Document And Entity Information
Document And Entity Information - 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 | 001-35653 | |
Entity Registrant Name | SUNOCO LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 30-0740483 | |
Entity Address, Address Line One | 8111 Westchester Drive | |
Entity Address, Address Line Two | Suite 400 | |
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 | |
Title of 12(b) Security | Common Units Representing Limited Partner Interests | |
Trading Symbol | SUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001552275 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Units [Member] | ||
Document Information [Line Items] | ||
Entity Partnership Units Outstanding | 83,763,300 | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Partnership Units Outstanding | 16,410,780 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 168 | $ 25 |
Accounts receivable, net | 906 | 526 |
Receivables from affiliates | 13 | 12 |
Inventories, net | 757 | 534 |
Other current assets | 334 | 95 |
Total current assets | 2,178 | 1,192 |
Property and equipment | 2,652 | 2,581 |
Accumulated depreciation | (976) | (914) |
Property and equipment, net | 1,676 | 1,667 |
Other assets: | ||
Finance lease right-of-use assets, net | 9 | 9 |
Operating lease right-of-use assets, net | 516 | 517 |
Goodwill | 1,587 | 1,568 |
Intangible assets | 997 | 902 |
Accumulated amortization | (383) | (360) |
Intangible assets, net | 614 | 542 |
Other noncurrent assets | 212 | 188 |
Investment in unconsolidated affiliate | 131 | 132 |
Total assets | 6,923 | 5,815 |
Current liabilities: | ||
Accounts payable | 995 | 515 |
Accounts payable to affiliates | 171 | 59 |
Accrued expenses and other current liabilities | 314 | 291 |
Operating lease current liabilities | 19 | 19 |
Current maturities of long-term debt | 0 | 6 |
Total current liabilities | 1,499 | 890 |
Operating lease noncurrent liabilities | 521 | 521 |
Revolving line of credit | 869 | 581 |
Long-term debt, net | 2,669 | 2,668 |
Advances from affiliates | 118 | 126 |
Deferred tax liability | 156 | 114 |
Other noncurrent liabilities | 111 | 104 |
Total liabilities | 5,943 | 5,004 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Total equity | 980 | 811 |
Total liabilities and equity | $ 6,923 | $ 5,815 |
Common Units [Member] | ||
Current liabilities: | ||
Limited Partners' Capital Account, Units Issued | 83,762,266 | 83,670,950 |
Limited Partners' Capital Account, Units Outstanding | 83,762,266 | 83,670,950 |
Equity: | ||
Total equity | $ 980 | $ 811 |
Class C Units [Member] | ||
Current liabilities: | ||
Limited Partners' Capital Account, Units Issued | 16,410,780 | 16,410,780 |
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | 16,410,780 |
Equity: | ||
Total equity | $ 0 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Revenues | $ 7,815 | $ 4,392 | $ 13,217 | $ 7,863 |
Cost of sales and operating expenses: | ||||
Cost of sales | 7,470 | 4,039 | 12,442 | 7,159 |
General and administrative | 30 | 27 | 57 | 51 |
Other operating | 83 | 61 | 164 | 122 |
Lease expense | 15 | 14 | 31 | 29 |
Gain on disposal of assets | (5) | (8) | (5) | (8) |
Depreciation, amortization and accretion | 49 | 43 | 96 | 90 |
Total cost of sales and operating expenses | 7,642 | 4,176 | 12,785 | 7,443 |
Operating income | 173 | 216 | 432 | 420 |
Interest expense, net | (45) | (43) | (86) | (84) |
Equity in earnings of unconsolidated affiliate | 1 | 1 | 2 | 2 |
Other income (expense), net | 0 | 0 | 0 | (7) |
Income before income taxes | 129 | 174 | 348 | 331 |
Income tax expense | 8 | 8 | 11 | 11 |
Net income and comprehensive income | $ 121 | $ 166 | $ 337 | $ 320 |
Net income (loss) per common unit: | ||||
Basic | $ 1.22 | $ 1.76 | $ 3.56 | $ 3.37 |
Diluted | $ 1.20 | $ 1.73 | $ 3.52 | $ 3.33 |
Weighted average common units outstanding: | ||||
Basic | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 |
Diluted | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |
Cash distributions per unit | $ 0.8255 | $ 0.8255 | $ 1.6510 | $ 1.6510 |
Common Units [Member] | ||||
Weighted average common units outstanding: | ||||
Basic | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 |
Diluted | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |
Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | $ 7,678 | $ 4,292 | $ 12,955 | $ 7,655 |
Non Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | 102 | 66 | 192 | 139 |
Lease Income [Member] | ||||
Revenues: | ||||
Revenues | $ 35 | $ 34 | $ 70 | $ 69 |
Consolidated Statement of Equit
Consolidated Statement of Equity $ in Millions | USD ($) |
Beginning balance at Dec. 31, 2020 | $ 632 |
Cash distribution to unitholders | (88) |
Unit-based compensation | 4 |
Partners' Capital, Other | (4) |
Partnership net income (loss) | 154 |
Ending balance at Mar. 31, 2021 | 698 |
Beginning balance at Dec. 31, 2020 | 632 |
Partnership net income (loss) | 320 |
Ending balance at Jun. 30, 2021 | 779 |
Beginning balance at Mar. 31, 2021 | 698 |
Cash distribution to unitholders | (88) |
Unit-based compensation | 3 |
Partnership net income (loss) | 166 |
Ending balance at Jun. 30, 2021 | 779 |
Beginning balance at Dec. 31, 2021 | 811 |
Cash distribution to unitholders | (88) |
Unit-based compensation | 5 |
Partnership net income (loss) | 216 |
Ending balance at Mar. 31, 2022 | 944 |
Beginning balance at Dec. 31, 2021 | 811 |
Partnership net income (loss) | 337 |
Ending balance at Jun. 30, 2022 | 980 |
Beginning balance at Mar. 31, 2022 | 944 |
Cash distribution to unitholders | (88) |
Unit-based compensation | 3 |
Partnership net income (loss) | 121 |
Ending balance at Jun. 30, 2022 | $ 980 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income and comprehensive income | $ 337 | $ 320 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 96 | 90 |
Amortization of deferred financing fees | 2 | 4 |
Gain on disposal of assets | (5) | (8) |
Other income (expense), net | 0 | 7 |
Non-cash unit-based compensation expense | 8 | 7 |
Deferred income tax | (42) | 1 |
Inventory valuation adjustment | (121) | (159) |
Equity in earnings of unconsolidated affiliate | (2) | (2) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | (341) | (199) |
Receivables from affiliates | (1) | 3 |
Inventories, net | 6 | 53 |
Other assets | (217) | (56) |
Accounts payable | 414 | 263 |
Accounts payable to affiliates | 112 | (42) |
