Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Entity Information [Abstract] | ||
Entity Registrant Name | Energy Transfer Partners, L.P. | |
Entity Central Index Key | 1,161,154 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,099,625,923 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 272 | $ 360 |
Accounts receivable, net | 2,914 | 3,002 |
Accounts receivable from related companies | 364 | 209 |
Inventories | 1,520 | 1,712 |
Income Taxes Receivable, Current | 148 | 128 |
Derivative assets | 8 | 20 |
Other current assets | 160 | 298 |
Total current assets | 5,386 | 5,729 |
Property, plant and equipment | 62,790 | 58,220 |
Accumulated depreciation and depletion | (8,254) | (7,303) |
Property, plant and equipment, net | 54,536 | 50,917 |
Advances to and investments in unconsolidated affiliates | 4,228 | 4,280 |
Other non-current assets, net | 707 | 672 |
Intangible assets, net | 5,443 | 4,696 |
Goodwill | 3,919 | 3,897 |
Total assets | 74,219 | 70,191 |
Current liabilities: | ||
Accounts payable | 2,900 | 2,900 |
Accounts payable to related companies | 200 | 43 |
Derivative liabilities | 7 | 166 |
Accrued and other current liabilities | 2,517 | 1,905 |
Current maturities of long-term debt | 1,365 | 1,189 |
Total current liabilities | 6,989 | 6,203 |
Long-term debt, less current maturities | 32,029 | 31,741 |
Long-term notes payable – related company | 0 | 250 |
Non-current derivative liabilities | 201 | 76 |
Deferred income taxes | 4,498 | 4,394 |
Other non-current liabilities | 1,066 | 952 |
Commitments and contingencies | ||
Preferred Units | 0 | 33 |
Redeemable noncontrolling interests | 21 | 15 |
Equity: | ||
General Partner | 220 | 206 |
Limited Partners: | ||
Common Unitholders | 25,389 | 14,946 |
Class H Unitholder | 0 | 3,480 |
Class I Unitholder | 0 | 2 |
Accumulated other comprehensive income | 7 | 8 |
Total partners’ capital | 25,616 | 18,642 |
Noncontrolling interest | 3,799 | 7,885 |
Total equity | 29,415 | 26,527 |
Total liabilities and equity | $ 74,219 | $ 70,191 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUES: | ||||
Natural gas sales | $ 1,022 | $ 695 | $ 2,034 | $ 1,533 |
NGL sales | 1,485 | 1,150 | 3,032 | 2,090 |
Crude sales | 2,131 | 1,713 | 4,478 | 2,923 |
Gathering, transportation and other fees | 1,067 | 1,045 | 2,091 | 2,005 |
Refined product sales | 304 | 234 | 775 | 479 |
Other | 567 | 452 | 1,061 | 740 |
Total revenues | 6,576 | 5,289 | 13,471 | 9,770 |
COSTS AND EXPENSES: | ||||
Cost of products sold | 4,742 | 3,630 | 9,934 | 6,598 |
Operating expenses | 425 | 374 | 804 | 722 |
Depreciation, depletion and amortization | 557 | 496 | 1,117 | 966 |
Selling, general and administrative | 120 | 74 | 230 | 155 |
Total costs and expenses | 5,844 | 4,574 | 12,085 | 8,441 |
OPERATING INCOME | 732 | 715 | 1,386 | 1,329 |
OTHER INCOME (EXPENSE): | ||||
Interest expense, net | (346) | (317) | (685) | (636) |
Equity in earnings (losses) of unconsolidated affiliates | (61) | 119 | 12 | 195 |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Other, net | 71 | 27 | 97 | 44 |
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 371 | 463 | 790 | 781 |
Income tax expense (benefit) | 79 | (9) | 134 | (67) |
NET INCOME | 292 | 472 | 656 | 848 |
Less: Net income attributable to noncontrolling interest | 93 | 102 | 133 | 167 |
Less: Comprehensive income attributable to noncontrolling interest | 93 | 102 | 133 | 167 |
NET INCOME ATTRIBUTABLE TO PARTNERS | 199 | 370 | 523 | 681 |
General Partner’s interest in net income | 251 | 223 | 457 | 520 |
Class H Unitholder’s interest in net income | 0 | 85 | 98 | 164 |
Class I Unitholder’s interest in net income | 0 | 2 | 0 | 4 |
Common Unitholders’ interest in net income (loss) | $ (52) | $ 60 | $ (32) | $ (7) |
NET INCOME (LOSS) PER COMMON UNIT: | ||||
Basic | $ (0.04) | $ 0.07 | $ (0.04) | $ (0.03) |
Diluted | $ (0.04) | $ 0.06 | $ (0.04) | $ (0.03) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 292 | $ 472 | $ 656 | $ 848 |
Other comprehensive income (loss), net of tax: | ||||
Change in value of available-for-sale securities | 1 | 3 | 3 | 5 |
Actuarial gain (loss) relating to pension and other postretirement benefit plans | (1) | 6 | (3) | (3) |
Foreign currency translation adjustments | 0 | 0 | 0 | (1) |
Change in other comprehensive income from unconsolidated affiliates | (1) | (5) | (1) | (11) |
Total other comprehensive income (loss) | (1) | 4 | (1) | (10) |
Comprehensive income | 291 | 476 | 655 | 838 |
Less: Comprehensive income attributable to noncontrolling interest | 93 | 102 | 133 | 167 |
Comprehensive income attributable to partners | $ 198 | $ 374 | $ 522 | $ 671 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Millions | Total | General Partner | Common Units | Class H Units | Class I Units | Accumulated Other Comprehensive Income | Noncontrolling Interest |
Balance, December 31, 2016 at Dec. 31, 2016 | $ 26,527 | $ 206 | $ 14,946 | $ 3,480 | $ 2 | $ 8 | $ 7,885 |
Distributions to partners | 1,702 | 443 | 1,162 | 95 | 2 | 0 | 0 |
Distributions to noncontrolling interest | (186) | 0 | 0 | 0 | 0 | 0 | (186) |
Units issued for cash | 990 | 0 | 990 | 0 | 0 | 0 | 0 |
Partners' Capital Account, Acquisitions | 0 | 0 | 9,459 | (3,483) | 0 | 0 | (5,976) |
Capital contributions from noncontrolling interest | 1,444 | 0 | 0 | 0 | 0 | 0 | 1,444 |
Sale of Bakken Pipeline interest | 2,000 | 0 | 1,260 | 0 | 0 | 0 | 740 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (280) | 0 | (48) | 0 | 0 | 0 | (232) |
Other Comprehensive Income (Loss), Net of Tax | (1) | 0 | 0 | 0 | 0 | (1) | 0 |
Other, net | (33) | 0 | (24) | 0 | 0 | 0 | (9) |
Net income | 656 | 457 | (32) | 98 | 0 | 0 | 133 |
Balance, June 30, 2017 at Jun. 30, 2017 | $ 29,415 | $ 220 | $ 25,389 | $ 0 | $ 0 | $ 7 | $ 3,799 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 656 | $ 848 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 1,117 | 966 |
Deferred income taxes | 121 | (79) |
Amortization included in interest expense | (2) | (12) |
Inventory valuation adjustments | 56 | (106) |
Unit-based compensation expense | 38 | 38 |
Distributions on unvested awards | (15) | (13) |
Equity in earnings of unconsolidated affiliates | (12) | (195) |
Distributions from unconsolidated affiliates | 197 | 199 |
Other non-cash | (96) | (124) |
Net change in operating assets and liabilities, net of effects of acquisition | (410) | (96) |
Net cash provided by operating activities | 1,650 | 1,426 |
INVESTING ACTIVITIES | ||
Cash received from Bakken Pipeline Transaction | 2,000 | 0 |
Proceeds from the Sunoco, Inc. retail business to Sunoco LP transaction | 0 | 2,200 |
Cash paid for acquisition of a noncontrolling interest | 280 | 0 |
Cash paid for all other acquisitions | 261 | 0 |
Capital expenditures, excluding allowance for equity funds used during construction | (2,842) | (3,479) |
Contributions in aid of construction costs | 10 | 25 |
Contributions to unconsolidated affiliates | (225) | (31) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 94 | 56 |
Proceeds from the sale of assets | 25 | 7 |
Change in restricted cash | 0 | (2) |
Other | (7) | (1) |
Net cash used in investing activities | (1,486) | (1,225) |
FINANCING ACTIVITIES | ||
Proceeds from borrowings | 11,466 | 7,811 |
Repayments of long-term debt | (10,953) | (7,514) |
Proceeds from (Repayments of) Related Party Debt | (255) | 147 |
Units issued for cash | 990 | 408 |
Subsidiary units issued for cash | 0 | 667 |
Capital contributions from noncontrolling interest | 456 | 161 |
Distributions to partners | (1,702) | (1,813) |
Distributions to noncontrolling interest | (186) | (209) |
Payments for Repurchase of Preferred Stock and Preference Stock | 53 | 0 |
Debt issuance costs | 20 | 0 |
Proceeds from (Payments for) Other Financing Activities | 5 | 0 |
Net cash used in financing activities | (252) | (342) |
Decrease in cash and cash equivalents | (88) | (141) |
Cash and cash equivalents, beginning of period | 360 | 527 |
Cash and cash equivalents, end of period | $ 272 | $ 386 |
Operations And Organization
Operations And Organization | 6 Months Ended |
Jun. 30, 2017 | |
Operations And Organization [Abstract] | |
Operations And Organization | ORGANIZATION AND BASIS OF PRESENTATION Organization Energy Transfer Partners, L.P. (“ETP”, formerly named “Sunoco Logistics Partners L.P.”, as discussed below) is a consolidated subsidiary of ETE. In April 2017, Energy Transfer Partners, L.P. and Sunoco Logistics completed a merger transaction (the “Sunoco Logistics Merger”) in which Sunoco Logistics acquired Energy Transfer Partners, L.P. in a unit-for-unit transaction. Prior to the Sunoco Logistics Merger, Sunoco Logistics was a consolidated subsidiary of Energy Transfer Partners, L.P. Under the terms of the transaction, the unitholders received 1.5 common units of Sunoco Logistics for each Energy Transfer Partners, L.P. common unit they owned. Under the terms of the merger agreement, Sunoco Logistics’ general partner was merged with and into ETP GP, with ETP GP surviving as an indirect wholly-owned subsidiary of ETE. Based on the number of Energy Transfer Partners, L.P. common units outstanding at the closing of the merger, Sunoco Logistics issued approximately 832 million Sunoco Logistics common units to Energy Transfer Partners, L.P. unitholders. In connection with the merger, the Energy Transfer Partners, L.P. Class H units were cancelled. The outstanding Energy Transfer Partners, L.P. Class E units, Class G units, Class I units and Class K units at the effective time of the merger were converted into an equal number of newly created classes of Sunoco Logistics units, with the same rights, preferences, privileges, duties and obligations as such classes of Energy Transfer Partners, L.P. units had immediately prior to the closing of the merger. Additionally, the outstanding Sunoco Logistics common units and Sunoco Logistics Class B units owned by Energy Transfer Partners, L.P. at the effective time of the merger were cancelled. At the time of the Sunoco Logistics Merger , Energy Transfer Partners, L.P. changed its name from “Energy Transfer Partners, L.P.” to “Energy Transfer, LP” and Sunoco Logistics Partners L.P. changed its name to “Energy Transfer Partners, L.P.” For purposes of maintaining clarity, the following references are used herein: • References to “ETLP” refer to Energy Transfer, LP subsequent to the close of the merger; • References to “Sunoco Logistics” refer to the entity named Sunoco Logistics Partners L.P. prior to the close of the merger; and • References to “ETP” refer to the consolidated entity named Energy Transfer Partners, L.P. subsequent to the close of the merger. The Sunoco Logistics Merger resulted in Energy Transfer Partners, L.P. being treated as the surviving consolidated entity from an accounting perspective, while Sunoco Logistics (prior to changing its name to “Energy Transfer Partners, L.P.”) was the surviving consolidated entity from a legal and reporting perspective. Therefore, for the pre-merger periods, the consolidated financial statements reflect the consolidated financial statements of the legal acquiree (i.e., the entity that was named “Energy Transfer Partners, L.P.” prior to the merger and name changes). The Sunoco Logistics Merger was accounted for as an equity transaction. The Sunoco Logistics Merger did not result in any changes to the carrying values of assets and liabilities in the consolidated financial statements, and no gain or loss was recognized. For the periods prior to the Sunoco Logistics Merger, the Sunoco Logistics limited partner interests that were owned by third parties (other than Energy Transfer Partners, L.P. or its consolidated subsidiaries) are presented as noncontrolling interest in these consolidated financial statements. The historical common units and net income (loss) per limited partner unit amounts presented in these consolidated financial statements have been retrospectively adjusted to reflect the 1.5 to one unit-for-unit exchange in connection with the Sunoco Logistics Merger. The consolidated financial statements of the Partnership presented herein include our operating subsidiaries (collectively, the “Operating Companies”), through which our activities are primarily conducted, as follows : • ETC OLP, Regency and PennTex, which are primarily engaged in midstream and intrastate transportation and storage natural gas operations. ETC OLP and Regency own and operate, through their wholly and majority-owned subsidiaries, natural gas gathering systems, intrastate natural gas pipeline systems and gas processing plants and are engaged in the business of purchasing, gathering, transporting, processing, and marketing natural gas and NGLs in the states of Texas, Louisiana, New Mexico, West Virginia, Denver and Ohio. • ET Interstate, with revenues consisting primarily of fees earned from natural gas transportation services and operational gas sales. ET Interstate is the parent company of: • Transwestern, engaged in interstate transportation of natural gas. Transwestern’s revenues consist primarily of fees earned from natural gas transportation services and operational gas sales. • ETC FEP, which directly owns a 50% interest in FEP, which owns 100% of the Fayetteville Express interstate natural gas pipeline. • ETC Tiger, engaged in interstate transportation of natural gas. • CrossCountry, which indirectly owns a 50% interest in Citrus, which owns 100% of the FGT interstate natural gas pipeline. • ETC MEP, which directly owns a 50% interest in MEP. • ET Rover, which owns a 65% interest in Rover pipeline. • ETC Compression, LLC, engaged in natural gas compression services and related equipment sales. • ETP Holdco, which indirectly owns Panhandle and Sunoco, Inc. Panhandle owns and operates assets in the regulated and unregulated natural gas industry and is primarily engaged in the transportation and storage of natural gas in the United States. Sunoco, Inc. owned and operated retail marketing assets, which were contributed to Sunoco LP in March 2016. Subsequent to this transaction, Sunoco Inc.’s assets primarily consist of its ownership in Retail Holdings, which owns noncontrolling interests in Sunoco LP and PES. Subsequent to the Sunoco Logistics Merger, ETLP holds an equity method investment in ETP through ETP Holdco’s ownership of ETP Class E, Class G, and Class K units , which investment is eliminated in the consolidated financial statements. • Sunoco Logistics Partners Operations L.P. , which 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, NGLs and refined products. Subsequent to the Sunoco Logistics Merger, our financial statements reflect the following reportable business segments: • intrastate transportation and storage ; • interstate transportation and storage ; • midstream ; • NGL and refined products transportation and services ; • crude oil transportation and services ; and • all other . Prior periods have been retrospectively adjusted to reflect the impact of the Sunoco Logistics Merger on our reportable business segments. Basis of Presentation The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements of Energy Transfer Partners, L.P. for the year ended December 31, 2016 , included in Exhibit 99.3 to the Partnership’s Current Report on Form 8-K filed on May 8, 2017. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on net income or total equity. Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which clarifies the principles for recognizing revenue based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB deferred the effective date of ASU 2014-09, which is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catchup transition method). The Partnership expects to adopt ASU 2014-09 in the first quarter of 2018 and will apply the cumulative catchup transition method. We are in the process of evaluating our revenue contracts by segment and fee type to determine the potential impact of adopting the new standards. At this point in our evaluation process, we have determined that the timing and/or amount of revenue that we recognize on certain contracts may be impacted by the adoption of the new standard; however, we are still in the process of quantifying these impacts and cannot say whether or not they would be material to our financial statements. In addition, we are in the process of implementing appropriate changes to our business processes, systems and controls to support recognition and disclosure under the new standard. We continue to monitor additional authoritative or interpretive guidance related to the new standard as it becomes available, as well as comparing our conclusions on specific interpretative issues to other peers in our industry, to the extent that such information is available to us. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which establishes the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Partnership is currently evaluating the impact that adopting this new standard will have on the consolidated financial statements and related disclosures. On January 1, 2017, the Partnership adopted Accounting Standards Update No. 2016-09, Stock Compensation (Topic 718) (“ASU 2016-09”). The objective of the update is to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of this standard did not have a material impact on the Partnership’s consolidated financial statements and related disclosures. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update do not change GAAP for the pre-tax effects of an intra-entity asset transfer under Topic 810, Consolidation, or for an intra-entity transfer of inventory. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Partnership is currently evaluating the impact that adoption of this standard will have on the consolidated financial statements and related disclosures. On January 1, 2017, the Partnership adopted Accounting Standards Update No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control (“ASU 2016-17”), which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. Under the amendments, a single decision maker is required to include indirect interests on a proportionate basis consistent with indirect interests held through other related parties. The adoption of this standard did not have an impact on the Partnership’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04 “ Intangibles-Goodwill and other (Topic 350): Simplifying the test for goodwill impairment. ” The amendments in this update remove the second step of the two-step test currently required by Topic 350. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Partnership expects that the adoption of this standard will change its approach for measuring goodwill impairment; however, this standard requires prospective application and therefore will only impact periods subsequent to adoption. The Partnership plans to apply this ASU for its annual goodwill impairment test in the fourth quarter of 2017. |
Acquisitions and Contribution T
