Document And Entity Information
Document And Entity Information shares in Thousands | 9 Months Ended |
Sep. 30, 2020shares | |
Entity Information [Line Items] | |
Entity Registrant Name | Energy Transfer Operating, L.P. |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Central Index Key | 0001161154 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2020 |
Amendment Flag | false |
Entity File Number | 1-31219 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 73-1493906 |
Entity Address, Address Line One | 8111 Westchester Drive |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75225 |
City Area Code | 214 |
Local Phone Number | 981-0700 |
Entity Common Stock, Shares Outstanding | 0 |
Series C Preferred Units [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
Trading Symbol | ETPprC |
Security Exchange Name | NYSE |
Series D Preferred Units [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
Trading Symbol | ETPprD |
Security Exchange Name | NYSE |
Series E Preferred Units [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
Trading Symbol | ETPprE |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 274 | $ 288 | |
Accounts receivable, net | 3,731 | 5,038 | |
Accounts receivable from related companies | 93 | 167 | |
Inventories | 1,723 | 1,532 | |
Income taxes receivable | 77 | 146 | |
Derivative assets | 19 | 23 | |
Other current assets | 246 | 291 | |
Total current assets | 6,163 | 7,485 | |
Property, plant and equipment | 92,744 | 89,294 | |
Accumulated depreciation and depletion | (17,906) | (15,398) | |
Property, Plant and Equipment, Net | 74,838 | 73,896 | |
Advances to and investments in unconsolidated affiliates | 3,063 | 3,454 | |
Lease right-of-use assets, net | 934 | 964 | |
Other non-current assets, net | 1,582 | 1,571 | |
Advances to Affiliate | 2,609 | 3,603 | |
Intangible assets, net | 5,915 | 6,154 | |
Goodwill | 2,418 | 5,167 | |
Total assets | 97,522 | 102,294 | |
Current liabilities: | |||
Accounts payable | 2,765 | 4,119 | |
Accounts payable to related companies | 46 | 31 | |
Derivative liabilities | 264 | 147 | |
Operating lease current liabilities | 54 | 60 | |
Accrued and other current liabilities | 2,905 | 3,336 | |
Current maturities of long-term debt | 21 | 26 | |
Total current liabilities | 6,055 | 7,719 | |
Long-term debt, less current maturities | 51,352 | 50,904 | |
Non-current derivative liabilities | 275 | 273 | |
Operating Lease, Liability, Noncurrent | 901 | 901 | |
Deferred income taxes | 3,314 | 3,171 | |
Other non-current liabilities | 1,152 | 1,162 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 756 | 739 | |
Equity: | |||
Preferred Units, Preferred Partners' Capital Accounts | 4,768 | 3,174 | |
Common Unitholders | 20,714 | 24,226 | |
Accumulated other comprehensive loss | (4) | (18) | |
Total partners’ capital | 25,478 | 27,382 | |
Noncontrolling interests | 8,239 | 8,018 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 33,717 | 37,425 | |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 33,717 | 37,425 | |
Total liabilities and equity | 97,522 | 102,294 | |
Predecessor Equity [Member] | |||
Equity: | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 2,025 | |
[1] | *As adjusted. See Note 1. |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | [1] | Sep. 30, 2020 | Sep. 30, 2019 | [1] | |
REVENUES: | ||||||
Total revenues | $ 9,955 | $ 13,495 | $ 28,920 | $ 40,493 | ||
COSTS AND EXPENSES: | ||||||
Cost of products sold | 6,376 | 9,864 | 18,784 | 29,642 | ||
Operating expenses | 773 | 806 | 2,422 | 2,406 | ||
Depreciation, depletion and amortization | 910 | 782 | 2,709 | 2,334 | ||
Selling, general and administrative | 174 | 171 | 547 | 495 | ||
Asset Impairment Charges | 1,474 | 12 | 2,803 | 62 | ||
Total costs and expenses | 9,707 | 11,635 | 27,265 | 34,939 | ||
OPERATING INCOME | 248 | 1,860 | 1,655 | 5,554 | ||
OTHER INCOME (EXPENSE): | ||||||
Interest expense, net of interest capitalized | (569) | (575) | (1,747) | (1,680) | ||
Equity in earnings (losses) of unconsolidated affiliates | (32) | 82 | 46 | 224 | ||
Equity Method Investment, Other than Temporary Impairment | (129) | 0 | (129) | 0 | ||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (59) | (2) | ||
Gains (losses) on interest rate derivatives | 55 | (175) | (277) | (371) | ||
Other, net | 107 | 113 | 123 | 242 | ||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE | (320) | 1,305 | (388) | 3,967 | ||
Income tax expense | 42 | 55 | 169 | 216 | ||
NET INCOME (LOSS) | (362) | 1,250 | (557) | 3,751 | ||
Less: Net income attributable to noncontrolling interests | 284 | 261 | 309 | 783 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 11 | 12 | 36 | 38 | ||
Net Income (Loss) Allocated to Predecessor Equity | 0 | 0 | (6) | 0 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS | (657) | 977 | (896) | 2,930 | ||
Refined Products [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,720 | 4,311 | 7,952 | 12,514 | ||
NGL sales [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,298 | 3,971 | 7,170 | 11,842 | ||
Oil and Gas [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,808 | 1,723 | 4,751 | 6,121 | ||
Natural Gas, Midstream [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,283 | 2,466 | 6,805 | 6,768 | ||
Oil and Gas, Refining and Marketing [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 681 | 822 | 1,783 | 2,549 | ||
Product and Service, Other [Member] | ||||||
REVENUES: | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 165 | $ 202 | $ 459 | $ 699 | ||
[1] | *As adjusted. See Note 1. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | [1] | Sep. 30, 2020 | Sep. 30, 2019 | [1] | |
Statement of Comprehensive Income [Abstract] | ||||||
Net income (loss) | $ (362) | $ 1,250 | $ (557) | $ 3,751 | ||
Other comprehensive income (loss), net of tax: | ||||||
Change in value of available-for-sale securities | 3 | 0 | 3 | 8 | ||
Actuarial gain (loss) related to pension and other postretirement benefit plans | 4 | (3) | 18 | 7 | ||
Foreign currency translation adjustments | 18 | 0 | 48 | 0 | ||
Change in other comprehensive income from unconsolidated affiliates | 1 | (4) | (15) | (13) | ||
Total other comprehensive income (loss) | 26 | (7) | 54 | 2 | ||
Comprehensive income (loss) | (336) | 1,243 | (503) | 3,753 | ||
Less: Comprehensive income attributable to noncontrolling interests | 284 | 261 | 309 | 783 | ||
Other Comprehensive Income, Portion Attributable to Redeemable Noncontrolling Interest | 11 | 12 | 36 | 38 | ||
Comprehensive Income Attributable to Predecessor Equity | 0 | 0 | (6) | 0 | ||
Comprehensive income (loss) attributable to partners | $ (631) | $ 970 | $ (842) | $ 2,932 | ||
[1] | *As adjusted. See Note 1. |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - USD ($) $ in Millions | Total | AOCI | Noncontrolling Interests | Predecessor Equity [Member] | Preferred Units [Member] | Common unitholders [Member] | ||
Balance, Beginning at Dec. 31, 2018 | [1] | $ 36,788 | $ (42) | $ 7,903 | $ 2,388 | $ 26,539 | ||
Distributions to partners | (1,514) | 0 | 0 | (64) | (1,450) | |||
Distributions to noncontrolling interests | (361) | 0 | (361) | 0 | 0 | |||
Capital contributions from noncontrolling interests | 140 | 0 | 140 | 0 | 0 | |||
Sale of noncontrolling interest in subsidiary | 93 | 0 | 93 | 0 | 0 | |||
Other comprehensive loss, net of tax | 8 | 8 | 0 | 0 | 0 | |||
Other, net | 28 | 0 | 13 | 0 | 15 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 1,206 | 0 | 256 | 40 | 910 | |||
Balance, Ending at Mar. 31, 2019 | [1] | 36,388 | (34) | 8,044 | 2,364 | 26,014 | ||
Balance, Beginning at Dec. 31, 2018 | [1] | 36,788 | (42) | 7,903 | 2,388 | 26,539 | ||
Equity in earnings (losses) of unconsolidated affiliates | [1] | 224 | ||||||
Capital contributions from noncontrolling interests | [1] | 278 | ||||||
Other comprehensive loss, net of tax | [1] | 2 | ||||||
Balance, Ending at Sep. 30, 2019 | 35,743 | (40) | 7,974 | 3,151 | 24,658 | |||
Balance, Beginning at Mar. 31, 2019 | [1] | 36,388 | (34) | 8,044 | 2,364 | 26,014 | ||
Distributions to partners | (1,643) | 0 | 0 | (18) | (1,625) | |||
Distributions to noncontrolling interests | (370) | 0 | (370) | 0 | 0 | |||
Units issued for cash | (780) | 0 | 0 | (780) | 0 | |||
Capital contributions from noncontrolling interests | 66 | 0 | 66 | 0 | 0 | |||
Other comprehensive loss, net of tax | 1 | 1 | 0 | 0 | 0 | |||
Other, net | (37) | 0 | 0 | (1) | (36) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 1,269 | 0 | 266 | 53 | 950 | |||
Balance, Ending at Jun. 30, 2019 | [1] | 36,454 | (33) | 8,006 | 3,178 | 25,303 | ||
Distributions to partners | (1,644) | 0 | 0 | (82) | (1,562) | |||
Equity in earnings (losses) of unconsolidated affiliates | [1] | 82 | ||||||
Distributions to noncontrolling interests | (374) | 0 | (374) | 0 | 0 | |||
Capital contributions from noncontrolling interests | 72 | 0 | 72 | 0 | 0 | |||
Other comprehensive loss, net of tax | (7) | [1] | (7) | 0 | 0 | 0 | ||
Other, net | 4 | 0 | 9 | 0 | (5) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 1,238 | 0 | 261 | 55 | 922 | |||
Balance, Ending at Sep. 30, 2019 | 35,743 | (40) | 7,974 | 3,151 | 24,658 | |||
Balance, Beginning at Dec. 31, 2019 | [1] | 37,425 | (18) | 8,018 | $ 2,025 | 3,174 | 24,226 | |
Distributions to partners | (2,630) | 0 | 0 | 0 | (80) | (2,550) | ||
Distributions to noncontrolling interests | (365) | 0 | (340) | (25) | 0 | 0 | ||
Units issued for cash | (1,580) | 0 | 0 | 0 | (1,580) | 0 | ||
Capital contributions from noncontrolling interests | 96 | 0 | 66 | 30 | 0 | 0 | ||
Proceeds from Contributions from Parent | 0 | (2) | 333 | (2,171) | 0 | 1,840 | ||
Other comprehensive loss, net of tax | (57) | (19) | 0 | (38) | 0 | 0 | ||
Other, net | (18) | 0 | 3 | (10) | (3) | (8) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | (926) | 0 | (200) | (6) | 77 | (797) | ||
Balance, Ending at Mar. 31, 2020 | [1] | 35,105 | (39) | 7,880 | (195) | 4,748 | 22,711 | |
Balance, Beginning at Dec. 31, 2019 | [1] | 37,425 | (18) | 8,018 | 2,025 | 3,174 | 24,226 | |
Equity in earnings (losses) of unconsolidated affiliates | 46 | |||||||
Capital contributions from noncontrolling interests | 173 | |||||||
Other comprehensive loss, net of tax | 54 | |||||||
Balance, Ending at Sep. 30, 2020 | 33,717 | (4) | 8,239 | 0 | 4,768 | 20,714 | ||
Balance, Beginning at Mar. 31, 2020 | [1] | 35,105 | (39) | 7,880 | (195) | 4,748 | 22,711 | |
Distributions to partners | (67) | 0 | 0 | 0 | (67) | 0 | ||
Distributions to noncontrolling interests | (340) | 0 | (340) | 0 | 0 | 0 | ||
Capital contributions from noncontrolling interests | 82 | 0 | 82 | 0 | 0 | 0 | ||
Other comprehensive loss, net of tax | 47 | 38 | 9 | 0 | 0 | 0 | ||
Other, net | 33 | 0 | 2 | 0 | (1) | 32 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 706 | 0 | 225 | 0 | 84 | 397 | ||
Balance, Ending at Jun. 30, 2020 | 35,566 | (21) | 8,313 | 0 | 4,764 | 22,510 | ||
Partners' Capital Account, Contributions | 0 | (20) | 455 | 195 | 0 | (630) | ||
Distributions to partners | (1,180) | 0 | 0 | 0 | (80) | (1,100) | ||
Equity in earnings (losses) of unconsolidated affiliates | (32) | |||||||
Distributions to noncontrolling interests | (350) | 0 | (350) | 0 | 0 | 0 | ||
Capital contributions from noncontrolling interests | 25 | 0 | 25 | 0 | 0 | 0 | ||
Other comprehensive loss, net of tax | 26 | 17 | 9 | 0 | 0 | 0 | ||
Other, net | 3 | 0 | (42) | 0 | 0 | 45 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | (373) | 0 | 284 | 0 | 84 | (741) | ||
Balance, Ending at Sep. 30, 2020 | $ 33,717 | $ (4) | $ 8,239 | $ 0 | $ 4,768 | $ 20,714 | ||
[1] | *As adjusted. See Note 1. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | ||||
OPERATING ACTIVITIES: | |||||
Net income (loss) | $ (557) | $ 3,751 | [1] | ||
Reconciliation of net income (loss) to net cash provided by operating activities: | |||||
Depreciation, depletion and amortization | 2,709 | 2,334 | [1] | ||
Deferred income taxes | 161 | 193 | [1] | ||
Inventory, LIFO Reserve, Period Charge | 126 | (71) | [1] | ||
Non-cash compensation expense | 92 | 85 | [1] | ||
Asset Impairment Charges | 2,803 | 62 | [1] | ||
Gain (Loss) on Extinguishment of Debt | 59 | 2 | [1] | ||
Distributions on unvested awards | (5) | (5) | [1] | ||
Equity in earnings of unconsolidated affiliates | (46) | (224) | [1] | ||
Distributions from unconsolidated affiliates | (176) | (254) | [1] | ||
Other non-cash | 2 | (29) | [1] | ||
Net change in operating assets and liabilities, net of effects of acquisitions | 103 | (290) | [1] | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 5,752 | 6,062 | [1] | ||
INVESTING ACTIVITIES: | |||||
Cash paid for all other acquisitions, net of cash received | 0 | 7 | [1] | ||
Capital expenditures, excluding allowance for equity funds used during construction | (4,030) | (4,181) | [1] | ||
Proceeds from Sale of Equity Method Investments | 0 | 93 | [1] | ||
Contributions in aid of construction costs | 61 | 63 | [1] | ||
Contributions to unconsolidated affiliates | (37) | (481) | [1] | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 143 | 40 | [1] | ||
Proceeds from the sale of other assets | 10 | 55 | [1] | ||
Payments for (Proceeds from) Other Investing Activities | 9 | 5 | [1] | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (3,862) | (4,423) | [1] | ||
FINANCING ACTIVITIES: | |||||
Proceeds from Issuance of Preferred Limited Partners Units | 1,580 | 780 | [1] | ||
Proceeds from borrowings | 20,651 | 18,125 | [1] | ||
Repayments of debt | (20,241) | (16,027) | [1] | ||
Cash received from related company | 907 | 1,018 | [1] | ||
Capital contributions from noncontrolling interests | 173 | 278 | [1] | ||
Predecessor proceeds from noncontrolling interest | 30 | 0 | [1] | ||
Distributions to partners | (3,877) | (4,801) | [1] | ||
Distributions to noncontrolling interests | (1,030) | (1,105) | [1] | ||
Payments to Noncontrolling Interests | 25 | 0 | |||
Debt issuance costs | 53 | 114 | [1] | ||
Proceeds from (Payments for) Other Financing Activities | 18 | (4) | [1] | ||
Net cash used in financing activities | (1,904) | (1,850) | [1] | ||
Decrease in cash and cash equivalents | (14) | (211) | [1] | ||
Cash and cash equivalents, beginning of period | [1] | 288 | 418 | ||
Cash and cash equivalents, end of period | 274 | 207 | [1] | ||
Equity Method Investment, Other than Temporary Impairment | 129 | 0 | [1] | ||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ (37) | [1] | $ 0 | ||
[1] | *As adjusted. See Note 1. |
Operations And Basis of Present
Operations And Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Operations And Organization [Abstract] | |
Operations And Organization | ORGANIZATION AND BASIS OF PRESENTATION Organization The consolidated financial statements presented herein include Energy Transfer Operating, L.P. and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “ETO”). Energy Transfer Operating, L.P. is a consolidated subsidiary of Energy Transfer LP. In December 2019, ET completed the acquisition of SemGroup. During the first and second quarters of 2020, ET contributed SemGroup and its former subsidiaries to ETO through sale and contribution transactions. The contribution transactions were accounted for as reorganizations of entities under common control; therefore, the contributed entities’ assets and liabilities were not adjusted as of the contribution date. The Partnership’s consolidated financial statements have been retrospectively adjusted to reflect consolidation beginning December 5, 2019 for SemGroup assets contributed (the date ET acquired SemGroup). Predecessor equity included in the consolidated financial statements represents the equity of contributed entities prior to the contribution transactions. Our consolidated financial statements reflect the following reportable segments: • intrastate transportation and storage; • interstate transportation and storage; • midstream; • NGL and refined products transportation and services; • crude oil transportation and services; • investment in Sunoco LP; • investment in USAC; and • all other. 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 Operating, L.P. for the year ended December 31, 2019, included in the Partnership’s Annual Report on Form 10-K filed with the SEC on February 21, 2020. 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. The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC. Certain prior period amounts have also been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity. Change in Accounting Policy Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. These crude oil barrels, which are owned by the Partnership’s crude oil acquisition and marketing business, include pipeline linefill and tank bottoms and are not considered to be available for sale because the volumes must be maintained in order to continue normal operation of the related pipelines or tanks and because there is no expectation of liquidation or sale of these volumes in the near term. Under the previous accounting policy, all crude oil barrels were recorded as inventory under the weighted average cost method. Under the revised accounting policy, barrels related to pipeline linefill and tank bottoms are accounted for as long-lived assets and reflected as non-current assets on the consolidated balance sheet. These crude oil barrels will be tested for impairment consistent with the Partnership’s existing accounting policy for impairments of long-lived assets. The Partnership’s management believes that the change in accounting policy is preferable as it more closely aligns the accounting policies across the consolidated entity, given that similar assets in the Partnership’s natural gas, NGLs and refined products businesses are accounted for as non-current assets. In addition, management believes that reflecting these crude oil barrels as non-current assets better represents the economic results of the Partnership’s crude oil acquisition and marketing business by reducing volatility resulting from market price adjustments to crude oil barrels that are not expected to be sold or liquidated in the near term. The impacts of this accounting policy change on the Partnership’s net income for the nine months ended September 30, 2020 was approximately $265 million. As a result of this change in accounting policy, the Partnership’s consolidated balance sheets for prior periods have been retrospectively adjusted as follows: December 31, 2019 December 31, 2018 As Originally Reported* Effect of Change As Adjusted As Originally Reported Effect of Change As Adjusted Inventories $ 1,935 $ (403) $ 1,532 $ 1,677 $ (305) $ 1,372 Total current assets 7,888 (403) 7,485 6,820 (305) 6,515 Other non-current assets, net 1,075 496 1,571 1,006 472 1,478 Total assets 102,201 93 102,294 88,442 167 88,609 Total partners’ capital 27,289 93 27,382 28,718 167 28,885 * Amounts reflect the retrospective consolidation of the SemGroup entities discussed above. In addition, the Partnership’s consolidated statements of operations, comprehensive income and cash flows for prior periods have been retrospectively adjusted as follows: Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2019 