Accrued expenses and other current liabilities | 8 | 1 |
Other noncurrent liabilities | (1) | (6) |
Net cash provided by operating activities | 337 | 275 |
Cash flows from investing activities: | ||
Capital expenditures | (55) | (48) |
Distributions from unconsolidated affiliate in excess of cumulative earnings | 3 | 3 |
Cash Acquired from Acquisition | (264) | 0 |
Proceeds from disposal of property and equipment | 11 | 14 |
Net cash used in investing activities | (305) | (31) |
Cash flows from financing activities: | ||
Payments on long-term debt | (1) | (439) |
Revolver borrowings | 2,335 | 851 |
Distributions to unitholders | (176) | (176) |
Net cash provided by (used in) financing activities | 111 | (254) |
Net increase (decrease) in cash and cash equivalents | 143 | (10) |
Cash and cash equivalents at beginning of period | 25 | 97 |
Cash and cash equivalents at end of period | 168 | 87 |
Supplemental disclosure of non-cash investing activities: | ||
Change in note payable to affiliate | (6) | 6 |
Repayments of Lines of Credit | $ (2,047) | $ (490) |
Organization and Principles of
Organization and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation As used in this document, the terms “Partnership,” “SUN,” “we,” “us,” and “our” should be understood to refer to Sunoco LP and our consolidated subsidiaries, unless the context clearly indicates otherwise. We are a Delaware master limited partnership. We are managed by our general partner, Sunoco GP LLC ( our “General Partner”), which is owned by Energy Transfer LP (“Energy Transfer”). As of June 30, 2022, Energy Transfer owned 100% of the limited liability company interests in our General Partner, 28,463,967 of our common units, which constitutes a 28.4% limited partner interest in us, and all of our incentive distribution rights ("IDRs"). The consolidated financial statements are composed of Sunoco LP, a publicly traded Delaware limited partnership, and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. On April 1, 2022, we completed the previously announced acquisition of a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital Partners, LLC for $264 million. The acquisition increased intangible assets and goodwill by $96 million and $19 million, respectively. The remaining $149 million consisted of fixed assets of $72 million and working capital of $77 million. Management with the assistance of a third party valuation firm, determined the preliminary assessment of fair value of assets and liabilities at the date of the Gladieux Capital Partners, LLC acquisition. We determined the preliminary value of goodwill by giving consideration to various qualitative factors. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. As a result, adjustments to this preliminary allocation may occur in the future. Goodwill acquired in connection with the Gladieux Capital Partners, LLC acquis ition is deductible for tax purposes. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the balance sheets or statements of cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") on February 18, 2022. Significant Accounting Policies As of June 30, 2022, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022. Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $72 million and $87 million for the three months ended June 30, 2022 and 2021, respectively, and $143 million and $164 million for the six months ended June 30, 2022 and 2021, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the consolidated statements of operations and comprehensive income. |
Accounts Receivable, net
Accounts Receivable, net | 6 Months Ended |
Jun. 30, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net, consisted of the following: June 30, December 31, (in millions) Accounts receivable, trade $ 745 $ 428 Credit card receivables 59 37 Vendor receivables for rebates and branding 43 35 Other receivables 61 28 Allowance for expected credit losses (2) (2) Accounts receivable, net $ 906 $ 526 |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net 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 Partnership’s fuel inventory balance 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 statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $1 million and $59 million, respectively, and for the six months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $121 million and $159 million, respectively. Inventories, net, consisted of the following: June 30, December 31, (in millions) Fuel $ 746 $ 526 Other 11 8 Inventories, net $ 757 $ 534 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, (in millions) Wage and other employee-related accrued expenses $ 19 $ 23 Accrued tax expense 162 152 Accrued insurance 23 22 Accrued interest expense 30 31 Dealer deposits 22 21 Accrued environmental expense 7 7 Other 51 35 Total $ 314 $ 291 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: June 30, December 31, (in millions) Sale leaseback financing obligation $ 85 $ 91 Credit Facility 869 581 6.000% Senior Notes Due 2027 600 600 5.875% Senior Notes Due 2028 400 400 4.500% Senior Notes Due 2029 800 800 4.500% Senior Notes Due 2030 800 800 Finance leases 9 9 Total debt 3,563 3,281 Less: current maturities — 6 Less: debt issuance costs 25 26 Long-term debt, net $ 3,538 $ 3,249 Revolving Credit Agreement On April 7, 2022, we entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, Collateral Agent, Swingline Lender and a letter of credit issuer (the “Credit Facility”). The Credit Facility amended and restated the former revolving credit facility entered into on July 27, 2018 (the "2018 Revolver"). The Credit Facility is a $1.50 billion revolving credit facility, expiring April 7, 2027 (which date may be extended in accordance with the terms of the Credit Facility). The Credit Facility can be increased from time to time upon our written request, subject to certain conditions, up to an additional $500 million. As of June 30, 2022, the balance on the Credit Facility was $869 million, and $6 million in standby letters of credit were outstanding. The unused availability on the Credit Facility at June 30, 2022 was $0.6 billion. The weighted average interest rate on the total amount outstanding at June 30, 2022 was 3.48%. The Partnership was in compliance with all financial covenants at June 30, 2022. Fair Value of Debt |
Other Noncurrent Liabilities (N
