016 distributions, as agreed to between ETE and ETP in July 2016. Additionally, the three and nine months ended September 30, 2016 include the impact of $8 million of incentive distribution reductions beginning with respect to the third quarter of 2016 distributions, as agreed to between ETE and ETP in November 2016 related to ETP’s acquisition of PennTex.
(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 Ended September 30, 2016 2015 Gathered volumes (MMBtu/d) 9,675,003 10,384,106 NGLs produced (Bbls/d) 420,877 413,426 Equity NGLs (Bbls/d) 34,341 26,296 Revenues $ 1,343 $ 1,379 Cost of products sold 867 915 Gross margin 476 464 Operating expenses, excluding non-cash compensation expense (153 ) (148 ) Selling, general and administrative expenses, excluding non-cash compensation expense (17 ) (9 ) Adjusted EBITDA related to unconsolidated affiliates 7 6 Other 1 2 Segment Adjusted EBITDA $ 314 $ 315Gathered volumes decreased primarily due to declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions. NGL production increased due to increased gathering and processing capacities in the Permian and Cotton Valley regions, partially offset by declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions.
Segment Adjusted EBITDA for the midstream segment reflected an increase in gross margin as follows:
Three Months Ended September 30, 2016 2015 Gathering and processing fee-based revenues $ 393 $ 418 Non fee-based contracts and processing 83 46 Total gross margin $ 476 $ 464For the three months ended September 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 Ended September 30, 2016 2015 Liquids transportation volumes (Bbls/d) 647,018 509,894 NGL fractionation volumes (Bbls/d) 338,237 228,695 Revenues $ 1,207 $ 858 Cost of products sold 927 615 Gross margin 280 243 Unrealized (gains) losses on commodity risk management activities 5 (4 ) Operating expenses, excluding non-cash compensation expense (43 ) (40 ) Selling, general and administrative expenses, excluding non-cash compensation expense (2 ) (4 ) Segment Adjusted EBITDA $ 240 $ 195NGL transportation volumes increased in all major producing regions, including the Permian, North Texas, Southeast Texas, Eagle Ford, and Louisiana. Our crude pipeline, originating in Nederland and delivering into Lake Charles, also began transporting volumes in April 2016, and transported approximately 69,000 Bbls/d during the three months ended September 30, 2016.
Average daily fractionated volumes increased for the three months ended September 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 Ended September 30, 2016 2015 Transportation margin $ 124 $ 109 Processing and fractionation margin 103 76 Storage margin 50 41 Other margin 3 17 Total gross margin $ 280 $ 243For the three months ended September 30, 2016 compared to the same period last year, Segment Adjusted EBITDA related to our liquids transportation and services segment increased due to net impact of the following:
Interstate Transportation and Storage
Three Months Ended September 30, 2016 2015 Natural gas transported (MMBtu/d) 5,385,679 5,903,285 Natural gas sold (MMBtu/d) 19,478 19,171 Revenues $ 236 $ 248 Operating expenses, excluding non-cash compensation, amortization and accretion expenses (76 ) (78 ) Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses (13 ) (14 ) Adjusted EBITDA related to unconsolidated affiliates 131 130 Segment Adjusted EBITDA $ 278 $ 286 Distributions from unconsolidated affiliates $ 84 $ 104Transported volumes decreased 346,817 MMBtu/d on the Trunkline pipeline primarily due to lower utilization resulting from lower customer demand, a decrease of 115,926 MMBtu/d on the Sea Robin pipeline due to reduced supply as a result of producer system maintenance and overall lower production, and a decrease of 107,178 MMBtu/d on the Transwestern pipeline due to lower customer demand in the West and San Juan areas, partially offset by opportunities in the Texas Intrastate markets.
Segment Adjusted EBITDA. For the three months ended September 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 effect of the following:
The decrease in cash distributions from unconsolidated affiliates is due to higher Citrus cash taxes.