As originally reported: Consolidated Statements of Operations and Comprehensive Income Cost of products sold $ 39,603 $ 41,658 $ 9,890 $ 29,607 Operating income 7,285 5,402 1,834 5,589 Income from continuing operations before income tax expense 5,386 4,044 1,279 4,002 Net income 5,186 3,774 1,224 3,786 Comprehensive income 5,210 3,731 1,217 3,788 Comprehensive income attributable to partners 4,108 2,982 944 2,967 Consolidated Statements of Cash Flows Net income 5,186 3,774 1,224 3,786 Net change in operating assets and liabilities (479) 117 (77) (325) Effect of change: Consolidated Statements of Operations and Comprehensive Income Cost of products sold 74 (55) (26) 35 Operating income (74) 55 26 (35) Income from continuing operations before income tax expense (74) 55 26 (35) Net income (74) 55 26 (35) Comprehensive income (74) 55 26 (35) Comprehensive income attributable to partners (74) 55 26 (35) Consolidated Statements of Cash Flows Net income (74) 55 26 (35) Net change in operating assets and liabilities 74 (55) (26) 35 As adjusted: Consolidated Statements of Operations and Comprehensive Income Cost of products sold 39,677 41,603 9,864 29,642 Operating income 7,211 5,457 1,860 5,554 Income from continuing operations before income tax expense 5,312 4,099 1,305 3,967 Net income 5,112 3,829 1,250 3,751 Comprehensive income 5,136 3,786 1,243 3,753 Comprehensive income attributable to partners 4,034 3,037 970 2,932 Consolidated Statements of Cash Flows Net income 5,112 3,829 1,250 3,751 Net change in operating assets and liabilities (405) 62 (103) (290) 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 Effective January 1, 2020, the Partnership adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. The impact of adoption was immaterial to the Partnership. However, due in large part to the global economic impacts of COVID-19, the Partnership and its subsidiaries recorded an aggregate $16 million of current expected credit losses for the nine months ended September 30, 2020. Goodwill During the first quarter of 2020, due to the impacts of the COVID-19 pandemic, the decline in commodity prices and the decreases in the Partnership’s market capitalization, we determined that interim impairment testing should be performed on certain reporting units. We performed the interim impairment tests consistent with our approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim impairment test, the Partnership recognized a goodwill impairment of $483 million related to our Arklatex and South Texas operations within the midstream segment, a goodwill impairment of $183 million related to our Lake Charles LNG regasification operations within the interstate transportation and storage segment due to contractually scheduled reductions in payments for the remainder of the contract term, and a goodwill impairment of $40 million related to our all other operations primarily due to decreases in projected future revenues and cash flows as a result of the overall market demand decline. In addition, USAC recognized a goodwill impairment of $619 million during the three months ended March 31, 2020, which is included in the Partnership’s consolidated results of operations. During the three months ended September 30, 2020, the Partnership performed interim impairment testing on certain reporting units within its midstream, interstate, crude, NGL and all other operations. As a result, the Partnership recognized a goodwill impairment of $1.28 billion related to our crude operations, a goodwill impairment of $132 million related to our SemCAMS operations within the all other segment and a goodwill impairment of $43 million related to our interstate operations primarily due to decreases in projected future cash flow as a result of the overall market demand decline. No other impairments of the Partnership’s goodwill were identified. In connection with aforementioned impairments, the Partnership determined the fair value of our reporting units using the income approach. The income approach is based on the present value of future cash flows, which are derived from our long-term financial forecasts, and requires significant assumptions including, among others, revenue growth rates, operating margins, weighted average costs of capital and future market conditions. The Partnership believes the estimates and assumptions used in our impairment assessments are reasonable and based on available market information, but variations in any of the assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Cash flow projections are derived from one-year budgeted amounts and three-year operating forecasts plus an estimate of later period cash flows, all of which are evaluated by management. Subsequent period cash flows are developed for each reporting unit using growth rates that management believes are reasonably likely to occur. Changes in the carrying amounts of goodwill were as follows: Intrastate Interstate Midstream NGL and Refined Products Transportation and Services Crude Oil Transportation and Services Investment in Sunoco LP Investment in USAC All Other Total Balance, December 31, 2019 $ 10 $ 226 $ 483 $ 693 $ 1,397 $ 1,555 $ 619 $ 184 $ 5,167 Impaired — (183) (483) — — — (619) (40) (1,325) Other — — — — — — — (7) (7) Balance, March 31, 2020 10 43 — 693 1,397 1,555 — 137 3,835 Other — — — — — — — 33 33 Balance, June 30, 2020 10 43 — 693 1,397 1,555 — 170 3,868 Impaired — (43) — — (1,279) — — (132) (1,454) Other — — — — (66) — — 70 4 Balance, September 30, 2020 $ 10 $ — $ — $ 693 $ 52 $ 1,555 $ — $ 108 $ 2,418 |
Acquisitions and Other Transact
Acquisitions and Other Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS AND RELATED TRANSACTIONS ET Contribution of SemGroup Assets to ETO As discussed in Note 1, former SemGroup subsidiaries were transferred from ET to ETO during the first and second quarters of 2020. The following table represents the fair value, as of December 5, 2019, of the SemGroup assets and liabilities transferred from ET to ETO: At December 5, 2019 Total current assets $ 794 Property, plant and equipment 3,891 Other non-current assets 617 Goodwill 295 Intangible assets 460 Total assets 6,057 Total current liabilities 629 Long-term debt, less current maturities (1) 2,576 Other non-current liabilities 197 SemCAMS Preferred shares 241 Total liabilities 3,643 Noncontrolling interest 822 Partners’ capital 1,592 Total liabilities and partners’ capital $ 6,057 (1) Long-term debt at December 5, 2019 includes SemGroup senior notes with an aggregate principal amount of $1.375 billion and SemGroup subsidiary debt of $593 million, all of which was redeemed in December 2019, subsequent to the closing of ET’s acquisition of SemGroup, using proceeds from an intercompany promissory note from ETO. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 9 Months Ended |
Sep. 30, 2020 | |
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. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of September 30, 2020 or December 31, 2019. 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: Nine Months Ended 2020 2019 Accounts receivable $ 1,307 $ (353) Accounts receivable from related companies (265) (30) Inventories (298) (7) Other current assets 126 (14) Other non-current assets, net (26) (206) Accounts payable (1,354) 27 Accounts payable to related companies 373 (105) Accrued and other current liabilities 122 194 Other non-current liabilities (5) (103) Derivative assets and liabilities, net 123 307 Net change in operating assets and liabilities, net of effects of acquisitions $ 103 $ (290) Non-cash activities are as follows: Nine Months Ended 2020 2019 NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued capital expenditures $ 684 $ 1,202 Lease assets obtained in exchange for new lease liabilities 130 73 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory, Gross [Abstract] | |
Inventories | INVENTORIES As further discussed in Note 1, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. As a result of this change in accounting policy, the Partnership’s inventory balance for the prior period has been retrospectively adjusted. Inventories consisted of the following: September 30, December 31, Natural gas, NGLs and refined products $ 914 $ 833 Crude oil 352 251 Spare parts and other 457 448 Total inventories $ 1,723 $ 1,532 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. Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of September 30, 2020 and December 31, 2019, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $360 million and $229 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and nine months ended September 30, 2020 and 2019, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASURESWe 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 nine months ended September 30, 2020, 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 September 30, 2020 and December 31, 2019 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 $ 13 $ 13 $ — Swing Swaps IFERC 2 — 2 Fixed Swaps/Futures 5 5 — Forward Physical Contracts 6 — 6 Power: Forwards 8 — 8 Futures 2 2 — Options – Puts — — — Options – Calls 1 1 — NGLs – Forwards/Swaps 103 103 — Refined Products – Futures 5 5 — Crude – Forwards/Swaps 2 2 — Total commodity derivatives 147 131 16 Other non-current assets 31 20 11 Total assets $ 178 $ 151 $ 27 Liabilities: Interest rate derivatives $ (522) $ — $ (522) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (9) (9) — Swing Swaps IFERC (4) (1) (3) Fixed Swaps/Futures (29) (29) — Power: Forwards (3) — (3) Futures (2) (2) — NGLs – Forwards/Swaps (153) (153) — Refined Products – Futures (4) (4) — Total commodity derivatives (204) (198) (6) Total liabilities $ (726) $ (198) $ (528) Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 17 $ 17 $ — Swing Swaps IFERC 1 — 1 Fixed Swaps/Futures 65 65 — Forward Physical Contracts 3 — 3 Power: Forwards 11 — 11 Futures 4 4 — Options – Puts 1 1 — Options – Calls 1 1 — NGLs – Forwards/Swaps 260 260 — Refined Products – Futures 8 8 — Crude – Forwards/Swaps 13 13 — Total commodity derivatives 384 369 15 Other non-current assets 31 20 11 Total assets $ 415 $ 389 $ 26 Liabilities: Interest rate derivatives $ (399) $ — $ (399) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (49) (49) — Swing Swaps IFERC (1) — (1) Fixed Swaps/Futures (43) (43) — Power: Forwards (5) — (5) Futures (3) (3) — NGLs – Forwards/Swaps (278) (278) — Refined Products – Futures (10) (10) — Total commodity derivatives (389) (383) (6) Total liabilities $ (788) $ (383) $ (405) 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 September 30, 2020 was $52.21 billion and $51.37 billion, respectively. As of December 31, 2019, the aggregate fair value and carrying amount of our consolidated debt obligations was $54.66 billion and $50.93 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS Notes and Debentures ETO January 2020 Senior Notes Offering and Redemption On January 22, 2020, ETO completed a registered offering (the “January 2020 Senior Notes Offering”) of $1.00 billion aggregate principal amount of ETO’s 2.900% Senior Notes due 2025, $1.50 billion aggregate principal amount of the Partnership’s 3.750% Senior Notes due 2030 and $2.00 billion aggregate principal amount of ETO’s 5.000% Senior Notes due 2050 (collectively, the “Notes”). The Notes are fully and unconditionally guaranteed by ETO’s wholly-owned subsidiary, Sunoco Logistics Operations, on a senior unsecured basis. Using proceeds from the January 2020 Senior Notes Offering, ETO redeemed its $400 million aggregate principal amount of 5.75% Senior Notes due September 1, 2020, its $1.05 billion aggregate principal amount of 4.15% Senior Notes due October 1, 2020, its $1.14 billion aggregate principal amount of 7.50% Senior Notes due October 15, 2020, its $250 million aggregate principal amount of 5.50% Senior Notes due February 15, 2020, ET’s $52 million aggregate principal amount of 7.50% Senior Notes due October 15, 2020 and Transwestern’s $175 million aggregate principal amount of 5.36% Senior Notes due December 9, 2020. HFOTCO Long-Term Debt In connection with the contribution transactions discussed in Note 2, HFOTCO became a wholly-owned subsidiary of ETO in February 2020. As of September 30, 2020, HFOTCO had $225 million outstanding principal amount of tax exempt notes due 2050 (the “Ike Bonds”). The Ike Bonds are fully and unconditionally guaranteed by the Partnership, on a senior unsecured basis. The indentures under which the Ike Bonds were issued are subject to customary representations and warranties and affirmative and negative covenants, the majority of which are substantially similar to those found in ETO’s revolving credit facility, as further discussed below. Credit Facilities and Commercial Paper ETO Term Loan ETO’s term loan credit agreement provides for a $2 billion three-year term loan credit facility (the “ETO Term Loan”). Borrowings under the term loan agreement mature on October 17, 2022 and are available for working capital purposes and for general partnership purposes. The ETO Term Loan is unsecured and is guaranteed by ETO’s subsidiary, Sunoco Logistics Operations. As of September 30, 2020, the ETO Term Loan had $2 billion outstanding and was fully drawn. The weighted average interest rate on the total amount outstanding as of September 30, 2020 was 1.15%. ETO Five-Year Credit Facility ETO’s revolving credit facility (the “ETO Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion and matures on December 1, 2023. The ETO Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $6.00 billion under certain conditions. As of September 30, 2020, the ETO Five-Year Credit Facility had $3.23 billion of outstanding borrowings, $1.63 billion of which was commercial paper. The amount available for future borrowings was $1.65 billion, after taking into account letters of credit of $117 million. The weighted average interest rate on the total amount outstanding as of September 30, 2020 was 1.16%. ETO 364-Day Facility ETO’s 364-day revolving credit facility (the “ETO 364-Day Facility”) allows for unsecured borrowings up to $1.00 billion and matures on November 27, 2020. As of September 30, 2020, the ETO 364-Day Facility had no outstanding borrowings. Sunoco LP Credit Facility Sunoco LP maintains a $1.50 billion senior secured revolving credit facility (the “Sunoco LP Credit Facility”), which matures in July 2023. As of September 30, 2020, the Sunoco LP Credit Facility had $87 million of outstanding borrowings and $8 million in standby letters of credit. As of September 30, 2020, Sunoco LP had $1.41 billion of availability under the Sunoco LP Credit Facility. The weighted average interest rate on the total amount outstanding as of September 30, 2020 was 2.15%. USAC Credit Facility USAC maintains a $1.60 billion senior secured revolving credit facility (the “USAC Credit Facility”), with a further potential increase of $400 million, which matures in April 2023. As of September 30, 2020, the USAC Credit Facility had $497 million of outstanding borrowings and no outstanding letters of credit. As of September 30, 2020, USAC had $1.10 billion of borrowing base availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $412 million under the USAC Credit Facility. The weighted average interest rate on the total amount outstanding as of September 30, 2020 was 3.03%. SemCAMS Credit Facilities SemCAMS is party to a credit agreement providing for a C$350 million (US$262 million at the September 30, 2020 exchange rate) senior secured term loan facility, a C$525 million (US$394 million at the September 30, 2020 exchange rate) senior secured revolving credit facility, and a C$300 million (US$225 million at the September 30, 2020 exchange rate) senior secured construction loan facility (the “KAPS Facility”). The term loan facility and the revolving credit facility mature on February 25, 2024. The KAPS Facility matures on June 13, 2024. SemCAMS may incur additional term loans and revolving commitments in an aggregate amount not to exceed C$250 million (US$187 million at the September 30, 2020 exchange rate), subject to receiving commitments for such additional term loans or revolving commitments from either new lenders or increased commitments from existing lenders. As of September 30, 2020, the SemCAMS senior secured term loan facility and senior secured revolving credit facility had $253 million and $74 million, respectively, of outstanding borrowings. As of September 30, 2020, the KAPS Facility had no outstanding borrowings. Compliance with Our Covenants |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Text Block] | REDEEMABLE NONCONTROLLING INTERESTS Certain redeemable noncontrolling interests in the Partnership’s subsidiaries are reflected as mezzanine equity on the consolidated balance sheets. Redeemable noncontrolling interests as of September 30, 2020 included a balance of $477 million related to the USAC Preferred Units described below, a balance of $15 million related to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership, and a balance of $264 million related to the SemCAMS preferred stock described below. USAC Preferred Units As of September 30, 2020, USAC had 500,000 USAC Preferred Units issued and outstanding. The holders of these units are entitled to receive cumulative quarterly distributions equal to $24.375 per USAC Preferred Unit, subject to increase in certain limited circumstances. The USAC Preferred Units will have a perpetual term, unless converted or redeemed. Certain portions of the USAC Preferred Units will be convertible into USAC common units at the election of the holders beginning in 2021. To the extent the holders of the USAC Preferred Units have not elected to convert their preferred units by April 2, 2023, USAC will have the option to redeem all or any portion of the USAC Preferred Units for cash. In addition, at any time on or after April 2, 2028, the holders of the USAC Preferred Units will have the right to require USAC to redeem all or any portion of the USAC Preferred Units, and the Partnership may elect to pay up to 50% of such redemption amount in USAC common units. SemCAMS Redeemable Preferred Stock As of September 30, 2020, SemCAMS had 337,046 shares of cumulative preferred stock issued and outstanding. The preferred stock is redeemable at SemCAMS’s option subsequent to January 3, 2021 at a redemption price of C$1,100 (US$825 at the September 30, 2020 exchange rate) per share. The preferred stock is redeemable by the holder contingent upon a change of control or liquidation of SemCAMS. The preferred stock is convertible to SemCAMS common shares in the event of an initial public offering by SemCAMS. Dividends on the preferred stock may be paid in-kind through June 30, 2021. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital Notes [Abstract] | |
