DEI Document
DEI Document - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-32740 | |
Entity Registrant Name | ENERGY TRANSFER LP | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0001276187 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 3,086,970,948 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 30-0108820 | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Document Quarterly Report | true | |
Common Units | ||
Document Information [Line Items] | ||
Trading Symbol | ET | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Units | |
ETprC | ||
Document Information [Line Items] | ||
Trading Symbol | ETprC | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
ETprD | ||
Document Information [Line Items] | ||
Trading Symbol | ETprD | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
ETprE | ||
Document Information [Line Items] | ||
Trading Symbol | ETprE | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 353 | $ 336 |
Accounts receivable, net | 10,163 | 7,654 |
Accounts receivable from related companies | 122 | 54 |
Inventories | 2,216 | 2,014 |
Income taxes receivable | 86 | 32 |
Derivative assets | 57 | 10 |
Other current assets | 726 | 437 |
Current assets held for sale | 1,711 | 0 |
Total current assets | 15,434 | 10,537 |
Property, plant and equipment | 103,724 | 103,991 |
Accumulated depreciation and depletion | (23,856) | (22,384) |
Property, Plant and Equipment, Net | 79,868 | 81,607 |
Investments in unconsolidated affiliates | 2,924 | 2,947 |
Lease right-of-use assets, net | 822 | 838 |
Other non-current assets, net | 1,561 | 1,645 |
Intangible assets, net | 5,607 | 5,856 |
Goodwill | 2,553 | 2,533 |
Total assets | 108,769 | 105,963 |
LIABILITIES AND EQUITY | ||
Accounts payable | 8,897 | 6,834 |
Accounts payable to related companies | 17 | 0 |
Derivative liabilities | 13 | 203 |
Operating lease current liabilities | 44 | 47 |
Accrued and other current liabilities | 3,413 | 3,071 |
Current maturities of long-term debt | 2 | 680 |
Current liabilities held for sale | 1,089 | 0 |
Total current liabilities | 13,475 | 10,835 |
Long-term debt, less current maturities | 48,104 | 49,022 |
Non-current derivative liabilities | 144 | 193 |
Non-current operating lease liabilities | 801 | 814 |
Deferred income taxes | 3,611 | 3,648 |
Other non-current liabilities | 1,376 | 1,323 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 493 | 783 |
Preferred Unitholders | 6,051 | 6,051 |
Limited Partners: | ||
Common Unitholders | 26,507 | 25,230 |
General Partner | (3) | (4) |
Accumulated other comprehensive income | 29 | 23 |
Total partners’ capital | 32,584 | 31,300 |
Noncontrolling interests | 8,181 | 8,045 |
Total equity | 40,765 | 39,345 |
Total liabilities and equity | $ 108,769 | $ 105,963 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES: | ||||
Total revenues | $ 25,945 | $ 15,101 | $ 46,436 | $ 32,096 |
COSTS AND EXPENSES: | ||||
Cost of products sold | 21,515 | 11,505 | 37,653 | 22,453 |
Operating expenses | 1,060 | 867 | 2,009 | 1,687 |
Depreciation, depletion and amortization | 1,046 | 940 | 2,074 | 1,894 |
Selling, general and administrative | 211 | 184 | 441 | 385 |
Impairment losses | 0 | 8 | 300 | 11 |
Total costs and expenses | 23,832 | 13,504 | 42,477 | 26,430 |
OPERATING INCOME | 2,113 | 1,597 | 3,959 | 5,666 |
OTHER INCOME (EXPENSE): | ||||
Interest expense, net of interest capitalized | (578) | (566) | (1,137) | (1,155) |
Equity in earnings of unconsolidated affiliates | 62 | 65 | 118 | 120 |
Losses on extinguishments of debt | 0 | (1) | 0 | (8) |
Gains (losses) on interest rate derivatives | 129 | (123) | 243 | 71 |
Other, net | (18) | 18 | 3 | 12 |
INCOME BEFORE INCOME TAX EXPENSE | 1,708 | 990 | 3,186 | 4,706 |
Income tax expense | 86 | 82 | 77 | 157 |
Net income | 1,622 | 908 | 3,109 | 4,549 |
Less: Net income attributable to noncontrolling interests | 284 | 269 | 489 | 610 |
Less: Net income attributable to redeemable noncontrolling interests | 12 | 13 | 25 | 25 |
NET INCOME ATTRIBUTABLE TO PARTNERS | 1,326 | 626 | 2,595 | 3,914 |
Less: General Partner’s interest in net income | 1 | 1 | 2 | 4 |
Preferred Unitholders’ interest in net income | 105 | 86 | 211 | 86 |
Common Unitholders’ interest in net income | $ 1,220 | $ 539 | $ 2,382 | $ 3,824 |
NET INCOME PER COMMON UNIT: | ||||
Basic | $ 0.40 | $ 0.20 | $ 0.77 | $ 1.41 |
Diluted | $ 0.39 | $ 0.20 | $ 0.77 | $ 1.41 |
NGL sales | ||||
REVENUES: | ||||
Revenue | $ 5,896 | $ 3,364 | $ 11,005 | $ 6,270 |
Refined product sales | ||||
REVENUES: | ||||
Revenue | 7,950 | 4,403 | 13,396 | 7,927 |
Other | ||||
REVENUES: | ||||
Revenue | 222 | 161 | 410 | 348 |
Crude sales | ||||
REVENUES: | ||||
Revenue | 6,683 | 3,911 | 11,985 | 6,899 |
Gathering, transportation and other fees | ||||
REVENUES: | ||||
Revenue | 2,765 | 2,255 | 5,458 | 4,521 |
Natural gas sales | ||||
REVENUES: | ||||
Revenue | $ 2,429 | $ 1,007 | $ 4,182 | $ 6,131 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 1,622 | $ 908 | $ 3,109 | $ 4,549 |
Other comprehensive income, net of tax: | ||||
Change in value of available-for-sale securities | (4) | 3 | (9) | 3 |
Actuarial gain related to pension and other postretirement benefit plans | 0 | 0 | 7 | 5 |
Foreign currency translation adjustments | (30) | 12 | (19) | 24 |
Change in other comprehensive income from unconsolidated affiliates | 6 | 9 | 18 | 0 |
Other comprehensive income (loss), net of tax | (28) | 24 | (3) | 32 |
Comprehensive income | 1,594 | 932 | 3,106 | 4,581 |
Less: Comprehensive income attributable to noncontrolling interests | 270 | 275 | 480 | 622 |
Less: Net income attributable to redeemable noncontrolling interests | 12 | 13 | 25 | 25 |
Comprehensive income attributable to partners | $ 1,312 | $ 644 | $ 2,601 | $ 3,934 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - USD ($) $ in Millions | Total | Common Unitholders | Preferred Unitholders | General Partner | AOCI | Noncontrolling Interests |
Balance, Beginning of Period at Dec. 31, 2020 | $ 31,388 | $ 18,531 | $ 0 | $ (8) | $ 6 | $ 12,859 |
Partners' Capital Account, Distributions | (406) | (406) | 0 | 0 | 0 | 0 |
Distributions to noncontrolling interests | 406 | 0 | 0 | 0 | 0 | 406 |
Capital contributions from noncontrolling interests | (20) | 0 | 0 | 0 | 0 | (20) |
Other comprehensive income, net of tax | 8 | 0 | 0 | 0 | 2 | 6 |
Other, net | 21 | 18 | 0 | 0 | 0 | 3 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 3,629 | 3,285 | 0 | 3 | 0 | 341 |
Balance, End of Period at Mar. 31, 2021 | 34,254 | 21,428 | 0 | (5) | 8 | 12,823 |
Balance, Beginning of Period at Dec. 31, 2020 | 31,388 | 18,531 | 0 | (8) | 6 | 12,859 |
Other comprehensive income, net of tax | 32 | |||||
Net income | 4,549 | |||||
Balance, End of Period at Jun. 30, 2021 | 35,275 | 21,579 | 5,654 | (5) | 26 | 8,021 |
Balance, Beginning of Period at Mar. 31, 2021 | 34,254 | 21,428 | 0 | (5) | 8 | 12,823 |
Partners' Capital Account, Distributions | (492) | (403) | (88) | (1) | 0 | 0 |
Distributions to noncontrolling interests | 354 | 0 | 0 | 0 | 0 | 354 |
Capital contributions from noncontrolling interests | (43) | 0 | 0 | 0 | 0 | (43) |
Other comprehensive income, net of tax | 24 | 0 | 0 | 0 | 18 | 6 |
Other, net | 16 | 15 | (1) | 0 | 0 | 2 |
Net income | 908 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 895 | 539 | 86 | 1 | 0 | 269 |
Balance, End of Period at Jun. 30, 2021 | 35,275 | 21,579 | 5,654 | (5) | 26 | 8,021 |
Partners' Capital Account, Acquisitions | 0 | 0 | 4,768 | 0 | 0 | (4,768) |
Partners' Capital Account, Sale of Units | (889) | 0 | (889) | 0 | 0 | 0 |
Balance, Beginning of Period at Dec. 31, 2021 | 39,345 | 25,230 | 6,051 | (4) | 23 | 8,045 |
Partners' Capital Account, Distributions | (608) | (528) | (80) | 0 | 0 | 0 |
Distributions to noncontrolling interests | 307 | 0 | 0 | 0 | 0 | 307 |
Capital contributions from noncontrolling interests | (373) | 0 | 0 | 0 | 0 | (373) |
Other comprehensive income, net of tax | 25 | 0 | 0 | 0 | 20 | 5 |
Other, net | 27 | 17 | 0 | 0 | 0 | 10 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 1,474 | 1,162 | 106 | 1 | 0 | 205 |
Balance, End of Period at Mar. 31, 2022 | 40,329 | 25,881 | 6,077 | (3) | 43 | 8,331 |
Balance, Beginning of Period at Dec. 31, 2021 | 39,345 | 25,230 | 6,051 | (4) | 23 | 8,045 |
Other comprehensive income, net of tax | (3) | |||||
Net income | 3,109 | |||||
Balance, End of Period at Jun. 30, 2022 | 40,765 | 26,507 | 6,051 | (3) | 29 | 8,181 |
Balance, Beginning of Period at Mar. 31, 2022 | 40,329 | 25,881 | 6,077 | (3) | 43 | 8,331 |
Partners' Capital Account, Distributions | (735) | (603) | (131) | (1) | 0 | 0 |
Distributions to noncontrolling interests | 446 | 0 | 0 | 0 | 0 | 446 |
Capital contributions from noncontrolling interests | (24) | 0 | 0 | 0 | 0 | (24) |
Other comprehensive income, net of tax | (28) | 0 | 0 | 0 | (14) | (14) |
Other, net | 11 | 9 | 0 | 0 | 0 | 2 |
Net income | 1,622 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | 1,610 | 1,220 | 105 | 1 | 0 | 284 |
Balance, End of Period at Jun. 30, 2022 | $ 40,765 | $ 26,507 | $ 6,051 | $ (3) | $ 29 | $ 8,181 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,109 | $ 4,549 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 2,074 | 1,894 |
Deferred income taxes | 107 | 133 |
Inventory valuation adjustments | (121) | (159) |
Non-cash compensation expense | 61 | 55 |
Impairment losses | 300 | 11 |
Losses on extinguishments of debt | 0 | (8) |
Distributions on unvested awards | (27) | (13) |
Equity in earnings of unconsolidated affiliates | (118) | (120) |
Distributions from unconsolidated affiliates | 108 | 100 |
Other non-cash | (38) | 41 |
Net change in operating assets and liabilities, net of effects of acquisitions | (731) | 661 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 4,724 | 7,160 |
INVESTING ACTIVITIES: | ||
Capital expenditures, excluding allowance for equity funds used during construction | (1,458) | (1,429) |
Contributions in aid of construction costs | 35 | 16 |
Contributions to unconsolidated affiliate | 0 | 4 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 46 | 64 |
Proceeds from sales of other assets | 12 | 24 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,954) | (1,329) |
FINANCING ACTIVITIES: | ||
Proceeds from borrowings | 11,798 | 8,245 |
Repayments of debt | (12,819) | (13,425) |
Preferred Units issued for cash | 0 | 889 |
Capital contributions from noncontrolling interest | 397 | 63 |
Distributions to partners | (1,343) | (898) |
Distributions to noncontrolling interests | (753) | (760) |
Preferred Units, Cumulative Cash Distributions | (24) | (24) |
Payments of Debt Issuance Costs | (9) | (3) |
Other, net | 0 | (3) |
Net cash used in financing activities | (2,753) | (5,916) |
Increase (decrease) in cash and cash equivalents | 17 | (85) |
Cash and cash equivalents, beginning of period | 336 | 367 |
Cash and cash equivalents, end of period | 353 | 282 |
All other acquisitions | ||
INVESTING ACTIVITIES: | ||
Cash paid for acquisitions | (264) | 0 |
Spindletop Assets | ||
INVESTING ACTIVITIES: | ||
Cash paid for acquisitions | $ (325) | $ 0 |
Operations And Organization
Operations And Organization | 3 Months Ended |
Jun. 30, 2022 | |
Operations And Organization [Abstract] | |
Operations And Organization | ORGANIZATION AND BASIS OF PRESENTATION Organization The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”). 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 included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022. 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 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. The Partnership owns the general partner interest, incentive distribution rights and 28.5 million common units of Sunoco LP, and the general partner interests and 46.1 million common units of USAC. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity. Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for 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. |
Acquisitions and Related Transa
Acquisitions and Related Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | ACQUISITIONS AND DIVESTITURE TRANSACTIONS Woodford Express Acquisition In August 2022, Energy Transfer entered into an agreement to acquire 100% of the membership interests in Woodford Express, LLC, a Mid-Continent gas gathering and processing system, for approximately $485 million in cash consideration. The system, which is located in the heart of the SCOOP play, has 450 MMcf/d of cryogenic gas processing and treating capacity and over 200 miles of gathering lines, which are connected to Energy Transfer’s pipeline network. The transaction is expected to close by the end of the third quarter, subject to customary closing conditions including Hart-Scott-Rodino Act clearance. Energy Transfer Canada Sale In March 2022, the Partnership announced a definitive agreement to sell its 51% interest in Energy Transfer Canada. The sale is expected to result in cash proceeds to Energy Transfer of approximately C$340 million (US$264 million at the June 30, 2022 exchange rate), subject to certain purchase price adjustments. The transaction is expected to close by the third quarter of 2022. Energy Transfer Canada’s assets and liabilities were reflected as held for sale in the Partnership’s consolidated balance sheet as of June 30, 2022. Energy Transfer Canada’s assets and operations are included in the all other segment. Energy Transfer Canada does not meet the criteria to be reflected as discontinued operations in the Partnership’s consolidated statement of operations. Based on the anticipated proceeds of the sale, during the three months ended March 31, 2022, the Partnership recorded a write-down on Energy Transfer Canada’s assets of $300 million, of which $164 million was allocated to noncontrolling interests and $136 million was reflected in net income attributable to partners. The following table presents the assets and liabilities classified as held for sale in the Partnership’s consolidated balance sheet as of June 30, 2022: June 30, Carrying amounts of assets held for sale Cash and cash equivalents $ 3 Accounts receivable, net 102 Other current assets 7 Property, plant and equipment, net 1,486 Other non-current assets, net 16 Intangible assets, net 97 Total assets held for sale $ 1,711 Carrying amounts of liabilities held for sale Accounts payable $ 2 Accrued and other current liabilities 58 Long-term debt, including current maturities 543 Other non-current liabilities, net 195 Redeemable noncontrolling interests 291 Total liabilities held for sale $ 1,089 Spindletop Assets Purchase In March 2022, the Partnership purchased the membership interests in Caliche Coastal Holdings, LLC (subsequently renamed Energy Transfer Spindletop LLC), which owns an underground storage facility near Mont Belvieu, Texas, for approximately $325 million. Enable Acquisition On December 2, 2021, the Partnership completed the acquisition of Enable. As of August 4, 2022, there has been no material changes to the preliminary purchase price allocation disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022. Sunoco LP Acquisition On April 1, 2022, Sunoco LP completed the acquisition of a transmix processing and terminal facility in Huntington, Indiana for $264 million, of which $96 million was allocated to intangible assets, $19 million to goodwill, $72 million to property, plant and equipment, and $77 million to working capital. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash and Cash Equivalents Disclosure | 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 June 30, 2022 or December 31, 2021. We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows: Six Months Ended 2022 2021 Accounts receivable $ (2,555) $ (1,946) Accounts receivable from related companies (67) (40) Inventories 26 234 Other current assets (333) (48) Other non-current assets, net 83 (12) Accounts payable 2,029 2,207 Accounts payable to related companies 22 (24) Accrued and other current liabilities 252 326 Other non-current liabilities 98 84 Derivative assets and liabilities, net (286) (120) Net change in operating assets and liabilities, net of effects of acquisitions $ (731) $ 661 Non-cash investing and financing activities were as follows: Six Months Ended 2022 2021 Accrued capital expenditures $ 595 $ 396 Lease assets obtained in exchange for new lease liabilities 32 10 Distribution reinvestment 26 15 |