Acquisitions and Contribution Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS AND CONTRIBUTION TRANSACTIONS Permian Express Partners In February 2017, Sunoco Logistics formed Permian Express Partners LLC (“PEP”), a strategic joint venture with ExxonMobil Corporation (“ExxonMobil”). Sunoco Logistics contributed its Permian Express 1, Permian Express 2 and Permian Longview and Louisiana Access pipelines. ExxonMobil contributed its Longview to Louisiana and Pegasus pipelines, Hawkins gathering system, an idle pipeline in southern Oklahoma, and its Patoka, Illinois terminal. Assets contributed to PEP by ExxonMobil were reflected at fair value on the Partnership’s consolidated balance sheet at the date of the contribution, including $547 million of intangible assets and $435 million of property, plant and equipment. The Partnership’s ownership percentage in PEP was approximately 85% at June 30, 2017. In July 2017, the Partnership contributed an approximate 15% ownership interest in Dakota Access, LLC (“Dakota Access”) and Energy Transfer Crude Oil Company, LLC (“ETCO”) to PEP, which resulted in an increase in its ownership interest in PEP to approximately 88% . The Partnership maintains a controlling financial and voting interest in PEP and is the operator of all of the assets. As such, PEP is reflected as a consolidated subsidiary of the Partnership. ExxonMobil’s interest in PEP is reflected as noncontrolling interest in the consolidated balance sheets. ExxonMobil’s contribution resulted in an increase of $988 million in noncontrolling interest, which is reflected in “Capital contributions from noncontrolling interest” in the consolidated statement of equity. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash And Cash Equivalents | CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. The net change in operating assets and liabilities (net of effects of acquisitions) included in cash flows from operating activities is comprised as follows: Six Months Ended 2017 2016 Accounts receivable $ 88 $ (471 ) Accounts receivable from related companies (115 ) (129 ) Inventories 137 (157 ) Other current assets 77 (53 ) Other non-current assets, net (39 ) 8 Accounts payable (286 ) 509 Accounts payable to related companies 131 21 Accrued and other current liabilities (389 ) (22 ) Other non-current liabilities 7 20 Derivative assets and liabilities, net (21 ) 178 Net change in operating assets and liabilities, net of effects of acquisitions $ (410 ) $ (96 ) Non-cash investing and financing activities are as follows: Six Months Ended 2017 2016 NON-CASH INVESTING ACTIVITIES: Accrued capital expenditures $ 1,363 $ 861 Sunoco LP limited partner interest received in exchange for contribution of the Sunoco, Inc. retail business to Sunoco LP — 194 Net gains from subsidiary common unit issuances — 14 NON-CASH FINANCING ACTIVITIES: Contribution of property, plant and equipment from noncontrolling interest $ 988 $ — |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory, Gross [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: June 30, 2017 December 31, 2016 Natural gas and NGLs $ 546 $ 699 Crude oil 681 683 Refined products 76 113 Spare parts and other 217 217 Total inventories $ 1,520 $ 1,712 We utilize commodity derivatives to manage price volatility associated with our natural gas inventory. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASURES Based on the estimated borrowing rates currently available to us and our subsidiaries for loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of June 30, 2017 was $34.68 billion and $33.39 billion , respectively. As of December 31, 2016 , the aggregate fair value and carrying amount of our consolidated debt obligations was $33.85 billion and $32.93 billion , respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements. Level 3 inputs are unobservable. During the six months ended June 30, 2017 , no transfers were made between any levels within the fair value hierarchy. The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 based on inputs used to derive their fair values: Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 9 $ 9 $ — Swing Swaps IFERC 3 1 2 Fixed Swaps/Futures 38 38 — Forward Physical Swaps 4 — 4 Power: Forwards 13 — 13 Futures 1 1 — Natural Gas Liquids – Forwards/Swaps 77 77 — Crude – Futures 9 9 — Total commodity derivatives 154 135 19 Total assets $ 154 $ 135 $ 19 Liabilities: Interest rate derivatives $ (201 ) $ — $ (201 ) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (9 ) (9 ) — Swing Swaps IFERC (2 ) — (2 ) Fixed Swaps/Futures (25 ) (25 ) — Forward Physical Swaps (1 ) — (1 ) Power: Forwards (12 ) — (12 ) Futures (1 ) (1 ) — Natural Gas Liquids – Forwards/Swaps (70 ) (70 ) — Refined Products – Futures (3 ) (3 ) — Crude – Futures (5 ) (5 ) — Total commodity derivatives (128 ) (113 ) (15 ) Total liabilities $ (329 ) $ (113 ) $ (216 ) Fair Value Measurements at Fair Value Total Level 1 Level 2 Level 3 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 14 $ 14 $ — $ — Swing Swaps IFERC 2 — 2 — Fixed Swaps/Futures 96 96 — — Forward Physical Swaps 1 — 1 — Power: Forwards 4 — 4 — Futures 1 1 — — Options – Calls 1 1 — — Natural Gas Liquids – Forwards/Swaps 233 233 — — Refined Products – Futures 1 1 — — Crude – Futures 9 9 — — Total commodity derivatives 362 355 7 — Total assets $ 362 $ 355 $ 7 $ — Liabilities: Interest rate derivatives $ (193 ) $ — $ (193 ) $ — Embedded derivatives in Preferred Units (1 ) — — (1 ) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (11 ) (11 ) — — Swing Swaps IFERC (3 ) — (3 ) — Fixed Swaps/Futures (149 ) (149 ) — — Power: Forwards (5 ) — (5 ) — Futures (1 ) (1 ) — — Natural Gas Liquids – Forwards/Swaps (273 ) (273 ) — — Refined Products – Futures (17 ) (17 ) — — Crude – Futures (13 ) (13 ) — — Total commodity derivatives (472 ) (464 ) (8 ) — Total liabilities $ (666 ) $ (464 ) $ (201 ) $ (1 ) |
Net Income Per Limited Partner
Net Income Per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Limited Partner Unit [Text Block] | NET INCOME (LOSS) PER LIMITED PARTNER UNIT The historical common units and net income (loss) per limited partner unit amounts presented in these consolidated financial statements have been retrospectively adjusted to reflect the 1.5 to one unit-for-unit exchange in connection with the Sunoco Logistics Merger. Net income for partners’ capital and statement of operations presentation purposes is allocated to the General Partner and Limited Partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to the General Partner, the holder of the IDRs pursuant to the Partnership Agreement, which are declared and paid following the close of each quarter. Earnings in excess of distributions are allocated to the General Partner and Limited Partners based on their respective ownership interests. A reconciliation of net income (loss) and weighted average units used in computing basic and diluted net income (loss) per unit is as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Net income $ 292 $ 472 $ 656 $ 848 Less: Income attributable to noncontrolling interest 93 102 133 167 Net income, net of noncontrolling interest 199 370 523 681 General Partner’s interest in net income 251 223 457 520 Class H Unitholder’s interest in net income — 85 98 164 Class I Unitholder’s interest in net income — 2 — 4 Common Unitholders’ interest in net income (loss) (52 ) 60 (32 ) (7 ) Additional (earnings) losses allocated to General Partner 15 (3 ) 12 (6 ) Distributions on employee unit awards, net of allocation to General Partner (6 ) (5 ) (13 ) (10 ) Net income (loss) available to Common Unitholders $ (43 ) $ 52 $ (33 ) $ (23 ) Weighted average Common Units – basic (1) 1,021.7 752.4 922.5 743.9 Basic net income (loss) per Common Unit $ (0.04 ) $ 0.07 $ (0.04 ) $ (0.03 ) Net income (loss) available to Common Unitholders $ (43 ) $ 52 $ (33 ) $ (23 ) Income attributable to Preferred Units — (4 ) — (3 ) Diluted net income (loss) available to Common Unitholders $ (43 ) $ 48 $ (33 ) $ (26 ) Weighted average Common Units – basic (1) 1,021.7 752.4 922.5 743.9 Dilutive effect of unvested employee unit awards — 1.0 — — Dilutive effect of Preferred Units — 0.5 — 0.5 Weighted average Common Units – diluted (1) 1,021.7 753.9 922.5 744.4 Diluted net income (loss) per Common Unit $ (0.04 ) $ 0.06 $ (0.04 ) $ (0.03 ) (1) Excludes Common Units owned by the Partnership’s consolidated subsidiaries. For certain periods reflected above, distributions paid for the period exceeded net income attributable to partners. Accordingly, the distributions paid to the General Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the Limited Partners for the period. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS Credit Facilities and Commercial Paper ETLP Credit Facility The ETLP Credit Facility allows for borrowings of up to $3.75 billion and matures in November 2019. The indebtedness under the ETLP Credit Facility is unsecured, is not guaranteed by any of the Partnership’s subsidiaries and has equal rights to holders of our current and future unsecured debt. In September 2016, ETLP initiated a commercial paper program under the borrowing limits established by the $3.75 billion ETLP Credit Facility. As of June 30, 2017 , the ETLP Credit Facility had $1.54 billion of outstanding borrowings, all of which was commercial paper. Sunoco Logistics Credit Facilities ETP maintains the Sunoco Logistics $2.50 billion unsecured revolving credit facility (the “Sunoco Logistics Credit Facility”), which matures in March 2020. The Sunoco Logistics Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased to $3.25 billion under certain conditions. As of June 30, 2017 , the Sunoco Logistics Credit Facility had $1.67 billion of outstanding borrowings, which included $241 million of commercial paper. In December 2016, Sunoco Logistics entered into an agreement for a 364-day maturity credit facility (“364-Day Credit Facility”), due to mature on the earlier of the occurrence of the Sunoco Logistics Merger or in December 2017, with a total lending capacity of $1.00 billion . In connection with the Sunoco Logistics Merger, the 364-Day Credit Facility was terminated and repaid in May 2017. Bakken Credit Facility In August 2016, Energy Transfer Partners, L.P., Sunoco Logistics and Phillips 66 completed project-level financing of the Bakken Pipeline. The $2.50 billion credit facility provides substantially all of the remaining capital necessary to complete the projects. As of June 30, 2017 , $2.50 billion was outstanding under this credit facility. PennTex Revolving Credit Facility PennTex previously maintained a $275 million revolving credit commitment (the “PennTex Revolving Credit Facility”). As of June 30, 2017 , the PennTex Revolving Credit Facility had $148 million of outstanding borrowings. In August 2017, the PennTex Revolving Credit Facility was repaid and terminated. Compliance with Our Covenants We were in compliance with all requirements, tests, limitations, and covenants related to our credit agreements as of June 30, 2017 . |
Series A Preferred Units (Notes
Series A Preferred Units (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Series A Preferred Units [Abstract] | |
Preferred Units [Text Block] | PREFERRED UNITS In January 2017, Energy Transfer Partners, L.P. repurchased all of its 1.9 million outstanding Preferred Units for cash in the aggregate amount of $53 million . |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Partners' Capital Notes [Abstract] | |
Equity | EQUITY The changes in outstanding common units during the six months ended June 30, 2017 were as follows: Number of Units Number of common units at December 31, 2016 (1) 794.8 Common units issued in connection with equity distribution agreements 15.6 Common units issued in connection with the distribution reinvestment plan 2.8 Common units issued to ETE in a private placement transaction 23.7 Common unit increase from Sunoco Logistics Merger (2) 255.4 Issuance of common units under equity incentive plans 0.3 Number of common units at June 30, 2017 1,092.6 (1) The historical common units presented have been retrospectively adjusted to reflect the 1.5 to one unit-for-unit exchange in connection with the Sunoco Logistics Merger. (2) Represents the Sunoco Logistics common units outstanding at the close of the Sunoco Logistics Merger. See Note 1 for discussion on the accounting treatment of the Sunoco Logistics Merger. In connection with the Sunoco Logistics Merger, the previous Energy Transfer Partners, L.P. equity distribution agreement was terminated. In May 2017, the Partnership entered into an equity distribution agreement with an aggregate offering price up to $1.00 billion . During the six months ended June 30, 2017 , the Partnership received proceeds of $358 million , net of $4 million of commissions, from the issuance of common units pursuant to equity distribution agreements, which were used for general partnership purposes. In connection with the Sunoco Logistics Merger, the previous Energy Transfer Partners, L.P. distribution reinvestment plan was terminated. During the six months ended June 30, 2017 , distributions of $71 million were reinvested under the distribution reinvestment plan. In July 2017, the Partnership initiated a new distribution reinvestment plan. Bakken Equity Sale In February 2017, Bakken Holdings Company LLC, an entity in which the Partnership indirectly owns a 100% membership interest, sold a 49% interest in its wholly-owned subsidiary, Bakken Pipeline Investments LLC, to MarEn Bakken Company LLC, an entity jointly owned by Marathon Petroleum Corporation and Enbridge Energy Partners, L.P. for $2.00 billion in cash. Bakken Pipeline Investments LLC indirectly owns a 75% interest in each of Dakota Access and ETCO. The remaining 25% of each of Dakota Access and ETCO is owned by wholly-owned subsidiaries of Phillips 66. ETP continues to consolidate Dakota Access and ETCO subsequent to this transaction. Upon closing, the Partnership owns a 38.25% interest in the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively, the “Bakken Pipeline”), and MarEn Bakken Company owns 36.75% and Phillips 66 owns 25.00% in the Bakken Pipeline. PennTex Tender Offer and Limited Call Right Exercise In June 2017, Energy Transfer Partners, L.P. purchased all of the outstanding PennTex common units not previously owned by Energy Transfer Partners, L.P. for $20.00 per common unit in cash. ETP now owns all of the economic interests of PennTex, and PennTex common units are no longer publicly traded or listed on the NASDAQ. Quarterly Distributions of Available Cash Following the Sunoco Logistics Merger, cash distributions are declared and paid in accordance with the Partnership's limited partnership agreement, which was Sunoco Logistics' limited partnership agreement prior to the Sunoco Logistics Merger. Under the agreement, within 45 days after the end of each quarter, the Partnership distributes all cash on hand at the end of the quarter, less reserves established by the general partner in its discretion. This is defined as "available cash" in the partnership agreement. The general partner has broad discretion to establish cash reserves that it determines are necessary or appropriate to properly conduct the Partnership's business. The Partnership will make quarterly distributions to the extent there is sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to the general partner. If cash distributions exceed $0.0833 per unit in a quarter, the general partner receives increasing percentages, up to 50 percent , of the cash distributed in excess of that amount. These distributions are referred to as "incentive distributions." The percentage interests shown for the unitholders and the general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The following table shows the target distribution levels and distribution “splits” between the general partner and the holders of the Partnership’s common units: Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount IDRs Partners (1) Minimum Quarterly Distribution $0.0750 —% 100% First Target Distribution up to $0.0833 —% 100% Second Target Distribution above $0.0833 up to $0.0958 13% 87% Third Target Distribution above $0.0958 up to $0.2638 35% 65% Thereafter above $0.2638 48% 52% (1) Includes general partner and limited partner interests, based on the proportionate ownership of each. For the quarter ended December 31, 2016 , Energy Transfer Partners, L.P. and Sunoco Logistics paid distributions on February 14, 2017 of $0.7033 and $0.52 , respectively, per common unit. Following are distributions declared and/or paid by the Partnership subsequent to the Sunoco Logistics Merger: Quarter Ended Record Date Payment Date Rate March 31, 2017 May 10, 2017 May 15, 2017 $ 0.5350 June 30, 2017 August 7, 2017 August 14, 2017 0.5500 ETE agreed to relinquish its right to the following amounts of incentive distributions in future periods. Total Year 2017 (remainder) $ 336 2018 153 2019 128 Each year beyond 2019 33 Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax: June 30, 2017 December 31, 2016 Available-for-sale securities $ 5 $ 2 Foreign currency translation adjustment (5 ) (5 ) Actuarial gain related to pensions and other postretirement benefits 4 7 Investments in unconsolidated affiliates, net 3 4 Total AOCI, net of tax $ 7 $ 8 |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For the three and six months ended June 30, 2017, the Partnership’s income tax expense included the impact of a one-time adjustment to deferred tax balances as a result of a change in apportionment and corresponding state tax rates resulting from the Sunoco Logistics Merger in April 2017, which resulted in incremental income tax expense of approximately $77 million during the periods presented. For the three and six months ended June 30, 2016, the Partnership’s income tax benefit primarily resulted from losses among the Partnership’s consolidated corporate subsidiaries. |
Regulatory Matters, Commitments
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract] | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities | REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES Contingent Residual Support Agreement – AmeriGas In connection with the closing of the contribution of its propane operations in January 2012, ETLP (formerly Energy Transfer Partners, L.P.) agreed to provide contingent residual support of $1.55 billion of intercompany borrowings made by AmeriGas and certain of its affiliates with maturities through 2022 from a finance subsidiary of AmeriGas that have maturity dates and repayment terms that mirror those of an equal principal amount of senior notes issued by this finance company subsidiary to third-party purchasers. In 2016, AmeriGas repurchased certain of its senior notes, which caused a reduction in the amount supported by ETLP under the contingent residual support agreement. In February 2017, AmeriGas repurchased a portion of its 7.00% senior notes . The remaining outstanding 7.00% senior notes were repurchased in May 2017, and ETLP no longer guarantees any AmeriGas notes. Guarantee of Sunoco LP Notes In connection with previous transactions whereby Retail Holdings contributed assets to Sunoco LP, Retail Holdings provided a limited contingent guarantee of collection, but not of payment, to Sunoco LP with respect to (i) $800 million principal amount of 6.375% senior notes due 2023 issued by Sunoco LP, (ii) $800 million principal amount of 6.25% senior notes due 2021 issued by Sunoco LP and (iii) $2.035 billion aggregate principal for Sunoco LP’s term loan due 2019. In December 2016, Retail Holdings contributed its interests in Sunoco LP, along with the assignment of the guarantee of Sunoco LP’s senior notes, to its subsidiary, ETC M-A Acquisition LLC. FERC Audit In March 2016, the FERC commenced an audit of Trunkline for the period from January 1, 2013 to present to evaluate Trunkline’s compliance with the requirements of its FERC gas tariff, the accounting regulations of the Uniform System of Accounts as prescribed by the FERC, and the FERC’s annual reporting requirements. The audit is ongoing. Commitments In the normal course of our business, we purchase, process and sell natural gas pursuant to long-term contracts and we enter into long-term transportation and storage agreements. Such contracts contain terms that are customary in the industry. We believe that the terms of these agreements are commercially reasonable and will not have a material adverse effect on our financial position or results of operations. We have certain non-cancelable leases for property and equipment, which require fixed monthly rental payments and expire at various dates through 2034 . The table below reflects rental expense under these operating leases included in operating expenses in the accompanying statements of operations, which include contingent rentals, and rental expense recovered through related sublease rental income: Three Months Ended Six Months Ended 2017 2016 2017 2016 Rental expense $ 19 $ 21 $ 39 $ 39 Our joint venture agreements require that we fund our proportionate share of capital contributions to our unconsolidated affiliates. Such contributions will depend upon our unconsolidated affiliates’ capital requirements, such as for funding capital projects or repayment of long-term obligations. Litigation and Contingencies We may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. Natural gas and crude oil are flammable and combustible. Serious personal injury and significant property damage can arise in connection with their transportation, storage or use. In the ordinary course of business, we are sometimes threatened with or named as a defendant in various lawsuits seeking actual and punitive damages for product liability, personal injury and property damage. We maintain liability insurance with insurers in amounts and with coverage and deductibles management believes are reasonable and prudent, and which are generally accepted in the industry. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will remain adequate to protect us from material expenses related to product liability, personal injury or property damage in the future. Dakota Access Pipeline During the summer of 2016, individuals affiliated with or sympathetic to the Standing Rock Sioux Tribe (the “SRST”) began to protest the development of the pipeline project. Protesters trespassed on to the construction site, tampered with equipment, and disrupted construction activity at the site. In response to the protests, Dakota Access filed a lawsuit in federal court in North Dakota to restrain protestors from disrupting construction and also requested a temporary restraining order (“TRO”) against the Chairman of the SRST and the protestors. The U.S. District Court granted and later dissolved a TRO enjoining protest activity. The protestors moved to dismiss the lawsuit and the Court granted their motion in May 2017. On July 25, 2016, the U.S. Army Corps of Engineers (“USACE”) issued permits to Dakota Access consistent with environmental and historic preservation statutes for the pipeline to make two crossings of the Missouri River in North Dakota, including a crossing of the Missouri River at Lake Oahe. After significant delay, the USACE also issued easements to allow the pipeline to cross land owned by the USACE adjacent to the Missouri River in two locations. Also in July, the SRST filed a lawsuit in the U.S. District Court for the District of Columbia against the USACE that challenged the legality of the permits issued for the construction of the Dakota Access pipeline across those waterways and claimed violations of the National Historic Preservation Act (“NHPA”). The SRST also sought a preliminary injunction to rescind the USACE permits while the case is pending. Dakota Access intervened in the case. The SRST soon added a request for an emergency TRO to stop construction on the pipeline project. On September 9, 2016, the Court denied SRST’s motion for a preliminary injunction, rendering the TRO request moot. After the September 9 ruling, the Department of the Army, the DOJ, and the Department of the Interior released a joint statement that the USACE would not grant the easement for the land adjacent to Lake Oahe until the Army completed a review to determine whether it was necessary to reconsider the USACE’s decision under various federal statutes relevant to the pipeline approval. The SRST appealed the denial of the preliminary injunction to the U.S. Court of Appeals for the D.C. Circuit and filed an emergency motion in the U.S. District Court for an injunction pending the appeal, which was denied. The D.C. Circuit then denied the SRST’s application for an injunction pending appeal and later dismissed SRST’s appeal of the order denying the preliminary injunction motion. The SRST filed an amended complaint and added claims based on treaties between the tribes and the United States and statutes governing the use of government property. In December 2016, the Department of the Army announced that, although its prior actions complied with the law, it intended to conduct further environmental review of the crossing at Lake Oahe. In February 2017, in response to a presidential memorandum, the Department of the Army decided that no further environmental review was necessary and delivered an easement to Dakota Access allowing the pipeline to cross Lake Oahe. Almost immediately, the Cheyenne River Sioux Tribe (“CRST”), which had intervened in the lawsuit in August 2016, moved for a preliminary injunction and TRO to block operation of the pipeline. These motions raised, for the first time, claims based on the religious rights of the tribe. The district court denied the TRO and preliminary injunction, and the CRST appealed and requested an injunction pending appeal in the district court and the D.C. Circuit. Both courts denied the CRST’s request for an injunction pending appeal. Shortly thereafter, at CRST’s request, the D.C. Circuit dismissed CRST’s appeal. The SRST and the CRST amended their complaints to incorporate religious freedom and other claims. In addition, the Oglala and Yankton Sioux tribes have filed related lawsuits to prevent construction of the Dakota Access pipeline project. These lawsuits have been consolidated into the action initiated by the SRST. Several individual members of the Tribes have also intervened in the lawsuit asserting claims that overlap with those brought by the four tribes. On June 14, 2017, the Court ruled on SRST’s and CRST’s motions for partial summary judgment and the USACE’s cross-motions for partial summary judgment. The Court rejected the majority of the Tribes’ assertions and granted summary judgment on most claims in favor of the USACE and Dakota Access. In particular, the Court concluded that the USACE had not violated any trust duties owed to the Tribes and had generally complied with its obligations under the Clean Water Act, the Rivers and Harbors Act, the Mineral Leasing Act, the National Environmental Policy Act (“NEPA”) and other related statutes; however, the Court remanded to the USACE three discrete issues for further analysis and explanation of its prior determination under certain of these statutes. The USACE has advised the Court that it expects to have completed this additional work by the end of 2017. The Court ordered briefing that will conclude at the end of August 2017 to determine whether the pipeline should remain in operation during the pendency of the USACE’s review process and the Court is expected to rule on this issue during September 2017. The USACE and Dakota Access have each filed a brief with the Court to oppose any shutdown of operations of the pipeline during this review process. The Court has stayed consideration of any other claims until it fully resolves the remaining issues relating to its remand order. While we believe that the pending lawsuits are unlikely to block operation of the pipeline, we cannot assure this outcome. We cannot determine when or how these lawsuits will be resolved or the impact they may have on the Dakota Access project. Mont Belvieu Incident On June 26, 2016, a hydrocarbon storage well located on another operator’s facility adjacent to Lone Star NGL Mont Belvieu’s (“Lone Star”) facilities in Mont Belvieu, Texas experienced an over-pressurization resulting in a subsurface release. The subsurface release caused a fire at Lone Star’s South Terminal (CMB) and damage to Lone Star’s storage well operations at its South and North Terminals. Normal operations have resumed at the facilities with the exception of one of Lone Star’s storage wells. Lone Star is still quantifying the extent of its incurred and ongoing damages and has or will be seeking reimbursement for these losses. MTBE Litigation Sunoco, Inc. and/or Sunoco, Inc. (R&M), along with other refiners, manufacturers and sellers of gasoline, are defendants in lawsuits alleging MTBE contamination of groundwater. The plaintiffs, typically governmental authorities, assert product liability claims and additional claims including nuisance, trespass, negligence, violation of environmental laws, and deceptive business practices. The plaintiffs seek to recover compensatory damages, and in some cases also seek natural resource damages, injunctive relief, punitive damages, and attorneys’ fees. As of June 30, 2017 , Sunoco, Inc. is a defendant in six cases, including cases initiated by the States of New Jersey, Vermont, Pennsylvania, Rhode Island, and two others by the Commonwealth of Puerto Rico with the more recent Puerto Rico action being a companion case alleging damages for additional sites beyond those at issue in the initial Puerto Rico action. Four of these cases are venued in a multidistrict litigation proceeding in a New York federal court. The New Jersey, Puerto Rico, Vermont, and Pennsylvania plaintiffs assert natural resource damage claims. Fact discovery has concluded with respect to an initial set of 9 sites each that will be the subject of the first trial phase in the New Jersey case and the initial Puerto Rico case. The initial set of 9 New Jersey trial sites are now pending before the United States District Judge for the District of New Jersey, the Hon. Freda L. Wolfson for the pre-trial and trial phases. The remaining portion of the New Jersey case remains in the multidistrict litigation. In early 2017, Sunoco, Inc. and Sunoco, Inc. (R&M) and two other co-defendants reached a settlement in principle with the State of New Jersey, subject to the parties agreeing on the terms and conditions of a Settlement and Release agreement, among other things. It is reasonably possible that a loss may be realized in the remaining cases; however, we are unable to estimate the possible loss or range of loss in excess of amounts accrued. An adverse determination with respect to one or more of the MTBE cases could have a significant impact on results of operations during the period in which any said adverse determination occurs, but such an adverse determination likely would not have a material adverse effect on the Partnership’s consolidated financial position. Regency Merger Litigation Following the January 26, 2015 announcement of the Regency merger, purported Regency unitholders filed lawsuits in state and federal courts in Dallas and Delaware asserting claims relating to the Regency Merger. All but one Regency merger-related lawsuits have been dismissed. On June 10, 2015, Adrian Dieckman (“Dieckman”), a purported Regency unitholder, filed a class action complaint on behalf of Regency’s common unitholders in the Court of Chancery of the State of Delaware. The lawsuit alleges that the Regency Merger breached the Regency partnership agreement because Regency’s conflicts committee was not properly formed, and the Regency Merger was not approved in good faith. On March 29, 2016, the Delaware Court of Chancery granted defendants’ motion to dismiss the lawsuit. Dieckman appealed. On January 20, 2017, the Delaware Supreme Court issued an order reversing the judgment of the Court of Chancery that dismissed Counts I and II of Dieckman’s Complaint. On February 21, 2017, Regency and the other defendants filed their respective Motions to Dismiss the Chancery Court matter. On May 5, 2017, Plaintiff filed an Amended Verified Class Action Complaint. Defendants then filed Motions to Dismiss the Amended Complaint and a Motion to Stay Discovery on May 19, 2017. Briefing on both of these motions is ongoing. Enterprise Products Partners, L.P. and Enterprise Products Operating LLC Litigation On January 27, 2014, a trial commenced between ETP against Enterprise Products Partners, L.P. and Enterprise Products Operating LLC (collectively, “Enterprise”) and Enbridge (US) Inc. Trial resulted in a verdict in favor of ETP against Enterprise that consisted of $319 million in compensatory damages and $595 million in disgorgement to ETP. The jury also found that ETP owed Enterprise approximately $1 million under a reimbursement agreement. On July 29, 2014, the trial court entered a final judgment in favor of ETP and awarded ETP $536 million , consisting of compensatory damages, disgorgement, and pre-judgment interest. The trial court also ordered that ETP shall be entitled to recover post-judgment interest and costs of court and that Enterprise is not entitled to any net recovery on its counterclaims. Enterprise filed a notice of appeal with the Court of Appeals. On July 18, 2017, the Court of Appeals issued its opinion and reversed the trial court’s judgment. ETP intends to file a petition for review with the Texas Supreme Court. Sunoco Logistics Merger Litigation Five purported Energy Transfer Partners, L.P. common unitholders (“Plaintiffs”) separately filed seven putative unitholder class action lawsuits challenging the merger and the disclosures made in connection with the merger. The lawsuits are styled (a) Shure v. Energy Transfer Partners, L.P. et al. , Case No. 1:17-cv-00044-UNA, in the United States District Court for the District of Delaware (the “ Shure Lawsuit”); (b) Verlin v. Energy Transfer Partners, L.P. et al. , Case No. 1:17-cv-00045-UNA, in the United States District Court for the District of Delaware (the “ Verlin Lawsuit”); (c) Duany v. Energy Transfer Partners, L.P. et al. , Case No. 1:17-cv-00058-UNA, in the United States District Court for the District of Delaware (the “ Duany Lawsuit”); (d) Epstein v. Energy Transfer Partners, L.P. et. al. , Case No, 1:17-cv-00069, in the United States District Court for the District of Delaware (the “ Epstein Lawsuit”) and (e) Sgnilek v. Energy Transfer Partners, L.P. et al. , Case No. 1:17-cv-00141, in the United States District Court for the District of Delaware (the “ Sgnilek Lawsuit” and collectively with the Shure Lawsuit, Verlin Lawsuit, Duany Lawsuit, and Epstein Lawsuit, the “Lawsuits”). Plaintiffs allege causes of action challenging the merger and the preliminary joint proxy statement/prospectus filed in connection with the merger. Plaintiffs allege that (i) defendants have violated Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder and (ii) the members of the ETP Board have violated Section 20(a) of the Exchange Act. Plaintiffs in the Shure Lawsuit and Verlin Lawsuit also allege that Sunoco Logistics has violated Section 20(a) of the Exchange Act. Plaintiffs also assert, in general, that the terms of the merger (including, among other terms, the merger consideration) are unfair to ETP common unitholders and resulted from an unfair and conflicted process. Based on these allegations, the Sgnilek Lawsuit alleges that (a) the ETP Board, ETP GP, ETP LLC, ETP, and ETE have breached the covenant of good faith and/or fiduciary duties, and (b) Sunoco Logistics and Sunoco Partners LLC have aided and abetted those alleged breaches. Based on these allegations, Plaintiffs seek to enjoin defendants from proceeding with or consummating the merger unless and until defendants disclose the allegedly omitted information summarized above. The Sgnilek Lawsuit also seeks to enjoin defendants from proceeding with or consummating the merger unless and until the ETP Board adopts and implements processes to obtain the best possible terms for ETP common unitholders. To the extent that the merger is consummated before injunctive relief is granted, Plaintiffs seek to have the merger rescinded. Plaintiffs also seek damages and reimbursement of attorneys’ fees. On May 31, 2017, a Joint Stipulation and Order was filed (1) setting deadlines for Plaintiffs’ Amended Complaint and Defendants’ Answer; (2) dismissing Sunoco Logistics and Sunoco Partners LLC from the lawsuits; and (3) consolidating the remaining five lawsuits under the Shure Lawsuit. Defendants believe the Lawsuits are without merit and intend to defend vigorously against the Lawsuits and any other actions challenging the merger. Litigation filed by BP Products On April 30, 2015, BP Products North America Inc. (“BP”) filed a complaint with the Federal Energy Regulatory Commission (“FERC”), BP Products North America Inc. v. Sunoco Pipeline L.P., FERC Docket No. OR15-25- 000, alleging that Sunoco Pipeline L.P. (“SPLP”), a wholly-owned subsidiary of ETP, entered into certain throughput and deficiency (“T&D”) agreements with shippers other than BP regarding SPLP’s crude oil pipeline between Marysville, Michigan and Toledo, Ohio, and revised its proration policy relating to that pipeline in an unduly discriminatory manner in violation of the Interstate Commerce Act (“ICA”). The complaint asked FERC to (1) terminate the agreements with the other shippers, (2) revise the proration policy, (3) order SPLP to restore BP’s volume history to the level that existed prior to the execution of the agreements with the other shippers, and (4) order damages to BP of approximately $62 million , a figure that BP reduced in subsequent filings to approximately $41 million . SPLP filed an answer on June 1, 2015, denying the allegations in the complaint. SPLP asserted that neither its contracts nor proration policy were unlawful and that BP’s complaint was barred by the ICA’s two-year statute of limitations provision. Interventions were filed by the two companies with which SPLP entered into T&D agreements, Marathon Petroleum Company (“Marathon”) and PBF Holding Company and Toledo Refining Company (collectively, “PBF”). By order dated July 31, 2015, FERC set the matter for hearing. On May 26, 2017, the Administrative Law Judge Patricia E. Hurt (“ALJ”) issued her Initial Decision and found that SPLP had acted discriminatorily by entering into T&D agreements with the two shippers other than BP and recommended that the FERC (1) adopt Trial Staff’s $13 million alternative damages proposal, (2) void the T&D agreements with Marathon and PBF, (3) re-set each shipper’s volume history to the level prior to the effective date of the proration policy, and (4) investigate the proration policy. The ALJ held that BP’s claim for damages was not time-barred in its entirety, but that it was not entitled to damages more than two years prior to the filing of the complaint. On July 26, 2017, each of the parties filed with the FERC a brief on exceptions to the Initial Decision. SPLP challenged all of the Initial Decision’s primary findings (except for the adjustment to the individual shipper volume histories). BP and FERC trial staff challenged various aspects of the initial decision related to remedies and the statute of limitations issue. Other Litigation and Contingencies We or our subsidiaries are a party to various legal proceedings and/or regulatory proceedings incidental to our businesses. For each of these matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, the likelihood of an unfavorable outcome and the availability of insurance coverage. If we determine that an unfavorable outcome of a particular matter is probable and can be estimated, we accrue the contingent obligation, as well as any expected insurance recoverable amounts related to the contingency. As of June 30, 2017 and December 31, 2016 , accruals of approximately $71 million and $77 million , respectively, were reflected on our consolidated balance sheets related to these contingent obligations. As new information becomes available, our estimates may change. The impact of these changes may have a significant effect on our results of operations in a single period. The outcome of these matters cannot be predicted with certainty and there can be no assurance that the outcome of a particular matter will not result in the payment of amounts that have not been accrued for the matter. Furthermore, we may revise accrual amounts prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome. Currently, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. In December 2016, Sunoco Logistics received multiple NOVs from the Delaware County Regional Water Quality Control Authority (“DELCORA”) in connection with a discharge at its Marcus Hook Industrial Complex (“MHIC”) in July 2016. Sunoco Logistics also entered in a Consent Order and Agreement from the Pennsylvania Department of Environmental Protection (“PADEP”) related to its tank inspection plan at MHIC. These actions propose penalties in excess of $0.1 million , and ETP is currently in discussions with the PADEP and DELCORA to resolve these matters. The timing or outcome of these matters cannot be reasonably determined at this time, however, the Partnership does not expect there to be a material impact to its results of operations, cash flows, or financial position. The Ohio Environmental Protection Agency (“Ohio EPA”) has alleged that various environmental violations have occurred during construction of ETP subsidiary Rover Pipeline LLC’s (“Rover”) pipeline project. The alleged violations include inadvertent returns of drilling muds and fluids at horizontal directional drilling (“HDD”) locations in Ohio that affected waters of the State, storm water control violations, improper disposal of spent drilling mud containing diesel fuel residuals, and open burning. The alleged violations occurred from April to July, 2017. The Ohio EPA has proposed penalties of more than $900,000 in connection with the alleged violations and is seeking certain corrective actions. ETP is working with Ohio EPA to resolve the matter. The timing or outcome of this matter cannot be reasonably determined at this time; however, we do not expect there to be a material impact to our results of operations, cash flows or financial position. In addition, on May 10, 2017, the FERC prohibited Rover from conducting HDD activities at 27 sites in Ohio. On July 31, 2017, the FERC issued an independent third party assessment of what led to the release at the Tuscarawas River site and what Rover can do to prevent reoccurrence once the HDD suspension is lifted. Rover has notified the FERC of its intention to implement the suggestions in the assessment and to implement additional voluntary protocols. The timing or outcome of this matter cannot be reasonably determined at this time; however, Rover anticipates resuming HDD activities before their suspension results in a material delay of pipeline construction. On July 17, 2017, the West Virginia Department of Environmental Protection (“WVDEP”) issued a Cease and Desist order requiring Rover to cease any land development activity in Doddridge and Tyler Counties. Under the order, Rover has 20 days to submit a corrective action plan and schedule for agency review. The order follows several