Equity | EQUITY All of our common units are owned by ET. Preferred Units As of September 30, 2020 and December 31, 2019, our outstanding preferred units included 950,000 Series A Preferred Units, 550,000 Series B Preferred Units, 18,000,000 Series C Preferred Units, 17,800,000 Series D Preferred Units and 32,000,000 Series E Preferred Units. As of September 30, 2020, our outstanding preferred units also included 500,000 Series F Preferred Units and 1,100,000 Series G Preferred Units. The following table summarizes changes in the amounts of our Series A, Series B, Series C, Series D, Series E, Series F and Series G preferred units for the nine months ended September 30, 2020: Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Total Balance, December 31, 2019 $ 958 $ 556 $ 440 $ 434 $ 786 $ — $ — $ 3,174 Distributions to partners (30) (18) (8) (9) (15) — — (80) Units issued for cash — — — — — 494 1,086 1,580 Other, net — — — — — (1) (2) (3) Net income 15 9 8 9 15 6 15 77 Balance, March 31, 2020 943 547 440 434 786 499 1,099 4,748 Distributions to partners — — (8) (8) (15) (11) (25) (67) Other, net — — — — — (1) — (1) Net income 15 9 8 8 15 9 20 84 Balance, June 30, 2020 958 556 440 434 786 496 1,094 4,764 Distributions to partners (30) (18) (8) (9) (15) — — (80) Net income 15 9 8 9 15 9 19 84 Balance, September 30, 2020 $ 943 $ 547 $ 440 $ 434 $ 786 $ 505 $ 1,113 $ 4,768 The following table summarizes changes in the amounts of our Series A, Series B, Series C, Series D and Series E preferred units for the nine months ended September 30, 2019: Preferred Unitholders Series A Series B Series C Series D Series E Total Balance, December 31, 2018 $ 958 $ 556 $ 440 $ 434 $ — $ 2,388 Distributions to partners (30) (18) (8) (8) — (64) Net income 15 9 8 8 — 40 Balance, March 31, 2019 943 547 440 434 — 2,364 Distributions to partners — — (9) (9) — (18) Units issued for cash — — — — 780 780 Other, net — — — — (1) (1) Net income 15 9 9 9 11 53 Balance, June 30, 2019 958 556 440 434 790 3,178 Distributions to partners (29) (18) (8) (8) (19) (82) Net income 15 9 8 8 15 55 Balance, September 30, 2019 $ 944 $ 547 $ 440 $ 434 $ 786 $ 3,151 Subsidiary Equity Transactions Sunoco LP Equity Distribution Program For the nine months ended September 30, 2020, Sunoco LP issued no additional units under its at-the-market equity distribution program. As of September 30, 2020, $295 million of Sunoco LP common units remained available to be issued under the currently effective equity distribution agreement. USAC Distribution Reinvestment Program During the nine months ended September 30, 2020, distributions of $1.4 million were reinvested under the USAC distribution reinvestment program resulting in the issuance of approximately 140,318 USAC common units. Cash Distributions Distributions on ETO’s preferred units declared and/or paid subsequent to December 31, 2019 were as follows: Period Ended Record Date Payment Date Series A (1) Series B (1) Series C Series D Series E Series F (2) Series G (2) December 31, 2019 February 3, 2020 February 18, 2020 $ 31.25 $ 33.125 $ 0.4609 $ 0.4766 0.4750 $ — $ — March 31, 2020 May 1, 2020 May 15, 2020 — — 0.4609 0.4766 0.4750 21.19 22.36 June 30, 2020 August 3, 2020 August 17, 2020 31.25 33.125 0.4609 0.4766 0.4750 — — September 30, 2020 November 2, 2020 November 16, 2020 — — 0.4609 0.4766 0.4750 33.75 35.625 (1) Series A Preferred Unit and Series B Preferred Unit distributions are paid on a semi-annual basis. (2) Series F Preferred Unit and Series G Preferred Unit distributions related to the period ended March 31, 2020 represent a prorated initial distribution. Distributions are paid on a semi-annual basis. Sunoco LP Cash Distributions Distributions declared and/or paid by Sunoco LP to its common unitholders subsequent to December 31, 2019 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2019 February 7, 2020 February 19, 2020 $ 0.8255 March 31, 2020 May 7, 2020 May 19, 2020 0.8255 June 30, 2020 August 7, 2020 August 19, 2020 0.8255 September 30, 2020 November 6, 2020 November 19, 2020 0.8255 USAC Cash Distributions Distributions declared and/or paid by USAC to its common unitholders subsequent to December 31, 2019 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2019 January 27, 2020 February 7, 2020 $ 0.5250 March 31, 2020 April 27, 2020 May 8, 2020 0.5250 June 30, 2020 July 31, 2020 August 10, 2020 0.5250 September 30, 2020 October 26, 2020 November 6, 2020 0.5250 Accumulated Other Comprehensive Income (Loss) The following table presents the components of AOCI, net of tax: September 30, December 31, Available-for-sale securities $ 16 $ 13 Foreign currency translation adjustment (14) (5) Actuarial loss related to pensions and other postretirement benefits (10) (25) Investments in unconsolidated affiliates, net (16) (1) Subtotal (24) (18) Amounts attributable to noncontrolling interest 20 — Total AOCI, net of tax $ (4) $ (18) |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXESThe Partnership’s effective tax rate differs from the statutory rate primarily due to partnership earnings that are not subject to United States federal and most state income taxes at the partnership level. |
Regulatory Matters (Notes)
Regulatory Matters (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract] | |
Commitments and Contingencies Disclosure | REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES FERC Proceedings By Order issued January 16, 2019, the FERC initiated a review of Panhandle’s existing rates pursuant to Section 5 of the Natural Gas Act to determine whether the rates currently charged by Panhandle are just and reasonable and set the matter for hearing. On August 30, 2019, Panhandle filed a general rate proceeding under Section 4 of the Natural Gas Act. The Natural Gas Act Section 5 and Section 4 proceedings were consolidated by the Order dated October 1, 2019. A hearing in the combined proceedings commenced on August 25, 2020 and adjourned on September 15, 2020. An initial decision is expected in early 2021. Commitments In the normal course of business, ETO purchases, processes and sells natural gas pursuant to long-term contracts and enters into long-term transportation and storage agreements. Such contracts contain terms that are customary in the industry. ETO believes that the terms of these agreements are commercially reasonable and will not have a material adverse effect on its financial position or results of operations. 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. We have certain non-cancelable rights-of-way (“ROW”) commitments, which require fixed payments and either expire upon our chosen abandonment or at various dates in the future. The table below reflects ROW expense included in operating expenses in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ROW expense $ 13 $ 5 $ 32 $ 17 PES Refinery Fire and Bankruptcy We previously owned an approximately 7.4% indirect non-operating interest in PES, which owned a former refinery in Philadelphia. In addition, the Partnership previously provided logistics services to PES under commercial contracts and Sunoco LP previously purchased refined products from PES. In June 2019, an explosion and fire occurred at the refinery complex. On July 21, 2019, PES Holdings, LLC and seven of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code, as a result of the explosion and fire at the Philadelphia refinery complex. The Debtors have also defaulted on a $75 million note payable to a subsidiary of the Partnership. In June 2020, the Partnership received $12 million from PES on the note payable and recorded a reserve for the remaining $63 million note balance. In addition, the Partnership’s subsidiaries retained certain environmental remediation liabilities when the refinery was sold to PES. As of September 30, 2020, the Partnership has funded these environmental remediation liabilities through its wholly-owned captive insurance company, based upon actuarially determined estimates for such costs, and these liabilities are included in the total environmental liabilities discussed below under “Environmental Remediation.” It may be necessary for the Partnership to record additional environmental remediation liabilities in the future depending upon the use of such property by the buyer; however, management is not currently able to estimate such additional liabilities. PES has rejected certain of the Partnership’s commercial contracts pursuant to Section 365 of the Bankruptcy Code; however, the impact of the bankruptcy on the Partnership’s commercial contracts and related revenue loss (temporary or permanent) is unknown at this time. In addition, Sunoco LP has been successful at acquiring alternative supplies to replace fuel volume lost from PES and does not anticipate any material impact to its business going forward. 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 On July 27, 2016, the Standing Rock Sioux Tribe (“SRST”) filed a lawsuit in the United States District Court for the District of Columbia (“District Court”) challenging permits issued by the United States Army Corps of Engineers (“USACE”) permitting Dakota Access, LLC (“Dakota Access”) to cross the Missouri River at Lake Oahe in North Dakota. The case was subsequently amended to challenge an easement issued by the USACE allowing the pipeline to cross land owned by the USACE adjacent to the Missouri River. Dakota Access and the Cheyenne River Sioux Tribe (“CRST”) intervened. Separate lawsuits filed by the Oglala Sioux Tribe (“OST”) and the Yankton Sioux Tribe (“YST”) were consolidated with this action and several individual tribal members intervened (collectively, with SRST and CRST, the “Tribes”). On March 25, 2020, the court remanded the case back to the USACE for preparation of an Environment Impact Statement. On July 6, 2020, the court vacated the easement and ordered Dakota Access to be shut down and emptied of oil by August 5, 2020. Dakota Access and USACE appealed to the United States Court of Appeals for the District of Columbia (“Court of Appeals”) which granted an administrative stay of the District Court’s July 6 order and ordered further briefing on whether to fully stay the July 6 order. On August 5, 2020, the Court of Appeals granted a stay of the portion of the District Court order that required Dakota Access to shut the pipeline down and empty it of oil. The Court of Appeals also denied a motion to stay the March 25 order pending a decision on the merits by the Court of Appeals as to whether USACE will be required to prepare an Environmental Impact Statement. In addition, the Court of Appeals denied a motion to stay the District Court’s order to vacate the easement during this appeal process. The August 5 order also states that the Court of Appeals expects USACE to clarify its position with respect to whether USACE intends to allow the continued operation of the pipeline notwithstanding the vacator of the easement and that the District Court may consider additional relief if necessary. On August 10, 2020, the District Court ordered USACE to submit a status report by August 31, 2020 clarifying its position with regard to its decision making process with respect to the continued operation of the pipeline. On August 31, 2020, USACE submitted a status report that indicated that it considers the presence of the pipeline at the Lake Oahe crossing without an easement to constitute an encroachment on federal land, and that it was still considering whether to exercise its enforcement discretion regarding this encroachment. Following the filing of this status report, the District Court ordered briefing on whether to enjoin the operation of the pipeline, with briefing scheduled to conclude by December 18, 2020. Briefing on the merits of the appeal to the Court of Appeals has been completed, and oral argument has been scheduled by the Court of Appeals to occur on November 4, 2020. As a result of the ruling by the Court of Appeals related to the motions to stay and the District Court’s briefing schedule related to the injunction issue, it is expected that the pipeline will continue to operate during the pendency of the appeals process with the Court of Appeals. ET cannot determine when or how these lawsuits will be resolved or the impact they may have on the Dakota Access pipelines; however, ET expects after the law and complete record are fully considered, the issues in this litigation will be resolved in a manner that will allow the pipeline to continue to operate. Mont Belvieu Incident On June 26, 2016, a hydrocarbon storage well located on another operator’s facility adjacent to Lone Star NGL LLC’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 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; however, Lone Star is still quantifying the extent of its incurred and ongoing damages and has obtained, and will continue to seek, reimbursement for these losses. MTBE Litigation ETC Sunoco Holdings LLC and Sunoco (R&M), LLC (collectively, “Sunoco Defendants”) are defendants in lawsuits alleging MTBE contamination of groundwater. The plaintiffs, state-level governmental entities, assert product liability, nuisance, trespass, negligence, violation of environmental laws, and/or deceptive business practices claims. 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 September 30, 2020, Sunoco Defendants are defendants in five cases, including one case each initiated by the States of Maryland and Rhode Island, one by the Commonwealth of Pennsylvania and two by the Commonwealth of Puerto Rico. The more recent Puerto Rico action is a companion case alleging damages for additional sites beyond those at issue in the initial Puerto Rico action. The actions brought by the State of Maryland and Commonwealth of Pennsylvania have also named as defendants ETO, ETP Holdco Corporation, and Sunoco Partners Marketing & Terminals L.P. (“SPMT”). 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 such 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 On June 10, 2015, Adrian Dieckman (“Dieckman”), a purported Regency unitholder, filed a class action complaint related to the Regency-ETO merger (the “Regency Merger”) in the Court of Chancery of the State of Delaware (the “Regency Merger Litigation”), on behalf of Regency’s common unitholders against Regency GP LP, Regency GP LLC, ET, ETO, ETP GP, and the members of Regency’s board of directors. The Regency Merger Litigation alleges that the Regency Merger breached the Regency partnership agreement. On March 29, 2016, the Delaware Court of Chancery granted the defendants’ motion to dismiss the lawsuit in its entirety. Plaintiff appealed, and the Delaware Supreme Court reversed the judgment of the Court of Chancery. Plaintiff then filed an Amended Verified Class Action Complaint, which defendants moved to dismiss. The Court of Chancery granted in part and denied in part the motions to dismiss, dismissing the claims against all defendants other than Regency GP LP and Regency GP LLC (the “Regency Defendants”). The Court of Chancery later granted plaintiff’s unopposed motion for class certification. Trial was held on December 10-16, 2019, and a post-trial hearing was held on May 6, 2020. The Regency Defendants cannot predict the outcome of the Regency Merger Litigation or any lawsuits that might be filed subsequent to the date of this filing; nor can the Regency Defendants predict the amount of time and expense that will be required to resolve the Regency Merger Litigation. The Regency Defendants believe the Regency Merger Litigation is without merit and intend to vigorously defend against it. Rover On November 3, 2017, the State of Ohio and the Ohio Environmental Protection Agency (“Ohio EPA”) filed suit against Rover and other defendants seeking to recover civil penalties allegedly owed and certain injunctive relief related to permit compliance. The defendants filed several motions to dismiss, which were granted on all counts. The Ohio EPA appealed, and on December 9, 2019, the Fifth District Court of Appeals entered a unanimous judgment affirming the trial court. The Ohio EPA sought review from the Ohio Supreme Court, which the defendants opposed in briefs filed in February 2020. On April 22, 2020, the Ohio Supreme Court granted the Ohio EPA’s request for review. Briefing has concluded. The Ohio Supreme Court has not yet scheduled oral argument. Revolution On September 10, 2018, a pipeline release and fire (the “Incident”) occurred on the Revolution pipeline, a natural gas gathering line located in Center Township, Beaver County, Pennsylvania. There were no injuries. On February 8, 2019, the Pennsylvania Department of Environmental Protection (“PADEP”) issued a Permit Hold on any requests for approvals/permits or permit amendments for any project in Pennsylvania pursuant to the state’s water laws. The Partnership filed an appeal of the Permit Hold with the Pennsylvania Environmental Hearing Board. On January 3, 2020, the Partnership entered into a Consent Order and Agreement with the PADEP in which, among other things, the Permit Hold was lifted, the Partnership agreed to pay a $28.6 million civil penalty and fund a $2 million community environmental project, and all related appeals were withdrawn. The Pennsylvania Office of Attorney General has commenced an investigation regarding the Incident, and the United States Attorney for the Western District of Pennsylvania has issued a federal grand jury subpoena for documents relevant to the Incident. The scope of these investigations is not further known at this time. Chester County, Pennsylvania Investigation In December 2018, the former Chester County District Attorney (“DA”) sent a letter to the Partnership stating that his office was investigating the Partnership and related entities for “potential crimes” related to the Mariner East pipelines. Subsequently, the matter was submitted to an Investigating Grand Jury in Chester County, Pennsylvania, which has issued subpoenas seeking documents and testimony. On September 24, 2019, the former DA sent a Notice of Intent to the Partnership of its intent to pursue an abatement action if certain conditions were not remediated. The Partnership responded to the Notice of Intent within the prescribed time period. To date, the Partnership is not aware of any further action with regard to this Notice. In December 2019, the former DA announced charges against a current employee related to the provision of security services. On June 25, 2020, a preliminary hearing was held on the charges against the employee, and the judge dismissed all charges. Delaware County, Pennsylvania Investigation On March 11, 2019, the Delaware County District Attorney’s Office (“DA”) announced that the DA and the Pennsylvania Attorney General’s Office, at the request of the DA, are conducting an investigation of alleged criminal misconduct involving the construction and related activities of the Mariner East pipelines in Delaware County. On March 16, 2020, the Pennsylvania Attorney General Office served a Statewide Investigating Grand Jury subpoena for documents relating to inadvertent returns and water supplies related to the Mariner East pipelines. While the Partnership will cooperate with the subpoena, it intends to vigorously defend itself. 