Inventories (Notes)
Inventories (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following: June 30, December 31, Natural gas, NGLs and refined products $ 1,614 $ 1,259 Crude oil 167 328 Spare parts and other 435 427 Total inventories $ 2,216 $ 2,014 Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2022 and December 31, 2021, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of zero and $121 million, respectively. The fuel inventory replacement cost was $253 million higher than the fuel inventory balance as of June 30, 2022. For the three and six months ended June 30, 2022 and 2021, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended June 30, 2022 and June 30, 2021, the Partnership’s cost of products sold included favorable inventory adjustments of $1 million and $59 million, respectively, related to Sunoco LP’s LIFO inventory. For the six months ended June 30, 2022 and 2021, the Partnership’s cost of products sold included favorable inventory adjustments of $121 million and $159 million, respectively, related to Sunoco LP’s LIFO inventory. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the six months ended June 30, 2022, no transfers were made between any levels within the fair value hierarchy. The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 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 $ 11 $ 11 $ — Swing Swaps IFERC 16 16 — Fixed Swaps/Futures 51 51 — Forward Physical Contracts 7 — 7 Power: Forwards 88 — 88 Futures 21 21 — Options – Calls 1 1 — NGLs – Forwards/Swaps 236 236 — Refined Products – Futures 36 36 — Crude – Forwards/Swaps 21 21 — Total commodity derivatives 488 393 95 Other non-current assets 36 23 13 Total assets $ 524 $ 416 $ 108 Liabilities: Interest rate derivatives $ (144) $ — $ (144) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (5) (5) — Swing Swaps IFERC (3) (3) — Fixed Swaps/Futures (50) (50) — Forward Physical Contracts (4) — (4) Power: Forwards (67) — (67) Futures (30) (30) — Options – Calls (8) (8) — NGLs – Forwards/Swaps (204) (204) — Refined Products – Futures (3) (3) — Crude – Forwards/Swaps (7) (7) — Total commodity derivatives (381) (310) (71) Total liabilities $ (525) $ (310) $ (215) Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 7 $ 7 $ — Swing Swaps IFERC 38 38 — Fixed Swaps/Futures 26 26 — Forward Physical Contracts 7 — 7 Power: Forwards 17 — 17 Futures 6 6 — NGLs – Forwards/Swaps 152 152 — Refined Products – Futures 3 3 — Crude – Forwards/Swaps 16 16 — Total commodity derivatives 272 248 24 Other non-current assets 39 26 13 Total assets $ 311 $ 274 $ 37 Liabilities: Interest rate derivatives $ (387) $ — $ (387) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (10) (10) — Swing Swaps IFERC (6) (6) — Fixed Swaps/Futures (9) (9) — Forward Physical Contracts (6) — (6) Power: Forwards (15) — (15) Futures (4) (4) — NGLs – Forwards/Swaps (140) (140) — Refined Products – Futures (18) (18) — Crude – Forwards/Swaps (3) (3) — Total commodity derivatives (211) (190) (21) Total liabilities $ (598) $ (190) $ (408) Based on the estimated borrowing rates currently available to us and our subsidiaries for loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of June 30, 2022 were $46.29 billion and $48.65 billion, respectively, including a fair value of $543 million and a carrying amount of $543 million related to Energy Transfer Canada debt reflected in liabilities held for sale on the Partnership’s consolidated balance sheet. As of December 31, 2021, the aggregate fair value and carrying amount of our consolidated debt obligations were $54.97 billion and $49.70 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities. |
Net Income per Limited Partner
Net Income per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner Unit | NET INCOME PER COMMON UNIT A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income $ 1,622 $ 908 $ 3,109 $ 4,549 Less: Net income attributable to noncontrolling interests 284 269 489 610 Less: Net income attributable to redeemable noncontrolling interests 12 13 25 25 Net income, net of noncontrolling interests 1,326 626 2,595 3,914 Less: General Partner’s interest in net income 1 1 2 4 Less: Preferred Unitholders’ interest in net income 105 86 211 86 Common Unitholders’ interest in net income $ 1,220 $ 539 $ 2,382 $ 3,824 Basic Income per Common Unit: Weighted average common units 3,085.9 2,704.0 3,084.7 2,703.4 Basic income per common unit $ 0.40 $ 0.20 $ 0.77 $ 1.41 Diluted Income per Common Unit: Common Unitholders’ interest in net income $ 1,220 $ 539 $ 2,382 $ 3,824 Dilutive effect of equity-based compensation of subsidiaries (1) — 1 1 1 Diluted income attributable to Common Unitholders $ 1,220 $ 538 $ 2,381 $ 3,823 Weighted average common units 3,085.9 2,704.0 3,084.7 2,703.4 Dilutive effect of unvested restricted unit awards (1) 19.8 13.8 19.5 12.1 Weighted average common units, assuming dilutive effect of unvested restricted unit awards 3,105.7 2,717.8 3,104.2 2,715.5 Diluted income per common unit $ 0.39 $ 0.20 $ 0.77 $ 1.41 (1) Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Debt Obligations [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS Senior Notes In February 2022, the Partnership redeemed its $300 million aggregate principal amount of 4.65% Senior Notes due February 2022 using proceeds from its Five-Year Credit Facility (defined below). In April 2022, Dakota Access redeemed its $650 million aggregate principal amount of 3.625% Senior Notes due April 2022 using proceeds from contributions made by the partners of Dakota Access. The Partnership indirectly owns 36.4% of the ownership interests in Dakota Access. Credit Facilities and Commercial Paper Five-Year Credit Facility The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion and matures on April 11, 2027. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions. As of June 30, 2022, the Five-Year Credit Facility had $2.53 billion of outstanding borrowings, of which $1.03 billion consisted of commercial paper. The amount available for future borrowings was $2.44 billion, after accounting for outstanding letters of credit in the amount of $33 million. The weighted average interest rate on the total amount outstanding as of June 30, 2022 was 2.68%. Sunoco LP Credit Facility As of June 30, 2022, the Sunoco LP Credit Facility, as described in the Partnership’s Form 10-K filed on February 18, 2022, had $869 million of outstanding borrowings and $6 million in standby letters of credit and, as amended in April 2022, matures in April 2027. The amount available for future borrowings at June 30, 2022 was $625 million. The weighted average interest rate on the total amount outstanding as of June 30, 2022 was 3.48%. USAC Credit Facility As of June 30, 2022, USAC had $559 million of outstanding borrowings and no outstanding letters of credit under the USAC Credit Facility, as described in the Partnership’s Form 10-K filed on February 18, 2022. As of June 30, 2022, USAC had $1.0 billion of availability under its credit facility, and subject to compliance with applicable financial covenants, available borrowing capacity of $361 million. The weighted average interest rate on the total amount outstanding as of June 30, 2022 was 4.13%. Energy Transfer Canada Credit Facilities As of June 30, 2022 , the Energy Transfer Canada Term Loan A and the Energy Transfer Canada Revolving Credit Facility, both as described in the Partnership’s Form 10-K filed on February 18, 2022, had outstanding borrowings of C$301 million and C$102 million, respectively (US$234 million and US$79 million, respectively, at the June 30, 2022 exchange rate). As of June 30, 2022 , the KAPS Facility had outstanding borrowings of C$300 million (US$233 million at the June 30, 2022 exchange rate). The Energy Transfer Canada credit facilities were reflected in current liabilities held for sale on the Partnership’s consolidated balance sheet as of June 30, 2022. Compliance with our Covenants |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest [Text Block] | REDEEMABLE NONCONTROLLING INTERESTSCertain redeemable noncontrolling interests in the Partnership’s subsidiaries were reflected as mezzanine equity on the consolidated balance sheets. Redeemable noncontrolling interests as of June 30, 2022 included a balance of $477 million related to the USAC Series A preferred units and a balance of $16 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. As of December 31, 2021, redeemable noncontrolling interests included a balance of $477 million related to the USAC Series A preferred units, 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 $291 million related to Energy Transfer Canada preferred shares. The Energy Transfer Canada preferred shares were reflected in current liabilities held for sale as of June 30, 2022. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Equity | EQUITY Energy Transfer Common Units Changes in Energy Transfer common units during the six months ended June 30, 2022 were as follows: Number of Units Number of common units at December 31, 2021 3,082.5 Common units issued under the distribution reinvestment plan 2.4 Common units vested under equity incentive plans and other 1.9 Number of common units at June 30, 2022 3,086.8 Energy Transfer Repurchase Program During the six months ended June 30, 2022, Energy Transfer did not repurchase any of its common units under its current buyback program. As of June 30, 2022, $880 million remained available to repurchase under the current program. Energy Transfer Distribution Reinvestment Program During the six months ended June 30, 2022, distributions of $26 million were reinvested under the distribution reinvestment program. As of June 30, 2022, a total of 14 million Energy Transfer common units remained available to be issued under the existing registration statement in connection with the distribution reinvestment program. Cash Distributions on Energy Transfer Common Units Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 February 8, 2022 February 18, 2022 $ 0.1750 March 31, 2022 May 9, 2022 May 19, 2022 0.2000 June 30, 2022 August 8, 2022 August 19, 2022 0.2300 Energy Transfer Preferred Units In connection with the merger of Energy Transfer, ETO, and certain of ETO’s subsidiaries (the “Rollup Mergers”) on April 1, 2021, as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021, all of ETO’s previously outstanding preferred units were converted to Energy Transfer Preferred Units with identical distribution and redemption rights. As of June 30, 2022 and December 31, 2021, Energy Transfer’s 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, 32,000,000 Series E Preferred Units, 500,000 Series F Preferred Units, 1,484,780 Series G Preferred Units and 900,000 Series H Preferred Units. The following table summarizes changes in the Energy Transfer Preferred Units: Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Series H Total Balance, December 31, 2021 $ 958 $ 556 $ 440 $ 434 $ 786 $ 496 $ 1,488 $ 893 $ 6,051 Distributions to partners (30) (18) (8) (9) (15) — — — (80) Net income 15 9 8 9 15 8 27 15 106 Balance, March 31, 2022 943 547 440 434 786 504 1,515 908 6,077 Distributions to partners — — (8) (9) (15) (16) (53) (30) (131) Net income 15 9 8 9 15 8 26 15 105 Balance, June 30, 2022 $ 958 $ 556 $ 440 $ 434 $ 786 $ 496 $ 1,488 $ 893 $ 6,051 Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Series H Total Balance, March 31, 2021 $ — $ — $ — $ — $ — $ — $ — $ — $ — Preferred units conversion 943 547 440 434 786 504 1,114 — 4,768 Units issued for cash — — — — — — — 889 889 Distributions to partners — — (8) (9) (15) (17) (39) — (88) Other, net — — — — — — — (1) (1) Net income 15 9 8 9 15 8 20 2 86 Balance, June 30, 2021 $ 958 $ 556 $ 440 $ 434 $ 786 $ 495 $ 1,095 $ 890 $ 5,654 Cash Distributions on Energy Transfer Preferred Units Distributions declared on the Energy Transfer Preferred Units were as follows: Period Ended Record Date Payment Date Series A (1) Series B (1) Series C Series D Series E Series F (1) Series G (1) Series H (1) December 31, 2021 February 1, 2022 February 15, 2022 $ 31.250 $ 33.125 $ 0.4609 $ 0.4766 $ 0.475 $ — $ — $ — March 31, 2022 May 2, 2022 May 16, 2022 — — 0.4609 0.4766 0.475 33.750 35.625 32.500 June 30, 2022 August 1, 2022 August 15, 2022 31.250 33.125 0.4609 0.4766 0.475 — — — (1) Series A, Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis. Noncontrolling Interests For the three months ended March 31, 2021, noncontrolling interests included the ETO preferred units, which were converted into Energy Transfer Preferred Units on April 1, 2021 in connection with the Rollup Mergers, as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021. The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are publicly traded master limited partnerships, as well as other less-than-wholly-owned, consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, Sunoco LP and USAC, both of which are required by their respective partnership agreements to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter. Sunoco LP Cash Distributions Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 February 8, 2022 February 18, 2022 $ 0.8255 March 31, 2022 May 9, 2022 May 19, 2022 0.8255 June 30, 2022 August 8, 2022 August 19, 2022 0.8255 USAC Cash Distributions Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 January 24, 2022 February 4, 2022 $ 0.525 March 31, 2022 April 25, 2022 May 6, 2022 0.525 June 30, 2022 July 25, 2022 August 5, 2022 0.525 USAC’s Warrant Exercise As of December 31, 2021, USAC had outstanding two tranches of warrants to purchase USAC common units (the “USAC Warrants”), which included USAC Warrants to purchase 5,000,000 common units with a strike price of $17.03 per unit and USAC Warrants to purchase 10,000,000 common units with a strike price of $19.59 per unit. On April 27, 2022, the tranche of warrants with the right to purchase 5,000,000 common units with a strike price of $17.03 per common unit was exercised in full by the holders. The exercise of the warrants was net settled by USAC for 534,308 of its common units. As of June 30, 2022, the tranche of Warrants with the right to purchase 10,000,000 common units with a strike price of $19.59 per common unit was outstanding and may be exercised by the holders at any time before April 2, 2028. Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax: June 30, December 31, Available-for-sale securities $ 10 $ 19 Foreign currency translation adjustment (8) 13 Actuarial gains related to pensions and other postretirement benefits 12 5 Investments in unconsolidated affiliates, net 7 (11) Total AOCI, net of tax 21 26 Amounts attributable to noncontrolling interest 8 (3) Total AOCI included in partners’ capital, net of tax $ 29 $ 23 |