Other Noncurrent Liabilities (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following: June 30, December 31, (in millions) Asset retirement obligations $ 81 $ 79 Accrued environmental expense, long-term 12 12 Other 18 13 Total $ 111 $ 104 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions We are party to fee-based commercial agreements with various affiliates of Energy Transfer for pipeline, terminalling and storage services. We also have agreements with subsidiaries of Energy Transfer for the purchase and sale of fuel. Our investment in the J.C. Nolan pipeline (a joint venture with Energy Transfer) was $131 million and $132 million as of June 30, 2022 and December 31, 2021, respectively. In addition, we recorded income on the unconsolidated joint venture of $1 million for both t he three months ended June 30, 2022 and 2021 and $2 million for both the six months ended June 30, 2022 and 2021. Summary of Transactions Related party transactions with affiliates for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Motor fuel sales to affiliates $ 23 $ 7 $ 28 $ 9 Bulk fuel purchases from affiliates $ 703 $ 419 $ 1,243 $ 752 Significant affiliate balances and activity related to the consolidated balance sheets are as follows: • Net advances from affiliates were $118 million and $126 million as of June 30, 2022 and December 31, 2021, respectively, related to treasury services agreements with Energy Transfer. • Net accounts receivable from affiliates were $13 million and $12 million as of June 30, 2022 and December 31, 2021, respectively, which are primarily related to motor fuel sales to affiliates. • Net accounts payable to affiliates were $171 million and $59 million as of June 30, 2022 and December 31, 2021, respectively, attributable to operational expenses and bulk fuel purchases. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Disaggregation of Revenue We operate our business in two primary segments, Fuel Distribution and Marketing and All Other. We disaggregate revenue within the segments by channels. The following table depicts the disaggregation of revenue by channel within each segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Fuel Distribution and Marketing Segment Distributor $ 3,346 $ 2,123 $ 5,753 $ 3,738 Dealer 1,427 903 2,481 1,582 Unbranded wholesale 2,193 744 3,456 1,412 Commission agent 515 369 918 659 Non motor fuel sales 41 16 82 30 Lease income 32 32 64 65 Total 7,554 4,187 12,754 7,486 All Other Segment Motor fuel 197 153 347 264 Non motor fuel sales 61 50 110 109 Lease income 3 2 6 4 Total 261 205 463 377 Total revenue $ 7,815 $ 4,392 $ 13,217 $ 7,863 Contract Balances with Customers The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 (in millions) Contract balances Contract asset $ 182 $ 157 Accounts receivable from contracts with customers $ 802 $ 463 Contract liability $ — $ — For the three and six months ended June 30, 2022, the Partnership recognized $3 million and $10 million, |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation We have at various points and may in the future become involved in various legal proceedings arising out of our operations in the normal course of business. These proceedings would be subject to the uncertainties inherent in any litigation, and we regularly assess the need for accounting recognition or disclosure of these contingencies. We would expect to defend ourselves vigorously in all such matters. Based on currently available information, we believe it is unlikely that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows. Lessee Accounting The details of the Partnership's operating and finance lease liabilities are as follows: June 30, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term (years) Operating leases 23 23 Finance leases 28 29 Weighted-average discount rate (%) Operating leases 6 % 6 % Finance leases 4 % 4 % Six Months Ended June 30, Other information 2022 2021 (in millions) Cash paid for amount included in the measurement of lease liabilities Operating cash flows from operating leases $ (24) $ (25) Operating cash flows from finance leases $ — $ (1) Financing cash flows from finance leases $ — $ — Leased assets obtained in exchange for new finance lease liabilities $ — $ 9 Leased assets obtained in exchange for new operating lease liabilities $ 11 $ 1 Maturity of lease liabilities (as of June 30, 2022) Operating leases Finance leases Total (in millions) 2022 (remainder) $ 25 $ — $ 25 2023 48 — 48 2024 47 — 47 2025 47 — 47 2026 46 — 46 Thereafter 783 15 798 Total lease payment 996 15 1,011 Less: interest 456 6 462 Present value of lease liabilities $ 540 $ 9 $ 549 Lessor Accounting The Partnership leases or subleases a portion of its real estate portfolio to third party companies as a stable source of long-term revenue. Our lessor and sublease portfolio consists mainly of operating leases with convenience store operators. At this time, most |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Tax Expense As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes. Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Income tax expense at statutory federal rate $ 27 $ 37 $ 73 $ 69 Partnership earnings not subject to tax (22) (30) (66) (61) State and local tax, net of federal benefit 2 2 3 3 Other 1 (1) 1 — Net income tax expense $ 8 $ 8 $ 11 $ 11 |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2022 | |
Partners' Capital [Abstract] | |
Partners' Capital | Equity As of June 30, 2022, Energy Transfer and its subsidiaries owned 28,463,967 common units, which constitutes a 28.4% limited partner interest in the Partnership. As of June 30, 2022, our wholly-owned consolidated subsidiaries owned 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”) and the public owned 55,298,299 common units. Common Units The change in our outstanding common units for the six months ended June 30, 2022 was as follows: Number of Units Number of common units at December 31, 2021 83,670,950 Vested phantom units exercised 91,316 Number of common units at June 30, 2022 83,762,266 Allocation of Net Income Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to incentive cash distributions, which are allocated 100% to Energy Transfer. The calculation of net income allocated to the partners was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Attributable to Common Units Distributions $ 69 $ 69 $ 138 $ 138 Distributions less than net income 33 78 160 143 Limited