notices of violation WVDEP issued to Rover alleging stormwater non-compliance. Rover is complying with the order, has already addressed many of the stormwater control issues, and anticipates having the corrective action plan and schedule in place before the order results in a material delay of pipeline construction. On July 25, 2017, the Pennsylvania Environmental Hearing Board (“EHB”) issued an order to SPLP to cease HDD activities in Pennsylvania. On August 1st the EHB lifted the order as to two drill locations. On August 3, 2017, the EHB lifted the order as to 14 additional locations. The EHB issued the order in response to a complaint filed by environmental groups against SPLP and the Pennsylvania Department of Environmental Protection (“PADEP”). The EHB Judge encouraged the parties to pursue a settlement with respect to the remaining HDD locations and facilitated a settlement meeting. On August 7, 2017 a final settlement was reached. A stipulated order has been submitted to the EHB Judge with respect to the settlement. The settlement agreement requires that SPLP reevaluate the design parameters of approximately 26 drills on the Mariner East 2 project and approximately 43 drills on the Mariner East 2X project. The settlement agreement also provides a defined framework for approval by PADEP for these drills to proceed after reevaluation. Additionally, the settlement agreement requires modifications to several of the HDD plans that are part of the PADEP permits. Those modifications have been completed and agreed to by the parties and the reevaluation of the drills has been initiated by the company. In addition, on June 27, 2017 and July 25, 2017, the PADEP entered into a Consent Order and Agreement with Sunoco Pipeline regarding inadvertent returns of drilling fluids at three HDD locations in Pennsylvania that affected waters of the State. Those agreements require SPLP to cease HDD activities at those three locations until PADEP reauthorizes such activities and to submit a corrective action plan for agency review and approval. The company is working to fulfill the requirements of those agreements and has been authorized by PADEP to resume drilling at one of the three locations. No amounts have been recorded in our June 30, 2017 or December 31, 2016 consolidated balance sheets for contingencies and current litigation, other than amounts disclosed herein. Environmental Matters Our operations are subject to extensive federal, tribal, state and local environmental and safety laws and regulations that require expenditures to ensure compliance, including related to air emissions and wastewater discharges, at operating facilities and for remediation at current and former facilities as well as waste disposal sites. Historically, our environmental compliance costs have not had a material adverse effect on our results of operations but there can be no assurance that such costs will not be material in the future or that such future compliance with existing, amended or new legal requirements will not have a material adverse effect on our business and operating results. Costs of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of investigatory, remedial and corrective action obligations, the issuance of injunctions in affected areas and the filing of federally authorized citizen suits. Contingent losses related to all significant known environmental matters have been accrued and/or separately disclosed. However, we may revise accrual amounts prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome. Environmental exposures and liabilities are difficult to assess and estimate due to unknown factors such as the magnitude of possible contamination, the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental laws and regulations may change in the future. Although environmental costs may have a significant impact on the results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position. Based on information available at this time and reviews undertaken to identify potential exposure, we believe the amount reserved for environmental matters is adequate to cover the potential exposure for cleanup costs. In February 2017, we received letters from the DOJ and Louisiana Department of Environmental Quality notifying Sunoco Pipeline L.P. (“SPLP”) and Mid-Valley Pipeline Company (“Mid-Valley”) that enforcement actions were being pursued for three crude oil releases: (a) an estimated 550 barrels released from the Colmesneil-to-Chester pipeline in Tyler County, Texas (“Colmesneil”) operated and owned by SPLP in February of 2013; (b) an estimated 4,509 barrels released from the Longview-to-Mayersville pipeline in Caddo Parish, Louisiana (a/k/a Milepost 51.5) operated by SPLP and owned by Mid-Valley in October of 2014; and (c) an estimated 40 barrels released from the Wakita 4-inch gathering line in Oklahoma operated and owned by SPLP in January of 2015. In May of this year, we presented to the DOJ, EPA and Louisiana Department of Environmental Quality a summary of the emergency response and remedial efforts taken by SPLP after the releases occurred as well as operational changes instituted by SPLP to reduce the likelihood of future releases. In July, we had a follow-up meeting with the DOJ, EPA and Louisiana Department of Environmental Quality during which the agencies presented their initial demand for civil penalties and injunctive relief. In short, the DOJ and EPA proposed federal penalties totaling $7 million for the three releases along with a demand for injunctive relief, and Louisiana Department of Environmental Quality proposed a state penalty of approximately $1 million to resolve the Caddo Parish release. Neither Texas nor Oklahoma state agencies have joined the penalty discussions at this point. We are currently working on a counteroffer to the Louisiana Department of Environmental Quality. Environmental Remediation Our subsidiaries are responsible for environmental remediation at certain sites, including the following: • Certain of our interstate pipelines conduct soil and groundwater remediation related to contamination from past uses of PCBs. PCB assessments are ongoing and, in some cases, our subsidiaries could potentially be held responsible for contamination caused by other parties. • Certain gathering and proce |
Derivative Assets And Liabiliti
Derivative Assets And Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Price Risk Management Assets and Liabilities | DERIVATIVE ASSETS AND LIABILITIES Commodity Price Risk We are exposed to market risks related to the volatility of commodity prices. To manage the impact of volatility from these prices, we utilize various exchange-traded and OTC commodity financial instrument contracts. These contracts consist primarily of futures, swaps and options and are recorded at fair value in our consolidated balance sheets. We use futures and basis swaps, designated as fair value hedges, to hedge our natural gas inventory stored in our Bammel storage facility. At hedge inception, we lock in a margin by purchasing gas in the spot market or off peak season and entering into a financial contract. Changes in the spreads between the forward natural gas prices and the physical inventory spot price result in unrealized gains or losses until the underlying physical gas is withdrawn and the related designated derivatives are settled. Once the gas is withdrawn and the designated derivatives are settled, the previously unrealized gains or losses associated with these positions are realized. We use futures, swaps and options to hedge the sales price of natural gas we retain for fees in our intrastate transportation and storage segment and operational gas sales on our interstate transportation and storage segment. These contracts are not designated as hedges for accounting purposes. We use NGL and crude derivative swap contracts to hedge forecasted sales of NGL and condensate equity volumes we retain for fees in our midstream segment whereby our subsidiaries generally gather and process natural gas on behalf of producers, sell the resulting residue gas and NGL volumes at market prices and remit to producers an agreed upon percentage of the proceeds based on an index price for the residue gas and NGL. These contracts are not designated as hedges for accounting purposes. We use derivatives in our NGL and refined products transportation and services segment to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes. We utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of refined products and NGLs. These contracts are not designated as hedges for accounting purposes. We use financial commodity derivatives to take advantage of market opportunities in our trading activities which complement our transportation and storage segment's operations and are netted in cost of products sold in our consolidated statements of operations. We also have trading and marketing activities related to power and natural gas in our all other segment which are also netted in cost of products sold. As a result of our trading activities and the use of derivative financial instruments in our transportation and storage segment, the degree of earnings volatility that can occur may be significant, favorably or unfavorably, from period to period. We attempt to manage this volatility through the use of daily position and profit and loss reports provided to our risk oversight committee, which includes members of senior management, and the limits and authorizations set forth in our commodity risk management policy. The following table details our outstanding commodity-related derivatives: June 30, 2017 December 31, 2016 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (MMBtu): Fixed Swaps/Futures 465,000 2017 (682,500 ) 2017 Basis Swaps IFERC/NYMEX (1) 33,112,500 2017 2,242,500 2017 Options – Puts 11,500,000 2018 — — Power (Megawatt): Forwards 497,530 2017-2018 391,880 2017-2018 Futures (212,880 ) 2017-2018 109,564 2017-2018 Options – Puts (364,000 ) 2017 (50,400 ) 2017 Options – Calls 607,200 2017 186,400 2017 Crude (Bbls) – Futures (1,569,000 ) 2017 (617,000 ) 2017 (Non-Trading) Natural Gas (MMBtu): Basis Swaps IFERC/NYMEX (3,630,000 ) 2017-2018 10,750,000 2017-2018 Swing Swaps IFERC 39,900,000 2017 (5,662,500 ) 2017 Fixed Swaps/Futures (39,250,000 ) 2017-2019 (52,652,500 ) 2017-2019 Forward Physical Contracts (9,302,540 ) 2017 (22,492,489 ) 2017 Natural Gas Liquid (Bbls) – Forwards/Swaps (4,501,400 ) 2017-2019 (5,786,627 ) 2017 Refined Products (Bbls) – Futures (803,000 ) 2017 (2,240,000 ) 2017 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (MMBtu): Basis Swaps IFERC/NYMEX (32,440,000 ) 2017 (36,370,000 ) 2017 Fixed Swaps/Futures (32,440,000 ) 2017 (36,370,000 ) 2017 Hedged Item – Inventory 32,440,000 2017 36,370,000 2017 (1) Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations. Interest Rate Risk We are exposed to market risk for changes in interest rates. To maintain a cost effective capital structure, we borrow funds using a mix of fixed rate debt and variable rate debt. We also manage our interest rate exposure by utilizing interest rate swaps to achieve a desired mix of fixed and variable rate debt. We also utilize forward starting interest rate swaps to lock in the rate on a portion of our anticipated debt issuances. The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes: Term Type (1) Notional Amount Outstanding June 30, 2017 December 31, 2016 July 2017 (2) Forward-starting to pay a fixed rate of 3.90% and receive a floating rate $ — $ 500 July 2018 (2) Forward-starting to pay a fixed rate of 3.76% and receive a floating rate 300 200 July 2019 (2) Forward-starting to pay a fixed rate of 3.64% and receive a floating rate 300 200 July 2020 (2) Forward-starting to pay a fixed rate of 3.52% and receive a floating rate 400 — December 2018 Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.53% 1,200 1,200 March 2019 Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.42% 300 300 (1) Floating rates are based on 3-month LIBOR. (2) Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date. Credit Risk Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties. The Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrials, oil and gas producers, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance. The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily independent system operators, and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments are deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets. For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income. Derivative Summary The following table provides a summary of our derivative assets and liabilities: Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 8 $ — $ (1 ) $ (4 ) Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 127 338 (109 ) (416 ) Commodity derivatives 19 24 (18 ) (52 ) Interest rate derivatives — — (201 ) (193 ) Embedded derivatives in Preferred Units — — — (1 ) 146 362 (328 ) (662 ) Total derivatives $ 154 $ 362 $ (329 ) $ (666 ) The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements: Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives without offsetting agreements Derivative assets (liabilities) $ — $ — $ (201 ) $ (194 ) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 19 24 (18 ) (52 ) Broker cleared derivative contracts Other current assets 135 338 (110 ) (420 ) Total gross derivatives 154 362 (329 ) (666 ) Offsetting agreements: Counterparty netting Derivative assets (liabilities) (11 ) (4 ) 11 4 Payments on margin deposit Other current assets (110 ) (338 ) 110 338 Total net derivatives $ 33 $ 20 $ (208 ) $ (324 ) We disclose the non-exchange traded financial derivative instruments as price risk management assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date. The following tables summarize the amounts recognized with respect to our derivative financial instruments: Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives in fair value hedging relationships (including hedged item): Commodity derivatives Cost of products sold $ 6 $ 21 $ 2 $ 17 Total $ 6 $ 21 $ 2 $ 17 Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 15 $ (7 ) $ 26 $ (16 ) Commodity derivatives – Non-trading Cost of products sold 7 (48 ) (3 ) (43 ) Interest rate derivatives Losses on interest rate derivatives (25 ) (81 ) (20 ) (151 ) Embedded derivatives Other, net — (4 ) 1 (4 ) Total $ (3 ) $ (140 ) $ 4 $ (214 ) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In June 2017, the Partnership acquired all of the publicly held PennTex common units through a tender offer and exercise of a limited call right, as further discussed in Note 9 . We previously had agreements with ETE to provide services on its behalf and on behalf of other subsidiaries of ETE, which included the reimbursement of various operating and general and administrative expenses incurred by us on behalf of ETE and its subsidiaries. These agreements expired in 2016. The Partnership also has related party transactions with several of its equity method investees. In addition to commercial transactions, these transactions include the provision of certain management services and leases of certain assets. The following table summarizes the affiliate revenues on our consolidated statements of operations: Three Months Ended Six Months Ended 2017 2016 2017 2016 Affiliated revenues $ 133 $ 133 $ 251 $ 207 The following table summarizes the related company balances on our consolidated balance sheets: June 30, 2017 December 31, 2016 Accounts receivable from related companies: ETE $ — $ 22 Sunoco LP 179 96 PES 8 6 FGT 9 15 Lake Charles LNG 1 4 Trans-Pecos Pipeline, LLC 4 1 Comanche Trail Pipeline, LLC 1 — Traverse Rover LLC 100 — Other 62 65 Total accounts receivable from related companies: $ 364 $ 209 Accounts payable to related companies: Sunoco LP $ 177 $ 20 FGT — 1 Lake Charles LNG 2 3 Other 21 19 Total accounts payable to related companies: $ 200 $ 43 June 30, 2017 December 31, 2016 Long-term notes receivable (payable) – related companies: Sunoco LP $ 87 $ 87 Phillips 66 — (250 ) Net long-term notes receivable (payable) – related companies $ 87 $ (163 ) |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2017 | |
Reportable Segments [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Subsequent to the Sunoco Logistics Merger, our financial statements reflect the following reportable segments, which conduct their business in the United States, as follows: • intrastate transportation and storage ; • interstate transportation and storage ; • midstream ; • NGL and refined products transportation and services ; • crude oil transportation and services ; and • all other . The amounts included in the NGL and refined products transportation and services segment and the crude oil transportation and services segment have been retrospectively adjusted in these consolidated financial statements as a result of the Sunoco Logistics Merger. The Partnership previously presented its retail marketing business as a separate reportable segment. Due to the transfer of the general partner interest of Sunoco LP from Energy Transfer Partners, L.P. to ETE in 2015 and completion of the dropdown of remaining Retail Marketing interests from Energy Transfer Partners, L.P. to Sunoco LP in March 2016, all of the Partnership’s retail marketing business has been deconsolidated. The only remaining retail marketing assets are the limited partner units of Sunoco LP. As of June 30, 2017 , the Partnership’s interest in Sunoco LP common units consisted of 43.5 million units, representing 43.7% of Sunoco LP’s total outstanding common units. This equity method investment in Sunoco LP has now been aggregated into the all other segment. Consequently, the retail marketing business that was previously consolidated has also been aggregated in the all other segment for all periods presented. Intersegment and intrasegment transactions are generally based on transactions made at market-related rates. Consolidated revenues and expenses reflect the elimination of all material intercompany transactions. Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are primarily reflected in crude sales. Revenues from our all other segment are primarily reflected in other. We report Segment Adjusted EBITDA as a measure of segment performance. We define Segment Adjusted EBITDA as 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). Segment Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the Partnership’s proportionate ownership. The following tables present financial information by segment: Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues: Intrastate transportation and storage: Revenues from external customers $ 699 $ 428 $ 1,467 $ 874 Intersegment revenues 54 113 102 225 753 541 1,569 1,099 Interstate transportation and storage: Revenues from external customers 201 229 432 483 Intersegment revenues 6 5 10 10 207 234 442 493 Midstream: Revenues from external customers 633 690 1,198 1,217 Intersegment revenues 982 640 2,054 1,205 1,615 1,330 3,252 2,422 NGL and refined products transportation and services: Revenues from external customers 1,767 1,445 3,885 2,617 Intersegment revenues 1 42 160 203 1,768 1,487 4,045 2,820 Crude oil transportation and services: Revenues from external customers 2,460 1,904 5,035 3,290 Intersegment revenues 126 85 240 164 2,586 1,989 5,275 3,454 All other: Revenues from external customers 816 593 1,454 1,289 Intersegment revenues 54 118 186 276 870 711 1,640 1,565 Eliminations (1,223 ) (1,003 ) (2,752 ) (2,083 ) Total revenues $ 6,576 $ 5,289 $ 13,471 $ 9,770 Three Months Ended Six Months Ended 2017 2016 2017 2016 Segment Adjusted EBITDA: Intrastate transportation and storage $ 148 $ 149 $ 317 $ 328 Interstate transportation and storage 262 278 527 570 Midstream 412 298 732 561 NGL and refined products transportation and services 391 341 773 689 Crude oil transportation and services 279 124 434 352 All other 107 180 230 282 Total 1,599 1,370 3,013 2,782 Depreciation, depletion and amortization (557 ) (496 ) (1,117 ) (966 ) Interest expense, net (346 ) (317 ) (685 ) (636 ) Losses on interest rate derivatives (25 ) (81 ) (20 ) (151 ) Non-cash unit-based compensation expense (15 ) (19 ) (38 ) (38 ) Unrealized gains (losses) on commodity risk management activities 34 (18 ) 98 (81 ) Inventory valuation adjustments (58 ) 132 (56 ) 106 Adjusted EBITDA related to unconsolidated affiliates (247 ) (252 ) (486 ) (471 ) Equity in earnings (losses) of unconsolidated affiliates (61 ) 119 12 195 Other, net 47 25 69 41 Income before income tax expense (benefit) $ 371 $ 463 $ 790 $ 781 June 30, 2017 December 31, 2016 Assets: Intrastate transportation and storage $ 7,129 $ 5,164 Interstate transportation and storage 12,153 10,833 Midstream 17,240 17,873 NGL and refined products transportation and services 16,407 14,128 Crude oil transportation and services 16,137 15,941 All other 5,153 6,252 Total assets $ 74,219 $ 70,191 |