Regulatory Matters, Commitments
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract] | |
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities | REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES Winter Storm Impacts Winter Storm Uri, which occurred in February 2021, resulted in one-time impacts to the Partnership’s consolidated net income and also affected the results of operations in certain segments. The recognition of the impacts of Winter Storm Uri during 2021 required management to make certain estimates and assumptions, including estimates of expected credit losses and assumptions related to the resolution of disputes with counterparties with respect to certain purchases and sales of natural gas. The ultimate realization of credit losses and the resolution of disputed purchases and sales of natural gas could materially impact the Partnership’s financial condition and results of operations in future periods. FERC Proceedings Rover – FERC - Stoneman House In late 2016, FERC Enforcement Staff began a non-public investigation related to Rover’s purchase and removal of a potentially historic home (known as the Stoneman House) while Rover’s application for permission to construct the new 711-mile interstate natural gas pipeline and related facilities was pending. On March 18, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN19-4-000), ordering Rover to explain why it should not pay a $20 million civil penalty for alleged violations of FERC regulations requiring certificate holders to be forthright in their submissions of information to the FERC. Rover filed its answer and denial to the order on June 21, 2021 and a surreply on September 15, 2021. FERC issued an order on January 20, 2022 setting the matter for hearing before an administrative law judge. The hearing was set to commence on March 6, 2023. On February 1, 2022, Energy Transfer and Rover filed a Complaint for Declaratory Relief in the United States District Court for the Northern District of Texas seeking an order declaring that FERC must bring its enforcement action in federal district court (instead of before an administrative law judge). Also on February 1, 2022, Energy Transfer and Rover filed an expedited request to stay the proceedings before the FERC administrative law judge pending the outcome of the federal district court case. On May 24, 2022, the District Court ordered a stay of the FERC’s enforcement case and the District Court case pending the resolution of two cases pending before the United States Supreme Court, which are slated for briefing in late September 2022, with decisions unlikely until 2023. Energy Transfer and Rover intend to vigorously defend this claim. Rover – FERC - Tuscarawas In mid-2017, FERC Enforcement Staff began a non-public investigation regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River horizontal directional drilling (“HDD”) operations. Rover and the Partnership are cooperating with the investigation. In 2019, Enforcement Staff provided Rover with a notice pursuant to Section 1b.19 of the FERC regulations that Enforcement Staff intended to recommend that the FERC pursue an enforcement action against Rover and the Partnership. On December 16, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN17-4-000), ordering Rover and Energy Transfer to show cause why they should not be found to have violated Section 7(e) of the Natural Gas Act, Section 157.20 of FERC’s regulations, and the Rover Pipeline Certificate Order, and assessed civil penalties of $40 million. Rover and Energy Transfer filed their answer to this order on March 21, 2022, and Enforcement Staff filed a reply on April 20, 2022. Rover and Energy Transfer filed their surreply to this order on May 13, 2022. The primary contractor (and one of the subcontractors) responsible for the HDD operations of the Tuscarawas River site have agreed to indemnify Rover and the Partnership for any and all losses, including any fines and penalties from government agencies, resulting from their actions in conducting such HDD operations. Given the stage of the proceedings, the Partnership is unable at this time to provide an assessment of the potential outcome or range of potential liability, if any; however, the Partnership believes the indemnity described above will be applicable to the penalty proposed by Enforcement Staff and intends to vigorously defend itself against the subject claims. Transwestern - FERC On July 1, 2022, Transwestern filed a rate case pursuant to Section 4 of the Natural Gas Act. A procedural schedule for the case will be established in the third quarter, and a hearing is expected in 2023. Other FERC Proceedings By an order issued January 16, 2019, the FERC initiated a review of Panhandle’s existing rates pursuant to Section 5 of the NGA 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 NGA. The Natural Gas Act Section 5 and Section 4 proceedings were consolidated by order of the Chief Judge on October 1, 2019. The initial decision by the administrative law judge was issued on March 26, 2021. On April 26, 2021, Panhandle filed its brief on exceptions to the initial decision. On May 17, 2021, Panhandle filed its brief opposing exceptions in this proceeding. This matter remains pending before the FERC. In May 2021, the FERC commenced an audit of SPLP for the period from January 1, 2018 to present to evaluate SPLP’s compliance with its FERC oil tariffs, the accounting requirements of the Uniform System of Accounts as prescribed by the FERC, and the FERC’s Form No. 6 reporting requirements. The audit is ongoing. Commitments In the normal course of business, Energy Transfer purchases, processes and sells natural gas pursuant to long-term contracts and enter into long-term transportation and storage agreements. Such contracts contain terms that are customary in the industry. Energy Transfer believes that the terms of these agreements are commercially reasonable and will not have a material adverse effect on the Partnership’s 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 the 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 Six Months Ended 2022 2021 2022 2021 ROW expense $ 14 $ 9 $ 28 $ 15 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. Due to the flammable and combustible nature of natural gas and crude oil, the potential exists for personal injury and/or property damage to occur 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. We or our subsidiaries are parties to various legal proceedings, arbitrations, 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 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. As of June 30, 2022 and December 31, 2021, accruals of approximately $182 million and $144 million, respectively, were reflected on our consolidated balance sheets related to contingent losses that met both the probable and reasonably estimable criteria. In addition, we may recognize additional contingent losses in the future related to (i) contingent matters for which a loss is currently considered reasonably possible but not probable and/or (ii) losses in excess of amounts that have already been accrued for such contingent matters. In some of these cases, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. For such matters where additional contingent losses can be reasonably estimated, the range of additional losses is estimated to be up to approximately $600 million. 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 or our estimates of reasonably possible losses prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome. The following sections include descriptions of certain matters that could impact the Partnership’s financial position, results of operations and/or cash flows in future periods. The sections below also include updates to certain matters that have previously been disclosed, even if those matters are not anticipated to have a potentially significant impact on future periods. In addition to the matters disclosed below, the Partnership is also involved in multiple other matters that could impact future periods, including other lawsuits and arbitration related to the Partnership’s commercial agreements. With respect to such matters, contingencies that met both the probable and reasonably estimable criteria have been included in the accruals disclosed above, and the range of additional losses disclosed above also reflects any relevant amounts for such matters. 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”) that allowed 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 that allowed 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 District Court remanded the case back to the USACE for preparation of an Environment Impact Statement (“EIS”). On July 6, 2020, the District Court vacated the easement and ordered Dakota Access to be shut down and emptied of oil by August 5, 2020. Dakota Access and the 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 1) 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, 2) denied a motion to stay the March 25 order pending a decision on the merits by the Court of Appeals as to whether the USACE would be required to prepare an EIS, and 3) 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 expected the USACE to clarify its position with respect to whether USACE intended to allow the continued operation of the pipeline notwithstanding the vacatur of the easement and that the District Court may consider additional relief, if necessary. On August 10, 2020, the District Court ordered the 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, the USACE submitted a status report that indicated that it considered 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. The Tribes subsequently filed a motion seeking an injunction to stop the operation of the pipeline and both USACE and Dakota Access filed briefs in opposition of the motion for injunction. The motion for injunction was fully briefed as of January 8, 2021. On January 26, 2021, the Court of Appeals affirmed the District Court’s March 25, 2020 order requiring an EIS and its July 6, 2020 order vacating the easement. In this same January 26 order, the Court of Appeals also overturned the District Court’s July 6, 2020 order that the pipeline shut down and be emptied of oil. Dakota Access filed for rehearing en banc on April 12, 2021, which the Court of Appeals denied. On September 20, 2021, Dakota Access filed a petition with the U.S. Supreme Court to hear the case. Oppositions were filed by the Solicitor General (December 17, 2021) and the Tribes (December 16, 2021). Dakota Access filed their reply on January 4, 2022. On February 22, 2022, the U.S. Supreme Court declined to hear the case. The District Court scheduled a status conference for February 10, 2021 to discuss the effects of the Court of Appeals’ January 26, 2021 order on the pending motion for injunctive relief, as well as USACE’s expectations as to how it will proceed regarding its enforcement discretion regarding the easement. On May 3, 2021, USACE advised the District Court that it had not changed its position with respect to its opposition to the Tribes’ motion for injunction. On May 21, 2021, the District Court denied the plaintiffs’ request for an injunction. On June 22, 2021, the District Court terminated the consolidated lawsuits and dismissed all remaining outstanding counts without prejudice. The pipeline continues to operate pending completion of the EIS. Energy Transfer anticipates the draft EIS will be completed and published by the USACE in the Spring of 2023, subject to additional delays by the USACE. Currently, the release of the draft EIS is paused following the SRST’s withdrawal as a cooperating agency on January 20, 2022. Energy Transfer cannot determine when or how future lawsuits will be resolved or the impact they may have on the Dakota Access pipelines; however, Energy Transfer expects after the law and complete record are fully considered, any such proceeding will be resolved in a manner that will allow the pipeline to continue to operate. In addition, lawsuits and/or regulatory proceedings or actions of this or a similar nature could result in interruptions to construction or operations of current or future projects, delays in completing those projects and/or increased project costs, all of which could have an adverse effect on our business and results of operations. Mont Belvieu Incident On June 26, 2016, a hydrocarbon storage well located on another operator’s facility adjacent to Lone Star NGL Mont Belvieu LP’s (“Lone Star”), now known as Energy Transfer Mont Belvieu NGLs LP, 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 resumed at the facilities in the fall of 2016, with the exception of one of Lone Star’s storage wells at the North Terminal that has not been returned to service. Lone Star has obtained payment for most of the losses it has submitted to the adjacent operator. Lone Star continues to quantify and seek reimbursement for outstanding losses. MTBE Litigation ETC Sunoco and Energy Transfer R&M (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 June 30, 2022, Sunoco Defendants are defendants in four cases, including one case initiated by the State of Maryland, 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, and Sunoco Partners Marketing & Terminals L.P., now known as Energy Transfer Marketing & Terminals L.P. (“ETMT”). 