Delaware | 76-0568219 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
1100 Louisiana Street, 10th Floor |
Houston, Texas 77002 |
(Address of Principal Executive Offices, including Zip Code) |
(713) 381-6500 |
(Registrant’s Telephone Number, including Area Code) |
Large accelerated filer | Accelerated filer |
Non-accelerated filer | Smaller reporting company |
Emerging growth company |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
Common Units | EPD | New York Stock Exchange |
Page No. | ||
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 57.9 | $ | 5.1 | $ | 99.3 | $ | 344.8 | ||||||||
Restricted cash | 283.6 | 65.2 | 8.2 | 65.3 | ||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $11.8 at June 30, 2018 and $12.1 at December 31, 2017 | 4,318.3 | 4,358.4 | ||||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $11.6 at March 31, 2019 and $11.5 at December 31, 2018 | 4,290.7 | 3,659.1 | ||||||||||||||
Accounts receivable – related parties | 2.0 | 1.8 | 2.5 | 3.5 | ||||||||||||
Inventories | 1,729.6 | 1,609.8 | 1,680.5 | 1,522.1 | ||||||||||||
Derivative assets | 165.1 | 153.4 | 126.1 | 154.4 | ||||||||||||
Prepaid and other current assets | 446.1 | 312.7 | 421.3 | 311.5 | ||||||||||||
Total current assets | 7,002.6 | 6,506.4 | 6,628.6 | 6,060.7 | ||||||||||||
Property, plant and equipment, net | 37,054.5 | 35,620.4 | 39,347.5 | 38,737.6 | ||||||||||||
Investments in unconsolidated affiliates | 2,581.5 | 2,659.4 | 2,654.3 | 2,615.1 | ||||||||||||
Intangible assets, net of accumulated amortization of $1,651.5 at June 30, 2018 and $1,564.8 at December 31, 2017 (see Note 6) | 3,696.1 | 3,690.3 | ||||||||||||||
Intangible assets, net of accumulated amortization of $1,779.3 at March 31, 2019 and $1,735.1 at December 31, 2018 (see Note 6) | 3,565.9 | 3,608.4 | ||||||||||||||
Goodwill (see Note 6) | 5,745.2 | 5,745.2 | 5,745.2 | 5,745.2 | ||||||||||||
Other assets | 231.5 | 196.4 | 456.0 | 202.8 | ||||||||||||
Total assets | $ | 56,311.4 | $ | 54,418.1 | $ | 58,397.5 | $ | 56,969.8 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Current maturities of debt (see Note 7) | $ | 2,668.7 | $ | 2,855.0 | $ | 2,694.6 | $ | 1,500.1 | ||||||||
Accounts payable – trade | 893.1 | 801.7 | 918.1 | 1,102.8 | ||||||||||||
Accounts payable – related parties | 85.6 | 127.3 | 86.6 | 140.2 | ||||||||||||
Accrued product payables | 4,712.6 | 4,566.3 | 4,196.7 | 3,475.8 | ||||||||||||
Accrued interest | 372.0 | 358.0 | 216.9 | 395.6 | ||||||||||||
Derivative liabilities | 396.9 | 168.2 | 94.9 | 148.2 | ||||||||||||
Other current liabilities | 320.4 | 418.6 | 384.9 | 404.8 | ||||||||||||
Total current liabilities | 9,449.3 | 9,295.1 | 8,592.7 | 7,167.5 | ||||||||||||
Long-term debt (see Note 7) | 23,020.2 | 21,713.7 | 24,181.6 | 24,678.1 | ||||||||||||
Deferred tax liabilities | 69.0 | 58.5 | 82.2 | 80.4 | ||||||||||||
Other long-term liabilities | 682.4 | 578.4 | 1,019.7 | 751.6 | ||||||||||||
Commitments and contingencies (see Note 16) | ||||||||||||||||
Commitments and contingencies (see Note 15) | ||||||||||||||||
Equity: (see Note 8) | ||||||||||||||||
Partners’ equity: | ||||||||||||||||
Limited partners: | ||||||||||||||||
Common units (2,175,951,128 units outstanding at June 30, 2018 and 2,161,089,479 units outstanding at December 31, 2017) | 22,794.8 | 22,718.9 | ||||||||||||||
Accumulated other comprehensive loss | (123.2 | ) | (171.7 | ) | ||||||||||||
Common units (2,188,560,672 units outstanding at March 31, 2019 and 2,184,869,029 units outstanding at December 31, 2018) | 24,151.9 | 23,802.6 | ||||||||||||||
Accumulated other comprehensive income (loss) | (94.0 | ) | 50.9 | |||||||||||||
Total partners’ equity | 22,671.6 | 22,547.2 | 24,057.9 | 23,853.5 | ||||||||||||
Noncontrolling interests | 418.9 | 225.2 | 463.4 | 438.7 | ||||||||||||
Total equity | 23,090.5 | 22,772.4 | 24,521.3 | 24,292.2 | ||||||||||||
Total liabilities and equity | $ | 56,311.4 | $ | 54,418.1 | $ | 58,397.5 | $ | 56,969.8 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Third parties | $ | 8,411.9 | $ | 6,597.7 | $ | 17,685.7 | $ | 13,907.3 | $ | 8,531.2 | $ | 9,273.8 | ||||||||||||
Related parties | 55.6 | 9.9 | 80.3 | 20.7 | 12.3 | 24.7 | ||||||||||||||||||
Total revenues (see Note 9) | 8,467.5 | 6,607.6 | 17,766.0 | 13,928.0 | 8,543.5 | 9,298.5 | ||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||
Third parties | 7,174.3 | 5,457.6 | 15,078.6 | 11,539.2 | 6,655.3 | 7,904.3 | ||||||||||||||||||
Related parties | 377.7 | 272.6 | 696.1 | 524.2 | 364.4 | 318.4 | ||||||||||||||||||
Total operating costs and expenses | 7,552.0 | 5,730.2 | 15,774.7 | 12,063.4 | 7,019.7 | 8,222.7 | ||||||||||||||||||
General and administrative costs: | ||||||||||||||||||||||||
Third parties | 20.9 | 16.0 | 42.2 | 36.7 | 20.4 | 21.3 | ||||||||||||||||||
Related parties | 30.5 | 29.7 | 62.2 | 59.4 | 31.8 | 31.7 | ||||||||||||||||||
Total general and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | 52.2 | 53.0 | ||||||||||||||||||
Total costs and expenses (see Note 9) | 7,603.4 | 5,775.9 | 15,879.1 | 12,159.5 | ||||||||||||||||||||
Total costs and expenses (see Note 10) | 7,071.9 | 8,275.7 | ||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 122.3 | 107.0 | 238.0 | 201.8 | 154.6 | 115.7 | ||||||||||||||||||
Operating income | 986.4 | 938.7 | 2,124.9 | 1,970.3 | 1,626.2 | 1,138.5 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest expense | (274.6 | ) | (245.8 | ) | (526.7 | ) | (495.1 | ) | (277.2 | ) | (252.1 | ) | ||||||||||||
Change in fair market value of Liquidity Option Agreement (see Note 14) | (8.9 | ) | (18.6 | ) | (16.4 | ) | (24.1 | ) | ||||||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 11) | 2.4 | -- | 39.4 | -- | ||||||||||||||||||||
Change in fair market value of Liquidity Option Agreement | (57.8 | ) | (7.5 | ) | ||||||||||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) | -- | 37.0 | ||||||||||||||||||||||
Other, net | 0.3 | 0.4 | 1.0 | 0.6 | 1.5 | 0.7 | ||||||||||||||||||
Total other expense, net | (280.8 | ) | (264.0 | ) | (502.7 | ) | (518.6 | ) | (333.5 | ) | (221.9 | ) | ||||||||||||
Income before income taxes | 705.6 | 674.7 | 1,622.2 | 1,451.7 | 1,292.7 | 916.6 | ||||||||||||||||||
Provision for income taxes | (18.4 | ) | (8.7 | ) | (23.5 | ) | (14.7 | ) | (12.3 | ) | (5.1 | ) | ||||||||||||
Net income | 687.2 | 666.0 | 1,598.7 | 1,437.0 | 1,280.4 | 911.5 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (13.4 | ) | (12.3 | ) | (24.2 | ) | (22.6 | ) | ||||||||||||||||
Net income attributable to noncontrolling interests (see Note 8) | (19.9 | ) | (10.8 | ) | ||||||||||||||||||||
Net income attributable to limited partners | $ | 673.8 | $ | 653.7 | $ | 1,574.5 | $ | 1,414.4 | $ | 1,260.5 | $ | 900.7 | ||||||||||||
Earnings per unit: (see Note 10) | ||||||||||||||||||||||||
Earnings per unit: (see Note 11) | ||||||||||||||||||||||||
Basic earnings per unit | $ | 0.31 | $ | 0.30 | $ | 0.72 | $ | 0.66 | $ | 0.57 | $ | 0.41 | ||||||||||||
Diluted earnings per unit | $ | 0.31 | $ | 0.30 | $ | 0.72 | $ | 0.66 | $ | 0.57 | $ | 0.41 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Net income | $ | 687.2 | $ | 666.0 | $ | 1,598.7 | $ | 1,437.0 | $ | 1,280.4 | $ | 911.5 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Commodity derivative instruments: | ||||||||||||||||||||||||
Changes in fair value of cash flow hedges | (13.6 | ) | 30.4 | (10.2 | ) | 175.2 | (95.2 | ) | 3.4 | |||||||||||||||
Reclassification of losses (gains) to net income | 39.2 | (46.0 | ) | 24.7 | (38.9 | ) | ||||||||||||||||||
Reclassification of gains to net income | (58.3 | ) | (14.5 | ) | ||||||||||||||||||||
Interest rate derivative instruments: | ||||||||||||||||||||||||
Changes in fair value of cash flow hedges | 3.5 | (6.9 | ) | 14.6 | (4.5 | ) | -- | 11.1 | ||||||||||||||||
Reclassification of losses to net income | 9.4 | 10.0 | 19.9 | 19.6 | 9.2 | 10.5 | ||||||||||||||||||
Total cash flow hedges | 38.5 | (12.5 | ) | 49.0 | 151.4 | (144.3 | ) | 10.5 | ||||||||||||||||
Other | (0.5 | ) | -- | (0.5 | ) | (0.1 | ) | (0.6 | ) | -- | ||||||||||||||
Total other comprehensive income (loss) | 38.0 | (12.5 | ) | 48.5 | 151.3 | (144.9 | ) | 10.5 | ||||||||||||||||
Comprehensive income | 725.2 | 653.5 | 1,647.2 | 1,588.3 | 1,135.5 | 922.0 | ||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (13.4 | ) | (12.3 | ) | (24.2 | ) | (22.6 | ) | (19.9 | ) | (10.8 | ) | ||||||||||||
Comprehensive income attributable to limited partners | $ | 711.8 | $ | 641.2 | $ | 1,623.0 | $ | 1,565.7 | $ | 1,115.6 | $ | 911.2 |
For the Six Months Ended June 30, | For the Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | 1,598.7 | $ | 1,437.0 | $ | 1,280.4 | $ | 911.5 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||
Depreciation, amortization and accretion | 889.3 | 808.8 | 474.5 | 425.9 | ||||||||||||
Asset impairment and related charges (see Note 14) | 16.8 | 25.2 | ||||||||||||||
Asset impairment and related charges | 4.8 | 0.9 | ||||||||||||||
Equity in income of unconsolidated affiliates | (238.0 | ) | (201.8 | ) | (154.6 | ) | (115.7 | ) | ||||||||
Distributions received on earnings from unconsolidated affiliates | 227.6 | 205.1 | 139.0 | 107.5 | ||||||||||||
Net gains attributable to asset sales | (1.4 | ) | -- | (0.4 | ) | (0.5 | ) | |||||||||
Deferred income tax expense | 10.0 | 0.7 | 1.8 | (1.1 | ) | |||||||||||
Change in fair market value of derivative instruments | 459.0 | (43.9 | ) | (96.3 | ) | 136.9 | ||||||||||
Change in fair market value of Liquidity Option Agreement | 16.4 | 24.1 | 57.8 | 7.5 | ||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 11) | (39.4 | ) | -- | |||||||||||||
Net effect of changes in operating accounts (see Note 17) | (228.5 | ) | 82.1 | |||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) | -- | (37.0 | ) | |||||||||||||
Net effect of changes in operating accounts (see Note 16) | (559.8 | ) | (203.1 | ) | ||||||||||||
Other operating activities | (12.7 | ) | (2.4 | ) | 13.2 | 0.8 | ||||||||||
Net cash flows provided by operating activities | 2,697.8 | 2,334.9 | 1,160.4 | 1,233.6 | ||||||||||||
Investing activities: | ||||||||||||||||
Capital expenditures | (1,921.1 | ) | (1,113.1 | ) | (1,148.9 | ) | (946.5 | ) | ||||||||
Cash used for business combinations, net of cash received (see Note 11) | (149.7 | ) | (191.4 | ) | ||||||||||||
Cash used for business combination (see Note 16) | -- | (149.8 | ) | |||||||||||||
Investments in unconsolidated affiliates | (45.9 | ) | (24.1 | ) | (29.1 | ) | (37.9 | ) | ||||||||
Distributions received for return of capital from unconsolidated affiliates | 25.9 | 24.8 | 4.5 | 14.9 | ||||||||||||
Proceeds from asset sales | 2.6 | 3.2 | 1.7 | 1.1 | ||||||||||||
Other investing activities | (1.4 | ) | 2.0 | (2.7 | ) | (0.9 | ) | |||||||||
Cash used in investing activities | (2,089.6 | ) | (1,298.6 | ) | (1,174.5 | ) | (1,119.1 | ) | ||||||||
Financing activities: | ||||||||||||||||
Borrowings under debt agreements | 38,566.4 | 33,307.8 | 15,692.4 | 16,283.8 | ||||||||||||
Repayments of debt | (37,437.0 | ) | (33,639.3 | ) | (14,999.2 | ) | (15,444.7 | ) | ||||||||
Debt issuance costs | (24.3 | ) | -- | -- | (24.2 | ) | ||||||||||
Cash distributions paid to limited partners (see Note 8) | (1,847.3 | ) | (1,757.8 | ) | (950.4 | ) | (918.5 | ) | ||||||||
Cash payments made in connection with distribution equivalent rights | (8.6 | ) | (7.2 | ) | (4.5 | ) | (3.9 | ) | ||||||||
Cash distributions paid to noncontrolling interests | (28.3 | ) | (23.1 | ) | (18.0 | ) | (15.4 | ) | ||||||||
Cash contributions from noncontrolling interests (see Note 8) | 206.9 | 0.3 | ||||||||||||||
Net cash proceeds from the issuance of common units (see Note 8) | 261.0 | 757.2 | ||||||||||||||
Cash contributions from noncontrolling interests | 34.8 | 0.1 | ||||||||||||||
Net cash proceeds from the issuance of common units | 42.7 | 177.0 | ||||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) | (51.6 | ) | -- | |||||||||||||
Other financing activities | (25.8 | ) | (27.8 | ) | (34.7 | ) | (23.4 | ) | ||||||||
Cash used in financing activities | (337.0 | ) | (1,389.9 | ) | ||||||||||||
Cash provided by (used in) financing activities | (288.5 | ) | 30.8 | |||||||||||||
Net change in cash and cash equivalents, including restricted cash | 271.2 | (353.6 | ) | (302.6 | ) | 145.3 | ||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 70.3 | 417.6 | 410.1 | 70.3 | ||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 341.5 | $ | 64.0 | $ | 107.5 | $ | 215.6 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 22,718.9 | $ | (171.7 | ) | $ | 225.2 | $ | 22,772.4 | |||||||||||||||||||||||
Balance, December 31, 2018 | $ | 23,802.6 | $ | 50.9 | $ | 438.7 | $ | 24,292.2 | ||||||||||||||||||||||||
Net income | 1,574.5 | -- | 24.2 | 1,598.7 | 1,260.5 | -- | 19.9 | 1,280.4 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (1,847.3 | ) | -- | -- | (1,847.3 | ) | (950.4 | ) | -- | -- | (950.4 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (8.6 | ) | -- | -- | (8.6 | ) | (4.5 | ) | -- | -- | (4.5 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (28.3 | ) | (28.3 | ) | -- | -- | (18.0 | ) | (18.0 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 206.9 | 206.9 | -- | -- | 34.8 | 34.8 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 261.0 | -- | -- | 261.0 | 42.7 | -- | -- | 42.7 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | 39.1 | -- | -- | 39.1 | 45.6 | -- | -- | 45.6 | ||||||||||||||||||||||||
Common units issued in connection with land acquisition | 30.0 | -- | -- | 30.0 | ||||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 52.6 | -- | -- | 52.6 | 32.0 | -- | -- | 32.0 | ||||||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) | (51.6 | ) | -- | -- | (51.6 | ) | ||||||||||||||||||||||||||
Cash flow hedges | -- | 49.0 | -- | 49.0 | -- | (144.3 | ) | -- | (144.3 | ) | ||||||||||||||||||||||
Other | (25.4 | ) | (0.5 | ) | (9.1 | ) | (35.0 | ) | (25.0 | ) | (0.6 | ) | (12.0 | ) | (37.6 | ) | ||||||||||||||||
Balance, June 30, 2018 | $ | 22,794.8 | $ | (123.2 | ) | $ | 418.9 | $ | 23,090.5 | |||||||||||||||||||||||
Balance, March 31, 2019 | $ | 24,151.9 | $ | (94.0 | ) | $ | 463.4 | $ | 24,521.3 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 22,327.0 | $ | (280.0 | ) | $ | 219.0 | $ | 22,266.0 | |||||||||||||||||||||||
Balance, December 31, 2017 | $ | 22,718.9 | $ | (171.7 | ) | $ | 225.2 | $ | 22,772.4 | |||||||||||||||||||||||
Net income | 1,414.4 | -- | 22.6 | 1,437.0 | 900.7 | -- | 10.8 | 911.5 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (1,757.8 | ) | -- | -- | (1,757.8 | ) | (918.5 | ) | -- | -- | (918.5 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (7.2 | ) | -- | -- | (7.2 | ) | (3.9 | ) | -- | -- | (3.9 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (23.1 | ) | (23.1 | ) | -- | -- | (15.4 | ) | (15.4 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 0.3 | 0.3 | -- | -- | 0.1 | 0.1 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 757.2 | -- | -- | 757.2 | 177.0 | -- | -- | 177.0 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | 33.7 | -- | -- | 33.7 | 39.1 | -- | -- | 39.1 | ||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 49.8 | -- | -- | 49.8 | 26.0 | -- | -- | 26.0 | ||||||||||||||||||||||||
Cash flow hedges | -- | 151.4 | -- | 151.4 | -- | 10.5 | -- | 10.5 | ||||||||||||||||||||||||
Other | (28.3 | ) | (0.1 | ) | 1.3 | (27.1 | ) | (24.8 | ) | -- | (9.1 | ) | (33.9 | ) | ||||||||||||||||||
Balance, June 30, 2017 | $ | 22,788.8 | $ | (128.7 | ) | $ | 220.1 | $ | 22,880.2 | |||||||||||||||||||||||
Balance, March 31, 2018 | $ | 22,914.5 | $ | (161.2 | ) | $ | 211.6 | $ | 22,964.9 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||
Cash and cash equivalents | $ | 57.9 | $ | 5.1 | $ | 99.3 | $ | 344.8 | ||||||||
Restricted cash | 283.6 | 65.2 | 8.2 | 65.3 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ | 341.5 | $ | 70.3 | $ | 107.5 | $ | 410.1 |
§ | We will not recognize ROU assets and lease liabilities for short-term leases and instead record them in a manner similar to operating leases under legacy lease accounting guidelines. A short term lease is one with a maximum lease term of 12 months or less and does not include a purchase option the lessee is reasonably certain to exercise. |
§ | We will not reassess whether any expired or existing contracts contain leases or the lease classification for any existing or expired leases. |
§ | The impact of adopting ASC 842 was prospective beginning January 1, 2019. We will not recast prior periods presented in our consolidated financial statements to reflect the new lease accounting guidance. |
§ | We will combine lease and nonlease components relating to our office and warehouse leases, as applicable. |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||
NGLs | $ | 1,120.2 | $ | 917.4 | $ | 849.7 | $ | 647.7 | ||||||||
Petrochemicals and refined products | 189.0 | 161.5 | 287.6 | 264.7 | ||||||||||||
Crude oil | 410.0 | 516.3 | 533.8 | 593.4 | ||||||||||||
Natural gas | 10.4 | 14.6 | 9.4 | 16.3 | ||||||||||||
Total | $ | 1,729.6 | $ | 1,609.8 | $ | 1,680.5 | $ | 1,522.1 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Cost of sales (1) | $ | 6,391.9 | $ | 4,731.1 | $ | 13,532.3 | $ | 10,066.8 | ||||||||
Lower of cost or net realizable value adjustments recognized within cost of sales | 0.7 | 2.6 | 2.6 | 6.0 | ||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Cost of sales (1) | $ | 5,835.6 | $ | 7,140.4 | ||||
Lower of cost or net realizable value adjustments within cost of sales | 5.4 | 1.9 | ||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Estimated Useful Life in Years | June 30, 2018 | December 31, 2017 | Estimated Useful Life in Years | March 31, 2019 | December 31, 2018 | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (5) | $ | 41,446.7 | $ | 37,132.2 | 3-45 (5) | $ | 44,058.3 | $ | 42,371.0 | ||||||||||||||
Underground and other storage facilities (2) | 5-40 (6) | 3,508.6 | 3,460.9 | 5-40 (6) | 3,703.9 | 3,624.2 | ||||||||||||||||||
Transportation equipment (3) | 3-10 | 185.6 | 177.1 | 3-10 | 191.2 | 187.1 | ||||||||||||||||||
Marine vessels (4) | 15-30 | 807.5 | 803.8 | 15-30 | 857.8 | 828.6 | ||||||||||||||||||
Land | 360.3 | 273.1 | 365.1 | 359.5 | ||||||||||||||||||||
Construction in progress | 2,345.2 | 4,698.1 | 2,695.3 | 3,526.8 | ||||||||||||||||||||
Total | 48,653.9 | 46,545.2 | 51,871.6 | 50,897.2 | ||||||||||||||||||||
Less accumulated depreciation | 11,599.4 | 10,924.8 | 12,524.1 | 12,159.6 | ||||||||||||||||||||
Property, plant and equipment, net | $ | 37,054.5 | $ | 35,620.4 | $ | 39,347.5 | $ | 38,737.6 | ||||||||||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. | (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. | (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Depreciation expense (1) | $ | 361.0 | $ | 321.1 | $ | 692.8 | $ | 638.6 | $ | 380.6 | $ | 331.8 | ||||||||||||