partners' interest in net income $ 102 $ 147 $ 298 $ 281 Cash Distributions Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive. Cash distributions paid or declared during 2022 were as follows: Limited Partners Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders (in millions, except per unit amounts) August 19, 2022 $ 0.8255 $ 69 $ 18 May 19, 2022 $ 0.8255 $ 69 $ 18 February 18, 2022 $ 0.8255 $ 69 $ 18 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting Our consolidated financial statements reflect two reportable segments, Fuel Distribution and Marketing and All Other. We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets and non-cash impairment charges, unrealized gains and losses on commodity derivatives, inventory adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. The following table presents financial information by segment for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, 2022 2021 Fuel Distribution and Marketing All Other Intercompany Eliminations Totals Fuel Distribution and Marketing All Other Intercompany Eliminations Totals (in millions) Revenue Motor fuel sales $ 7,481 $ 197 $ 7,678 $ 4,139 $ 153 $ 4,292 Non motor fuel sales 41 61 102 16 50 66 Lease income 32 3 35 32 2 34 Intersegment sales 161 — (161) — 107 — (107) — Total revenue $ 7,715 $ 261 $ (161) $ 7,815 $ 4,294 $ 205 $ (107) 4,392 Net income and comprehensive income $ 121 $ 166 Depreciation, amortization and accretion 49 43 Interest expense, net 45 43 Income tax expense 8 8 Non-cash unit-based compensation expense 3 3 Gain on disposal of assets (5) (8) Unrealized gain on commodity derivatives (11) (2) Inventory adjustments (1) (59) Equity in earnings of unconsolidated affiliate (1) (1) Adjusted EBITDA related to unconsolidated affiliate 3 2 Other non-cash adjustments 3 6 Adjusted EBITDA $ 200 $ 14 $ 214 $ 191 $ 10 $ 201 Capital expenditures $ 23 $ 6 $ 29 $ 28 $ 2 $ 30 Total assets as of June 30, 2022 and December 31, 2021, respectively $ 5,833 $ 1,090 $ 6,923 $ 4,825 $ 990 $ 5,815 ________________________________ Six Months Ended June 30, 2022 2021 Fuel Distribution and Marketing All Other Intercompany Eliminations Totals Fuel Distribution and Marketing All Other Intercompany Eliminations Totals (in millions) Revenue Motor fuel sales $ 12,608 $ 347 $ 12,955 $ 7,391 $ 264 $ 7,655 Non motor fuel sales 82 110 192 30 109 139 Lease income 64 6 70 65 4 69 Intersegment sales 277 — (277) — 182 — (182) — Total revenue $ 13,031 $ 463 $ (277) $ 13,217 $ 7,668 $ 377 $ (182) $ 7,863 Net income and $ 337 $ 320 Depreciation, amortization and accretion 96 90 Interest expense, net 86 84 Income tax expense 11 11 Non-cash unit-based compensation expense 8 7 Gain on disposal of assets and impairment charges (5) (8) Loss on extinguishment of debt — 7 Unrealized gain on commodity derivatives (20) (7) Inventory adjustments (121) (159) Equity in earnings of unconsolidated affiliate (2) (2) Adjusted EBITDA related to unconsolidated affiliate 5 4 Other non-cash adjustments 10 11 Adjusted EBITDA $ 374 $ 31 $ 405 $ 344 $ 14 $ 358 Capital expenditures $ 46 $ 9 $ 55 $ 45 $ 3 $ 48 Total assets as of June 30, 2022 and December 31, 2021, respectively $ 5,833 $ 1,090 $ 6,923 $ 4,825 $ 990 $ 5,815 ________________________________ |
Net Income per Unit
Net Income per Unit | 6 Months Ended |
Jun. 30, 2022 | |
Net Income Per Unit [Abstract] | |
Net Income per Unit | Net Income per Common Unit A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except units and per unit amounts) Net income and comprehensive income $ 121 $ 166 $ 337 $ 320 Less: Incentive distribution rights 18 18 36 36 Distributions on nonvested phantom unit awards 1 1 3 3 Limited partners ’ interest in net income $ 102 $ 147 $ 298 $ 281 Weighted average common units outstanding: Basic 83,737,613 83,350,567 83,710,409 83,346,719 Dilutive effect of nonvested phantom unit awards 1,030,359 1,052,300 1,039,486 929,921 Diluted 84,767,972 84,402,867 84,749,895 84,276,640 Net income per common unit: Basic $ 1.22 $ 1.76 $ 3.56 $ 3.37 Diluted $ 1.20 $ 1.73 $ 3.52 $ 3.33 |
Organization and Principles o_2
Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | On April 1, 2022, we completed the previously announced acquisition of a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital Partners, LLC for $264 million. The acquisition increased intangible assets and goodwill by $96 million and $19 million, respectively. The remaining $149 million consisted of fixed assets of $72 million and working capital of $77 million. Management with the assistance of a third party valuation firm, determined the preliminary assessment of fair value of assets and liabilities at the date of the Gladieux Capital Partners, LLC acquisition. We determined the preliminary value of goodwill by giving consideration to various qualitative factors. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. As a result, adjustments to this preliminary allocation may occur in the future. Goodwill acquired in connection with the Gladieux Capital Partners, LLC acquis ition is deductible for tax purposes. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the balance sheets or statements of cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") on February 18, 2022. |
Recently Issued Accounting Pronouncements | Significant Accounting PoliciesAs of June 30, 2022, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022. |
Motor Fuel and Sales Taxes | Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $72 million and $87 million for the three months ended June 30, 2022 and 2021, respectively, and $143 million and $164 million for the six months ended June 30, 2022 and 2021, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the consolidated statements of operations and comprehensive income. |
Inventory (Policies)
Inventory (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy | 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 Partnership’s fuel inventory balance 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 statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $1 million and $59 million, respectively, and for the six months ended June 30, 2022 and 2021, the Partnership’s cost of sales included favorable inventory adjustments of $121 million and $159 million, respectively. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Contract Balances with CustomersCosts to Obtain or Fulfill a Contract For the three and six months ended June 30, 2022, the Partnership recognized $3 million and $10 million, |