Guarantor Financial Information
Guarantor Financial Information (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Guarantor Financial Information [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONSOLIDATING GUARANTOR FINANCIAL INFORMATION Prior to the Sunoco Logistics Merger, Sunoco Logistics Partners Operations L.P., a subsidiary of Sunoco Logistics was the issuer of multiple series of senior notes that were guaranteed by Sunoco Logistics. Subsequent to the Sunoco Logistics Merger, these notes continue to be guaranteed by the parent company. These guarantees are full and unconditional. For the purposes of this footnote, Energy Transfer Partners, L.P. is referred to as “Parent Guarantor” and Sunoco Logistics Partners Operations L.P. is referred to as “Subsidiary Issuer.” All other consolidated subsidiaries of the Partnership are collectively referred to as “Non-Guarantor Subsidiaries.” The following supplemental condensed consolidating financial information reflects the Parent Guarantor’s separate accounts, the Subsidiary Issuer’s separate accounts, the combined accounts of the Non-Guarantor Subsidiaries, the combined consolidating adjustments and eliminations, and the Parent Guarantor’s consolidated accounts for the dates and periods indicated. For purposes of the following condensed consolidating information, the Parent Guarantor’s investments in its subsidiaries and the Subsidiary Issuer’s investments in its subsidiaries are accounted for under the equity method of accounting. To present the supplemental condensed consolidating financial information on a comparable basis, the prior period financial information has been recast as if the Sunoco Logistics Merger occurred on January 1, 2016. The consolidating financial information for the Parent Guarantor, Subsidiary Issuer and Non-Guarantor Subsidiaries are as follows: June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash and cash equivalents $ — $ 23 $ 249 $ — $ 272 All other current assets — — 5,114 — 5,114 Property, plant and equipment, net — — 54,536 — 54,536 Investments in unconsolidated affiliates 24,154 11,502 4,228 (35,656 ) 4,228 All other assets — 4 10,065 — 10,069 Total assets $ 24,154 $ 11,529 $ 74,192 $ (35,656 ) $ 74,219 Current liabilities $ (1,491 ) $ (3,421 ) $ 11,901 $ — $ 6,989 Non-current liabilities — 7,062 30,753 — 37,815 Noncontrolling interest — — 3,799 — 3,799 Total partners' capital 25,645 7,888 27,739 (35,656 ) 25,616 Total liabilities and equity $ 24,154 $ 11,529 $ 74,192 $ (35,656 ) $ 74,219 December 31, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash and cash equivalents $ — $ 41 $ 319 $ — $ 360 All other current assets — 2 5,367 — 5,369 Property, plant and equipment, net — — 50,917 — 50,917 Investments in unconsolidated affiliates 23,350 10,664 4,280 (34,014 ) 4,280 All other assets — 5 9,260 — 9,265 Total assets $ 23,350 $ 10,712 $ 70,143 $ (34,014 ) $ 70,191 Current liabilities $ (1,761 ) $ (3,800 ) $ 11,764 $ — $ 6,203 Non-current liabilities 299 7,313 30,148 (299 ) 37,461 Noncontrolling interest — — 1,297 — 1,297 Total partners' capital 24,812 7,199 26,934 (33,715 ) 25,230 Total liabilities and equity $ 23,350 $ 10,712 $ 70,143 $ (34,014 ) $ 70,191 Three Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 6,576 $ — $ 6,576 Operating costs, expenses, and other — 1 5,843 — 5,844 Operating income (loss) — (1 ) 733 — 732 Interest expense, net — (39 ) (307 ) — (346 ) Equity in earnings (losses) of unconsolidated affiliates 199 137 (61 ) (336 ) (61 ) Losses on interest rate derivatives — — (25 ) — (25 ) Other, net — 3 69 (1 ) 71 Income before income tax expense 199 100 409 (337 ) 371 Income tax expense — — 79 — 79 Net income 199 100 330 (337 ) 292 Less: Net income attributable to noncontrolling interest — — 93 — 93 Net income attributable to partners $ 199 $ 100 $ 237 $ (337 ) $ 199 Other comprehensive loss $ — $ — $ (1 ) $ — $ (1 ) Comprehensive income 199 100 329 (337 ) 291 Comprehensive income attributable to noncontrolling interest — — 93 — 93 Comprehensive income attributable to partners $ 199 $ 100 $ 236 $ (337 ) $ 198 Three Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 5,289 $ — $ 5,289 Operating costs, expenses, and other — 1 4,573 — 4,574 Operating income (loss) — (1 ) 716 — 715 Interest expense, net — (39 ) (278 ) — (317 ) Equity in earnings of unconsolidated affiliates 451 242 119 (693 ) 119 Losses on interest rate derivatives — — (81 ) — (81 ) Other, net — — 27 — 27 Income before income tax benefit 451 202 503 (693 ) 463 Income tax benefit — — (9 ) — (9 ) Net income 451 202 512 (693 ) 472 Less: Net income attributable to noncontrolling interest — — 18 — — Net income attributable to partners $ 451 $ 202 $ 494 $ (693 ) $ 472 Other comprehensive income $ — $ — $ 4 $ — $ 4 Comprehensive income 451 202 516 (693 ) 476 Comprehensive income attributable to noncontrolling interest — — 18 — 18 Comprehensive income attributable to partners $ 451 $ 202 $ 498 $ (693 ) $ 458 Six Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 13,471 $ — $ 13,471 Operating costs, expenses, and other — 1 12,084 — 12,085 Operating income (loss) — (1 ) 1,387 — 1,386 Interest expense, net — (81 ) (604 ) — (685 ) Equity in earnings of unconsolidated affiliates 1,010 765 12 (1,775 ) 12 Losses on interest rate derivatives — — (20 ) — (20 ) Other, net — 3 95 (1 ) 97 Income before income tax expense 1,010 686 870 (1,776 ) 790 Income tax expense — — 134 — 134 Net income 1,010 686 736 (1,776 ) 656 Less: Net income attributable to noncontrolling interest — — 133 — 133 Net income attributable to partners $ 1,010 $ 686 $ 603 $ (1,776 ) $ 523 Other comprehensive loss $ — $ — $ (1 ) $ — $ (1 ) Comprehensive income 1,010 686 735 (1,776 ) 655 Comprehensive income attributable to noncontrolling interest — — 133 — 133 Comprehensive income attributable to partners $ 1,010 $ 686 $ 602 $ (1,776 ) $ 522 Six Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 9,770 $ — $ 9,770 Operating costs, expenses, and other — 1 8,440 — 8,441 Operating income (loss) — (1 ) 1,330 — 1,329 Interest expense, net — (77 ) (559 ) — (636 ) Equity in earnings of unconsolidated affiliates 811 425 195 (1,236 ) 195 Losses on interest rate derivatives — — (151 ) — (151 ) Other, net — — 44 — 44 Income before income tax benefit 811 347 859 (1,236 ) 781 Income tax benefit — — (67 ) — (67 ) Net income 811 347 926 (1,236 ) 848 Less: Net income attributable to noncontrolling interest — — 36 — 36 Net income attributable to partners $ 811 $ 347 $ 890 $ (1,236 ) $ 812 Other comprehensive loss $ — $ — $ (10 ) $ — $ (10 ) Comprehensive income 811 347 916 (1,236 ) 838 Comprehensive income attributable to noncontrolling interest — — 36 — 36 Comprehensive income attributable to partners $ 811 $ 347 $ 880 $ (1,236 ) $ 802 Six Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash flows provided by operating activities $ 1,010 $ 652 $ 1,764 $ (1,776 ) $ 1,650 Cash flows used in investing activities (716 ) (421 ) (2,125 ) 1,776 (1,486 ) Cash flows provided by (used in) financing activities (294 ) (249 ) 291 — (252 ) Change in cash — (18 ) (70 ) — (88 ) Cash at beginning of period — 41 319 — 360 Cash at end of period $ — $ 23 $ 249 $ — $ 272 Six Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash flows provided by operating activities $ 811 $ 320 $ 1,531 $ (1,236 ) $ 1,426 Cash flows used in investing activities (1,029 ) (847 ) (585 ) 1,236 (1,225 ) Cash flows provided by (used in) financing activities 218 526 (1,086 ) — (342 ) Change in cash — (1 ) (140 ) — (141 ) Cash at beginning of period — 37 490 — 527 Cash at end of period $ — $ 36 $ 350 $ — $ 386 |
Operations And Organization Acc
Operations And Organization Accounting Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which clarifies the principles for recognizing revenue based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB deferred the effective date of ASU 2014-09, which is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catchup transition method). The Partnership expects to adopt ASU 2014-09 in the first quarter of 2018 and will apply the cumulative catchup transition method. We are in the process of evaluating our revenue contracts by segment and fee type to determine the potential impact of adopting the new standards. At this point in our evaluation process, we have determined that the timing and/or amount of revenue that we recognize on certain contracts may be impacted by the adoption of the new standard; however, we are still in the process of quantifying these impacts and cannot say whether or not they would be material to our financial statements. In addition, we are in the process of implementing appropriate changes to our business processes, systems and controls to support recognition and disclosure under the new standard. We continue to monitor additional authoritative or interpretive guidance related to the new standard as it becomes available, as well as comparing our conclusions on specific interpretative issues to other peers in our industry, to the extent that such information is available to us. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which establishes the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Partnership is currently evaluating the impact that adopting this new standard will have on the consolidated financial statements and related disclosures. On January 1, 2017, the Partnership adopted Accounting Standards Update No. 2016-09, Stock Compensation (Topic 718) (“ASU 2016-09”). The objective of the update is to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of this standard did not have a material impact on the Partnership’s consolidated financial statements and related disclosures. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update do not change GAAP for the pre-tax effects of an intra-entity asset transfer under Topic 810, Consolidation, or for an intra-entity transfer of inventory. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Partnership is currently evaluating the impact that adoption of this standard will have on the consolidated financial statements and related disclosures. On January 1, 2017, the Partnership adopted Accounting Standards Update No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control (“ASU 2016-17”), which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. Under the amendments, a single decision maker is required to include indirect interests on a proportionate basis consistent with indirect interests held through other related parties. The adoption of this standard did not have an impact on the Partnership’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04 “ Intangibles-Goodwill and other (Topic 350): Simplifying the test for goodwill impairment. ” The amendments in this update remove the second step of the two-step test currently required by Topic 350. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Partnership expects that the adoption of this standard will change its approach for measuring goodwill impairment; however, this standard requires prospective application and therefore will only impact periods subsequent to adoption. The Partnership plans to apply this ASU for its annual goodwill impairment test in the fourth quarter of 2017. |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Net Cash Provided By Operating Activities | The net change in operating assets and liabilities (net of effects of acquisitions) included in cash flows from operating activities is comprised as follows: Six Months Ended 2017 2016 Accounts receivable $ 88 $ (471 ) Accounts receivable from related companies (115 ) (129 ) Inventories 137 (157 ) Other current assets 77 (53 ) Other non-current assets, net (39 ) 8 Accounts payable (286 ) 509 Accounts payable to related companies 131 21 Accrued and other current liabilities (389 ) (22 ) Other non-current liabilities 7 20 Derivative assets and liabilities, net (21 ) 178 Net change in operating assets and liabilities, net of effects of acquisitions $ (410 ) $ (96 ) |
Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are as follows: Six Months Ended 2017 2016 NON-CASH INVESTING ACTIVITIES: Accrued capital expenditures $ 1,363 $ 861 Sunoco LP limited partner interest received in exchange for contribution of the Sunoco, Inc. retail business to Sunoco LP — 194 Net gains from subsidiary common unit issuances — 14 NON-CASH FINANCING ACTIVITIES: Contribution of property, plant and equipment from noncontrolling interest $ 988 $ — |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory, Gross [Abstract] | |
Schedule Of Inventories | Inventories consisted of the following: June 30, 2017 December 31, 2016 Natural gas and NGLs $ 546 $ 699 Crude oil 681 683 Refined products 76 113 Spare parts and other 217 217 Total inventories $ 1,520 $ 1,712 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Of Assets And Liabilities Measured And Recorded On Recurring Basis | The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 based on inputs used to derive their fair values: Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 9 $ 9 $ — Swing Swaps IFERC 3 1 2 Fixed Swaps/Futures 38 38 — Forward Physical Swaps 4 — 4 Power: Forwards 13 — 13 Futures 1 1 — Natural Gas Liquids – Forwards/Swaps 77 77 — Crude – Futures 9 9 — Total commodity derivatives 154 135 19 Total assets $ 154 $ 135 $ 19 Liabilities: Interest rate derivatives $ (201 ) $ — $ (201 ) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (9 ) (9 ) — Swing Swaps IFERC (2 ) — (2 ) Fixed Swaps/Futures (25 ) (25 ) — Forward Physical Swaps (1 ) — (1 ) Power: Forwards (12 ) — (12 ) Futures (1 ) (1 ) — Natural Gas Liquids – Forwards/Swaps (70 ) (70 ) — Refined Products – Futures (3 ) (3 ) — Crude – Futures (5 ) (5 ) — Total commodity derivatives (128 ) (113 ) (15 ) Total liabilities $ (329 ) $ (113 ) $ (216 ) Fair Value Measurements at Fair Value Total Level 1 Level 2 Level 3 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 14 $ 14 $ — $ — Swing Swaps IFERC 2 — 2 — Fixed Swaps/Futures 96 96 — — Forward Physical Swaps 1 — 1 — Power: Forwards 4 — 4 — Futures 1 1 — — Options – Calls 1 1 — — Natural Gas Liquids – Forwards/Swaps 233 233 — — Refined Products – Futures 1 1 — — Crude – Futures 9 9 — — Total commodity derivatives 362 355 7 — Total assets $ 362 $ 355 $ 7 $ — Liabilities: Interest rate derivatives $ (193 ) $ — $ (193 ) $ — Embedded derivatives in Preferred Units (1 ) — — (1 ) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (11 ) (11 ) — — Swing Swaps IFERC (3 ) — (3 ) — Fixed Swaps/Futures (149 ) (149 ) — — Power: Forwards (5 ) — (5 ) — Futures (1 ) (1 ) — — Natural Gas Liquids – Forwards/Swaps (273 ) (273 ) — — Refined Products – Futures (17 ) (17 ) — — Crude – Futures (13 ) (13 ) — — Total commodity derivatives (472 ) (464 ) (8 ) — Total liabilities $ (666 ) $ (464 ) $ (201 ) $ (1 ) |
Net Income Per Limited Partne26
Net Income Per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of net income (loss) and weighted average units used in computing basic and diluted net income (loss) per unit is as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Net income $ 292 $ 472 $ 656 $ 848 Less: Income attributable to noncontrolling interest 93 102 133 167 Net income, net of noncontrolling interest 199 370 523 681 General Partner’s interest in net income 251 223 457 520 Class H Unitholder’s interest in net income — 85 98 164 Class I Unitholder’s interest in net income — 2 — 4 Common Unitholders’ interest in net income (loss) (52 ) 60 (32 ) (7 ) Additional (earnings) losses allocated to General Partner 15 (3 ) 12 (6 ) Distributions on employee unit awards, net of allocation to General Partner (6 ) (5 ) (13 ) (10 ) Net income (loss) available to Common Unitholders $ (43 ) $ 52 $ (33 ) $ (23 ) Weighted average Common Units – basic (1) 1,021.7 752.4 922.5 743.9 Basic net income (loss) per Common Unit $ (0.04 ) $ 0.07 $ (0.04 ) $ (0.03 ) Net income (loss) available to Common Unitholders $ (43 ) $ 52 $ (33 ) $ (23 ) Income attributable to Preferred Units — (4 ) — (3 ) Diluted net income (loss) available to Common Unitholders $ (43 ) $ 48 $ (33 ) $ (26 ) Weighted average Common Units – basic (1) 1,021.7 752.4 922.5 743.9 Dilutive effect of unvested employee unit awards — 1.0 — — Dilutive effect of Preferred Units — 0.5 — 0.5 Weighted average Common Units – diluted (1) 1,021.7 753.9 922.5 744.4 Diluted net income (loss) per Common Unit $ (0.04 ) $ 0.06 $ (0.04 ) $ (0.03 ) (1) Excludes Common Units owned by the Partnership’s consolidated subsidiaries. For certain periods reflected above, distributions paid for the period exceeded net income attributable to partners. Accordingly, the distributions paid to the General Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the Limited Partners for the period. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Distributions Made To General and Limited Partners [Table Text Block] | The following table shows the target distribution levels and distribution “splits” between the general partner and the holders of the Partnership’s common units: Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount IDRs Partners (1) Minimum Quarterly Distribution $0.0750 —% 100% First Target Distribution up to $0.0833 —% 100% Second Target Distribution above $0.0833 up to $0.0958 13% 87% Third Target Distribution above $0.0958 up to $0.2638 35% 65% Thereafter above $0.2638 48% 52% |
Change In Common Units | The changes in outstanding common units during the six months ended June 30, 2017 were as follows: Number of Units Number of common units at December 31, 2016 (1) 794.8 Common units issued in connection with equity distribution agreements 15.6 Common units issued in connection with the distribution reinvestment plan 2.8 Common units issued to ETE in a private placement transaction 23.7 Common unit increase from Sunoco Logistics Merger (2) 255.4 Issuance of common units under equity incentive plans 0.3 Number of common units at June 30, 2017 1,092.6 |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Following are distributions declared and/or paid by the Partnership subsequent to the Sunoco Logistics Merger: Quarter Ended Record Date Payment Date Rate March 31, 2017 May 10, 2017 May 15, 2017 $ 0.5350 June 30, 2017 August 7, 2017 August 14, 2017 0.5500 |
Schedule of Future Relinquishments of Incentive Distribution Rights [Table Text Block] | ETE agreed to relinquish its right to the following amounts of incentive distributions in future periods. Total Year 2017 (remainder) $ 336 2018 153 2019 128 Each year beyond 2019 33 |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax: June 30, 2017 December 31, 2016 Available-for-sale securities $ 5 $ 2 Foreign currency translation adjustment (5 ) (5 ) Actuarial gain related to pensions and other postretirement benefits 4 7 Investments in unconsolidated affiliates, net 3 4 Total AOCI, net of tax $ 7 $ 8 |
Regulatory Matters, Commitmen28
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract] | |
Schedule of Rent Expense [Table Text Block] | We have certain non-cancelable leases for property and equipment, which require fixed monthly rental payments and expire at various dates through 2034 . The table below reflects rental expense under these operating leases included in operating expenses in the accompanying statements of operations, which include contingent rentals, and rental expense recovered through related sublease rental income: Three Months Ended Six Months Ended 2017 2016 2017 2016 Rental expense $ 19 $ 21 $ 39 $ 39 |
Environmental Exit Costs by Cost [Table Text Block] | The table below reflects the amounts of accrued liabilities recorded in our consolidated balance sheets related to environmental matters that are considered to be probable and reasonably estimable. Currently, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. Except for matters discussed above, we do not have any material environmental matters assessed as reasonably possible that would require disclosure in our consolidated financial statements. June 30, 2017 December 31, 2016 Current $ 38 $ 26 Non-current 276 283 Total environmental liabilities $ 314 $ 309 |
Derivative Assets And Liabili29
Derivative Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative [Line Items] | |