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. Litigation Filed By or Against Williams In April and May 2016, The William Companies, Inc. (“Williams”) filed two lawsuits (the “Williams Litigation”) against Energy Transfer, LE GP, LLC, and, in one of the lawsuits, Energy Transfer Corp LP, ETE Corp GP, LLC, and Energy Transfer Equity GP, LLC (collectively, “Energy Transfer Defendants”), alleging that Energy Transfer Defendants breached their obligations under the Energy Transfer-Williams merger agreement (the “Merger Agreement”). In general, Williams alleges that Energy Transfer Defendants breached the Merger Agreement by (a) failing to use commercially reasonable efforts to obtain from Latham & Watkins LLP (“Latham”) the delivery of a tax opinion concerning Section 721 of the Internal Revenue Code (“721 Opinion”), (b) issuing the Partnership’s Series A convertible preferred units (the “Issuance”), and (c) making allegedly untrue representations and warranties in the Merger Agreement. After a two-day trial on June 20 and 21, 2016, the Court ruled in favor of Energy Transfer Defendants and issued a declaratory judgment that Energy Transfer could terminate the merger after June 28, 2016 because of Latham’s inability to provide the required 721 Opinion. The Court did not reach a decision regarding Williams’ claims related to the Issuance nor certain of the alleged untrue representations and warranties. On March 23, 2017, the Delaware Supreme Court affirmed the Court’s ruling on the June 2016 trial. In September 2016, the parties filed amended pleadings. Williams filed an amended complaint seeking a $410 million termination fee (the “Termination Fee”) based on the alleged breaches of the Merger Agreement listed above. Energy Transfer Defendants filed amended counterclaims and affirmative defenses, asserting that Williams materially breached the Merger Agreement by, among other things, (a) failing to use its reasonable best efforts to consummate the merger, (b) failing to provide material information to Energy Transfer for inclusion in the Form S-4 related to the merger, (c) failing to facilitate the financing of the merger, and (d) breaching the Merger Agreement’s forum-selection clause. Trial was held regarding the parties’ amended claims on May 10-17, 2021, and on December 29, 2021, the Court ruled in favor of Williams and awarded it the Termination Fee plus certain fees and expenses, holding that the Issuance breached the Merger Agreement and that Williams had not materially breached the Merger Agreement, though the Court awarded sanctions against Williams due to its CEO’s intentional spoliation of evidence. On May 19, 2022, the Court held a hearing on Williams’ motion for attorneys’ fees and interest. The ruling has been taken under advisement. A final judgment has not yet been entered. Energy Transfer Defendants’ deadline to file an appeal to the Delaware Supreme Court has not yet been set. Rover - State of Ohio On November 3, 2017, the State of Ohio and the Ohio Environmental Protection Agency (together “the Ohio EPA”) filed suit against Rover and five 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. On March 17, 2022, the Ohio Supreme Court reversed in part and remanded to the Ohio trial court. The Ohio Supreme Court agreed with Rover that the State of Ohio had waived its rights under Section 401 of the Clean Water Act but remanded to the trial court to determine whether any of the allegations fell outside the scope of the waiver. On remand, the Ohio EPA voluntarily dismissed four of the other five defendants and dismissed one if its counts against Rover. In its Fourth Amended Complaint, the Ohio EPA removed all paragraphs that alleged violations by the four dismissed defendants, including those where the dismissed defendants were alleged to have acted jointly with Rover or others. At a June 2, 2022, status conference, the trial judge set a schedule for Rover and the other remaining defendant to file motions to dismiss the Fourth Amended Complaint, with Motions due August 1, 2022, Responses due October 4, 2022 and Replies due November 4, 2022. 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. The Pennsylvania Office of Attorney General (“AG”) 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. On February 2, 2022, the AG issued a press release related to the Revolution pipeline, and released a Grand Jury Presentment and filed a criminal complaint against ETC Northeast Pipeline, LLC in Magisterial District Court No. 12-2-02 in Dauphin County, Pennsylvania, with respect to nine misdemeanor charges related to various alleged violations of the Clean Streams Law associated with the construction of the Revolution pipeline. The Partnership will defend itself vigorously against these charges. Chester County, Pennsylvania Investigation In December 2018, the former Chester County District Attorney (the “Chester County 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 Chester County 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. In December 2019, the Chester County 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. On April 22, 2021, the Chester County DA filed a Complaint and Consent Decree in the Court of Common Pleas of Chester County, Pennsylvania constituting a settlement agreement between the Chester County DA and the Partnership. A status conference was held on May 10, 2021, and an Amended Consent Decree was filed on June 16, 2021, which was approved and entered by the Court on December 20, 2021. In accordance with the terms of the Amended Consent Decree, when the Mariner East 2/Mariner East 2X pipelines reached the point of mechanical completion in Chester County on March 23, 2022, the Amended Consent Decree terminated, which the Partnership communicated to the Chester County DA via letter on March 29, 2022. Delaware County, Pennsylvania Investigation On March 11, 2019, the Delaware County District Attorney’s Office (the “Delaware County DA”) announced that the Delaware County DA and the Pennsylvania Attorney General’s Office (the “AG”), at the request of the Delaware County 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 AG served a Statewide Investigating Grand Jury subpoena for documents relating to inadvertent returns and water supplies related to the Mariner East pipelines. The Partnership has complied with the subpoena. On October 5, 2021, the AG held a press conference related to the Mariner East pipelines, released a Grand Jury Presentment and subsequently filed a criminal complaint against Energy Transfer in the Magisterial District Court No. 12-2-02 in Dauphin County, Pennsylvania with respect to 47 misdemeanor charges related to the discharge of industrial waste and pollution and one felony charge related to the failure to report information related to the discharges. The Partnership will defend itself vigorously against these charges. On October 13, 2021, the AG announced that he is running for Governor of Pennsylvania. Shareholder Litigation Regarding Pipeline Construction Six purported unitholders of Energy Transfer filed derivative actions against various past and current members of Energy Transfer’s Board of Directors, LE GP, LLC, and Energy Transfer, as a nominal defendant that assert claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, breach of Energy Transfer’s limited partnership agreement, tortious interference, abuse of control, and gross mismanagement related primarily to matters involving the construction of pipelines in Pennsylvania and Ohio. They also seek damages and changes to Energy Transfer’s corporate governance structure. See Bettiol v. LE GP, Case No. 3:19-cv-02890-X (N.D. Tex.); Davidson v. Kelcy L. Warren, Cause No. DC-20-02322 (44th Judicial District of Dallas County, Texas); Harris v. Kelcy L. Warren, Case No. 2:20-cv-00364-GAM (E.D. Pa.); King v. LE GP, Case No. 3:20-cv-00719-X (N.D. Tex.); Inter-Marketing Group USA, Inc. v. LE GP, et at., Case No. 2022-0139-SG (Del. Ch.); and Elliot v. LE GP LLC, Case No. 3:22-cv-01527-B (N.D. Tex.). Another purported unitholder of Energy Transfer, Allegheny County Employees’ Retirement System (“ACERS”), individually and on behalf of all others similarly situated, filed a suit under the federal securities laws purportedly on behalf of a class, against Energy Transfer and three of Energy Transfer’s directors, Kelcy L. Warren, John W. McReynolds, and Thomas E. Long. See Allegheny County Emps.’ Ret. Sys. v. Energy Transfer LP, Case No. 2:20-00200-GAM (E.D. Pa.). On June 15, 2020, ACERS filed an amended complaint and added as additional defendants Energy Transfer directors Marshall McCrea and Matthew Ramsey, as well as Michael J. Hennigan and Joseph McGinn. The amended complaint asserts claims for violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder related primarily to matters involving the construction of pipelines in Pennsylvania. On August 14, 2020, the defendants filed a motion to dismiss ACERS’ amended complaint. On April 6, 2021, the court granted in part and denied in part the defendants’ motion to dismiss. The court held that ACERS could proceed with its claims regarding certain statements put at issue by the amended complaint while also dismissing claims based on other statements. The court also dismissed without prejudice the claims against defendants McReynolds, McGinn, and Hennigan. Fact discovery is ongoing. On July 8, 2022, the Court held a hearing on ACERS’ motion for class certification. On June 3, 2022, another purported unitholder of Energy Transfer, Mike Vega, filed suit, purportedly on behalf of a class, against Energy Transfer, Energy Transfer’s CFO Brad Whitehurst, and Messrs. Warren, Long, and McCrea. See Vega v. Energy Transfer LP et al., Case No. 1:22-cv-4614 (S.D.N.Y.). Vega asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder related primarily to statements made in connection with the construction of the Rover pipeline in Ohio and Michigan. On July 14, 2022, Gary Elliot, a purported unitholder of Energy Transfer, filed a derivative action against various past and current members of Energy Transfer’s Board of Directors, LE GP, LLC, and Energy Transfer, as a nominal defendant, that asserts claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control, and gross mismanagement related primarily to matters involving the construction of the Rover Pipeline. See Elliot v. LE GP, LLC, et al., Case No. 3:22-cv-1527 (N.D. Tex.). The defendants cannot predict the outcome of these lawsuits or any lawsuits that might be filed subsequent to the date of this filing; nor can the defendants predict the amount of time and expense that will be required to resolve these lawsuits. However, the defendants believe that the claims are without merit and intend to vigorously contest them. Cline Class Action On July 7, 2017, Perry Cline filed a class action complaint in the Eastern District of Oklahoma against Sunoco (R&M), LLC (now known as Energy Transfer R&M) and ETMT that alleged ETMT failed to make timely payments of oil and gas proceeds from Oklahoma wells and to pay statutory interest for those untimely payments. On October 3, 2019, the Court certified a class to include all persons who received untimely payments from Oklahoma wells on or after July 7, 2012, and who have not already been paid statutory interest on the untimely payments (the “Class”). Excluded from the Class are those entitled to payments of proceeds that qualify as “minimum pay,” prior period adjustments, and pass through payments, as well as governmental agencies and publicly traded oil and gas companies. After a bench trial, on August 17, 2020, Judge John Gibney (sitting from the Eastern District of Virginia) issued an opinion that awarded the Class actual damages of $74.8 million for late payment interest for identified and unidentified royalty owners and interest-on-interest. This amount was later amended to $80.7 million to account for interest accrued from trial (the “Order”). Judge Gibney also awarded punitive damages in the amount of $75 million. The Class is also seeking attorneys’ fees. On August 27, 2020, ETMT filed its Notice of Appeal with the 10th Circuit and appealed the entirety of the Order. The matter was fully briefed, and oral argument was set for November 15, 2021. However, on November |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
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 13 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 minimum fee, 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, 2021 $ 459 Additions 550 Revenue recognized (441) Other (11) Balance, June 30, 2022 $ 557 Balance, December 31, 2020 $ 309 Additions 434 Revenue recognized (357) Balance, June 30, 2021 $ 386 The balances of Sunoco LP’s contract assets were as follows: June 30, December 31, Contract balances: Contract assets $ 182 $ 157 Accounts receivable from contracts with customers 802 463 Performance Obligations At contract inception, the Partnership assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Partnership considers all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, the Partnership allocates the total expected contract consideration to each distinct performance obligation based on a standalone-selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied, that is, when the customer obtains control of the good or service. Certain of our contracts contain variable components, which, when combined with the fixed component, are considered a single performance obligation. For these types of contacts, only the fixed components of the contracts are included in the table below. As of June 30, 2022, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations was $40.34 billion, of which $1.32 billion related to Energy Transfer Canada. The Partnership expects to recognize this amount as revenue within the time bands illustrated below: Years Ending December 31, 2022 (remainder) 2023 2024 Thereafter Total Revenue expected to be recognized on contracts with customers existing as of June 30, 2022 $ 3,634 $ 6,463 $ 5,567 $ 24,672 $ 40,336 |
Derivative Assets And Liabiliti