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 September 30, 2020 and December 31, 2019, accruals of approximately $86 million and $120 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 addition, other legal proceedings exist that are considered reasonably possible to result in unfavorable outcomes. For those where possible losses can be estimated, the range of possible losses related to these contingent obligations is estimated to be up to $80 million; however, no accruals have been recorded as of September 30, 2020 or December 31, 2019. 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, natural resource damages, 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 our 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 on behalf of EPA and Louisiana Department of Environmental Quality (“LDEQ”) notifying SPLP and Mid-Valley Pipeline Company (“Mid-Valley”) that enforcement actions were being pursued for three separate crude oil releases: (a) an estimated 550 barrels released from the Colmesneil-to-Chester pipeline in Tyler County, Texas (“Colmesneil”) which allegedly occurred in February 2013; (b) an estimated 4,509 barrels released from the Longview-to-Mayersville pipeline in Caddo Parish, Louisiana (a/k/a Milepost 51.5) which allegedly occurred in October 2014; and (c) an estimated 40 barrels released from the Wakita 4-inch gathering line in Oklahoma which allegedly occurred in January 2015. In January 2019, a Consent Decree approved by all parties as well as an accompanying Complaint was filed in the United States District Court for the Western District of Louisiana seeking public comment and final court approval to resolve all penalties with the DOJ and LDEQ for the three releases. Subsequently, the court approved the Consent Decree and the penalty payment of $5.4 million was satisfied. The Consent Decree requires certain injunctive relief to be completed on the Longview-to-Mayersville pipeline within three years but the injunctive relief is not expected to have any material impact on operations. In addition to resolution of the civil penalty and injunctive relief, we continue to discuss natural resource damages with the Louisiana trustees related to the Caddo Parish, Louisiana release. In October 2018, the Pipeline and Hazardous Materials Safety Administration (“PHMSA”) issued a notice of proposed safety order (the “Notice”) to SPMT, a wholly-owned subsidiary of ETO. The Notice alleged that conditions exist on certain pipeline facilities owned and operated by SPMT in Nederland, Texas that pose a pipeline integrity risk to public safety, property or the environment. The Notice also made preliminary findings of fact and proposed corrective measures. SPMT responded to the Notice by submitting a timely written response on November 2, 2018, attended an informal consultation held on January 30, 2019 and entered into a consent agreement with PHMSA resolving the issues in the Notice as of March 2019. SPMT is currently awaiting response from PHMSA regarding the approval status of the submitted Remedial Work Plan. On June 4, 2019, the Oklahoma Corporation Commission’s (“OCC”) Transportation Division filed a complaint against SPLP seeking a penalty of up to $1 million related to a May 2018 rupture near Edmond, Oklahoma. The release occurred on the Noble to Douglas 8” pipeline in an area of external corrosion and caused the release of approximately fifteen barrels of crude oil. SPLP responded immediately to the release and remediated the surrounding environment and pipeline in cooperation with the OCC. The OCC filed the complaint alleging that SPLP failed to provide adequate cathodic protection to the pipeline causing the failure. SPLP is negotiating a settlement agreement with the OCC for a lesser penalty. The OCC has accepted our counter offer in conjunction with a proposed consent order. The Consent Order will be presented to the OCC at a final hearing, the date of which is to be determined. 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 polychlorinated biphenyls (“PCBs”). PCB assessments are ongoing and, in some cases, our subsidiaries could be contractually responsible for contamination caused by other parties. • Certain gathering and processing systems are responsible for soil and groundwater remediation related to releases of hydrocarbons. • Legacy sites related to Sunoco that are subject to environmental assessments, including formerly owned terminals and other logistics assets, retail sites that Sunoco no longer operates, closed and/or sold refineries and other formerly owned sites. • Sunoco is potentially subject to joint and several liability for the costs of remediation at sites at which it has been identified as a potentially responsible party (“PRP”). As of September 30, 2020, Sunoco had been named as a PRP at approximately 31 identified or potentially identifiable “Superfund” sites under federal and/or comparable state law. Sunoco is usually one of a number of companies identified as a PRP at a site. Sunoco has reviewed the nature and extent of its involvement at each site and other relevant circumstances and, based upon Sunoco’s purported nexus to the sites, believes that its potential liability associated with such sites will not be significant. To the extent estimable, expected remediation costs are included in the amounts recorded for environmental matters in our consolidated balance sheets. In some circumstances, future costs cannot be reasonably estimated because remediation activities are undertaken as claims are made by customers and former customers. To the extent that an environmental remediation obligation is recorded by a subsidiary that applies regulatory accounting policies, amounts that are expected to be recoverable through tariffs or rates are recorded as regulatory assets on our consolidated balance sheets. 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 require disclosure in our consolidated financial statements. September 30, December 31, Current $ 46 $ 46 Non-current 252 274 Total environmental liabilities $ 298 $ 320 We have established a wholly-owned captive insurance company to bear certain risks associated with environmental obligations related to certain sites that are no longer operating. The premiums paid to the captive insurance company include estimates for environmental claims that have been incurred but not reported, based on an actuarially determined fully developed claims expense estimate. In such cases, we accrue losses attributable to unasserted claims based on the discounted estimates that are used to develop the premiums paid to the captive insurance company. During the three months ended September 30, 2020 and 2019, the Partnership recorded $7 million and $16 million, respectively, of expenditures related to environmental cleanup programs. During the nine months ended September 30, 2020 and 2019, the Partnership recorded $22 million and $31 million, respectively, of expenditures related to environmental cleanup programs. Our pipeline operations are subject to regulation by the United States Department of Transportation under PHMSA, pursuant to which PHMSA has established requirements relating to the design, installation, testing, construction, operation, replacement and management of pipeline facilities. Moreover, PHMSA, through the Office of Pipeline Safety, has promulgated a rule requiring pipeline operators to develop integrity management programs to comprehensively evaluate their pipelines, and take measures to protect pipeline segments located in what the rule refers to as “high consequence areas.” Activities under these integrity management programs involve the performance of internal pipeline inspections, pressure testing or other effective means to assess the integrity of these regulated pipeline segments, and the regulations require prompt action to address integrity issues raised by the assessment and analysis. Integrity testing and assessment of all of these assets will continue, and the potential exists that results of such testing and assessment could cause us to incur future capital and operating expenditures for repairs or upgrades deemed necessary to ensure the continued safe and reliable operation of our pipelines; however, no estimate can be made at this time of the likely range of such expenditures. |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenue The Partnership’s consolidated financial statements reflect eight reportable segments, which also represent the level at which the Partnership aggregates revenue for disclosure purposes. Note 14 depicts the disaggregation of revenue by segment. Contract Balances with Customers The Partnership satisfies its obligations by transferring goods or services in exchange for consideration from customers. The timing of performance may differ from the timing the associated consideration is paid to or received from the customer, thus resulting in the recognition of a contract asset or a contract liability. The Partnership recognizes a contract asset when making upfront consideration payments to certain customers or when providing services to customers prior to the time at which the Partnership is contractually allowed to bill for such services. The Partnership recognizes a contract liability if the customer’s payment of consideration precedes the Partnership’s fulfillment of the performance obligations. Certain contracts contain provisions requiring customers to pay a fixed fee for a right to use our assets, but allow customers to apply such fees against services to be provided at a future point in time. These amounts are reflected as deferred revenue until the customer applies the deficiency fees to services provided or becomes unable to use the fees as payment for future services due to expiration of the contractual period the fees can be applied or physical inability of the customer to utilize the fees due to capacity constraints. Additionally, Sunoco LP maintains some franchise agreements requiring dealers to make one-time upfront payments for long term license agreements. Sunoco LP recognizes a contract liability when the upfront payment is received and recognizes revenue over the term of the license. The following table summarizes the consolidated activity of our contract liabilities: Contract Liabilities Balance, December 31, 2019 $ 377 Additions 598 Revenue recognized (614) Balance, September 30, 2020 $ 361 Balance, December 31, 2018 $ 394 Additions 448 Revenue recognized (491) Balance, September 30, 2019 $ 351 The balances of receivables from contracts with customers listed in the table below include both current trade receivables and long-term receivables, net of allowance for expected credit losses. The allowance for expected credit losses represents Sunoco LP's best estimate of the probable losses associated with potential customer defaults. Sunoco LP estimates the expected credit losses based on historical write-off experience by industry and current expectations of future credit losses. The balances of Sunoco LP’s contract assets as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, Contract asset balances: Contract assets $ 123 $ 117 Accounts receivable from contracts with customers 225 366 Costs to Obtain or Fulfill a Contract Sunoco LP recognizes an asset from the costs incurred to obtain a contract (e.g., sales commissions) only if it expects to recover those costs. On the other hand, the costs to fulfill a contract are capitalized if the costs are specifically identifiable |
Derivative Assets And Liabiliti
Derivative Assets And Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
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 in 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 utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of refined products and NGLs to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes. We use futures and swaps to achieve ratable pricing of crude oil purchases, to convert certain expected refined product sales to fixed or floating prices, to lock in margins for certain refined products and to lock in the price of a portion of natural gas purchases or sales. 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: September 30, 2020 December 31, 2019 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (1) (91,365) 2020-2021 (35,208) 2020-2024 Fixed Swaps/Futures 4,965 2020-2022 1,483 2020 Power (Megawatt): Forwards 1,714,800 2020-2029 3,213,450 2020-2029 Futures (35,313) 2020-2022 (353,527) 2020 Options – Puts (15) 2020-2021 51,615 2020 Options – Calls (6,323,560) 2020-2022 (2,704,330) 2020-2021 (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (20,800) 2020-2022 (18,923) 2020-2022 Swing Swaps IFERC (7,480) 2020-2021 (9,265) 2020 Fixed Swaps/Futures (43,708) 2020-2022 (3,085) 2020-2021 Forward Physical Contracts (15,281) 2021 (13,364) 2020-2021 NGLs (MBbls) – Forwards/Swaps (14,743) 2020-2022 (1,300) 2020-2021 Refined Products (MBbls) – Futures (3,391) 2020-2022 (2,473) 2020-2021 Crude (MBbls) – Forwards/Swaps 1,929 2020 4,465 2020 Corn (thousand bushels) — — (1,210) 2020 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (38,490) 2020-2021 (31,780) 2020 Fixed Swaps/Futures (38,490) 2020-2021 (31,780) 2020 Hedged Item – Inventory 38,490 2020-2021 31,780 2020 (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 September 30, December 31, July 2020 (2)(3) Forward-starting to pay a fixed rate of 3.52% and receive a floating rate $ — $ 400 July 2021 (2) Forward-starting to pay a fixed rate of 3.55% and receive a floating rate 400 400 July 2022 (2) Forward-starting to pay a fixed rate of 3.80% and receive a floating rate 400 400 (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. (3) The July 2020 interest rate swaps were terminated in January 2020. 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 industrial end-users, 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 with 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 September 30, December 31, September 30, December 31, Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 32 $ 24 $ (52) $ — Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 68 319 (107) (350) Commodity derivatives 47 41 (45) (39) Interest rate derivatives — — (522) (399) 115 360 (674) (788) Total derivatives $ 147 $ 384 $ (726) $ (788) 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 September 30, December 31, September 30, December 31, Derivatives without offsetting agreements Derivative liabilities $ — $ — $ (522) $ (399) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 47 41 (45) (39) Broker cleared derivative contracts Other current assets (liabilities) 100 343 (159) (350) Total gross derivatives 147 384 (726) (788) Offsetting agreements: Counterparty netting Derivative assets (liabilities) (28) (18) 28 18 Counterparty netting Other current assets (liabilities) (34) (318) 34 318 Total net derivatives $ 85 $ 48 $ (664) $ (452) We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or non-current depending on the anticipated settlement date. The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments: Location Amount of Gain (Loss) on Derivatives Three Months Ended Nine Months Ended 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 4 $ 3 $ 15 $ 15 Commodity derivatives – Non-trading Cost of products sold (44) 21 53 (53) Interest rate derivatives Gains (losses) on interest rate derivatives 55 (175) (277) (371) Total $ 15 $ (151) $ (209) $ (409) |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS ET-ETO Promissory Note As of September 30, 2020 and December 31, 2019, ETO’s promissory note receivable from ET had an outstanding balance of $2.8 billion and $3.7 billion, respectively, and ETO’s long-term intercompany payable to ET had an outstanding balance of $150 million and $104 million, respectively. The outstanding promissory note receivable and intercompany payable are reflected on a net basis in the Partnership’s consolidated balance sheets. Interest income attributable to promissory notes from ET included in other, net in our consolidated statements of operations for the three months ended September 30, 2020 and 2019 was $36 million and $56 million, respectively. Interest income attributable to promissory notes from ET included in other income, net in our consolidated statements of operations for the nine months ended September 30, 2020 and 2019 was $118 million and $144 million, respectively. The Partnership also has related party transactions with several of its unconsolidated affiliates. In addition to commercial transactions, these transactions include the provision of certain management services and leases of certain assets. The following table summarizes the revenues from related companies on our consolidated statements of operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues from related companies $ 100 $ 129 $ 375 $ 374 The following table summarizes the accounts receivable from and accounts payable to related companies on our consolidated balance sheets: September 30, December 31, Accounts receivable from related companies: ET $ 3 $ 8 FGT 13 50 Phillips 66 36 36 Various 41 73 Total accounts receivable from related companies $ 93 $ 167 Accounts payable to related companies: Various 46 31 Total accounts payable to related companies $ 46 $ 31 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2020 | |