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives: June 30, 2017 December 31, 2016 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (MMBtu): Fixed Swaps/Futures 465,000 2017 (682,500 ) 2017 Basis Swaps IFERC/NYMEX (1) 33,112,500 2017 2,242,500 2017 Options – Puts 11,500,000 2018 — — Power (Megawatt): Forwards 497,530 2017-2018 391,880 2017-2018 Futures (212,880 ) 2017-2018 109,564 2017-2018 Options – Puts (364,000 ) 2017 (50,400 ) 2017 Options – Calls 607,200 2017 186,400 2017 Crude (Bbls) – Futures (1,569,000 ) 2017 (617,000 ) 2017 (Non-Trading) Natural Gas (MMBtu): Basis Swaps IFERC/NYMEX (3,630,000 ) 2017-2018 10,750,000 2017-2018 Swing Swaps IFERC 39,900,000 2017 (5,662,500 ) 2017 Fixed Swaps/Futures (39,250,000 ) 2017-2019 (52,652,500 ) 2017-2019 Forward Physical Contracts (9,302,540 ) 2017 (22,492,489 ) 2017 Natural Gas Liquid (Bbls) – Forwards/Swaps (4,501,400 ) 2017-2019 (5,786,627 ) 2017 Refined Products (Bbls) – Futures (803,000 ) 2017 (2,240,000 ) 2017 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (MMBtu): Basis Swaps IFERC/NYMEX (32,440,000 ) 2017 (36,370,000 ) 2017 Fixed Swaps/Futures (32,440,000 ) 2017 (36,370,000 ) 2017 Hedged Item – Inventory 32,440,000 2017 36,370,000 2017 (1) Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations. |
Interest Rate Swaps Outstanding | The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes: Term Type (1) Notional Amount Outstanding June 30, 2017 December 31, 2016 July 2017 (2) Forward-starting to pay a fixed rate of 3.90% and receive a floating rate $ — $ 500 July 2018 (2) Forward-starting to pay a fixed rate of 3.76% and receive a floating rate 300 200 July 2019 (2) Forward-starting to pay a fixed rate of 3.64% and receive a floating rate 300 200 July 2020 (2) Forward-starting to pay a fixed rate of 3.52% and receive a floating rate 400 — December 2018 Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.53% 1,200 1,200 March 2019 Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.42% 300 300 (1) Floating rates are based on 3-month LIBOR. (2) Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date. |
Fair Value Of Derivative Instruments | The following table provides a summary of our derivative assets and liabilities: Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 8 $ — $ (1 ) $ (4 ) Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 127 338 (109 ) (416 ) Commodity derivatives 19 24 (18 ) (52 ) Interest rate derivatives — — (201 ) (193 ) Embedded derivatives in Preferred Units — — — (1 ) 146 362 (328 ) (662 ) Total derivatives $ 154 $ 362 $ (329 ) $ (666 ) |
Derivatives, Offsetting Fair Value Amounts [Table Text Block] | The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements: Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives without offsetting agreements Derivative assets (liabilities) $ — $ — $ (201 ) $ (194 ) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 19 24 (18 ) (52 ) Broker cleared derivative contracts Other current assets 135 338 (110 ) (420 ) Total gross derivatives 154 362 (329 ) (666 ) Offsetting agreements: Counterparty netting Derivative assets (liabilities) (11 ) (4 ) 11 4 Payments on margin deposit Other current assets (110 ) (338 ) 110 338 Total net derivatives $ 33 $ 20 $ (208 ) $ (324 ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives in fair value hedging relationships (including hedged item): Commodity derivatives Cost of products sold $ 6 $ 21 $ 2 $ 17 Total $ 6 $ 21 $ 2 $ 17 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 15 $ (7 ) $ 26 $ (16 ) Commodity derivatives – Non-trading Cost of products sold 7 (48 ) (3 ) (43 ) Interest rate derivatives Losses on interest rate derivatives (25 ) (81 ) (20 ) (151 ) Embedded derivatives Other, net — (4 ) 1 (4 ) Total $ (3 ) $ (140 ) $ 4 $ (214 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions For Period Presented [Table Text Block] | The following table summarizes the affiliate revenues on our consolidated statements of operations: Three Months Ended Six Months Ended 2017 2016 2017 2016 Affiliated revenues $ 133 $ 133 $ 251 $ 207 |
Related Party Transactions [table text block] | June 30, 2017 December 31, 2016 Accounts receivable from related companies: ETE $ — $ 22 Sunoco LP 179 96 PES 8 6 FGT 9 15 Lake Charles LNG 1 4 Trans-Pecos Pipeline, LLC 4 1 Comanche Trail Pipeline, LLC 1 — Traverse Rover LLC 100 — Other 62 65 Total accounts receivable from related companies: $ 364 $ 209 Accounts payable to related companies: Sunoco LP $ 177 $ 20 FGT — 1 Lake Charles LNG 2 3 Other 21 19 Total accounts payable to related companies: $ 200 $ 43 June 30, 2017 December 31, 2016 Long-term notes receivable (payable) – related companies: Sunoco LP $ 87 $ 87 Phillips 66 — (250 ) Net long-term notes receivable (payable) – related companies $ 87 $ (163 ) |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Sales Revenue, Segment [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present financial information by segment: Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues: Intrastate transportation and storage: Revenues from external customers $ 699 $ 428 $ 1,467 $ 874 Intersegment revenues 54 113 102 225 753 541 1,569 1,099 Interstate transportation and storage: Revenues from external customers 201 229 432 483 Intersegment revenues 6 5 10 10 207 234 442 493 Midstream: Revenues from external customers 633 690 1,198 1,217 Intersegment revenues 982 640 2,054 1,205 1,615 1,330 3,252 2,422 NGL and refined products transportation and services: Revenues from external customers 1,767 1,445 3,885 2,617 Intersegment revenues 1 42 160 203 1,768 1,487 4,045 2,820 Crude oil transportation and services: Revenues from external customers 2,460 1,904 5,035 3,290 Intersegment revenues 126 85 240 164 2,586 1,989 5,275 3,454 All other: Revenues from external customers 816 593 1,454 1,289 Intersegment revenues 54 118 186 276 870 711 1,640 1,565 Eliminations (1,223 ) (1,003 ) (2,752 ) (2,083 ) Total revenues $ 6,576 $ 5,289 $ 13,471 $ 9,770 |
Operating Segments [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended 2017 2016 2017 2016 Segment Adjusted EBITDA: Intrastate transportation and storage $ 148 $ 149 $ 317 $ 328 Interstate transportation and storage 262 278 527 570 Midstream 412 298 732 561 NGL and refined products transportation and services 391 341 773 689 Crude oil transportation and services 279 124 434 352 All other 107 180 230 282 Total 1,599 1,370 3,013 2,782 Depreciation, depletion and amortization (557 ) (496 ) (1,117 ) (966 ) Interest expense, net (346 ) (317 ) (685 ) (636 ) Losses on interest rate derivatives (25 ) (81 ) (20 ) (151 ) Non-cash unit-based compensation expense (15 ) (19 ) (38 ) (38 ) Unrealized gains (losses) on commodity risk management activities 34 (18 ) 98 (81 ) Inventory valuation adjustments (58 ) 132 (56 ) 106 Adjusted EBITDA related to unconsolidated affiliates (247 ) (252 ) (486 ) (471 ) Equity in earnings (losses) of unconsolidated affiliates (61 ) 119 12 195 Other, net 47 25 69 41 Income before income tax expense (benefit) $ 371 $ 463 $ 790 $ 781 |
Assets Segments [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | June 30, 2017 December 31, 2016 Assets: Intrastate transportation and storage $ 7,129 $ 5,164 Interstate transportation and storage 12,153 10,833 Midstream 17,240 17,873 NGL and refined products transportation and services 16,407 14,128 Crude oil transportation and services 16,137 15,941 All other 5,153 6,252 Total assets $ 74,219 $ 70,191 |
Guarantor Financial Informati32
Guarantor Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Guarantor Financial Information [Abstract] | |
Condensed Income Statement [Table Text Block] | The consolidating financial information for the Parent Guarantor, Subsidiary Issuer and Non-Guarantor Subsidiaries are as follows: June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash and cash equivalents $ — $ 23 $ 249 $ — $ 272 All other current assets — — 5,114 — 5,114 Property, plant and equipment, net — — 54,536 — 54,536 Investments in unconsolidated affiliates 24,154 11,502 4,228 (35,656 ) 4,228 All other assets — 4 10,065 — 10,069 Total assets $ 24,154 $ 11,529 $ 74,192 $ (35,656 ) $ 74,219 Current liabilities $ (1,491 ) $ (3,421 ) $ 11,901 $ — $ 6,989 Non-current liabilities — 7,062 30,753 — 37,815 Noncontrolling interest — — 3,799 — 3,799 Total partners' capital 25,645 7,888 27,739 (35,656 ) 25,616 Total liabilities and equity $ 24,154 $ 11,529 $ 74,192 $ (35,656 ) $ 74,219 December 31, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash and cash equivalents $ — $ 41 $ 319 $ — $ 360 All other current assets — 2 5,367 — 5,369 Property, plant and equipment, net — — 50,917 — 50,917 Investments in unconsolidated affiliates 23,350 10,664 4,280 (34,014 ) 4,280 All other assets — 5 9,260 — 9,265 Total assets $ 23,350 $ 10,712 $ 70,143 $ (34,014 ) $ 70,191 Current liabilities $ (1,761 ) $ (3,800 ) $ 11,764 $ — $ 6,203 Non-current liabilities 299 7,313 30,148 (299 ) 37,461 Noncontrolling interest — — 1,297 — 1,297 Total partners' capital 24,812 7,199 26,934 (33,715 ) 25,230 Total liabilities and equity $ 23,350 $ 10,712 $ 70,143 $ (34,014 ) $ 70,191 Three Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 6,576 $ — $ 6,576 Operating costs, expenses, and other — 1 5,843 — 5,844 Operating income (loss) — (1 ) 733 — 732 Interest expense, net — (39 ) (307 ) — (346 ) Equity in earnings (losses) of unconsolidated affiliates 199 137 (61 ) (336 ) (61 ) Losses on interest rate derivatives — — (25 ) — (25 ) Other, net — 3 69 (1 ) 71 Income before income tax expense 199 100 409 (337 ) 371 Income tax expense — — 79 — 79 Net income 199 100 330 (337 ) 292 Less: Net income attributable to noncontrolling interest — — 93 — 93 Net income attributable to partners $ 199 $ 100 $ 237 $ (337 ) $ 199 Other comprehensive loss $ — $ — $ (1 ) $ — $ (1 ) Comprehensive income 199 100 329 (337 ) 291 Comprehensive income attributable to noncontrolling interest — — 93 — 93 Comprehensive income attributable to partners $ 199 $ 100 $ 236 $ (337 ) $ 198 Three Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 5,289 $ — $ 5,289 Operating costs, expenses, and other — 1 4,573 — 4,574 Operating income (loss) — (1 ) 716 — 715 Interest expense, net — (39 ) (278 ) — (317 ) Equity in earnings of unconsolidated affiliates 451 242 119 (693 ) 119 Losses on interest rate derivatives — — (81 ) — (81 ) Other, net — — 27 — 27 Income before income tax benefit 451 202 503 (693 ) 463 Income tax benefit — — (9 ) — (9 ) Net income 451 202 512 (693 ) 472 Less: Net income attributable to noncontrolling interest — — 18 — — Net income attributable to partners $ 451 $ 202 $ 494 $ (693 ) $ 472 Other comprehensive income $ — $ — $ 4 $ — $ 4 Comprehensive income 451 202 516 (693 ) 476 Comprehensive income attributable to noncontrolling interest — — 18 — 18 Comprehensive income attributable to partners $ 451 $ 202 $ 498 $ (693 ) $ 458 Six Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 13,471 $ — $ 13,471 Operating costs, expenses, and other — 1 12,084 — 12,085 Operating income (loss) — (1 ) 1,387 — 1,386 Interest expense, net — (81 ) (604 ) — (685 ) Equity in earnings of unconsolidated affiliates 1,010 765 12 (1,775 ) 12 Losses on interest rate derivatives — — (20 ) — (20 ) Other, net — 3 95 (1 ) 97 Income before income tax expense 1,010 686 870 (1,776 ) 790 Income tax expense — — 134 — 134 Net income 1,010 686 736 (1,776 ) 656 Less: Net income attributable to noncontrolling interest — — 133 — 133 Net income attributable to partners $ 1,010 $ 686 $ 603 $ (1,776 ) $ 523 Other comprehensive loss $ — $ — $ (1 ) $ — $ (1 ) Comprehensive income 1,010 686 735 (1,776 ) 655 Comprehensive income attributable to noncontrolling interest — — 133 — 133 Comprehensive income attributable to partners $ 1,010 $ 686 $ 602 $ (1,776 ) $ 522 Six Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Revenues $ — $ — $ 9,770 $ — $ 9,770 Operating costs, expenses, and other — 1 8,440 — 8,441 Operating income (loss) — (1 ) 1,330 — 1,329 Interest expense, net — (77 ) (559 ) — (636 ) Equity in earnings of unconsolidated affiliates 811 425 195 (1,236 ) 195 Losses on interest rate derivatives — — (151 ) — (151 ) Other, net — — 44 — 44 Income before income tax benefit 811 347 859 (1,236 ) 781 Income tax benefit — — (67 ) — (67 ) Net income 811 347 926 (1,236 ) 848 Less: Net income attributable to noncontrolling interest — — 36 — 36 Net income attributable to partners $ 811 $ 347 $ 890 $ (1,236 ) $ 812 Other comprehensive loss $ — $ — $ (10 ) $ — $ (10 ) Comprehensive income 811 347 916 (1,236 ) 838 Comprehensive income attributable to noncontrolling interest — — 36 — 36 Comprehensive income attributable to partners $ 811 $ 347 $ 880 $ (1,236 ) $ 802 Six Months Ended June 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash flows provided by operating activities $ 1,010 $ 652 $ 1,764 $ (1,776 ) $ 1,650 Cash flows used in investing activities (716 ) (421 ) (2,125 ) 1,776 (1,486 ) Cash flows provided by (used in) financing activities (294 ) (249 ) 291 — (252 ) Change in cash — (18 ) (70 ) — (88 ) Cash at beginning of period — 41 319 — 360 Cash at end of period $ — $ 23 $ 249 $ — $ 272 Six Months Ended June 30, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Partnership Cash flows provided by operating activities $ 811 $ 320 $ 1,531 $ (1,236 ) $ 1,426 Cash flows used in investing activities (1,029 ) (847 ) (585 ) 1,236 (1,225 ) Cash flows provided by (used in) financing activities 218 526 (1,086 ) — (342 ) Change in cash — (1 ) (140 ) — (141 ) Cash at beginning of period — 37 490 — 527 Cash at end of period $ — $ 36 $ 350 $ — $ 386 |
Operations And Organization Ope
Operations And Organization Operations And Organization (Details) shares in Millions | 1 Months Ended | 6 Months Ended |
Apr. 30, 2017shares | Jun. 30, 2017 | |
Citrus [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 50.00% | |
FEP [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 50.00% | |
MEP [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 50.00% | |
Rover Pipeline LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 65.00% | |
Fayetteville Express Pipeline, LLC [Member] | FEP [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | |
Citrus [Member] | FGT | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | |
SXL and ETP Merger [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 | |
Sale of Stock, Number of Shares Issued in Transaction | 832 |
Acquisitions and Contribution34
Acquisitions and Contribution Transactions Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jul. 31, 2017 | Feb. 28, 2017 | Jun. 30, 2017 | Feb. 01, 2017 | Dec. 31, 2016 | |
Goodwill | $ 3,919 | $ 3,897 | |||
Intangible assets, net | 5,443 | 4,696 | |||
Property, plant and equipment | 62,790 | $ 58,220 | |||
Capital contributions from noncontrolling interest | 1,444 | ||||
Bakken Equity Sale [Member] | |||||
Payments to Acquire Businesses, Gross | $ 2,000 | ||||
Energy Transfer Crude Oil Company, LLC [Member] | Subsequent Event [Member] | Dakota Access, LLC [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 15.00% | ||||
Dakota Access and ETCOC [Member] | Phillips 66 Company [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 25.00% | ||||
Dakota Access and ETCOC [Member] | Bakken Pipeline Investments LLC [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 75.00% | ||||
Bakken Pipeline Investments LLC [Member] | Bakken Holdings Company LLC [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | ||||
Sunoco Logistics [Member] | Permian Express Partners LLC [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 85.00% | ||||
Capital contributions from noncontrolling interest | 988 | ||||
Sunoco Logistics [Member] | Bakken Holdings Company LLC [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | ||||
Sunoco Logistics [Member] | Subsequent Event [Member] | Permian Express Partners LLC [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 88.00% | ||||
Bakken Pipeline [Member] | Phillips 66 Company [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 25.00% | ||||
Bakken Pipeline [Member] | ETP and Sunoco Logistics [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 38.25% | ||||
Bakken Pipeline [Member] | MarEn Bakken Company [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 36.75% | ||||
Customer Relationships [Member] | Sunoco Logistics [Member] | Permian Express Partners LLC [Member] | |||||
Intangible assets, net | 547 | ||||
Property, plant and equipment | $ 435 |
Cash And Cash Equivalents Net C
Cash And Cash Equivalents Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | ||
Accounts receivable | $ 88 | $ (471) |
Accounts receivable from related companies | (115) | (129) |
Inventories | 137 | (157) |
Other current assets | 77 | (53) |
Other non-current assets, net | (39) | 8 |
Accounts payable | (286) | 509 |
Accounts payable to related companies | 131 | 21 |
Accrued and other current liabilities | (389) | (22) |
Other non-current liabilities | 7 | 20 |
Derivative assets and liabilities, net | (21) | 178 |
Net change in operating assets and liabilities, net of effects of acquisitions | $ (410) | $ (96) |
Cash And Cash Equivalents Non-C
Cash And Cash Equivalents Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
NON-CASH INVESTING ACTIVITIES: | ||
Accrued capital expenditures | $ 1,363 | $ 861 |
Sunoco LP limited partner interest received in exchange for contribution of the Sunoco, Inc. retail business to Sunoco LP | 0 | 194 |
Net gains from subsidiary common unit issuances | 0 | 14 |
NON-CASH FINANCING ACTIVITIES: | ||
Capital Contributions from Noncontrolling Interest | $ 988 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory, Gross [Abstract] | ||
Natural gas and NGLs | $ 546 | $ 699 |
Crude oil | 681 | 683 |
Refined products | 76 | 113 |
Spare parts and other | 217 | 217 |
Total inventories | $ 1,520 | $ 1,712 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | ||
Transfers between levels in fair value hierarchy | $ 0 | |
Aggregate fair value of long-term debt | 34,680 | $ 33,850 |
Long-term Debt | $ 33,390 | $ 32,930 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Heigharchy (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative Liability, Fair Value, Gross Liability | $ (329) | $ (666) |
Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 154 | 362 |
Assets, Fair Value Disclosure, Recurring | 154 | 362 |
Interest rate derivatives, Liabilities | (201) | (193) |
Embedded Derivative, Fair Value of Embedded Derivative Liability | (1) | |
Price Risk Derivative Liabilities, at Fair Value | (128) | (472) |
Liabilities, Fair Value Disclosure, Recurring | (329) | (666) |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 135 | 355 |
Assets, Fair Value Disclosure, Recurring | 135 | 355 |
Interest rate derivatives, Liabilities | 0 | 0 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | |
Price Risk Derivative Liabilities, at Fair Value | (113) | (464) |
Liabilities, Fair Value Disclosure, Recurring | (113) | (464) |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 19 | 7 |
Assets, Fair Value Disclosure, Recurring | 19 | 7 |
Interest rate derivatives, Liabilities | (201) | (193) |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | |
Price Risk Derivative Liabilities, at Fair Value | (15) | (8) |
Liabilities, Fair Value Disclosure, Recurring | (216) | (201) |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Assets, Fair Value Disclosure, Recurring | 0 | |
Interest rate derivatives, Liabilities | 0 | |
Embedded Derivative, Fair Value of Embedded Derivative Liability | (1) | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Liabilities, Fair Value Disclosure, Recurring | (1) | |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 9 | 14 |
Price Risk Derivative Liabilities, at Fair Value | (9) | (11) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 9 | 14 |
Price Risk Derivative Liabilities, at Fair Value | (9) | (11) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 3 | 2 |
Price Risk Derivative Liabilities, at Fair Value | (2) | (3) |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 1 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 2 | 2 |
Price Risk Derivative Liabilities, at Fair Value | (2) | (3) |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 38 | 96 |
Price Risk Derivative Liabilities, at Fair Value | (25) | (149) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 38 | 96 |
Price Risk Derivative Liabilities, at Fair Value | (25) | (149) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 4 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (1) | |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 4 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (1) | |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Commodity Derivatives - Power [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 13 | 4 |
Price Risk Derivative Liabilities, at Fair Value | (12) | (5) |
Commodity Derivatives - Power [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 13 | 4 |
Price Risk Derivative Liabilities, at Fair Value | (12) | (5) |
Commodity Derivatives - Power [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Commodity Derivatives - Power [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (1) | (1) |