Derivative Assets And Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative 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: June 30, 2022 December 31, 2021 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (BBtu): Fixed Swaps/Futures 1,023 2022-2023 585 2022-2023 Basis Swaps IFERC/NYMEX (1) 12,198 2022-2023 (66,665) 2022 Swing Swaps 543 2022 — — Power (Megawatt): Forwards 527,200 2023-2029 653,000 2023-2029 Futures (289,086) 2022-2023 (604,920) 2022-2023 Options – Puts 119,200 2022-2023 (7,859) 2022 Options – Calls (308,800) 2022-2023 (30,932) 2022 (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX 20,253 2022-2024 6,738 2022-2023 Swing Swaps IFERC (39,755) 2022-2024 (106,333) 2022-2023 Fixed Swaps/Futures (25,520) 2022-2023 (63,898) 2022-2023 Forward Physical Contracts (7,498) 2022-2024 (5,950) 2023 NGLs (MBbls) – Forwards/Swaps 9,869 2022-2024 8,493 2022-2024 Crude (MBbls) – Forwards/Swaps 779 2022-2023 3,672 2022-2023 Refined Products (MBbls) – Futures (2,748) 2022-2024 (3,349) 2022-2023 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (20,383) 2022 (40,533) 2022 Fixed Swaps/Futures (20,383) 2022 (40,533) 2022 Hedged Item – Inventory 20,383 2022 40,533 2022 (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 utilize forward starting interest rate swaps to lock in the rate on a portion of our anticipated debt issuances. The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes: Term Type (1) Notional Amount Outstanding June 30, December 31, July 2022 (2) Forward-starting to pay an average fixed rate of 3.80% and receive a floating rate $ — $ 400 July 2023 (2) Forward-starting to pay an average fixed rate of 3.845% and receive a floating rate 400 200 July 2024 (2) Forward-starting to pay an average fixed rate of 3.512% and receive a floating rate 400 200 (1) Floating rates are based on either SOFR or 3-month LIBOR. (2) Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date. Credit Risk Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties. The Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and 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 our statement of operations or statement of comprehensive income. Derivative Summary The following table provides a summary of our derivative assets and liabilities: Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 56 $ 46 $ (26) $ (3) 56 46 (26) (3) Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 286 173 (253) (156) Commodity derivatives 146 53 (102) (52) Interest rate derivatives — — (144) (387) 432 226 (499) (595) Total derivatives $ 488 $ 272 $ (525) $ (598) The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements: Asset Derivatives Liability Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives without offsetting agreements Derivative liabilities $ — $ — $ (144) $ (387) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 146 53 (102) (52) Broker cleared derivative contracts Other current assets (liabilities) 342 219 (279) (159) Total gross derivatives 488 272 (525) (598) Offsetting agreements: Collateral paid to OTC counterparties Other current assets — — — — Counterparty netting Derivative assets (liabilities) (89) (43) 89 43 Counterparty netting Other current assets (liabilities) (210) (150) 210 150 Total net derivatives $ 189 $ 79 $ (226) $ (405) 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 long-term 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) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2022 2021 2022 2021 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 11 $ (5) $ 28 $ (2) Commodity derivatives – Non-trading Cost of products sold (175) (93) (192) (135) Interest rate derivatives Gains (losses) on interest rate derivatives 129 (123) 243 71 Total $ (35) $ (221) $ 79 $ (66) |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [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 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 Six Months Ended 2022 2021 2022 2021 Revenues: Intrastate transportation and storage: Revenues from external customers $ 1,994 $ 852 $ 3,469 $ 4,828 Intersegment revenues 209 97 366 1,021 2,203 949 3,835 5,849 Interstate transportation and storage: Revenues from external customers 511 404 1,058 905 Intersegment revenues 19 3 38 27 530 407 1,096 932 Midstream: Revenues from external customers 1,153 571 2,284 1,149 Intersegment revenues 3,897 1,628 6,691 3,722 5,050 2,199 8,975 4,871 NGL and refined products transportation and services: Revenues from external customers 6,230 3,830 11,475 7,227 Intersegment revenues 1,327 692 2,359 1,285 7,557 4,522 13,834 8,512 Crude oil transportation and services: Revenues from external customers 7,299 4,420 13,225 7,920 Intersegment revenues 1 — 1 — 7,300 4,420 13,226 7,920 Investment in Sunoco LP: Revenues from external customers 7,793 4,385 13,190 7,854 Intersegment revenues 22 7 27 9 7,815 4,392 13,217 7,863 Investment in USAC: Revenues from external customers 168 153 327 308 Intersegment revenues 4 3 8 6 172 156 335 314 All other: Revenues from external customers 797 486 1,408 1,905 Intersegment revenues 165 90 269 183 962 576 1,677 2,088 Eliminations (5,644) (2,520) (9,759) (6,253) Total revenues $ 25,945 $ 15,101 $ 46,436 $ 32,096 Three Months Ended Six Months Ended 2022 2021 2022 2021 Segment Adjusted EBITDA: Intrastate transportation and storage $ 218 $ 224 $ 662 $ 3,037 Interstate transportation and storage 397 331 850 784 Midstream 903 477 1,710 765 NGL and refined products transportation and services 763 736 1,463 1,383 Crude oil transportation and services 562 484 1,155 994 Investment in Sunoco LP 214 201 405 358 Investment in USAC 106 100 204 200 All other 65 63 119 135 Adjusted EBITDA (consolidated) 3,228 2,616 6,568 7,656 Depreciation, depletion and amortization (1,046) (940) (2,074) (1,894) Interest expense, net of interest capitalized (578) (566) (1,137) (1,155) Impairment losses — (8) (300) (11) Gains (losses) on interest rate derivatives 129 (123) 243 71 Non-cash compensation expense (25) (27) (61) (55) Unrealized gains on commodity risk management activities 99 47 54 93 Inventory valuation adjustments (Sunoco LP) 1 59 121 159 Losses on extinguishments of debt — (1) — (8) Adjusted EBITDA related to unconsolidated affiliates (137) (136) (262) (259) Equity in earnings of unconsolidated affiliates 62 65 118 120 Other, net (25) 4 (84) (11) Income before income tax expense 1,708 990 3,186 4,706 Income tax expense (86) (82) (77) (157) Net income $ 1,622 $ 908 $ 3,109 $ 4,549 |
Operations And Organization Acc
Operations And Organization Accounting policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
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 included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022. 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 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. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for 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. |
Cash And Cash Equivalents Cash
Cash And Cash Equivalents Cash and Cash Equivalents (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [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 June 30, 2022 or December 31, 2021. 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) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2022 and December 31, 2021, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of zero and $121 million, respectively. The fuel inventory replacement cost was $253 million higher than the fuel inventory balance as of June 30, 2022. For the three and six months ended June 30, 2022 and 2021, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended June 30, 2022 and June 30, 2021, the Partnership’s cost of products sold included favorable inventory adjustments of $1 million and $59 million, respectively, related to Sunoco LP’s LIFO inventory. For the six months ended June 30, 2022 and 2021, the Partnership’s cost of products sold included favorable inventory adjustments of $121 million and $159 million, respectively, related to Sunoco LP’s LIFO inventory. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the six months ended June 30, 2022, no transfers were made between any levels within the fair value hierarchy |
Revenue Revenue (Policies)
Revenue Revenue (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
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 13 depicts the disaggregation of revenue by segment. |
Revenue Recognition, Deferred Revenue [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 minimum fee, 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, 2021 $ 459 Additions 550 Revenue recognized (441) Other (11) Balance, June 30, 2022 $ 557 Balance, December 31, 2020 $ 309 Additions 434 Revenue recognized (357) Balance, June 30, 2021 $ 386 |
Derivative Assets And Liabili_2
Derivative Assets And Liabilities Derivative Assets and Liabilities (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 our statement of operations or statement of 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. 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. |
Acquisitions and Related Tran_2
Acquisitions and Related Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | The following table presents the assets and liabilities classified as held for sale in the Partnership’s consolidated balance sheet as of June 30, 2022: June 30, Carrying amounts of assets held for sale Cash and cash equivalents $ 3 Accounts receivable, net 102 Other current assets 7 Property, plant and equipment, net 1,486 Other non-current assets, net 16 Intangible assets, net 97 Total assets held for sale $ 1,711 Carrying amounts of liabilities held for sale Accounts payable $ 2 Accrued and other current liabilities 58 Long-term debt, including current maturities 543 Other non-current liabilities, net 195 Redeemable noncontrolling interests 291 Total liabilities held for sale $ 1,089 |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Operating Capital [Table Text Block] | The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows: Six Months Ended 2022 2021 Accounts receivable $ (2,555) $ (1,946) Accounts receivable from related companies (67) (40) Inventories 26 234 Other current assets (333) (48) Other non-current assets, net 83 (12) Accounts payable 2,029 2,207 Accounts payable to related companies 22 (24) Accrued and other current liabilities 252 326 Other non-current liabilities 98 84 Derivative assets and liabilities, net (286) (120) Net change in operating assets and liabilities, net of effects of acquisitions $ (731) $ 661 |
Schedule Of Non-Cash Investing and Non-Cash Financing Activities | Non-cash investing and financing activities were as follows: Six Months Ended 2022 2021 Accrued capital expenditures $ 595 $ 396 Lease assets obtained in exchange for new lease liabilities 32 10 Distribution reinvestment 26 15 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory, Net [Abstract] | |
Schedule Of Inventory | Inventories consisted of the following: June 30, December 31, Natural gas, NGLs and refined products $ 1,614 $ 1,259 Crude oil 167 328 Spare parts and other 435 427 Total inventories $ 2,216 $ 2,014 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 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 $ 11 $ 11 $ — Swing Swaps IFERC 16 16 — Fixed Swaps/Futures 51 51 — Forward Physical Contracts 7 — 7 Power: Forwards 88 — 88 Futures 21 21 — Options – Calls 1 1 — NGLs – Forwards/Swaps 236 236 — Refined Products – Futures 36 36 — Crude – Forwards/Swaps 21 21 — Total commodity derivatives 488 393 95 Other non-current assets 36 23 13 Total assets $ 524 $ 416 $ 108 Liabilities: Interest rate derivatives $ (144) $ — $ (144) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (5) (5) — Swing Swaps IFERC (3) (3) — Fixed Swaps/Futures (50) (50) — Forward Physical Contracts (4) — (4) Power: Forwards (67) — (67) Futures (30) (30) — Options – Calls (8) (8) — NGLs – Forwards/Swaps (204) (204) — Refined Products – Futures (3) (3) — Crude – Forwards/Swaps (7) (7) — Total commodity derivatives (381) (310) (71) Total liabilities $ (525) $ (310) $ (215) Fair Value Measurements at Fair Value Total Level 1 Level 2 Assets: Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX $ 7 $ 7 $ — Swing Swaps IFERC 38 38 — Fixed Swaps/Futures 26 26 — Forward Physical Contracts 7 — 7 Power: Forwards 17 — 17 Futures 6 6 — NGLs – Forwards/Swaps 152 152 — Refined Products – Futures 3 3 — Crude – Forwards/Swaps 16 16 — Total commodity derivatives 272 248 24 Other non-current assets 39 26 13 Total assets $ 311 $ 274 $ 37 Liabilities: Interest rate derivatives $ (387) $ — $ (387) Commodity derivatives: Natural Gas: Basis Swaps IFERC/NYMEX (10) (10) — Swing Swaps IFERC (6) (6) — Fixed Swaps/Futures (9) (9) — Forward Physical Contracts (6) — (6) Power: Forwards (15) — (15) Futures (4) (4) — NGLs – Forwards/Swaps (140) (140) — Refined Products – Futures (18) (18) — Crude – Forwards/Swaps (3) (3) — Total commodity derivatives (211) (190) (21) Total liabilities $ (598) $ (190) $ (408) |
Net Income per Limited Partne_2
Net Income per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Income And Weighted Average Units | A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income $ 1,622 $ 908 $ 3,109 $ 4,549 Less: Net income attributable to noncontrolling interests 284 269 489 610 Less: Net income attributable to redeemable noncontrolling interests 12 13 25 25 Net income, net of noncontrolling interests 1,326 626 2,595 3,914 Less: General Partner’s interest in net income 1 1 2 4 Less: Preferred Unitholders’ interest in net income 105 86 211 86 Common Unitholders’ interest in net income $ 1,220 $ 539 $ 2,382 $ 3,824 Basic Income per Common Unit: Weighted average common units 3,085.9 2,704.0 3,084.7 2,703.4 Basic income per common unit $ 0.40 $ 0.20 $ 0.77 $ 1.41 Diluted Income per Common Unit: Common Unitholders’ interest in net income $ 1,220 $ 539 $ 2,382 $ 3,824 Dilutive effect of equity-based compensation of subsidiaries (1) — 1 1 1 Diluted income attributable to Common Unitholders $ 1,220 $ 538 $ 2,381 $ 3,823 Weighted average common units 3,085.9 2,704.0 3,084.7 2,703.4 Dilutive effect of unvested restricted unit awards (1) 19.8 13.8 19.5 12.1 Weighted average common units, assuming dilutive effect of unvested restricted unit awards 3,105.7 2,717.8 3,104.2 2,715.5 Diluted income per common unit $ 0.39 $ 0.20 $ 0.77 $ 1.41 (1) Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Capital Units [Table Text Block] | Changes in Energy Transfer common units during the six months ended June 30, 2022 were as follows: Number of Units Number of common units at December 31, 2021 3,082.5 Common units issued under the distribution reinvestment plan 2.4 Common units vested under equity incentive plans and other 1.9 Number of common units at June 30, 2022 3,086.8 |
Accumulated Other Comprehensive Income | The following table presents the components of AOCI, net of tax: June 30, December 31, Available-for-sale securities $ 10 $ 19 Foreign currency translation adjustment (8) 13 Actuarial gains related to pensions and other postretirement benefits 12 5 Investments in unconsolidated affiliates, net 7 (11) Total AOCI, net of tax 21 26 Amounts attributable to noncontrolling interest 8 (3) Total AOCI included in partners’ capital, net of tax $ 29 $ 23 |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Cash Distributions on Energy Transfer Preferred Units Distributions declared on the Energy Transfer Preferred Units were as follows: Period Ended Record Date Payment Date Series A (1) Series B (1) Series C Series D Series E Series F (1) Series G (1) Series H (1) December 31, 2021 February 1, 2022 February 15, 2022 $ 31.250 $ 33.125 $ 0.4609 $ 0.4766 $ 0.475 $ — $ — $ — March 31, 2022 May 2, 2022 May 16, 2022 — — 0.4609 0.4766 0.475 33.750 35.625 32.500 June 30, 2022 August 1, 2022 August 15, 2022 31.250 33.125 0.4609 0.4766 0.475 — — — (1) Series A, Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis. |
Schedule of Preferred Units [Table Text Block] | The following table summarizes changes in the Energy Transfer Preferred Units: Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Series H Total Balance, December 31, 2021 $ 958 $ 556 $ 440 $ 434 $ 786 $ 496 $ 1,488 $ 893 $ 6,051 Distributions to partners (30) (18) (8) (9) (15) — — — (80) Net income 15 9 8 9 15 8 27 15 106 Balance, March 31, 2022 943 547 440 434 786 504 1,515 908 6,077 Distributions to partners — — (8) (9) (15) (16) (53) (30) (131) Net income 15 9 8 9 15 8 26 15 105 Balance, June 30, 2022 $ 958 $ 556 $ 440 $ 434 $ 786 $ 496 $ 1,488 $ 893 $ 6,051 Preferred Unitholders Series A Series B Series C Series D Series E Series F Series G Series H Total Balance, March 31, 2021 $ — $ — $ — $ — $ — $ — $ — $ — $ — Preferred units conversion 943 547 440 434 786 504 1,114 — 4,768 Units issued for cash — — — — — — — 889 889 Distributions to partners — — (8) (9) (15) (17) (39) — (88) Other, net — — — — — — — (1) (1) Net income 15 9 8 9 15 8 20 2 86 Balance, June 30, 2021 $ 958 $ 556 $ 440 $ 434 $ 786 $ 495 $ 1,095 $ 890 $ 5,654 |
Parent Company [Member] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 February 8, 2022 February 18, 2022 $ 0.1750 March 31, 2022 May 9, 2022 May 19, 2022 0.2000 June 30, 2022 August 8, 2022 August 19, 2022 0.2300 |