Partners' Capital Partners' Cap
Partners' Capital Partners' Capital (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Partners' Capital [Abstract] | |
Allocation of net income [Policy Text Block] | Allocation of Net Income Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to incentive cash distributions, which are allocated 100% to Energy Transfer. |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net, consisted of the following: June 30, December 31, (in millions) Accounts receivable, trade $ 745 $ 428 Credit card receivables 59 37 Vendor receivables for rebates and branding 43 35 Other receivables 61 28 Allowance for expected credit losses (2) (2) Accounts receivable, net $ 906 $ 526 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, net, consisted of the following: June 30, December 31, (in millions) Fuel $ 746 $ 526 Other 11 8 Inventories, net $ 757 $ 534 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, December 31, (in millions) Wage and other employee-related accrued expenses $ 19 $ 23 Accrued tax expense 162 152 Accrued insurance 23 22 Accrued interest expense 30 31 Dealer deposits 22 21 Accrued environmental expense 7 7 Other 51 35 Total $ 314 $ 291 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following: June 30, December 31, (in millions) Sale leaseback financing obligation $ 85 $ 91 Credit Facility 869 581 6.000% Senior Notes Due 2027 600 600 5.875% Senior Notes Due 2028 400 400 4.500% Senior Notes Due 2029 800 800 4.500% Senior Notes Due 2030 800 800 Finance leases 9 9 Total debt 3,563 3,281 Less: current maturities — 6 Less: debt issuance costs 25 26 Long-term debt, net $ 3,538 $ 3,249 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | June 30, December 31, (in millions) Asset retirement obligations $ 81 $ 79 Accrued environmental expense, long-term 12 12 Other 18 13 Total $ 111 $ 104 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Related party transactions with affiliates for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Motor fuel sales to affiliates $ 23 $ 7 $ 28 $ 9 Bulk fuel purchases from affiliates $ 703 $ 419 $ 1,243 $ 752 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table depicts the disaggregation of revenue by channel within each segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Fuel Distribution and Marketing Segment Distributor $ 3,346 $ 2,123 $ 5,753 $ 3,738 Dealer 1,427 903 2,481 1,582 Unbranded wholesale 2,193 744 3,456 1,412 Commission agent 515 369 918 659 Non motor fuel sales 41 16 82 30 Lease income 32 32 64 65 Total 7,554 4,187 12,754 7,486 All Other Segment Motor fuel 197 153 347 264 Non motor fuel sales 61 50 110 109 Lease income 3 2 6 4 Total 261 205 463 377 Total revenue $ 7,815 $ 4,392 $ 13,217 $ 7,863 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 (in millions) Contract balances Contract asset $ 182 $ 157 Accounts receivable from contracts with customers $ 802 $ 463 Contract liability $ — $ — |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The details of the Partnership's operating and finance lease liabilities are as follows: June 30, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term (years) Operating leases 23 23 Finance leases 28 29 Weighted-average discount rate (%) Operating leases 6 % 6 % Finance leases 4 % 4 % Six Months Ended June 30, Other information 2022 2021 (in millions) Cash paid for amount included in the measurement of lease liabilities Operating cash flows from operating leases $ (24) $ (25) Operating cash flows from finance leases $ — $ (1) Financing cash flows from finance leases $ — $ — Leased assets obtained in exchange for new finance lease liabilities $ — $ 9 Leased assets obtained in exchange for new operating lease liabilities $ 11 $ 1 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of lease liabilities (as of June 30, 2022) Operating leases Finance leases Total (in millions) 2022 (remainder) $ 25 $ — $ 25 2023 48 — 48 2024 47 — 47 2025 47 — 47 2026 46 — 46 Thereafter 783 15 798 Total lease payment 996 15 1,011 Less: interest 456 6 462 Present value of lease liabilities $ 540 $ 9 $ 549 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Income tax expense at statutory federal rate $ 27 $ 37 $ 73 $ 69 Partnership earnings not subject to tax (22) (30) (66) (61) State and local tax, net of federal benefit 2 2 3 3 Other 1 (1) 1 — Net income tax expense $ 8 $ 8 $ 11 $ 11 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Partners' Capital [Abstract] | |
Schedule of Common Units | The change in our outstanding common units for the six months ended June 30, 2022 was as follows: Number of Units Number of common units at December 31, 2021 83,670,950 Vested phantom units exercised 91,316 Number of common units at June 30, 2022 83,762,266 |
Schedule of Net Income Allocation By Partners | The calculation of net income allocated to the partners was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Attributable to Common Units Distributions $ 69 $ 69 $ 138 $ 138 Distributions less than net income 33 78 160 143 Limited partners' interest in net income $ 102 $ 147 $ 298 $ 281 |
Distributions Made to Limited Partner, by Distribution | Cash distributions paid or declared during 2022 were as follows: Limited Partners Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders (in millions, except per unit amounts) August 19, 2022 $ 0.8255 $ 69 $ 18 May 19, 2022 $ 0.8255 $ 69 $ 18 February 18, 2022 $ 0.8255 $ 69 $ 18 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2022 2021 Fuel Distribution and Marketing All Other Intercompany Eliminations Totals Fuel Distribution and Marketing All Other Intercompany Eliminations Totals (in millions) Revenue Motor fuel sales $ 7,481 $ 197 $ 7,678 $ 4,139 $ 153 $ 4,292 Non motor fuel sales 41 61 102 16 50 66 Lease income 32 3 35 32 2 34 Intersegment sales 161 — (161) — 107 — (107) — Total revenue $ 7,715 $ 261 $ (161) $ 7,815 $ 4,294 $ 205 $ (107) 4,392 Net income and comprehensive income $ 121 $ 166 Depreciation, amortization and accretion 49 43 Interest expense, net 45 43 Income tax expense 8 8 Non-cash unit-based compensation expense 3 3 Gain on disposal of assets (5) (8) Unrealized gain on commodity derivatives (11) (2) Inventory adjustments (1) (59) Equity in earnings of unconsolidated affiliate (1) (1) Adjusted EBITDA related