Commodity Derivatives - Power [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 1 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (1) | (1) |
Commodity Derivatives - Power [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 77 | 233 |
Price Risk Derivative Liabilities, at Fair Value | (70) | (273) |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 77 | 233 |
Price Risk Derivative Liabilities, at Fair Value | (70) | (273) |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Refined Products [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Price Risk Derivative Liabilities, at Fair Value | (3) | (17) |
Commodity Derivatives - Refined Products [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Price Risk Derivative Liabilities, at Fair Value | (3) | (17) |
Commodity Derivatives - Refined Products [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Refined Products [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Crude [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | ||
Price Risk Derivative Assets, at Fair Value | 9 | 9 |
Price Risk Derivative Liabilities, at Fair Value | (5) | (13) |
Commodity Derivatives - Crude [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 9 | 9 |
Price Risk Derivative Liabilities, at Fair Value | (5) | (13) |
Commodity Derivatives - Crude [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | $ 0 | 0 |
Commodity Derivatives - Crude [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | $ 0 |
Net Income Per Limited Partne40
Net Income Per Limited Partner Unit Reconciliation of Basic and Diluted EPU (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net income | $ 292 | $ 472 | $ 656 | $ 848 | |
Less: Income attributable to noncontrolling interest | 93 | 102 | 133 | 167 | |
Net income, net of noncontrolling interest | 199 | 370 | 523 | 681 | |
General Partner’s interest in net income | 251 | 223 | 457 | 520 | |
Class H Unitholder’s interest in net income | 0 | 85 | 98 | 164 | |
Class I Unitholder’s interest in net income | 0 | 2 | 0 | 4 | |
Common Unitholders’ interest in net income (loss) | (52) | 60 | (32) | (7) | |
Additional (earnings) losses allocated to General Partner | 15 | (3) | 12 | (6) | |
Distributions on employee unit awards, net of allocation to General Partner | (6) | (5) | (13) | (10) | |
Net income (loss) available to Common Unitholders | (43) | 52 | (33) | (23) | |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $ 0 | $ (4) | $ 0 | $ (3) | |
Weighted average Common Units – basic (1) | [1] | 1,021.7 | 752.4 | 922.5 | 743.9 |
Diluted net income (loss) available to Common Unitholders | $ (43) | $ 48 | $ (33) | $ (26) | |
Dilutive effect of unvested employee unit awards | 0 | 1 | 0 | 0 | |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 0 | 0.5 | 0 | 0.5 | |
Weighted average Common Units – diluted (1) | [1] | 1,021.7 | 753.9 | 922.5 | 744.4 |
Basic net income (loss) per Common Unit | $ (0.04) | $ 0.07 | $ (0.04) | $ (0.03) | |
Diluted net income (loss) per Common Unit | $ (0.04) | $ 0.06 | $ (0.04) | $ (0.03) | |
[1] | Excludes Common Units owned by the Partnership’s consolidated subsidiaries. |
Net Income Per Limited Partne41
Net Income Per Limited Partner Unit Narrative (Details) | 1 Months Ended |
Apr. 30, 2017 | |
SXL and ETP Merger [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 |
Debt Obligations Narrative (Det
Debt Obligations Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Repayments of Long-term Debt | $ 10,953 | $ 7,514 | |
Proceeds from Issuance of Long-term Debt | 11,466 | $ 7,811 | |
ETLP [Member] | ETLP Credit Facility due November 2019 [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 3,750 | ||
Long-term Line of Credit | 1,540 | ||
Sunoco Logistics [Member] | Sunoco Logistics' $2.5 billion revolving credit facility due March 2020 [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 2,500 | ||
Long-term Line of Credit | 1,670 | ||
Commercial Paper | 241 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,250 | ||
Bakken Pipeline [Member] | Bakken Term Note [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500 | ||
PennTex $275 million Revolving Credit Facility due December 2019 [Member] | PennTex [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 275 | ||
Long-term Line of Credit | 148 | ||
Sunoco Logistics $1.0 billion 364-day Credit Facility due December 2017 [Member] | Sunoco Logistics [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 | ||
Bakken Project $2.50 billion Credit Facility due August 2019 [Member] | Bakken Project [Member] | |||
Long-term Line of Credit | $ 2,500 |
Series A Preferred Units (Detai
Series A Preferred Units (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Payments for Repurchase of Preferred Stock and Preference Stock | $ 53 | $ 53 | $ 0 |
ETP Series A Preferred Units [Member] | |||
Partners' Capital Account, Units, Redeemed | 1.9 |
Equity Narrative (Details)
Equity Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2017 | Jan. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Proceeds from Sale of Equity Method Investments | $ 0 | $ 2,200 | |||||
Common units issued in connection with the distribution reinvestment plan | 2.8 | ||||||
Net gains from subsidiary common unit issuances | $ 0 | 14 | |||||
Proceeds from Issuance of Common Limited Partners Units | 990 | $ 408 | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 2,000 | ||||||
Sunoco Logistics [Member] | |||||||
Rate | $ 0.52 | ||||||
Post-Merger ETP [Member] | |||||||
Rate | $ 0.5500 | $ 0.5350 | |||||
Distribution Made to Limited Partner, Distribution Date | Aug. 14, 2017 | May 15, 2017 | |||||
Distribution Made to Limited Partner, Date of Record | Aug. 7, 2017 | May 10, 2017 | |||||
ETP [Member] | |||||||
Equity Distribution Agreement, Maximum Aggregate Value Of Common Units | $ 1,000 | ||||||
Rate | $ 0.7033 | ||||||
Proceeds From Issuance Of Common Limited Partners Units Under Equity Distribution Agreement | 358 | ||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 71 | ||||||
Partners' Capital Account, Units, Sold in Private Placement | 23.7 | ||||||
PennTex [Member] | |||||||
Sale of Stock, Price Per Share | $ 20 | $ 20 | |||||
Equity Distribution Agreement [Member] | ETP [Member] | |||||||
Fees and Commissions | $ 4 | ||||||
Second Target Distribution [Member] | |||||||
Distribution Payment Targets | 0.0833 | above $0.0833 up to $0.0958 | |||||
Bakken Equity Sale [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 2,000 | ||||||
Sunoco Logistics [Member] | ETP [Member] | |||||||
Distribution Made to Limited Partner, Distribution Date | Feb. 14, 2017 | ||||||
Sunoco Logistics [Member] | Bakken Holdings Company LLC [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | ||||||
Dakota Access and ETCOC [Member] | Bakken Pipeline Investments LLC [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 75.00% | ||||||
Dakota Access and ETCOC [Member] | Phillips 66 Company [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 25.00% | ||||||
Bakken Pipeline [Member] | Phillips 66 Company [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 25.00% | ||||||
Bakken Pipeline [Member] | ETP and Sunoco Logistics [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 38.25% | ||||||
Bakken Pipeline [Member] | MarEn Bakken Company [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 36.75% | ||||||
IDRs [Member] | Second Target Distribution [Member] | |||||||
Marginal Percentage Interest in Distributions | 13.00% | 13.00% | |||||
IDRs [Member] | Maximum [Member] | |||||||
Marginal Percentage Interest in Distributions | 50.00% | 50.00% |
Equity Common Unit Activity (De
Equity Common Unit Activity (Details) - shares shares in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2017 | Jun. 30, 2017 | ||
Number of common units at December 31, 2016 (1) | [1] | 794.8 | 794.8 |
Common units issued in connection with equity distribution agreements | 15.6 | ||
Common units issued in connection with the distribution reinvestment plan | 2.8 | ||
Number of common units at June 30, 2017 | 1,092.6 | ||
Partners' Capital Account, Units, Unit-based Compensation | 0.3 | ||
ETP [Member] | |||
Partners' Capital Account, Units, Sold in Private Placement | 23.7 | ||
ETP [Member] | Bakken Pipeline Transaction [Member] | |||
Stock Redeemed or Called During Period, Shares | [2] | (255.4) | |
[1] | The historical common units presented have been retrospectively adjusted to reflect the 1.5 to one unit-for-unit exchange in connection with the Sunoco Logistics Merger. | ||
[2] | Represents the Sunoco Logistics common units outstanding at the close of the Sunoco Logistics Merger. See Note 1 for discussion on the accounting treatment of the Sunoco Logistics Merger. |
Equity Distribution Targets (De
Equity Distribution Targets (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | |||
Minimum Quarterly Distribution [Member] | ||||
Distribution Payment Targets | 0.0750 | |||
First Target Distribution [Member] | ||||
Distribution Payment Targets | up to $0.0833 | |||
Second Target Distribution [Member] | ||||
Distribution Payment Targets | 0.0833 | above $0.0833 up to $0.0958 | ||
Third Target Distribution [Member] | ||||
Distribution Payment Targets | above $0.0958 up to $0.2638 | |||
Thereafter [Member] | ||||
Distribution Payment Targets | $0.2638 | |||
IDRs [Member] | Minimum Quarterly Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 0.00% | 0.00% | ||
IDRs [Member] | First Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 0.00% | 0.00% | ||
IDRs [Member] | Second Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 13.00% | 13.00% | ||
IDRs [Member] | Third Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 35.00% | 35.00% | ||
IDRs [Member] | Thereafter [Member] | ||||
Marginal Percentage Interest in Distributions | 48.00% | 48.00% | ||
Limited Partners | Minimum Quarterly Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 100.00% | [1] | 100.00% | [1] |
Limited Partners | First Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 100.00% | [1] | 100.00% | [1] |
Limited Partners | Second Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 87.00% | [1] | 87.00% | [1] |
Limited Partners | Third Target Distribution [Member] | ||||
Marginal Percentage Interest in Distributions | 65.00% | [1] | 65.00% | [1] |
Limited Partners | Thereafter [Member] | ||||
Marginal Percentage Interest in Distributions | 52.00% | [1] | 52.00% | [1] |
[1] | (1) Includes general partner and limited partner interests, based on the proportionate ownership of each. |
Equity Quarterly Distributions
Equity Quarterly Distributions Of Available Cash (Details) - $ / shares | 3 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Post-Merger ETP [Member] | |||
Distribution Made to Member or Limited Partner [Line Items] | |||
Record Date | Aug. 7, 2017 | May 10, 2017 | |
Payment Date | Aug. 14, 2017 | May 15, 2017 | |
Rate | $ 0.5500 | $ 0.5350 | |
ETP [Member] | |||
Distribution Made to Member or Limited Partner [Line Items] | |||
Rate | $ 0.7033 | ||
Sunoco Logistics [Member] | |||
Distribution Made to Member or Limited Partner [Line Items] | |||
Rate | $ 0.52 |
Equity Net IDR Schedule (Detail
Equity Net IDR Schedule (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Currently Effective IDRs [Member] | ETE | Subsequent Event [Member] | ||||
Relinquishment of Incentive Distributions | $ 336 | $ 33 | $ 128 | $ 153 |
Equity AOCI (Details)
Equity AOCI (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Partners' Capital Notes [Abstract] | ||
Available-for-sale securities | $ 5 | $ 2 |
Foreign currency translation adjustment | (5) | (5) |
Actuarial gain related to pensions and other postretirement benefits | 4 | 7 |
Investments in unconsolidated affiliates, net | 3 | 4 |
Total AOCI, net of tax | $ 7 | $ 8 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 77 |
Regulatory Matters, Commitmen51
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 31, 2017USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2012USD ($) | Jun. 30, 2017USD ($)sites | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)sites | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | |
Maximum lease expiration year | Dec. 31, 2034 | ||||||||
Loss contingency accrual, at carrying value | $ 71,000,000 | $ 71,000,000 | $ 77,000,000 | ||||||
Amounts recorded in balance sheets for contingencies and current litigation not disclosed | 0 | 0 | |||||||
Accrual for Environmental Loss Contingencies | $ 314,000,000 | $ 314,000,000 | $ 309,000,000 | ||||||
Sites where remediation operations are responsibility of third parties | sites | 9 | 9 | |||||||
Disgorgement [Member] | |||||||||
Gain Contingency, Unrecorded Amount | $ 595,000,000 | $ 595,000,000 | |||||||
Compensatory Damages [Member] | |||||||||
Gain Contingency, Unrecorded Amount | 319,000,000 | 319,000,000 | |||||||
Expense Reimbursement [Member] | |||||||||
Gain Contingency, Unrecorded Amount | 1,000,000 | 1,000,000 | |||||||
Final Judgement [Member] | |||||||||
Gain Contingency, Unrecorded Amount | $ 536,000,000 | $ 536,000,000 | |||||||
AmeriGas [Member] | |||||||||
Contingent Residual Support Agreement, Amount | $ 1,550,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||||||
Sunoco LP | 6.375% Senior Notes due April 2023 [Member] | |||||||||
Senior Notes | $ 800,000,000 | $ 800,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | |||||||
Sunoco LP | 6.25% Senior Notes due 2021 [Member] | |||||||||
Senior Notes | $ 800,000,000 | $ 800,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||||||
Sunoco LP | Term loan due 2019 [Member] | |||||||||
Senior Notes | $ 2,035,000,000 | $ 2,035,000,000 | |||||||
Sunoco, Inc. [Member] | |||||||||
Loss Contingency, Pending Claims, Number | 6 | 6 | |||||||
Payments for Environmental Liabilities | $ 8,000,000 | $ 8,000,000 | $ 10,000,000 | $ 14,000,000 | |||||
Proposed Environmental Penalty | $ 200,000 | $ 200,000 | |||||||
Sunoco, Inc. [Member] | Multidistrict Legislation [Member] | |||||||||
Loss Contingency, Pending Claims, Number | 4 | 4 | |||||||
BP Products North America [Member] | |||||||||
Loss Contingency, Damages Awarded, Value | $ 13,000,000 | $ 62,000,000 | $ 41,000,000 | ||||||
Sunoco [Member] | |||||||||
Sites where remediation operations are responsibility of third parties | 49 | 49 | |||||||
Sunoco Logistics [Member] | |||||||||
Proposed Environmental Penalty | $ 100,000 | $ 100,000 | |||||||
Rover Pipeline LLC [Member] | |||||||||
Sites where remediation operations are responsibility of third parties | 27 | 27 | |||||||
Proposed Environmental Penalty | $ 900,000 | $ 900,000 | |||||||
Federal [Member] | Sunoco Pipeline L.P. [Member] | |||||||||
Proposed Environmental Penalty | 7,000,000 | 7,000,000 | |||||||
State and Local Jurisdiction [Member] | Sunoco Pipeline L.P. [Member] | |||||||||
Proposed Environmental Penalty | $ 1,000,000 | $ 1,000,000 |
Regulatory Matters, Commitmen52
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Operating Leases, Rental Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Rental expense | $ 19 | $ 21 | $ 39 | $ 39 |
Regulatory Matters, Commitmen53
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Environmental Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Environmental Exit Cost [Line Items] | ||
Current | $ 38 | $ 26 |
Non-current | 276 | 283 |
Total environmental liabilities | $ 314 | $ 309 |
Derivative Assets And Liabili54
Derivative Assets And Liabilities Outstanding Commodity Derivatives (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017barrelsbblMegawattMMbtu | Dec. 31, 2016barrelsbblMegawattMMbtu | ||
WTI Crude Oil [Member] | Future [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
WTI Crude Oil [Member] | Future [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | bbl | (1,569,000) | (617,000) | |
Natural Gas Liquids [Member] | Forwards Swaps [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | ||
Natural Gas Liquids [Member] | Forwards Swaps [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | bbl | (4,501,400) | (5,786,627) | |
Power [Member] | Forwards Swaps [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | Megawatt | (497,530) | (391,880) | |
Power [Member] | Forwards Swaps [Member] | Minimum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Power [Member] | Forwards Swaps [Member] | Maximum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,018 | 2,018 | |
Power [Member] | Options - Calls [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Power [Member] | Options - Calls [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | Megawatt | (607,200) | (186,400) | |
Power [Member] | Future [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | Megawatt | (212,880) | ||
Power [Member] | Future [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | Megawatt | (109,564) | ||
Power [Member] | Future [Member] | Minimum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Power [Member] | Future [Member] | Maximum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,018 | 2,018 | |
Power [Member] | Options - Puts [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Power [Member] | Options - Puts [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | Megawatt | (364,000) | (50,400) | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | (39,250,000) | (52,652,500) | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Short [Member] | |||
Notional Volume | (32,440,000) | (36,370,000) | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | (682,500) | ||
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | (465,000) | ||
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Minimum [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Fixed Swaps/Futures [Member] | Maximum [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,019 | 2,019 | |
Natural Gas [Member] | Forward Physical Contracts [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Forward Physical Contracts [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | (9,302,540) | (22,492,489) | |
Natural Gas [Member] | Hedged Item - Inventory (MMBtu) [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Hedged Item - Inventory (MMBtu) [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Long [Member] | |||
Notional Volume | (32,440,000) | (36,370,000) | |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | (3,630,000) | ||
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | (10,750,000) | ||
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Short [Member] | |||
Notional Volume | (32,440,000) | (36,370,000) | |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | [1] | (33,112,500) | (2,242,500) |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Minimum [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Maximum [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,018 | 2,018 | |
Natural Gas [Member] | Swing Swaps IFERC [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Natural Gas [Member] | Swing Swaps IFERC [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | (5,662,500) | ||
Natural Gas [Member] | Swing Swaps IFERC [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | (39,900,000) | ||
Natural Gas [Member] | Options - Puts [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,018 | ||
Natural Gas [Member] | Options - Puts [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | |||
Notional Volume | (11,500,000) | 0 | |
Natural Gas [Member] | Options - Puts [Member] | Minimum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | ||
Natural Gas [Member] | Options - Puts [Member] | Maximum [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,019 | ||
Refined Products [Member] | Future [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Term Of Commodity Derivatives | 2,017 | 2,017 | |
Refined Products [Member] | Future [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | |||
Notional Volume | barrels | (803,000) | (2,240,000) | |
[1] | Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations. |
Derivative Assets And Liabili55
Derivative Assets And Liabilities Outstanding Interest Rate Derivatives (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
July 2017 [Member] | |||
Notional Amount | [1] | $ 0 | $ 500 |
Type | [1],[2] | Forward-starting to pay a fixed rate of 3.90% and receive a floating rate | |
July 2018 [Member] | |||
Notional Amount | [1] | $ 300 | 200 |
Type | [1],[2] | Forward-starting to pay a fixed rate of 3.76% and receive a floating rate | |
December 2018 [Member] | |||
Notional Amount | $ 1,200 | 1,200 | |
Type | [2] | Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.53% | |
July 2019 [Member] | |||
Notional Amount | [1] | $ 300 | 200 |
Type | [1],[2] | Forward-starting to pay a fixed rate of 3.64% and receive a floating rate | |
July 2020 [Member] | |||
Notional Amount | [1] | $ 400 | 0 |
Type | [1],[2] | Forward-starting to pay a fixed rate of 3.52% and receive a floating rate | |
March 2019 [Member] | |||