Sunoco LP [Member] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 February 8, 2022 February 18, 2022 $ 0.8255 March 31, 2022 May 9, 2022 May 19, 2022 0.8255 June 30, 2022 August 8, 2022 August 19, 2022 0.8255 |
USA Compression Partners, LP [Member] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2021 were as follows: Quarter Ended Record Date Payment Date Rate December 31, 2021 January 24, 2022 February 4, 2022 $ 0.525 March 31, 2022 April 25, 2022 May 6, 2022 0.525 June 30, 2022 July 25, 2022 August 5, 2022 0.525 |
Regulatory Matters, Commitmen_2
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Environmental Exit Costs by Cost | 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. June 30, December 31, Current $ 50 $ 46 Non-current 231 247 Total environmental liabilities $ 281 $ 293 |
Right Of Way [Member] | |
Lease, Cost | 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 Six Months Ended 2022 2021 2022 2021 ROW expense $ 14 $ 9 $ 28 $ 15 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 $ 459 Additions 550 Revenue recognized (441) Other (11) Balance, June 30, 2022 $ 557 Balance, December 31, 2020 $ 309 Additions 434 Revenue recognized (357) Balance, June 30, 2021 $ 386 The balances of Sunoco LP’s contract assets were as follows: June 30, December 31, Contract balances: Contract assets $ 182 $ 157 Accounts receivable from contracts with customers 802 463 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of June 30, 2022, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations was $40.34 billion, of which $1.32 billion related to Energy Transfer Canada. The Partnership expects to recognize this amount as revenue within the time bands illustrated below: Years Ending December 31, 2022 (remainder) 2023 2024 Thereafter Total Revenue expected to be recognized on contracts with customers existing as of June 30, 2022 $ 3,634 $ 6,463 $ 5,567 $ 24,672 $ 40,336 |
Derivative Assets And Liabili_3
Derivative Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives: June 30, 2022 December 31, 2021 Notional Volume Maturity Notional Volume Maturity Mark-to-Market Derivatives (Trading) Natural Gas (BBtu): Fixed Swaps/Futures 1,023 2022-2023 585 2022-2023 Basis Swaps IFERC/NYMEX (1) 12,198 2022-2023 (66,665) 2022 Swing Swaps 543 2022 — — Power (Megawatt): Forwards 527,200 2023-2029 653,000 2023-2029 Futures (289,086) 2022-2023 (604,920) 2022-2023 Options – Puts 119,200 2022-2023 (7,859) 2022 Options – Calls (308,800) 2022-2023 (30,932) 2022 (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX 20,253 2022-2024 6,738 2022-2023 Swing Swaps IFERC (39,755) 2022-2024 (106,333) 2022-2023 Fixed Swaps/Futures (25,520) 2022-2023 (63,898) 2022-2023 Forward Physical Contracts (7,498) 2022-2024 (5,950) 2023 NGLs (MBbls) – Forwards/Swaps 9,869 2022-2024 8,493 2022-2024 Crude (MBbls) – Forwards/Swaps 779 2022-2023 3,672 2022-2023 Refined Products (MBbls) – Futures (2,748) 2022-2024 (3,349) 2022-2023 Fair Value Hedging Derivatives (Non-Trading) Natural Gas (BBtu): Basis Swaps IFERC/NYMEX (20,383) 2022 (40,533) 2022 Fixed Swaps/Futures (20,383) 2022 (40,533) 2022 Hedged Item – Inventory 20,383 2022 40,533 2022 (1) Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations. |
Interest Rate Swaps Outstanding | The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes: Term Type (1) Notional Amount Outstanding June 30, December 31, July 2022 (2) Forward-starting to pay an average fixed rate of 3.80% and receive a floating rate $ — $ 400 July 2023 (2) Forward-starting to pay an average fixed rate of 3.845% and receive a floating rate 400 200 July 2024 (2) Forward-starting to pay an average fixed rate of 3.512% and receive a floating rate 400 200 (1) Floating rates are based on either SOFR or 3-month LIBOR. (2) Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date. |
Fair Value Of Derivative Instruments | The following table provides a summary of our derivative assets and liabilities: Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Commodity derivatives (margin deposits) $ 56 $ 46 $ (26) $ (3) 56 46 (26) (3) Derivatives not designated as hedging instruments: Commodity derivatives (margin deposits) 286 173 (253) (156) Commodity derivatives 146 53 (102) (52) Interest rate derivatives — — (144) (387) 432 226 (499) (595) Total derivatives $ 488 $ 272 $ (525) $ (598) |
Derivatives, Offsetting Fair Value Amounts [Table Text Block] | The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements: Asset Derivatives Liability Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives without offsetting agreements Derivative liabilities $ — $ — $ (144) $ (387) Derivatives in offsetting agreements: OTC contracts Derivative assets (liabilities) 146 53 (102) (52) Broker cleared derivative contracts Other current assets (liabilities) 342 219 (279) (159) Total gross derivatives 488 272 (525) (598) Offsetting agreements: Collateral paid to OTC counterparties Other current assets — — — — Counterparty netting Derivative assets (liabilities) (89) (43) 89 43 Counterparty netting Other current assets (liabilities) (210) (150) 210 150 Total net derivatives $ 189 $ 79 $ (226) $ (405) 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 long-term depending on the anticipated settlement date. |
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) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2022 2021 2022 2021 Derivatives not designated as hedging instruments: Commodity derivatives – Trading Cost of products sold $ 11 $ (5) $ 28 $ (2) Commodity derivatives – Non-trading Cost of products sold (175) (93) (192) (135) Interest rate derivatives Gains (losses) on interest rate derivatives 129 (123) 243 71 Total $ (35) $ (221) $ 79 $ (66) |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Information By Segment | The following tables present financial information by segment: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenues: Intrastate transportation and storage: Revenues from external customers $ 1,994 $ 852 $ 3,469 $ 4,828 Intersegment revenues 209 97 366 1,021 2,203 949 3,835 5,849 Interstate transportation and storage: Revenues from external customers 511 404 1,058 905 Intersegment revenues 19 3 38 27 530 407 1,096 932 Midstream: Revenues from external customers 1,153 571 2,284 1,149 Intersegment revenues 3,897 1,628 6,691 3,722 5,050 2,199 8,975 4,871 NGL and refined products transportation and services: Revenues from external customers 6,230 3,830 11,475 7,227 Intersegment revenues 1,327 692 2,359 1,285 7,557 4,522 13,834 8,512 Crude oil transportation and services: Revenues from external customers 7,299 4,420 13,225 7,920 Intersegment revenues 1 — 1 — 7,300 4,420 13,226 7,920 Investment in Sunoco LP: Revenues from external customers 7,793 4,385 13,190 7,854 Intersegment revenues 22 7 27 9 7,815 4,392 13,217 7,863 Investment in USAC: Revenues from external customers 168 153 327 308 Intersegment revenues 4 3 8 6 172 156 335 314 All other: Revenues from external customers 797 486 1,408 1,905 Intersegment revenues 165 90 269 183 962 576 1,677 2,088 Eliminations (5,644) (2,520) (9,759) (6,253) Total revenues $ 25,945 $ 15,101 $ 46,436 $ 32,096 Three Months Ended Six Months Ended 2022 2021 2022 2021 Segment Adjusted EBITDA: Intrastate transportation and storage $ 218 $ 224 $ 662 $ 3,037 Interstate transportation and storage 397 331 850 784 Midstream 903 477 1,710 765 NGL and refined products transportation and services 763 736 1,463 1,383 Crude oil transportation and services 562 484 1,155 994 Investment in Sunoco LP 214 201 405 358 Investment in USAC 106 100 204 200 All other 65 63 119 135 Adjusted EBITDA (consolidated) 3,228 2,616 6,568 7,656 Depreciation, depletion and amortization (1,046) (940) (2,074) (1,894) Interest expense, net of interest capitalized (578) (566) (1,137) (1,155) Impairment losses — (8) (300) (11) Gains (losses) on interest rate derivatives 129 (123) 243 71 Non-cash compensation expense (25) (27) (61) (55) Unrealized gains on commodity risk management activities 99 47 54 93 Inventory valuation adjustments (Sunoco LP) 1 59 121 159 Losses on extinguishments of debt — (1) — (8) Adjusted EBITDA related to unconsolidated affiliates (137) (136) (262) (259) Equity in earnings of unconsolidated affiliates 62 65 118 120 Other, net (25) 4 (84) (11) Income before income tax expense 1,708 990 3,186 4,706 Income tax expense (86) (82) (77) (157) Net income $ 1,622 $ 908 $ 3,109 $ 4,549 |
Operations And Organization Nar
Operations And Organization Narrative (Details) shares in Millions | Jun. 30, 2022 shares |
USAC [Member] | |
Number of common units of a subsidiary partnership that are held by a wholly-owned subsidiary of the Parent. | 46.1 |
Sunoco LP [Member] | |
Number of common units of a subsidiary partnership that are held by a wholly-owned subsidiary of the Parent. | 28.5 |
Acquisitions and Related Tran_3
Acquisitions and Related Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Aug. 01, 2022 | Apr. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||
Impairment losses | $ 0 | $ 8 | $ 300 | $ 11 | |||
Investments in unconsolidated affiliates | 2,924 | 2,924 | $ 2,947 | ||||
Woodford Express Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 485 | ||||||
Spindletop Assets | |||||||
Business Acquisition [Line Items] | |||||||
Asset Acquisition, Consideration Transferred | $ 325 | ||||||
Sunoco LP [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Other Payments to Acquire Businesses | $ 264 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 96 | ||||||
Goodwill, Acquired During Period | 19 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 72 | ||||||
Sunoco LP [Member] | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 77 | ||||||
ET Canada | |||||||
Business Acquisition [Line Items] | |||||||
Sale of Stock, Percentage of Ownership before Transaction | 51% | ||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 264 | ||||||
Impairment losses | 300 | ||||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | $ 97 | 97 | |||||
ET Canada | Noncontrolling Interests | |||||||
Business Acquisition [Line Items] | |||||||
Impairment losses | 164 | ||||||
ET Canada | Limited Partner | |||||||
Business Acquisition [Line Items] | |||||||
Impairment losses | 136 | ||||||
Canada, Dollars | ET Canada | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 340 |
Schedule of Held for Sale (Deta
Schedule of Held for Sale (Details) - ET Canada $ in Millions | Jun. 30, 2022 USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 3 |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 102 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 7 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 1,486 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 16 |
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 97 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 1,711 |
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 2 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 58 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 195 |
Disposal Group, Including Discontinued Operation, Liabilities | 1,089 |
Redeemable noncontrolling interest | |
Business Acquisition [Line Items] | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 291 |
Long-term Debt | |
Business Acquisition [Line Items] | |
Disposal Group, Including Discontinued Operation, Liabilities | $ 543 |
Cash And Cash Equivalents Net C
Cash And Cash Equivalents Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounts receivable | $ (2,555) | $ (1,946) |
Accounts receivable from related companies | (67) | (40) |
Inventories | 26 | 234 |
Other current assets | (333) | (48) |
Other non-current assets, net | 83 | (12) |
Accounts payable | 2,029 | 2,207 |
Accounts payable to related companies | 22 | (24) |
Accrued and other current liabilities | 252 | 326 |
Other non-current liabilities | 98 | 84 |
Derivative assets and liabilities, net | (286) | (120) |
Net change in operating assets and liabilities, net of effects of acquisitions | $ 731 | $ (661) |
Cash And Cash Equivalents Non-C
Cash And Cash Equivalents Non-Cash Activities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accrued capital expenditures | $ 595 | $ 396 |
Right-of-Use Assets Obtained in Exchange for Liabilities | 32 | 10 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 26 | $ 15 |
Inventories Table - Inventory B
Inventories Table - Inventory Balances (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Natural gas, NGLs and refined products | $ 1,614 | $ 1,259 |
Crude oil | 167 | 328 |
Spare parts and other | 435 | 427 |
Total inventories | $ 2,216 | $ 2,014 |
Inventories Inventory Narrative
Inventories Inventory Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Inventory [Line Items] | |||||
Excess of Replacement or Current Costs over Stated LIFO Value | $ 253 | $ 253 | |||
Inventory valuation adjustments | (1) | $ (59) | (121) | $ (159) | |
Sunoco LP [Member] | |||||
Inventory [Line Items] | |||||
Inventory, LIFO Reserve | 0 | 0 | $ 121 | ||
Inventory valuation adjustments | $ 1 | $ 59 | $ 121 | $ 159 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | |
Debt obligations, fair value | 46,290 | $ 54,970 |
Long-term Debt | 48,650 | $ 49,700 |
ET Canada | ||
Debt obligations, fair value | $ 543 |
Fair Value Measurements Table -
Fair Value Measurements Table - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Price Risk Derivative Assets, at Fair Value | $ 488 | $ 272 |
Other Assets, Fair Value Disclosure | 36 | 39 |
Assets, Fair Value Disclosure | 524 | 311 |
Interest Rate Derivative Liabilities, at Fair Value | (144) | (387) |
Price Risk Derivative Liabilities, at Fair Value | (381) | (211) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (525) | (598) |
Level 1 | ||
Price Risk Derivative Assets, at Fair Value | 393 | 248 |
Other Assets, Fair Value Disclosure | 23 | 26 |
Assets, Fair Value Disclosure | 416 | 274 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | (310) | (190) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (310) | (190) |
Level 2 | ||
Price Risk Derivative Assets, at Fair Value | 95 | 24 |
Other Assets, Fair Value Disclosure | 13 | 13 |
Assets, Fair Value Disclosure | 108 | 37 |
Interest Rate Derivative Liabilities, at Fair Value | (144) | (387) |
Price Risk Derivative Liabilities, at Fair Value | (71) | (21) |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (215) | (408) |
Commodity Derivatives - Natural Gas [Member] | Basis Swaps IFERC/NYMEX [Member] | ||
Price Risk Derivative Assets, at Fair Value | 11 | 7 |
Price Risk Derivative Liabilities, at Fair Value | (5) | (10) |
Commodity Derivatives - Natural Gas [Member] | Swing Swaps IFERC [Member] | ||
Price Risk Derivative Assets, at Fair Value | 16 | 38 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (6) |
Commodity Derivatives - Natural Gas [Member] | Fixed Swaps/Futures [Member] | ||
Price Risk Derivative Assets, at Fair Value | 51 | 26 |
Price Risk Derivative Liabilities, at Fair Value | (50) | (9) |
Commodity Derivatives - Natural Gas [Member] | Forward Physical Contracts [Member] | ||