to unconsolidated affiliate 3 2 Other non-cash adjustments 3 6 Adjusted EBITDA $ 200 $ 14 $ 214 $ 191 $ 10 $ 201 Capital expenditures $ 23 $ 6 $ 29 $ 28 $ 2 $ 30 Total assets as of June 30, 2022 and December 31, 2021, respectively $ 5,833 $ 1,090 $ 6,923 $ 4,825 $ 990 $ 5,815 ________________________________ Six Months Ended June 30, 2022 2021 Fuel Distribution and Marketing All Other Intercompany Eliminations Totals Fuel Distribution and Marketing All Other Intercompany Eliminations Totals (in millions) Revenue Motor fuel sales $ 12,608 $ 347 $ 12,955 $ 7,391 $ 264 $ 7,655 Non motor fuel sales 82 110 192 30 109 139 Lease income 64 6 70 65 4 69 Intersegment sales 277 — (277) — 182 — (182) — Total revenue $ 13,031 $ 463 $ (277) $ 13,217 $ 7,668 $ 377 $ (182) $ 7,863 Net income and $ 337 $ 320 Depreciation, amortization and accretion 96 90 Interest expense, net 86 84 Income tax expense 11 11 Non-cash unit-based compensation expense 8 7 Gain on disposal of assets and impairment charges (5) (8) Loss on extinguishment of debt — 7 Unrealized gain on commodity derivatives (20) (7) Inventory adjustments (121) (159) Equity in earnings of unconsolidated affiliate (2) (2) Adjusted EBITDA related to unconsolidated affiliate 5 4 Other non-cash adjustments 10 11 Adjusted EBITDA $ 374 $ 31 $ 405 $ 344 $ 14 $ 358 Capital expenditures $ 46 $ 9 $ 55 $ 45 $ 3 $ 48 Total assets as of June 30, 2022 and December 31, 2021, respectively $ 5,833 $ 1,090 $ 6,923 $ 4,825 $ 990 $ 5,815 ________________________________ |
Net Income per Unit (Tables)
Net Income per Unit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net Income Per Unit [Abstract] | |
Schedule of Net Income per Unit, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except units and per unit amounts) Net income and comprehensive income $ 121 $ 166 $ 337 $ 320 Less: Incentive distribution rights 18 18 36 36 Distributions on nonvested phantom unit awards 1 1 3 3 Limited partners ’ interest in net income $ 102 $ 147 $ 298 $ 281 Weighted average common units outstanding: Basic 83,737,613 83,350,567 83,710,409 83,346,719 Dilutive effect of nonvested phantom unit awards 1,030,359 1,052,300 1,039,486 929,921 Diluted 84,767,972 84,402,867 84,749,895 84,276,640 Net income per common unit: Basic $ 1.22 $ 1.76 $ 3.56 $ 3.37 Diluted $ 1.20 $ 1.73 $ 3.52 $ 3.33 |
Organization and Principles o_3
Organization and Principles of Consolidation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Common Units [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 83,762,266 | 83,670,950 | |
Gladieux Capital Partners, LLC | |||
Organization Consolidation And Presentation Of Financial Statements [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 | 149 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 72 | ||
Gladieux Capital Partners, LLC | Working Capital | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 77 | ||
Energy Transfer Operating, L.P. [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of Common Units Owned | 28.40% | ||
Energy Transfer Operating, L.P. [Member] | Common Units [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 28,463,967 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Motor fuel and sales taxes | $ 72 | $ 87 | $ 143 | $ 164 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for expected credit losses | $ (2) | $ (2) |
Accounts receivable, net | 906 | 526 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 745 | 428 |
Credit Card Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 59 | 37 |
Vendor Receivables For Rebates Branding And Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 43 | 35 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | $ 61 | $ 28 |
Inventories, net - Additional I
Inventories, net - Additional Information (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 Disclosure [Abstract] | |||||
Inventory Adjustments | $ 0 | $ 0 | $ 121 | ||
Inventory valuation adjustment | (1) | $ (59) | 121 | $ 159 | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 253 | $ 253 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Fuel | $ 746 | $ 526 |
Other | 11 | 8 |
Inventories, net | $ 757 | $ 534 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Wage and other employee-related accrued expenses | $ 19 | $ 23 |
Accrued tax expense | 162 | 152 |
Accrued insurance | 23 | 22 |
Accrued interest expense | 30 | 31 |
Dealer deposits | 22 | 21 |
Accrued environmental expense | 7 | 7 |
Other | 51 | 35 |
Total | $ 314 | $ 291 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Credit Facility | $ 869 | $ 581 |
Finance leases | 9 | 9 |
Total debt | 3,563 | 3,281 |
Less: current maturities | 0 | 6 |
Less: debt issuance costs | 25 | 26 |
Long-term debt, net | 3,538 | 3,249 |
Sales leaseback financial obligation | ||
Debt Instrument [Line Items] | ||
Sale leaseback financing obligation | 85 | 91 |
Two Thousand Eighteen Revolver [Member] | Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 869 | 581 |
Four Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |
Senior Notes | $ 600 | 600 |
Five Point Five Zero Zero Percentage Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |
Senior Notes | $ 400 | 400 |
Six Percentage Senior Notes Due Two Thousand Twenty Seven [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Senior Notes | $ 800 | 800 |
Five Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Eight [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Senior Notes | $ 800 | $ 800 |
Long-Term Debt (Revolving Credi
Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 869 | $ 581 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |
Accordion feature of line of credit | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Revolving Credit Agreement [Member] | Two Thousand Eighteen Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 869 | $ 581 |
Letters of Credit Outstanding, Amount | 6 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 600 | |
Debt, Weighted Average Interest Rate | 3.48% |
Long-Term Debt Fair Value Measu
Long-Term Debt Fair Value Measurements (Details) $ in Billions | Jun. 30, 2022 USD ($) |
Fair Value Measurements [Abstract] | |
Long-term Debt, Fair Value | $ 3.2 |
Other Noncurrent Liabilities (D
Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Reserve for underground storage tank removal | $ 81 | $ 79 |
Accrued environmental expense, long-term | 12 | 12 |
Other | 18 | 13 |