Reportable Segments [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS Our reportable segments, which conduct their business primarily in the United States, are as follows: • intrastate transportation and storage; • interstate transportation and storage; • midstream; • NGL and refined products transportation and services; • crude oil transportation and services; • investment in Sunoco LP; • investment in USAC; and • all other. 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 investment in Sunoco LP segment are primarily reflected in refined product sales. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales and gathering, transportation and other fees. We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out (“LIFO”). These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period. Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. The following tables present financial information by segment: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues: Intrastate transportation and storage: Revenues from external customers $ 614 $ 675 $ 1,615 $ 2,115 Intersegment revenues 40 89 148 270 654 764 1,763 2,385 Interstate transportation and storage: Revenues from external customers 466 475 1,365 1,454 Intersegment revenues 5 4 15 16 471 479 1,380 1,470 Midstream: Revenues from external customers 585 704 1,477 1,704 Intersegment revenues 792 876 2,088 2,792 1,377 1,580 3,565 4,496 NGL and refined products transportation and services: Revenues from external customers 2,207 2,271 5,991 7,340 Intersegment revenues 416 607 1,466 1,181 2,623 2,878 7,457 8,521 Crude oil transportation and services: Revenues from external customers 2,849 4,453 8,873 13,685 Intersegment revenues 1 — 4 — 2,850 4,453 8,877 13,685 Investment in Sunoco LP: Revenues from external customers 2,801 4,328 8,104 12,494 Intersegment revenues 4 3 53 4 2,805 4,331 8,157 12,498 Investment in USAC: Revenues from external customers 158 169 500 505 Intersegment revenues 3 6 9 15 161 175 509 520 All other: Revenues from external customers 275 420 995 1,196 Intersegment revenues 92 21 377 80 367 441 1,372 1,276 Eliminations (1,353) (1,606) (4,160) (4,358) Total revenues $ 9,955 $ 13,495 $ 28,920 $ 40,493 Three Months Ended Nine Months Ended 2020 2019* 2020 2019* Segment Adjusted EBITDA: Intrastate transportation and storage $ 203 $ 235 $ 630 $ 777 Interstate transportation and storage 425 442 1,232 1,358 Midstream 530 411 1,280 1,205 NGL and refined products transportation and services 762 667 2,099 1,923 Crude oil transportation and services 631 726 1,741 2,222 Investment in Sunoco LP 189 192 580 497 Investment in USAC 104 104 315 310 All other 24 37 70 83 Total 2,868 2,814 7,947 8,375 Depreciation, depletion and amortization (910) (782) (2,709) (2,334) Interest expense, net of interest capitalized (569) (575) (1,747) (1,680) Impairment losses (1,474) (12) (2,803) (62) Gains (losses) on interest rate derivatives 55 (175) (277) (371) Non-cash compensation expense (29) (27) (92) (85) Unrealized gains (losses) on commodity risk management activities (30) 64 (27) 90 Losses on extinguishments of debt — — (59) (2) Inventory valuation adjustments (Sunoco LP) 11 (26) (126) 71 Adjusted EBITDA related to unconsolidated affiliates (169) (161) (480) (470) Equity in earnings (losses) of unconsolidated affiliates (32) 82 46 224 Impairment of investment in an unconsolidated affiliate (129) — (129) — Other, net 88 103 68 211 Income (loss) before income tax expense (320) 1,305 (388) 3,967 Income tax expense (42) (55) (169) (216) Net income (loss) $ (362) $ 1,250 $ (557) $ 3,751 *As adjusted. See Note 1. September 30, December 31, 2019* Segment assets: Intrastate transportation and storage $ 7,215 $ 6,648 Interstate transportation and storage 17,341 18,111 Midstream 19,056 20,332 NGL and refined products transportation and services 20,944 19,145 Crude oil transportation and services 19,882 22,933 Investment in Sunoco LP 4,986 5,438 Investment in USAC 3,011 3,730 All other 5,087 5,957 Total segment assets $ 97,522 $ 102,294 *As adjusted. See Note 1. |
Operations And Basis of Prese_2
Operations And Basis of Presentation Accounting Policy (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill During the first quarter of 2020, due to the impacts of the COVID-19 pandemic, the decline in commodity prices and the decreases in the Partnership’s market capitalization, we determined that interim impairment testing should be performed on certain reporting units. We performed the interim impairment tests consistent with our approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim impairment test, the Partnership recognized a goodwill impairment of $483 million related to our Arklatex and South Texas operations within the midstream segment, a goodwill impairment of $183 million related to our Lake Charles LNG regasification operations within the interstate transportation and storage segment due to contractually scheduled reductions in payments for the remainder of the contract term, and a goodwill impairment of $40 million related to our all other operations primarily due to decreases in projected future revenues and cash flows as a result of the overall market demand decline. In addition, USAC recognized a goodwill impairment of $619 million during the three months ended March 31, 2020, which is included in the Partnership’s consolidated results of operations. During the three months ended September 30, 2020, the Partnership performed interim impairment testing on certain reporting units within its midstream, interstate, crude, NGL and all other operations. As a result, the Partnership recognized a goodwill impairment of $1.28 billion related to our crude operations, a goodwill impairment of $132 million related to our SemCAMS operations within the all other segment and a goodwill impairment of $43 million related to our interstate operations primarily due to decreases in projected future cash flow as a result of the overall market demand decline. No other impairments of the Partnership’s goodwill were identified. |
Basis of Accounting, Policy [Policy Text Block] | 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 Operating, L.P. for the year ended December 31, 2019, included in the Partnership’s Annual Report on Form 10-K filed with the SEC on February 21, 2020. 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. The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC. Certain prior period amounts have also been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity. |
Use of Estimates, Policy [Policy Text Block] | 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Effective January 1, 2020, the Partnership adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. The impact of adoption was immaterial to the Partnership. However, due in large part to the global economic impacts of COVID-19, the Partnership and its subsidiaries recorded an aggregate $16 million of current expected credit losses for the nine months ended September 30, 2020. |
Inventory, Policy [Policy Text Block] | Change in Accounting Policy Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. These crude oil barrels, which are owned by the Partnership’s crude oil acquisition and marketing business, include pipeline linefill and tank bottoms and are not considered to be available for sale because the volumes must be maintained in order to continue normal operation of the related pipelines or tanks and because there is no expectation of liquidation or sale of these volumes in the near term. 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. Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of September 30, 2020 and December 31, 2019, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $360 million and $229 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and nine months ended September 30, 2020 and 2019, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory. |
Cash And Cash Equivalents Cash
Cash And Cash Equivalents Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of September 30, 2020 or December 31, 2019. 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. |
Inventories Inventories (Polici
Inventories Inventories (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | Change in Accounting Policy Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. These crude oil barrels, which are owned by the Partnership’s crude oil acquisition and marketing business, include pipeline linefill and tank bottoms and are not considered to be available for sale because the volumes must be maintained in order to continue normal operation of the related pipelines or tanks and because there is no expectation of liquidation or sale of these volumes in the near term. 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. Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of September 30, 2020 and December 31, 2019, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $360 million and $229 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and nine months ended September 30, 2020 and 2019, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | 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 nine months ended September 30, 2020, no transfers were made between any levels within the fair value hierarchy |
Income Taxes Income Taxes (Poli
Income Taxes Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | The Partnership’s effective tax rate differs from the statutory rate primarily due to partnership earnings that are not subject to United States federal and most state income taxes at the partnership level. |
Revenue (Policies)
Revenue (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Contract Balances with Customers The Partnership satisfies its obligations by transferring goods or services in exchange for consideration from customers. The timing of performance may differ from the timing the associated consideration is paid to or received from the customer, thus resulting in the recognition of a contract asset or a contract liability. The Partnership recognizes a contract asset when making upfront consideration payments to certain customers or when providing services to customers prior to the time at which the Partnership is contractually allowed to bill for such services. The Partnership recognizes a contract liability if the customer’s payment of consideration precedes the Partnership’s fulfillment of the performance obligations. Certain contracts contain provisions requiring customers to pay a fixed fee for a right to use our assets, but allow customers to apply such fees against services to be provided at a future point in time. These amounts are reflected as deferred revenue until the customer applies the deficiency fees to services provided or becomes unable to use the fees as payment for future services due to expiration of the contractual period the fees can be applied or physical inability of the customer to utilize the fees due to capacity constraints. Additionally, Sunoco LP maintains some franchise agreements requiring dealers to make one-time upfront payments for long term license agreements. Sunoco LP recognizes a contract liability when the upfront payment is received and recognizes revenue over the term of the license. |
Revenue [Policy Text Block] | Disaggregation of Revenue The Partnership’s consolidated financial statements reflect eight reportable segments, which also represent the level at which the Partnership aggregates revenue for disclosure purposes. Note 14 depicts the disaggregation of revenue by segment. |
Derivative Assets And Liabili_2
Derivative Assets And Liabilities Derivative Assets and Liabilities (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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 industrial end-users, 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 with 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. |
Derivatives, Policy [Policy Text Block] | 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 in 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 utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of refined products and NGLs to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes. |
Operations And Basis of Prese_3
Operations And Basis of Presentation Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Operations and Basis of Presentation [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amounts of goodwill were as follows: Intrastate Interstate Midstream NGL and Refined Products Transportation and Services Crude Oil Transportation and Services Investment in Sunoco LP Investment in USAC All Other Total Balance, December 31, 2019 $ 10 $ 226 $ 483 $ 693 $ 1,397 $ 1,555 $ 619 $ 184 $ 5,167 Impaired — (183) (483) — — — (619) (40) (1,325) Other — — — — — — — (7) (7) Balance, March 31, 2020 10 43 — 693 1,397 1,555 — 137 3,835 Other — — — — — — — 33 33 Balance, June 30, 2020 10 43 — 693 1,397 1,555 — 170 3,868 Impaired — (43) — — (1,279) — — (132) (1,454) Other — — — — (66) — — 70 4 Balance, September 30, 2020 $ 10 $ — $ — $ 693 $ 52 $ 1,555 $ — $ 108 $ 2,418 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | The impacts of this accounting policy change on the Partnership’s net income for the nine months ended September 30, 2020 was approximately $265 million. As a result of this change in accounting policy, the Partnership’s consolidated balance sheets for prior periods have been retrospectively adjusted as follows: December 31, 2019 December 31, 2018 As Originally Reported* Effect of Change As Adjusted As Originally Reported Effect of Change As Adjusted Inventories $ 1,935 $ (403) $ 1,532 $ 1,677 $ (305) $ 1,372 Total current assets 7,888 (403) 7,485 6,820 (305) 6,515 Other non-current assets, net 1,075 496 1,571 1,006 472 1,478 Total assets 102,201 93 102,294 88,442 167 88,609 Total partners’ capital 27,289 93 27,382 28,718 167 28,885 * Amounts reflect the retrospective consolidation of the SemGroup entities discussed above. In addition, the Partnership’s consolidated statements of operations, comprehensive income and cash flows for prior periods have been retrospectively adjusted as follows: Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2019 As originally reported: Consolidated Statements of Operations and Comprehensive Income Cost of products sold $ 39,603 $ 41,658 $ 9,890 $ 29,607 Operating income 7,285 5,402 1,834 5,589 Income from continuing operations before income tax expense 5,386 4,044 1,279 4,002 Net income 5,186 3,774 1,224 3,786 Comprehensive income 5,210 3,731 1,217 3,788 Comprehensive income attributable to partners 4,108 2,982 944 2,967 Consolidated Statements of Cash Flows Net income 5,186 3,774 1,224 3,786 Net change in operating assets and liabilities (479) 117 (77) (325) Effect of change: Consolidated Statements of Operations and Comprehensive Income Cost of products sold 74 (55) (26) 35 Operating income (74) 55 26 (35) Income from continuing operations before income tax expense (74) 55 26 (35) Net income (74) 55 26 (35) Comprehensive income (74) 55 26 (35) Comprehensive income attributable to partners (74) 55 26 (35) Consolidated Statements of Cash Flows Net income (74) 55 26 (35) Net change in operating assets and liabilities 74 (55) (26) 35 As adjusted: Consolidated Statements of Operations and Comprehensive Income Cost of products sold 39,677 41,603 9,864 29,642 Operating income 7,211 5,457 1,860 5,554 Income from continuing operations before income tax expense 5,312 4,099 1,305 3,967 Net income 5,112 3,829 1,250 3,751 Comprehensive income 5,136 3,786 1,243 3,753 Comprehensive income attributable to partners 4,034 3,037 970 2,932 Consolidated Statements of Cash Flows Net income 5,112 3,829 1,250 3,751 Net change in operating assets and liabilities (405) 62 (103) (290) |
Acquisitions and Other Transa_2
Acquisitions and Other Transactions Schedule of Assets Acquired (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As discussed in Note 1, former SemGroup subsidiaries were transferred from ET to ETO during the first and second quarters of 2020. The following table represents the fair value, as of December 5, 2019, of the SemGroup assets and liabilities transferred from ET to ETO: At December 5, 2019 Total current assets $ 794 Property, plant and equipment 3,891 Other non-current assets 617 Goodwill 295 Intangible assets 460 Total assets 6,057 Total current liabilities 629 Long-term debt, less current maturities (1) 2,576 Other non-current liabilities 197 SemCAMS Preferred shares 241 Total liabilities 3,643 Noncontrolling interest 822 Partners’ capital 1,592 Total liabilities and partners’ capital $ 6,057 |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: Nine Months Ended 2020 2019 Accounts receivable $ 1,307 $ (353) Accounts receivable from related companies (265) (30) Inventories (298) (7) Other current assets 126 (14) Other non-current assets, net (26) (206) Accounts payable (1,354) 27 Accounts payable to related companies 373 (105) Accrued and other current liabilities 122 194 Other non-current liabilities (5) (103) Derivative assets and liabilities, net 123 307 Net change in operating assets and liabilities, net of effects of acquisitions $ 103 $ (290) |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Non-cash activities are as follows: Nine Months Ended 2020 2019 NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued capital expenditures $ 684 $ 1,202 Lease assets obtained in exchange for new lease liabilities 130 73 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory, Gross [Abstract] | |
Schedule Of Inventories | Inventories consisted of the following: September 30, December 31, Natural gas, NGLs and refined products $ 914 $ 833 Crude oil 352 251 Spare parts and other 457 448 Total inventories $ 1,723 $ 1,532 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019 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 $ 13 $ 13 $ — Swing Swaps IFERC 2 — 2 Fixed Swaps/Futures 5 5 — Forward Physical Contracts 6 — 6 Power: Forwards 8 — 8 Futures 2 2 — Options – Puts — — — Options – Calls 1 1 — NGLs – Forwards/Swaps 103 103 — Refined Products – Futures 5 5 — Crude – Forwards/Swaps 2 2 — Total commodity derivatives 147 131 16 Other non-current assets 31 20 11 Total assets $ 178 $ 151 $ 27 Liabilities: Interest rate derivatives $ (522) $ — $ (522) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (9) (9) — Swing Swaps IFERC (4) (1) (3) Fixed Swaps/Futures (29) (29) — Power: Forwards (3) — (3) Futures (2) (2) — NGLs – Forwards/Swaps (153) (153) — Refined Products – Futures (4) (4) — Total commodity derivatives (204) (198) (6) Total liabilities $ (726) $ (198) $ (528) Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 17 $ 17 $ — Swing Swaps IFERC 1 — 1 Fixed Swaps/Futures 65 65 — Forward Physical Contracts 3 — 3 Power: Forwards 11 — 11 Futures 4 4 — Options – Puts 1 1 — Options – Calls 1 1 — NGLs – Forwards/Swaps 260 260 — Refined Products – Futures 8 8 — Crude – Forwards/Swaps 13 13 — Total commodity derivatives 384 369 15 Other non-current assets 31 20 11 Total assets $ 415 $ 389 $ 26 Liabilities: Interest rate derivatives $ (399) $ — $ (399) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (49) (49) — Swing Swaps IFERC (1) — (1) Fixed Swaps/Futures (43) (43) — Power: Forwards (5) — (5) Futures (3) (3) — NGLs – Forwards/Swaps (278) (278) — Refined Products – Futures (10) (10) — Total commodity derivatives (389) (383) (6) Total liabilities $ (788) $ (383) $ (405) |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The following table presents the components of AOCI, net of tax: September 30, December 31, Available-for-sale securities $ 16 $ 13 Foreign currency translation adjustment (14) (5) Actuarial loss related to pensions and other postretirement benefits (10) (25) Investments in unconsolidated affiliates, net (16) (1) Subtotal (24) (18) Amounts attributable to noncontrolling interest 20 — Total AOCI, net of tax $ (4) $ (18) |
ETO [Member] | |