Price Risk Derivative Assets, at Fair Value | 7 | 7 |
Price Risk Derivative Liabilities, at Fair Value | (4) | (6) |
Commodity Derivatives - Natural Gas [Member] | Level 1 | Basis Swaps IFERC/NYMEX [Member] | ||
Price Risk Derivative Assets, at Fair Value | 11 | 7 |
Price Risk Derivative Liabilities, at Fair Value | (5) | (10) |
Commodity Derivatives - Natural Gas [Member] | Level 1 | Swing Swaps IFERC [Member] | ||
Price Risk Derivative Assets, at Fair Value | 16 | 38 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (6) |
Commodity Derivatives - Natural Gas [Member] | Level 1 | Fixed Swaps/Futures [Member] | ||
Price Risk Derivative Assets, at Fair Value | 51 | 26 |
Price Risk Derivative Liabilities, at Fair Value | (50) | (9) |
Commodity Derivatives - Natural Gas [Member] | Level 1 | Forward Physical Contracts [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Level 2 | Basis Swaps IFERC/NYMEX [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Level 2 | Swing Swaps IFERC [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Level 2 | Fixed Swaps/Futures [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Natural Gas [Member] | Level 2 | Forward Physical Contracts [Member] | ||
Price Risk Derivative Assets, at Fair Value | 7 | 7 |
Price Risk Derivative Liabilities, at Fair Value | (4) | (6) |
Commodity Derivatives - Refined Products [Member] | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 36 | 3 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (18) |
Commodity Derivatives - Refined Products [Member] | Level 1 | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 36 | 3 |
Price Risk Derivative Liabilities, at Fair Value | (3) | (18) |
Commodity Derivatives - Refined Products [Member] | Level 2 | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Crude [Member] | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 21 | 16 |
Price Risk Derivative Liabilities, at Fair Value | (7) | (3) |
Commodity Derivatives - Crude [Member] | Level 1 | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 21 | 16 |
Price Risk Derivative Liabilities, at Fair Value | (7) | (3) |
Commodity Derivatives - Crude [Member] | Level 2 | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Call Option [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Price Risk Derivative Liabilities, at Fair Value | (8) | |
Commodity Derivatives - Power [Member] | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 21 | 6 |
Price Risk Derivative Liabilities, at Fair Value | (30) | (4) |
Commodity Derivatives - Power [Member] | Forward Contracts | ||
Price Risk Derivative Assets, at Fair Value | 88 | 17 |
Price Risk Derivative Liabilities, at Fair Value | (67) | (15) |
Commodity Derivatives - Power [Member] | Level 1 | Call Option [Member] | ||
Price Risk Derivative Assets, at Fair Value | 1 | |
Price Risk Derivative Liabilities, at Fair Value | (8) | |
Commodity Derivatives - Power [Member] | Level 1 | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 21 | 6 |
Price Risk Derivative Liabilities, at Fair Value | (30) | (4) |
Commodity Derivatives - Power [Member] | Level 1 | Forward Contracts | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Level 2 | Call Option [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | |
Price Risk Derivative Liabilities, at Fair Value | 0 | |
Commodity Derivatives - Power [Member] | Level 2 | Future [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Commodity Derivatives - Power [Member] | Level 2 | Forward Contracts | ||
Price Risk Derivative Assets, at Fair Value | 88 | 17 |
Price Risk Derivative Liabilities, at Fair Value | (67) | (15) |
Commodity Derivatives - NGLs [Member] | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 236 | 152 |
Price Risk Derivative Liabilities, at Fair Value | (204) | (140) |
Commodity Derivatives - NGLs [Member] | Level 1 | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 236 | 152 |
Price Risk Derivative Liabilities, at Fair Value | (204) | (140) |
Commodity Derivatives - NGLs [Member] | Level 2 | Forward Swaps [Member] | ||
Price Risk Derivative Assets, at Fair Value | 0 | 0 |
Price Risk Derivative Liabilities, at Fair Value | $ 0 | $ 0 |
Net Income per Limited Partne_3
Net Income per Limited Partner Unit Table - Income Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |||
Earnings Per Share [Abstract] | ||||||
Net income | $ 1,622 | $ 908 | $ 3,109 | $ 4,549 | ||
Less: Net income attributable to noncontrolling interests | 284 | 269 | 489 | 610 | ||
Less: Net income attributable to redeemable noncontrolling interests | 12 | 13 | 25 | 25 | ||
NET INCOME ATTRIBUTABLE TO PARTNERS | 1,326 | 626 | 2,595 | 3,914 | ||
General Partner’s interest in net income | 1 | 1 | 2 | 4 | ||
Common Unitholders’ interest in net income | $ 1,220 | $ 539 | $ 2,382 | $ 3,824 | ||
Basic Income per Limited Partner Unit | ||||||
Weighted average common units | 3,085.9 | 2,704 | 3,084.7 | 2,703.4 | ||
Basic | $ 0.40 | $ 0.20 | $ 0.77 | $ 1.41 | ||
Diluted Income per Limited Partner Unit: | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,220 | $ 538 | $ 2,381 | $ 3,823 | ||
Weighted average common units, assuming dilutive effect of unvested restricted unit awards | 3,105.7 | 2,717.8 | 3,104.2 | 2,715.5 | ||
Diluted | $ 0.39 | $ 0.20 | $ 0.77 | $ 1.41 | ||
Dilutive effect of equity-based compensation of subsidiaries (1) | $ 0 | [1] | $ 1 | [1] | $ 1 | $ 1 |
Dilutive effect of unvested restricted unit awards (1) | 19.8 | [1] | 13.8 | [1] | 19.5 | 12.1 |
Preferred Unitholders’ interest in net income | $ 105 | $ 86 | $ 211 | $ 86 | ||
[1]Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive. |
Debt Obligations Narrative (Det
Debt Obligations Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Apr. 01, 2022 | |
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 559 | ||
Repayments of Long-term Debt | 12,819 | $ 13,425 | |
Proceeds from Issuance of Long-term Debt | $ 11,798 | $ 8,245 | |
Banking Regulation, Supplementary Leverage Ratio, Actual | 3.45 | ||
Dakota Access | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 650 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | ||
Equity Method Investment, Ownership Percentage | 36.40% | ||
ETO Credit Facility due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 2,440 | ||
Long-term Line of Credit | 2,530 | ||
Letters of Credit Outstanding, Amount | $ 33 | ||
Line of Credit Facility, Interest Rate at Period End | 2.68% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||
Commercial Paper | 1,030 | ||
ETO Credit Facility due December 2022 [Member] | Accordion feature [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 7,000 | ||
Sunoco LP $1.5 billion Revolving Credit Facility due July 2023 [Member] | Sunoco LP [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 6 | ||
Line of Credit Facility, Interest Rate at Period End | 3.48% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 625 | ||
Line of Credit Facility, Fair Value, Basis for Measurement | 869 million | ||
SemCAMS C$350 million senior secured term loan facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 234 | ||
SemCAMS C$300 million senior secured construction loan facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 79 | ||
KAPS Facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 233 | ||
USAC Credit Facility, due 2023 [Member] | USAC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 1,000 | ||
Line of Credit Facility, Interest Rate at Period End | 4.13% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 361 | ||
4.65% Senior Notes due February 2022 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.65% | ||
Canada, Dollars | SemCAMS C$350 million senior secured term loan facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 301 | ||
Canada, Dollars | SemCAMS C$300 million senior secured construction loan facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 102 | ||
Canada, Dollars | KAPS Facility [Member] | SemCAMS [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 300 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Redeemable noncontrolling interests | $ 493 | $ 783 |
USAC Preferred Units | ||
Redeemable noncontrolling interests | 477 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 477 | |
Noncontrolling Interests | ||
Redeemable noncontrolling interests | $ 16 | 15 |
Energy Transfer Canada preferred shares | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 291 |
Equity Narrative (Details)
Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Apr. 27, 2022 | Dec. 31, 2021 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 880 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 26 | $ 15 | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,400,000 | |||
Common Units Remaining Available to be Issued Under Distribution Reinvestment Plan | 14,000,000 | |||
USAC Issue Tranche 1 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000,000 | 5,000,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 17.03 | $ 17.03 | ||
USAC Issue Tranche 2 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 19.59 | |||
USAC [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 19.59 | |||
Warrants and Rights Outstanding | $ 10 | |||
USAC [Member] | USAC Issue Tranche 1 | ||||
Limited Partners' Capital Account, Units Issued | 534,308 | |||
Series F Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 500,000 | |||
Series G Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 1,484,780 | |||
Series E Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 32,000,000 | |||
Series D Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 17,800,000 | |||
Series C Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 18,000,000 | |||
Series B Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 550,000 | |||
Series A Preferred Units [Member] | ||||
Preferred Stock, Shares Outstanding | 950,000 | |||
Series H Preferred Units | ||||
Preferred Stock, Shares Outstanding | 900,000 |
Equity - Change In Common Units
Equity - Change In Common Units (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 3,086,800,000 | 3,086,800,000 | 3,082,500,000 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,400,000 | ||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 1,900,000 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 40,765 | $ 40,329 | $ 35,275 | $ 34,254 | $ 40,765 | $ 39,345 | $ 31,388 |
Distributions to partners | (735) | (608) | (492) | (406) | |||
Series H Preferred Units | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 893 | 908 | 890 | 0 | $ 893 | 893 | |
Distributions to partners | (30) | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 15 | 15 | 2 | ||||
Preferred Stock, Shares Outstanding | 900,000 | 900,000 | |||||
Stockholders' Equity, Other | $ (1) | ||||||
Partners' Capital Account, Units, Sale of Units | 889,000,000 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 0 | ||||||
Series A Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 958 | 943 | 958 | 0 | $ 958 | 958 | |
Distributions to partners | 0 | (30) | 0 | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 15 | 15 | 15 | ||||
Preferred Stock, Shares Outstanding | 950,000 | 950,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 943 | ||||||
Series C Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 440 | 440 | 440 | 0 | $ 440 | 440 | |
Distributions to partners | (8) | (8) | (8) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 8 | 8 | 8 | ||||
Preferred Stock, Shares Outstanding | 18,000,000 | 18,000,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 440 | ||||||
Series B Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 556 | 547 | 556 | 0 | $ 556 | 556 | |
Distributions to partners | 0 | (18) | 0 | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 9 | 9 | 9 | ||||
Preferred Stock, Shares Outstanding | 550,000 | 550,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 547 | ||||||
Series D Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 434 | 434 | 434 | 0 | $ 434 | 434 | |
Distributions to partners | (9) | (9) | (9) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 9 | 9 | 9 | ||||
Preferred Stock, Shares Outstanding | 17,800,000 | 17,800,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 434 | ||||||
Series E Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 786 | 786 | 786 | 0 | $ 786 | 786 | |
Distributions to partners | (15) | (15) | (15) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 15 | 15 | 15 | ||||
Preferred Stock, Shares Outstanding | 32,000,000 | 32,000,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 786 | ||||||
Series F Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 496 | 504 | 495 | 0 | $ 496 | 496 | |
Distributions to partners | (16) | 0 | (17) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 8 | 8 | 8 | ||||
Preferred Stock, Shares Outstanding | 500,000 | 500,000 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 504 | ||||||
Series G Preferred Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,488 | 1,515 | 1,095 | 0 | $ 1,488 | 1,488 | |
Distributions to partners | (53) | 0 | (39) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 26 | 27 | 20 | ||||
Preferred Stock, Shares Outstanding | 1,484,780 | 1,484,780 | |||||
Stockholders' Equity, Other | $ 0 | ||||||
Partners' Capital Account, Units, Sale of Units | 0 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 1,114 | ||||||
Preferred Unitholders | |||||||
Class of Stock [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,051 | 6,077 | 5,654 | 0 | $ 6,051 | $ 6,051 | $ 0 |
Distributions to partners | (131) | (80) | (88) | $ 0 | |||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 105 | $ 106 | 86 | ||||
Stockholders' Equity, Other | $ (1) | ||||||
Partners' Capital Account, Units, Sale of Units | 889,000,000 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 4,768 |
Equity - Quarterly Distribution
Equity - Quarterly Distributions of Available Cash (Details) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.2300 | $ 0.2000 | $ 0.1750 | |
Series A Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | [1] | 31.250 | 0 | 31.250 |
Series B Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | [1] | 33.125 | 0 | 33.125 |
Series C Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | 0.4609 | 0.4609 | 0.4609 | |
Series D Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | 0.4766 | 0.4766 | 0.4766 | |
Series E Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | 0.475 | 0.475 | 0.475 | |
Series F Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | [1] | 0 | 33.750 | 0 |
Series G Preferred Units [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | [1] | 0 | 35.625 | 0 |
Series H Preferred Units | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | [1] | 0 | 32.500 | 0 |
USAC [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | 0.525 | 0.525 | 0.525 | |
Sunoco LP [Member] | ||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.8255 | $ 0.8255 | $ 0.8255 | |
[1]Series A, Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis. |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Available-for-sale securities | $ 10 | $ 19 | |
Foreign currency translation adjustment | $ 13 | (8) | |