Other noncurrent liabilities | $ 111 | $ 104 |
Related-Party Transactions (Det
Related-Party Transactions (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 | |
Related Party Transaction [Line Items] | |||||
Investment in unconsolidated affiliate | $ 131 | $ 131 | $ 132 | ||
Equity in earnings of unconsolidated affiliate | 1 | $ 1 | 2 | $ 2 | |
Advances from affiliates | 118 | 118 | 126 | ||
Receivables from affiliates | 13 | 13 | 12 | ||
Accounts payable to affiliates | 171 | 171 | $ 59 | ||
Wholesale motor fuel sales to affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 23 | 7 | 28 | 9 | |
Wholesale Motor Fuel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 703 | $ 419 | $ 1,243 | $ 752 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 7,815 | $ 4,392 | $ 13,217 | $ 7,863 |
Motor Fuel Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7,678 | 4,292 | 12,955 | 7,655 |
Lease Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 35 | 34 | 70 | 69 |
Fuel Distribution and Marketing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7,554 | 4,187 | 12,754 | 7,486 |
Fuel Distribution and Marketing [Member] | Dealer Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,346 | 2,123 | 5,753 | 3,738 |
Fuel Distribution and Marketing [Member] | Distributor Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,427 | 903 | 2,481 | 1,582 |
Fuel Distribution and Marketing [Member] | Unbranded Wholesale Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,193 | 744 | 3,456 | 1,412 |
Fuel Distribution and Marketing [Member] | Commission Agent Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 515 | 369 | 918 | 659 |
Fuel Distribution and Marketing [Member] | Non Motor Fuel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 41 | 16 | 82 | 30 |
Fuel Distribution and Marketing [Member] | Lease Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 32 | 32 | 64 | 65 |
All Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 261 | 205 | 463 | 377 |
All Other [Member] | Motor Fuel Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 197 | 153 | 347 | 264 |
All Other [Member] | Non Motor Fuel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 61 | 50 | 110 | 109 |
All Other [Member] | Lease Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3 | $ 2 | $ 6 | $ 4 |
Revenue (Contract Balances with
Revenue (Contract Balances with Customer) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract asset | $ 182 | $ 157 |
Receivables from Customers | 802 | 463 |
Contract with Customer, Liability | $ 0 | $ 0 |
Revenue (Costs to Obtain or Ful
Revenue (Costs to Obtain or Fulfill a Contract) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Capitalized Contract Cost, Amortization | $ 3 | $ 5 | $ 10 | $ 9 |
Commitments And Contingencies_2
Commitments And Contingencies (Lessee Disclosures) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Lease Term and Discount Rate [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 23 years | 23 years | |
Finance Lease, Weighted Average Remaining Lease Term | 29 years | 28 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 6% | |
Finance Lease, Weighted Average Discount Rate, Percent | 4% | 4% | |
Cash Flow, Operating Activities, Lessee [Abstract] | |||
Operating cash flows from operating leases | $ (25) | $ (24) | |
Operating cash flows from finance leases | (1) | 0 | |
Financing cash flows from finance leases | 0 | 0 | |
Leased assets obtained in exchange for new finance lease liabilities | 9 | 0 | |
Leased assets obtained in exchange for new operating lease liabilities | $ 1 | 11 | |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |||
Operating lease - 2022 (remainder) | 25 | ||
Operating lease - 2023 | 48 | ||
Operating lease - 2024 | 47 | ||
Operating lease - 2025 | 47 | ||
Operating lease - 2026 | 46 | ||
Operating lease - Thereafter | 783 | ||
Total lease payment | 996 | ||
Less: interest | (456) | ||
Present value of lease liabilities - operating leases | 540 | ||
Finance Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |||
Finance lease - 2022 (remainder) | 0 | ||
Finance lease - 2023 | 0 | ||
Finance lease - 2024 | 0 | ||
Finance lease - 2025 | 0 | ||
Finance lease - 2026 | 0 | ||
Finance lease - Thereafter | 15 | ||
Total lease payment | 15 | ||
Less: interest | (6) | ||
Present value of lease liabilities - finance leases | 9 | $ 9 | |
Maturity of lease liabilities [Abstract] | |||
2022 (remainder) | 25 | ||
2023 | 48 | ||
2024 | 47 | ||
2025 | 47 | ||
2026 | 46 | ||
Thereafter | 798 | ||
Total lease payment | 1,011 | ||
Less: interest | (462) | ||
Present value of lease liabilities | $ 549 |
Commitments And Contingencies_3
Commitments And Contingencies (Lessor Disclosures) (Details) | Jun. 30, 2022 |
Lessor Disclosure [Abstract] | |
Lessor, Operating Lease, Term of Contract | 5 years |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense at statutory federal rate | $ 27 | $ 37 | $ 73 | $ 69 |
Partnership earnings not subject to tax | (22) | (30) | (66) | (61) |
State and local tax, net of federal benefit | 2 | 2 | 3 | 3 |
Other | 1 | (1) | 1 | 0 |
Net income tax expense | $ 8 | $ 8 | $ 11 | $ 11 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Partners' Capital Narrative (De
Partners' Capital Narrative (Details) - shares | 3 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Common Units | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 55,298,299 | |
Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 83,762,266 | 83,670,950 |
Class C Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | 16,410,780 |
Subsidiaries [Member] | Class C Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | |
Energy Transfer Operating, L.P. [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Percentage of Common Units Owned | 28.40% | |
Energy Transfer Operating, L.P. [Member] | Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 28,463,967 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Common Units) (Details) - Common Units [Member] | 6 Months Ended |
Jun. 30, 2022 shares | |
Class of Stock [Line Items] | |
Number of common units at December 31, 2021 | 83,670,950 |
Vested phantom units exercised | 91,316 |
Number of common units at June 30, 2022 | 83,762,266 |
Partners' Capital (Allocations
Partners' Capital (Allocations of Net Income) (Details) - Common Units [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Partners' Capital [Line Items] | ||||