Schedule of Preferred Units [Table Text Block] | Preferred Units As of September 30, 2020 and December 31, 2019, our outstanding preferred units included 950,000 Series A Preferred Units, 550,000 Series B Preferred Units, 18,000,000 Series C Preferred Units, 17,800,000 Series D Preferred Units and 32,000,000 Series E Preferred Units. As of September 30, 2020, our outstanding preferred units also included 500,000 Series F Preferred Units and 1,100,000 Series G Preferred Units. The following table summarizes changes in the amounts of our Series A, Series B, Series C, Series D, Series E, Series F and Series G preferred units for the nine months ended September 30, 2020: Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Total Balance, December 31, 2019 $ 958 $ 556 $ 440 $ 434 $ 786 $ — $ — $ 3,174 Distributions to partners (30) (18) (8) (9) (15) — — (80) Units issued for cash — — — — — 494 1,086 1,580 Other, net — — — — — (1) (2) (3) Net income 15 9 8 9 15 6 15 77 Balance, March 31, 2020 943 547 440 434 786 499 1,099 4,748 Distributions to partners — — (8) (8) (15) (11) (25) (67) Other, net — — — — — (1) — (1) Net income 15 9 8 8 15 9 20 84 Balance, June 30, 2020 958 556 440 434 786 496 1,094 4,764 Distributions to partners (30) (18) (8) (9) (15) — — (80) Net income 15 9 8 9 15 9 19 84 Balance, September 30, 2020 $ 943 $ 547 $ 440 $ 434 $ 786 $ 505 $ 1,113 $ 4,768 The following table summarizes changes in the amounts of our Series A, Series B, Series C, Series D and Series E preferred units for the nine months ended September 30, 2019: Preferred Unitholders Series A Series B Series C Series D Series E Total Balance, December 31, 2018 $ 958 $ 556 $ 440 $ 434 $ — $ 2,388 Distributions to partners (30) (18) (8) (8) — (64) Net income 15 9 8 8 — 40 Balance, March 31, 2019 943 547 440 434 — 2,364 Distributions to partners — — (9) (9) — (18) Units issued for cash — — — — 780 780 Other, net — — — — (1) (1) Net income 15 9 9 9 11 53 Balance, June 30, 2019 958 556 440 434 790 3,178 Distributions to partners (29) (18) (8) (8) (19) (82) Net income 15 9 8 8 15 55 Balance, September 30, 2019 $ 944 $ 547 $ 440 $ 434 $ 786 $ 3,151 |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distributions on ETO’s preferred units declared and/or paid subsequent to December 31, 2019 were as follows: Period Ended Record Date Payment Date Series A (1) Series B (1) Series C Series D Series E Series F (2) Series G (2) December 31, 2019 February 3, 2020 February 18, 2020 $ 31.25 $ 33.125 $ 0.4609 $ 0.4766 0.4750 $ — $ — March 31, 2020 May 1, 2020 May 15, 2020 — — 0.4609 0.4766 0.4750 21.19 22.36 June 30, 2020 August 3, 2020 August 17, 2020 31.25 33.125 0.4609 0.4766 0.4750 — — September 30, 2020 November 2, 2020 November 16, 2020 — — 0.4609 0.4766 0.4750 33.75 35.625 (1) Series A Preferred Unit and Series B Preferred Unit distributions are paid on a semi-annual basis. (2) Series F Preferred Unit and Series G Preferred Unit distributions related to the period ended March 31, 2020 represent a prorated initial distribution. Distributions are paid on a semi-annual basis. |
Traverse | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Sunoco LP Cash Distributions Distributions declared and/or paid by Sunoco LP to its common unitholders subsequent to December 31, 2019 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2019 February 7, 2020 February 19, 2020 $ 0.8255 March 31, 2020 May 7, 2020 May 19, 2020 0.8255 June 30, 2020 August 7, 2020 August 19, 2020 0.8255 September 30, 2020 November 6, 2020 November 19, 2020 0.8255 |
USA Compression Partners, LP [Member] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | USAC Cash Distributions Distributions declared and/or paid by USAC to its common unitholders subsequent to December 31, 2019 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2019 January 27, 2020 February 7, 2020 $ 0.5250 March 31, 2020 April 27, 2020 May 8, 2020 0.5250 June 30, 2020 July 31, 2020 August 10, 2020 0.5250 September 30, 2020 October 26, 2020 November 6, 2020 0.5250 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 require disclosure in our consolidated financial statements. September 30, December 31, Current $ 46 $ 46 Non-current 252 274 Total environmental liabilities $ 298 $ 320 |
Right Of Way [Member] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | We have certain non-cancelable rights-of-way (“ROW”) commitments, which require fixed payments and either expire upon our chosen abandonment or at various dates in the future. The table below reflects ROW expense included in operating expenses in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ROW expense $ 13 $ 5 $ 32 $ 17 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The following table summarizes the consolidated activity of our contract liabilities: Contract Liabilities Balance, December 31, 2019 $ 377 Additions 598 Revenue recognized (614) Balance, September 30, 2020 $ 361 Balance, December 31, 2018 $ 394 Additions 448 Revenue recognized (491) Balance, September 30, 2019 $ 351 The balances of Sunoco LP’s contract assets as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, Contract asset balances: Contract assets $ 123 $ 117 Accounts receivable from contracts with customers 225 366 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of September 30, 2020, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is $39.50 billion, and the Partnership expects to recognize this amount as revenue within the time bands illustrated below: Years Ending December 31, 2020 (remainder) 2021 2022 Thereafter Total Revenue expected to be recognized on contracts with customers existing as of September 30, 2020 $ 1,633 $ 5,674 $ 5,180 $ 27,016 $ 39,503 |
Derivative Assets And Liabili_3
Derivative Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives: September 30, 2020 December 31, 2019 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (1) (91,365) 2020-2021 (35,208) 2020-2024 Fixed Swaps/Futures 4,965 2020-2022 1,483 2020 Power (Megawatt): Forwards 1,714,800 2020-2029 3,213,450 2020-2029 Futures (35,313) 2020-2022 (353,527) 2020 Options – Puts (15) 2020-2021 51,615 2020 Options – Calls (6,323,560) 2020-2022 (2,704,330) 2020-2021 (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (20,800) 2020-2022 (18,923) 2020-2022 Swing Swaps IFERC (7,480) 2020-2021 (9,265) 2020 Fixed Swaps/Futures (43,708) 2020-2022 (3,085) 2020-2021 Forward Physical Contracts (15,281) 2021 (13,364) 2020-2021 NGLs (MBbls) – Forwards/Swaps (14,743) 2020-2022 (1,300) 2020-2021 Refined Products (MBbls) – Futures (3,391) 2020-2022 (2,473) 2020-2021 Crude (MBbls) – Forwards/Swaps 1,929 2020 4,465 2020 Corn (thousand bushels) — — (1,210) 2020 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (38,490) 2020-2021 (31,780) 2020 Fixed Swaps/Futures (38,490) 2020-2021 (31,780) 2020 Hedged Item – Inventory 38,490 2020-2021 31,780 2020 |
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 September 30, December 31, July 2020 (2)(3) Forward-starting to pay a fixed rate of 3.52% and receive a floating rate $ — $ 400 July 2021 (2) Forward-starting to pay a fixed rate of 3.55% and receive a floating rate 400 400 July 2022 (2) Forward-starting to pay a fixed rate of 3.80% and receive a floating rate 400 400 (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 September 30, December 31, September 30, December 31, Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 32 $ 24 $ (52) $ — Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 68 319 (107) (350) Commodity derivatives 47 41 (45) (39) Interest rate derivatives — — (522) (399) 115 360 (674) (788) Total derivatives $ 147 $ 384 $ (726) $ (788) |
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 September 30, December 31, September 30, December 31, Derivatives without offsetting agreements Derivative liabilities $ — $ — $ (522) $ (399) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 47 41 (45) (39) Broker cleared derivative contracts Other current assets (liabilities) 100 343 (159) (350) Total gross derivatives 147 384 (726) (788) Offsetting agreements: Counterparty netting Derivative assets (liabilities) (28) (18) 28 18 Counterparty netting Other current assets (liabilities) (34) (318) 34 318 Total net derivatives $ 85 $ 48 $ (664) $ (452) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments: Location Amount of Gain (Loss) on Derivatives Three Months Ended Nine Months Ended 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 4 $ 3 $ 15 $ 15 Commodity derivatives – Non-trading Cost of products sold (44) 21 53 (53) Interest rate derivatives Gains (losses) on interest rate derivatives 55 (175) (277) (371) Total $ 15 $ (151) $ (209) $ (409) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Balances For Period Presented [Table Text Block] | The following table summarizes the accounts receivable from and accounts payable to related companies on our consolidated balance sheets: September 30, December 31, Accounts receivable from related companies: ET $ 3 $ 8 FGT 13 50 Phillips 66 36 36 Various 41 73 Total accounts receivable from related companies $ 93 $ 167 Accounts payable to related companies: Various 46 31 Total accounts payable to related companies $ 46 $ 31 |
Related Party Transactions For Period Presented [Table Text Block] | The following table summarizes the revenues from related companies on our consolidated statements of operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues from related companies $ 100 $ 129 $ 375 $ 374 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue, Segment Benchmark [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 Nine Months Ended 2020 2019 2020 2019 Revenues: Intrastate transportation and storage: Revenues from external customers $ 614 $ 675 $ 1,615 $ 2,115 Intersegment revenues 40 89 148 270 654 764 1,763 2,385 Interstate transportation and storage: Revenues from external customers 466 475 1,365 1,454 Intersegment revenues 5 4 15 16 471 479 1,380 1,470 Midstream: Revenues from external customers 585 704 1,477 1,704 Intersegment revenues 792 876 2,088 2,792 1,377 1,580 3,565 4,496 NGL and refined products transportation and services: Revenues from external customers 2,207 2,271 5,991 7,340 Intersegment revenues 416 607 1,466 1,181 2,623 2,878 7,457 8,521 Crude oil transportation and services: Revenues from external customers 2,849 4,453 8,873 13,685 Intersegment revenues 1 — 4 — 2,850 4,453 8,877 13,685 Investment in Sunoco LP: Revenues from external customers 2,801 4,328 8,104 12,494 Intersegment revenues 4 3 53 4 2,805 4,331 8,157 12,498 Investment in USAC: Revenues from external customers 158 169 500 505 Intersegment revenues 3 6 9 15 161 175 509 520 All other: Revenues from external customers 275 420 995 1,196 Intersegment revenues 92 21 377 80 367 441 1,372 1,276 Eliminations (1,353) (1,606) (4,160) (4,358) Total revenues $ 9,955 $ 13,495 $ 28,920 $ 40,493 |
Operating Segments [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019* 2020 2019* Segment Adjusted EBITDA: Intrastate transportation and storage $ 203 $ 235 $ 630 $ 777 Interstate transportation and storage 425 442 1,232 1,358 Midstream 530 411 1,280 1,205 NGL and refined products transportation and services 762 667 2,099 1,923 Crude oil transportation and services 631 726 1,741 2,222 Investment in Sunoco LP 189 192 580 497 Investment in USAC 104 104 315 310 All other 24 37 70 83 Total 2,868 2,814 7,947 8,375 Depreciation, depletion and amortization (910) (782) (2,709) (2,334) Interest expense, net of interest capitalized (569) (575) (1,747) (1,680) Impairment losses (1,474) (12) (2,803) (62) Gains (losses) on interest rate derivatives 55 (175) (277) (371) Non-cash compensation expense (29) (27) (92) (85) Unrealized gains (losses) on commodity risk management activities (30) 64 (27) 90 Losses on extinguishments of debt — — (59) (2) Inventory valuation adjustments (Sunoco LP) 11 (26) (126) 71 Adjusted EBITDA related to unconsolidated affiliates (169) (161) (480) (470) Equity in earnings (losses) of unconsolidated affiliates (32) 82 46 224 Impairment of investment in an unconsolidated affiliate (129) — (129) — Other, net 88 103 68 211 Income (loss) before income tax expense (320) 1,305 (388) 3,967 Income tax expense (42) (55) (169) (216) Net income (loss) $ (362) $ 1,250 $ (557) $ 3,751 *As adjusted. See Note 1. September 30, December 31, 2019* Segment assets: Intrastate transportation and storage $ 7,215 $ 6,648 Interstate transportation and storage 17,341 18,111 Midstream 19,056 20,332 NGL and refined products transportation and services 20,944 19,145 Crude oil transportation and services 19,882 22,933 Investment in Sunoco LP 4,986 5,438 Investment in USAC 3,011 3,730 All other 5,087 5,957 Total segment assets $ 97,522 $ 102,294 *As adjusted. See Note 1. |
Operations And Basis of Prese_4
Operations And Basis of Presentation Operations And Organization Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | [1] | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | [1] | Jun. 30, 2020 | Dec. 31, 2019 | ||
Net income (loss) | $ (362) | $ 5,112 | $ 1,250 | $ 3,829 | $ (557) | $ 3,751 | |||||
Goodwill, Impairment Loss | 1,454 | 1,325 | |||||||||
Lease right-of-use assets, net | 934 | 934 | $ 964 | [1] | |||||||
Goodwill | 2,418 | 3,835 | 2,418 | $ 3,868 | 5,167 | [1] | |||||
Asset Impairment Charges | 1,474 | $ 12 | 2,803 | $ 62 | |||||||
Interstate transportation and storage | |||||||||||
Goodwill, Impairment Loss | 43 | 183 | |||||||||
Goodwill | 0 | 43 | 0 | 43 | 226 | ||||||
All other | |||||||||||
Goodwill, Impairment Loss | 132 | 40 | 40 | ||||||||
Goodwill | 108 | $ 137 | 108 | $ 170 | $ 184 | ||||||
COVID-19 [Member] | |||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 16 | ||||||||||
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | |||||||||||
Net income (loss) | $ 265 | ||||||||||
[1] | *As adjusted. See Note 1. |
Operations And Basis of Prese_5
Operations And Basis of Presentation Schedule of Impact of Accounting Changes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Net income (loss) | $ (362) | $ 5,112 | $ 1,250 | [1] | $ 3,829 | $ (557) | $ 3,751 | [1] | |||
Inventories | 1,723 | 1,723 | $ 1,532 | [1] | $ 1,372 | ||||||
Property, Plant and Equipment, Net | 74,838 | 74,838 | 73,896 | [1] | |||||||
Current maturities of long-term debt | 21 | 21 | 26 | [1] | |||||||
Cost of products sold | 6,376 | 39,677 | 9,864 | [1] | 41,603 | 18,784 | 29,642 | [1] | |||
Operating expenses | 773 | 806 | [1] | 2,422 | 2,406 | [1] | |||||
Other non-current liabilities | 1,152 | 1,152 | 1,162 | [1] | |||||||
Operating Lease, Liability, Noncurrent | 901 | 901 | 901 | [1] | |||||||
Long-term debt, less current maturities | 51,352 | 51,352 | 50,904 | [1] | |||||||
Operating lease current liabilities | 54 | 54 | 60 | [1] | |||||||
Accrued and other current liabilities | 2,905 | 2,905 | 3,336 | [1] | |||||||
Partners' Capital | 25,478 | 25,478 | 27,382 | [1] | 28,885 | ||||||
Inventory, LIFO Reserve, Period Charge | 126 | (71) | [1] | ||||||||
Net change in operating assets and liabilities, net of effects of acquisitions | (405) | (103) | 62 | 103 | (290) | [1] | |||||
Operating Income (Loss) | 248 | 7,211 | 1,860 | [1] | 5,457 | 1,655 | 5,554 | [1] | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (320) | 5,312 | 1,305 | [1] | 4,099 | (388) | 3,967 | [1] | |||
Income (Loss) Attributable to Parent, before Tax | (320) | 1,305 | [1] | (388) | 3,967 | [1] | |||||
Net Income (Loss) Attributable to Parent | (657) | 977 | [1] | (896) | 2,930 | [1] | |||||
Comprehensive income | (336) | 5,136 | 1,243 | [1] | 3,786 | (503) | 3,753 | [1] | |||
Comprehensive income attributable to partners | (631) | 4,034 | 970 | [1] | 3,037 | (842) | 2,932 | [1] | |||
Assets, Current | 6,163 | 6,163 | 7,485 | [1] | 6,515 | ||||||
Other Assets, Noncurrent | 1,582 | 1,582 | 1,571 | [1] | 1,478 | ||||||
Assets | 97,522 | $ 97,522 | 102,294 | [1] | 88,609 | ||||||
Previously Reported [Member] | |||||||||||
Net income (loss) | 5,186 | 1,224 | 3,774 | 3,786 | |||||||
Inventories | 1,935 | [2] | 1,677 | ||||||||
Cost of products sold | 39,603 | 9,890 | 41,658 | 29,607 | |||||||
Partners' Capital | 27,289 | [2] | 28,718 | ||||||||
Net change in operating assets and liabilities, net of effects of acquisitions | 479 | 77 | (117) | 325 | |||||||
Operating Income (Loss) | 7,285 | 1,834 | 5,402 | 5,589 | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 5,386 | 1,279 | 4,044 | 4,002 | |||||||
Comprehensive income | 5,210 | 1,217 | 3,731 | 3,788 | |||||||
Comprehensive income attributable to partners | 4,108 | 944 | 2,982 | 2,967 | |||||||
Assets, Current | 7,888 | [2] | 6,820 | ||||||||
Other Assets, Noncurrent | 1,075 | [2] | 1,006 | ||||||||
Assets | 102,201 | [2] | 88,442 | ||||||||
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | |||||||||||
Net income (loss) | $ 265 | ||||||||||
Inventories | (403) | (305) | |||||||||
Partners' Capital | 93 | ||||||||||
Assets, Current | (403) | ||||||||||
Other Assets, Noncurrent | 496 | ||||||||||
Assets | $ 93 | ||||||||||
Change in Inventory Accounting Policy [Member] | |||||||||||
Net income (loss) | (74) | 26 | 55 | (35) | |||||||
Cost of products sold | 74 | (26) | (55) | 35 | |||||||
Partners' Capital | 167 | ||||||||||
Net change in operating assets and liabilities, net of effects of acquisitions | (74) | 26 | 55 | (35) | |||||||
Operating Income (Loss) | (74) | 26 | 55 | (35) | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (74) | 26 | 55 | (35) | |||||||
Comprehensive income | (74) | 26 | 55 | (35) | |||||||
Comprehensive income attributable to partners | $ (74) | $ 26 | $ 55 | $ (35) | |||||||
Assets, Current | (305) | ||||||||||
Other Assets, Noncurrent | 472 | ||||||||||
Assets | $ 167 | ||||||||||
[1] | *As adjusted. See Note 1. | ||||||||||
[2] | * Amounts reflect the retrospective consolidation of the SemGroup entities discussed above. |
Operations And Basis of Prese_6
Operations And Basis of Presentation Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 2,418 | $ 3,868 | $ 3,835 | $ 2,418 | $ 5,167 | [1] |
Goodwill, Impairment Loss | (1,454) | (1,325) | ||||
Goodwill, Other Increase (Decrease) | 4 | 33 | (7) | |||
Intrastate transportation and storage | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 10 | 10 | 10 | 10 | 10 | |
Goodwill, Impairment Loss | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
Interstate transportation and storage | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 0 | 43 | 43 | 0 | 226 | |
Goodwill, Impairment Loss | (43) | (183) | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
Midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 0 | 0 | 0 | 0 | 483 | |
Goodwill, Impairment Loss | 0 | (483) | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
NGL and refined products transportation and services | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 693 | 693 | 693 | 693 | 693 | |
Goodwill, Impairment Loss | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
Crude oil transportation and services | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 52 | 1,397 | 1,397 | 52 | 1,397 | |
Goodwill, Impairment Loss | (1,279) | 0 | ||||
Goodwill, Other Increase (Decrease) | (66) | 0 | 0 | |||
Investment In Sunoco LP [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 1,555 | 1,555 | 1,555 | 1,555 | 1,555 | |
Goodwill, Impairment Loss | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
Investment In USAC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 0 | 0 | 0 | 0 | 619 | |
Goodwill, Impairment Loss | 0 | (619) | ||||
Goodwill, Other Increase (Decrease) | 0 | 0 | 0 | |||
All other | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 108 | 170 | 137 | 108 | $ 184 | |
Goodwill, Impairment Loss | (132) | (40) | $ (40) | |||
Goodwill, Other Increase (Decrease) | $ 70 | $ 33 | $ (7) | |||
[1] | *As adjusted. See Note 1. |
Acquisitions and Other Transa_3
Acquisitions and Other Transactions Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | [1] | Sep. 30, 2020 | Sep. 30, 2019 | [1] | Dec. 31, 2019 | [1] | Dec. 05, 2019 | |
Asset Impairment Charges | $ 1,474 | $ 12 | $ 2,803 | $ 62 | |||||
Revenues | 9,955 | 13,495 | 28,920 | 40,493 | |||||