Capitalized interest (2) | 27.1 | 44.5 | 85.3 | 84.1 | 36.2 | 58.2 | ||||||||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. | (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. | (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. |
ARO liability balance, January 1, 2018 | $ | 86.7 | ||||||
ARO liability balance, December 31, 2018 | $ | 126.3 | ||||||
Liabilities incurred | 0.5 | 0.6 | ||||||
Liabilities settled | (1.5 | ) | ||||||
Revisions in estimated cash flows | 11.7 | 0.9 | ||||||
Accretion expense | 2.9 | 2.0 | ||||||
ARO liability balance, June 30, 2018 | $ | 100.3 | ||||||
ARO liability balance, March 31, 2019 | $ | 129.8 |
Ownership Interest at June 30, 2018 | June 30, 2018 | December 31, 2017 | ||||||||||
NGL Pipelines & Services: | ||||||||||||
Venice Energy Service Company, L.L.C. | 13.1% | $ | 25.0 | $ | 25.7 | |||||||
K/D/S Promix, L.L.C. | 50% | 30.9 | 30.9 | |||||||||
Baton Rouge Fractionators LLC | 32.2% | 16.5 | 17.0 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 36.6 | 37.0 | |||||||||
Texas Express Pipeline LLC | 35% | 322.3 | 314.4 | |||||||||
Texas Express Gathering LLC | 45% | 35.4 | 35.9 | |||||||||
Front Range Pipeline LLC | 33.3% | 163.8 | 165.7 | |||||||||
Delaware Basin Gas Processing LLC | 100% | -- | 107.3 | |||||||||
Crude Oil Pipelines & Services: | ||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,377.6 | 1,378.9 | |||||||||
Eagle Ford Pipeline LLC | 50% | 388.1 | 385.2 | |||||||||
Eagle Ford Terminals Corpus Christi LLC | 50% | �� | 100.0 | 75.1 | ||||||||
Natural Gas Pipelines & Services: | ||||||||||||
White River Hub, LLC | 50% | 20.4 | 20.8 | |||||||||
Old Ocean Pipeline, LLC | 50% | 0.6 | -- | |||||||||
Petrochemical & Refined Products Services: | ||||||||||||
Centennial Pipeline LLC | 50% | 60.4 | 60.8 | |||||||||
Other | Various | 3.9 | 4.7 | |||||||||
Total investments in unconsolidated affiliates | $ | 2,581.5 | $ | 2,659.4 |
March 31, 2019 | December 31, 2018 | |||||||
NGL Pipelines & Services | $ | 670.3 | $ | 662.0 | ||||
Crude Oil Pipelines & Services | 1,898.0 | 1,867.5 | ||||||
Natural Gas Pipelines & Services | 23.2 | 22.8 | ||||||
Petrochemical & Refined Products Services | 62.8 | 62.8 | ||||||
Total | $ | 2,654.3 | $ | 2,615.1 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
NGL Pipelines & Services | $ | 39.4 | $ | 19.0 | $ | 58.8 | $ | 34.5 | $ | 30.1 | $ | 19.4 | ||||||||||||
Crude Oil Pipelines & Services | 83.5 | 89.2 | 181.4 | 170.4 | 124.6 | 97.9 | ||||||||||||||||||
Natural Gas Pipelines & Services | 1.6 | 0.9 | 2.6 | 1.9 | 1.7 | 1.0 | ||||||||||||||||||
Petrochemical & Refined Products Services | (2.2 | ) | (2.1 | ) | (4.8 | ) | (5.0 | ) | (1.8 | ) | (2.6 | ) | ||||||||||||
Total | $ | 122.3 | $ | 107.0 | $ | 238.0 | $ | 201.8 | $ | 154.6 | $ | 115.7 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||
Revenues | $ | 461.3 | $ | 371.9 | $ | 857.3 | $ | 715.1 | $ | 516.5 | $ | 396.0 | ||||||||||||
Operating income | 288.1 | 229.8 | 531.8 | 433.5 | 338.5 | 243.7 | ||||||||||||||||||
Net income | 286.4 | 237.6 | 528.7 | 440.5 | 337.6 | 242.3 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | |||||||||||||||||||||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | $ | 457.3 | $ | (194.8 | ) | $ | 262.5 | $ | 447.4 | $ | (187.5 | ) | $ | 259.9 | $ | 457.3 | $ | (205.4 | ) | $ | 251.9 | $ | 457.3 | $ | (201.9 | ) | $ | 255.4 | ||||||||||||||||||||
Contract-based intangibles | 363.4 | (227.5 | ) | 135.9 | 280.8 | (218.4 | ) | 62.4 | 363.4 | (244.3 | ) | 119.1 | 363.4 | (238.7 | ) | 124.7 | ||||||||||||||||||||||||||||||||
Segment total | 820.7 | (422.3 | ) | 398.4 | 728.2 | (405.9 | ) | 322.3 | 820.7 | (449.7 | ) | 371.0 | 820.7 | (440.6 | ) | 380.1 | ||||||||||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 2,203.5 | (151.0 | ) | 2,052.5 | 2,203.5 | (127.0 | ) | 2,076.5 | 2,203.5 | (189.7 | ) | 2,013.8 | 2,203.5 | (174.1 | ) | 2,029.4 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 281.0 | (193.6 | ) | 87.4 | 281.0 | (171.0 | ) | 110.0 | 276.9 | (218.1 | ) | 58.8 | 276.9 | (211.7 | ) | 65.2 | ||||||||||||||||||||||||||||||||
Segment total | 2,484.5 | (344.6 | ) | 2,139.9 | 2,484.5 | (298.0 | ) | 2,186.5 | 2,480.4 | (407.8 | ) | 2,072.6 | 2,480.4 | (385.8 | ) | 2,094.6 | ||||||||||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 1,350.3 | (432.1 | ) | 918.2 | 1,350.3 | (417.1 | ) | 933.2 | 1,350.3 | (456.9 | ) | 893.4 | 1,350.3 | (447.8 | ) | 902.5 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 464.7 | (383.8 | ) | 80.9 | 464.7 | (379.5 | ) | 85.2 | 466.4 | (389.7 | ) | 76.7 | 464.7 | (387.9 | ) | 76.8 | ||||||||||||||||||||||||||||||||
Segment total | 1,815.0 | (815.9 | ) | 999.1 | 1,815.0 | (796.6 | ) | 1,018.4 | 1,816.7 | (846.6 | ) | 970.1 | 1,815.0 | (835.7 | ) | 979.3 | ||||||||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 181.4 | (48.8 | ) | 132.6 | 181.4 | (45.9 | ) | 135.5 | 181.4 | (53.2 | ) | 128.2 | 181.4 | (51.8 | ) | 129.6 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 46.0 | (19.9 | ) | 26.1 | 46.0 | (18.4 | ) | 27.6 | 46.0 | (22.0 | ) | 24.0 | 46.0 | (21.2 | ) | 24.8 | ||||||||||||||||||||||||||||||||
Segment total | 227.4 | (68.7 | ) | 158.7 | 227.4 | (64.3 | ) | 163.1 | 227.4 | (75.2 | ) | 152.2 | 227.4 | (73.0 | ) | 154.4 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | 5,347.6 | $ | (1,651.5 | ) | $ | 3,696.1 | $ | 5,255.1 | $ | (1,564.8 | ) | $ | 3,690.3 | $ | 5,345.2 | $ | (1,779.3 | ) | $ | 3,565.9 | $ | 5,343.5 | $ | (1,735.1 | ) | $ | 3,608.4 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
NGL Pipelines & Services | $ | 9.3 | $ | 7.3 | $ | 16.4 | $ | 14.6 | $ | 9.1 | $ | 7.1 | ||||||||||||
Crude Oil Pipelines & Services | 22.6 | 22.3 | 46.6 | 45.4 | 22.0 | 24.0 | ||||||||||||||||||
Natural Gas Pipelines & Services | 9.6 | 8.8 | 19.3 | 17.0 | 10.9 | 9.7 | ||||||||||||||||||
Petrochemical & Refined Products Services | 2.1 | 2.3 | 4.4 | 4.7 | 2.2 | 2.3 | ||||||||||||||||||
Total | $ | 43.6 | $ | 40.7 | $ | 86.7 | $ | 81.7 | $ | 44.2 | $ | 43.1 |
Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
Remainder of 2019 | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||
$ | 75.8 | $ | 151.7 | $ | 140.7 | $ | 148.4 | $ | 144.6 | 124.3 | $ | 160.2 | $ | 162.4 | $ | 168.0 | $ | 168.1 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||
EPO senior debt obligations: | ||||||||||||||||
Commercial Paper Notes, variable-rates | $ | 1,970.0 | $ | 1,755.7 | $ | 1,395.0 | $ | -- | ||||||||
Senior Notes V, 6.65% fixed-rate, repaid April 2018 | -- | 349.7 | ||||||||||||||
Senior Notes OO, 1.65% fixed-rate, repaid May 2018 | -- | 750.0 | ||||||||||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2018 | -- | -- | ||||||||||||||
Senior Notes N, 6.50% fixed-rate, due January 2019 | 700.0 | 700.0 | -- | 700.0 | ||||||||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2019 | -- | -- | ||||||||||||||
Senior Notes LL, 2.55% fixed-rate, due October 2019 | 800.0 | 800.0 | 800.0 | 800.0 | ||||||||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020 | 500.0 | 500.0 | 500.0 | 500.0 | ||||||||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020 | 1,000.0 | 1,000.0 | 1,000.0 | 1,000.0 | ||||||||||||
Senior Notes TT, 2.80% fixed-rate, due February 2021 | 750.0 | -- | 750.0 | 750.0 | ||||||||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021 | 575.0 | 575.0 | 575.0 | 575.0 | ||||||||||||
Senior Notes VV, 3.50% fixed-rate, due February 2022 | 750.0 | 750.0 | ||||||||||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022 | 650.0 | 650.0 | 650.0 | 650.0 | ||||||||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2022 | -- | -- | -- | -- | ||||||||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023 | 1,250.0 | 1,250.0 | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024 | 850.0 | 850.0 | 850.0 | 850.0 | ||||||||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025 | 1,150.0 | 1,150.0 | 1,150.0 | 1,150.0 | ||||||||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026 | 875.0 | 875.0 | 875.0 | 875.0 | ||||||||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027 | 575.0 | 575.0 | 575.0 | 575.0 | ||||||||||||
Senior Notes WW, 4.15% fixed-rate, due October 2028 | 1,000.0 | 1,000.0 | ||||||||||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500.0 | 500.0 | 500.0 | 500.0 | ||||||||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350.0 | 350.0 | 350.0 | 350.0 | ||||||||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 399.6 | 399.6 | 399.6 | 399.6 | ||||||||||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100.0 | 1,100.0 | 1,100.0 | 1,100.0 | ||||||||||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,400.0 | 1,400.0 | 1,400.0 | 1,400.0 | ||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.0 | 1,150.0 | 1,150.0 | 1,150.0 | ||||||||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046 | 975.0 | 975.0 | 975.0 | 975.0 | ||||||||||||
Senior Notes UU, 4.25% fixed-rate, due February 2048 | 1,250.0 | -- | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049 | 1,250.0 | 1,250.0 | ||||||||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400.0 | 400.0 | 400.0 | 400.0 | ||||||||||||
TEPPCO senior debt obligations: | ||||||||||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, repaid April 2018 | -- | 0.3 | ||||||||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||
Total principal amount of senior debt obligations | 22,720.0 | 21,605.7 | 24,445.0 | 23,750.0 | ||||||||||||
EPO Junior Subordinated Notes A, variable-rate, due August 2066 (1) | 521.1 | 521.1 | ||||||||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (2) | 256.4 | 256.4 | ||||||||||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, redeemed March 2018 | -- | 682.7 | ||||||||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (3) | 700.0 | 700.0 | ||||||||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (4) | 1,000.0 | 1,000.0 | ||||||||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (5) | 700.0 | -- | ||||||||||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 | 14.2 | 14.2 | ||||||||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) | 256.4 | 256.4 | ||||||||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2) | 700.0 | 700.0 | ||||||||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3) | 1,000.0 | 1,000.0 | ||||||||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4) | 700.0 | 700.0 | ||||||||||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1) | 14.2 | 14.2 | ||||||||||||||
Total principal amount of senior and junior debt obligations | 25,911.7 | 24,780.1 | 27,115.6 | 26,420.6 | ||||||||||||
Other, non-principal amounts | (222.8 | ) | (211.4 | ) | (239.4 | ) | (242.4 | ) | ||||||||
Less current maturities of debt | (2,668.7 | ) | (2,855.0 | ) | (2,694.6 | ) | (1,500.1 | ) | ||||||||
Total long-term debt | $ | 23,020.2 | $ | 21,713.7 | $ | 24,181.6 | $ | 24,678.1 | ||||||||
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (4) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (5) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. | ||||||||||||||||
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. | (1) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
Range of Interest Rates Paid | Weighted-Average Interest Rate Paid | |
Commercial Paper Notes | ||
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes |
Scheduled Maturities of Debt | Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||
Commercial Paper Notes | $ | 1,970.0 | $ | 1,970.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 1,395.0 | $ | 1,395.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||||||||||||||||
Senior Notes | 20,750.0 | -- | 1,500.0 | 1,500.0 | 1,325.0 | 650.0 | 15,775.0 | 23,050.0 | 800.0 | 1,500.0 | 1,325.0 | 1,400.0 | 1,250.0 | 16,775.0 | ||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Notes | 3,191.7 | -- | -- | -- | -- | -- | 3,191.7 | 2,670.6 | -- | -- | -- | -- | -- | 2,670.6 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 25,911.7 | $ | 1,970.0 | $ | 1,500.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 650.0 | $ | 18,966.7 | $ | 27,115.6 | $ | 2,195.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 19,445.6 |
Common unit repurchases under 2019 Buyback Program | (1,852,392 | ) | ||
Common units issued in connection with DRIP and EUPP | ||||
Common units issued in connection with employee compensation | 1,626,041 | |||
Common units issued in connection with the vesting of phantom unit awards, net | ||||
Other | ||||
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||
Balance, January 1, 2018 | $ | (10.1 | ) | $ | (165.1 | ) | $ | 3.5 | $ | (171.7 | ) | |||||
Other comprehensive income (loss) before reclassifications | (10.2 | ) | 14.6 | (0.5 | ) | 3.9 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 24.7 | 19.9 | -- | 44.6 | ||||||||||||
Total other comprehensive income (loss) | 14.5 | 34.5 | (0.5 | ) | 48.5 | |||||||||||
Balance, June 30, 2018 | $ | 4.4 | $ | (130.6 | ) | $ | 3.0 | $ | (123.2 | ) |
Cash Flow Hedges | ||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2018 | $ | 152.7 | $ | (104.8 | ) | $ | 3.0 | $ | 50.9 | |||||||
Other comprehensive income (loss) for period, before reclassifications | (95.2 | ) | -- | (0.6 | ) | (95.8 | ) | |||||||||
Reclassification of losses (gains) to net income during period | (58.3 | ) | 9.2 | -- | (49.1 | ) | ||||||||||
Total other comprehensive income (loss) for period | (153.5 | ) | 9.2 | (0.6 | ) | (144.9 | ) | |||||||||
Accumulated Other Comprehensive Income (Loss), March 31, 2019 | $ | (0.8 | ) | $ | (95.6 | ) | $ | 2.4 | $ | (94.0 | ) |
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||
Balance, January 1, 2017 | $ | (83.8 | ) | $ | (199.8 | ) | $ | 3.6 | $ | (280.0 | ) | |||||
Other comprehensive income (loss) before reclassifications | 175.2 | (4.5 | ) | (0.1 | ) | 170.6 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (income) | (38.9 | ) | 19.6 | -- | (19.3 | ) | ||||||||||
Total other comprehensive income (loss) | 136.3 | 15.1 | (0.1 | ) | 151.3 | |||||||||||
Balance, June 30, 2017 | $ | 52.5 | $ | (184.7 | ) | $ | 3.5 | $ | (128.7 | ) |
Cash Flow Hedges | ||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2017 | $ | (10.1 | ) | $ | (165.1 | ) | $ | 3.5 | $ | (171.7 | ) | |||||
Other comprehensive income (loss) for period, before reclassifications | 3.4 | 11.1 | -- | 14.5 | ||||||||||||
Reclassification of losses (gains) to net income during period | (14.5 | ) | 10.5 | -- | (4.0 | ) | ||||||||||
Total other comprehensive income (loss) for period | (11.1 | ) | 21.6 | -- | 10.5 | |||||||||||
Accumulated Other Comprehensive Income (Loss), March 31, 2018 | $ | (21.2 | ) | $ | (143.5 | ) | $ | 3.5 | $ | (161.2 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||
Location | 2018 | 2017 | 2018 | 2017 | Location | 2019 | 2018 | |||||||||||||||||||
Losses (gains) on cash flow hedges: | ||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 9.4 | $ | 10.0 | $ | 19.9 | $ | 19.6 | Interest expense | $ | 9.2 | $ | 10.5 | ||||||||||||
Commodity derivatives | Revenue | 39.4 | (46.0 | ) | 25.4 | (38.5 | ) | Revenue | (65.3 | ) | (14.0 | ) | ||||||||||||||
Commodity derivatives | Operating costs and expenses | (0.2 | ) | -- | (0.7 | ) | (0.4 | ) | Operating costs and expenses | 7.0 | (0.5 | ) | ||||||||||||||
Total | $ | 48.6 | $ | (36.0 | ) | $ | 44.6 | $ | (19.3 | ) | $ | (49.1 | ) | $ | (4.0 | ) |
Distribution Per Common Unit | Record Date | Payment Date | ||||
2017 | ||||||
1st Quarter | $ | 0.4150 | 4/28/2017 | 5/8/2017 | ||
2nd Quarter | $ | 0.4200 | 7/31/2017 | 8/7/2017 | ||
2018 | ||||||
1st Quarter | $ | 0.4275 | 4/30/2018 | 5/8/2018 | ||
2nd Quarter | $ | 0.4300 | 7/31/2018 | 8/8/2018 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 (1) | 2017 (2) | 2018 (1) | 2017 (2) | 2019 | 2018 | |||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||
Sales of NGLs and related products | $ | 2,610.9 | $ | 2,158.0 | $ | 5,426.3 | $ | 5,045.2 | $ | 2,671.2 | $ | 2,815.4 | ||||||||||||
Midstream services | 662.8 | 462.6 | 1,260.7 | 921.2 | ||||||||||||||||||||
Total | 3,273.7 | 2,620.6 | 6,687.0 | 5,966.4 | ||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||
Natural gas processing and fractionation | 269.5 | 252.4 | ||||||||||||||||||||||
Transportation | 275.3 | 255.5 | ||||||||||||||||||||||
Storage and terminals | 98.4 | 90.0 | ||||||||||||||||||||||
Total segment midstream services | 643.2 | 597.9 | ||||||||||||||||||||||
Total NGL Pipelines & Services | 3,314.4 | 3,413.3 | ||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||
Sales of crude oil | 2,532.2 | 1,705.1 | 5,873.9 | 3,323.7 | 2,328.4 | 3,341.7 | ||||||||||||||||||
Midstream services | 249.0 | 194.5 | 478.2 | 383.1 | ||||||||||||||||||||
Total | 2,781.2 | 1,899.6 | 6,352.1 | 3,706.8 | ||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||
Transportation | 183.7 | 141.7 | ||||||||||||||||||||||
Storage and terminals | 95.2 | 87.5 | ||||||||||||||||||||||
Total segment midstream services | 278.9 | 229.2 | ||||||||||||||||||||||
Total Crude Oil Pipelines & Services | 2,607.3 | 3,570.9 | ||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||
Sales of natural gas | 532.5 | 560.6 | 1,092.5 | 1,104.6 | 655.7 | 560.0 | ||||||||||||||||||
Midstream services | 260.3 | 225.6 | 505.1 | 442.8 | ||||||||||||||||||||
Total | 792.8 | 786.2 | 1,597.6 | 1,547.4 | ||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||
Transportation | 271.8 | 244.8 | ||||||||||||||||||||||
Total segment midstream services | 271.8 | 244.8 | ||||||||||||||||||||||
Total Natural Gas Pipelines & Services | 927.5 | 804.8 | ||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,413.4 | 1,114.1 | 2,702.7 | 2,325.2 | 1,480.6 | 1,289.3 | ||||||||||||||||||
Midstream services | 206.4 | 187.1 | 426.6 | 382.2 | ||||||||||||||||||||
Total | 1,619.8 | 1,301.2 | 3,129.3 | 2,707.4 | ||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||
Fractionation and isomerization | 40.8 | 55.7 | ||||||||||||||||||||||
Transportation, including marine logistics | 126.6 | 119.6 | ||||||||||||||||||||||
Storage and terminals | 46.3 | 44.9 | ||||||||||||||||||||||
Total segment midstream services | 213.7 | 220.2 | ||||||||||||||||||||||
Total Petrochemical & Refined Products Services | 1,694.3 | 1,509.5 | ||||||||||||||||||||||
Total consolidated revenues | $ | 8,467.5 | $ | 6,607.6 | $ | 17,766.0 | $ | 13,928.0 | $ | 8,543.5 | $ | 9,298.5 | ||||||||||||
(1) Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. (2) Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Contract Asset | Location | Balance | Location | Balance | ||||||
Unbilled revenue (current amount) | Prepaid and other current assets | $ | 126.9 | Prepaid and other current assets | $ | 73.7 | ||||
Unbilled revenue (noncurrent) | Other assets | -- | ||||||||
Total | $ | 126.9 | $ | 73.7 |
Contract Liability | Location | Balance | Location | Balance | ||||||
Deferred revenue (current amount) | Other current liabilities | $ | 83.8 | Other current liabilities | $ | 83.0 | ||||
Deferred revenue (noncurrent) | Other long-term liabilities | 158.4 | Other long-term liabilities | 218.1 | ||||||