Distributions | $ 69 | $ 69 | $ 138 | $ 138 |
Distributions in excess of income | (33) | (78) | (160) | (143) |
Limited partners’ interest in net income | $ 102 | $ 147 | $ 298 | $ 281 |
Partners' Capital (Cash Distrib
Partners' Capital (Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||||
Aug. 19, 2022 | May 19, 2022 | Feb. 18, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Per Unit Distribution (in dollars per unit) | $ 0.8255 | $ 0.8255 | |||
Total Cash Distribution | $ 69 | $ 69 | $ 176 | $ 176 | |
General Partner | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Total Cash Distribution | $ 18 | $ 18 | |||
Subsequent Event [Member] | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Per Unit Distribution (in dollars per unit) | $ 0.8255 | ||||
Total Cash Distribution | $ 69 | ||||
Subsequent Event [Member] | General Partner | |||||
Distribution Made To Managing Member Or General Partner [Line Items] | |||||
Total Cash Distribution | $ 18 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Segment Reporting (Details)
Segment Reporting (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 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 7,815 | $ 4,392 | $ 13,217 | $ 7,863 | |
Operating income | 173 | 216 | 432 | 420 | |
Interest expense, net | (45) | (43) | (86) | (84) | |
Other income (expense), net | 0 | 0 | 0 | 7 | |
Income (loss) from operations before income taxes | 129 | 174 | 348 | 331 | |
Net income and comprehensive income | 121 | 166 | 337 | 320 | |
Depreciation, amortization and accretion | 49 | 43 | 96 | 90 | |
Non-cash unit-based compensation expense | 3 | 3 | 8 | 7 | |
Gain on disposal of assets | (5) | (8) | (5) | (8) | |
Unrealized gain on commodity derivatives | 11 | 2 | 20 | 7 | |
Inventory adjustments | (1) | (59) | (121) | (159) | |
Equity in earnings of unconsolidated affiliate | (1) | (1) | (2) | (2) | |
Adjusted EBITDA related to unconsolidated affiliate | 3 | 2 | 5 | 4 | |
Other non-cash adjustments | 3 | 6 | 10 | 11 | |
Income tax expense | 8 | 8 | 11 | 11 | |
Adjusted EBITDA | 214 | 201 | 405 | 358 | |
Capital expenditures | 29 | 30 | 55 | 48 | |
Assets | 6,923 | 6,923 | $ 5,815 | ||
Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,815 | 4,392 | 13,217 | 7,863 | |
Intersegment Revenue Not Eliminated | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Fuel Distribution and Marketing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,554 | 4,187 | 12,754 | 7,486 | |
Adjusted EBITDA | 200 | 191 | 374 | 344 | |
Capital expenditures | 23 | 28 | 46 | 45 | |
Assets | 5,833 | 5,833 | 4,825 | ||
Fuel Distribution and Marketing [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,715 | 4,294 | 13,031 | 7,668 | |
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 261 | 205 | 463 | 377 | |
Adjusted EBITDA | 14 | 10 | 31 | 14 | |
Capital expenditures | 6 | 2 | 9 | 3 | |
Assets | 1,090 | 1,090 | $ 990 | ||
All Other [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 261 | 205 | 463 | 377 | |
Motor Fuel Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,678 | 4,292 | 12,955 | 7,655 | |
Motor Fuel Sales [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,678 | 4,292 | 12,955 | 7,655 | |
Motor Fuel Sales [Member] | Fuel Distribution and Marketing [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,481 | 4,139 | 12,608 | 7,391 | |
Motor Fuel Sales [Member] | All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 197 | 153 | 347 | 264 | |
Motor Fuel Sales [Member] | All Other [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 197 | 153 | 347 | 264 | |
Non Motor Fuel Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 102 | 66 | 192 | 139 | |
Non Motor Fuel Sales [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 102 | 66 | 192 | 139 | |
Non Motor Fuel Sales [Member] | Fuel Distribution and Marketing [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 41 | 16 | 82 | 30 | |
Non Motor Fuel Sales [Member] | All Other [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 61 | 50 | 110 | 109 | |
Lease Income [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 35 | 34 | 70 | 69 | |
Lease Income [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 35 | 34 | 70 | 69 | |
Lease Income [Member] | Fuel Distribution and Marketing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 32 | 32 | 64 | 65 | |
Lease Income [Member] | Fuel Distribution and Marketing [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 32 | 32 | 64 | 65 | |
Lease Income [Member] | All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3 | 2 | 6 | 4 | |
Lease Income [Member] | All Other [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3 | 2 | 6 | 4 | |
Non Motor Fuel [Member] | Fuel Distribution and Marketing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 41 | 16 | 82 | 30 | |
Non Motor Fuel [Member] | All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 61 | 50 | 110 | 109 | |
Consolidation, Eliminations | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (161) | (107) | (277) | (182) | |
Consolidation, Eliminations | Fuel Distribution and Marketing [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 161 | 107 | 277 | 182 | |
Consolidation, Eliminations | All Other [Member] | Gross Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Net Income per Unit (Details)
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share Basic [Line Items] | ||||||
Net Income (Loss) Attributable to Parent | $ 121 | $ 216 | $ 166 | $ 154 | $ 337 | $ 320 |
Incentive distribution rights | 18 | 18 | 36 | 36 | ||
Distributions on nonvested phantom unit awards | $ 1 | $ 1 | $ 3 | $ 3 | ||
Weighted average common units outstanding: | ||||||
Common - basic (in shares) | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 | ||
Common - diluted (in shares) | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 | ||
Basic | $ 1.22 | $ 1.76 | $ 3.56 | $ 3.37 | ||
Diluted | $ 1.20 | $ 1.73 | $ 3.52 | $ 3.33 | ||
Common Units [Member] | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Limited partners’ interest in net income | $ 102 | $ 147 | $ 298 | $ 281 | ||
Weighted average common units outstanding: | ||||||
Common - basic (in shares) | 83,737,613 | 83,350,567 | 83,710,409 | 83,346,719 | ||
Common - equivalents (in shares) | 1,030,359 | 1,052,300 | 1,039,486 | 929,921 | ||
Common - diluted (in shares) | 84,767,972 | 84,402,867 | 84,749,895 | 84,276,640 |