Advances to and investments in unconsolidated affiliates | 3,063 | 3,063 | $ 3,454 | ||||||
Net Income (Loss) Attributable to Parent | $ (657) | $ 977 | $ (896) | $ 2,930 | |||||
SemGroup [Member] | |||||||||
Debt Securities, Noncurrent | $ 1,375 | ||||||||
SemGroup Subsidiary [Member] | |||||||||
Debt Securities, Noncurrent | $ 593 | ||||||||
[1] | *As adjusted. See Note 1. |
Acquisitions and Other Transa_4
Acquisitions and Other Transactions Schedule of Acquisitions (Details) - SemGroup [Member] $ in Millions | Dec. 05, 2019USD ($) | |
Business Acquisition [Line Items] | ||
Total current assets | $ 794 | |
Property, plant and equipment | 3,891 | |
Other non-current assets | 617 | |
Goodwill | 295 | |
Intangible assets | 460 | |
Total assets | 6,057 | |
Total current liabilities | 629 | |
Long-term debt, less current maturities (1) | 2,576 | [1] |
Other non-current liabilities | 197 | |
SemCAMS Preferred shares | 241 | |
Total liabilities | 3,643 | |
Noncontrolling interest | 822 | |
Partners’ capital | 1,592 | |
Total liabilities and partners’ capital | $ 6,057 | |
[1] | Long-term debt at December 5, 2019 includes SemGroup senior notes with an aggregate principal amount of $1.375 billion and SemGroup subsidiary debt of $593 million, all of which was redeemed in December 2019, subsequent to the closing of ET’s acquisition of SemGroup, using proceeds from an intercompany promissory note from ETO. |
Cash And Cash Equivalents Net C
Cash And Cash Equivalents Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash and Cash Equivalents [Abstract] | ||||||
Accounts receivable | $ 1,307 | $ (353) | ||||
Accounts receivable from related companies | (265) | (30) | ||||
Inventories | (298) | (7) | ||||
Other current assets | 126 | (14) | ||||
Other non-current assets, net | (26) | (206) | ||||
Accounts payable | (1,354) | 27 | ||||
Accounts payable to related companies | 373 | (105) | ||||
Accrued and other current liabilities | 122 | 194 | ||||
Other non-current liabilities | (5) | (103) | ||||
Derivative assets and liabilities, net | 123 | 307 | ||||
Net change in operating assets and liabilities, net of effects of acquisitions | $ (405) | $ (103) | $ 62 | $ 103 | $ (290) | [1] |
[1] | *As adjusted. See Note 1. |
Cash And Cash Equivalents Non-C
Cash And Cash Equivalents Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
NON-CASH INVESTING ACTIVITIES: | ||
Accrued capital expenditures | $ 684 | $ 1,202 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 130 | $ 73 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory, Gross [Abstract] | ||||
Natural gas, NGLs and refined products | $ 914 | $ 833 | ||
Crude oil | 352 | 251 | ||
Spare parts and other | 457 | 448 | ||
Total inventories | $ 1,723 | $ 1,532 | [1] | $ 1,372 |
[1] | *As adjusted. See Note 1. |
Inventories Inventory Narrative
Inventories Inventory Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Traverse | ||
Inventory, LIFO Reserve | $ 360 | $ 229 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | ||
Transfers between levels in fair value hierarchy | $ 0 | |
Aggregate fair value of long-term debt | 52,210 | $ 54,660 |
Long-term Debt | $ 51,370 | $ 50,930 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Heigharchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Price Risk Derivative Assets, at Fair Value | $ 147 | $ 384 |
Other Assets, Fair Value Disclosure | 31 | 31 |
Assets, Fair Value Disclosure | 178 | 415 |
Interest rate derivatives, Liabilities | (522) | (399) |
Price Risk Derivative Liabilities, at Fair Value | (204) | (389) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (726) | (788) |
Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 131 | 369 |
Other Assets, Fair Value Disclosure | 20 | 20 |
Assets, Fair Value Disclosure | 151 | 389 |
Interest rate derivatives, Liabilities | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | (198) | (383) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (198) | (383) |
Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 16 | 15 |
Other Assets, Fair Value Disclosure | 11 | 11 |
Assets, Fair Value Disclosure | 27 | 26 |
Interest rate derivatives, Liabilities | (522) | (399) |
Price Risk Derivative Liabilities, at Fair Value | (6) | (6) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (528) | (405) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | ||
Price Risk Derivative Assets, at Fair Value | 13 | 17 |
Price Risk Derivative Liabilities, at Fair Value | (9) | (49) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 13 | 17 |
Price Risk Derivative Liabilities, at Fair Value | (9) | (49) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [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] | Swing Swaps IFERC [Member] | ||
Price Risk Derivative Assets, at Fair Value | 2 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (4) | (1) |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | (1) | 0 |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 2 | 1 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (1) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | ||
Price Risk Derivative Assets, at Fair Value | 5 | 65 |
Price Risk Derivative Liabilities, at Fair Value | (29) | (43) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 5 | 65 |
Price Risk Derivative Liabilities, at Fair Value | (29) | (43) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [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] | Forward Physical Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 6 | 3 |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Swaps [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 6 | 3 |
Commodity Derivatives - Power [Member] | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 8 | 11 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (5) |
Commodity Derivatives - Power [Member] | Forward Swaps [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] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 8 | 11 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (5) |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | 1 |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 1 | 1 |
Commodity Derivatives - Power [Member] | Options - Calls [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 2 | 4 |
Price Risk Derivative Liabilities, at Fair Value | (2) | (3) |
Commodity Derivatives - Power [Member] | Future [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 2 | 4 |
Price Risk Derivative Liabilities, at Fair Value | (2) | (3) |
Commodity Derivatives - Power [Member] | Future [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] | Put Option [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 1 |
Commodity Derivatives - Power [Member] | Put Option [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 1 |
Commodity Derivatives - Power [Member] | Put Option [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 103 | 260 |
Price Risk Derivative Liabilities, at Fair Value | (153) | (278) |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 103 | 260 |
Price Risk Derivative Liabilities, at Fair Value | (153) | (278) |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Refined Products [Member] | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 5 | 8 |
Price Risk Derivative Liabilities, at Fair Value | (4) | (10) |
Commodity Derivatives - Refined Products [Member] | Future [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 5 | 8 |
Price Risk Derivative Liabilities, at Fair Value | (4) | (10) |
Commodity Derivatives - Refined Products [Member] | Future [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] | ||
Price Risk Derivative Assets, at Fair Value | 2 | |
Commodity Derivatives - Crude [Member] | Future [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 2 | |
Commodity Derivatives - Crude [Member] | Future [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | $ 0 | |
Commodity Derivatives - Crude [Member] | Forwards Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 13 | |
Commodity Derivatives - Crude [Member] | Forwards Swaps [Member] | Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 13 | |
Commodity Derivatives - Crude [Member] | Forwards Swaps [Member] | Level 2 | ||
Price Risk Derivative Assets, at Fair Value | $ 0 |
Debt Obligations Narrative (Det
Debt Obligations Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jan. 31, 2020 |
USAC [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,100 | |
2.9% Senior Notes due 2025 [Member] | ||
Senior Notes | $ 1,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | |
ETO Credit Facility due December 2022 [Member] | ||
Long-term Commercial Paper, Noncurrent | 1,630 | |
Line of Credit Facility, Current Borrowing Capacity | 1,650 | |
Long-term Line of Credit | 3,230 | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |
Letters of Credit Outstanding, Amount | $ 117 | |
Line of Credit Facility, Interest Rate at Period End | 1.16% | |
ETO Credit Facility due December 2022 [Member] | Accordion feature [Member] | ||
Long-term Line of Credit | $ 6,000 | |
ETO 364-day Credit Facility due November 2019 [Member] | ||
Long-term Line of Credit | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Sunoco LP $1.5 billion Revolving Credit Facility due July 2023 [Member] | Traverse | ||
Line of Credit Facility, Current Borrowing Capacity | 1,500 | |
Long-term Line of Credit | 87 | |
Letters of Credit Outstanding, Amount | 8 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,410 | |
Line of Credit Facility, Interest Rate at Period End | 2.15% | |
USAC Credit Facility, due 2023 [Member] | USA Compression Partners, LP [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 1,600 | |
Line of Credit Facility, Maximum Borrowing Capacity | 400 | |
USAC Credit Facility, due 2023 [Member] | USAC [Member] | ||
Long-term Line of Credit | 497 | |
Letters of Credit Outstanding, Amount | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 412 | |
Line of Credit Facility, Interest Rate at Period End | 3.03% | |
ETO Term Loan [Member] | ETO [Member] | ||
Long-term Line of Credit | $ 2,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |
Line of Credit Facility, Interest Rate at Period End | 1.15% | |
3.75% Senior Notes due 2030 [Member] | ||
Senior Notes | $ 1,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
5.0% Senior Notes due 2050 [Member] | ||
Senior Notes | $ 2,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
5.75% Senior Notes due September 1, 2020 [Member] | ETO [Member] | ||
Senior Notes | $ 400 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
4.15% Senior Notes due October 1, 2020 [Member] | ETO [Member] | ||
Senior Notes | $ 1,050 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
7.5% Senior Notes due October 15, 2020 [Member] | ETO [Member] | ||
Senior Notes | $ 1,140 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
5.50% Senior Notes, due February 15, 2020 [Member] | ETO [Member] | ||
Senior Notes | $ 250 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
5.36% Senior Unsecured Notes, due December 9, 2020 [Member] | Transwestern [Member] | ||
Senior Notes | $ 175 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.36% | |
HFOTCO Tax Exempt Notes due 2050 [Member] | ||
Senior Notes | $ 225 | |
SemCAMS C$350 million senior secured term loan facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 262 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 253 | |
SemCAMS C$525 million senior secured revolving credit facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 394 | |
SemCAMS C$300 million senior secured construction loan facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 225 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 74 | |
KAPS Facility [Member] | SemCAMS [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 187 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |
Parent Company [Member] | ETE 7.5% Senior Notes due 2020 [Member] | ||
Senior Notes | $ 52 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Canada, Dollars | SemCAMS C$350 million senior secured term loan facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 350 | |
Canada, Dollars | SemCAMS C$525 million senior secured revolving credit facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 525 | |
Canada, Dollars | SemCAMS C$300 million senior secured construction loan facility [Member] | SemCAMS [Member] | ||
Long-term Line of Credit | 300 | |
Canada, Dollars | KAPS Facility [Member] | SemCAMS [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Apr. 30, 2018 | Sep. 30, 2020 | Dec. 31, 2019 | [1] | |
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interests | $ 756 | $ 739 | ||
Preferred Stock, Redemption Price Per Share | $ 825 | |||
USAC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interests | $ 477 | |||
USAC [Member] | Preferred Units [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred Units, Issued | 500,000 | |||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 24.375 | |||
ETO [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interests | $ 15 | |||
SemCAMS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interests | $ 264 | |||
Preferred Stock, Shares Outstanding | 337,046 | |||
Canada, Dollars | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred Stock, Redemption Price Per Share | $ 1,100 | |||
[1] | *As adjusted. See Note 1. |
Equity Narrative (Details)
Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Traverse | |||||
Rate | $ 0.8255 | $ 0.8255 | $ 0.8255 | $ 0.8255 | |
Traverse | Equity Distribution Program [Member] | |||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||
Equity Distribution Agreements, Value of Units Available to be Issued | $ 295 | $ 295 | |||
USAC [Member] | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 140,318 | ||||
Rate | $ 0.5250 | $ 0.5250 | $ 0.5250 | $ 0.5250 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1.4 | ||||
Series G Preferred Units [Member] | |||||
Preferred Units, Outstanding | 1,100,000 | 1,100,000 | |||
Series F Preferred Units [Member] | |||||
Preferred Units, Outstanding | 500,000 | 500,000 | |||
Series E Preferred Units [Member] | |||||
Preferred Units, Outstanding | 32,000,000 | 32,000,000 | |||
Series D Preferred Units [Member] | |||||
Preferred Units, Outstanding | 17,800,000 | 17,800,000 | |||
Series C Preferred Units [Member] | |||||
Preferred Units, Outstanding | 18,000,000 | 18,000,000 | |||
Series B Preferred Units [Member] | |||||
Preferred Units, Outstanding | 550,000 | 550,000 | |||
Series A Preferred Units [Member] | |||||
Preferred Units, Outstanding | 950,000 | 950,000 |
Equity Change in Preferred Unit
Equity Change in Preferred Units (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 33,717 | $ 35,566 | $ 35,105 | [1] | $ 35,743 | $ 36,454 | [1] | $ 36,388 | [1] | $ 33,717 | $ 35,743 | $ 37,425 | [1] | $ 36,788 | [1] | ||
Distributions to partners | (1,180) | (67) | (2,630) | (1,644) | (1,643) | (1,514) | |||||||||||
Units issued for cash | 1,580 | 780 | |||||||||||||||
Stockholders' Equity, Other | 3 | 33 | (18) | 4 | (37) | 28 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | (373) | 706 | (926) | 1,238 | 1,269 | 1,206 | |||||||||||
Net income (loss) | (362) | 5,112 | 1,250 | [1] | 3,829 | (557) | 3,751 | [1] | |||||||||
Series B Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 547 | 556 | 547 | 547 | 556 | 547 | 547 | 547 | 556 | 556 | |||||||
Distributions to partners | (18) | 0 | (18) | (18) | 0 | (18) | |||||||||||
Units issued for cash | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 9 | 9 | 9 | ||||||||||||||
Net income (loss) | 9 | 9 | 9 | ||||||||||||||
Series A Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 943 | 958 | 943 | 944 | 958 | 943 | 943 | 944 | 958 | 958 | |||||||
Distributions to partners | (30) | 0 | (30) | (29) | 0 | (30) | |||||||||||
Units issued for cash | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 15 | 15 | 15 | ||||||||||||||
Net income (loss) | 15 | 15 | 15 | ||||||||||||||
Series C Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | |||||||
Distributions to partners | (8) | (8) | (8) | (8) | (9) | (8) | |||||||||||
Units issued for cash | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 8 | 8 | 8 | ||||||||||||||
Net income (loss) | 8 | 9 | 8 | ||||||||||||||
Series D Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 434 | 434 | 434 | 434 | 434 | 434 | 434 | 434 | 434 | 434 | |||||||
Distributions to partners | (9) | (8) | (9) | (8) | (9) | (8) | |||||||||||
Units issued for cash | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 9 | 8 | 9 | ||||||||||||||
Net income (loss) | 8 | 9 | 8 | ||||||||||||||
Series E Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 786 | 786 | 786 | 786 | 790 | 0 | 786 | 786 | 786 | 0 | |||||||
Distributions to partners | (15) | (15) | (15) | (19) | 0 | 0 | |||||||||||
Units issued for cash | 0 | 780 | |||||||||||||||
Stockholders' Equity, Other | 0 | 0 | (1) | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 15 | 15 | 15 | ||||||||||||||
Net income (loss) | 15 | 11 | 0 | ||||||||||||||
Series F Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 505 | 496 | 499 | 505 | 0 | ||||||||||||
Distributions to partners | 0 | (11) | 0 | ||||||||||||||
Units issued for cash | 494 | ||||||||||||||||
Stockholders' Equity, Other | (1) | (1) | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 9 | 9 | 6 | ||||||||||||||
Series G Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,113 | 1,094 | 1,099 | 1,113 | 0 | ||||||||||||
Distributions to partners | 0 | (25) | 0 | ||||||||||||||
Units issued for cash | 1,086 | ||||||||||||||||
Stockholders' Equity, Other | 0 | (2) | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 19 | 20 | 15 | ||||||||||||||
Preferred Units [Member] | |||||||||||||||||
Preferred Units [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,768 | 4,764 | 4,748 | [1] | 3,151 | 3,178 | [1] | 2,364 | [1] | $ 4,768 | $ 3,151 | $ 3,174 | [1] | $ 2,388 | [1] | ||
Distributions to partners | (80) | (67) | (80) | (82) | (18) | (64) | |||||||||||
Units issued for cash | 1,580 | 780 | |||||||||||||||
Stockholders' Equity, Other | 0 | (1) | (3) | 0 | (1) | 0 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | $ 84 | $ 84 | $ 77 | 55 | 53 | 40 | |||||||||||
Net income (loss) | $ 55 | $ 53 | $ 40 | ||||||||||||||
[1] | *As adjusted. See Note 1. |
Equity Quarterly Distributions
Equity Quarterly Distributions Of Available Cash (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | [1] | |||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | $ (362) | $ 5,112 | $ 1,250 | [1] | $ 3,829 | $ (557) | $ 3,751 | |||||||
Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | 55 | $ 53 | 40 | |||||||||||
Series A Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | 15 | 15 | 15 | |||||||||||
Series B Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | 9 | 9 | 9 | |||||||||||
Series C Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | 8 | 9 | 8 | |||||||||||
Series D Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | 8 | 9 | 8 | |||||||||||
Series E Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Net income (loss) | $ 15 | $ 11 | $ 0 | |||||||||||