Notional Amount | $ 300 | $ 300 | |
Type | [2] | Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.42% | |
[1] | Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date. | ||
[2] | Floating rates are based on 3-month LIBOR. |
Derivative Assets And Liabili56
Derivative Assets And Liabilities Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Total derivatives assets | $ 154 | $ 362 |
Total derivatives liabilities | (329) | (666) |
Designated as Hedging Instrument [Member] | Commodity derivatives (margin deposits) | ||
Total derivatives assets | 8 | 0 |
Total derivatives liabilities | (1) | (4) |
Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 146 | 362 |
Total derivatives liabilities | (328) | (662) |
Not Designated as Hedging Instrument [Member] | Commodity derivatives (margin deposits) | ||
Total derivatives assets | 127 | 338 |
Total derivatives liabilities | (109) | (416) |
Not Designated as Hedging Instrument [Member] | Commodity derivatives | ||
Total derivatives assets | 19 | 24 |
Total derivatives liabilities | (18) | (52) |
Not Designated as Hedging Instrument [Member] | Interest rate derivatives | ||
Total derivatives assets | 0 | 0 |
Total derivatives liabilities | (201) | (193) |
Embedded Derivatives in Preferred Units [Member] | Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 0 | 0 |
Total derivatives liabilities | $ 0 | $ (1) |
Derivative Assets And Liabili57
Derivative Assets And Liabilities Fair Value of Derivatives, Netting Basis (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 154 | $ 362 |
Derivative Liability, Fair Value, Gross Liability | (329) | (666) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (11) | (4) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 11 | 4 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (110) | (338) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 110 | 338 |
Derivative Asset, Fair Value, Net | 33 | 20 |
Derivative Liability, Fair Value, Net | (208) | (324) |
Without offsetting agreements [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (201) | (194) |
OTC Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 19 | 24 |
Derivative Liability, Fair Value, Gross Liability | (18) | (52) |
Broker cleared derivative contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 135 | 338 |
Derivative Liability, Fair Value, Gross Liability | $ (110) | $ (420) |
Derivative Assets And Liabili58
Derivative Assets And Liabilities Partnership's Derivative Assets And Liabilities, Recognized OCI On Derivatives (Effective Portion) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commodity derivatives | $ 6 | $ 21 | $ 2 | $ 17 |
Commodity Derivatives [Member] | ||||
Commodity derivatives | $ 6 | $ 21 | $ 2 | $ 17 |
Derivative Assets And Liabili59
Derivative Assets And Liabilities Partnership's Derivative Assets And Liabilities, Amount Of Gain/(Loss) Reclassified From AOCI Into Income (Effective Portion) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amount of Gain/(Loss) Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness | $ 6 | $ 21 | $ 2 | $ 17 |
Amount of Gain/(Loss) Recognized in Income on Derivatives | (3) | (140) | 4 | (214) |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Commodity Derivatives - Trading [Member] | ||||
Amount of Gain/(Loss) Recognized in Income on Derivatives | 15 | (7) | 26 | (16) |
Commodity derivatives | ||||
Amount of Gain/(Loss) Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness | 6 | 21 | 2 | 17 |
Amount of Gain/(Loss) Recognized in Income on Derivatives | 7 | (48) | (3) | (43) |
Other Income (Expenses) [Member] | Embedded Derivatives in Preferred Units [Member] | ||||
Amount of Gain/(Loss) Recognized in Income on Derivatives | $ 0 | $ (4) | $ 1 | $ (4) |
Related Party Transactions Affi
Related Party Transactions Affiliated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transactions [Abstract] | ||||
Affiliated revenues | $ 133 | $ 133 | $ 251 | $ 207 |
Related Party Transactions Rela
Related Party Transactions Related Party A/R and A/P (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Total accounts receivable from related companies: | $ 364 | $ 209 |
Total accounts payable to related companies: | 200 | 43 |
Long-term notes payable – related companies | 0 | (250) |
Net Related Party Receivable (Payable) | 87 | (163) |
ETE | ||
Total accounts receivable from related companies: | 0 | 22 |
Sunoco LP | ||
Notes Receivable, Related Parties, Noncurrent | 87 | 87 |
Total accounts receivable from related companies: | 179 | 96 |
Total accounts payable to related companies: | 177 | 20 |
PES | ||
Total accounts receivable from related companies: | 8 | 6 |
FGT | ||
Total accounts receivable from related companies: | 9 | 15 |
Total accounts payable to related companies: | 0 | 1 |
Lake Charles LNG | ||
Total accounts receivable from related companies: | 1 | 4 |
Total accounts payable to related companies: | 2 | 3 |
Trans-Pecos Pipeline, LLC | ||
Total accounts receivable from related companies: | 4 | 1 |
Comanche Trail Pipeline, LLC [Member] | ||
Total accounts receivable from related companies: | 1 | 0 |
Traverse Rover LLC [Member] | ||
Total accounts receivable from related companies: | 100 | 0 |
Other | ||
Total accounts receivable from related companies: | 62 | 65 |
Total accounts payable to related companies: | 21 | 19 |
Phillips 66 Partners LP [Member] | ||
Long-term notes payable – related companies | $ 0 | $ (250) |
Reportable Segments Segment Rev
Reportable Segments Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 6,576 | $ 5,289 | $ 13,471 | $ 9,770 |
Intrastate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 753 | 541 | 1,569 | 1,099 |
Intrastate transportation and storage | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 699 | 428 | 1,467 | 874 |
Intrastate transportation and storage | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54 | 113 | 102 | 225 |
Interstate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 207 | 234 | 442 | 493 |
Interstate transportation and storage | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 201 | 229 | 432 | 483 |
Interstate transportation and storage | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6 | 5 | 10 | 10 |
Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,615 | 1,330 | 3,252 | 2,422 |
Midstream | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 633 | 690 | 1,198 | 1,217 |
Midstream | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 982 | 640 | 2,054 | 1,205 |
NGL and refined products transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,768 | 1,487 | 4,045 | 2,820 |
NGL and refined products transportation and services | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,767 | 1,445 | 3,885 | 2,617 |
NGL and refined products transportation and services | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1 | 42 | 160 | 203 |
Crude oil transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,586 | 1,989 | 5,275 | 3,454 |
Crude oil transportation and services | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,460 | 1,904 | 5,035 | 3,290 |
Crude oil transportation and services | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 126 | 85 | 240 | 164 |
All other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 870 | 711 | 1,640 | 1,565 |
All other | Revenues from external customers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 816 | 593 | 1,454 | 1,289 |
All other | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54 | 118 | 186 | 276 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (1,223) | $ (1,003) | $ (2,752) | $ (2,083) |
Reportable Segments Segment Adj
Reportable Segments Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 1,599 | $ 1,370 | $ 3,013 | $ 2,782 |
Depreciation, depletion and amortization | (557) | (496) | (1,117) | (966) |
Interest expense, net | (346) | (317) | (685) | (636) |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Non-cash unit-based compensation expense | (15) | (19) | (38) | (38) |
Unrealized gains (losses) on commodity risk management activities | 34 | (18) | 98 | (81) |
Inventory valuation adjustments | (58) | 132 | (56) | 106 |
Adjusted EBITDA related to unconsolidated affiliates | (247) | (252) | (486) | (471) |
Equity in earnings (losses) of unconsolidated affiliates | (61) | 119 | 12 | 195 |
Other, net | 47 | 25 | 69 | 41 |
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 371 | 463 | 790 | 781 |
Intrastate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 148 | 149 | 317 | 328 |
Interstate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 262 | 278 | 527 | 570 |
Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 412 | 298 | 732 | 561 |
NGL and refined products transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 391 | 341 | 773 | 689 |
Crude oil transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 279 | 124 | 434 | 352 |
All other | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 107 | $ 180 | $ 230 | $ 282 |
Reportable Segments Segment Ass
Reportable Segments Segment Assets (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 74,219 | $ 70,191 |
Intrastate transportation and storage | ||
Segment Reporting Information [Line Items] | ||
Assets | 7,129 | 5,164 |
Interstate transportation and storage | ||
Segment Reporting Information [Line Items] | ||
Assets | 12,153 | 10,833 |
Midstream | ||
Segment Reporting Information [Line Items] | ||
Assets | 17,240 | 17,873 |
NGL and refined products transportation and services | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,407 | 14,128 |
Crude oil transportation and services | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,137 | 15,941 |
All other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,153 | $ 6,252 |
Reportable Segments Reportable
Reportable Segments Reportable Segments Narrative (Details) - Sunoco LP shares in Millions | Jun. 30, 2017shares |
Investments in and Advances to Affiliates, Balance, Shares | 43.5 |
Equity Method Investment, Ownership Percentage | 43.70% |
Guarantor Financial Informati66
Guarantor Financial Information Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 272 | $ 360 | $ 386 | $ 527 |
Other current assets | 160 | 298 | ||
Property, Plant and Equipment, Net | 54,536 | 50,917 | ||
Advances to and investments in unconsolidated affiliates | 4,228 | 4,280 | ||
Other Assets, Noncurrent | 707 | 672 | ||
Assets | 74,219 | 70,191 | ||
Liabilities, Current | 6,989 | 6,203 | ||
Other non-current liabilities | 1,066 | 952 | ||
Noncontrolling interest | 3,799 | 7,885 | ||
Partners' Capital | 25,616 | 18,642 | ||
Liabilities and Equity | 74,219 | 70,191 | ||
Pro Forma [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 272 | 360 | 386 | 527 |
Other current assets | 5,114 | 5,369 | ||
Property, Plant and Equipment, Net | 54,536 | 50,917 | ||
Advances to and investments in unconsolidated affiliates | 4,228 | 4,280 | ||
Other Assets, Noncurrent | 10,069 | 9,265 | ||
Assets | 74,219 | 70,191 | ||
Liabilities, Current | 6,989 | 6,203 | ||
Liabilities, Noncurrent | 37,815 | 37,461 | ||
Noncontrolling interest | 3,799 | 1,297 | ||
Partners' Capital | 25,616 | 25,230 | ||
Liabilities and Equity | 74,219 | 70,191 | ||
Pro Forma [Member] | Parent Guarantor [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 |
Other current assets | 0 | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Advances to and investments in unconsolidated affiliates | 24,154 | 23,350 | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | 24,154 | 23,350 | ||
Liabilities, Current | (1,491) | (1,761) | ||
Liabilities, Noncurrent | 0 | 299 | ||
Noncontrolling interest | 0 | 0 | ||
Partners' Capital | 25,645 | 24,812 | ||
Liabilities and Equity | 24,154 | 23,350 | ||
Pro Forma [Member] | Subsidiary Issuer [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 23 | 41 | 36 | 37 |
Other current assets | 0 | 2 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Advances to and investments in unconsolidated affiliates | 11,502 | 10,664 | ||
Other Assets, Noncurrent | 4 | 5 | ||
Assets | 11,529 | 10,712 | ||
Liabilities, Current | (3,421) | (3,800) | ||
Liabilities, Noncurrent | 7,062 | 7,313 | ||
Noncontrolling interest | 0 | 0 | ||
Partners' Capital | 7,888 | 7,199 | ||
Liabilities and Equity | 11,529 | 10,712 | ||
Pro Forma [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 249 | 319 | 350 | 490 |
Other current assets | 5,114 | 5,367 | ||
Property, Plant and Equipment, Net | 54,536 | 50,917 | ||
Advances to and investments in unconsolidated affiliates | 4,228 | 4,280 | ||
Other Assets, Noncurrent | 10,065 | 9,260 | ||
Assets | 74,192 | 70,143 | ||
Liabilities, Current | 11,901 | 11,764 | ||
Liabilities, Noncurrent | 30,753 | 30,148 | ||
Noncontrolling interest | 3,799 | 1,297 | ||
Partners' Capital | 27,739 | 26,934 | ||
Liabilities and Equity | 74,192 | 70,143 | ||
Pro Forma [Member] | Adjustments and eliminations | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | $ 0 | $ 0 |
Other current assets | 0 | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Advances to and investments in unconsolidated affiliates | (35,656) | (34,014) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (35,656) | (34,014) | ||
Liabilities, Current | 0 | 0 | ||
Liabilities, Noncurrent | 0 | (299) | ||
Noncontrolling interest | 0 | 0 | ||
Partners' Capital | (35,656) | (33,715) | ||
Liabilities and Equity | $ (35,656) | $ (34,014) |
Guarantor Financial Informati67
Guarantor Financial Information Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 6,576 | $ 5,289 | $ 13,471 | $ 9,770 |
Costs and Expenses | 5,844 | 4,574 | 12,085 | 8,441 |
OPERATING INCOME | 732 | 715 | 1,386 | 1,329 |
Interest Expense | (346) | (317) | (685) | (636) |
Equity in earnings (losses) of unconsolidated affiliates | (61) | 119 | 12 | 195 |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Other Nonoperating Income (Expense) | 71 | 27 | 97 | 44 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 371 | 463 | 790 | 781 |
Income tax expense (benefit) | 79 | (9) | 134 | (67) |
Net income | 292 | 472 | 656 | 848 |
Less: Net income attributable to noncontrolling interest | 93 | 102 | 133 | 167 |
Net Income (Loss) Attributable to Parent | 199 | 370 | 523 | 681 |
Other Comprehensive Income (Loss), Net of Tax | (1) | 4 | (1) | (10) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 291 | 476 | 655 | 838 |
Less: Comprehensive income attributable to noncontrolling interest | 93 | 102 | 133 | 167 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 198 | 374 | 522 | 671 |
Pro Forma [Member] | ||||
Revenues | 6,576 | 5,289 | 13,471 | 9,770 |
Costs and Expenses | 5,844 | 4,574 | 12,085 | 8,441 |
OPERATING INCOME | 732 | 715 | 1,386 | 1,329 |
Interest Expense | (346) | (317) | (685) | (636) |
Equity in earnings (losses) of unconsolidated affiliates | (61) | 119 | 12 | 195 |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Other Nonoperating Income (Expense) | 71 | 27 | 97 | 44 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 371 | 463 | 790 | 781 |
Income tax expense (benefit) | 79 | (9) | 134 | (67) |
Net income | 292 | 472 | 656 | 848 |
Less: Net income attributable to noncontrolling interest | 93 | 0 | 133 | 36 |
Net Income (Loss) Attributable to Parent | 199 | 472 | 523 | 812 |
Other Comprehensive Income (Loss), Net of Tax | (1) | 4 | (1) | (10) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 291 | 476 | 655 | 838 |
Less: Comprehensive income attributable to noncontrolling interest | 93 | 18 | 133 | 36 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 198 | 458 | 522 | 802 |
Pro Forma [Member] | Parent Guarantor [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of unconsolidated affiliates | 199 | 451 | 1,010 | 811 |
Losses on interest rate derivatives | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 199 | 451 | 1,010 | 811 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | 199 | 451 | 1,010 | 811 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 199 | 451 | 1,010 | 811 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 199 | 451 | 1,010 | 811 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 199 | 451 | 1,010 | 811 |
Pro Forma [Member] | Subsidiary Issuer [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 1 | 1 | 1 | 1 |
OPERATING INCOME | (1) | (1) | (1) | (1) |
Interest Expense | (39) | (39) | (81) | (77) |
Equity in earnings (losses) of unconsolidated affiliates | 137 | 242 | 765 | 425 |
Losses on interest rate derivatives | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 3 | 0 | 3 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 100 | 202 | 686 | 347 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | 100 | 202 | 686 | 347 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 100 | 202 | 686 | 347 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 100 | 202 | 686 | 347 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 100 | 202 | 686 | 347 |
Pro Forma [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues | 6,576 | 5,289 | 13,471 | 9,770 |
Costs and Expenses | 5,843 | 4,573 | 12,084 | 8,440 |
OPERATING INCOME | 733 | 716 | 1,387 | 1,330 |
Interest Expense | (307) | (278) | (604) | (559) |
Equity in earnings (losses) of unconsolidated affiliates | (61) | 119 | 12 | 195 |
Losses on interest rate derivatives | (25) | (81) | (20) | (151) |
Other Nonoperating Income (Expense) | 69 | 27 | 95 | 44 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 409 | 503 | 870 | 859 |
Income tax expense (benefit) | 79 | (9) | 134 | (67) |
Net income | 330 | 512 | 736 | 926 |
Less: Net income attributable to noncontrolling interest | 93 | 18 | 133 | 36 |
Net Income (Loss) Attributable to Parent | 237 | 494 | 603 | 890 |
Other Comprehensive Income (Loss), Net of Tax | (1) | 4 | (1) | (10) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 329 | 516 | 735 | 916 |
Less: Comprehensive income attributable to noncontrolling interest | 93 | 18 | 133 | 36 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 236 | 498 | 602 | 880 |
Pro Forma [Member] | Adjustments and eliminations | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of unconsolidated affiliates | (336) | (693) | (1,775) | (1,236) |
Losses on interest rate derivatives | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | (1) | 0 | (1) | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (337) | (693) | (1,776) | (1,236) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | (337) | (693) | (1,776) | (1,236) |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (337) | (693) | (1,776) | (1,236) |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (337) | (693) | (1,776) | (1,236) |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (337) | $ (693) | $ (1,776) | $ (1,236) |
Guarantor Financial Informati68
Guarantor Financial Information Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities | $ 1,650 | $ 1,426 | ||
Net Cash Provided by (Used in) Investing Activities | (1,486) | (1,225) | ||
Net Cash Provided by (Used in) Financing Activities | (252) | (342) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (88) | (141) | ||
Cash and Cash Equivalents, at Carrying Value | 272 | 386 | $ 360 | $ 527 |
Pro Forma [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,650 | 1,426 | ||
Net Cash Provided by (Used in) Investing Activities | (1,486) | (1,225) | ||
Net Cash Provided by (Used in) Financing Activities | (252) | (342) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (88) | (141) | ||
Cash and Cash Equivalents, at Carrying Value | 272 | 386 | 360 | 527 |
Pro Forma [Member] | Parent Guarantor [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,010 | 811 | ||
Net Cash Provided by (Used in) Investing Activities | (716) | (1,029) | ||
Net Cash Provided by (Used in) Financing Activities | (294) | 218 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 |
Pro Forma [Member] | Subsidiary Issuer [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | 652 | 320 | ||
Net Cash Provided by (Used in) Investing Activities | (421) | (847) | ||
Net Cash Provided by (Used in) Financing Activities | (249) | 526 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (18) | (1) | ||
Cash and Cash Equivalents, at Carrying Value | 23 | 36 | 41 | 37 |
Pro Forma [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,764 | 1,531 | ||
Net Cash Provided by (Used in) Investing Activities | (2,125) | (585) | ||
Net Cash Provided by (Used in) Financing Activities | 291 | (1,086) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (70) | (140) | ||
Cash and Cash Equivalents, at Carrying Value | 249 | 350 | 319 | 490 |
Pro Forma [Member] | Adjustments and eliminations | ||||
Net Cash Provided by (Used in) Operating Activities | (1,776) | (1,236) | ||
Net Cash Provided by (Used in) Investing Activities | 1,776 | 1,236 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 | $ 0 |