Total | $ | 242.2 | $ | 301.1 |
Unbilled Revenue | Deferred Revenue | |||||||
Balance at January 1, 2018 (upon adoption of ASC 606) | $ | -- | $ | 224.7 | ||||
Amount included in opening balance transferred to other accounts during period (1) | -- | (72.8 | ) | |||||
Amount recorded during period | 136.4 | 201.1 | ||||||
Amounts recorded during period transferred to other accounts (1) | (11.7 | ) | (110.8 | ) | ||||
Amount recorded in connection with business combination | 2.2 | -- | ||||||
Balance at June 30, 2018 | $ | 126.9 | $ | 242.2 | ||||
(1) Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Unbilled Revenue | Deferred Revenue | |||||||
Balance at December 31, 2018 | $ | 13.3 | $ | 291.2 | ||||
Amount included in opening balance transferred to other accounts during period (1) | (0.3 | ) | (56.8 | ) | ||||
Amount recorded during period | 70.1 | 118.1 | ||||||
Amounts recorded during period transferred to other accounts (1) | (9.4 | ) | (48.1 | ) | ||||
Other changes | -- | (3.3 | ) | |||||
Balance at March 31, 2019 | $ | 73.7 | $ | 301.1 | ||||
(1) Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||
$ | 1,643.8 | $ | 3,168.7 | $ | 2,796.0 | $ | 2,253.0 | $ | 1,792.6 | $ | 7,584.3 | $ | 19,238.4 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Assets | ||||||||||||
Accounts receivable – trade, net | $ | 4,445.2 | $ | (126.9 | ) | $ | 4,318.3 | |||||
Prepaid and other current assets | $ | 319.2 | $ | 126.9 | $ | 446.1 | ||||||
Property, plant and equipment, net | $ | 37,028.3 | $ | 26.2 | $ | 37,054.5 | ||||||
Other assets | $ | 231.5 | $ | -- | $ | 231.5 | ||||||
Liabilities and Equity | ||||||||||||
Other long-term liabilities | $ | 661.0 | $ | 21.4 | $ | 682.4 | ||||||
Partners' equity | $ | 22,666.8 | $ | 4.8 | $ | 22,671.6 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Revenues | $ | 8,304.1 | $ | 163.4 | $ | 8,467.5 | ||||||
Costs and expenses: | ||||||||||||
Operating costs and expenses: | $ | 7,390.2 | $ | 161.8 | $ | 7,552.0 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Revenues | $ | 17,485.6 | $ | 280.4 | $ | 17,766.0 | ||||||
Costs and expenses: | ||||||||||||
Operating costs and expenses: | $ | 15,499.1 | $ | 275.6 | $ | 15,774.7 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Operating activities: | ||||||||||||
Net income | $ | 1,593.9 | $ | 4.8 | $ | 1,598.7 | ||||||
Net effect of changes in operating accounts | $ | (249.9 | ) | $ | 21.4 | $ | (228.5 | ) | ||||
Investing activities: | ||||||||||||
Contributions in aid of construction costs | $ | 26.2 | $ | (26.2 | ) | $ | -- |
Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||
$ | 2,826.5 | $ | 3,437.0 | $ | 2,812.0 | $ | 2,295.9 | $ | 1,946.8 | $ | 8,304.6 | $ | 21,622.8 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating income | $ | 986.4 | $ | 938.7 | $ | 2,124.9 | $ | 1,970.3 | ||||||||
Adjustments to reconcile operating income to total gross operating margin: | ||||||||||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 425.3 | 379.2 | 819.6 | 755.4 | ||||||||||||
Add asset impairment and related charges in operating costs and expenses | 15.9 | 14.0 | 16.8 | 25.2 | ||||||||||||
Add net losses or subtract net gains attributable to asset sales in operating costs and expenses | (0.9 | ) | 0.3 | (1.4 | ) | -- | ||||||||||
Add general and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | ||||||||||||
Adjustments for make-up rights on certain new pipeline projects: | ||||||||||||||||
Add non-refundable payments received from shippers attributable to make-up rights (1) | 5.6 | 8.3 | 8.3 | 21.6 | ||||||||||||
Subtract the subsequent recognition of revenues attributable to make-up rights (2) | (22.0 | ) | (6.8 | ) | (36.2 | ) | (15.9 | ) | ||||||||
Total segment gross operating margin | $ | 1,461.7 | $ | 1,379.4 | $ | 3,036.4 | $ | 2,852.7 | ||||||||
(1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. (2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Operating income | $ | 1,626.2 | $ | 1,138.5 | ||||
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): | ||||||||
Depreciation, amortization and accretion expense in operating costs and expenses | 450.9 | 394.3 | ||||||
Asset impairment and related charges in operating costs and expenses | 4.8 | 0.9 | ||||||
Net gains attributable to asset sales in operating costs and expenses | (0.4 | ) | (0.5 | ) | ||||
General and administrative costs | 52.2 | 53.0 | ||||||
Non-refundable payments received from shippers attributable to make-up rights (1) | 2.2 | 2.7 | ||||||
Subsequent recognition of revenues attributable to make-up rights (2) | (7.5 | ) | (14.2 | ) | ||||
Total segment gross operating margin | $ | 2,128.4 | $ | 1,574.7 | ||||
(1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. (2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||
NGL Pipelines & Services | $ | 913.7 | $ | 759.9 | $ | 1,798.6 | $ | 1,615.9 | $ | 959.2 | $ | 884.9 | ||||||||||||
Crude Oil Pipelines & Services | 52.8 | 236.7 | 272.8 | 501.3 | 662.3 | 220.0 | ||||||||||||||||||
Natural Gas Pipelines & Services | 213.4 | 194.4 | 411.3 | 365.3 | 264.3 | 197.9 | ||||||||||||||||||
Petrochemical & Refined Products Services | 281.8 | 188.4 | 553.7 | 370.2 | 242.6 | 271.9 | ||||||||||||||||||
Total segment gross operating margin | $ | 1,461.7 | $ | 1,379.4 | $ | 3,036.4 | $ | 2,852.7 | $ | 2,128.4 | $ | 1,574.7 |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Mark-to-market gains (losses) in gross operating margin: | ||||||||
NGL Pipelines & Services | $ | 1.3 | $ | (3.4 | ) | |||
Crude Oil Pipelines & Services | 99.8 | (129.6 | ) | |||||
Natural Gas Pipelines & Services | (0.3 | ) | (2.2 | ) | ||||
Petrochemical & Refined Products Services | (4.5 | ) | (1.6 | ) | ||||
Total mark-to-market impact on gross operating margin | 96.3 | (136.8 | ) | |||||
Mark-to-market loss in interest expense | -- | (0.1 | ) | |||||
Total | $ | 96.3 | $ | (136.9 | ) |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Revenues from third parties: | ||||||||||||||||||||||||
Three months ended June 30, 2018 | $ | 3,268.8 | $ | 2,733.8 | $ | 789.5 | $ | 1,619.8 | $ | -- | $ | 8,411.9 | ||||||||||||
Three months ended June 30, 2017 | 2,617.8 | 1,895.8 | 782.9 | 1,301.2 | -- | 6,597.7 | ||||||||||||||||||
Six months ended June 30, 2018 | 6,678.4 | 6,286.5 | 1,591.5 | 3,129.3 | -- | 17,685.7 | ||||||||||||||||||
Six months ended June 30, 2017 | 5,960.8 | 3,698.4 | 1,540.7 | 2,707.4 | -- | 13,907.3 | ||||||||||||||||||
Revenues from related parties: | ||||||||||||||||||||||||
Three months ended June 30, 2018 | 4.9 | 47.4 | 3.3 | -- | -- | 55.6 | ||||||||||||||||||
Three months ended June 30, 2017 | 2.8 | 3.8 | 3.3 | -- | -- | 9.9 | ||||||||||||||||||
Six months ended June 30, 2018 | 8.6 | 65.6 | 6.1 | -- | -- | 80.3 | ||||||||||||||||||
Six months ended June 30, 2017 | 5.6 | 8.4 | 6.7 | -- | -- | 20.7 | ||||||||||||||||||
Intersegment and intrasegment revenues: | ||||||||||||||||||||||||
Three months ended June 30, 2018 | 6,004.6 | 9,978.5 | 165.0 | 784.0 | (16,932.1 | ) | -- | |||||||||||||||||
Three months ended June 30, 2017 | 5,642.1 | 3,383.7 | 220.6 | 389.7 | (9,636.1 | ) | -- | |||||||||||||||||
Six months ended June 30, 2018 | 12,569.5 | 21,404.8 | 335.9 | 1,397.3 | (35,707.5 | ) | -- | |||||||||||||||||
Six months ended June 30, 2017 | 14,516.9 | 6,857.7 | 415.1 | 804.4 | (22,594.1 | ) | -- | |||||||||||||||||
Total revenues: | ||||||||||||||||||||||||
Three months ended June 30, 2018 | 9,278.3 | 12,759.7 | 957.8 | 2,403.8 | (16,932.1 | ) | 8,467.5 | |||||||||||||||||
Three months ended June 30, 2017 | 8,262.7 | 5,283.3 | 1,006.8 | 1,690.9 | (9,636.1 | ) | 6,607.6 | |||||||||||||||||
Six months ended June 30, 2018 | 19,256.5 | 27,756.9 | 1,933.5 | 4,526.6 | (35,707.5 | ) | 17,766.0 | |||||||||||||||||
Six months ended June 30, 2017 | 20,483.3 | 10,564.5 | 1,962.5 | 3,511.8 | (22,594.1 | ) | 13,928.0 | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | ||||||||||||||||||||||||
Three months ended June 30, 2018 | 39.4 | 83.5 | 1.6 | (2.2 | ) | -- | 122.3 | |||||||||||||||||
Three months ended June 30, 2017 | 19.0 | 89.2 | 0.9 | (2.1 | ) | -- | 107.0 | |||||||||||||||||
Six months ended June 30, 2018 | 58.8 | 181.4 | 2.6 | (4.8 | ) | -- | 238.0 | |||||||||||||||||
Six months ended June 30, 2017 | 34.5 | 170.4 | 1.9 | (5.0 | ) | -- | 201.8 |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Revenues from third parties: | ||||||||||||||||||||||||
Three months ended March 31, 2019 | $ | 3,311.6 | $ | 2,601.6 | $ | 923.7 | $ | 1,694.3 | $ | -- | $ | 8,531.2 | ||||||||||||
Three months ended March 31, 2018 | 3,409.6 | 3,552.7 | 802.0 | 1,509.5 | -- | 9,273.8 | ||||||||||||||||||
Revenues from related parties: | ||||||||||||||||||||||||
Three months ended March 31, 2019 | 2.8 | 5.7 | 3.8 | -- | -- | 12.3 | ||||||||||||||||||
Three months ended March 31, 2018 | 3.7 | 18.2 | 2.8 | -- | -- | 24.7 | ||||||||||||||||||
Intersegment and intrasegment revenues: | ||||||||||||||||||||||||
Three months ended March 31, 2019 | 5,491.4 | 7,885.0 | 195.4 | 714.4 | (14,286.2 | ) | -- | |||||||||||||||||
Three months ended March 31, 2018 | 6,564.9 | 11,426.3 | 170.9 | 613.3 | (18,775.4 | ) | -- | |||||||||||||||||
Total revenues: | ||||||||||||||||||||||||
Three months ended March 31, 2019 | 8,805.8 | 10,492.3 | 1,122.9 | 2,408.7 | (14,286.2 | ) | 8,543.5 | |||||||||||||||||
Three months ended March 31, 2018 | 9,978.2 | 14,997.2 | 975.7 | 2,122.8 | (18,775.4 | ) | 9,298.5 | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | ||||||||||||||||||||||||
Three months ended March 31, 2019 | 30.1 | 124.6 | 1.7 | (1.8 | ) | -- | 154.6 | |||||||||||||||||
Three months ended March 31, 2018 | 19.4 | 97.9 | 1.0 | (2.6 | ) | -- | 115.7 |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Property, plant and equipment, net: (see Note 4) | ||||||||||||||||||||||||
At June 30, 2018 | $ | 14,716.9 | $ | 5,401.3 | $ | 8,356.1 | $ | 6,235.0 | $ | 2,345.2 | $ | 37,054.5 | ||||||||||||
At December 31, 2017 | 13,831.2 | 5,208.4 | 8,375.0 | 3,507.7 | 4,698.1 | 35,620.4 | ||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) | ||||||||||||||||||||||||
At June 30, 2018 | 630.5 | 1,865.7 | 21.0 | 64.3 | -- | 2,581.5 | ||||||||||||||||||
At December 31, 2017 | 733.9 | 1,839.2 | 20.8 | 65.5 | -- | 2,659.4 | ||||||||||||||||||
Intangible assets, net: (see Note 6) | ||||||||||||||||||||||||
At June 30, 2018 | 398.4 | 2,139.9 | 999.1 | 158.7 | -- | 3,696.1 | ||||||||||||||||||
At December 31, 2017 | 322.3 | 2,186.5 | 1,018.4 | 163.1 | -- | 3,690.3 | ||||||||||||||||||
Goodwill: (see Note 6) | ||||||||||||||||||||||||
At June 30, 2018 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
At December 31, 2017 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||
At June 30, 2018 | 18,397.5 | 11,247.9 | 9,672.5 | 7,414.2 | 2,345.2 | 49,077.3 | ||||||||||||||||||
At December 31, 2017 | 17,539.1 | 11,075.1 | 9,710.5 | 4,692.5 | 4,698.1 | 47,715.3 |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Property, plant and equipment, net: (see Note 4) | ||||||||||||||||||||||||
At March 31, 2019 | $ | 15,909.7 | $ | 6,216.0 | $ | 8,320.5 | $ | 6,206.0 | $ | 2,695.3 | $ | 39,347.5 | ||||||||||||
At December 31, 2018 | 14,845.4 | 5,847.7 | 8,303.8 | 6,213.9 | 3,526.8 | 38,737.6 | ||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) | ||||||||||||||||||||||||
At March 31, 2019 | 670.3 | 1,898.0 | 23.2 | 62.8 | -- | 2,654.3 | ||||||||||||||||||
At December 31, 2018 | 662.0 | 1,867.5 | 22.8 | 62.8 | -- | 2,615.1 | ||||||||||||||||||
Intangible assets, net: (see Note 6) | ||||||||||||||||||||||||
At March 31, 2019 | 371.0 | 2,072.6 | 970.1 | 152.2 | -- | 3,565.9 | ||||||||||||||||||
At December 31, 2018 | 380.1 | 2,094.6 | 979.3 | 154.4 | -- | 3,608.4 | ||||||||||||||||||
Goodwill: (see Note 6) | ||||||||||||||||||||||||
At March 31, 2019 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
At December 31, 2018 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||
At March 31, 2019 | 19,602.7 | 12,027.6 | 9,610.1 | 7,377.2 | 2,695.3 | 51,312.9 | ||||||||||||||||||
At December 31, 2018 | 18,539.2 | 11,650.8 | 9,602.2 | 7,387.3 | 3,526.8 | 50,706.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Consolidated revenues: | ||||||||||||||||||||||||
NGL Pipelines & Services | $ | 3,273.7 | $ | 2,620.6 | $ | 6,687.0 | $ | 5,966.4 | $ | 3,314.4 | $ | 3,413.3 | ||||||||||||
Crude Oil Pipelines & Services | 2,781.2 | 1,899.6 | 6,352.1 | 3,706.8 | 2,607.3 | 3,570.9 | ||||||||||||||||||
Natural Gas Pipelines & Services | 792.8 | 786.2 | 1,597.6 | 1,547.4 | 927.5 | 804.8 | ||||||||||||||||||
Petrochemical & Refined Products Services | 1,619.8 | 1,301.2 | 3,129.3 | 2,707.4 | 1,694.3 | 1,509.5 | ||||||||||||||||||
Total consolidated revenues | $ | 8,467.5 | $ | 6,607.6 | $ | 17,766.0 | $ | 13,928.0 | $ | 8,543.5 | $ | 9,298.5 | ||||||||||||
Consolidated costs and expenses | ||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||
Cost of sales | $ | 6,391.9 | $ | 4,731.1 | $ | 13,532.3 | $ | 10,066.8 | $ | 5,835.6 | $ | 7,140.4 | ||||||||||||
Other operating costs and expenses (1) | 719.8 | 605.6 | 1,407.4 | 1,216.0 | 728.8 | 687.6 | ||||||||||||||||||
Depreciation, amortization and accretion | 425.3 | 379.2 | 819.6 | 755.4 | 450.9 | 394.3 | ||||||||||||||||||
Asset impairment and related charges | 15.9 | 14.0 | 16.8 | 25.2 | 4.8 | 0.9 | ||||||||||||||||||
Net losses (gains) attributable to asset sales | (0.9 | ) | 0.3 | (1.4 | ) | -- | ||||||||||||||||||
Net gains attributable to asset sales | (0.4 | ) | (0.5 | ) | ||||||||||||||||||||
General and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | 52.2 | 53.0 | ||||||||||||||||||
Total consolidated costs and expenses | $ | 7,603.4 | $ | 5,775.9 | $ | 15,879.1 | $ | 12,159.5 | $ | 7,071.9 | $ | 8,275.7 | ||||||||||||
(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. | ||||||||||||||||||||||||
(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. | (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Purchase price for remaining 50% equity interest in Delaware Processing | $ | 154.5 | ||
Fair value of our 50% equity interest in Delaware Processing held before the acquisition | 146.4 | |||
Total | 300.9 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Assets acquired in business combination: | ||||
Current assets, including cash of $3.9 million | $ | 10.8 | ||
Property, plant and equipment | 200.0 | |||
Contract-based intangible assets | 82.6 | |||
Customer relationship intangible assets | 9.9 | |||
Total assets acquired | $ | 303.3 | ||
Liabilities assumed in business combination: | ||||
Current liabilities | $ | (1.8 | ) | |
Long-term liabilities | (0.6 | ) | ||
Total liabilities assumed | $ | (2.4 | ) | |
Total identifiable net assets | $ | 300.9 | ||
Goodwill | $ | -- |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
BASIC EARNINGS PER UNIT | ||||||||||||||||||||||||
Net income attributable to limited partners | $ | 673.8 | $ | 653.7 | $ | 1,574.5 | $ | 1,414.4 | $ | 1,260.5 | $ | 900.7 | ||||||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (4.6 | ) | (4.0 | ) | (9.3 | ) | (8.0 | ) | (7.8 | ) | (4.7 | ) | ||||||||||||
Net income available to common unitholders | $ | 669.2 | $ | 649.7 | $ | 1,565.2 | $ | 1,406.4 | $ | 1,252.7 | $ | 896.0 | ||||||||||||
Basic weighted-average number of common units outstanding | 2,174.6 | 2,144.7 | 2,170.7 | 2,135.5 | 2,187.1 | 2,166.9 | ||||||||||||||||||
Basic earnings per unit | $ | 0.31 | $ | 0.30 | $ | 0.72 | $ | 0.66 | $ | 0.57 | $ | 0.41 | ||||||||||||
DILUTED EARNINGS PER UNIT | ||||||||||||||||||||||||
Net income attributable to limited partners | $ | 673.8 | $ | 653.7 | $ | 1,574.5 | $ | 1,414.4 | $ | 1,260.5 | $ | 900.7 | ||||||||||||
Diluted weighted-average number of units outstanding: | ||||||||||||||||||||||||
Distribution-bearing common units | 2,174.6 | 2,144.7 | 2,170.7 | 2,135.5 | 2,187.1 | 2,166.9 | ||||||||||||||||||
Phantom units (1) | 10.8 | 9.6 | 10.6 | 9.2 | 12.4 | 10.3 | ||||||||||||||||||
Total | 2,185.4 | 2,154.3 | 2,181.3 | 2,144.7 | 2,199.5 | 2,177.2 | ||||||||||||||||||
Diluted earnings per unit | $ | 0.31 | $ | 0.30 | $ | 0.72 | $ | 0.66 | $ | 0.57 | $ | 0.41 | ||||||||||||
(1) Each phantom unit award includes a distribution equivalent right (“DER”), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. | ||||||||||||||||||||||||
(1) Each phantom unit award includes a distribution equivalent right (“DERs”), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. | (1) Each phantom unit award includes a distribution equivalent right (“DERs”), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Equity-classified awards: | ||||||||||||||||||||||||
Phantom unit awards | $ | 25.9 | $ | 23.5 | $ | 50.5 | $ | 46.3 | $ | 29.4 | $ | 24.6 | ||||||||||||
Restricted common unit awards | -- | -- | -- | 0.5 | ||||||||||||||||||||
Profits interest awards | 1.0 | 1.6 | 2.6 | 3.1 | 2.6 | 1.6 | ||||||||||||||||||
Liability-classified awards | 0.1 | -- | 0.2 | 0.2 | -- | 0.1 | ||||||||||||||||||
Total | $ | 27.0 | $ | 25.1 | $ | 53.3 | $ | 50.1 | $ | 32.0 | $ | 26.3 |
Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | |||||||
Phantom unit awards at January 1, 2018 | 9,289,501 | $ | 27.65 | |||||
Granted (2) | 4,967,681 | $ | 26.81 | |||||
Vested | (3,285,976 | ) | $ | 28.58 | ||||
Forfeited | (216,897 | ) | $ | 26.92 | ||||
Phantom unit awards at June 30, 2018 | 10,754,309 | $ | 26.99 | |||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. (2) The aggregate grant date fair value of phantom unit awards issued during 2018 was $133.2 million based on a grant date market price of our common units ranging from $25.40 to $28.18 per unit. An estimated annual forfeiture rate of 3.2% was applied to these awards. |
Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | |||||||
Phantom unit awards at December 31, 2018 | 10,333,277 | $ | 26.97 | |||||
Granted (2) | 6,831,820 | $ | 27.75 | |||||
Vested | (3,398,583 | ) | $ | 27.59 | ||||
Forfeited | (77,627 | ) | $ | 27.09 | ||||
Phantom unit awards at March 31, 2019 | 13,688,887 | $ | 27.21 | |||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. (2) The aggregate grant date fair value of phantom unit awards issued during 2019 was $189.6 million based on a grant date market price of our common units of $27.75 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Cash payments made in connection with DERs | $ | 4.7 | $ | 4.0 | $ | 8.6 | $ | 7.2 | $ | 4.5 | $ | 3.9 | ||||||||||||
Total intrinsic value of phantom unit awards that vested during period | 3.1 | 3.1 | 85.1 | 66.3 | 97.0 | 82.0 |
Employee Partnership | Enterprise Common Units contributed to Employee Partnership by EPCO Holdings | Class A Capital Base (1) | Class A Preference Return (2) | Expected Vesting/ Liquidation Date | Estimated Grant Date Fair Value of Profits Interest Awards (3) | Unrecognized Compensation Cost (4) | ||||||
PubCo I | 2,723,052 | $63.7 million | $ | 0.39 | Feb. 2020 | $13.0 million | $5.9 million | |||||
PubCo II | 2,834,198 | $66.3 million | $ | 0.39 | Feb. 2021 | $14.7 million | $8.3 million | |||||
PubCo III | 105,000 | $2.5 million | $ | 0.39 | Apr. 2020 | $0.5 million | $0.3 million | |||||
PrivCo I | 1,111,438 | $26.0 million | $ | 0.39 | Feb. 2021 | $5.8 million | $0.7 million | |||||
(1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. (2) Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis. (3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. (4) Represents our expected share of the unrecognized compensation cost at June 30, 2018. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 1.6 years, 2.6 years, 1.8 years and 2.6 years, respectively. |
Hedged Transaction | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Average Rate Locked | Accounting Treatment |
Future long-term debt offering | 2 forward starting swaps | $175.0 | 2/2019 | 2.56% | Cash flow hedge |
Volume (1) | Accounting | Volume (1) | Accounting | |||
Derivative Purpose | Current (2) | Long-Term (2) | Treatment | Current (2) | Long-Term (2) | Treatment |
Derivatives designated as hedging instruments: | ||||||
Natural gas processing: | ||||||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”)) | 16.2 | n/a | Cash flow hedge | 14.4 | n/a | Cash flow hedge |
Forecasted sales of NGLs (million barrels (“MMBbls”)) | 3.5 | n/a | Cash flow hedge | |||
Octane enhancement: | ||||||
Forecasted purchase of NGLs (million barrels (“MMBbls”)) | 0.9 | n/a | Cash flow hedge | |||
Forecasted purchase of NGLs (MMBbls) | 1.7 | n/a | Cash flow hedge | |||
Forecasted sales of octane enhancement products (MMBbls) | 0.9 | n/a | Cash flow hedge | 2.5 | n/a | Cash flow hedge |
Natural gas marketing: | ||||||
Natural gas storage inventory management activities (Bcf) | 1.8 | n/a | Fair value hedge | 1.5 | n/a | Fair value hedge |
NGL marketing: | ||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 49.9 | n/a | Cash flow hedge | 51.6 | 3.3 | Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 64.1 | n/a | Cash flow hedge | 56.1 | 1.1 | Cash flow hedge |
NGLs inventory management activities (MMBbls) | 0.5 | n/a | Fair value hedge | 0.9 | n/a | Fair value hedge |
Refined products marketing: | ||||||
Forecasted purchase of refined products (MMBbls) | 0.9 | n/a | Cash flow hedge | 0.8 | n/a | Cash flow hedge |
Forecasted sales of refined products (MMBbls) | 1.2 | n/a | Cash flow hedge | 1.0 | n/a | Cash flow hedge |
Refined products inventory management activities (MMBbls) | 0.1 | n/a | Fair value hedge | 0.2 | n/a | Fair value hedge |
Crude oil marketing: | ||||||
Forecasted purchases of crude oil (MMBbls) | 9.1 | 4.1 | Cash flow hedge | 23.8 | 1.9 | Cash flow hedge |
Forecasted sales of crude oil (MMBbls) | 9.9 | 4.1 | Cash flow hedge | 25.5 | 1.9 | Cash flow hedge |
Propylene marketing: | ||||||
Forecasted sales of NGLs for propylene marketing activities (MMBbls) | 0.3 | n/a | Cash flow hedge | |||
Derivatives not designated as hedging instruments: | ||||||
Natural gas risk management activities (Bcf) (3,4) | 92.5 | 2.9 | Mark-to-market | 58.2 | 0.1 | Mark-to-market |
NGL risk management activities (MMBbls) (4) | 4.5 | n/a | Mark-to-market | |||
Refined products risk management activities (MMBbls) (4) | 1.4 | n/a | Mark-to-market | 1.3 | n/a | Mark-to-market |
Crude oil risk management activities (MMBbls) (4) | 68.5 | 29.0 | Mark-to-market | 36.4 | 2.4 | Mark-to-market |
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, November 2018 and December 2020, respectively. (3) Current and long-term volumes include 45.8 Bcf and 0.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | ||||||
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, December 2019 and December 2020, respectively. (3) Current volumes include 14.0 Bcf of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | (1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, December 2019 and December 2020, respectively. (3) Current volumes include 14.0 Bcf of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Current assets | $ | 13.0 | Current assets | $ | -- | Current liabilities | $ | -- | Current liabilities | $ | 1.5 | ||||||||||||||||||||||||||||||||
Interest rate derivatives | Other assets | -- | Other assets | 0.1 | Other liabilities | -- | Other liabilities | 0.2 | ||||||||||||||||||||||||||||||||||||
Total interest rate derivatives | 13.0 | 0.1 | -- | 1.7 | ||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | Commodity derivatives | Current assets | 142.7 | Current assets | 109.5 | Current liabilities | 141.1 | Current liabilities | 104.4 | Commodity derivatives | Current assets | 102.5 | Current assets | 138.5 | Current liabilities | 81.7 | Current liabilities | 115.0 | ||||||||||||||||||||||||||
Commodity derivatives | Commodity derivatives | Other assets | 39.3 | Other assets | 6.4 | Other liabilities | 39.2 | Other liabilities | 6.8 | Commodity derivatives | Other assets | 10.3 | Other assets | 5.6 | Other liabilities | 12.2 | Other liabilities | 11.1 | ||||||||||||||||||||||||||
Total commodity derivatives | 182.0 | 115.9 | 180.3 | 111.2 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 195.0 | $ | 116.0 | $ | 180.3 | $ | 112.9 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 112.8 | $ | 144.1 | $ | 93.9 | $ | 126.1 | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | Commodity derivatives | Current assets | $ | 9.4 | Current assets | $ | 43.9 | Current liabilities | $ | 255.8 | Current liabilities | $ | 62.3 | Commodity derivatives | Current assets | $ | 23.6 | Current assets | $ | 15.9 | Current liabilities | $ | 13.2 | Current liabilities | $ | 33.2 | ||||||||||||||||||
Commodity derivatives | Commodity derivatives | Other assets | 0.2 | Other assets | 1.9 | Other liabilities | 23.3 | Other liabilities | 3.4 | Commodity derivatives | Other assets | 2.0 | Other assets | 1.9 | Other liabilities | 1.3 | Other liabilities | 3.1 | ||||||||||||||||||||||||||
Total commodity derivatives | $ | 9.6 | $ | 45.8 | $ | 279.1 | $ | 65.7 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 25.6 | $ | 17.8 | $ | 14.5 | $ | 36.3 |
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Amounts of Assets Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of June 30, 2018: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 13.0 | $ | -- | $ | 13.0 | $ | -- | $ | -- | $ | -- | $ | 13.0 | ||||||||||||||
Commodity derivatives | 191.6 | -- | 191.6 | (185.6 | ) | -- | -- | 6.0 | ||||||||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 0.1 | $ | -- | $ | 0.1 | $ | (0.1 | ) | $ | -- | $ | -- | $ | -- | |||||||||||||
Commodity derivatives | 161.7 | -- | 161.7 | (157.8 | ) | -- | -- | 3.9 |
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Amounts of Assets Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of March 31, 2019: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 138.4 | $ | -- | $ | 138.4 | $ | (108.1 | ) | $ | -- | $ | -- | $ | 30.3 | |||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 161.9 | $ | -- | $ | 161.9 | $ | (158.6 | ) | $ | -- | $ | -- | $ | 3.3 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Amounts of Liabilities Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of June 30, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 459.4 | $ | -- | $ | 459.4 | $ | (185.6 | ) | $ | -- | $ | (272.9 | ) | $ | 0.9 | ||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1.7 | $ | -- | $ | 1.7 | $ | (0.1 | ) | $ | -- | $ | -- | $ | 1.6 | |||||||||||||
Commodity derivatives | 176.9 | -- | 176.9 | (157.8 | ) | -- | (17.3 | ) | 1.8 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Amounts of Liabilities Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of March 31, 2019: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 108.4 | $ | -- | $ | 108.4 | $ | (108.1 | ) | $ | -- | $ | 27.3 | $ | 27.6 | |||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 162.4 | $ | -- | $ | 162.4 | $ | (158.6 | ) | $ | -- | $ | (2.3 | ) | $ | 1.5 |
Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Derivative | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 0.6 | $ | 0.4 | $ | 1.3 | $ | (0.5 | ) | Interest expense | $ | -- | $ | 0.7 | |||||||||||
Commodity derivatives | Revenue | 4.8 | 18.8 | 4.6 | 37.6 | Revenue | (8.5 | ) | (0.2 | ) | ||||||||||||||||
Total | $ | 5.4 | $ | 19.2 | $ | 5.9 | $ | 37.1 | $ | (8.5 | ) | $ | 0.5 |
Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Hedged Item | Location | Gain (Loss) Recognized in Income on Hedged Item | ||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (0.6 | ) | $ | (0.3 | ) | $ | (1.4 | ) | $ | 0.6 | Interest expense | $ | -- | $ | (0.8 | ) | ||||||||
Commodity derivatives | Revenue | (4.9 | ) | (16.3 | ) | (1.8 | ) | (28.7 | ) | Revenue | 9.9 | 3.1 | ||||||||||||||
Total | $ | (5.5 | ) | $ | (16.6 | ) | $ | (3.2 | ) | $ | (28.1 | ) | $ | 9.9 | $ | 2.3 |
Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Interest rate derivatives | $ | 3.5 | $ | (6.9 | ) | $ | 14.6 | $ | (4.5 | ) | ||||||
Commodity derivatives – Revenue (1) | (14.2 | ) | 31.4 | (11.2 | ) | 179.0 | ||||||||||
Commodity derivatives – Operating costs and expenses (1) | 0.6 | (1.0 | ) | 1.0 | (3.8 | ) | ||||||||||
Total | $ | (10.1 | ) | $ | 23.5 | $ | 4.4 | $ | 170.7 | |||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | |||||||
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Interest rate derivatives | $ | -- | $ | 11.1 | ||||
Commodity derivatives – Revenue (1) | (86.7 | ) | 3.0 | |||||
Commodity derivatives – Operating costs and expenses (1) | (8.5 | ) | 0.4 | |||||
Total | $ | (95.2 | ) | $ | 14.5 | |||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Derivatives in Cash Flow Hedging Relationships | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | |||||||
For the Three Months Ended March 31, | |||||||||
2019 | 2018 | ||||||||
Interest rate derivatives | Interest expense | $ | (9.2 | ) | $ | (10.5 | ) | ||
Commodity derivatives | Revenue | 65.3 | 14.0 | ||||||
Commodity derivatives | Operating costs and expenses | (7.0 | ) | 0.5 | |||||
Total | $ | 49.1 | $ | 4.0 |
Derivatives in Cash Flow Hedging Relationships | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Interest rate derivatives | Interest expense | $ | (9.4 | ) | $ | (10.0 | ) | $ | (19.9 | ) | $ | (19.6 | ) | ||||
Commodity derivatives | Revenue | (39.4 | ) | 46.0 | (25.4 | ) | 38.5 | ||||||||||
Commodity derivatives | Operating costs and expenses | 0.2 | -- | 0.7 | 0.4 | ||||||||||||
Total | $ | (48.6 | ) | $ | 36.0 | $ | (44.6 | ) | $ | 19.3 |
Derivatives Not Designated as Hedging Instruments | Location | Gain (Loss) Recognized in Income on Derivative | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||
Commodity derivatives | Revenue | $ | (406.3 | ) | $ | 18.7 | $ | (559.8 | ) | $ | 34.4 | Revenue | $ | 95.1 | $ | (153.5 | ) | |||||||||
Commodity derivatives | Operating costs and expenses | -- | (0.8 | ) | (1.5 | ) | 3.7 | Operating costs and expenses | 0.1 | (1.5 | ) | |||||||||||||||
Total | $ | (406.3 | ) | $ | 17.9 | $ | (561.3 | ) | $ | 38.1 | $ | 95.2 | $ | (155.0 | ) |
Unrealized mark-to-market gains (losses) by segment: | ||||
NGL Pipelines & Services | $ | 7.8 | ||
Crude Oil Pipelines & Services | (467.5 | ) | ||
Natural Gas Pipelines & Services | (2.5 | ) | ||
Petrochemical & Refined Products Services | (0.3 | ) | ||
Total | $ | (462.5 | ) |
June 30, 2018 Fair Value Measurements Using | At March 31, 2019 Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 13.0 | $ | -- | $ | 13.0 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 92.9 | 224.0 | 4.8 | 321.7 | $ | 82.9 | $ | 219.9 | $ | 6.5 | $ | 309.3 | ||||||||||||||||||||
Impact of CME Rule 814 change | (6.9 | ) | (123.2 | ) | -- | (130.1 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (47.9 | ) | (120.4 | ) | (2.6 | ) | (170.9 | ) | ||||||||||||||||||||||||
Total commodity derivatives | 86.0 | 100.8 | 4.8 | 191.6 | 35.0 | 99.5 | 3.9 | 138.4 | ||||||||||||||||||||||||
Total financial assets | $ | 86.0 | $ | 113.8 | $ | 4.8 | $ | 204.6 | ||||||||||||||||||||||||
Total | $ | 35.0 | $ | 99.5 | $ | 3.9 | $ | 138.4 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 350.3 | $ | 350.3 | ||||||||||||||||||||||||
Interest rate derivatives | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 15) | $ | -- | $ | -- | $ | 447.8 | $ | 447.8 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 119.5 | 729.1 | 3.5 | 852.1 | 87.6 | 145.5 | 10.9 | 244.0 | ||||||||||||||||||||||||
Impact of CME Rule 814 change | (34.3 | ) | (358.4 | ) | -- | (392.7 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (53.1 | ) | (74.6 | ) | (7.9 | ) | (135.6 | ) | ||||||||||||||||||||||||
Total commodity derivatives | 85.2 | 370.7 | 3.5 | 459.4 | 34.5 | 70.9 | 3.0 | 108.4 | ||||||||||||||||||||||||
Total financial liabilities | $ | 85.2 | $ | 370.7 | $ | 353.8 | $ | 809.7 | ||||||||||||||||||||||||
Total | $ | 34.5 | $ | 70.9 | $ | 450.8 | $ | 556.2 |
December 31, 2017 Fair Value Measurements Using | At December 31, 2018 Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 0.1 | $ | -- | $ | 0.1 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 47.1 | 184.9 | 2.9 | 234.9 | $ | 172.3 | $ | 282.4 | $ | 2.2 | $ | 456.9 | ||||||||||||||||||||
Impact of CME Rule 814 change | (47.1 | ) | (26.1 | ) | -- | (73.2 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (134.8 | ) | (159.3 | ) | (0.9 | ) | (295.0 | ) | ||||||||||||||||||||||||
Total commodity derivatives | -- | 158.8 | 2.9 | 161.7 | 37.5 | 123.1 | 1.3 | 161.9 | ||||||||||||||||||||||||
Total financial assets | $ | -- | $ | 158.9 | $ | 2.9 | $ | 161.8 | ||||||||||||||||||||||||
Total | $ | 37.5 | $ | 123.1 | $ | 1.3 | $ | 161.9 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 333.9 | $ | 333.9 | ||||||||||||||||||||||||
Interest rate derivatives | -- | 1.7 | -- | 1.7 | ||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 15) | $ | -- | $ | -- | $ | 390.0 | $ | 390.0 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 118.4 | 270.6 | 1.7 | 390.7 | 85.5 | 291.2 | 21.4 | 398.1 | ||||||||||||||||||||||||
Impact of CME Rule 814 change | (118.4 | ) | (95.4 | ) | -- | (213.8 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (48.6 | ) | (172.9 | ) | (14.2 | ) | (235.7 | ) | ||||||||||||||||||||||||
Total commodity derivatives | -- | 175.2 | 1.7 | 176.9 | 36.9 | 118.3 | 7.2 | 162.4 | ||||||||||||||||||||||||
Total financial liabilities | $ | -- | $ | 176.9 | $ | 335.6 | $ | 512.5 | ||||||||||||||||||||||||
Total | $ | 36.9 | $ | 118.3 | $ | 397.2 | $ | 552.4 |
For the Six Months Ended June 30, | |||||||||
Location | 2018 | 2017 | |||||||
Financial liability balance, net, January 1 | $ | (332.7 | ) | $ | (268.2 | ) | |||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | (0.5 | ) | 0.7 | |||||
Net income | Other expense, net | (7.5 | ) | (5.5 | ) | ||||
Other comprehensive income (loss) | Commodity derivative instruments – changes in fair value of cash flow hedges | -- | -- | ||||||
Settlements (1) | Revenue | (1.2 | ) | (1.4 | ) | ||||
Transfers out of Level 3 | -- | -- | |||||||
Financial liability balance, net, March 31 | (341.9 | ) | (274.4 | ) | |||||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | 1.3 | 0.1 | ||||||
Net income | Other expense, net | (8.9 | ) | (18.6 | ) | ||||
Other comprehensive income (loss) | Commodity derivative instruments – changes in fair value of cash flow hedges | -- | 0.1 | ||||||
Settlements (1) | Revenue | 0.5 | (0.7 | ) | |||||
Transfers out of Level 3 | -- | -- | |||||||
Financial liability balance, net, June 30 | $ | (349.0 | ) | $ | (293.5 | ) | |||
(1) There were unrealized gains of $1.8 million and $0.1 million included in these amounts for the three and six months ended June 30, 2018, respectively. There were unrealized losses of $0.6 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. |
Fair Value | Fair Value | |||||||||||||||||||||
Financial Assets | Financial Liabilities | Valuation Techniques | Unobservable Input | Range | Financial Assets | Financial Liabilities | Valuation Techniques | Unobservable Input | Range | |||||||||||||
Commodity derivatives – Crude oil | $ | 4.8 | $ | 3.5 | Discounted cash flow | Forward commodity prices | $65.01-$76.84/barrel | $ | 3.2 | $ | 0.1 | Discounted cash flow | Forward commodity prices | $59.44-$66.48/barrel | ||||||||
Commodity derivatives – Propane | -- | 0.8 | Discounted cash flow | Forward commodity prices | $0.62-$0.69/gallon | |||||||||||||||||
Commodity derivatives – Natural gasoline | -- | 0.5 | Discounted cash flow | Forward commodity prices | $1.18-1.24/gallon | |||||||||||||||||
Commodity derivatives – Ethane | 0.7 | 1.3 | Discounted cash flow | Forward commodity prices | $0.23-$0.26/gallon | |||||||||||||||||
Commodity derivatives – Normal Butane | -- | 0.3 | Discounted cash flow | Forward commodity prices | $0.71-$0.80/gallon | |||||||||||||||||
Total | $ | 4.8 | $ | 3.5 | $ | 3.9 | $ | 3.0 |
For the Three Months Ended March 31, | |||||||||
Location | 2019 | 2018 | |||||||
Financial liability balance, net, December 31, 2018 | $ | (395.9 | ) | $ | (332.7 | ) | |||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | 3.1 | (0.5 | ) | |||||
Net income | Other expense, net – Liquidity Option Agreement | (57.8 | ) | (7.5 | ) | ||||
Other comprehensive income (loss) | Commodity derivative instruments – changes in fair value of cash flow hedges | 4.0 | -- | ||||||
Settlements (1) | Revenue | (0.1 | ) | (1.2 | ) | ||||
Transfers out of Level 3 | (0.2 | ) | -- | ||||||
Financial liability balance, net, March 31, 2019 | $ | (446.9 | ) | $ | (341.9 | ) | |||
(1) There were unrealized gains of $3.0 million and unrealized losses of $1.7 million included in these amounts for the three months ended March 31, 2019 and 2018, respectively. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
NGL Pipelines & Services | $ | 12.4 | $ | 2.8 | $ | 12.4 | $ | 3.0 | ||||||||
Crude Oil Pipelines & Services | 0.1 | 0.6 | 0.3 | 0.6 | ||||||||||||
Natural Gas Pipelines & Services | 1.8 | 9.7 | 2.5 | 9.9 | ||||||||||||
Petrochemical & Refined Products Services | 1.5 | -- | 1.5 | -- | ||||||||||||
Total | $ | 15.8 | $ | 13.1 | $ | 16.7 | $ | 13.5 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Revenues – related parties: | ||||||||||||||||||||||||
Unconsolidated affiliates | $ | 55.6 | $ | 9.9 | $ | 80.3 | $ | 20.7 | $ | 12.3 | $ | 24.7 | ||||||||||||
Costs and expenses – related parties: | ||||||||||||||||||||||||
EPCO and its privately held affiliates | $ | 260.2 | $ | 247.4 | $ | 516.9 | $ | 490.5 | $ | 272.9 | $ | 256.7 | ||||||||||||
Unconsolidated affiliates | 148.0 | 54.9 | 241.4 | 93.1 | 123.3 | 93.4 | ||||||||||||||||||
Total | $ | 408.2 | $ | 302.3 | $ | 758.3 | $ | 583.6 | $ | 396.2 | $ | 350.1 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||
Accounts receivable - related parties: | ||||||||||||||||
Unconsolidated affiliates | $ | 2.0 | $ | 1.8 | $ | 2.5 | $ | 3.5 | ||||||||
Accounts payable - related parties: | ||||||||||||||||
EPCO and its privately held affiliates | $ | 57.0 | $ | 99.3 | $ | 48.6 | $ | 116.3 | ||||||||
Unconsolidated affiliates | 28.6 | 28.0 | 38.0 | 23.9 | ||||||||||||
Total | $ | 85.6 | $ | 127.3 | $ | 86.6 | $ | 140.2 |
Total Number of Units | Percentage of Total Units Outstanding | Percentage of Total Units Outstanding |
693,530,754 | 32% | |
697,786,410 | 31.9% |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Operating costs and expenses | $ | 228.0 | $ | 215.9 | $ | 451.0 | $ | 427.5 | $ | 239.1 | $ | 223.0 | ||||||||||||
General and administrative expenses | 28.4 | 27.1 | 57.6 | 53.9 | 29.3 | 29.2 | ||||||||||||||||||
Total costs and expenses | $ | 256.4 | $ | 243.0 | $ | 508.6 | $ | 481.4 | $ | 268.4 | $ | 252.2 |
Asset Category | ROU Asset Carrying Value (1) | Lease Liability Carrying Value (2) | Weighted- Average Remaining Term | Weighted- Average Discount Rate (3) | |||||||||
Storage and pipeline facilities | $ | 147.0 | $ | 147.6 | 16 years | 4.3% | |||||||
Transportation equipment | 60.9 | 63.3 | 4 years | 3.6% | |||||||||
Office and warehouse space | 28.4 | 27.1 | 3 years | 3.5% | |||||||||
Total | $ | 236.3 | $ | 238.0 | |||||||||
(1) ROU asset amounts are a component of “Other assets” on our consolidated balance sheet. (2) At March 31, 2019, lease liabilities of $38.2 million and $199.8 million were included within “Other current liabilities” and “Other liabilities,” respectively. (3) The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842. |
Long-term operating leases: | ||||
Fixed lease expense | $ | 13.4 | ||
Variable lease expense | 1.8 | |||
Subtotal operating lease expense | 15.2 | |||
Short-term lease expense | 11.8 | |||
Total operating lease expense | $ | 27.0 |
For the Six Months Ended June 30, | For the Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Decrease (increase) in: | ||||||||||||||||
Accounts receivable – trade | $ | 18.6 | $ | 602.7 | $ | (653.0 | ) | $ | (106.8 | ) | ||||||
Accounts receivable – related parties | (0.2 | ) | (1.9 | ) | 2.0 | (0.8 | ) | |||||||||
Inventories | 17.6 | 234.3 | (84.5 | ) | (19.5 | ) | ||||||||||
Prepaid and other current assets | (82.4 | ) | 213.7 | (223.4 | ) | (71.9 | ) | |||||||||
Other assets | (11.9 | ) | (64.2 | ) | (13.2 | ) | (10.3 | ) | ||||||||
Increase (decrease) in: | ||||||||||||||||
Accounts payable – trade | 112.1 | 46.6 | (35.7 | ) | (53.1 | ) | ||||||||||
Accounts payable – related parties | (3.1 | ) | (8.4 | ) | (7.9 | ) | (0.9 | ) | ||||||||
Accrued product payables | 30.7 | (694.2 | ) | 673.0 | 328.4 | |||||||||||
Accrued interest | 14.0 | (0.8 | ) | (178.7 | ) | (147.3 | ) | |||||||||
Other current liabilities | (306.4 | ) | (252.4 | ) | (8.4 | ) | (106.9 | ) | ||||||||
Other liabilities | (17.5 | ) | 6.7 | (30.0 | ) | (14.0 | ) | |||||||||
Net effect of changes in operating accounts | $ | (228.5 | ) | $ | 82.1 | $ | (559.8 | ) | $ | (203.1 | ) |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 283.8 | $ | 81.7 | $ | (24.0 | ) | $ | 341.5 | $ | -- | $ | -- | $ | 341.5 | $ | 33.0 | $ | 89.5 | $ | (15.0 | ) | $ | 107.5 | $ | -- | $ | -- | $ | 107.5 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,322.5 | 2,996.5 | (0.7 | ) | 4,318.3 | -- | -- | 4,318.3 | 1,230.1 | 3,063.0 | (2.4 | ) | 4,290.7 | -- | -- | 4,290.7 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 92.0 | 991.0 | (1,073.5 | ) | 9.5 | -- | (7.5 | ) | 2.0 | 232.1 | 1,006.1 | (1,153.8 | ) | 84.4 | -- | (81.9 | ) | 2.5 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,270.7 | 459.5 | (0.6 | ) | 1,729.6 | -- | -- | 1,729.6 | 1,088.2 | 592.8 | (0.5 | ) | 1,680.5 | -- | -- | 1,680.5 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 110.6 | 54.5 | -- | 165.1 | -- | -- | 165.1 | 73.1 | 53.0 | -- | 126.1 | -- | -- | 126.1 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 200.2 | 276.1 | (30.8 | ) | 445.5 | 0.5 | 0.1 | 446.1 | 206.9 | 238.6 | (24.9 | ) | 420.6 | 0.4 | 0.3 | 421.3 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 3,279.8 | 4,859.3 | (1,129.6 | ) | 7,009.5 | 0.5 | (7.4 | ) | 7,002.6 | 2,863.4 | 5,043.0 | (1,196.6 | ) | 6,709.8 | 0.4 | (81.6 | ) | 6,628.6 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 5,955.0 | 31,098.1 | 1.4 | 37,054.5 | -- | -- | 37,054.5 | 6,192.5 | 33,161.1 | (6.1 | ) | 39,347.5 | -- | -- | 39,347.5 | |||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 42,054.9 | 4,080.7 | (43,554.1 | ) | 2,581.5 | 23,028.0 | (23,028.0 | ) | 2,581.5 | 44,422.5 | 4,234.1 | (46,002.3 | ) | 2,654.3 | 24,586.3 | (24,586.3 | ) | 2,654.3 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 667.1 | 3,042.6 | (13.6 | ) | 3,696.1 | -- | -- | 3,696.1 | 654.3 | 2,925.2 | (13.6 | ) | 3,565.9 | -- | -- | 3,565.9 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 292.0 | 160.7 | (222.1 | ) | 230.6 | 0.9 | -- | 231.5 | 389.4 | 287.8 | (222.2 | ) | 455.0 | 1.0 | -- | 456.0 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 52,708.3 | $ | 48,527.1 | $ | (44,918.0 | ) | $ | 56,317.4 | $ | 23,029.4 | $ | (23,035.4 | ) | $ | 56,311.4 | $ | 54,981.6 | $ | 50,936.9 | $ | (47,440.8 | ) | $ | 58,477.7 | $ | 24,587.7 | $ | (24,667.9 | ) | $ | 58,397.5 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,668.6 | $ | 0.1 | $ | -- | $ | 2,668.7 | $ | -- | $ | -- | $ | 2,668.7 | $ | 2,694.6 | $ | -- | $ | -- | $ | 2,694.6 | $ | -- | $ | -- | $ | 2,694.6 | ||||||||||||||||||||||||||||
Accounts payable – trade | 355.7 | 561.4 | (24.0 | ) | 893.1 | -- | -- | 893.1 | 269.4 | 663.6 | (15.0 | ) | 918.0 | 0.1 | -- | 918.1 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 1,083.0 | 90.0 | (1,087.4 | ) | 85.6 | 7.5 | (7.5 | ) | 85.6 | 1,073.6 | 180.2 | (1,167.2 | ) | 86.6 | 81.9 | (81.9 | ) | 86.6 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 2,008.6 | 2,705.8 | (1.8 | ) | 4,712.6 | -- | -- | 4,712.6 | 1,673.8 | 2,525.8 | (2.9 | ) | 4,196.7 | -- | -- | 4,196.7 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 372.0 | 0.8 | (0.8 | ) | 372.0 | -- | -- | 372.0 | 216.9 | 3.1 | (3.1 | ) | 216.9 | -- | -- | 216.9 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 108.3 | 288.6 | -- | 396.9 | -- | -- | 396.9 | 66.7 | 28.2 | -- | 94.9 | -- | -- | 94.9 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 39.7 | 309.6 | (28.9 | ) | 320.4 | -- | -- | 320.4 | 93.0 | 313.8 | (21.9 | ) | 384.9 | -- | -- | 384.9 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 6,635.9 | 3,956.3 | (1,142.9 | ) | 9,449.3 | 7.5 | (7.5 | ) | 9,449.3 | 6,088.0 | 3,714.7 | (1,210.1 | ) | 8,592.6 | 82.0 | (81.9 | ) | 8,592.7 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 23,005.5 | 14.7 | -- | 23,020.2 | -- | -- | 23,020.2 | 24,166.9 | 14.7 | -- | 24,181.6 | -- | -- | 24,181.6 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 10.6 | 57.0 | (0.9 | ) | 66.7 | -- | 2.3 | 69.0 | 16.1 | 64.6 | (0.8 | ) | 79.9 | -- | 2.3 | 82.2 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 58.8 | 495.7 | (222.4 | ) | 332.1 | 350.3 | -- | 682.4 | 144.2 | 649.6 | (221.9 | ) | 571.9 | 447.8 | -- | 1,019.7 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 22,997.5 | 43,929.6 | (43,927.9 | ) | 22,999.2 | 22,671.6 | (22,999.2 | ) | 22,671.6 | 24,566.4 | 46,425.8 | (46,433.3 | ) | 24,558.9 | 24,057.9 | (24,558.9 | ) | 24,057.9 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | -- | 73.8 | 376.1 | 449.9 | -- | (31.0 | ) | 418.9 | -- | 67.5 | 425.3 | 492.8 | -- | (29.4 | ) | 463.4 | ||||||||||||||||||||||||||||||||||||||||
Total equity | 22,997.5 | 44,003.4 | (43,551.8 | ) | 23,449.1 | 22,671.6 | (23,030.2 | ) | 23,090.5 | 24,566.4 | 46,493.3 | (46,008.0 | ) | 25,051.7 | 24,057.9 | (24,588.3 | ) | 24,521.3 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 52,708.3 | $ | 48,527.1 | $ | (44,918.0 | ) | $ | 56,317.4 | $ | 23,029.4 | $ | (23,035.4 | ) | $ | 56,311.4 | $ | 54,981.6 | $ | 50,936.9 | $ | (47,440.8 | ) | $ | 58,477.7 | $ | 24,587.7 | $ | (24,667.9 | ) | $ | 58,397.5 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 65.2 | $ | 31.5 | $ | (26.4 | ) | $ | 70.3 | $ | -- | $ | -- | $ | 70.3 | $ | 393.4 | $ | 50.3 | $ | (33.6 | ) | $ | 410.1 | $ | -- | $ | -- | $ | 410.1 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,382.3 | 2,976.6 | (0.5 | ) | 4,358.4 | -- | -- | 4,358.4 | 1,303.1 | 2,356.8 | (0.8 | ) | 3,659.1 | -- | -- | 3,659.1 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 110.3 | 1,182.1 | (1,289.3 | ) | 3.1 | -- | (1.3 | ) | 1.8 | 141.8 | 1,423.7 | (1,530.1 | ) | 35.4 | 0.8 | (32.7 | ) | 3.5 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,038.9 | 572.3 | (1.4 | ) | 1,609.8 | -- | -- | 1,609.8 | 889.3 | 633.2 | (0.4 | ) | 1,522.1 | -- | -- | 1,522.1 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 110.0 | 43.4 | -- | 153.4 | -- | -- | 153.4 | 105.0 | 49.1 | 0.3 | 154.4 | -- | -- | 154.4 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 136.3 | 189.0 | (12.6 | ) | 312.7 | -- | -- | 312.7 | 166.0 | 155.1 | (10.2 | ) | 310.9 | -- | 0.6 | 311.5 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 2,843.0 | 4,994.9 | (1,330.2 | ) | 6,507.7 | -- | (1.3 | ) | 6,506.4 | 2,998.6 | 4,668.2 | (1,574.8 | ) | 6,092.0 | 0.8 | (32.1 | ) | 6,060.7 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 5,622.6 | 29,996.3 | 1.5 | 35,620.4 | -- | -- | 35,620.4 | 6,112.7 | 32,628.7 | (3.8 | ) | 38,737.6 | -- | -- | 38,737.6 | |||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 41,616.6 | 4,298.0 | (43,255.2 | ) | 2,659.4 | 22,881.5 | (22,881.5 | ) | 2,659.4 | 43,962.6 | 4,170.6 | (45,518.1 | ) | 2,615.1 | 24,273.6 | (24,273.6 | ) | 2,615.1 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 675.5 | 3,028.6 | (13.8 | ) | 3,690.3 | -- | -- | 3,690.3 | 659.2 | 2,963.0 | (13.8 | ) | 3,608.4 | -- | -- | 3,608.4 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 296.4 | 110.0 | (211.0 | ) | 195.4 | 1.0 | -- | 196.4 | 292.1 | 131.9 | (222.1 | ) | 201.9 | 0.9 | -- | 202.8 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 51,513.6 | $ | 47,713.5 | $ | (44,808.7 | ) | $ | 54,418.4 | $ | 22,882.5 | $ | (22,882.8 | ) | $ | 54,418.1 | $ | 54,484.7 | $ | 49,848.1 | $ | (47,332.6 | ) | $ | 57,000.2 | $ | 24,275.3 | $ | (24,305.7 | ) | $ | 56,969.8 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,854.6 | $ | 0.4 | $ | -- | $ | 2,855.0 | $ | -- | $ | -- | $ | 2,855.0 | $ | 1,500.0 | $ | 0.1 | $ | -- | $ | 1,500.1 | $ | -- | $ | -- | $ | 1,500.1 | ||||||||||||||||||||||||||||
Accounts payable – trade | 290.2 | 537.8 | (26.4 | ) | 801.6 | 0.1 | -- | 801.7 | 404.0 | 734.3 | (35.5 | ) | 1,102.8 | -- | -- | 1,102.8 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 1,320.3 | 112.0 | (1,305.0 | ) | 127.3 | 1.3 | (1.3 | ) | 127.3 | 1,557.3 | 127.5 | (1,543.9 | ) | 140.9 | 31.9 | (32.6 | ) | 140.2 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 1,825.9 | 2,741.7 | (1.3 | ) | 4,566.3 | -- | -- | 4,566.3 | 1,574.7 | 1,902.3 | (1.2 | ) | 3,475.8 | -- | -- | 3,475.8 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 358.0 | -- | -- | 358.0 | -- | -- | 358.0 | 395.5 | 0.9 | (0.8 | ) | 395.6 | -- | -- | 395.6 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 115.2 | 53.0 | -- | 168.2 | -- | -- | 168.2 | 86.2 | 61.7 | 0.3 | 148.2 | -- | -- | 148.2 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 108.9 | 320.1 | (10.8 | ) | 418.2 | -- | 0.4 | 418.6 | 87.9 | 326.3 | (9.4 | ) | 404.8 | -- | -- | 404.8 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 6,873.1 | 3,765.0 | (1,343.5 | ) | 9,294.6 | 1.4 | (0.9 | ) | 9,295.1 | 5,605.6 | 3,153.1 | (1,590.5 | ) | 7,168.2 | 31.9 | (32.6 | ) | 7,167.5 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 21,699.0 | 14.7 | -- | 21,713.7 | -- | �� | -- | 21,713.7 | 24,663.4 | 14.7 | -- | 24,678.1 | -- | -- | 24,678.1 | |||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 6.7 | 50.2 | (0.5 | ) | 56.4 | -- | 2.1 | 58.5 | 17.0 | 62.0 | (0.9 | ) | 78.1 | -- | 2.3 | 80.4 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 60.4 | 396.5 | (212.4 | ) | 244.5 | 333.9 | -- | 578.4 | 65.2 | 518.4 | (221.9 | ) | 361.7 | 389.9 | -- | 751.6 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 22,874.4 | 43,412.0 | (43,433.3 | ) | 22,853.1 | 22,547.2 | (22,853.1 | ) | 22,547.2 | 24,133.5 | 46,031.8 | (45,917.9 | ) | 24,247.4 | 23,853.5 | (24,247.4 | ) | 23,853.5 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | -- | 75.1 | 181.0 | 256.1 | -- | (30.9 | ) | 225.2 | -- | 68.1 | 398.6 | 466.7 | -- | (28.0 | ) | 438.7 | ||||||||||||||||||||||||||||||||||||||||
Total equity | 22,874.4 | 43,487.1 | (43,252.3 | ) | 23,109.2 | 22,547.2 | (22,884.0 | ) | 22,772.4 | 24,133.5 | 46,099.9 | (45,519.3 | ) | 24,714.1 | 23,853.5 | (24,275.4 | ) | 24,292.2 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 51,513.6 | $ | 47,713.5 | $ | (44,808.7 | ) | $ | 54,418.4 | $ | 22,882.5 | $ | (22,882.8 | ) | $ | 54,418.1 | $ | 54,484.7 | $ | 49,848.1 | $ | (47,332.6 | ) | $ | 57,000.2 | $ | 24,275.3 | $ | (24,305.7 | ) | $ | 56,969.8 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 9,556.8 | $ | 5,806.4 | $ | (6,895.7 | ) | $ | 8,467.5 | $ | -- | $ | -- | $ | 8,467.5 | $ | 9,477.8 | $ | 5,639.6 | $ | (6,573.9 | ) | $ | 8,543.5 | $ | -- | $ | -- | $ | 8,543.5 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 9,256.1 | 5,191.8 | (6,895.9 | ) | 7,552.0 | -- | -- | 7,552.0 | 9,149.5 | 4,440.1 | (6,569.9 | ) | 7,019.7 | -- | -- | 7,019.7 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 8.0 | 42.0 | 0.6 | 50.6 | 0.8 | -- | 51.4 | 3.8 | 46.8 | 0.7 | 51.3 | 0.9 | -- | 52.2 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 9,264.1 | 5,233.8 | (6,895.3 | ) | 7,602.6 | 0.8 | -- | 7,603.4 | 9,153.3 | 4,486.9 | (6,569.2 | ) | 7,071.0 | 0.9 | -- | 7,071.9 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 667.7 | 136.5 | (681.9 | ) | 122.3 | 683.5 | (683.5 | ) | 122.3 | 1,276.8 | 172.1 | (1,294.3 | ) | 154.6 | 1,319.2 | (1,319.2 | ) | 154.6 | ||||||||||||||||||||||||||||||||||||||
Operating income | 960.4 | 709.1 | (682.3 | ) | 987.2 | 682.7 | (683.5 | ) | 986.4 | 1,601.3 | 1,324.8 | (1,299.0 | ) | 1,627.1 | 1,318.3 | (1,319.2 | ) | 1,626.2 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (274.8 | ) | (2.6 | ) | 2.8 | (274.6 | ) | -- | -- | (274.6 | ) | (277.3 | ) | (2.7 | ) | 2.8 | (277.2 | ) | -- | -- | (277.2 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 2.4 | 3.1 | (2.8 | ) | 2.7 | (8.9 | ) | -- | (6.2 | ) | 3.1 | 1.2 | (2.8 | ) | 1.5 | (57.8 | ) | -- | (56.3 | ) | ||||||||||||||||||||||||||||||||||||
Total other expense, net | (272.4 | ) | 0.5 | -- | (271.9 | ) | (8.9 | ) | -- | (280.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense), net | (274.2 | ) | (1.5 | ) | -- | (275.7 | ) | (57.8 | ) | -- | (333.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 688.0 | 709.6 | (682.3 | ) | 715.3 | 673.8 | (683.5 | ) | 705.6 | 1,327.1 | 1,323.3 | (1,299.0 | ) | 1,351.4 | 1,260.5 | (1,319.2 | ) | 1,292.7 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (6.2 | ) | (12.0 | ) | -- | (18.2 | ) | -- | (0.2 | ) | (18.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | (4.2 | ) | (7.8 | ) | -- | (12.0 | ) | -- | (0.3 | ) | (12.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 681.8 | 697.6 | (682.3 | ) | 697.1 | 673.8 | (683.7 | ) | 687.2 | 1,322.9 | 1,315.5 | (1,299.0 | ) | 1,339.4 | 1,260.5 | (1,319.5 | ) | 1,280.4 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (2.0 | ) | (12.7 | ) | (14.7 | ) | -- | 1.3 | (13.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (1.8 | ) | (19.4 | ) | (21.2 | ) | -- | 1.3 | (19.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 681.8 | $ | 695.6 | $ | (695.0 | ) | $ | 682.4 | $ | 673.8 | $ | (682.4 | ) | $ | 673.8 | $ | 1,322.9 | $ | 1,313.7 | $ | (1,318.4 | ) | $ | 1,318.2 | $ | 1,260.5 | $ | (1,318.2 | ) | $ | 1,260.5 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 8,541.0 | $ | 4,274.4 | $ | (6,207.8 | ) | $ | 6,607.6 | $ | -- | $ | -- | $ | 6,607.6 | $ | 10,317.8 | $ | 6,408.9 | $ | (7,428.2 | ) | $ | 9,298.5 | $ | -- | $ | -- | $ | 9,298.5 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 8,332.1 | 3,605.9 | (6,207.8 | ) | 5,730.2 | -- | -- | 5,730.2 | 9,980.6 | 5,670.3 | (7,428.2 | ) | 8,222.7 | -- | -- | 8,222.7 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 8.1 | 36.9 | -- | 45.0 | 0.7 | -- | 45.7 | 5.4 | 46.7 | -- | 52.1 | 0.9 | -- | 53.0 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 8,340.2 | 3,642.8 | (6,207.8 | ) | 5,775.2 | 0.7 | -- | 5,775.9 | 9,986.0 | 5,717.0 | (7,428.2 | ) | 8,274.8 | 0.9 | -- | 8,275.7 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 716.1 | 142.3 | (751.4 | ) | 107.0 | 673.0 | (673.0 | ) | 107.0 | 831.0 | 154.5 | (869.8 | ) | 115.7 | 909.1 | (909.1 | ) | 115.7 | ||||||||||||||||||||||||||||||||||||||
Operating income | 916.9 | 773.9 | (751.4 | ) | 939.4 | 672.3 | (673.0 | ) | 938.7 | 1,162.8 | 846.4 | (869.8 | ) | 1,139.4 | 908.2 | (909.1 | ) | 1,138.5 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (243.8 | ) | (4.3 | ) | 2.3 | (245.8 | ) | -- | -- | (245.8 | ) | (252.2 | ) | (2.5 | ) | 2.6 | (252.1 | ) | -- | -- | (252.1 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 2.3 | 0.4 | (2.3 | ) | 0.4 | (18.6 | ) | -- | (18.2 | ) | 2.8 | 37.5 | (2.6 | ) | 37.7 | (7.5 | ) | -- | 30.2 | |||||||||||||||||||||||||||||||||||||
Total other expense, net | (241.5 | ) | (3.9 | ) | -- | (245.4 | ) | (18.6 | ) | -- | (264.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense), net | (249.4 | ) | 35.0 | -- | (214.4 | ) | (7.5 | ) | -- | (221.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 675.4 | 770.0 | (751.4 | ) | 694.0 | 653.7 | (673.0 | ) | 674.7 | 913.4 | 881.4 | (869.8 | ) | 925.0 | 900.7 | (909.1 | ) | 916.6 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (3.3 | ) | (5.0 | ) | -- | (8.3 | ) | -- | (0.4 | ) | (8.7 | ) | (5.4 | ) | 0.6 | -- | (4.8 | ) | -- | (0.3 | ) | (5.1 | ) | |||||||||||||||||||||||||||||||||
Net income | 672.1 | 765.0 | (751.4 | ) | 685.7 | 653.7 | (673.4 | ) | 666.0 | 908.0 | 882.0 | (869.8 | ) | 920.2 | 900.7 | (909.4 | ) | 911.5 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (1.6 | ) | (12.0 | ) | (13.6 | ) | -- | 1.3 | (12.3 | ) | -- | (1.7 | ) | (10.4 | ) | (12.1 | ) | -- | 1.3 | (10.8 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 672.1 | $ | 763.4 | $ | (763.4 | ) | $ | 672.1 | $ | 653.7 | $ | (672.1 | ) | $ | 653.7 | $ | 908.0 | $ | 880.3 | $ | (880.2 | ) | $ | 908.1 | $ | 900.7 | $ | (908.1 | ) | $ | 900.7 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Revenues | $ | 19,874.6 | $ | 12,215.3 | $ | (14,323.9 | ) | $ | 17,766.0 | $ | -- | $ | -- | $ | 17,766.0 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Operating costs and expenses | 19,236.7 | 10,862.1 | (14,324.1 | ) | 15,774.7 | -- | -- | 15,774.7 | ||||||||||||||||||||
General and administrative costs | 13.4 | 88.7 | 0.6 | 102.7 | 1.7 | -- | 104.4 | |||||||||||||||||||||
Total costs and expenses | 19,250.1 | 10,950.8 | (14,323.5 | ) | 15,877.4 | 1.7 | -- | 15,879.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,498.7 | 291.0 | (1,551.7 | ) | 238.0 | 1,592.6 | (1,592.6 | ) | 238.0 | |||||||||||||||||||
Operating income | 2,123.2 | 1,555.5 | (1,552.1 | ) | 2,126.6 | 1,590.9 | (1,592.6 | ) | 2,124.9 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest expense | (527.0 | ) | (5.1 | ) | 5.4 | (526.7 | ) | -- | -- | (526.7 | ) | |||||||||||||||||
Other, net | 5.2 | 40.6 | (5.4 | ) | 40.4 | (16.4 | ) | -- | 24.0 | |||||||||||||||||||
Total other expense, net | (521.8 | ) | 35.5 | -- | (486.3 | ) | (16.4 | ) | -- | (502.7 | ) | |||||||||||||||||
Income before income taxes | 1,601.4 | 1,591.0 | (1,552.1 | ) | 1,640.3 | 1,574.5 | (1,592.6 | ) | 1,622.2 | |||||||||||||||||||
Provision for income taxes | (11.6 | ) | (11.4 | ) | -- | (23.0 | ) | -- | (0.5 | ) | (23.5 | ) | ||||||||||||||||
Net income | 1,589.8 | 1,579.6 | (1,552.1 | ) | 1,617.3 | 1,574.5 | (1,593.1 | ) | 1,598.7 | |||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (3.7 | ) | (23.1 | ) | (26.8 | ) | -- | 2.6 | (24.2 | ) | |||||||||||||||||
Net income attributable to entity | $ | 1,589.8 | $ | 1,575.9 | $ | (1,575.2 | ) | $ | 1,590.5 | $ | 1,574.5 | $ | (1,590.5 | ) | $ | 1,574.5 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Revenues | $ | 21,073.8 | $ | 8,582.6 | $ | (15,728.4 | ) | $ | 13,928.0 | $ | -- | $ | -- | $ | 13,928.0 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Operating costs and expenses | 20,571.1 | 7,220.9 | (15,728.6 | ) | 12,063.4 | -- | -- | 12,063.4 | ||||||||||||||||||||
General and administrative costs | 15.5 | 79.6 | (0.2 | ) | 94.9 | 1.2 | -- | 96.1 | ||||||||||||||||||||
Total costs and expenses | 20,586.6 | 7,300.5 | (15,728.8 | ) | 12,158.3 | 1.2 | -- | 12,159.5 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,444.9 | 275.7 | (1,518.8 | ) | 201.8 | 1,439.7 | (1,439.7 | ) | 201.8 | |||||||||||||||||||
Operating income | 1,932.1 | 1,557.8 | (1,518.4 | ) | 1,971.5 | 1,438.5 | (1,439.7 | ) | 1,970.3 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest expense | (492.6 | ) | (7.0 | ) | 4.5 | (495.1 | ) | -- | -- | (495.1 | ) | |||||||||||||||||
Other, net | 4.5 | 0.6 | (4.5 | ) | 0.6 | (24.1 | ) | -- | (23.5 | ) | ||||||||||||||||||
Total other expense, net | (488.1 | ) | (6.4 | ) | -- | (494.5 | ) | (24.1 | ) | -- | (518.6 | ) | ||||||||||||||||
Income before income taxes | 1,444.0 | 1,551.4 | (1,518.4 | ) | 1,477.0 | 1,414.4 | (1,439.7 | ) | 1,451.7 | |||||||||||||||||||
Provision for income taxes | (6.2 | ) | (7.6 | ) | -- | (13.8 | ) | -- | (0.9 | ) | (14.7 | ) | ||||||||||||||||
Net income | 1,437.8 | 1,543.8 | (1,518.4 | ) | 1,463.2 | 1,414.4 | (1,440.6 | ) | 1,437.0 | |||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (3.3 | ) | (21.9 | ) | (25.2 | ) | -- | 2.6 | (22.6 | ) | |||||||||||||||||
Net income attributable to entity | $ | 1,437.8 | $ | 1,540.5 | $ | (1,540.3 | ) | $ | 1,438.0 | $ | 1,414.4 | $ | (1,438.0 | ) | $ | 1,414.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 695.2 | $ | 721.7 | $ | (681.7 | ) | $ | 735.2 | $ | 711.8 | $ | (721.8 | ) | $ | 725.2 | $ | 1,294.2 | $ | 1,199.3 | $ | (1,299.0 | ) | $ | 1,194.5 | $ | 1,115.6 | $ | (1,174.6 | ) | $ | 1,135.5 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (2.0 | ) | (12.7 | ) | (14.7 | ) | -- | 1.3 | (13.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (1.8 | ) | (19.4 | ) | (21.2 | ) | -- | 1.3 | (19.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 695.2 | $ | 719.7 | $ | (694.4 | ) | $ | 720.5 | $ | 711.8 | $ | (720.5 | ) | $ | 711.8 | $ | 1,294.2 | $ | 1,197.5 | $ | (1,318.4 | ) | $ | 1,173.3 | $ | 1,115.6 | $ | (1,173.3 | ) | $ | 1,115.6 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 661.3 | $ | 763.2 | $ | (751.4 | ) | $ | 673.1 | $ | 641.2 | $ | (660.8 | ) | $ | 653.5 | $ | 918.9 | $ | 881.5 | $ | (869.8 | ) | $ | 930.6 | $ | 911.2 | $ | (919.8 | ) | $ | 922.0 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (1.6 | ) | (12.0 | ) | (13.6 | ) | -- | 1.3 | (12.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (1.7 | ) | (10.4 | ) | (12.1 | ) | -- | 1.3 | (10.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 661.3 | $ | 761.6 | $ | (763.4 | ) | $ | 659.5 | $ | 641.2 | $ | (659.5 | ) | $ | 641.2 | $ | 918.9 | $ | 879.8 | $ | (880.2 | ) | $ | 918.5 | $ | 911.2 | $ | (918.5 | ) | $ | 911.2 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Comprehensive income | $ | 1,614.1 | $ | 1,603.2 | $ | (1,551.5 | ) | $ | 1,665.8 | $ | 1,623.0 | $ | (1,641.6 | ) | $ | 1,647.2 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (3.7 | ) | (23.1 | ) | (26.8 | ) | -- | 2.6 | (24.2 | ) | |||||||||||||||||
Comprehensive income attributable to entity | $ | 1,614.1 | $ | 1,599.5 | $ | (1,574.6 | ) | $ | 1,639.0 | $ | 1,623.0 | $ | (1,639.0 | ) | $ | 1,623.0 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Comprehensive income | $ | 1,531.4 | $ | 1,601.5 | $ | (1,518.4 | ) | $ | 1,614.5 | $ | 1,565.7 | $ | (1,591.9 | ) | $ | 1,588.3 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (3.3 | ) | (21.9 | ) | (25.2 | ) | -- | 2.6 | (22.6 | ) | |||||||||||||||||
Comprehensive income attributable to entity | $ | 1,531.4 | $ | 1,598.2 | $ | (1,540.3 | ) | $ | 1,589.3 | $ | 1,565.7 | $ | (1,589.3 | ) | $ | 1,565.7 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,589.8 | $ | 1,579.6 | $ | (1,552.1 | ) | $ | 1,617.3 | $ | 1,574.5 | $ | (1,593.1 | ) | $ | 1,598.7 | $ | 1,322.9 | $ | 1,315.5 | $ | (1,299.0 | ) | $ | 1,339.4 | $ | 1,260.5 | $ | (1,319.5 | ) | $ | 1,280.4 | ||||||||||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 144.8 | 744.7 | (0.2 | ) | 889.3 | -- | -- | 889.3 | 74.9 | 399.8 | (0.2 | ) | 474.5 | -- | -- | 474.5 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,498.7 | ) | (291.0 | ) | 1,551.7 | (238.0 | ) | (1,592.6 | ) | 1,592.6 | (238.0 | ) | (1,276.8 | ) | (172.1 | ) | 1,294.3 | (154.6 | ) | (1,319.2 | ) | 1,319.2 | (154.6 | ) | ||||||||||||||||||||||||||||||||
Distributions received on earnings from unconsolidated affiliates | 609.5 | 136.3 | (518.2 | ) | 227.6 | 1,891.4 | (1,891.4 | ) | 227.6 | 338.4 | 83.0 | (282.4 | ) | 139.0 | 981.7 | (981.7 | ) | 139.0 | ||||||||||||||||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,390.2 | (1,229.3 | ) | 3.0 | 163.9 | 56.3 | -- | 220.2 | 100.9 | (861.7 | ) | 27.7 | (733.1 | ) | 154.0 | 0.2 | (578.9 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash flows provided by operating activities | 2,235.6 | 940.3 | (515.8 | ) | 2,660.1 | 1,929.6 | (1,891.9 | ) | 2,697.8 | 560.3 | 764.5 | (259.6 | ) | 1,065.2 | 1,077.0 | (981.8 | ) | 1,160.4 | ||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (460.7 | ) | (1,405.2 | ) | -- | (1,865.9 | ) | (55.2 | ) | -- | (1,921.1 | ) | (223.8 | ) | (921.0 | ) | (4.1 | ) | (1,148.9 | ) | -- | -- | (1,148.9 | ) | ||||||||||||||||||||||||||||||||
Cash used for business combination, net of cash received | -- | (149.7 | ) | -- | (149.7 | ) | -- | -- | (149.7 | ) | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||||||
Proceeds from asset sales | 0.4 | 2.2 | -- | 2.6 | -- | -- | 2.6 | 0.2 | 1.5 | -- | 1.7 | -- | -- | 1.7 | ||||||||||||||||||||||||||||||||||||||||||
Other investing activities | (1,024.5 | ) | 160.4 | 842.7 | (21.4 | ) | (253.7 | ) | 253.7 | (21.4 | ) | (492.8 | ) | (10.1 | ) | 475.6 | (27.3 | ) | (84.1 | ) | 84.1 | (27.3 | ) | |||||||||||||||||||||||||||||||||
Cash used in investing activities | (1,484.8 | ) | (1,392.3 | ) | 842.7 | (2,034.4 | ) | (308.9 | ) | 253.7 | (2,089.6 | ) | (716.4 | ) | (929.6 | ) | 471.5 | (1,174.5 | ) | (84.1 | ) | 84.1 | (1,174.5 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under debt agreements | 38,566.4 | 11.6 | (11.6 | ) | 38,566.4 | -- | -- | 38,566.4 | 15,692.4 | -- | -- | 15,692.4 | -- | -- | 15,692.4 | |||||||||||||||||||||||||||||||||||||||||
Repayments of debt | (37,436.6 | ) | (0.4 | ) | -- | (37,437.0 | ) | -- | -- | (37,437.0 | ) | (14,999.1 | ) | (0.1 | ) | -- | (14,999.2 | ) | -- | -- | (14,999.2 | ) | ||||||||||||||||||||||||||||||||||
Cash distributions paid to owners | (1,891.4 | ) | (727.8 | ) | 727.8 | (1,891.4 | ) | (1,847.3 | ) | 1,891.4 | (1,847.3 | ) | (981.7 | ) | (300.5 | ) | 300.5 | (981.7 | ) | (950.4 | ) | 981.7 | (950.4 | ) | ||||||||||||||||||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (8.6 | ) | -- | (8.6 | ) | -- | -- | -- | -- | (4.5 | ) | -- | (4.5 | ) | ||||||||||||||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (4.3 | ) | (24.5 | ) | (28.8 | ) | -- | 0.5 | (28.3 | ) | -- | (2.4 | ) | (15.7 | ) | (18.1 | ) | -- | 0.1 | (18.0 | ) | ||||||||||||||||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 206.9 | 206.9 | -- | -- | 206.9 | -- | -- | 34.8 | 34.8 | -- | -- | 34.8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 261.0 | -- | 261.0 | -- | -- | -- | -- | 42.7 | -- | 42.7 | ||||||||||||||||||||||||||||||||||||||||||
Common units acquired in connection with buyback program | -- | -- | -- | -- | (51.6 | ) | -- | (51.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash contributions from owners | 253.7 | 1,223.1 | (1,223.1 | ) | 253.7 | -- | (253.7 | ) | -- | 84.1 | 512.9 | (512.9 | ) | 84.1 | -- | (84.1 | ) | -- | ||||||||||||||||||||||||||||||||||||||
Other financing activities | (24.3 | ) | -- | -- | (24.3 | ) | (25.8 | ) | -- | (50.1 | ) | -- | (5.6 | ) | -- | (5.6 | ) | (29.1 | ) | -- | (34.7 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (532.2 | ) | 502.2 | (324.5 | ) | (354.5 | ) | (1,620.7 | ) | 1,638.2 | (337.0 | ) | (204.3 | ) | 204.3 | (193.3 | ) | (193.3 | ) | (992.9 | ) | 897.7 | (288.5 | ) | ||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | 218.6 | 50.2 | 2.4 | 271.2 | -- | -- | 271.2 | (360.4 | ) | 39.2 | 18.6 | (302.6 | ) | -- | -- | (302.6 | ) | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 65.2 | 31.5 | (26.4 | ) | 70.3 | -- | -- | 70.3 | 393.4 | 50.3 | (33.6 | ) | 410.1 | -- | -- | 410.1 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 283.8 | $ | 81.7 | $ | (24.0 | ) | $ | 341.5 | $ | -- | $ | -- | $ | 341.5 | $ | 33.0 | $ | 89.5 | $ | (15.0 | ) | $ | 107.5 | $ | -- | $ | -- | $ | 107.5 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,437.8 | $ | 1,543.8 | $ | (1,518.4 | ) | $ | 1,463.2 | $ | 1,414.4 | $ | (1,440.6 | ) | $ | 1,437.0 | $ | 908.0 | $ | 882.0 | $ | (869.8 | ) | $ | 920.2 | $ | 900.7 | $ | (909.4 | ) | $ | 911.5 | ||||||||||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 103.3 | 705.7 | (0.2 | ) | 808.8 | -- | -- | 808.8 | 58.2 | 367.8 | (0.1 | ) | 425.9 | -- | -- | 425.9 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,444.9 | ) | (275.7 | ) | 1,518.8 | (201.8 | ) | (1,439.7 | ) | 1,439.7 | (201.8 | ) | (831.0 | ) | (154.5 | ) | 869.8 | (115.7 | ) | (909.1 | ) | 909.1 | (115.7 | ) | ||||||||||||||||||||||||||||||||
Distributions received on earnings from unconsolidated affiliates | 529.3 | 133.7 | (457.9 | ) | 205.1 | 1,753.3 | (1,753.3 | ) | 205.1 | 283.4 | 66.8 | (242.7 | ) | 107.5 | 920.1 | (920.1 | ) | 107.5 | ||||||||||||||||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,793.0 | (1,766.2 | ) | (0.7 | ) | 26.1 | 59.3 | 0.4 | 85.8 | 392.2 | (545.7 | ) | 26.1 | (127.4 | ) | 31.8 | -- | (95.6 | ) | |||||||||||||||||||||||||||||||||||||
Net cash flows provided by operating activities | 2,418.5 | 341.3 | (458.4 | ) | 2,301.4 | 1,787.3 | (1,753.8 | ) | 2,334.9 | 810.8 | 616.4 | (216.7 | ) | 1,210.5 | 943.5 | (920.4 | ) | 1,233.6 | ||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (369.3 | ) | (743.8 | ) | -- | (1,113.1 | ) | -- | -- | (1,113.1 | ) | (284.0 | ) | (662.5 | ) | -- | (946.5 | ) | -- | -- | (946.5 | ) | ||||||||||||||||||||||||||||||||||
Cash used for business combination, net of cash received | -- | (191.4 | ) | -- | (191.4 | ) | -- | -- | (191.4 | ) | -- | (149.8 | ) | -- | (149.8 | ) | -- | -- | (149.8 | ) | ||||||||||||||||||||||||||||||||||||
Proceeds from asset sales | 1.4 | 1.8 | -- | 3.2 | -- | -- | 3.2 | 0.2 | 0.9 | -- | 1.1 | -- | -- | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
Other investing activities | (1,079.2 | ) | (26.4 | ) | 1,108.3 | 2.7 | (750.9 | ) | 750.9 | 2.7 | (474.6 | ) | (0.5 | ) | 451.2 | (23.9 | ) | (173.2 | ) | 173.2 | (23.9 | ) | ||||||||||||||||||||||||||||||||||
Cash used in investing activities | (1,447.1 | ) | (959.8 | ) | 1,108.3 | (1,298.6 | ) | (750.9 | ) | 750.9 | (1,298.6 | ) | (758.4 | ) | (811.9 | ) | 451.2 | (1,119.1 | ) | (173.2 | ) | 173.2 | (1,119.1 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under debt agreements | 33,307.8 | -- | -- | 33,307.8 | -- | -- | 33,307.8 | 16,283.8 | 11.5 | (11.5 | ) | 16,283.8 | -- | -- | 16,283.8 | |||||||||||||||||||||||||||||||||||||||||
Repayments of debt | (33,605.2 | ) | (0.1 | ) | (34.0 | ) | (33,639.3 | ) | -- | -- | (33,639.3 | ) | (15,444.6 | ) | (0.1 | ) | -- | (15,444.7 | ) | -- | -- | (15,444.7 | ) | |||||||||||||||||||||||||||||||||
Cash distributions paid to owners | (1,753.3 | ) | (491.2 | ) | 491.2 | (1,753.3 | ) | (1,757.8 | ) | 1,753.3 | (1,757.8 | ) | (920.1 | ) | (259.3 | ) | 259.3 | (920.1 | ) | (918.5 | ) | 920.1 | (918.5 | ) | ||||||||||||||||||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (7.2 | ) | -- | (7.2 | ) | -- | -- | -- | -- | (3.9 | ) | -- | (3.9 | ) | ||||||||||||||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (4.7 | ) | (18.9 | ) | (23.6 | ) | -- | 0.5 | (23.1 | ) | -- | (2.0 | ) | (13.7 | ) | (15.7 | ) | -- | 0.3 | (15.4 | ) | ||||||||||||||||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | 0.1 | 0.2 | 0.3 | -- | -- | 0.3 | -- | -- | 0.1 | 0.1 | -- | -- | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 757.2 | -- | 757.2 | -- | -- | -- | -- | 177.0 | -- | 177.0 | ||||||||||||||||||||||||||||||||||||||||||
Cash contributions from owners | 750.9 | 1,088.9 | (1,088.9 | ) | 750.9 | -- | (750.9 | ) | -- | 173.2 | 442.7 | (442.7 | ) | 173.2 | -- | (173.2 | ) | -- | ||||||||||||||||||||||||||||||||||||||
Other financing activities | 0.7 | -- | -- | 0.7 | (28.5 | ) | -- | (27.8 | ) | (22.7 | ) | -- | -- | (22.7 | ) | (24.9 | ) | -- | (47.6 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,299.1 | ) | 593.0 | (650.4 | ) | (1,356.5 | ) | (1,036.3 | ) | 1,002.9 | (1,389.9 | ) | 69.6 | 192.8 | (208.5 | ) | 53.9 | (770.3 | ) | 747.2 | 30.8 | |||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | (327.7 | ) | (25.5 | ) | (0.5 | ) | (353.7 | ) | 0.1 | -- | (353.6 | ) | 122.0 | (2.7 | ) | 26.0 | 145.3 | -- | -- | 145.3 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 366.2 | 58.9 | (7.5 | ) | 417.6 | -- | -- | 417.6 | 65.2 | 31.5 | (26.4 | ) | 70.3 | -- | -- | 70.3 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 38.5 | $ | 33.4 | $ | (8.0 | ) | $ | 63.9 | $ | 0.1 | $ | -- | $ | 64.0 | $ | 187.2 | $ | 28.8 | $ | (0.4 | ) | $ | 215.6 | $ | -- | $ | -- | $ | 215.6 |
/d | = | per day | MMBbls | = | million barrels |
BBtus | = | billion British thermal units | MMBPD | = | million barrels per day |
Bcf | = | billion cubic feet | MMBtus | = | million British thermal units |
BPD | = | barrels per day | MMcf | = | million cubic feet |
MBPD | = | thousand barrels per day | TBtus | = | trillion British thermal units |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 8,467.5 | $ | 6,607.6 | $ | 17,766.0 | $ | 13,928.0 | ||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | 6,391.9 | 4,731.1 | 13,532.3 | 10,066.8 | ||||||||||||
Other operating costs and expenses | 719.8 | 605.6 | 1,407.4 | 1,216.0 | ||||||||||||
Depreciation, amortization and accretion expenses | 425.3 | 379.2 | 819.6 | 755.4 | ||||||||||||
Net losses (gains) attributable to asset sales | (0.9 | ) | 0.3 | (1.4 | ) | -- | ||||||||||
Asset impairment and related charges | 15.9 | 14.0 | 16.8 | 25.2 | ||||||||||||
Total operating costs and expenses | 7,552.0 | 5,730.2 | 15,774.7 | 12,063.4 | ||||||||||||
General and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | ||||||||||||
Total costs and expenses | 7,603.4 | 5,775.9 | 15,879.1 | 12,159.5 | ||||||||||||
Equity in income of unconsolidated affiliates | 122.3 | 107.0 | 238.0 | 201.8 | ||||||||||||
Operating income | 986.4 | 938.7 | 2,124.9 | 1,970.3 | ||||||||||||
Interest expense | (274.6 | ) | (245.8 | ) | (526.7 | ) | (495.1 | ) | ||||||||
Change in fair market value of Liquidity Option Agreement | (8.9 | ) | (18.6 | ) | (16.4 | ) | (24.1 | ) | ||||||||
Other, net | 2.7 | 0.4 | 40.4 | 0.6 | ||||||||||||
Provision for income taxes | (18.4 | ) | (8.7 | ) | (23.5 | ) | (14.7 | ) | ||||||||
Net income | 687.2 | 666.0 | 1,598.7 | 1,437.0 | ||||||||||||
Net income attributable to noncontrolling interests | (13.4 | ) | (12.3 | ) | (24.2 | ) | (22.6 | ) | ||||||||
Net income attributable to limited partners | $ | 673.8 | $ | 653.7 | $ | 1,574.5 | $ | 1,414.4 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
NGL Pipelines & Services: | ||||||||||||||||
Sales of NGLs and related products | $ | 2,610.9 | $ | 2,158.0 | $ | 5,426.3 | $ | 5,045.2 | ||||||||
Midstream services | 662.8 | 462.6 | 1,260.7 | 921.2 | ||||||||||||
Total | 3,273.7 | 2,620.6 | 6,687.0 | 5,966.4 | ||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||
Sales of crude oil | 2,532.2 | 1,705.1 | 5,873.9 | 3,323.7 | ||||||||||||
Midstream services | 249.0 | 194.5 | 478.2 | 383.1 | ||||||||||||
Total | 2,781.2 | 1,899.6 | 6,352.1 | 3,706.8 | ||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||
Sales of natural gas | 532.5 | 560.6 | 1,092.5 | 1,104.6 | ||||||||||||
Midstream services | 260.3 | 225.6 | 505.1 | 442.8 | ||||||||||||
Total | 792.8 | 786.2 | 1,597.6 | 1,547.4 | ||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||
Sales of petrochemicals and refined products | 1,413.4 | 1,114.1 | 2,702.7 | 2,325.2 | ||||||||||||
Midstream services | 206.4 | 187.1 | 426.6 | 382.2 | ||||||||||||
Total | 1,619.8 | 1,301.2 | 3,129.3 | 2,707.4 | ||||||||||||
Total consolidated revenues | $ | 8,467.5 | $ | 6,607.6 | $ | 17,766.0 | $ | 13,928.0 |
Polymer | Refinery | Polymer | Refinery | Indicative Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural | Normal | Natural | Grade | Grade | Natural | Normal | Natural | Grade | Grade | Processing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gross Spread | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/gallon | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | (2) | (2) | (2) | (2) | (2) | (3) | (3) | (1) | (2) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 by quarter: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 by quarter: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 3.32 | $ | 0.23 | $ | 0.71 | $ | 0.98 | $ | 0.94 | $ | 1.10 | $ | 0.47 | $ | 0.32 | $ | 3.01 | $ | 0.25 | $ | 0.85 | $ | 0.96 | $ | 1.00 | $ | 1.41 | $ | 0.53 | $ | 0.33 | $ | 0.51 | ||||||||||||||||||||||||||||||||||
2nd Quarter | $ | 3.19 | $ | 0.25 | $ | 0.63 | $ | 0.76 | $ | 0.75 | $ | 1.07 | $ | 0.41 | $ | 0.28 | $ | 2.80 | $ | 0.29 | $ | 0.87 | $ | 1.00 | $ | 1.20 | $ | 1.53 | $ | 0.52 | $ | 0.37 | $ | 0.59 | ||||||||||||||||||||||||||||||||||
3rd Quarter | $ | 2.99 | $ | 0.26 | $ | 0.77 | $ | 0.91 | $ | 0.92 | $ | 1.10 | $ | 0.42 | $ | 0.28 | $ | 2.91 | $ | 0.43 | $ | 0.99 | $ | 1.21 | $ | 1.25 | $ | 1.54 | $ | 0.60 | $ | 0.45 | $ | 0.69 | ||||||||||||||||||||||||||||||||||
4th Quarter | $ | 2.93 | $ | 0.25 | $ | 0.96 | $ | 1.04 | $ | 1.04 | $ | 1.32 | $ | 0.49 | $ | 0.35 | $ | 3.65 | $ | 0.35 | $ | 0.79 | $ | 0.91 | $ | 0.94 | $ | 1.22 | $ | 0.51 | $ | 0.35 | $ | 0.42 | ||||||||||||||||||||||||||||||||||
2017 Averages | $ | 3.11 | $ | 0.25 | $ | 0.77 | $ | 0.92 | $ | 0.91 | $ | 1.15 | $ | 0.45 | $ | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 by quarter: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 3.01 | $ | 0.25 | $ | 0.85 | $ | 0.96 | $ | 1.00 | $ | 1.41 | $ | 0.53 | $ | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter | $ | 2.80 | $ | 0.29 | $ | 0.87 | $ | 1.00 | $ | 1.20 | $ | 1.53 | $ | 0.52 | $ | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 Averages | $ | 2.91 | $ | 0.27 | $ | 0.86 | $ | 0.98 | $ | 1.10 | $ | 1.47 | $ | 0.53 | $ | 0.35 | $ | 3.09 | $ | 0.33 | $ | 0.88 | $ | 1.02 | $ | 1.10 | $ | 1.43 | $ | 0.54 | $ | 0.38 | $ | 0.55 | ||||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 by quarter: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 3.15 | $ | 0.30 | $ | 0.67 | $ | 0.82 | $ | 0.85 | $ | 1.16 | $ | 0.38 | $ | 0.24 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. (4) The “Indicative Gas Processing Spread” represents a generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana (as presented in the table above). The indicative spread does not consider the operating costs incurred by a natural gas processing plant to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics. As presented in the table above, the indicative spread assumes that a gallon of NGLs is comprised of 30% ethane, 35% propane, 12% normal butane, 8% isobutane and 15% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.9% of the price of a MMBtu of natural gas at Henry Hub. | (1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. (4) The “Indicative Gas Processing Spread” represents a generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana (as presented in the table above). The indicative spread does not consider the operating costs incurred by a natural gas processing plant to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics. As presented in the table above, the indicative spread assumes that a gallon of NGLs is comprised of 30% ethane, 35% propane, 12% normal butane, 8% isobutane and 15% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.9% of the price of a MMBtu of natural gas at Henry Hub. |
WTI | Midland | Houston | LLS | |||||||||||||||||||||||||||||
WTI | Midland | Houston | LLS | Crude Oil, | Crude Oil, | Crude Oil | Crude Oil, | |||||||||||||||||||||||||
Crude Oil, | Crude Oil, | Crude Oil | Crude Oil, | $/barrel | $/barrel | $/barrel | $/barrel | |||||||||||||||||||||||||
$/barrel | $/barrel | $/barrel | $/barrel | (1) | (2) | (2) | (3) | |||||||||||||||||||||||||
(1) | (2) | (2) | (3) | |||||||||||||||||||||||||||||
2017 by quarter: | ||||||||||||||||||||||||||||||||
2018 by quarter: | ||||||||||||||||||||||||||||||||
1st Quarter | $ | 51.91 | $ | 51.72 | $ | 53.27 | $ | 53.52 | $ | 62.87 | $ | 62.51 | $ | 65.47 | $ | 65.79 | ||||||||||||||||
2nd Quarter | $ | 48.28 | $ | 47.29 | $ | 49.77 | $ | 50.31 | $ | 67.88 | $ | 59.93 | $ | 72.38 | $ | 72.97 | ||||||||||||||||
3rd Quarter | $ | 48.20 | $ | 47.37 | $ | 50.84 | $ | 51.62 | $ | 69.50 | $ | 55.28 | $ | 73.67 | $ | 74.28 | ||||||||||||||||
4th Quarter | $ | 55.40 | $ | 55.47 | $ | 59.84 | $ | 61.07 | $ | 58.81 | $ | 53.64 | $ | 66.34 | $ | 66.20 | ||||||||||||||||
2017 Averages | $ | 50.95 | $ | 50.44 | $ | 53.41 | $ | 54.13 | ||||||||||||||||||||||||
2018 by quarter: | ||||||||||||||||||||||||||||||||
1st Quarter | $ | 62.87 | $ | 62.51 | $ | 65.47 | $ | 65.79 | ||||||||||||||||||||||||
2nd Quarter | $ | 67.88 | $ | 59.93 | $ | 72.38 | $ | 72.97 | ||||||||||||||||||||||||
2018 Averages | $ | 65.38 | $ | 61.22 | $ | 68.93 | $ | 69.38 | $ | 64.77 | $ | 57.84 | $ | 69.47 | $ | 69.81 | ||||||||||||||||
(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the New York Mercantile Exchange. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. (3) Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. | ||||||||||||||||||||||||||||||||
2019 by quarter: | ||||||||||||||||||||||||||||||||
1st Quarter | $ | 54.90 | $ | 53.70 | $ | 61.19 | $ | 62.35 | ||||||||||||||||||||||||
(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. (3) Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. | (1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. (3) Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Revenues | $ | 8,543.5 | $ | 9,298.5 | ||||
Costs and expenses: | ||||||||
Operating costs and expenses: | ||||||||
Cost of sales | 5,835.6 | 7,140.4 | ||||||
Other operating costs and expenses | 728.8 | 687.6 | ||||||
Depreciation, amortization and accretion expenses | 450.9 | 394.3 | ||||||
Net gains attributable to asset sales | (0.4 | ) | (0.5 | ) | ||||
Asset impairment and related charges | 4.8 | 0.9 | ||||||
Total operating costs and expenses | 7,019.7 | 8,222.7 | ||||||
General and administrative costs | 52.2 | 53.0 | ||||||
Total costs and expenses | 7,071.9 | 8,275.7 | ||||||
Equity in income of unconsolidated affiliates | 154.6 | 115.7 | ||||||
Operating income | 1,626.2 | 1,138.5 | ||||||
Interest expense | (277.2 | ) | (252.1 | ) | ||||
Change in fair value of Liquidity Option Agreement | (57.8 | ) | (7.5 | ) | ||||
Gain on step acquisition of unconsolidated affiliate | -- | 37.0 | ||||||
Other, net | 1.5 | 0.7 | ||||||
Provision for income taxes | (12.3 | ) | (5.1 | ) | ||||
Net income | 1,280.4 | 911.5 | ||||||
Net income attributable to noncontrolling interests | (19.9 | ) | (10.8 | ) | ||||
Net income attributable to limited partners | $ | 1,260.5 | $ | 900.7 |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
NGL Pipelines & Services: | ||||||||
Sales of NGLs and related products | $ | 2,671.2 | $ | 2,815.4 | ||||
Midstream services | 643.2 | 597.9 | ||||||
Total | 3,314.4 | 3,413.3 | ||||||
Crude Oil Pipelines & Services: | ||||||||
Sales of crude oil | 2,328.4 | 3,341.7 | ||||||
Midstream services | 278.9 | 229.2 | ||||||
Total | 2,607.3 | 3,570.9 | ||||||
Natural Gas Pipelines & Services: | ||||||||
Sales of natural gas | 655.7 | 560.0 | ||||||
Midstream services | 271.8 | 244.8 | ||||||
Total | 927.5 | 804.8 | ||||||
Petrochemical & Refined Products Services: | ||||||||
Sales of petrochemicals and refined products | 1,480.6 | 1,289.3 | ||||||
Midstream services | 213.7 | 220.2 | ||||||
Total | 1,694.3 | 1,509.5 | ||||||
Total consolidated revenues | $ | 8,543.5 | $ | 9,298.5 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Interest charged on debt principal outstanding | $ | 297.8 | $ | 272.8 | $ | 589.8 | $ | 545.7 | $ | 307.5 | $ | 292.0 | ||||||||||||
Impact of interest rate hedging program, including related amortization (1) | (2.5 | ) | 9.3 | 1.2 | 18.0 | (1.1 | ) | 3.7 | ||||||||||||||||
Interest costs capitalized in connection with construction projects (2) | (27.1 | ) | (44.5 | ) | (85.3 | ) | (84.1 | ) | (36.2 | ) | (58.2 | ) | ||||||||||||
Other (3) | 6.4 | 8.2 | 21.0 | 15.5 | 7.0 | 14.6 | ||||||||||||||||||
Total | $ | 274.6 | $ | 245.8 | $ | 526.7 | $ | 495.1 | $ | 277.2 | $ | 252.1 | ||||||||||||
(1) Amount presented for three and six months ended June 30, 2018 includes $11.8 million and $19.0 million, respectively, of swaption premium income. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings. (3) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs. Amount presented for the six months ended June 30, 2018 includes $7.8 million of debt issuance costs that were written off in March 2018 in connection with the redemption of Junior Subordinated Notes B. | ||||||||||||||||||||||||
(1) Amount presented for the three months ended March 31, 2019 and 2018 include $9.8 million and $7.2 million, respectively, of benefit from swaption premiums. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts fluctuate period-to-period based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings. (3) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and the amortization of debt issuance costs. Amount presented for the first quarter of 2018 includes $7.8 million of debt issuance costs that were written off in March 2018 in connection with the redemption of junior subordinated notes. | (1) Amount presented for the three months ended March 31, 2019 and 2018 include $9.8 million and $7.2 million, respectively, of benefit from swaption premiums. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts fluctuate period-to-period based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings. (3) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and the amortization of debt issuance costs. Amount presented for the first quarter of 2018 includes $7.8 million of debt issuance costs that were written off in March 2018 in connection with the redemption of junior subordinated notes. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||
NGL Pipelines & Services | $ | 913.7 | $ | 759.9 | $ | 1,798.6 | $ | 1,615.9 | $ | 959.2 | $ | 884.9 | ||||||||||||
Crude Oil Pipelines & Services | 52.8 | 236.7 | 272.8 | 501.3 | 662.3 | 220.0 | ||||||||||||||||||
Natural Gas Pipelines & Services | 213.4 | 194.4 | 411.3 | 365.3 | 264.3 | 197.9 | ||||||||||||||||||
Petrochemical & Refined Products Services | 281.8 | 188.4 | 553.7 | 370.2 | 242.6 | 271.9 | ||||||||||||||||||
Total segment gross operating margin (1) | 1,461.7 | 1,379.4 | 3,036.4 | 2,852.7 | 2,128.4 | 1,574.7 | ||||||||||||||||||
Net adjustment for shipper make-up rights | 16.4 | (1.5 | ) | 27.9 | (5.7 | ) | 5.3 | 11.5 | ||||||||||||||||
Total gross operating margin (non-GAAP) | $ | 1,478.1 | $ | 1,377.9 | $ | 3,064.3 | $ | 2,847.0 | $ | 2,133.7 | $ | 1,586.2 | ||||||||||||
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. | (1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. | (1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating income (GAAP) | $ | 986.4 | $ | 938.7 | $ | 2,124.9 | $ | 1,970.3 | ||||||||
Adjustments to reconcile operating income to total gross operating margin: | ||||||||||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 425.3 | 379.2 | 819.6 | 755.4 | ||||||||||||
Add asset impairment and related charges in operating costs and expenses | 15.9 | 14.0 | 16.8 | 25.2 | ||||||||||||
Subtract net gains or add net losses attributable to asset sales in operating costs and expenses | (0.9 | ) | 0.3 | (1.4 | ) | -- | ||||||||||
Add general and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | ||||||||||||
Total gross operating margin (non-GAAP) | $ | 1,478.1 | $ | 1,377.9 | $ | 3,064.3 | $ | 2,847.0 |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Operating income (GAAP) | $ | 1,626.2 | $ | 1,138.5 | ||||
Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): | ||||||||
Depreciation, amortization and accretion expense in operating costs and expenses | 450.9 | 394.3 | ||||||
Asset impairment and related charges in operating costs and expenses | 4.8 | 0.9 | ||||||
Net gains attributable to asset sales in operating costs and expenses | (0.4 | ) | (0.5 | ) | ||||
General and administrative costs | 52.2 | 53.0 | ||||||
Total gross operating margin (non-GAAP) | $ | 2,133.7 | $ | 1,586.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||
Natural gas processing and related NGL marketing activities | $ | 309.7 | $ | 204.7 | $ | 558.2 | $ | 482.6 | $ | 292.7 | $ | 248.5 | ||||||||||||
NGL pipelines, storage and terminals | 465.4 | 436.3 | 974.7 | 891.2 | 557.3 | 509.3 | ||||||||||||||||||
NGL fractionation | 138.6 | 118.9 | 265.7 | 242.1 | 109.2 | 127.1 | ||||||||||||||||||
Total | $ | 913.7 | $ | 759.9 | $ | 1,798.6 | $ | 1,615.9 | $ | 959.2 | $ | 884.9 | ||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||
Equity NGL production (MBPD) (1) | 164 | 164 | 164 | 157 | 154 | 165 | ||||||||||||||||||
Fee-based natural gas processing (MMcf/d) (2) | 4,624 | 4,660 | 4,554 | 4,598 | 5,299 | 4,364 | ||||||||||||||||||
NGL pipeline transportation volumes (MBPD) | 3,408 | 3,083 | 3,347 | 3,160 | 3,436 | 3,287 | ||||||||||||||||||
NGL marine terminal volumes (MBPD) | 597 | 474 | 586 | 521 | 540 | 575 | ||||||||||||||||||
NGL fractionation volumes (MBPD) | 927 | 841 | 907 | 820 | 969 | 824 | ||||||||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities. (2) Volumes reported correspond to the revenue streams earned by our gas plants. | (1) Represents the NGL volumes we earn and take title to in connection with our processing activities. (2) Volumes reported correspond to the revenue streams earned by our gas plants. | (1) Represents the NGL volumes we earn and take title to in connection with our processing activities. (2) Volumes reported correspond to the revenue streams earned by our gas plants. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Segment gross operating margin: | ||||||||||||||||
Midland-to-ECHO Pipeline and related marketing activities, excluding associated non-cash mark-to-market losses | $ | 98.5 | $ | -- | $ | 147.9 | $ | -- | ||||||||
Mark-to-market losses attributable to the Midland-to-ECHO Pipeline | (309.9 | ) | -- | (423.9 | ) | |||||||||||
Total Midland-to-ECHO Pipeline and related marketing activities | $ | (211.4 | ) | $ | -- | $ | (276.0 | ) | $ | -- | ||||||
Other crude oil pipelines, terminals and marketing results | 264.2 | 236.7 | 548.8 | 501.3 | ||||||||||||
Total | $ | 52.8 | $ | 236.7 | $ | 272.8 | $ | 501.3 | ||||||||
Selected volumetric data: | ||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) | 2,050 | 1,475 | 2,041 | 1,416 | ||||||||||||
Crude oil marine terminal volumes (MBPD) | 802 | 488 | 718 | 482 |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Segment gross operating margin | $ | 662.3 | $ | 220.0 | ||||
Selected volumetric data: | ||||||||
Crude oil pipeline transportation volumes (MBPD) | 2,227 | 1,997 | ||||||
Crude oil marine terminal volumes (MBPD) | 886 | 634 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Segment gross operating margin | $ | 213.4 | $ | 194.4 | $ | 411.3 | $ | 365.3 | $ | 264.3 | $ | 197.9 | ||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) | 13,654 | 12,232 | 13,343 | 11,934 | 14,197 | 13,021 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||
Propylene production and related activities | $ | 126.5 | $ | 62.0 | $ | 255.9 | $ | 130.6 | ||||||||||||||||
Butane isomerization and related operations | 26.1 | 18.2 | 50.8 | 29.1 | ||||||||||||||||||||
Octane enhancement and related plant operations | 49.5 | 38.6 | 81.9 | 57.5 | ||||||||||||||||||||
Propylene production and related marketing activities | $ | 102.3 | $ | 129.4 | ||||||||||||||||||||
Butane isomerization and related DIB operations | 24.0 | 24.7 | ||||||||||||||||||||||
Octane enhancement and related operations | 24.3 | 32.4 | ||||||||||||||||||||||
Refined products pipelines and related activities | 72.1 | 69.5 | 153.0 | 146.2 | 81.9 | 80.9 | ||||||||||||||||||
Marine transportation and other | 7.6 | 0.1 | 12.1 | 6.8 | 10.1 | 4.5 | ||||||||||||||||||
Total | $ | 281.8 | $ | 188.4 | $ | 553.7 | $ | 370.2 | $ | 242.6 | $ | 271.9 | ||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||
Propylene plant production volumes (MBPD) | 100 | 81 | 98 | 81 | ||||||||||||||||||||
Propylene production volumes (MBPD) | 90 | 98 | ||||||||||||||||||||||
Butane isomerization volumes (MBPD) | 116 | 116 | 115 | 104 | 111 | 113 | ||||||||||||||||||
Standalone DIB processing volumes (MBPD) | 89 | 81 | 83 | 82 | 93 | 78 | ||||||||||||||||||
Octane additive and related plant production volumes (MBPD) | 30 | 30 | 28 | 25 | 28 | 26 | ||||||||||||||||||
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) | 771 | 800 | 810 | 813 | 810 | 852 | ||||||||||||||||||
Refined products and petrochemical marine terminal volumes (MBPD) | 350 | 471 | 359 | 435 | 338 | 370 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | ||||||||||||||||||||||
Commercial Paper Notes | $ | 1,970.0 | $ | 1,970.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
Senior Notes | 20,750.0 | -- | 1,500.0 | 1,500.0 | 1,325.0 | 650.0 | 15,775.0 | |||||||||||||||||||||
Junior Subordinated Notes | 3,191.7 | -- | -- | -- | -- | -- | 3,191.7 | |||||||||||||||||||||
Total | $ | 25,911.7 | $ | 1,970.0 | $ | 1,500.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 650.0 | $ | 18,966.7 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | ||||||||||||||||||||||
Commercial Paper Notes | $ | 1,395.0 | $ | 1,395.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
Senior Notes | 23,050.0 | 800.0 | 1,500.0 | 1,325.0 | 1,400.0 | 1,250.0 | 16,775.0 | |||||||||||||||||||||
Junior Subordinated Notes | 2,670.6 | -- | -- | -- | -- | -- | 2,670.6 | |||||||||||||||||||||
Total | $ | 27,115.6 | $ | 2,195.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 19,445.6 |
Number of Common Units Issued | Net Cash Proceeds Received | |||||||
Three months ended March 31, 2018: | ||||||||
Common units issued in connection with DRIP and EUPP | 6,642,286 | $ | 177.0 | |||||
Three months ended June 30, 2018: | ||||||||
Common units issued in connection with DRIP and EUPP | 3,234,804 | 84.0 | ||||||
Total common units issued during the six months ended June 30, 2018 | 9,877,090 | $ | 261.0 |
For the Six Months Ended June 30, | For the Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Net cash flows provided by operating activities | $ | 2,697.8 | $ | 2,334.9 | $ | 1,160.4 | $ | 1,233.6 | ||||||||
Cash used in investing activities | 2,089.6 | 1,298.6 | 1,174.5 | 1,119.1 | ||||||||||||
Cash used in financing activities | 337.0 | 1,389.9 | ||||||||||||||
Cash provided by (used in) financing activities | (288.5 | ) | 30.8 |
§ | a |
§ | a $252.0 million increase |
§ | a |
§ | a $202.4 million |
§ | a |
§ | a |
§ | a |
§ | the use of $51.6 million in the first quarter of 2019 to acquire 1,852,392 common units under the 2019 Buyback Program; and |
§ | a $31.9 million |
§ | a $34.7 million increase quarter-to-quarter in cash contributions from noncontrolling interests. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income attributable to limited partners (1) | $ | 673.8 | $ | 653.7 | $ | 1,574.5 | $ | 1,414.4 | ||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-GAAP distributable cash flow: | ||||||||||||||||
Add depreciation, amortization and accretion expenses | 458.3 | 406.5 | 889.3 | 808.8 | ||||||||||||
Add non-cash asset impairment and related charges | 15.9 | 14.0 | 16.8 | 25.2 | ||||||||||||
Add net losses or add net gains attributable to asset sales | (0.9 | ) | 0.3 | (1.4 | ) | -- | ||||||||||
Add cash proceeds from asset sales | 1.5 | 1.2 | 2.6 | 3.2 | ||||||||||||
Subtract gain on step acquisition of unconsolidated affiliate | (2.4 | ) | -- | (39.4 | ) | -- | ||||||||||
Add changes in fair value of Liquidity Option Agreement (2) | 8.9 | 18.6 | 16.4 | 24.1 | ||||||||||||
Add or subtract changes in fair market value of derivative instruments | 322.1 | (23.6 | ) | 459.0 | (43.9 | ) | ||||||||||
Add cash distributions received from unconsolidated affiliates (3) | 131.1 | 127.4 | 253.5 | 229.9 | ||||||||||||
Subtract equity in income of unconsolidated affiliates | (122.3 | ) | (107.0 | ) | (238.0 | ) | (201.8 | ) | ||||||||
Subtract sustaining capital expenditures (4) | (72.8 | ) | (62.3 | ) | (139.1 | ) | (110.3 | ) | ||||||||
Add deferred income tax expense or subtract benefit, as applicable | 11.1 | 0.6 | 10.0 | 0.7 | ||||||||||||
Other, net | 6.5 | 22.5 | 17.2 | 30.2 | ||||||||||||
Distributable cash flow | $ | 1,430.8 | $ | 1,051.9 | $ | 2,821.4 | $ | 2,180.5 | ||||||||
Total cash distributions paid to limited partners with respect to period | $ | 940.2 | $ | 906.6 | $ | 1,873.7 | $ | 1,799.4 | ||||||||
Cash distributions per unit declared by Enterprise GP with respect to period (5) | $ | 0.4300 | $ | 0.4200 | $ | 0.8575 | $ | 0.8350 | ||||||||
Total distributable cash flow retained by partnership with respect to period (6) | $ | 490.6 | $ | 145.3 | $ | 947.7 | $ | 381.1 | ||||||||
Distribution coverage ratio (7) | 1.5x | 1.2x | 1.5x | 1.2x | ||||||||||||
(1) For a discussion of significant changes in our comparative income statement amounts underlying net income attributable to limited partners, along with the primary drivers of such changes, see “Consolidated Income Statements Highlights” within this Part I, Item 2. (2) For information regarding the Liquidity Option Agreement, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. (3) Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates. For information regarding our unconsolidated affiliates, see Note 5 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. (4) Sustaining capital expenditures include cash payments and accruals applicable to the period. (5) See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for additional information regarding our quarterly cash distributions declared with respect to the periods presented. (6) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these periods was primarily reinvested in our growth capital spending program, which reduced our reliance on the equity and debt capital markets to fund such major expenditures. (7) Distribution coverage ratio is determined by dividing distributable cash flow by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period. |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net income attributable to limited partners (GAAP) (1) | $ | 1,260.5 | $ | 900.7 | ||||
Adjustments to net income attributable to limited partners to derive DCF (addition or subtraction indicated by sign): | ||||||||
Depreciation, amortization and accretion expenses | 474.5 | 425.9 | ||||||
Cash distributions received from unconsolidated affiliates (2) | 143.5 | 122.4 | ||||||
Equity in income of unconsolidated affiliates | (154.6 | ) | (115.7 | ) | ||||
Change in fair market value of derivative instruments | (96.3 | ) | 136.9 | |||||
Change in fair value of Liquidity Option Agreement | 57.8 | 7.5 | ||||||
Gain on step acquisition of unconsolidated affiliate | -- | (37.0 | ) | |||||
Sustaining capital expenditures (3) | (61.6 | ) | (66.3 | ) | ||||
Other, net | 2.9 | 8.5 | ||||||
Subtotal DCF, before proceeds from asset sales and monetization of interest rate derivative instruments accounted for as cash flow hedges | $ | 1,626.7 | $ | 1,382.9 | ||||
Proceeds from asset sales | 1.7 | 1.1 | ||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges | -- | 1.5 | ||||||
DCF (non-GAAP) | $ | 1,628.4 | $ | 1,385.5 | ||||
Cash distributions paid to limited partners with respect to period | $ | 963.5 | $ | 933.5 | ||||
Cash distribution per unit declared by Enterprise GP with respect to period | $ | 0.4375 | $ | 0.4275 | ||||
Total DCF retained by partnership with respect to period (4) | $ | 664.9 | $ | 452.0 | ||||
Distribution coverage ratio (5) | 1.7x | 1.5x | ||||||
(1) For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statements Highlights” within this Part I, Item 2. (2) Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates. (3) Sustaining capital expenditures include cash payments and accruals applicable to the period. (4) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these periods was primarily reinvested in growth capital projects. This retainage of cash substantially reduced our reliance on the equity capital markets to fund such expenditures. (5) Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net cash flows provided by operating activities | $ | 1,464.2 | $ | 1,459.3 | $ | 2,697.8 | $ | 2,334.9 | ||||||||
Adjustments to reconcile net cash flows provided by operating activities to distributable cash flow: | ||||||||||||||||
Subtract sustaining capital expenditures | (72.8 | ) | (62.3 | ) | (139.1 | ) | (110.3 | ) | ||||||||
Add cash proceeds from asset sales | 1.5 | 1.2 | 2.6 | 3.2 | ||||||||||||
Net effect of changes in operating accounts | 25.4 | (370.9 | ) | 228.5 | (82.1 | ) | ||||||||||
Other, net | 12.5 | 24.6 | 31.6 | 34.8 | ||||||||||||
Distributable cash flow | $ | 1,430.8 | $ | 1,051.9 | $ | 2,821.4 | $ | 2,180.5 |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net cash flows provided by operating activities (GAAP) | $ | 1,160.4 | $ | 1,233.6 | ||||
Adjustments to reconcile net cash flows provided by operating activities to DCF (addition or subtraction indicated by sign): | ||||||||
Net effect of changes in operating accounts | 559.8 | 203.1 | ||||||
Sustaining capital expenditures | (61.6 | ) | (66.3 | ) | ||||
Other, net | (30.2 | ) | 15.1 | |||||
DCF (non-GAAP) | $ | 1,628.4 | $ | 1,385.5 |
For the Three Months Ended March 31, | For the Twelve Months Ended March 31, | |||||||||||
2019 | 2018 | 2019 | ||||||||||
Net cash flows provided by operating activities (GAAP) | $ | 1,160.4 | $ | 1,233.6 | $ | 6,053.1 | ||||||
Adjustments to net cash flows provided by operating activities to derive FCF (addition or subtraction indicated by sign): | ||||||||||||
Cash used in investing activities | (1,174.5 | ) | (1,119.1 | ) | (4,337.0 | ) | ||||||
Cash contributions from noncontrolling interests | 34.8 | 0.1 | 272.8 | |||||||||
Cash distributions paid to noncontrolling interests | (18.0 | ) | (15.4 | ) | (84.2 | ) | ||||||
FCF (non-GAAP) | $ | 2.7 | $ | 99.2 | $ | 1,904.7 |
§ | the completion of joint venture-owned dock infrastructure in Corpus Christi designed to accommodate crude oil volumes |
§ | the |
§ |
§ | increase in LPG loading capacity at EHT (third quarter of 2019), |
§ | our isobutane dehydrogenation (“iBDH”) |
§ | the Shin Oak NGL pipeline (full service expected in fourth quarter of 2019), |
§ | our ethylene export terminal (fourth quarter of |
§ | our Mentone cryogenic natural gas processing plant (first quarter of 2020), and |
§ | two new NGL fractionators in Chambers County, Texas (“Frac X” in the fourth quarter of 2019 and “Frac XI” in the first half of 2020). |
For the Six Months Ended June 30, | For the Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Capital spending for property, plant and equipment: (1) | ||||||||||||||||
Capital investments for property, plant and equipment: (1) | ||||||||||||||||
Growth capital projects (2) | $ | 1,780.7 | $ | 1,003.6 | $ | 1,077.4 | $ | 873.3 | ||||||||
Sustaining capital projects (3) | 140.4 | 109.5 | 71.5 | 73.2 | ||||||||||||
Total | $ | 1,921.1 | $ | 1,113.1 | $ | 1,148.9 | $ | 946.5 | ||||||||
Cash used for business combinations, net | $ | 149.7 | $ | 191.4 | $ | -- | $ | 149.8 | ||||||||
Investments in unconsolidated affiliates | $ | 45.9 | $ | 24.1 | $ | 29.1 | $ | 37.9 | ||||||||
(1) Growth and sustaining capital amounts presented in the table above are presented on a cash basis. (2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows. (3) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. (4) Amount presented for the six months ended June 30, 2018 represents the acquisition of the remaining 50% ownership interest in our Delaware Processing joint venture, which closed on March 29, 2018. | ||||||||||||||||
(1) Growth and sustaining capital amounts presented in the table above are presented on a cash basis. (2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows. (3) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. | (1) Growth and sustaining capital amounts presented in the table above are presented on a cash basis. (2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows. (3) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Recognized in operating costs and expenses | $ | 27.3 | $ | 17.0 | $ | 44.3 | $ | 32.3 | ||||||||
Reflected as a component of sustaining capital expenditures | 12.9 | 13.1 | 20.6 | 21.3 | ||||||||||||
Total | $ | 40.2 | $ | 30.1 | $ | 64.9 | $ | 53.6 |
§ | depreciation methods and estimated useful lives of property, plant and equipment; |
§ | measuring recoverability of long-lived assets and equity method investments; |
§ | amortization methods and estimated useful lives of qualifying intangible assets; |
§ | methods we employ to measure the fair value of goodwill; and |
§ | revenue recognition policies and the use of estimates for revenue and expenses. |
§ | the derivative instrument functions effectively as a hedge of the underlying risk; |
§ | the derivative instrument is not closed out in advance of its expected term; and |
§ | the hedged forecasted transaction occurs within the expected time period. |
Volume (1) | Accounting | Volume (1) | Accounting | |||
Derivative Purpose | Current (2) | Long-Term (2) | Treatment | Current (2) | Long-Term (2) | Treatment |
Derivatives designated as hedging instruments: | ||||||
Natural gas processing: | ||||||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”)) | 16.2 | n/a | Cash flow hedge | 14.4 | n/a | Cash flow hedge |
Forecasted sales of NGLs (million barrels (“MMBbls”)) | 3.5 | n/a | Cash flow hedge | |||
Octane enhancement: | ||||||
Forecasted purchase of NGLs (million barrels (“MMBbls”)) | 0.9 | n/a | Cash flow hedge | |||
Forecasted purchase of NGLs (MMBbls) | 1.7 | n/a | Cash flow hedge | |||
Forecasted sales of octane enhancement products (MMBbls) | 0.9 | n/a | Cash flow hedge | 2.5 | n/a | Cash flow hedge |
Natural gas marketing: | ||||||
Natural gas storage inventory management activities (Bcf) | 1.8 | n/a | Fair value hedge | 1.5 | n/a | Fair value hedge |
NGL marketing: | ||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 49.9 | n/a | Cash flow hedge | 51.6 | 3.3 | Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 64.1 | n/a | Cash flow hedge | 56.1 | 1.1 | Cash flow hedge |
NGLs inventory management activities (MMBbls) | 0.5 | n/a | Fair value hedge | 0.9 | n/a | Fair value hedge |
Refined products marketing: | ||||||
Forecasted purchase of refined products (MMBbls) | 0.9 | n/a | Cash flow hedge | 0.8 | n/a | Cash flow hedge |
Forecasted sales of refined products (MMBbls) | 1.2 | n/a | Cash flow hedge | 1.0 | n/a | Cash flow hedge |
Refined products inventory management activities (MMBbls) | 0.1 | n/a | Fair value hedge | 0.2 | n/a | Fair value hedge |
Crude oil marketing: | ||||||
Forecasted purchases of crude oil (MMBbls) | 9.1 | 4.1 | Cash flow hedge | 23.8 | 1.9 | Cash flow hedge |
Forecasted sales of crude oil (MMBbls) | 9.9 | 4.1 | Cash flow hedge | 25.5 | 1.9 | Cash flow hedge |
Propylene marketing: | ||||||
Forecasted sales of NGLs for propylene marketing activities (MMBbls) | 0.3 | n/a | Cash flow hedge | |||
Derivatives not designated as hedging instruments: | ||||||
Natural gas risk management activities (Bcf) (3,4) | 92.5 | 2.9 | Mark-to-market | 58.2 | 0.1 | Mark-to-market |
NGL risk management activities (MMBbls) (4) | 4.5 | n/a | Mark-to-market | |||
Refined products risk management activities (MMBbls) (4) | 1.4 | n/a | Mark-to-market | 1.3 | n/a | Mark-to-market |
Crude oil risk management activities (MMBbls) (4) | 68.5 | 29.0 | Mark-to-market | 36.4 | 2.4 | Mark-to-market |
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, November 2018 and December 2020, respectively. (3) Current and long-term volumes include 45.8 Bcf and 0.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | ||||||
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, December 2019 and December 2020, respectively. (3) Current volumes include 14.0 Bcf of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | (1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, December 2019 and December 2020, respectively. (3) Current volumes include 14.0 Bcf of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2017 | June 30, 2018 | July 16, 2018 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | (13.9 | ) | $ | (7.1 | ) | $ | (4.9 | ) | |||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (16.9 | ) | (8.1 | ) | (5.1 | ) | ||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | (10.8 | ) | (6.2 | ) | (4.7 | ) |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2017 | June 30, 2018 | July 16, 2018 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | (76.4 | ) | $ | (1.7 | ) | $ | (13.8 | ) | |||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (126.1 | ) | (22.6 | ) | (63.7 | ) | ||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | (26.8 | ) | 19.2 | 36.2 |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2018 | March 31, 2019 | April 17, 2019 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 7.8 | $ | 0.2 | $ | 2.0 | ||||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 8.0 | (0.2 | ) | 1.9 | ||||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 7.7 | 0.6 | 2.2 |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2018 | March 31, 2019 | April 17, 2019 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 77.5 | $ | 57.8 | $ | 56.4 | ||||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 56.2 | 44.4 | 36.1 | |||||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 98.9 | 71.3 | 76.8 |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2018 | March 31, 2019 | April 17, 2019 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | (26.5 | ) | $ | 7.3 | $ | (57.5 | ) | ||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (88.6 | ) | (33.2 | ) | (109.7 | ) | ||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 35.6 | 47.8 | (5.4 | ) |
Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2017 | June 30, 2018 | July 16, 2018 | |||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | (65.5 | ) | $ | (521.6 | ) | $ | (477.5 | ) | |||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (109.4 | ) | (597.7 | ) | (549.6 | ) | ||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | (21.6 | ) | (445.4 | ) | (405.4 | ) |
Third quarter of 2018 | $ | 158.8 | ||
Fourth quarter of 2018 | 198.5 | |||
Calendar year 2019 | 142.6 | |||
Calendar year 2020 | 6.2 | |||
Total mark-to-market gains | $ | 506.1 | ||
Total other comprehensive income | 15.5 | |||
Total comprehensive income | $ | 521.6 |
Hedged Transaction | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Average Rate Locked | Accounting Treatment |
Future long-term debt offering | 2 forward starting swaps | $175.0 | 2/2019 | 2.56% | Cash flow hedge |
Forward Starting Swap Portfolio Fair Value at | |||||||||||||
Scenario | Resulting Classification | December 31, 2017 | June 30, 2018 | July 16, 2018 | |||||||||
Fair value assuming no change in underlying interest rates | Asset (Liability) | $ | (0.1 | ) | $ | 13.0 | $ | 12.4 | |||||
Fair value assuming 10% increase in underlying interest rates | Asset (Liability) | 13.8 | 22.3 | 21.6 | |||||||||
Fair value assuming 10% decrease in underlying interest rates | Asset (Liability) | (15.1 | ) | 3.0 | 2.4 |
(i) | that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and |
(ii) | that our disclosure controls and procedures are effective. |
Period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans | Maximum Number of Units That May Yet Be Purchased Under the Plans | ||||||||||||
January 2018 (1) | 2,559 | $ | 27.73 | -- | -- | |||||||||||
February 2018 (2) | 945,409 | $ | 26.40 | -- | -- | |||||||||||
March 2018 (3) | 1,810 | $ | 25.68 | -- | -- | |||||||||||
May 2018 (4) | 34,827 | $ | 26.85 | -- | -- | |||||||||||
(1) Of the 8,000 phantom unit awards that vested in January 2018 and converted to common units, 2,559 units were sold back to us by employees to cover related withholding tax requirements. (2) Of the 3,156,811 phantom unit awards that vested in February 2018 and converted to common units, 945,409 units were sold back to us by employees to cover related withholding tax requirements. (3) Of the 6,050 phantom unit awards that vested in March 2018 and converted to common units, 1,810 units were sold back to us by employees to cover related withholding tax requirements. (4) Of the 115,115 phantom unit awards that vested in May 2018 and converted to common units, 34,827 units were sold back to us by employees to cover related withholding tax requirements. |
Period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number Of Units Purchased as Part of 2019 Buyback Program | Remaining Dollar Amount of Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) | ||||||||||||
2019 Buyback Program: | ||||||||||||||||
January 2019 (1) | -- | -- | -- | $ | 2,000,000 | |||||||||||
February 2019 | 431,371 | $ | 27.72 | 431,371 | $ | 1,988,042 | ||||||||||
March 2019 | 1,421,021 | $ | 27.86 | 1,852,392 | $ | 1,948,466 | ||||||||||
Vesting of phantom unit awards: | ||||||||||||||||
January 2019 (2) | 3,161 | $ | 27.12 | n/a | n/a | |||||||||||
February 2019 (3) | 1,015,802 | $ | 28.54 | n/a | n/a | |||||||||||
March 2019 | -- | -- | n/a | n/a | ||||||||||||
(1) In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of our common units. See “Significant Recent Developments” under Part I, Item 2 of this quarterly report for additional information. The repurchased units were cancelled immediately upon acquisition. (2) Of the 8,000 phantom unit awards that vested in January 2019 and converted to common units, 3,161 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition. (3) Of the 3,390,583 phantom unit awards that vested in February 2019 and converted to common units, 1,015,802 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition. |
Exhibit Number | Exhibit* |
2.1 | |
2.2 | |
2.3 | |
2.4 | |
2.5 | |
2.6 | |
2.7 | |
2.8 | |
2.9 | |
2.10 | |
2.11 | |
2.12 |
2.13 |
2.14 | |
3.1 | |
3.2 | |
3.3 | |
3.4 | |
3.5 | |
3.6 | |
3.7 | |
3.8 | |
4.1 | |
4.2 | |
4.3 |
4.4 |
4.5 | |
4.6 | |
4.7 | |
4.8 | |
4.9 | |
4.10 | |
4.11 | |
4.28 | |
4.29 | |
4.30 | |
4.31 |
4.32 | |
4.33 | |
4.65 | |
4.66 | |
4.67 | |
4.68 |
10.2*** | |
10.3*** | |
10.4*** | |
31.1# | |
31.2# | |
32.1# | |
32.2# | |
101.CAL# | |
101.DEF# | |
101.INS# | |
101.LAB# | |
101.PRE# | |
101.SCH# |
* | With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively. |
*** | Identifies management contract and compensatory plan arrangements. |
# | Filed with this report. |
ENTERPRISE PRODUCTS PARTNERS L.P. (A Delaware Limited Partnership) | |||
By: | Enterprise Products Holdings LLC, as General Partner | ||
By: | /s/ R. Daniel Boss | ||
Name: | R. Daniel Boss | ||
Title: | Senior Vice President – Accounting and Risk Control of the General Partner | ||
By: | /s/ Michael W. Hanson | ||
Name: | Michael W. Hanson | ||
Title: | Vice President and Principal Accounting Officer of the General Partner |