USAC [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | $ 0.5250 | $ 0.5250 | $ 0.5250 | $ 0.5250 | ||||||||||
Traverse | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0.8255 | 0.8255 | 0.8255 | 0.8255 | ||||||||||
Series A Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0 | 31.25 | [2] | 0 | [2] | 31.25 | [2] | |||||||
Series B Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0 | 33.125 | [2] | 0 | [2] | 33.125 | [2] | |||||||
Series C Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0.4609 | 0.4609 | 0.4609 | 0.4609 | ||||||||||
Series D Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0.4766 | 0.4766 | 0.4766 | 0.4766 | ||||||||||
Series E Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 0.4750 | 0.4750 | 0.4750 | 0.4750 | ||||||||||
Series F Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | 33.75 | 0 | [3] | 21.19 | [3] | 0 | [3] | |||||||
Series G Preferred Units [Member] | ||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||
Rate | $ 35.625 | $ 0 | [3] | $ 22.36 | [3] | $ 0 | [3] | |||||||
[1] | *As adjusted. See Note 1. | |||||||||||||
[2] | Series A Preferred Unit and Series B Preferred Unit distributions are paid on a semi-annual basis. | |||||||||||||
[3] | Series F Preferred Unit and Series G Preferred Unit distributions related to the period ended March 31, 2020 represent a prorated initial distribution. Distributions are paid on a semi-annual basis. |
Equity AOCI (Details)
Equity AOCI (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Partners' Capital Notes [Abstract] | |||
Available-for-sale securities (1) | $ 16 | $ 13 | |
Foreign currency translation adjustment | (14) | (5) | |
Actuarial loss related to pensions and other postretirement benefits | (10) | (25) | |
Investments in unconsolidated affiliates, net | (16) | (1) | |
Subtotal | (24) | (18) | |
Amounts attributable to noncontrolling interest | (20) | 0 | |
Total AOCI, net of tax | $ (4) | $ (18) | [1] |
[1] | *As adjusted. See Note 1. |
Regulatory Matters Narrative (D
Regulatory Matters Narrative (Details) $ in Millions | Jan. 01, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Contractual Right of Way, Expense | $ 13 | $ 5 | $ 32 | $ 17 | ||
Loss contingency accrual, at carrying value | 86 | 86 | $ 120 | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 80 | 80 | ||||
Accrual for Environmental Loss Contingencies | 298 | 298 | $ 320 | |||
Payments for Environmental Liabilities | 7 | 16 | 22 | 31 | ||
Revenue, Remaining Performance Obligation, Amount | 39,503 | 39,503 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | ||||||
Revenue, Remaining Performance Obligation, Amount | 1,633 | 1,633 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||||||
Revenue, Remaining Performance Obligation, Amount | 5,674 | 5,674 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||||
Revenue, Remaining Performance Obligation, Amount | 5,180 | 5,180 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||||
Revenue, Remaining Performance Obligation, Amount | 27,016 | 27,016 | ||||
Traverse | ||||||
Capitalized Contract Cost, Amortization | $ 4 | 4 | $ 14 | 12 | ||
Sunoco, Inc. [Member] | ||||||
Loss Contingency, Pending Claims, Number | 5 | 5 | ||||
Revolution Pipeline [Member] | ||||||
Payments for Legal Settlements | $ 2 | |||||
SPLP [Member] | ||||||
Environmental Penalty | $ 5.4 | |||||
SPLP and Mid-Valley Pipeline [Member] | ||||||
Environmental Penalty | $ 1 | |||||
Sunoco [Member] | ||||||
Sites where remediation operations are responsibility of third parties | 31 | 31 | ||||
Civil Penalties [Member] | Revolution Pipeline [Member] | ||||||
Payments for Legal Settlements | $ 28.6 | |||||
PES [Member] | ||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 7.40% | |||||
PES [Member] | ||||||
Notes Receivable, Related Parties | $ 75 | $ 75 | ||||
Repayment of Notes Receivable from Related Parties | $ 12 | |||||
Loans and Leases Receivable, Allowance | $ 63 | $ 63 |
Regulatory Matters, Environment
Regulatory Matters, Environmental Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Environmental Exit Cost [Line Items] | ||
Current | $ 46 | $ 46 |
Non-current | 252 | 274 |
Total environmental liabilities | $ 298 | $ 320 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ (614) | $ (491) | ||
Traverse | ||||
Capitalized Contract Cost, Amortization | $ 4 | $ 4 | $ 14 | $ 12 |
Revenue Revenue Contract Balanc
Revenue Revenue Contract Balances (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Contract with Customer, Liability, Revenue Recognized | $ (614) | $ (491) | ||
Contract with Customer, Liability | 361 | 351 | $ 377 | $ 394 |
Deferred Revenue, Additions | 598 | $ 448 | ||
Traverse | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 123 | 117 | ||
Receivables from Customers | $ 225 | $ 366 |
Revenue, Remaining performance
Revenue, Remaining performance obligations (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 39,503 |
Derivative Assets And Liabili_4
Derivative Assets And Liabilities Outstanding Commodity Derivatives (Details) | 9 Months Ended | ||
Sep. 30, 2020MMbtuMegawattbblbushelsbarrels | Dec. 31, 2019bblMMbtubarrelsMegawattbushels | ||
Document Period End Date | Sep. 30, 2020 | ||
Fixed Swaps/Futures [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (43,708) | (3,085) | |
Fixed Swaps/Futures [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (38,490) | (31,780) | |
Fixed Swaps/Futures [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | Natural Gas [Member] | |||
Notional Volume | (4,965) | (1,483) | |
Forward Physical Contracts [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (15,281) | (13,364) | |
Forwards Swaps [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas Liquids [Member] | |||
Notional Volume | bbl | (14,743) | (1,300) | |
Forwards Swaps [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | Crude Oil [Member] | |||
Notional Volume | bbl | (1,929) | (4,465) | |
Forwards Swaps [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | Power [Member] | |||
Notional Volume | Megawatt | (1,714,800) | (3,213,450) | |
Hedged Item - Inventory (MMBtu) [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Long [Member] | Natural Gas [Member] | |||
Notional Volume | (38,490) | (31,780) | |
Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (20,800) | (18,923) | |
Basis Swaps IFERC/NYMEX [Member] | Non Trading [Member] | Fair Value Hedging Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (38,490) | (31,780) | |
Basis Swaps IFERC/NYMEX [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | [1] | (91,365) | (35,208) |
Options - Calls [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Power [Member] | |||
Notional Volume | Megawatt | (6,323,560) | (2,704,330) | |
Swing Swaps IFERC [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Natural Gas [Member] | |||
Notional Volume | (7,480) | (9,265) | |
Future [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | |||
Notional Volume | bushels | 0 | ||
Future [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Refined Products [Member] | |||
Notional Volume | barrels | (3,391) | (2,473) | |
Future [Member] | Non Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Corn [Member] | |||
Notional Volume | bushels | (1,210) | ||
Future [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Power [Member] | |||
Notional Volume | Megawatt | (35,313) | (353,527) | |
Options - Puts [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Short [Member] | Power [Member] | |||
Notional Volume | Megawatt | (15) | ||
Put Option [Member] | Trading [Member] | Mark-To-Market Derivatives [Member] | Long [Member] | Power [Member] | |||
Notional Volume | Megawatt | (51,615) | ||
[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 Liabili_5
Derivative Assets And Liabilities Outstanding Interest Rate Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
July 2020 [Member] | |||
Notional Amount | [1],[2] | $ 0 | $ 400 |
Type | [1],[2],[3] | Forward-starting to pay a fixed rate of 3.52% and receive a floating rate | |
July 2021 [Member] | |||
Notional Amount | [1] | $ 400 | 400 |
Type | [1],[3] | Forward-starting to pay a fixed rate of 3.55% and receive a floating rate | |
July 2022 [Member] | |||
Notional Amount | [1] | $ 400 | $ 400 |
Type | [1],[3] | Forward-starting to pay a fixed rate of 3.80% and receive a floating rate | |
[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] | The July 2020 interest rate swaps were terminated in January 2020. | ||
[3] | Floating rates are based on 3-month LIBOR. |
Derivative Assets And Liabili_6
Derivative Assets And Liabilities Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Total derivatives assets | $ 147 | $ 384 |
Total derivatives liabilities | (726) | (788) |
Designated as Hedging Instrument [Member] | Commodity derivatives (margin deposits) | ||
Total derivatives assets | 32 | 24 |
Total derivatives liabilities | (52) | 0 |
Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 115 | 360 |
Total derivatives liabilities | (674) | (788) |
Not Designated as Hedging Instrument [Member] | Commodity derivatives (margin deposits) | ||
Total derivatives assets | 68 | 319 |
Total derivatives liabilities | (107) | (350) |
Not Designated as Hedging Instrument [Member] | Commodity derivatives | ||
Total derivatives assets | 47 | 41 |
Total derivatives liabilities | (45) | (39) |
Not Designated as Hedging Instrument [Member] | Interest rate derivatives | ||
Total derivatives assets | 0 | 0 |
Total derivatives liabilities | $ (522) | $ (399) |
Derivative Assets And Liabili_7
Derivative Assets And Liabilities Fair Value of Derivatives, Netting Basis (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 147 | $ 384 |
Derivative Liability, Fair Value, Gross Liability | (726) | (788) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (28) | (18) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 28 | 18 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (34) | (318) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 34 | 318 |
Derivative Asset, Fair Value, Net | 85 | 48 |
Derivative Liability, Fair Value, Net | (664) | (452) |
Without offsetting agreements [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (522) | (399) |
OTC Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 47 | 41 |
Derivative Liability, Fair Value, Gross Liability | (45) | (39) |
Broker cleared derivative contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 100 | 343 |
Derivative Liability, Fair Value, Gross Liability | $ (159) | $ (350) |
Derivative Assets And Liabili_8
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 | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Amount of Gain (Loss) on Derivatives | $ 15 | $ (151) | $ (209) | $ (409) | ||
Gains (losses) on interest rate derivatives | 55 | (175) | [1] | (277) | (371) | [1] |
Commodity Derivatives - Trading [Member] | ||||||
Amount of Gain (Loss) on Derivatives | 4 | 3 | 15 | 15 | ||
Commodity derivatives | ||||||
Amount of Gain (Loss) on Derivatives | $ (44) | $ 21 | $ 53 | $ (53) | ||
[1] | *As adjusted. See Note 1. |
Related Party Transactions Narr
Related Party Transactions Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
ET-ETO Promissory Note B [Member] | ET | |||||
Related Party Transaction [Line Items] | |||||
Notes Receivable, Related Parties | $ 2,800 | $ 2,800 | $ 3,700 | ||
ET | |||||
Related Party Transaction [Line Items] | |||||
Notes Payable, Related Parties, Noncurrent | (150) | (150) | $ (104) | ||
Interest Income [Member] | ET | |||||
Related Party Transaction [Line Items] | |||||
Interest Income, Related Party | $ 36 | $ 56 | $ 118 | $ 144 |
Related Party Transactions Affi
Related Party Transactions Affiliated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party [Abstract] | ||||
Revenues from related companies | $ 100 | $ 129 | $ 375 | $ 374 |
Related Party Transactions Rela
Related Party Transactions Related Party A/R and A/P (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Total accounts receivable from related companies | $ 93 | $ 167 |
Accounts Payable, Related Parties, Current | 46 | 31 |
ET | ||
Total accounts receivable from related companies | 3 | 8 |
Trans-Pecos Pipeline, LLC | ||
Total accounts receivable from related companies | 13 | 50 |
Phillips 66 Company [Member] | ||
Total accounts receivable from related companies | 36 | 36 |
Various | ||
Total accounts receivable from related companies | 41 | 73 |
Accounts Payable, Related Parties, Current | 46 | 31 |
ET-ETO Promissory Note B [Member] | ET | ||
Notes Receivable, Related Parties | $ 2,800 | $ 3,700 |
Reportable Segments Segment Rev
Reportable Segments Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 9,955 | $ 13,495 | [1] | $ 28,920 | $ 40,493 | [1] |
Intrastate transportation and storage | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 654 | 764 | 1,763 | 2,385 | [1] | |
Intrastate transportation and storage | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 614 | 675 | 1,615 | 2,115 | ||
Intrastate transportation and storage | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 40 | 89 | 148 | 270 | ||
Interstate transportation and storage | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 471 | 479 | 1,380 | 1,470 | [1] | |
Interstate transportation and storage | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 466 | 475 | 1,365 | 1,454 | ||
Interstate transportation and storage | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 5 | 4 | 15 | 16 | ||
Midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,377 | 1,580 | 3,565 | 4,496 | [1] | |
Midstream | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 585 | 704 | 1,477 | 1,704 | ||
Midstream | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 792 | 876 | 2,088 | 2,792 | ||
NGL and refined products transportation and services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,623 | 2,878 | 7,457 | 8,521 | [1] | |
NGL and refined products transportation and services | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,207 | 2,271 | 5,991 | 7,340 | ||
NGL and refined products transportation and services | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 416 | 607 | 1,466 | 1,181 | ||
Crude oil transportation and services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,850 | 4,453 | 8,877 | 13,685 | [1] | |
Crude oil transportation and services | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,849 | 4,453 | 8,873 | 13,685 | ||
Crude oil transportation and services | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1 | 0 | 4 | 0 | ||
Investment In Sunoco LP [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,805 | 4,331 | 8,157 | 12,498 | [1] | |
Investment In Sunoco LP [Member] | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,801 | 4,328 | 8,104 | 12,494 | ||
Investment In Sunoco LP [Member] | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 4 | 3 | 53 | 4 | ||
Investment In USAC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 161 | 175 | 509 | 520 | [1] | |
Investment In USAC [Member] | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 158 | 169 | 500 | 505 | ||
Investment In USAC [Member] | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 3 | 6 | 9 | 15 | ||
All other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 367 | 441 | 1,372 | 1,276 | [1] | |
All other | External Customers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 275 | 420 | 995 | 1,196 | ||
All other | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 92 | 21 | 377 | 80 | ||
Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ (1,353) | $ (1,606) | $ (4,160) | $ (4,358) | [1] | |
[1] | *As adjusted. See Note 1. |
Reportable Segments Segment Adj
Reportable Segments Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | [1] | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Segment Reporting Information [Line Items] | ||||||||
Inventory valuation adjustments | $ 11 | $ (26) | $ (126) | $ 71 | ||||
Segment Adjusted EBITDA | 2,868 | 2,814 | 7,947 | 8,375 | [1] | |||
Depreciation, depletion and amortization | (910) | (782) | (2,709) | (2,334) | ||||
Interest expense, net of interest capitalized | (569) | (575) | (1,747) | (1,680) | [1] | |||
Asset Impairment Charges | (1,474) | (12) | (2,803) | (62) | [1] | |||
Gains (losses) on interest rate derivatives | 55 | (175) | (277) | (371) | [1] | |||
Non-cash compensation expense | (29) | (27) | (92) | (85) | [1] | |||
Unrealized gains (losses) on commodity risk management activities | (30) | 64 | (27) | 90 | ||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (59) | (2) | [1] | |||
Adjusted EBITDA related to unconsolidated affiliates | (169) | (161) | (480) | (470) | ||||
Equity in earnings (losses) of unconsolidated affiliates | (32) | 82 | 46 | 224 | [1] | |||
Other, net | 88 | 103 | 68 | 211 | ||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | (320) | $ 5,312 | 1,305 | $ 4,099 | (388) | 3,967 | [1] | |
Income tax expense (benefit) | (42) | (55) | (169) | (216) | [1] | |||
Net income (loss) | (362) | $ 5,112 | 1,250 | $ 3,829 | (557) | 3,751 | [1] | |
Equity Method Investment, Other than Temporary Impairment | 129 | 0 | 129 | 0 | [1] | |||
Intrastate transportation and storage | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 203 | 235 | 630 | 777 | [1] | |||
Interstate transportation and storage | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 425 | 442 | 1,232 | 1,358 | [1] | |||
Midstream | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 530 | 411 | 1,280 | 1,205 | [1] | |||
NGL and refined products transportation and services | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 762 | 667 | 2,099 | 1,923 | [1] | |||
Crude oil transportation and services | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 631 | 726 | 1,741 | 2,222 | [1] | |||
Investment In Sunoco LP [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 189 | 192 | 580 | 497 | [1] | |||
Investment In USAC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | 104 | 104 | 315 | 310 | [1] | |||
All other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Segment Adjusted EBITDA | $ 24 | $ 37 | $ 70 | $ 83 | [1] | |||
[1] | *As adjusted. See Note 1. |
Reportable Segments Segment Ass
Reportable Segments Segment Assets (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||||
Assets | $ 97,522 | $ 102,294 | $ 88,609 | |
Intrastate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 7,215 | 6,648 | ||
Interstate transportation and storage | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 17,341 | 18,111 | ||
Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 19,056 | 20,332 | ||
NGL and refined products transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 20,944 | 19,145 | ||
Crude oil transportation and services | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 19,882 | 22,933 | ||
Investment In Sunoco LP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 4,986 | 5,438 | ||
Investment In USAC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,011 | 3,730 | ||
All other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 5,087 | $ 5,957 | ||
[1] | *As adjusted. See Note 1. |