Actuarial gain related to pensions and other postretirement benefits | 5 | 12 | |
AOCI attributable to equity method investments | 7 | (11) | |
Total AOCI, net of tax | 21 | 26 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (3) | 8 | |
Accumulated other comprehensive income | $ 29 | $ 23 |
Regulatory Matters, Commitmen_3
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2020 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Document Period End Date | Jun. 30, 2022 | ||||
Accrual for Environmental Loss Contingencies | $ 281 | $ 293 | |||
Loss Contingency, Estimate of Possible Loss | 600 | ||||
Payments for Environmental Liabilities | 6 | $ 12 | |||
Proposed Civil Penalty | |||||
Payments for Legal Settlements | 20 | ||||
Litigation Settlement, Expense | 40 | ||||
Related To Deductibles | |||||
Loss Contingency Accrual, at Carrying Value | $ 182 | $ 144 | |||
Sunoco, Inc. [Member] | |||||
Loss Contingency, Pending Claims, Number | 4 | ||||
Sunoco [Member] | |||||
Site Contingency, Number of Sites Needing Remediation | 34 | ||||
Culberson | |||||
Loss Contingency, Damages Sought, Value | $ 93 | ||||
Williams Litigation [Member] | |||||
Loss Contingency, Damages Sought, Value | $ 410 | ||||
Cline Class Action | Actual Damages | |||||
Payments for Legal Settlements | $ 74.8 | $ 80.7 | |||
Cline Class Action | punitive damages | |||||
Payments for Legal Settlements | $ 75 |
Regulatory Matters, Commitmen_4
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Table - Accrued Environmental Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Environmental Exit Cost [Line Items] | ||
Current | $ 50 | $ 46 |
Non-current | 231 | 247 |
Total environmental liabilities | $ 281 | $ 293 |
Regulatory Matters, Commitmen_5
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Schedule of Right of Way Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
ROW Expense | $ 14 | $ 9 | $ 28 | $ 15 |
Revenue (Details)
Revenue (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 40,336 |
ET Canada | |
Revenue, Remaining Performance Obligation, Amount | $ 1,320 |
Revenue Revenue Contract Liabil
Revenue Revenue Contract Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability | $ 557 | $ 386 | $ 459 | $ 309 |
Additions | 550 | 434 | ||
Revenue Recognized | (441) | $ (357) | ||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | (11) | |||
Sunoco LP [Member] | ||||
Contract assets | 182 | 157 | ||
Accounts receivable from contracts with customers | $ 802 | $ 463 |
Revenue, Remaining performance
Revenue, Remaining performance obligations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 40,336 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,634 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 6,463 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,567 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 24,672 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years 6 months |
Derivative Assets And Liabili_4
Derivative Assets And Liabilities Table - Outstanding Commodity-Related Derivatives (Details) | Jun. 30, 2022 bbl MMbtu Megawatt barrels | Dec. 31, 2021 MMbtu bbl Megawatt barrels | |
Natural Gas Liquids [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Forwards Swaps [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | bbl | 9,869 | 8,493 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Basis Swaps IFERC/NYMEX [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | 20,253 | 6,738 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Swing Swaps IFERC [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | 39,755 | 106,333 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Fixed Swaps/Futures [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | 25,520 | 63,898 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Forward Physical Contracts [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | 7,498 | 5,950 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Basis Swaps IFERC/NYMEX [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | [1] | 66,665 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Basis Swaps IFERC/NYMEX [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | [1] | 12,198 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Swing Swaps IFERC [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | 543 | 0 | |
Natural Gas [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Fixed Swaps/Futures [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | 1,023 | 585 | |
Natural Gas [Member] | Fair Value Hedging [Member] | Non Trading [Member] | Basis Swaps IFERC/NYMEX [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | 20,383 | 40,533 | |
Natural Gas [Member] | Fair Value Hedging [Member] | Non Trading [Member] | Fixed Swaps/Futures [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | 20,383 | 40,533 | |
Natural Gas [Member] | Fair Value Hedging [Member] | Non Trading [Member] | Hedged Item - Inventory (MMBtu) [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | 20,383 | 40,533 | |
Power [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Options - Puts [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | Megawatt | 119,200 | ||
Power [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Call Option [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | Megawatt | 308,800 | 30,932 | |
Power [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Forwards Swaps [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | Megawatt | 527,200 | 653,000 | |
Power [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Future [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | Megawatt | 289,086 | 604,920 | |
Power [Member] | Mark-To-Market Derivatives [Member] | Trading [Member] | Put Option [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | Megawatt | 7,859 | ||
Crude Oil [Member] | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Forwards Swaps [Member] | Long [Member] | |||
Derivative, Nonmonetary Notional Amount | bbl | 779 | 3,672 | |
Refined product sales | Mark-To-Market Derivatives [Member] | Non Trading [Member] | Future [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount | barrels | 2,748 | 3,349 | |
[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 Table - Interest Rate Swaps Outstanding (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Discussion of Interest Rate Derivative Risk Management Policy | Interest Rate RiskWe 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 utilize forward starting interest rate swaps to lock in the rate on a portion of our anticipated debt issuances. | ||
July 2022 [Member] | |||
Description of Interest Rate Derivative Activities | [1],[2] | Forward-starting to pay an average fixed rate of 3.80% and receive a floating rate | |
Derivative, Notional Amount | [2] | $ 0 | $ 400 |
July 2023 [Domain] | |||
Description of Interest Rate Derivative Activities | [1],[2] | Forward-starting to pay an average fixed rate of 3.845% and receive a floating rate | |
Derivative, Notional Amount | [2] | $ 400 | 200 |
July 2024 | |||
Description of Interest Rate Derivative Activities | [1],[2] | Forward-starting to pay an average fixed rate of 3.512% and receive a floating rate | |
Derivative, Notional Amount | [2] | $ 400 | $ 200 |
[1] Floating rates are based on either SOFR or 3-month LIBOR. |
Derivative Assets And Liabili_6
Derivative Assets And Liabilities Table - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Total derivatives assets | $ 488 | $ 272 |
Total derivatives liabilities | (525) | (598) |
Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 56 | 46 |
Total derivatives liabilities | (26) | (3) |
Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 432 | 226 |
Total derivatives liabilities | (499) | (595) |
Fair Value, Recurring [Member] | ||
Price Risk Derivative Liabilities, at Fair Value | 381 | 211 |
Level 1 | Fair Value, Recurring [Member] | ||
Price Risk Derivative Liabilities, at Fair Value | 310 | 190 |
Level 2 | Fair Value, Recurring [Member] | ||
Price Risk Derivative Liabilities, at Fair Value | 71 | 21 |
Commodity Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 146 | 53 |
Total derivatives liabilities | (102) | (52) |
Commodity Derivatives (Margin Deposits) [Member] | Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 56 | 46 |
Total derivatives liabilities | (26) | (3) |
Commodity Derivatives (Margin Deposits) [Member] | Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 286 | 173 |
Total derivatives liabilities | (253) | (156) |
Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ||
Total derivatives assets | 0 | 0 |
Total derivatives liabilities | $ (144) | $ (387) |
Derivative Assets And Liabili_7
Derivative Assets And Liabilities Table - Gross FV and Netting Offset (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 488 | $ 272 |
Derivative Liability, Fair Value, Gross Liability | (525) | (598) |
Payments on margin deposit | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 189 | 79 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 226 | 405 |
Derivative assets (liabilities) | ||
Derivatives, Fair Value [Line Items] | ||
Counterparty netting | (89) | (43) |
Counterparty netting | 89 | 43 |
Other current assets (liabilities) | ||
Derivatives, Fair Value [Line Items] | ||
Counterparty netting | (210) | (150) |
Counterparty netting | 210 | 150 |
Without offsetting agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (144) | (387) |
OTC Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 146 | 53 |
Derivative Liability, Fair Value, Gross Liability | (102) | (52) |
Broker cleared derivative contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 342 | 219 |
Derivative Liability, Fair Value, Gross Liability | $ (279) | $ (159) |
Derivative Assets And Liabili_8
Derivative Assets And Liabilities Table - Partnership's Derivative Assets and Liabilities Amount of Gain (Loss) Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amount of Gain/(Loss) Recognized in Income on Derivatives | $ (35) | $ (221) | $ 79 | $ (66) |
Gains (losses) on interest rate derivatives | 129 | (123) | 243 | 71 |
Commodity Derivatives [Member] | ||||
Amount of Gain/(Loss) Recognized in Income on Derivatives | (175) | (93) | (192) | (135) |
Commodity Derivatives - Trading [Member] | ||||
Amount of Gain/(Loss) Recognized in Income on Derivatives | $ 11 | $ (5) | $ 28 | $ (2) |
Reportable Segments Table - Rev
Reportable Segments Table - Revenues (External and Intersegment) by Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ (25,945) | $ (15,101) | $ (46,436) | $ (32,096) |
Intersegment Eliminations [Member] | ||||
Revenues | 5,644 | 2,520 | (9,759) | (6,253) |
Intrastate Transportation And Storage [Member] | ||||
Revenues | (2,203) | (949) | (3,835) | (5,849) |
Investment In Sunoco LP [Member] | ||||
Revenues | (7,815) | (4,392) | (13,217) | (7,863) |
Investment In USAC [Member] | ||||
Revenues | (172) | (156) | (335) | (314) |
Interstate Transportation and Storage [Member] | ||||
Revenues | (530) | (407) | (1,096) | (932) |
Midstream [Member] | ||||
Revenues | (5,050) | (2,199) | (8,975) | (4,871) |
NGL and refined products transportation and services [Member] | ||||
Revenues | (7,557) | (4,522) | (13,834) | (8,512) |
Crude oil transportation and services [Member] | ||||
Revenues | (7,300) | (4,420) | (13,226) | (7,920) |
Other Segments [Member] | ||||
Revenues | (962) | (576) | (1,677) | (2,088) |
Intersegment [Member] | Intrastate Transportation And Storage [Member] | ||||
Revenues | (209) | (97) | (366) | (1,021) |
Intersegment [Member] | Investment In Sunoco LP [Member] | ||||
Revenues | (22) | (7) | (27) | (9) |
Intersegment [Member] | Investment In USAC [Member] | ||||
Revenues | (4) | (3) | (8) | (6) |
Intersegment [Member] | Interstate Transportation and Storage [Member] | ||||
Revenues | (19) | (3) | (38) | (27) |
Intersegment [Member] | Midstream [Member] | ||||
Revenues | (3,897) | (1,628) | (6,691) | (3,722) |
Intersegment [Member] | NGL and refined products transportation and services [Member] | ||||
Revenues | (1,327) | (692) | (2,359) | (1,285) |
Intersegment [Member] | Crude oil transportation and services [Member] | ||||
Revenues | (1) | 0 | (1) | 0 |
Intersegment [Member] | Other Segments [Member] | ||||
Revenues | (165) | (90) | (269) | (183) |
External Customers [Member] | Intrastate Transportation And Storage [Member] | ||||
Revenues | (1,994) | (852) | (3,469) | (4,828) |
External Customers [Member] | Investment In Sunoco LP [Member] | ||||
Revenues | (7,793) | (4,385) | (13,190) | (7,854) |
External Customers [Member] | Investment In USAC [Member] | ||||
Revenues | (168) | (153) | (327) | (308) |
External Customers [Member] | Interstate Transportation and Storage [Member] | ||||
Revenues | (511) | (404) | (1,058) | (905) |
External Customers [Member] | Midstream [Member] | ||||
Revenues | (1,153) | (571) | (2,284) | (1,149) |
External Customers [Member] | NGL and refined products transportation and services [Member] | ||||
Revenues | (6,230) | (3,830) | (11,475) | (7,227) |
External Customers [Member] | Crude oil transportation and services [Member] | ||||
Revenues | (7,299) | (4,420) | (13,225) | (7,920) |
External Customers [Member] | Other Segments [Member] | ||||
Revenues | $ (797) | $ (486) | $ (1,408) | $ (1,905) |
Reportable Segments Table - Seg
Reportable Segments Table - Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 3,228 | $ 2,616 | $ 6,568 | $ 7,656 |
Depreciation, depletion and amortization | (1,046) | (940) | (2,074) | (1,894) |
Interest expense, net of interest capitalized | 578 | 566 | 1,137 | 1,155 |
Impairment losses | 0 | (8) | (300) | (11) |
Gains (losses) on interest rate derivatives | 129 | (123) | 243 | 71 |
Non-cash compensation expense | (25) | (27) | (61) | (55) |
Unrealized gains on commodity risk management activities | 99 | 47 | 54 | 93 |
Inventory valuation adjustments (Sunoco LP) | 1 | 59 | 121 | 159 |
Losses on extinguishments of debt | 0 | (1) | 0 | (8) |
Adjusted EBITDA related to unconsolidated affiliates | (137) | (136) | (262) | (259) |
Equity in earnings of unconsolidated affiliates | 62 | 65 | 118 | 120 |
Other, net | (25) | 4 | (84) | (11) |
Income before income tax expense | 1,708 | 990 | 3,186 | 4,706 |
Income tax expense | (86) | (82) | (77) | (157) |
Net income | 1,622 | 908 | 3,109 | 4,549 |
Intrastate Transportation And Storage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 218 | 224 | 662 | 3,037 |
Investment In Sunoco LP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 214 | 201 | 405 | 358 |
Investment In USAC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 106 | 100 | 204 | 200 |
Interstate Transportation and Storage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 397 | 331 | 850 | 784 |
Midstream [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 903 | 477 | 1,710 | 765 |
NGL and refined products transportation and services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 763 | 736 | 1,463 | 1,383 |
Crude oil transportation and services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 562 | 484 | 1,155 | 994 |
All Other Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 65 | $ 63 | $ 119 | $ 135 |