Intrastate Transportation and Storage
Three Months Ended September 30, 2016 2015 Natural gas transported (MMBtu/d) 8,088,132 8,308,105 Revenues $ 758 $ 592 Cost of products sold 586 428 Gross margin 172 164 Unrealized gains on commodity risk management activities (7 ) (4 ) Operating expenses, excluding non-cash compensation expense (43 ) (43 ) Selling, general and administrative expenses, excluding non-cash compensation expense (5 ) (6 ) Adjusted EBITDA related to unconsolidated affiliates 15 16 Other 1 — Segment Adjusted EBITDA $ 133 $ 127 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 September 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 Ended September 30, 2016 2015 Revenues $ 2,189 $ 2,406 Cost of products sold 1,818 2,144 Gross margin 371 262 Unrealized (gains) losses on commodity risk management activities 16 (31 ) Operating expenses, excluding non-cash compensation expense (38 ) (40 ) Selling, general and administrative expenses, excluding non-cash compensation expense (25 ) (23 ) Inventory valuation adjustments (37 ) 103 Adjusted EBITDA related to unconsolidated affiliates 25 18 Segment Adjusted EBITDA $ 312 $ 289 Distributions from unconsolidated affiliates $ 4 $ 5Segment Adjusted EBITDA. For the three months ended September 30, 2016 compared to the same period last year, Segment Adjusted EBITDA related to Sunoco Logistics increased due to the following:
Retail Marketing
Three Months Ended September 30, 2016 2015 Revenues $ — $ 1,363 Cost of products sold — 1,149 Gross margin — 214 Unrealized gains on commodity risk management activities — (1 ) Operating expenses, excluding non-cash compensation expense — (149 ) Selling, general and administrative expenses, excluding non-cash compensation expense — (8 ) Inventory valuation adjustments — 4 Adjusted EBITDA related to unconsolidated affiliates 83 135 Segment Adjusted EBITDA $ 83 $ 195 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 September 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 September 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 Ended September 30, 2016 2015 Revenues $ 956 $ 976 Cost of products sold 877 855 Gross margin 79 121 Unrealized (gains) losses on commodity risk management activities 1 (7 ) Operating expenses, excluding non-cash compensation expense (20 ) (33 ) Selling, general and administrative expenses, excluding non-cash compensation expense (14 ) (33 ) Adjusted EBITDA related to unconsolidated affiliates (20 ) 47 Other 23 23 Eliminations (19 ) (25 ) Segment Adjusted EBITDA $ 30 $ 93 Distributions from unconsolidated affiliates $ 2 $ 16Amounts reflected in our all other segment primarily include:
For the three months ended September 30, 2016 compared to the same period last year, Segment Adjusted EBITDA decreased due to lower earnings from our investment in PES, a decrease in revenue-generating horsepower and lower project revenue from our compression operations, partially offset by a favorable variance from lower transaction-related expenses in 2016 and higher selling, general and administrative expenses in 2015.
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 nine months ended September 30, 2016:
Growth Maintenance Total Direct(1): Midstream $ 868 $ 82 $ 950 Liquids transportation and services(2) 1,460 14 1,474 Interstate transportation and storage(2) 138 55 193 Intrastate transportation and storage 34 11 45 All other (including eliminations) 66 32 98 Total direct capital expenditures 2,566 194 2,760 Indirect(1): Investment in Sunoco Logistics 1,237 40 1,277 Total capital expenditures $ 3,803 $ 234 $ 4,037(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 $268 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 $ 100 $ 110 Liquids transportation and services: NGL 875 900 20 25 Crude(2)(3) 300 325 — — Interstate transportation and storage(2)(3) 210 250 95 105 Intrastate transportation and storage(3) 40 50 20 25 All other (including eliminations) 90 100 40 45 Total direct capital expenditures $ 2,740 $ 2,900 $ 275 $ 310(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 $1.17 billion.We expect total direct growth capital expenditures of approximately $1.9 billion in 2017, net of amounts expected to be financed at the asset level.
SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES
(In millions)
(unaudited)
Three Months Ended September 30, 2016 2015 Equity in earnings (losses) of unconsolidated affiliates: Citrus $ 31 $ 29 FEP 12 14 PES (26 ) 39 MEP 9 10 HPC 8 9 AmeriGas (2 ) (2 ) Sunoco, LLC — (13 ) Sunoco LP 16 117 Other 17 11 Total equity in earnings of unconsolidated affiliates $ 65 $ 214 Adjusted EBITDA related to unconsolidated affiliates: Citrus $ 90 $ 88 FEP 19 19 PES (19 ) 46 MEP 22 23 HPC 15 16 Sunoco, LLC — 53 Sunoco LP 83 81 Other 30 24 Total Adjusted EBITDA related to unconsolidated affiliates $ 240 $ 350 Distributions received from unconsolidated affiliates: Citrus $ 50 $ 65 FEP 17 19 AmeriGas 3 2 PES — 15 MEP 17 20 HPC 13 14 Sunoco LP 36 — Other 13 21 Total distributions received from unconsolidated affiliates $ 149 $ 156
View source version on businesswire.com: http://www.businesswire.com/news/home/20161109006313/en/
Investor Relations:Energy TransferLyndsay Hannah or Brent Ratliff, 214-981-0795orMedia Relations:Granado Communications GroupVicki Granado, 214-599-8785214-498-9272 (cell)
1 Year Sunoco Chart |
1 Month Sunoco Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions