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) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
Common Units | EPD | New York Stock Exchange |
Large Accelerated Filer ☑ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Page No. | ||
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1,298.5 | $ | 334.7 | $ | 1,032.2 | $ | 334.7 | ||||||||
Restricted cash | 138.1 | 75.3 | 98.9 | 75.3 | ||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $13.9 at June 30, 2020 and $12.4 at December 31, 2019 | 2,907.7 | 4,873.6 | ||||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $13.8 at September 30, 2020 and $12.4 at December 31, 2019 | 3,776.2 | 4,873.6 | ||||||||||||||
Accounts receivable – related parties | 2.6 | 2.5 | 4.1 | 2.5 | ||||||||||||
Inventories | 2,024.1 | 2,091.4 | 3,192.6 | 2,091.4 | ||||||||||||
Derivative assets | 209.7 | 127.2 | 132.9 | 127.2 | ||||||||||||
Prepaid and other current assets | 535.6 | 358.2 | 556.4 | 358.2 | ||||||||||||
Total current assets | 7,116.3 | 7,862.9 | 8,793.3 | 7,862.9 | ||||||||||||
Property, plant and equipment, net | 42,538.4 | 41,603.4 | 42,360.1 | 41,603.4 | ||||||||||||
Investments in unconsolidated affiliates | 2,547.4 | 2,600.2 | 2,485.4 | 2,600.2 | ||||||||||||
Intangible assets, net of accumulated amortization of $1,763.7 at June 30, 2020 and $1,687.5 at December 31, 2019 (see Note 6) | 3,379.4 | 3,449.0 | ||||||||||||||
Intangible assets, net of accumulated amortization of $1,796.8 at September 30, 2020 and $1,687.5 at December 31, 2019 (see Note 6) | 3,348.6 | 3,449.0 | ||||||||||||||
Goodwill (see Note 6) | 5,745.2 | 5,745.2 | 5,745.2 | 5,745.2 | ||||||||||||
Other assets | 617.8 | 472.5 | 1,003.6 | 472.5 | ||||||||||||
Total assets | $ | 61,944.5 | $ | 61,733.2 | $ | 63,736.2 | $ | 61,733.2 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Current maturities of debt (see Note 7) | $ | 2,325.0 | $ | 1,981.9 | $ | 1,325.0 | $ | 1,981.9 | ||||||||
Accounts payable – trade | 902.5 | 1,004.5 | 896.0 | 1,004.5 | ||||||||||||
Accounts payable – related parties | 89.3 | 162.3 | 121.3 | 162.3 | ||||||||||||
Accrued product payables | 2,803.5 | 4,915.7 | 4,317.1 | 4,915.7 | ||||||||||||
Accrued interest | 461.7 | 431.7 | 235.1 | 431.7 | ||||||||||||
Derivative liabilities | 385.4 | 122.4 | 329.7 | 122.4 | ||||||||||||
Other current liabilities | 515.0 | 511.2 | 622.7 | 511.2 | ||||||||||||
Total current liabilities | 7,482.4 | 9,129.7 | 7,846.9 | 9,129.7 | ||||||||||||
Long-term debt (see Note 7) | 27,285.2 | 25,643.2 | 28,537.0 | 25,643.2 | ||||||||||||
Deferred tax liabilities (see Note 11) | 481.6 | 100.4 | 463.3 | 100.4 | ||||||||||||
Other long-term liabilities | 753.9 | 1,032.4 | 735.2 | 1,032.4 | ||||||||||||
Commitments and contingencies (see Note 16) | ||||||||||||||||
Commitments and contingent liabilities (see Note 16) | ||||||||||||||||
Redeemable preferred limited partner interests: (see Note 8) | ||||||||||||||||
Series A cumulative convertible preferred units (“preferred units”) (50,000 units outstanding at September 30, 2020) | 49.1 | |||||||||||||||
Equity: (see Note 8) | ||||||||||||||||
Partners’ equity: | ||||||||||||||||
Limited partners: | ||||||||||||||||
Common units (2,240,703,785 units issued and 2,185,896,433 units outstanding at June 30, 2020, 2,189,226,130 units issued and outstanding at December 31, 2019) | 26,321.1 | 24,692.6 | ||||||||||||||
Treasury units, at cost (54,807,352 units at June 30, 2020) (see Note 8) | (1,297.3 | ) | – | |||||||||||||
Common limited partner interests (2,182,880,979 units issued and outstanding at September 30, 2020, 2,189,226,130 units issued and outstanding at December 31, 2019) | 26,381.9 | 24,692.6 | ||||||||||||||
Treasury units, at cost | (1,297.3 | ) | 0 | |||||||||||||
Accumulated other comprehensive income (loss) | (147.1 | ) | 71.4 | (49.3 | ) | 71.4 | ||||||||||
Total partners’ equity | 24,876.7 | 24,764.0 | 25,035.3 | 24,764.0 | ||||||||||||
Noncontrolling interests | 1,064.7 | 1,063.5 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | 1,069.4 | 1,063.5 | ||||||||||||||
Total equity | 25,941.4 | 25,827.5 | 26,104.7 | 25,827.5 | ||||||||||||
Total liabilities and equity | $ | 61,944.5 | $ | 61,733.2 | ||||||||||||
Total liabilities, preferred units, and equity | $ | 63,736.2 | $ | 61,733.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Third parties | $ | 5,745.3 | $ | 8,250.5 | $ | 13,211.8 | $ | 16,781.7 | ||||||||
Related parties | 5.7 | 25.8 | 21.7 | 38.1 | ||||||||||||
Total revenues (see Note 9) | 5,751.0 | 8,276.3 | 13,233.5 | 16,819.8 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Third parties | 4,063.9 | 6,469.5 | 9,799.2 | 13,124.8 | ||||||||||||
Related parties | 306.5 | 331.4 | 631.5 | 695.8 | ||||||||||||
Total operating costs and expenses | 4,370.4 | 6,800.9 | 10,430.7 | 13,820.6 | ||||||||||||
General and administrative costs: | ||||||||||||||||
Third parties | 23.8 | 21.4 | 46.8 | 41.8 | ||||||||||||
Related parties | 33.2 | 31.1 | 65.7 | 62.9 | ||||||||||||
Total general and administrative costs | 57.0 | 52.5 | 112.5 | 104.7 | ||||||||||||
Total costs and expenses (see Note 10) | 4,427.4 | 6,853.4 | 10,543.2 | 13,925.3 | ||||||||||||
Equity in income of unconsolidated affiliates | 113.3 | 137.4 | 254.1 | 292.0 | ||||||||||||
Operating income | 1,436.9 | 1,560.3 | 2,944.4 | 3,186.5 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (320.2 | ) | (290.1 | ) | (637.7 | ) | (567.3 | ) | ||||||||
Change in fair market value of Liquidity Option | – | (26.6 | ) | (2.3 | ) | (84.4 | ) | |||||||||
Interest income | 2.9 | 0.7 | 10.1 | 2.0 | ||||||||||||
Other, net | 0.9 | 1.9 | 1.8 | 2.1 | ||||||||||||
Total other expense, net | (316.4 | ) | (314.1 | ) | (628.1 | ) | (647.6 | ) | ||||||||
Income before income taxes | 1,120.5 | 1,246.2 | 2,316.3 | 2,538.9 | ||||||||||||
Benefit from (provision for) income taxes (see Note 11) | (59.7 | ) | (9.7 | ) | 119.5 | (22.0 | ) | |||||||||
Net income | 1,060.8 | 1,236.5 | 2,435.8 | 2,516.9 | ||||||||||||
Net income attributable to noncontrolling interests | (26.1 | ) | (21.8 | ) | (51.0 | ) | (41.7 | ) | ||||||||
Net income attributable to limited partners | $ | 1,034.7 | $ | 1,214.7 | $ | 2,384.8 | $ | 2,475.2 | ||||||||
Earnings per unit: (see Note 12) | ||||||||||||||||
Basic and diluted earnings per unit | $ | 0.47 | $ | 0.55 | $ | 1.08 | $ | 1.12 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Third parties | $ | 6,914.5 | $ | 7,948.5 | $ | 20,126.3 | $ | 24,730.2 | ||||||||
Related parties | 7.5 | 15.6 | 29.2 | 53.7 | ||||||||||||
Total revenues (see Note 9) | 6,922.0 | 7,964.1 | 20,155.5 | 24,783.9 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Third parties | 5,288.2 | 6,217.6 | 15,087.4 | 19,342.4 | ||||||||||||
Related parties | 283.0 | 356.1 | 914.5 | 1,051.9 | ||||||||||||
Total operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 | ||||||||||||
General and administrative costs: | ||||||||||||||||
Third parties | 16.3 | 19.1 | 63.1 | 60.9 | ||||||||||||
Related parties | 34.0 | 36.4 | 99.7 | 99.3 | ||||||||||||
Total general and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | ||||||||||||
Total costs and expenses (see Note 10) | 5,621.5 | 6,629.2 | 16,164.7 | 20,554.5 | ||||||||||||
Equity in income of unconsolidated affiliates | 82.0 | 139.3 | 336.1 | 431.3 | ||||||||||||
Operating income | 1,382.5 | 1,474.2 | 4,326.9 | 4,660.7 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (320.5 | ) | (382.9 | ) | (958.2 | ) | (950.2 | ) | ||||||||
Change in fair market value of Liquidity Option (see Note 8) | 0 | (38.7 | ) | (2.3 | ) | (123.1 | ) | |||||||||
Interest income | 2.2 | 6.9 | 12.3 | 8.9 | ||||||||||||
Other, net | 0.7 | 0.7 | 2.5 | 2.8 | ||||||||||||
Total other expense, net | (317.6 | ) | (414.0 | ) | (945.7 | ) | (1,061.6 | ) | ||||||||
Income before income taxes | 1,064.9 | 1,060.2 | 3,381.2 | 3,599.1 | ||||||||||||
Benefit from (provision for) income taxes (see Note 11) | 19.1 | (15.4 | ) | 138.6 | (37.4 | ) | ||||||||||
Net income | 1,084.0 | 1,044.8 | 3,519.8 | 3,561.7 | ||||||||||||
Net income attributable to noncontrolling interests | (31.4 | ) | (25.6 | ) | (82.4 | ) | (67.3 | ) | ||||||||
Net income attributable to preferred units (see Note 8) | 0 | * | 0 | 0 | * | 0 | ||||||||||
Net income attributable to common unitholders | $ | 1,052.6 | $ | 1,019.2 | $ | 3,437.4 | $ | 3,494.4 | ||||||||
* Amount is negligible | ||||||||||||||||
Earnings per unit: (see Note 12) | ||||||||||||||||
Basic earnings per common unit | $ | 0.48 | $ | 0.46 | $ | 1.56 | $ | 1.59 | ||||||||
Diluted earnings per common unit | $ | 0.48 | $ | 0.46 | $ | 1.56 | $ | 1.59 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Net income | $ | 1,060.8 | $ | 1,236.5 | $ | 2,435.8 | $ | 2,516.9 | $ | 1,084.0 | $ | 1,044.8 | $ | 3,519.8 | $ | 3,561.7 | ||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Cash flow hedges: (see Note 14) | ||||||||||||||||||||||||||||||||
Commodity hedging derivative instruments: | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | (78.2 | ) | 81.5 | 396.9 | (13.7 | ) | (4.2 | ) | 72.3 | 392.7 | 58.6 | |||||||||||||||||||||
Reclassification of gains to net income | (208.7 | ) | (2.2 | ) | (364.3 | ) | (60.5 | ) | ||||||||||||||||||||||||
Reclassification of losses (gains) to net income | 29.5 | (91.5 | ) | (334.8 | ) | (152.0 | ) | |||||||||||||||||||||||||
Interest rate hedging derivative instruments: | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | 7.8 | (5.2 | ) | (284.2 | ) | (5.2 | ) | 62.6 | (18.6 | ) | (207.7 | ) | (23.8 | ) | ||||||||||||||||||
Reclassification of losses to net income | 9.7 | 9.2 | 33.2 | 18.4 | 9.9 | 9.4 | 29.2 | 27.8 | ||||||||||||||||||||||||
Total cash flow hedges | (269.4 | ) | 83.3 | (218.4 | ) | (61.0 | ) | 97.8 | (28.4 | ) | (120.6 | ) | (89.4 | ) | ||||||||||||||||||
Other | – | – | (0.1 | ) | (0.6 | ) | 0 | 0 | (0.1 | ) | (0.6 | ) | ||||||||||||||||||||
Total other comprehensive income (loss) | (269.4 | ) | 83.3 | (218.5 | ) | (61.6 | ) | 97.8 | (28.4 | ) | (120.7 | ) | (90.0 | ) | ||||||||||||||||||
Comprehensive income | 791.4 | 1,319.8 | 2,217.3 | 2,455.3 | 1,181.8 | 1,016.4 | 3,399.1 | 3,471.7 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (26.1 | ) | (21.8 | ) | (51.0 | ) | (41.7 | ) | (31.4 | ) | (25.6 | ) | (82.4 | ) | (67.3 | ) | ||||||||||||||||
Comprehensive income attributable to limited partners | $ | 765.3 | $ | 1,298.0 | $ | 2,166.3 | $ | 2,413.6 | ||||||||||||||||||||||||
Comprehensive income attributable to preferred units (see Note 8) | 0 | * | 0 | 0 | * | 0 | ||||||||||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | 1,150.4 | $ | 990.8 | $ | 3,316.7 | $ | 3,404.4 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | 2,435.8 | $ | 2,516.9 | $ | 3,519.8 | $ | 3,561.7 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||
Depreciation, amortization and accretion | 1,031.7 | 963.1 | 1,545.1 | 1,456.7 | ||||||||||||
Asset impairment and related charges | 13.4 | 11.8 | 90.4 | 51.3 | ||||||||||||
Equity in income of unconsolidated affiliates | (254.1 | ) | (292.0 | ) | (336.1 | ) | (431.3 | ) | ||||||||
Distributions received from unconsolidated affiliates attributable to earnings | 257.6 | 291.1 | 337.4 | 431.2 | ||||||||||||
Net gains attributable to asset sales | (1.5 | ) | (2.5 | ) | (2.1 | ) | (2.6 | ) | ||||||||
Deferred income tax expense (benefit) | (130.7 | ) | 4.2 | (149.0 | ) | 10.9 | ||||||||||
Change in fair market value of derivative instruments | (91.4 | ) | (83.8 | ) | (53.7 | ) | 2.0 | |||||||||
Change in fair market value of Liquidity Option | 2.3 | 84.4 | 2.3 | 123.1 | ||||||||||||
Non-cash expense related to long-term operating leases (see Note 16) | 19.8 | 21.7 | 29.6 | 32.4 | ||||||||||||
Net effect of changes in operating accounts (see Note 17) | (89.0 | ) | (332.0 | ) | (692.0 | ) | (409.0 | ) | ||||||||
Other operating activities | (0.1 | ) | 0.8 | (0.1 | ) | (0.2 | ) | |||||||||
Net cash flows provided by operating activities | 3,193.8 | 3,183.7 | 4,291.6 | 4,826.2 | ||||||||||||
Investing activities: | ||||||||||||||||
Capital expenditures | (1,975.9 | ) | (2,260.8 | ) | (2,671.6 | ) | (3,302.1 | ) | ||||||||
Investments in unconsolidated affiliates | (7.3 | ) | (59.9 | ) | (9.9 | ) | (100.1 | ) | ||||||||
Distributions received from unconsolidated affiliates attributable to the return of capital | 58.0 | 23.4 | 124.9 | 53.9 | ||||||||||||
Proceeds from asset sales | 4.1 | 16.1 | 8.4 | 16.8 | ||||||||||||
Other investing activities | (9.4 | ) | (5.3 | ) | (16.0 | ) | (41.3 | ) | ||||||||
Cash used in investing activities | (1,930.5 | ) | (2,286.5 | ) | (2,564.2 | ) | (3,372.8 | ) | ||||||||
Financing activities: | ||||||||||||||||
Borrowings under debt agreements | 5,411.8 | 40,318.1 | 6,672.1 | 44,629.6 | ||||||||||||
Repayments of debt | (3,406.6 | ) | (39,617.3 | ) | (4,406.6 | ) | (42,855.3 | ) | ||||||||
Debt issuance costs | (32.2 | ) | (0.3 | ) | (46.3 | ) | (26.3 | ) | ||||||||
Monetization of interest rate derivative instruments | (33.3 | ) | – | (33.3 | ) | 0 | ||||||||||
Cash distributions paid to limited partners (see Note 8) | (1,946.9 | ) | (1,907.9 | ) | ||||||||||||
Cash distributions paid to common unitholders (see Note 8) | (2,919.6 | ) | (2,871.1 | ) | ||||||||||||
Cash payments made in connection with distribution equivalent rights | (12.9 | ) | (10.5 | ) | (20.0 | ) | (16.4 | ) | ||||||||
Cash distributions paid to noncontrolling interests | (61.8 | ) | (46.9 | ) | (97.8 | ) | (69.7 | ) | ||||||||
Cash contributions from noncontrolling interests | 19.7 | 99.6 | 21.2 | 590.8 | ||||||||||||
Net cash proceeds from the issuance of common units | – | 82.2 | 0 | 82.2 | ||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) | (140.1 | ) | (81.1 | ) | (173.8 | ) | (81.1 | ) | ||||||||
Net cash proceeds from the issuance of preferred units (see Note 8) | 32.5 | 0 | ||||||||||||||
Other financing activities | (34.4 | ) | (35.9 | ) | (34.7 | ) | (38.4 | ) | ||||||||
Cash used in financing activities | (236.7 | ) | (1,200.0 | ) | (1,006.3 | ) | (655.7 | ) | ||||||||
Net change in cash and cash equivalents, including restricted cash | 1,026.6 | (302.8 | ) | 721.1 | 797.7 | |||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 410.0 | 410.1 | 410.0 | 410.1 | ||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 1,436.6 | $ | 107.3 | $ | 1,131.1 | $ | 1,207.8 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||||||||||
Limited Partners | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 26,225.4 | $ | (1,297.3 | ) | $ | 122.3 | $ | 1,063.8 | $ | 26,114.2 | |||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 26,321.1 | $ | (1,297.3 | ) | $ | (147.1 | ) | $ | 1,064.7 | $ | 25,941.4 | ||||||||||||||||||||||||||||
Net income | 1,034.7 | – | – | 26.1 | 1,060.8 | 1,052.6 | 0 | 0 | 31.4 | 1,084.0 | ||||||||||||||||||||||||||||||
Cash distributions paid to limited partners | (972.7 | ) | – | – | – | (972.7 | ) | |||||||||||||||||||||||||||||||||
Cash distributions paid to common unitholders | (972.7 | ) | 0 | 0 | 0 | (972.7 | ) | |||||||||||||||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (7.1 | ) | – | – | – | (7.1 | ) | (7.1 | ) | 0 | 0 | 0 | (7.1 | ) | ||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | – | – | (31.9 | ) | (31.9 | ) | 0 | 0 | 0 | (36.0 | ) | (36.0 | ) | ||||||||||||||||||||||||||
Cash contributions from noncontrolling interests | – | – | – | 14.5 | 14.5 | 0 | 0 | 0 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 41.5 | – | – | – | 41.5 | 39.5 | 0 | 0 | 0 | 39.5 | ||||||||||||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program (see Note 8) | (33.7 | ) | 0 | 0 | 0 | (33.7 | ) | |||||||||||||||||||||||||||||||||
Common units exchanged for preferred units, with common units received being immediately cancelled (see Note 8) | (17.5 | ) | 0 | 0 | 0 | (17.5 | ) | |||||||||||||||||||||||||||||||||
Cash flow hedges | – | – | (269.4 | ) | – | (269.4 | ) | 0 | 0 | 97.8 | 0 | 97.8 | ||||||||||||||||||||||||||||
Other, net | (0.7 | ) | – | – | (7.8 | ) | (8.5 | ) | (0.3 | ) | 0 | 0 | 7.8 | 7.5 | ||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 26,321.1 | $ | (1,297.3 | ) | $ | (147.1 | ) | $ | 1,064.7 | $ | 25,941.4 | ||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 26,381.9 | $ | (1,297.3 | ) | $ | (49.3 | ) | $ | 1,069.4 | $ | 26,104.7 |
Partners’ Equity | ||||||||||||||||||||
Limited Partners | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||
For the Six Months Ended June 30, 2020: | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 24,692.6 | $ | – | $ | 71.4 | $ | 1,063.5 | $ | 25,827.5 | ||||||||||
Net income | 2,384.8 | – | – | 51.0 | 2,435.8 | |||||||||||||||
Cash distributions paid to limited partners | (1,946.9 | ) | – | – | – | (1,946.9 | ) | |||||||||||||
Cash payments made in connection with distribution equivalent rights | (12.9 | ) | – | – | – | (12.9 | ) | |||||||||||||
Cash distributions paid to noncontrolling interests | – | – | – | (61.8 | ) | (61.8 | ) | |||||||||||||
Cash contributions from noncontrolling interests | – | – | – | 19.7 | 19.7 | |||||||||||||||
Amortization of fair value of equity-based awards | 80.6 | – | – | – | 80.6 | |||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program (see Note 8) | (140.1 | ) | – | – | – | (140.1 | ) | |||||||||||||
Common units issued in connection with settlement of Liquidity Option (see Note 8) | 1,297.3 | – | – | – | 1,297.3 | |||||||||||||||
Treasury units acquired in connection with settlement of Liquidity Option, at cost (see Note 8) | – | (1,297.3 | ) | – | – | (1,297.3 | ) | |||||||||||||
Cash flow hedges | – | – | (218.4 | ) | – | (218.4 | ) | |||||||||||||
Other, net | (34.3 | ) | – | (0.1 | ) | (7.7 | ) | (42.1 | ) | |||||||||||
Balance, June 30, 2020 | $ | 26,321.1 | $ | (1,297.3 | ) | $ | (147.1 | ) | $ | 1,064.7 | $ | 25,941.4 |
Partners’ Equity | ||||||||||||||||||||
Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | ||||||||||||||||
For the Nine Months Ended September 30, 2020: | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 24,692.6 | $ | 0 | $ | 71.4 | $ | 1,063.5 | $ | 25,827.5 | ||||||||||
Net income | 3,437.4 | 0 | 0 | 82.4 | 3,519.8 | |||||||||||||||
Cash distributions paid to common unitholders | (2,919.6 | ) | 0 | 0 | 0 | (2,919.6 | ) | |||||||||||||
Cash payments made in connection with distribution equivalent rights | (20.0 | ) | 0 | 0 | 0 | (20.0 | ) | |||||||||||||
Cash distributions paid to noncontrolling interests | 0 | 0 | 0 | (97.8 | ) | (97.8 | ) | |||||||||||||
Cash contributions from noncontrolling interests | 0 | 0 | 0 | 21.2 | 21.2 | |||||||||||||||
Amortization of fair value of equity-based awards | 120.1 | 0 | 0 | 0 | 120.1 | |||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program (see Note 8) | (173.8 | ) | 0 | 0 | 0 | (173.8 | ) | |||||||||||||
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option (see Note 8) | 1,297.3 | 0 | 0 | 0 | 1,297.3 | |||||||||||||||
Treasury units acquired in connection with settlement of Liquidity Option, at cost (see Note 8) | 0 | (1,297.3 | ) | 0 | 0 | (1,297.3 | ) | |||||||||||||
Common units exchanged for preferred units, with common units received being immediately cancelled (see Note 8) | (17.5 | ) | 0 | 0 | 0 | (17.5 | ) | |||||||||||||
Cash flow hedges | 0 | 0 | (120.6 | ) | 0 | (120.6 | ) | |||||||||||||
Other, net | (34.6 | ) | 0 | (0.1 | ) | 0.1 | (34.6 | ) | ||||||||||||
Balance, September 30, 2020 | $ | 26,381.9 | $ | (1,297.3 | ) | $ | (49.3 | ) | $ | 1,069.4 | $ | 26,104.7 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Common Limited Partner Interests | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | 24,151.9 | $ | (94.0 | ) | $ | 463.4 | $ | 24,521.3 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 24,450.5 | $ | (10.7 | ) | $ | 535.6 | $ | 24,975.4 | |||||||||||||||||||||||
Net income | 1,214.7 | – | 21.8 | 1,236.5 | 1,019.2 | 0 | 25.6 | 1,044.8 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (957.5 | ) | – | – | (957.5 | ) | ||||||||||||||||||||||||||
Cash distributions paid to common unitholders | (963.2 | ) | 0 | 0 | (963.2 | ) | ||||||||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (6.0 | ) | – | – | (6.0 | ) | (5.9 | ) | 0 | 0 | (5.9 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | – | (28.9 | ) | (28.9 | ) | 0 | 0 | (22.8 | ) | (22.8 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | – | – | 64.8 | 64.8 | 0 | 0 | 491.2 | 491.2 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 39.5 | – | – | 39.5 | ||||||||||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program (see Note 8) | (29.5 | ) | – | – | (29.5 | ) | ||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 38.5 | – | – | 38.5 | 36.7 | 0 | 0 | 36.7 | ||||||||||||||||||||||||
Cash flow hedges | – | 83.3 | – | 83.3 | 0 | (28.4 | ) | 0 | (28.4 | ) | ||||||||||||||||||||||
Other | (1.1 | ) | – | 14.5 | 13.4 | |||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 24,450.5 | $ | (10.7 | ) | $ | 535.6 | $ | 24,975.4 | |||||||||||||||||||||||
Other, net | (2.2 | ) | 0 | (0.1 | ) | (2.3 | ) | |||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 24,535.1 | $ | (39.1 | ) | $ | 1,029.5 | $ | 25,525.5 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Common Limited Partner Interests | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 23,802.6 | $ | 50.9 | $ | 438.7 | $ | 24,292.2 | $ | 23,802.6 | $ | 50.9 | $ | 438.7 | $ | 24,292.2 | ||||||||||||||||
Net income | 2,475.2 | – | 41.7 | 2,516.9 | 3,494.4 | 0 | 67.3 | 3,561.7 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (1,907.9 | ) | – | – | (1,907.9 | ) | ||||||||||||||||||||||||||
Cash distributions paid to common unitholders | (2,871.1 | ) | 0 | 0 | (2,871.1 | ) | ||||||||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (10.5 | ) | – | – | (10.5 | ) | (16.4 | ) | 0 | 0 | (16.4 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | – | (46.9 | ) | (46.9 | ) | 0 | 0 | (69.7 | ) | (69.7 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | – | – | 99.6 | 99.6 | 0 | 0 | 590.8 | 590.8 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 82.2 | – | – | 82.2 | 82.2 | 0 | 0 | 82.2 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | 45.6 | – | – | 45.6 | 45.6 | 0 | 0 | 45.6 | ||||||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program (see Note 8) | (81.1 | ) | – | – | (81.1 | ) | (81.1 | ) | 0 | 0 | (81.1 | ) | ||||||||||||||||||||
Amortization of fair value of equity-based awards | 70.5 | – | – | 70.5 | 107.2 | 0 | 0 | 107.2 | ||||||||||||||||||||||||
Cash flow hedges | – | (61.0 | ) | – | (61.0 | ) | 0 | (89.4 | ) | 0 | (89.4 | ) | ||||||||||||||||||||
Other | (26.1 | ) | (0.6 | ) | 2.5 | (24.2 | ) | |||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 24,450.5 | $ | (10.7 | ) | $ | 535.6 | $ | 24,975.4 | |||||||||||||||||||||||
Other, net | (28.3 | ) | (0.6 | ) | 2.4 | (26.5 | ) | |||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 24,535.1 | $ | (39.1 | ) | $ | 1,029.5 | $ | 25,525.5 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
Cash and cash equivalents | $ | 1,298.5 | $ | 334.7 | $ | 1,032.2 | $ | 334.7 | ||||||||
Restricted cash | 138.1 | 75.3 | 98.9 | 75.3 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ | 1,436.6 | $ | 410.0 | $ | 1,131.1 | $ | 410.0 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
NGLs | $ | 840.0 | $ | 1,094.9 | $ | 1,678.1 | $ | 1,094.9 | ||||||||
Petrochemicals and refined products | 649.9 | 311.5 | 800.8 | 311.5 | ||||||||||||
Crude oil | 519.3 | 674.2 | 696.1 | 674.2 | ||||||||||||
Natural gas | 14.9 | 10.8 | 17.6 | 10.8 | ||||||||||||
Total | $ | 2,024.1 | $ | 2,091.4 | $ | 3,192.6 | $ | 2,091.4 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Cost of sales (1) | $ | 3,195.2 | $ | 5,609.4 | $ | 8,018.2 | $ | 11,445.0 | $ | 4,313.7 | $ | 5,276.5 | $ | 12,331.9 | $ | 16,721.5 | ||||||||||||||||
Lower of cost or net realizable value adjustments recognized in cost of sales | 13.2 | 4.9 | 51.2 | 10.3 | 4.4 | 6.8 | 55.6 | 17.1 |
(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, 2020 | December 31, 2019 | Estimated Useful Life in Years | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 | (5) | $ | 48,072.1 | $ | 47,201.2 | 3-45 | (5) | $ | 49,050.9 | $ | 47,201.2 | ||||||||||||
Underground and other storage facilities (2) | 5-40 | (6) | 4,104.9 | 3,965.5 | 5-40 | (6) | 4,133.7 | 3,965.5 | ||||||||||||||||
Transportation equipment (3) | 3-10 | 204.5 | 198.9 | 3-10 | 204.1 | 198.9 | ||||||||||||||||||
Marine vessels (4) | 15-30 | 906.8 | 905.9 | 15-30 | 928.9 | 905.9 | ||||||||||||||||||
Land | 375.9 | 372.3 | 376.7 | 372.3 | ||||||||||||||||||||
Construction in progress | 3,279.4 | 2,641.2 | 2,468.9 | 2,641.2 | ||||||||||||||||||||
Total | 56,943.6 | 55,285.0 | 57,163.2 | 55,285.0 | ||||||||||||||||||||
Less accumulated depreciation | 14,405.2 | 13,681.6 | 14,803.1 | 13,681.6 | ||||||||||||||||||||
Property, plant and equipment, net | $ | 42,538.4 | $ | 41,603.4 | $ | 42,360.1 | $ | 41,603.4 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Depreciation expense (1) | $ | 418.7 | $ | 389.3 | $ | 830.9 | $ | 769.9 | $ | 420.7 | $ | 394.7 | $ | 1,251.6 | $ | 1,164.6 | ||||||||||||||||
Capitalized interest (2) | 31.9 | 32.8 | 62.4 | 69.0 | 34.5 | 33.9 | 96.9 | 102.9 |
(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, December 31, 2019 | $ | 132.1 | $ | 132.1 | ||||
Liabilities incurred | 3.1 | 3.5 | ||||||
Liabilities settled | (0.2 | ) | (0.6 | ) | ||||
Revisions in estimated cash flows | 4.1 | 2.9 | ||||||
Accretion expense | 4.0 | 6.1 | ||||||
ARO liability balance, June 30, 2020 | $ | 143.1 | ||||||
ARO liability balance, September 30, 2020 | $ | 144.0 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
NGL Pipelines & Services | $ | 685.9 | $ | 703.8 | $ | 676.4 | $ | 703.8 | ||||||||
Crude Oil Pipelines & Services | 1,828.7 | 1,866.5 | 1,774.8 | 1,866.5 | ||||||||||||
Natural Gas Pipelines & Services | 28.5 | 27.3 | 29.9 | 27.3 | ||||||||||||
Petrochemical & Refined Products Services | 4.3 | 2.6 | 4.3 | 2.6 | ||||||||||||
Total | $ | 2,547.4 | $ | 2,600.2 | $ | 2,485.4 | $ | 2,600.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
NGL Pipelines & Services | $ | 28.8 | $ | 26.7 | $ | 61.5 | $ | 56.8 | $ | 29.3 | $ | 25.9 | $ | 90.8 | $ | 82.7 | ||||||||||||||||
Crude Oil Pipelines & Services | 84.1 | 111.0 | 191.4 | 235.6 | 51.8 | 113.2 | 243.2 | 348.8 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 1.3 | 1.6 | 2.9 | 3.3 | 1.4 | 1.6 | 4.3 | 4.9 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | (0.9 | ) | (1.9 | ) | (1.7 | ) | (3.7 | ) | (0.5 | ) | (1.4 | ) | (2.2 | ) | (5.1 | ) | ||||||||||||||||
Total | $ | 113.3 | $ | 137.4 | $ | 254.1 | $ | 292.0 | $ | 82.0 | $ | 139.3 | $ | 336.1 | $ | 431.3 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 447.8 | $ | (213.4 | ) | $ | 234.4 | $ | 447.8 | $ | (206.3 | ) | $ | 241.5 | $ | 447.8 | $ | (217.0 | ) | $ | 230.8 | $ | 447.8 | $ | (206.3 | ) | $ | 241.5 | ||||||||||||||||||||
Contract-based intangibles | 162.6 | (49.6 | ) | 113.0 | 162.6 | (43.9 | ) | 118.7 | 162.6 | (52.2 | ) | 110.4 | 162.6 | (43.9 | ) | 118.7 | ||||||||||||||||||||||||||||||||
Segment total | 610.4 | (263.0 | ) | 347.4 | 610.4 | (250.2 | ) | 360.2 | 610.4 | (269.2 | ) | 341.2 | 610.4 | (250.2 | ) | 360.2 | ||||||||||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 2,203.5 | (274.8 | ) | 1,928.7 | 2,203.5 | (243.5 | ) | 1,960.0 | 2,203.5 | (287.5 | ) | 1,916.0 | 2,203.5 | (243.5 | ) | 1,960.0 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 283.5 | (243.4 | ) | 40.1 | 276.9 | (235.0 | ) | 41.9 | 283.1 | (246.7 | ) | 36.4 | 276.9 | (235.0 | ) | 41.9 | ||||||||||||||||||||||||||||||||
Segment total | 2,487.0 | (518.2 | ) | 1,968.8 | 2,480.4 | (478.5 | ) | 2,001.9 | 2,486.6 | (534.2 | ) | 1,952.4 | 2,480.4 | (478.5 | ) | 2,001.9 | ||||||||||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 1,350.3 | (497.2 | ) | 853.1 | 1,350.3 | (481.6 | ) | 868.7 | 1,350.3 | (504.2 | ) | 846.1 | 1,350.3 | (481.6 | ) | 868.7 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 468.0 | (399.7 | ) | 68.3 | 468.0 | (395.5 | ) | 72.5 | 470.7 | (401.7 | ) | 69.0 | 468.0 | (395.5 | ) | 72.5 | ||||||||||||||||||||||||||||||||
Segment total | 1,818.3 | (896.9 | ) | 921.4 | 1,818.3 | (877.1 | ) | 941.2 | 1,821.0 | (905.9 | ) | 915.1 | 1,818.3 | (877.1 | ) | 941.2 | ||||||||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 181.4 | (60.7 | ) | 120.7 | 181.4 | (57.5 | ) | 123.9 | 181.4 | (62.2 | ) | 119.2 | 181.4 | (57.5 | ) | 123.9 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 46.0 | (24.9 | ) | 21.1 | 46.0 | (24.2 | ) | 21.8 | 46.0 | (25.3 | ) | 20.7 | 46.0 | (24.2 | ) | 21.8 | ||||||||||||||||||||||||||||||||
Segment total | 227.4 | (85.6 | ) | 141.8 | 227.4 | (81.7 | ) | 145.7 | 227.4 | (87.5 | ) | 139.9 | 227.4 | (81.7 | ) | 145.7 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | 5,143.1 | $ | (1,763.7 | ) | $ | 3,379.4 | $ | 5,136.5 | $ | (1,687.5 | ) | $ | 3,449.0 | $ | 5,145.4 | $ | (1,796.8 | ) | $ | 3,348.6 | $ | 5,136.5 | $ | (1,687.5 | ) | $ | 3,449.0 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
NGL Pipelines & Services | $ | 6.3 | $ | 9.0 | $ | 12.8 | $ | 18.1 | $ | 6.2 | $ | 7.3 | $ | 19.0 | $ | 25.4 | ||||||||||||||||
Crude Oil Pipelines & Services | 18.8 | 24.1 | 39.7 | 46.1 | 16.0 | 25.1 | 55.7 | 71.2 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 9.6 | 10.0 | 19.8 | 20.9 | 9.0 | 10.3 | 28.8 | 31.2 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 1.9 | 2.2 | 3.9 | 4.4 | 1.9 | 2.1 | 5.8 | 6.5 | ||||||||||||||||||||||||
Total | $ | 36.6 | $ | 45.3 | $ | 76.2 | $ | 89.5 | $ | 33.1 | $ | 44.8 | $ | 109.3 | $ | 134.3 |
Remainder of 2020 | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||||||||||
$ | 85.0 | $ | 167.6 | $ | 164.5 | $ | 162.9 | $ | 159.3 | 45.1 | $ | 145.5 | $ | 162.3 | $ | 169.9 | $ | 165.7 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
EPO senior debt obligations: | ||||||||||||||||
Commercial Paper Notes, variable-rates | $ | – | $ | 482.0 | $ | 0 | $ | 482.0 | ||||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020 | – | 500.0 | 0 | 500.0 | ||||||||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020 | 1,000.0 | 1,000.0 | 0 | 1,000.0 | ||||||||||||
September 2019 364-Day Revolving Credit Agreement, variable-rate, due September 2020 | – | – | ||||||||||||||
Senior Notes TT, 2.80% fixed-rate, due February 2021 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021 | 575.0 | 575.0 | 575.0 | 575.0 | ||||||||||||
April 2020 364-Day Revolving Credit Agreement, variable-rate, due April 2021 | – | – | ||||||||||||||
September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021 | 0 | 0 | ||||||||||||||
Senior Notes VV, 3.50% fixed-rate, due February 2022 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022 | 650.0 | 650.0 | 650.0 | 650.0 | ||||||||||||
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 | ||||||||||||
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024 | – | – | 0 | 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 | 1,000.0 | 1,000.0 | ||||||||||||
Senior Notes YY, 3.125% fixed-rate, due July 2029 | 1,250.0 | 1,250.0 | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes AAA, 2.80% fixed-rate, due January 2030 | 1,000.0 | – | 1,250.0 | 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 | 1,250.0 | ||||||||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049 | 1,250.0 | 1,250.0 | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 | 1,250.0 | 1,250.0 | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes BBB, 3.70% fixed-rate, due January 2051 | 1,000.0 | – | 1,000.0 | 0 | ||||||||||||
Senior Notes DDD, 3.20% fixed-rate, due February 2052 | 1,000.0 | 0 | ||||||||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400.0 | 400.0 | 400.0 | 400.0 | ||||||||||||
Senior Notes CCC, 3.95% fixed rate, due January 2060 | 1,000.0 | – | 1,000.0 | 0 | ||||||||||||
TEPPCO senior debt obligations: | ||||||||||||||||
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 | 27,250.0 | 25,232.0 | 27,500.0 | 25,232.0 | ||||||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) | 232.2 | 232.2 | 232.2 | 232.2 | ||||||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2) | 700.0 | 700.0 | 700.0 | 700.0 | ||||||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3) | 1,000.0 | 1,000.0 | 1,000.0 | 1,000.0 | ||||||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4) | 700.0 | 700.0 | 700.0 | 700.0 | ||||||||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1) | 14.2 | 14.2 | 14.2 | 14.2 | ||||||||||||
Total principal amount of senior and junior debt obligations | 29,896.4 | 27,878.4 | 30,146.4 | 27,878.4 | ||||||||||||
Other, non-principal amounts | (286.2 | ) | (253.3 | ) | (284.4 | ) | (253.3 | ) | ||||||||
Less current maturities of debt | (2,325.0 | ) | (1,981.9 | ) | (1,325.0 | ) | (1,981.9 | ) | ||||||||
Total long-term debt | $ | 27,285.2 | $ | 25,643.2 | $ | 28,537.0 | $ | 25,643.2 |
(1) | Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("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 | 1.78% to 2.08% | 1.86% |
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations | $ | 29,896.4 | $ | 1,000.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 850.0 | $ | 24,071.4 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations | $ | 30,146.4 | $ | 0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 850.0 | $ | 25,321.4 |
Limited Partner Common Units Outstanding | Treasury Units | |||||||
Units outstanding at December 31, 2019 | 2,189,226,130 | – | ||||||
Common units issued in connection with settlement of Liquidity Option | 54,807,352 | – | ||||||
Treasury units acquired in connection with settlement of Liquidity Option | (54,807,352 | ) | 54,807,352 | |||||
Common unit repurchases under 2019 Buyback Program | (6,357,739 | ) | – | |||||
Common units issued in connection with the vesting of phantom unit awards, net | 2,912,214 | – | ||||||
Other | 19,638 | – | ||||||
Units outstanding at March 31, 2020 | 2,185,800,243 | 54,807,352 | ||||||
Common units issued in connection with the vesting of phantom unit awards, net | 96,190 | – | ||||||
Units outstanding at June 30, 2020 | 2,185,896,433 | 54,807,352 |
Common units outstanding at December 31, 2019 | 2,189,226,130 | |||
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option in March 2020 | 54,807,352 | |||
Treasury units acquired in connection with settlement of Liquidity Option in March 2020 | (54,807,352 | ) | ||
Common unit repurchases under 2019 Buyback Program | (6,357,739 | ) | ||
Common units issued in connection with the vesting of phantom unit awards, net | 2,912,214 | |||
Other | 19,638 | |||
Common units outstanding at March 31, 2020 | 2,185,800,243 | |||
Common units issued in connection with the vesting of phantom unit awards, net | 96,190 | |||
Common units outstanding at June 30, 2020 | 2,185,896,433 | |||
Common units exchanged for preferred units in September 2020, with the common units received being immediately cancelled | (1,120,588 | ) | ||
Common unit repurchases under 2019 Buyback Program | (1,984,507 | ) | ||
Common units issued in connection with the vesting of phantom unit awards, net | 89,641 | |||
Units outstanding at September 30, 2020 | 2,182,880,979 |
• | The Partnership may elect to redeem the preferred units for cash, in whole or in part, based on a redemption price outlined in the following schedule, plus any accrued and unpaid distributions at the redemption date: |
Cash Flow Hedges | Cash Flow Hedges | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income, December 31, 2019 | $ | 55.1 | $ | 13.9 | $ | 2.4 | $ | 71.4 | $ | 55.1 | $ | 13.9 | $ | 2.4 | $ | 71.4 | ||||||||||||||||
Other comprehensive income (loss) for period, before reclassifications | 396.9 | (284.2 | ) | (0.1 | ) | 112.6 | 392.7 | (207.7 | ) | (0.1 | ) | 184.9 | ||||||||||||||||||||
Reclassification of losses (gains) to net income during period | (364.3 | ) | 33.2 | – | (331.1 | ) | (334.8 | ) | 29.2 | 0 | (305.6 | ) | ||||||||||||||||||||
Total other comprehensive income (loss) for period | 32.6 | (251.0 | ) | (0.1 | ) | (218.5 | ) | 57.9 | (178.5 | ) | (0.1 | ) | (120.7 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), June 30, 2020 | $ | 87.7 | $ | (237.1 | ) | $ | 2.3 | $ | (147.1 | ) | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2020 | $ | 113.0 | $ | (164.6 | ) | $ | 2.3 | $ | (49.3 | ) |
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 | (13.7 | ) | (5.2 | ) | (0.6 | ) | (19.5 | ) | ||||||||
Reclassification of losses (gains) to net income during period | (60.5 | ) | 18.4 | – | (42.1 | ) | ||||||||||
Total other comprehensive income (loss) for period | (74.2 | ) | 13.2 | (0.6 | ) | (61.6 | ) | |||||||||
Accumulated Other Comprehensive Income (Loss), June 30, 2019 | $ | 78.5 | $ | (91.6 | ) | $ | 2.4 | $ | (10.7 | ) |
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 | 58.6 | (23.8 | ) | (0.6 | ) | 34.2 | ||||||||||
Reclassification of losses (gains) to net income during period | (152.0 | ) | 27.8 | 0 | (124.2 | ) | ||||||||||
Total other comprehensive income (loss) for period | (93.4 | ) | 4.0 | (0.6 | ) | (90.0 | ) | |||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2019 | $ | 59.3 | $ | (100.8 | ) | $ | 2.4 | $ | (39.1 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Losses (gains) on cash flow hedges: | Location | 2020 | 2019 | 2020 | 2019 | Location | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 9.7 | $ | 9.2 | $ | 33.2 | $ | 18.4 | Interest expense | $ | 9.9 | $ | 9.4 | $ | 29.2 | $ | 27.8 | ||||||||||||||||
Commodity derivatives | Revenue | (209.8 | ) | (2.5 | ) | (364.2 | ) | (67.8 | ) | Revenue | 19.5 | (93.6 | ) | (344.7 | ) | (161.4 | ) | |||||||||||||||||
Commodity derivatives | Operating costs and expenses | 1.1 | 0.3 | (0.1 | ) | 7.3 | Operating costs and expenses | 10.0 | 2.1 | 9.9 | 9.4 | |||||||||||||||||||||||
Total | $ | (199.0 | ) | $ | 7.0 | $ | (331.1 | ) | $ | (42.1 | ) | $ | 39.4 | $ | (82.1 | ) | $ | (305.6 | ) | $ | (124.2 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 1,934.1 | $ | 2,659.4 | $ | 4,353.3 | $ | 5,330.6 | $ | 2,048.4 | $ | 2,624.9 | $ | 6,401.7 | $ | 7,955.5 | ||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Natural gas processing and fractionation | 181.9 | 288.2 | 370.4 | 557.7 | 205.4 | 279.6 | 575.8 | 837.3 | ||||||||||||||||||||||||
Transportation | 249.9 | 243.9 | 514.9 | 519.2 | 254.7 | 248.2 | 769.6 | 767.4 | ||||||||||||||||||||||||
Storage and terminals | 110.4 | 93.2 | 205.8 | 191.6 | 105.5 | 99.4 | 311.3 | 291.0 | ||||||||||||||||||||||||
Total segment midstream services | 542.2 | 625.3 | 1,091.1 | 1,268.5 | 565.6 | 627.2 | 1,656.7 | 1,895.7 | ||||||||||||||||||||||||
Total NGL Pipelines & Services | 2,476.3 | 3,284.7 | 5,444.4 | 6,599.1 | 2,614.0 | 3,252.1 | 8,058.4 | 9,851.2 | ||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of crude oil | 1,146.7 | 2,531.7 | 2,843.6 | 4,860.1 | 1,216.1 | 2,130.0 | 4,059.7 | 6,990.1 | ||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Transportation | 195.8 | 205.3 | 414.2 | 389.0 | 189.3 | 209.1 | 603.5 | 598.1 | ||||||||||||||||||||||||
Storage and terminals | 120.7 | 129.6 | 244.3 | 224.8 | 116.2 | 139.2 | 360.5 | 364.0 | ||||||||||||||||||||||||
Total segment midstream services | 316.5 | 334.9 | 658.5 | 613.8 | 305.5 | 348.3 | 964.0 | 962.1 | ||||||||||||||||||||||||
Total Crude Oil Pipelines & Services | 1,463.2 | 2,866.6 | 3,502.1 | 5,473.9 | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of natural gas | 347.7 | 531.4 | 746.9 | 1,187.1 | 350.7 | 440.0 | 1,097.6 | 1,627.1 | ||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Transportation | 237.5 | 287.9 | 508.9 | 559.7 | 256.2 | 275.5 | 765.1 | 835.2 | ||||||||||||||||||||||||
Total segment midstream services | 237.5 | 287.9 | 508.9 | 559.7 | 256.2 | 275.5 | 765.1 | 835.2 | ||||||||||||||||||||||||
Total Natural Gas Pipelines & Services | 585.2 | 819.3 | 1,255.8 | 1,746.8 | 606.9 | 715.5 | 1,862.7 | 2,462.3 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,030.0 | 1,087.7 | 2,627.5 | 2,568.3 | 1,966.2 | 1,299.0 | 4,593.7 | 3,867.3 | ||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Fractionation, and isomerization | 38.6 | 41.5 | 74.4 | 82.3 | ||||||||||||||||||||||||||||
Fractionation and isomerization | 54.6 | 43.2 | 129.0 | 125.5 | ||||||||||||||||||||||||||||
Transportation, including marine logistics | 115.4 | 132.2 | 250.3 | 258.8 | 115.2 | 134.4 | 365.5 | 393.2 | ||||||||||||||||||||||||
Storage and terminals | 42.3 | 44.3 | 79.0 | 90.6 | 43.5 | 41.6 | 122.5 | 132.2 | ||||||||||||||||||||||||
Total segment midstream services | 196.3 | 218.0 | 403.7 | 431.7 | 213.3 | 219.2 | 617.0 | 650.9 | ||||||||||||||||||||||||
Total Petrochemical & Refined Products Services | 1,226.3 | 1,305.7 | 3,031.2 | 3,000.0 | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 | ||||||||||||||||||||||||
Total consolidated revenues | $ | 5,751.0 | $ | 8,276.3 | $ | 13,233.5 | $ | 16,819.8 | $ | 6,922.0 | $ | 7,964.1 | $ | 20,155.5 | $ | 24,783.9 |
Contract Asset | Location | Balance | Location | Balance | ||||||
Unbilled revenue (current amount) | Prepaid and other current assets | $ | 151.5 | Prepaid and other current assets | $ | 173.1 | ||||
Total | $ | 151.5 | $ | 173.1 |
Contract Liability | Location | Balance | Location | Balance | ||||||
Deferred revenue (current amount) | Other current liabilities | $ | 136.0 | Other current liabilities | $ | 162.0 | ||||
Deferred revenue (noncurrent) | Other long-term liabilities | 213.8 | Other long-term liabilities | 206.4 | ||||||
Total | $ | 349.8 | $ | 368.4 |
Unbilled Revenue | Deferred Revenue | Unbilled Revenue | Deferred Revenue | |||||||||||||
Balance at December 31, 2019 | $ | 17.6 | $ | 314.9 | $ | 17.6 | $ | 314.9 | ||||||||
Amount included in opening balance transferred to other accounts during period (1) | (4.2 | ) | (85.5 | ) | (17.6 | ) | (101.7 | ) | ||||||||
Amount recorded during period | 160.1 | 315.1 | 253.0 | 486.7 | ||||||||||||
Amounts recorded during period transferred to other accounts (1) | (22.0 | ) | (191.3 | ) | (79.9 | ) | (325.5 | ) | ||||||||
Other changes | – | (3.4 | ) | 0 | (6.0 | ) | ||||||||||
Balance at June 30, 2020 | $ | 151.5 | $ | 349.8 | ||||||||||||
Balance at September 30, 2020 | $ | 173.1 | $ | 368.4 |
(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. |
(2) | Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. |
Period | Fixed Consideration | Fixed Consideration | ||||||
Six Months Ended December 31, 2020 | $ | 1,980.1 | ||||||
Three Months Ended December 31, 2020 | $ | 988.5 | ||||||
One Year Ended December 31, 2021 | 3,741.3 | 3,804.7 | ||||||
One Year Ended December 31, 2022 | 3,350.2 | 3,375.9 | ||||||
One Year Ended December 31, 2023 | 3,057.1 | 3,016.8 | ||||||
One Year Ended December 31, 2024 | 2,866.6 | 2,848.3 | ||||||
Thereafter | 14,626.2 | 15,315.9 | ||||||
Total | $ | 29,621.5 | $ | 29,350.1 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating income | $ | 1,436.9 | $ | 1,560.3 | $ | 2,944.4 | $ | 3,186.5 | $ | 1,382.5 | $ | 1,474.2 | $ | 4,326.9 | $ | 4,660.7 | ||||||||||||||||
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 | 494.3 | 462.8 | 977.1 | 913.7 | 484.2 | 467.1 | 1,461.3 | 1,380.8 | ||||||||||||||||||||||||
Asset impairment and related charges in operating costs and expenses | 11.8 | 7.0 | 13.4 | 11.8 | 77.0 | 39.4 | 90.4 | 51.2 | ||||||||||||||||||||||||
Net gains attributable to asset sales in operating costs and expenses | (1.6 | ) | (2.1 | ) | (1.5 | ) | (2.5 | ) | (0.6 | ) | (0.1 | ) | (2.1 | ) | (2.6 | ) | ||||||||||||||||
General and administrative costs | 57.0 | 52.5 | 112.5 | 104.7 | 50.3 | 55.5 | 162.8 | 160.2 | ||||||||||||||||||||||||
Non-refundable payments received from shippers attributable to make-up rights (1) | 13.0 | 11.3 | 29.8 | 13.5 | 49.3 | 20.8 | 79.1 | 34.3 | ||||||||||||||||||||||||
Subsequent recognition of revenues attributable to make-up rights (2) | (8.5 | ) | (5.6 | ) | (15.6 | ) | (13.1 | ) | (9.4 | ) | (5.5 | ) | (25.0 | ) | (18.6 | ) | ||||||||||||||||
Total segment gross operating margin | $ | 2,002.9 | $ | 2,086.2 | $ | 4,060.1 | $ | 4,214.6 | $ | 2,033.3 | $ | 2,051.4 | $ | 6,093.4 | $ | 6,266.0 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 968.1 | $ | 966.3 | $ | 2,010.1 | $ | 1,925.5 | $ | 1,028.1 | $ | 1,008.3 | $ | 3,038.2 | $ | 2,933.8 | ||||||||||||||||
Crude Oil Pipelines & Services | 634.4 | 513.2 | 1,087.3 | 1,175.5 | 481.8 | 496.2 | 1,569.1 | 1,671.7 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 208.9 | 301.8 | 492.7 | 566.1 | 208.4 | 258.5 | 701.1 | 824.6 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 191.5 | 304.9 | 470.0 | 547.5 | 315.0 | 288.4 | 785.0 | 835.9 | ||||||||||||||||||||||||
Total segment gross operating margin | $ | 2,002.9 | $ | 2,086.2 | $ | 4,060.1 | $ | 4,214.6 | $ | 2,033.3 | $ | 2,051.4 | $ | 6,093.4 | $ | 6,266.0 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Mark-to-market gains (losses) in gross operating margin: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 35.7 | $ | (0.7 | ) | $ | 23.4 | $ | 0.6 | $ | (12.0 | ) | $ | (0.7 | ) | $ | 11.4 | $ | (0.1 | ) | ||||||||||||
Crude Oil Pipelines & Services | 8.1 | (14.6 | ) | 18.8 | 85.2 | 10.1 | 9.8 | 28.9 | 95.0 | |||||||||||||||||||||||
Natural Gas Pipelines & Services | (4.0 | ) | 0.3 | 24.8 | – | (14.8 | ) | 1.3 | 10.0 | 1.3 | ||||||||||||||||||||||
Petrochemical & Refined Products Services | 22.1 | 2.5 | 24.4 | (2.0 | ) | (21.0 | ) | (1.3 | ) | 3.4 | (3.3 | ) | ||||||||||||||||||||
Total mark-to-market impact on gross operating margin | $ | 61.9 | $ | (12.5 | ) | $ | 91.4 | $ | 83.8 | (37.7 | ) | 9.1 | 53.7 | 92.9 | ||||||||||||||||||
Mark-to-market loss in interest expense | 0 | (94.9 | ) | 0 | (94.9 | ) | ||||||||||||||||||||||||||
Total | $ | (37.7 | ) | $ | (85.8 | ) | $ | 53.7 | $ | (2.0 | ) |
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, 2020 | $ | 2,474.7 | $ | 1,461.3 | $ | 583.0 | $ | 1,226.3 | $ | – | $ | 5,745.3 | ||||||||||||
Three months ended June 30, 2019 | 3,282.2 | 2,847.0 | 815.6 | 1,305.7 | – | 8,250.5 | ||||||||||||||||||
Six months ended June 30, 2020 | 5,441.0 | 3,489.0 | 1,250.6 | 3,031.2 | – | 13,211.8 | ||||||||||||||||||
Six months ended June 30, 2019 | 6,593.8 | 5,448.6 | 1,739.3 | 3,000.0 | – | 16,781.7 | ||||||||||||||||||
Revenues from related parties: | ||||||||||||||||||||||||
Three months ended June 30, 2020 | 1.6 | 1.9 | 2.2 | – | – | 5.7 | ||||||||||||||||||
Three months ended June 30, 2019 | 2.5 | 19.6 | 3.7 | – | – | 25.8 | ||||||||||||||||||
Six months ended June 30, 2020 | 3.4 | 13.1 | 5.2 | – | – | 21.7 | ||||||||||||||||||
Six months ended June 30, 2019 | 5.3 | 25.3 | 7.5 | – | – | 38.1 | ||||||||||||||||||
Intersegment and intrasegment revenues: | ||||||||||||||||||||||||
Three months ended June 30, 2020 | 5,947.7 | 4,039.9 | 92.9 | 709.7 | (10,790.2 | ) | – | |||||||||||||||||
Three months ended June 30, 2019 | 4,494.8 | 9,453.3 | 163.1 | 617.9 | (14,729.1 | ) | – | |||||||||||||||||
Six months ended June 30, 2020 | 11,728.4 | 11,880.2 | 208.0 | 1,517.8 | (25,334.4 | ) | – | |||||||||||||||||
Six months ended June 30, 2019 | 9,986.2 | 17,338.3 | 358.5 | 1,332.3 | (29,015.3 | ) | – | |||||||||||||||||
Total revenues: | ||||||||||||||||||||||||
Three months ended June 30, 2020 | 8,424.0 | 5,503.1 | 678.1 | 1,936.0 | (10,790.2 | ) | 5,751.0 | |||||||||||||||||
Three months ended June 30, 2019 | 7,779.5 | 12,319.9 | 982.4 | 1,923.6 | (14,729.1 | ) | 8,276.3 | |||||||||||||||||
Six months ended June 30, 2020 | 17,172.8 | 15,382.3 | 1,463.8 | 4,549.0 | (25,334.4 | ) | 13,233.5 | |||||||||||||||||
Six months ended June 30, 2019 | 16,585.3 | 22,812.2 | 2,105.3 | 4,332.3 | (29,015.3 | ) | 16,819.8 | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | ||||||||||||||||||||||||
Three months ended June 30, 2020 | 28.8 | 84.1 | 1.3 | (0.9 | ) | – | 113.3 | |||||||||||||||||
Three months ended June 30, 2019 | 26.7 | 111.0 | 1.6 | (1.9 | ) | – | 137.4 | |||||||||||||||||
Six months ended June 30, 2020 | 61.5 | 191.4 | 2.9 | (1.7 | ) | – | 254.1 | |||||||||||||||||
Six months ended June 30, 2019 | 56.8 | 235.6 | 3.3 | (3.7 | ) | – | 292.0 |
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 September 30, 2020 | $ | 2,612.4 | $ | 1,518.0 | $ | 604.6 | $ | 2,179.5 | $ | 0 | $ | 6,914.5 | ||||||||||||
Three months ended September 30, 2019 | 3,250.1 | 2,467.9 | 712.3 | 1,518.2 | 0 | 7,948.5 | ||||||||||||||||||
Nine months ended September 30, 2020 | 8,053.4 | 5,007.0 | 1,855.2 | 5,210.7 | 0 | 20,126.3 | ||||||||||||||||||
Nine months ended September 30, 2019 | 9,843.9 | 7,916.5 | 2,451.6 | 4,518.2 | 0 | 24,730.2 | ||||||||||||||||||
Revenues from related parties: | ||||||||||||||||||||||||
Three months ended September 30, 2020 | 1.6 | 3.6 | 2.3 | 0 | 0 | 7.5 | ||||||||||||||||||
Three months ended September 30, 2019 | 2.0 | 10.4 | 3.2 | 0 | 0 | 15.6 | ||||||||||||||||||
Nine months ended September 30, 2020 | 5.0 | 16.7 | 7.5 | 0 | 0 | 29.2 | ||||||||||||||||||
Nine months ended September 30, 2019 | 7.3 | 35.7 | 10.7 | 0 | 0 | 53.7 | ||||||||||||||||||
Intersegment and intrasegment revenues: | ||||||||||||||||||||||||
Three months ended September 30, 2020 | 7,098.2 | 6,422.5 | 117.0 | 1,297.8 | (14,935.5 | ) | 0 | |||||||||||||||||
Three months ended September 30, 2019 | 4,729.3 | 9,479.7 | 141.7 | 558.1 | (14,908.8 | ) | 0 | |||||||||||||||||
Nine months ended September 30, 2020 | 18,826.6 | 18,302.7 | 325.0 | 2,815.6 | (40,269.9 | ) | 0 | |||||||||||||||||
Nine months ended September 30, 2019 | 14,715.5 | 26,818.0 | 500.2 | 1,890.4 | (43,924.1 | ) | 0 | |||||||||||||||||
Total revenues: | ||||||||||||||||||||||||
Three months ended September 30, 2020 | 9,712.2 | 7,944.1 | 723.9 | 3,477.3 | (14,935.5 | ) | 6,922.0 | |||||||||||||||||
Three months ended September 30, 2019 | 7,981.4 | 11,958.0 | 857.2 | 2,076.3 | (14,908.8 | ) | 7,964.1 | |||||||||||||||||
Nine months ended September 30, 2020 | 26,885.0 | 23,326.4 | 2,187.7 | 8,026.3 | (40,269.9 | ) | 20,155.5 | |||||||||||||||||
Nine months ended September 30, 2019 | 24,566.7 | 34,770.2 | 2,962.5 | 6,408.6 | (43,924.1 | ) | 24,783.9 | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | ||||||||||||||||||||||||
Three months ended September 30, 2020 | 29.3 | 51.8 | 1.4 | (0.5 | ) | 0 | 82.0 | |||||||||||||||||
Three months ended September 30, 2019 | 25.9 | 113.2 | 1.6 | (1.4 | ) | 0 | 139.3 | |||||||||||||||||
Nine months ended September 30, 2020 | 90.8 | 243.2 | 4.3 | (2.2 | ) | 0 | 336.1 | |||||||||||||||||
Nine months ended September 30, 2019 | 82.7 | 348.8 | 4.9 | (5.1 | ) | 0 | 431.3 |
Reportable Business Segments | Reportable Business Segments | |||||||||||||||||||||||||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | 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, 2020 | $ | 16,885.9 | $ | 6,412.8 | $ | 8,429.7 | $ | 7,530.6 | $ | 3,279.4 | $ | 42,538.4 | ||||||||||||||||||||||||||||||||||||
At September 30, 2020 | $ | 17,309.6 | $ | 6,503.6 | $ | 8,383.0 | $ | 7,695.0 | $ | 2,468.9 | $ | 42,360.1 | ||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 16,652.1 | 6,324.4 | 8,432.5 | 7,553.2 | 2,641.2 | 41,603.4 | 16,652.1 | 6,324.4 | 8,432.5 | 7,553.2 | 2,641.2 | 41,603.4 | ||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) | ||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2020 | 685.9 | 1,828.7 | 28.5 | 4.3 | – | 2,547.4 | ||||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | 676.4 | 1,774.8 | 29.9 | 4.3 | 0 | 2,485.4 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 703.8 | 1,866.5 | 27.3 | 2.6 | – | 2,600.2 | 703.8 | 1,866.5 | 27.3 | 2.6 | 0 | 2,600.2 | ||||||||||||||||||||||||||||||||||||
Intangible assets, net: (see Note 6) | ||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2020 | 347.4 | 1,968.8 | 921.4 | 141.8 | – | 3,379.4 | ||||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | 341.2 | 1,952.4 | 915.1 | 139.9 | 0 | 3,348.6 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 360.2 | 2,001.9 | 941.2 | 145.7 | – | 3,449.0 | 360.2 | 2,001.9 | 941.2 | 145.7 | 0 | 3,449.0 | ||||||||||||||||||||||||||||||||||||
Goodwill: (see Note 6) | ||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2020 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | – | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | 0 | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | – | 5,745.2 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | 0 | 5,745.2 | ||||||||||||||||||||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2020 | 20,570.9 | 12,051.3 | 9,675.9 | 8,632.9 | 3,279.4 | 54,210.4 | ||||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | 20,978.9 | 12,071.8 | 9,624.3 | 8,795.4 | 2,468.9 | 53,939.3 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 20,367.8 | 12,033.8 | 9,697.3 | 8,657.7 | 2,641.2 | 53,397.8 | 20,367.8 | 12,033.8 | 9,697.3 | 8,657.7 | 2,641.2 | 53,397.8 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Consolidated revenues: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 2,476.3 | $ | 3,284.7 | $ | 5,444.4 | $ | 6,599.1 | $ | 2,614.0 | $ | 3,252.1 | $ | 8,058.4 | $ | 9,851.2 | ||||||||||||||||
Crude Oil Pipelines & Services | 1,463.2 | 2,866.6 | 3,502.1 | 5,473.9 | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 585.2 | 819.3 | 1,255.8 | 1,746.8 | 606.9 | 715.5 | 1,862.7 | 2,462.3 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 1,226.3 | 1,305.7 | 3,031.2 | 3,000.0 | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 | ||||||||||||||||||||||||
Total consolidated revenues | $ | 5,751.0 | $ | 8,276.3 | $ | 13,233.5 | $ | 16,819.8 | $ | 6,922.0 | $ | 7,964.1 | $ | 20,155.5 | $ | 24,783.9 | ||||||||||||||||
Consolidated costs and expenses | ||||||||||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 3,195.2 | $ | 5,609.4 | $ | 8,018.2 | $ | 11,445.0 | $ | 4,313.7 | $ | 5,276.5 | $ | 12,331.9 | $ | 16,721.5 | ||||||||||||||||
Other operating costs and expenses (1) | 670.7 | 723.8 | 1,423.5 | 1,452.6 | 696.9 | 790.8 | 2,120.4 | 2,243.4 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 494.3 | 462.8 | 977.1 | 913.7 | 484.2 | 467.1 | 1,461.3 | 1,380.8 | ||||||||||||||||||||||||
Asset impairment and related charges | 11.8 | 7.0 | 13.4 | 11.8 | 77.0 | 39.4 | 90.4 | 51.2 | ||||||||||||||||||||||||
Net gains attributable to asset sales | (1.6 | ) | (2.1 | ) | (1.5 | ) | (2.5 | ) | (0.6 | ) | (0.1 | ) | (2.1 | ) | (2.6 | ) | ||||||||||||||||
General and administrative costs | 57.0 | 52.5 | 112.5 | 104.7 | 50.3 | 55.5 | 162.8 | 160.2 | ||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 4,427.4 | $ | 6,853.4 | $ | 10,543.2 | $ | 13,925.3 | $ | 5,621.5 | $ | 6,629.2 | $ | 16,164.7 | $ | 20,554.5 |
(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. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Deferred tax benefit (expense) attributable to OTA | $ | 21.3 | $ | 158.0 | ||||||||||||
Texas Margin Tax | (7.2 | ) | $ | (15.5 | ) | (21.9 | ) | $ | (36.5 | ) | ||||||
Other | 5.0 | 0.1 | 2.5 | (0.9 | ) | |||||||||||
Benefit from (provision for) income taxes | $ | 19.1 | $ | (15.4 | ) | $ | 138.6 | $ | (37.4 | ) |
Deferred tax liability at March 5, 2020 | $ | 439.7 | ||||||
Impact of change in fair value of units on deferred tax liability: | ||||||||
Change in fair value of 54,807,352 EPD common units held by OTA (1) | $ | (301.4 | ) | |||||
Multiplied by estimated blended federal and state tax rate | 22.4 | % | (67.4 | ) | ||||
Other, including interim allocations of taxable income | 2.9 | |||||||
Deferred tax liability at June 30, 2020 | $ | 375.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Current portion of income tax provision (benefit): | ||||||||||||||||||||||||||||||||
Current portion of income tax benefit (provision): | ||||||||||||||||||||||||||||||||
Federal | $ | 2.2 | $ | (0.4 | ) | $ | 2.3 | $ | 0.5 | $ | 5.3 | $ | 0.4 | $ | 3.0 | $ | (0.1 | ) | ||||||||||||||
State | 4.1 | 7.5 | 8.7 | 16.5 | (4.7 | ) | (9.1 | ) | (13.4 | ) | (25.6 | ) | ||||||||||||||||||||
Foreign | – | 0.2 | 0.2 | 0.8 | 0.2 | 0 | 0 | (0.8 | ) | |||||||||||||||||||||||
Total current portion | 6.3 | 7.3 | 11.2 | 17.8 | 0.8 | (8.7 | ) | (10.4 | ) | (26.5 | ) | |||||||||||||||||||||
Deferred portion of income tax provision (benefit): | ||||||||||||||||||||||||||||||||
Deferred portion of income tax benefit (provision): | ||||||||||||||||||||||||||||||||
Federal | 46.4 | – | (126.4 | ) | (0.1 | ) | 18.7 | (0.3 | ) | 145.1 | (0.2 | ) | ||||||||||||||||||||
State | 7.0 | 2.6 | (4.3 | ) | 4.5 | (0.4 | ) | (6.4 | ) | 3.9 | (10.9 | ) | ||||||||||||||||||||
Foreign | – | (0.2 | ) | – | (0.2 | ) | 0 | 0 | 0 | 0.2 | ||||||||||||||||||||||
Total deferred portion | 53.4 | 2.4 | (130.7 | ) | 4.2 | 18.3 | (6.7 | ) | 149.0 | (10.9 | ) | |||||||||||||||||||||
Total provision for (benefit from) income taxes | $ | 59.7 | $ | 9.7 | $ | (119.5 | ) | $ | 22.0 | |||||||||||||||||||||||
Total benefit from (provision for) income taxes | $ | 19.1 | $ | (15.4 | ) | $ | 138.6 | $ | (37.4 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Pre-Tax Net Book Income (“NBI”) | $ | 1,120.5 | $ | 1,246.2 | $ | 2,316.3 | $ | 2,538.9 | $ | 1,064.9 | $ | 1,060.2 | $ | 3,381.2 | $ | 3,599.1 | ||||||||||||||||
Texas Margin Tax (1) | 7.0 | 10.1 | 14.7 | 21.0 | (7.2 | ) | (15.5 | ) | (21.9 | ) | (36.5 | ) | ||||||||||||||||||||
State income tax provision (benefit), net of federal benefit (2) | 3.2 | 0.1 | (8.1 | ) | 0.3 | |||||||||||||||||||||||||||
Federal income tax provision (benefit) computed by applying the federal statutory rate to NBI of corporate entities | 49.5 | (0.5 | ) | (58.3 | ) | 0.7 | ||||||||||||||||||||||||||
State income tax benefit (provision), net of federal benefit (2) | 1.6 | 0 | 9.7 | (0.3 | ) | |||||||||||||||||||||||||||
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities | 25.1 | 0.1 | 83.4 | (0.6 | ) | |||||||||||||||||||||||||||
Federal benefit attributable to settlement of Liquidity Option (2) | – | – | (67.8 | ) | – | 0 | 0 | 67.8 | 0 | |||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 59.7 | $ | 9.7 | $ | (119.5 | ) | $ | 22.0 | |||||||||||||||||||||||
Other differences | (0.4 | ) | 0 | (0.4 | ) | 0 | ||||||||||||||||||||||||||
Benefit from (provision for) income taxes | $ | 19.1 | $ | (15.4 | ) | $ | 138.6 | $ | (37.4 | ) | ||||||||||||||||||||||
Effective income tax rate | 5.3 | % | 0.8 | % | (5.2 | )% | 0.9 | % | 1.8 | % | (1.5 | )% | 4.1 | % | (1.0 | )% |
(1) | Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. |
(2) | The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit. |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Attributable to investment in OTA | $ | 375.2 | $ | 353.9 | ||||||||||||
Attributable to property, plant and equipment | 105.6 | $ | 100.2 | 107.9 | $ | 100.2 | ||||||||||
Attributable to investments in other entities | 3.4 | 3.3 | 4.2 | 3.3 | ||||||||||||
Total deferred tax liabilities | 484.2 | 103.5 | 466.0 | 103.5 | ||||||||||||
Less deferred tax assets: | ||||||||||||||||
Net operating loss carryovers (1) | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Temporary differences related to Texas Margin Tax | 2.5 | 3.0 | 2.6 | 3.0 | ||||||||||||
Total deferred tax assets | 2.6 | 3.1 | 2.7 | 3.1 | ||||||||||||
Total net deferred tax liabilities | $ | 481.6 | $ | 100.4 | $ | 463.3 | $ | 100.4 |
(1) | These losses expire in various years between 2020 and 2037 and are subject to limitations on their utilization. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
BASIC EARNINGS PER UNIT | ||||||||||||||||
Net income attributable to limited partners | $ | 1,034.7 | $ | 1,214.7 | $ | 2,384.8 | $ | 2,475.2 | ||||||||
Earnings allocated to phantom unit awards (1) | (7.5 | ) | (7.4 | ) | (17.4 | ) | (15.2 | ) | ||||||||
Net income available to common unitholders | $ | 1,027.2 | $ | 1,207.3 | $ | 2,367.4 | $ | 2,460.0 | ||||||||
Basic weighted-average number of common units outstanding | 2,185.9 | 2,189.1 | 2,187.4 | �� | 2,188.1 | |||||||||||
Basic earnings per unit | $ | 0.47 | $ | 0.55 | $ | 1.08 | $ | 1.12 | ||||||||
DILUTED EARNINGS PER UNIT | ||||||||||||||||
Net income attributable to limited partners | $ | 1,034.7 | $ | 1,214.7 | $ | 2,384.8 | $ | 2,475.2 | ||||||||
Diluted weighted-average number of units outstanding: | ||||||||||||||||
Distribution-bearing common units | 2,185.9 | 2,189.1 | 2,187.4 | 2,188.1 | ||||||||||||
Phantom units (1) | 16.0 | 13.5 | 15.6 | 13.0 | ||||||||||||
Total | 2,201.9 | 2,202.6 | 2,203.0 | 2,201.1 | ||||||||||||
Diluted earnings per unit | $ | 0.47 | $ | 0.55 | $ | 1.08 | $ | 1.12 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
BASIC EARNINGS PER COMMON UNIT | ||||||||||||||||
Net income attributable to common unitholders | $ | 1,052.6 | $ | 1,019.2 | $ | 3,437.4 | $ | 3,494.4 | ||||||||
Earnings allocated to phantom unit awards (1) | (7.5 | ) | (6.1 | ) | (24.9 | ) | (21.3 | ) | ||||||||
Net income allocated to common unitholders | $ | 1,045.1 | $ | 1,013.1 | $ | 3,412.5 | $ | 3,473.1 | ||||||||
Basic weighted-average number of common units outstanding | 2,185.5 | 2,189.1 | 2,186.7 | 2,188.4 | ||||||||||||
Basic earnings per common unit | $ | 0.48 | $ | 0.46 | $ | 1.56 | $ | 1.59 | ||||||||
DILUTED EARNINGS PER COMMON UNIT | ||||||||||||||||
Net income attributable to common unitholders | $ | 1,052.6 | $ | 1,019.2 | $ | 3,437.4 | $ | 3,494.4 | ||||||||
Diluted weighted-average number of units outstanding: | ||||||||||||||||
Common units | 2,185.5 | 2,189.1 | 2,186.7 | 2,188.4 | ||||||||||||
Phantom units (2) | 15.9 | 13.2 | 15.7 | 13.1 | ||||||||||||
Preferred units (2) | 0 | * | 0 | 0 | * | 0 | ||||||||||
Total | 2,201.4 | 2,202.3 | 2,202.4 | 2,201.5 | ||||||||||||
Diluted earnings per common unit | $ | 0.48 | $ | 0.46 | $ | 1.56 | $ | 1.59 | ||||||||
* Amount is negligible |
(1) | Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding |
(2) | We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding. See Note 8 for information regarding the preferred units issued on September 30, 2020. Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Equity-classified awards: | ||||||||||||||||||||||||||||||||
Phantom unit awards | $ | 39.6 | $ | 35.5 | $ | 75.8 | $ | 64.9 | $ | 37.3 | $ | 34.7 | $ | 113.1 | $ | 99.6 | ||||||||||||||||
Profits interest awards | 2.1 | 3.0 | 5.0 | 5.6 | 2.2 | 2.5 | 7.2 | 8.1 | ||||||||||||||||||||||||
Liability-classified awards | 0 | 0.1 | 0 | 0.1 | ||||||||||||||||||||||||||||
Total | $ | 41.7 | $ | 38.5 | $ | 80.8 | $ | 70.5 | $ | 39.5 | $ | 37.3 | $ | 120.3 | $ | 107.8 |
Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | |||||||||||||
Phantom unit awards at December 31, 2019 | 12,974,684 | $ | 27.21 | 12,974,684 | $ | 27.21 | ||||||||||
Granted (2) | 7,400,345 | $ | 25.72 | 7,403,345 | $ | 25.71 | ||||||||||
Vested | (4,333,916 | ) | $ | 26.34 | (4,447,460 | ) | $ | 26.35 | ||||||||
Forfeited | (63,539 | ) | $ | 26.82 | (130,774 | ) | $ | 26.74 | ||||||||
Phantom unit awards at June 30, 2020 | 15,977,574 | $ | 26.76 | |||||||||||||
Phantom unit awards at September 30, 2020 | 15,799,795 | $ | 26.75 |
(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 2020 was |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Cash payments made in connection with DERs | $ | 7.1 | $ | 6.0 | $ | 12.9 | $ | 10.5 | $ | 7.1 | $ | 5.9 | $ | 20.0 | $ | 16.4 | ||||||||||||||||
Total intrinsic value of phantom unit awards that vested during period | 2.2 | 4.7 | 111.4 | 101.7 | 2.0 | 7.2 | 113.4 | 108.9 |
Hedged Transaction | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Weighted-Average Fixed Rate Locked | Accounting Treatment |
Future long-term debt offering | 1 forward-starting swap | $75.0 | 4/2021 | 2.41% | Cash flow hedge |
Future long-term debt offering | 5 forward-starting swaps | $500.0 | 4/2021 | 2.13% | Cash flow hedge |
Future long-term debt offering | 2 forward-starting swaps (1) | $150.0 | 2/2022 | 1.72% | Cash flow hedge |
Future long-term debt offering | 1 forward starting swap (1) | $100.0 | 4/2021 | 1.46% | Cash flow hedge |
Future long-term debt offering | 2 forward starting swaps (1) | $150.0 | 2/2022 | 1.48% | Cash flow hedge |
Future long-term debt offering | 2 forward starting swaps (1) | $100.0 | 2/2022 | 0.95% | Cash flow hedge |
(1) | These swaps were entered into during the first quarter of 2020. |
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”)) | 12.7 | n/a | Cash flow hedge | 7.4 | n/a | Cash flow hedge |
Forecasted sales of NGLs (million barrels (“MMBbls”)) | 0.1 | n/a | Cash flow hedge | 1.1 | n/a | Cash flow hedge |
Octane enhancement: | ||||||
Forecasted purchase of NGLs (MMBbls) | 0.6 | n/a | Cash flow hedge | 0.3 | n/a | Cash flow hedge |
Forecasted sales of octane enhancement products (MMBbls) | 8.9 | n/a | Cash flow hedge | 1.2 | n/a | Cash flow hedge |
Natural gas marketing: | ||||||
Forecasted purchase of natural gas (Bcf) | 1.8 | n/a | Cash flow hedge | |||
Natural gas storage inventory management activities (Bcf) | 5.9 | n/a | Fair value hedge | 5.2 | n/a | Fair value hedge |
NGL marketing: | ||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 157.9 | 4.6 | Cash flow hedge | 143.3 | 5.6 | Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 162.4 | 15.6 | Cash flow hedge | 179.7 | 16.6 | Cash flow hedge |
NGLs inventory management activities (MMBbls) | 1.8 | n/a | Fair value hedge | 0.8 | 0.7 | Fair value hedge |
Refined products marketing: | ||||||
Forecasted purchases of refined products (MMBbls) | 46.8 | 15.4 | Cash flow hedge | 46.8 | 8.1 | Cash flow hedge |
Forecasted sales of refined products (MMBbls) | 52.5 | 18.7 | Cash flow hedge | 54.0 | 11.5 | Cash flow hedge |
Refined products inventory management activities (MMBbls) | 3.9 | n/a | Fair value hedge | 0.1 | n/a | Fair value hedge |
Crude oil marketing: | ||||||
Forecasted purchases of crude oil (MMBbls) | 78.2 | n/a | Cash flow hedge | 51.0 | n/a | Cash flow hedge |
Forecasted sales of crude oil (MMBbls) | 88.7 | n/a | Cash flow hedge | 65.2 | n/a | Cash flow hedge |
Petrochemical marketing: | ||||||
Forecasted sales of petrochemical products (MMBbls) | 1.2 | n/a | Cash flow hedge | 0.3 | n/a | Cash flow hedge |
Commercial energy: | ||||||
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) | 0.3 | n/a | Cash flow hedge | |||
Derivatives not designated as hedging instruments: | ||||||
Natural gas risk management activities (Bcf) (3,4) | 44.2 | 2.1 | Mark-to-market | |||
Natural gas risk management activities (Bcf) (4) | 37.9 | 0.7 | Mark-to-market | |||
NGL risk management activities (MMBbls) (4) | 21.4 | 8.4 | Mark-to-market | 26.4 | 10.8 | Mark-to-market |
Refined products risk management activities (MMBbls) (4) | 4.0 | n/a | Mark-to-market | 4.0 | n/a | Mark-to-market |
Crude oil risk management activities (MMBbls) (4) | 28.8 | 7.7 | Mark-to-market | 19.5 | 5.9 | Mark-to-market |
Commercial energy risk management activities (TWh) (4) | 0.1 | n/a | 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 2022, |
(3) | |
(4) | Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage |
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Interest rate derivatives | Current assets | $ | – | Current assets | $ | – | Current liabilities | $ | 200.6 | Current liabilities | $ | 6.7 | Current assets | $ | 0 | Current assets | $ | 0 | Current liabilities | $ | 160.7 | Current liabilities | $ | 6.7 | ||||||
Interest rate derivatives | Other assets | – | Other assets | – | Other liabilities | 49.9 | Other liabilities | 6.8 | Other assets | 5.7 | Other assets | 0 | Other liabilities | 32.9 | Other liabilities | 6.8 | ||||||||||||||
Total interest rate derivatives | – | – | 250.5 | 13.5 | 5.7 | 0 | 193.6 | 13.5 | ||||||||||||||||||||||
Commodity derivatives | Current assets | 165.3 | Current assets | 116.5 | Current liabilities | 168.2 | Current liabilities | 107.1 | Current assets | 109.3 | Current assets | 116.5 | Current liabilities | 159.4 | Current liabilities | 107.1 | ||||||||||||||
Commodity derivatives | Other assets | 1.8 | Other assets | – | Other liabilities | 10.2 | Other liabilities | – | Other assets | 4.3 | Other assets | 0 | Other liabilities | 20.2 | Other liabilities | 0 | ||||||||||||||
Total commodity derivatives | 167.1 | 116.5 | 178.4 | 107.1 | 113.6 | 116.5 | 179.6 | 107.1 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 167.1 | $ | 116.5 | $ | 428.9 | $ | 120.6 | $ | 119.3 | $ | 116.5 | $ | 373.2 | $ | 120.6 | ||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||
Commodity derivatives | Current assets | $ | 44.4 | Current assets | $ | 10.7 | Current liabilities | $ | 16.6 | Current liabilities | $ | 8.6 | Current assets | $ | 23.6 | Current assets | $ | 10.7 | Current liabilities | $ | 9.6 | Current liabilities | $ | 8.6 | ||||||
Commodity derivatives | Other assets | 3.5 | Other assets | 0.6 | Other liabilities | 1.7 | Other liabilities | 0.5 | Other assets | 2.2 | Other assets | 0.6 | Other liabilities | 1.0 | Other liabilities | 0.5 | ||||||||||||||
Total commodity derivatives | 47.9 | 11.3 | 18.3 | 9.1 | 25.8 | 11.3 | 10.6 | 9.1 | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 47.9 | $ | 11.3 | $ | 18.3 | $ | 9.1 | $ | 25.8 | $ | 11.3 | $ | 10.6 | $ | 9.1 |
Offsetting of Financial Assets and Derivative Assets | 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 | 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 | Financial Instruments | Cash Collateral Received | Cash Collateral Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | (i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 5.7 | $ | 0 | $ | 5.7 | $ | 0 | $ | 0 | $ | 0 | $ | 5.7 | ||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | 215.0 | $ | – | $ | 215.0 | $ | (188.6 | ) | $ | – | $ | (24.0 | ) | $ | 2.4 | $ | 139.4 | $ | 0 | $ | 139.4 | $ | (139.4 | ) | $ | 0 | $ | 50.4 | $ | 50.4 | |||||||||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | 127.8 | $ | – | $ | 127.8 | $ | (115.3 | ) | $ | – | $ | (11.0 | ) | $ | 1.5 | $ | 127.8 | $ | 0 | $ | 127.8 | $ | (115.3 | ) | $ | 0 | $ | (11.0 | ) | $ | 1.5 |
Offsetting of Financial Liabilities and Derivative Liabilities | 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 | 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 | Financial Instruments | Cash Collateral Received | Cash Collateral Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | (i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 250.5 | $ | – | $ | 250.5 | $ | – | $ | – | $ | – | $ | 250.5 | $ | 193.6 | $ | 0 | $ | 193.6 | $ | 0 | $ | 0 | $ | 0 | $ | 193.6 | ||||||||||||||||||||||||||||
Commodity derivatives | 196.7 | – | 196.7 | (188.6 | ) | – | – | 8.1 | 190.2 | 0 | 190.2 | (139.4 | ) | 0 | 0 | 50.8 | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 13.5 | $ | – | $ | 13.5 | $ | – | $ | – | $ | – | $ | 13.5 | $ | 13.5 | $ | 0 | $ | 13.5 | $ | 0 | $ | 0 | $ | 0 | $ | 13.5 | ||||||||||||||||||||||||||||
Commodity derivatives | 116.2 | – | 116.2 | (115.3 | ) | – | – | 0.9 | 116.2 | 0 | 116.2 | (115.3 | ) | 0 | 0 | 0.9 |
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||
Commodity derivatives | Revenue | (63.7 | ) | 6.9 | (49.3 | ) | (1.6 | ) | Revenue | $ | (19.8 | ) | $ | (0.4 | ) | $ | (69.1 | ) | $ | (2.0 | ) | |||||||||||||
Total | $ | (63.7 | ) | $ | 6.9 | $ | (49.3 | ) | $ | (1.6 | ) | $ | (19.8 | ) | $ | (0.4 | ) | $ | (69.1 | ) | $ | (2.0 | ) |
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||
Commodity derivatives | Revenue | 126.7 | (3.6 | ) | 117.3 | 6.3 | Revenue | $ | 22.4 | $ | 2.4 | 142.6 | $ | 8.7 | ||||||||||||||||||||
Total | $ | 126.7 | $ | (3.6 | ) | $ | 117.3 | $ | 6.3 | $ | 22.4 | $ | 2.4 | $ | 142.6 | $ | 8.7 |
Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 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, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Interest rate derivatives | $ | 7.8 | $ | (5.2 | ) | $ | (284.2 | ) | $ | (5.2 | ) | $ | 62.6 | $ | (18.6 | ) | $ | (207.7 | ) | $ | (23.8 | ) | ||||||||||
Commodity derivatives – Revenue (1) | (75.9 | ) | 84.3 | 401.9 | (2.4 | ) | 2.6 | 73.5 | 404.5 | 71.1 | ||||||||||||||||||||||
Commodity derivatives – Operating costs and expenses (1) | (2.3 | ) | (2.8 | ) | (5.0 | ) | (11.3 | ) | (6.8 | ) | (1.2 | ) | (11.8 | ) | (12.5 | ) | ||||||||||||||||
Total | $ | (70.4 | ) | $ | 76.3 | $ | 112.7 | $ | (18.9 | ) | $ | 58.4 | $ | 53.7 | $ | 185.0 | $ | 34.8 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Interest rate derivatives | Interest expense | $ | (9.7 | ) | $ | (9.2 | ) | $ | (33.2 | ) | $ | (18.4 | ) | ||||
Commodity derivatives | Revenue | 209.8 | 2.5 | 364.2 | 67.8 | ||||||||||||
Commodity derivatives | Operating costs and expenses | (1.1 | ) | (0.3 | ) | 0.1 | (7.3 | ) | |||||||||
Total | $ | 199.0 | $ | (7.0 | ) | $ | 331.1 | $ | 42.1 |
Derivatives in Cash Flow Hedging Relationships | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Interest rate derivatives | Interest expense | $ | (9.9 | ) | $ | (9.4 | ) | $ | (29.2 | ) | $ | (27.8 | ) | ||||
Commodity derivatives | Revenue | (19.5 | ) | 93.6 | 344.7 | 161.4 | |||||||||||
Commodity derivatives | Operating costs and expenses | (10.0 | ) | (2.1 | ) | (9.9 | ) | (9.4 | ) | ||||||||
Total | $ | (39.4 | ) | $ | 82.1 | $ | 305.6 | $ | 124.2 |
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | – | $ | – | $ | – | $ | – | Interest expense | $ | 0 | $ | (94.9 | ) | $ | 0 | $ | (94.9 | ) | ||||||||||||||
Commodity derivatives | Revenue | 45.7 | (20.2 | ) | 98.7 | 74.9 | Revenue | 14.7 | 21.8 | 113.4 | 96.7 | |||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | 0.9 | (4.8 | ) | 0.8 | (4.7 | ) | Operating costs and expenses | 0.1 | (1.6 | ) | 0.9 | (6.3 | ) | ||||||||||||||||||||
Total | $ | 46.6 | $ | (25.0 | ) | $ | 99.5 | $ | 70.2 | $ | 14.8 | $ | (74.7 | ) | $ | 114.3 | $ | (4.5 | ) |
At June 30, 2020 Fair Value Measurements Using | At September 30, 2020 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 | $ | 5.7 | $ | 0 | $ | 5.7 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | $ | 999.1 | $ | 635.9 | $ | 28.9 | $ | 1,663.9 | 442.4 | 454.1 | 52.7 | 949.2 | ||||||||||||||||||||
Impact of CME Rule 814 | (973.4 | ) | (451.5 | ) | (24.0 | ) | (1,448.9 | ) | (417.8 | ) | (352.3 | ) | (39.7 | ) | (809.8 | ) | ||||||||||||||||
Total commodity derivatives | 25.7 | 184.4 | 4.9 | 215.0 | 24.6 | 101.8 | 13.0 | 139.4 | ||||||||||||||||||||||||
Total | $ | 25.7 | $ | 184.4 | $ | 4.9 | $ | 215.0 | $ | 24.6 | $ | 107.5 | $ | 13.0 | $ | 145.1 | ||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | – | $ | 250.5 | $ | – | $ | 250.5 | $ | 0 | $ | 193.6 | $ | 0 | $ | 193.6 | ||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 1,207.1 | 605.3 | 48.9 | 1,861.3 | 637.9 | 567.9 | 100.2 | 1,306.0 | ||||||||||||||||||||||||
Impact of CME Rule 814 | (1,181.6 | ) | (447.9 | ) | (35.1 | ) | (1,664.6 | ) | (613.6 | ) | (433.5 | ) | (68.7 | ) | (1,115.8 | ) | ||||||||||||||||
Total commodity derivatives | 25.5 | 157.4 | 13.8 | 196.7 | 24.3 | 134.4 | 31.5 | 190.2 | ||||||||||||||||||||||||
Total | $ | 25.5 | $ | 407.9 | $ | 13.8 | $ | 447.2 | $ | 24.3 | $ | 328.0 | $ | 31.5 | $ | 383.8 |
At December 31, 2019 Fair Value Measurements Using | At December 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: | ||||||||||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | $ | 53.4 | $ | 343.7 | $ | 0.1 | $ | 397.2 | $ | 53.4 | $ | 343.7 | $ | 0.1 | $ | 397.2 | ||||||||||||||||
Impact of CME Rule 814 | (47.0 | ) | (222.4 | ) | – | (269.4 | ) | (47.0 | ) | (222.4 | ) | 0 | (269.4 | ) | ||||||||||||||||||
Total commodity derivatives | 6.4 | 121.3 | 0.1 | 127.8 | 6.4 | 121.3 | 0.1 | 127.8 | ||||||||||||||||||||||||
Total | $ | 6.4 | $ | 121.3 | $ | 0.1 | $ | 127.8 | $ | 6.4 | $ | 121.3 | $ | 0.1 | $ | 127.8 | ||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option (see Note 8) | $ | – | $ | – | $ | 509.6 | $ | 509.6 | $ | 0 | $ | 0 | $ | 509.6 | $ | 509.6 | ||||||||||||||||
Interest rate derivatives | – | 13.5 | – | 13.5 | 0 | 13.5 | 0 | 13.5 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 88.1 | 273.6 | 0.3 | 362.0 | 88.1 | 273.6 | 0.3 | 362.0 | ||||||||||||||||||||||||
Impact of CME Rule 814 | (81.9 | ) | (163.9 | ) | – | (245.8 | ) | (81.9 | ) | (163.9 | ) | 0 | (245.8 | ) | ||||||||||||||||||
Total commodity derivatives | 6.2 | 109.7 | 0.3 | 116.2 | 6.2 | 109.7 | 0.3 | 116.2 | ||||||||||||||||||||||||
Total | $ | 6.2 | $ | 123.2 | $ | 509.9 | $ | 639.3 | $ | 6.2 | $ | 123.2 | $ | 509.9 | $ | 639.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Revenues – related parties: | ||||||||||||||||||||||||||||||||
Unconsolidated affiliates | $ | 5.7 | $ | 25.8 | $ | 21.7 | $ | 38.1 | $ | 7.5 | $ | 15.6 | $ | 29.2 | $ | 53.7 | ||||||||||||||||
Costs and expenses – related parties: | ||||||||||||||||||||||||||||||||
EPCO and its privately held affiliates | $ | 277.1 | $ | 267.2 | $ | 563.1 | $ | 540.1 | $ | 283.9 | $ | 297.8 | $ | 847.0 | $ | 837.9 | ||||||||||||||||
Unconsolidated affiliates | 62.6 | 95.3 | 134.1 | 218.6 | 33.1 | 94.7 | 167.2 | 313.3 | ||||||||||||||||||||||||
Total | $ | 339.7 | $ | 362.5 | $ | 697.2 | $ | 758.7 | $ | 317.0 | $ | 392.5 | $ | 1,014.2 | $ | 1,151.2 |
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||
Accounts receivable - related parties: | ||||||||||||||||
EPCO and its privately held affiliates | $ | 2.2 | $ | 0 | ||||||||||||
Unconsolidated affiliates | $ | 2.6 | $ | 2.5 | 1.9 | 2.5 | ||||||||||
Total | $ | 4.1 | $ | 2.5 | ||||||||||||
Accounts payable - related parties: | ||||||||||||||||
EPCO and its privately held affiliates | $ | 78.4 | $ | 143.7 | $ | 113.8 | $ | 143.7 | ||||||||
Unconsolidated affiliates | 10.9 | 18.6 | 7.5 | 18.6 | ||||||||||||
Total | $ | 89.3 | $ | 162.3 | $ | 121.3 | $ | 162.3 |
Total Number of Units | Percentage of Total Units Outstanding |
701,969,275 | 32.1% |
Total Number of Limited Partner Interests Held | Percentage of Limited Partner Interests Outstanding |
701,981,017 common units | 32.2% |
15,000 preferred units | 30.0% |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating costs and expenses | $ | 241.9 | $ | 233.6 | $ | 493.1 | $ | 472.7 | $ | 247.8 | $ | 259.3 | $ | 740.9 | $ | 732.0 | ||||||||||||||||
General and administrative expenses | 32.0 | 29.4 | 62.5 | 58.7 | 32.1 | 34.2 | 94.6 | 92.9 | ||||||||||||||||||||||||
Total costs and expenses | $ | 273.9 | $ | 263.0 | $ | 555.6 | $ | 531.4 | $ | 279.9 | $ | 293.5 | $ | 835.5 | $ | 824.9 |
Asset Category | ROU Asset Carrying Value (1) | Lease Liability Carrying Value (2) | Weighted- Average Remaining Term | Weighted- Average Discount Rate (3) | ROU Asset Carrying Value (1) | Lease Liability Carrying Value (2) | Weighted- Average Remaining Term | Weighted- Average Discount Rate (3) | ||||||||||
Storage and pipeline facilities | $ | 134.0 | $ | 134.7 | 16 years | 4.3% | $ | 131.0 | $ | 131.5 | 16 years | 4.3% | ||||||
Transportation equipment | 41.5 | 43.8 | 3 years | 3.5% | 37.4 | 39.7 | 3 years | 3.5% | ||||||||||
Office and warehouse space | 173.6 | 180.5 | 17 years | 3.2% | 172.7 | 183.0 | 16 years | 3.2% | ||||||||||
Total | $ | 349.1 | $ | 359.0 | $ | 341.1 | $ | 354.2 |
(1) | Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet. |
(2) | At |
(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 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Long-term operating leases: | ||||||||||||||||||||||||||||||||
Fixed lease expense: | ||||||||||||||||||||||||||||||||
Non-cash lease expense (amortization of ROU assets) | $ | 9.8 | $ | 10.7 | $ | 19.8 | $ | 21.7 | $ | 9.8 | $ | 10.7 | $ | 29.6 | $ | 32.4 | ||||||||||||||||
Related accretion expense on lease liability balances | 3.3 | 2.4 | 6.7 | 4.8 | 3.1 | 2.1 | 9.8 | 6.9 | ||||||||||||||||||||||||
Total fixed lease expense | 13.1 | 13.1 | 26.5 | 26.5 | 12.9 | 12.8 | 39.4 | 39.3 | ||||||||||||||||||||||||
Variable lease expense | 0.1 | 1.1 | 0.3 | 2.9 | 0.1 | 1.6 | 0.4 | 4.5 | ||||||||||||||||||||||||
Subtotal operating lease expense | 13.2 | 14.2 | 26.8 | 29.4 | 13.0 | 14.4 | 39.8 | 43.8 | ||||||||||||||||||||||||
Short-term operating leases | 11.8 | 11.7 | 25.0 | 23.5 | 12.3 | 12.4 | 37.3 | 35.9 | ||||||||||||||||||||||||
Total operating lease expense | $ | 25.0 | $ | 25.9 | $ | 51.8 | $ | 52.9 | $ | 25.3 | $ | 26.8 | $ | 77.1 | $ | 79.7 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Decrease (increase) in: | ||||||||||||||||
Accounts receivable – trade | $ | 2,077.0 | $ | (124.8 | ) | $ | 1,119.5 | $ | (578.0 | ) | ||||||
Accounts receivable – related parties | (0.1 | ) | (10.6 | ) | 1.0 | 1.6 | ||||||||||
Inventories | 161.4 | (56.4 | ) | (1,063.2 | ) | (44.2 | ) | |||||||||
Prepaid and other current assets | 906.2 | (291.2 | ) | 288.2 | (305.3 | ) | ||||||||||
Other assets | 87.7 | (12.4 | ) | (27.7 | ) | (18.3 | ) | |||||||||
Increase (decrease) in: | ||||||||||||||||
Accounts payable – trade | 81.9 | 60.0 | 147.0 | (55.4 | ) | |||||||||||
Accounts payable – related parties | (73.1 | ) | (21.0 | ) | (41.0 | ) | 31.0 | |||||||||
Accrued product payables | (2,119.4 | ) | 107.6 | (621.9 | ) | 666.6 | ||||||||||
Accrued interest | 30.0 | (3.3 | ) | (196.6 | ) | (158.4 | ) | |||||||||
Other current liabilities | (1,142.3 | ) | 83.0 | (212.3 | ) | 133.6 | ||||||||||
Other liabilities | (98.3 | ) | (62.9 | ) | (85.0 | ) | (82.2 | ) | ||||||||
Net effect of changes in operating accounts | $ | (89.0 | ) | $ | (332.0 | ) | $ | (692.0 | ) | $ | (409.0 | ) | ||||
Cash payments for interest, net of $96.9 and $102.9 capitalized during the nine months ended September 30, 2020 and 2019, respectively | $ | 1,107.4 | $ | 996.1 | ||||||||||||
Cash payments for federal and state income taxes | $ | 24.9 | $ | 24.7 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 1,256.8 | $ | 201.7 | $ | (22.0 | ) | $ | 1,436.5 | $ | 0.1 | $ | – | $ | 1,436.6 | $ | 863.2 | $ | 292.5 | $ | (24.7 | ) | $ | 1,131.0 | $ | 0.1 | $ | 0 | $ | 1,131.1 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,119.5 | 1,788.8 | (0.6 | ) | 2,907.7 | – | – | 2,907.7 | 1,155.1 | 2,621.9 | (0.8 | ) | 3,776.2 | 0 | 0 | 3,776.2 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 166.2 | 635.7 | (791.1 | ) | 10.8 | – | (8.2 | ) | 2.6 | 145.8 | 782.0 | (915.0 | ) | 12.8 | 0 | (8.7 | ) | 4.1 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,465.2 | 559.1 | (0.2 | ) | 2,024.1 | – | – | 2,024.1 | 2,447.6 | 745.3 | (0.3 | ) | 3,192.6 | 0 | 0 | 3,192.6 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 175.4 | 13.6 | 20.7 | 209.7 | – | – | 209.7 | 101.6 | 31.3 | 0 | 132.9 | 0 | 0 | 132.9 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 273.6 | 395.0 | (133.5 | ) | 535.1 | 0.5 | – | 535.6 | 269.8 | 445.5 | (159.7 | ) | 555.6 | 0.2 | 0.6 | 556.4 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 4,456.7 | 3,593.9 | (926.7 | ) | 7,123.9 | 0.6 | (8.2 | ) | 7,116.3 | 4,983.1 | 4,918.5 | (1,100.5 | ) | 8,801.1 | 0.3 | (8.1 | ) | 8,793.3 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 6,607.0 | 35,972.9 | (41.5 | ) | 42,538.4 | – | – | 42,538.4 | 6,685.4 | 35,715.0 | (40.3 | ) | 42,360.1 | 0 | 0 | 42,360.1 | ||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 46,478.3 | 5,031.9 | (48,962.8 | ) | 2,547.4 | 24,883.3 | (24,883.3 | ) | 2,547.4 | 46,284.9 | 4,840.8 | (48,640.3 | ) | 2,485.4 | 25,092.9 | (25,092.9 | ) | 2,485.4 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 627.6 | 2,768.8 | (17.0 | ) | 3,379.4 | – | – | 3,379.4 | 624.3 | 2,741.0 | (16.7 | ) | 3,348.6 | 0 | 0 | 3,348.6 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | – | 5,745.2 | – | – | 5,745.2 | 459.5 | 5,285.7 | 0 | 5,745.2 | 0 | 0 | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 554.9 | 305.6 | (243.7 | ) | 616.8 | 1.0 | – | 617.8 | 907.0 | 335.0 | (239.4 | ) | 1,002.6 | 1.0 | 0 | 1,003.6 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 59,184.0 | $ | 52,958.8 | $ | (50,191.7 | ) | $ | 61,951.1 | $ | 24,884.9 | $ | (24,891.5 | ) | $ | 61,944.5 | $ | 59,944.2 | $ | 53,836.0 | $ | (50,037.2 | ) | $ | 63,743.0 | $ | 25,094.2 | $ | (25,101.0 | ) | $ | 63,736.2 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,325.0 | $ | – | $ | – | $ | 2,325.0 | $ | – | $ | – | $ | 2,325.0 | $ | 1,325.0 | $ | 0 | $ | 0 | $ | 1,325.0 | $ | 0 | $ | 0 | $ | 1,325.0 | ||||||||||||||||||||||||||||
Accounts payable – trade | 296.2 | 619.6 | (13.3 | ) | 902.5 | – | – | 902.5 | 288.3 | 631.4 | (24.7 | ) | 895.0 | 1.0 | 0 | 896.0 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 709.5 | 192.6 | (812.8 | ) | 89.3 | 8.2 | (8.2 | ) | 89.3 | 891.1 | 158.1 | (927.9 | ) | 121.3 | 8.7 | (8.7 | ) | 121.3 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 1,432.3 | 1,372.0 | (0.8 | ) | 2,803.5 | – | – | 2,803.5 | 1,879.1 | 2,439.0 | (1.0 | ) | 4,317.1 | 0 | 0 | 4,317.1 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 461.7 | 0.8 | (0.8 | ) | 461.7 | – | – | 461.7 | 235.0 | 3.2 | (3.1 | ) | 235.1 | 0 | 0 | 235.1 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 368.9 | 37.2 | (20.7 | ) | 385.4 | – | – | 385.4 | 329.3 | 0.4 | 0 | 329.7 | 0 | 0 | 329.7 | |||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 152.9 | 454.9 | (93.0 | ) | 514.8 | – | 0.2 | 515.0 | 201.8 | 579.1 | (158.2 | ) | 622.7 | 0 | 0 | 622.7 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 5,746.5 | 2,677.1 | (941.4 | ) | 7,482.2 | 8.2 | (8.0 | ) | 7,482.4 | 5,149.6 | 3,811.2 | (1,114.9 | ) | 7,845.9 | 9.7 | (8.7 | ) | 7,846.9 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 27,270.6 | 14.6 | – | 27,285.2 | – | – | 27,285.2 | 28,522.4 | 14.6 | 0 | 28,537.0 | 0 | 0 | 28,537.0 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 26.1 | 452.7 | (0.6 | ) | 478.2 | – | 3.4 | 481.6 | 25.5 | 434.2 | (0.5 | ) | 459.2 | 0 | 4.1 | 463.3 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 381.8 | 618.5 | (246.4 | ) | 753.9 | – | – | 753.9 | 370.0 | 607.3 | (242.1 | ) | 735.2 | 0 | 0 | 735.2 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred limited partner interests | 0 | 0 | 0 | 0 | 49.2 | (0.1 | ) | 49.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 25,759.0 | 49,132.0 | (50,042.1 | ) | 24,848.9 | 24,876.7 | (24,848.9 | ) | 24,876.7 | 25,876.7 | 48,905.3 | (49,724.5 | ) | 25,057.5 | 25,035.3 | (25,057.5 | ) | 25,035.3 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | – | 63.9 | 1,038.8 | 1,102.7 | – | (38.0 | ) | 1,064.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiairies | 0 | 63.4 | 1,044.8 | 1,108.2 | 0 | (38.8 | ) | 1,069.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 25,759.0 | 49,195.9 | (49,003.3 | ) | 25,951.6 | 24,876.7 | (24,886.9 | ) | 25,941.4 | 25,876.7 | 48,968.7 | (48,679.7 | ) | 26,165.7 | 25,035.3 | (25,096.3 | ) | 26,104.7 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 59,184.0 | $ | 52,958.8 | $ | (50,191.7 | ) | $ | 61,951.1 | $ | 24,884.9 | $ | (24,891.5 | ) | $ | 61,944.5 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities, preferred units, and equity | $ | 59,944.2 | $ | 53,836.0 | $ | (50,037.2 | ) | $ | 63,743.0 | $ | 25,094.2 | $ | (25,101.0 | ) | $ | 63,736.2 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 109.2 | $ | 315.8 | $ | (15.1 | ) | $ | 409.9 | $ | 0.1 | $ | – | $ | 410.0 | $ | 109.2 | $ | 315.8 | $ | (15.1 | ) | $ | 409.9 | $ | 0.1 | $ | 0 | $ | 410.0 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,471.1 | 3,403.8 | (1.3 | ) | 4,873.6 | – | – | 4,873.6 | 1,471.1 | 3,403.8 | (1.3 | ) | 4,873.6 | 0 | 0 | 4,873.6 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 233.1 | 799.9 | (1,023.6 | ) | 9.4 | – | (6.9 | ) | 2.5 | 233.1 | 799.9 | (1,023.6 | ) | 9.4 | 0 | (6.9 | ) | 2.5 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,351.3 | 740.4 | (0.3 | ) | 2,091.4 | – | – | 2,091.4 | 1,351.3 | 740.4 | (0.3 | ) | 2,091.4 | 0 | 0 | 2,091.4 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 115.2 | 12.0 | – | 127.2 | – | – | 127.2 | 115.2 | 12.0 | 0 | 127.2 | 0 | 0 | 127.2 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 221.0 | 183.5 | (46.3 | ) | 358.2 | – | – | 358.2 | 221.0 | 183.5 | (46.3 | ) | 358.2 | 0 | 0 | 358.2 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 3,500.9 | 5,455.4 | (1,086.6 | ) | 7,869.7 | 0.1 | (6.9 | ) | 7,862.9 | 3,500.9 | 5,455.4 | (1,086.6 | ) | 7,869.7 | 0.1 | (6.9 | ) | 7,862.9 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 6,413.3 | 35,233.6 | (43.5 | ) | 41,603.4 | – | – | 41,603.4 | 6,413.3 | 35,233.6 | (43.5 | ) | 41,603.4 | 0 | 0 | 41,603.4 | ||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 45,514.0 | 4,165.7 | (47,079.5 | ) | 2,600.2 | 25,279.3 | (25,279.3 | ) | 2,600.2 | 45,514.0 | 4,165.7 | (47,079.5 | ) | 2,600.2 | 25,279.3 | (25,279.3 | ) | 2,600.2 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 636.7 | 2,852.3 | (40.0 | ) | 3,449.0 | – | – | 3,449.0 | 636.7 | 2,852.3 | (40.0 | ) | 3,449.0 | 0 | 0 | 3,449.0 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | – | 5,745.2 | – | – | 5,745.2 | 459.5 | 5,285.7 | 0 | 5,745.2 | 0 | 0 | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 404.9 | 288.5 | (221.9 | ) | 471.5 | 1.0 | – | 472.5 | 404.9 | 288.5 | (221.9 | ) | 471.5 | 1.0 | 0 | 472.5 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 56,929.3 | $ | 53,281.2 | $ | (48,471.5 | ) | $ | 61,739.0 | $ | 25,280.4 | $ | (25,286.2 | ) | $ | 61,733.2 | $ | 56,929.3 | $ | 53,281.2 | $ | (48,471.5 | ) | $ | 61,739.0 | $ | 25,280.4 | $ | (25,286.2 | ) | $ | 61,733.2 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,981.9 | $ | – | $ | – | $ | 1,981.9 | $ | – | $ | – | $ | 1,981.9 | $ | 1,981.9 | $ | 0 | $ | 0 | $ | 1,981.9 | $ | 0 | $ | 0 | $ | 1,981.9 | ||||||||||||||||||||||||||||
Accounts payable – trade | 301.4 | 717.7 | (14.6 | ) | 1,004.5 | – | – | 1,004.5 | 301.4 | 717.7 | (14.6 | ) | 1,004.5 | 0 | 0 | 1,004.5 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 977.5 | 222.3 | (1,037.5 | ) | 162.3 | 6.9 | (6.9 | ) | 162.3 | 977.5 | 222.3 | (1,037.5 | ) | 162.3 | 6.9 | (6.9 | ) | 162.3 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 1,895.4 | 3,021.9 | (1.6 | ) | 4,915.7 | – | – | 4,915.7 | 1,895.4 | 3,021.9 | (1.6 | ) | 4,915.7 | 0 | 0 | 4,915.7 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 431.6 | 0.9 | (0.8 | ) | 431.7 | – | – | 431.7 | 431.6 | 0.9 | (0.8 | ) | 431.7 | 0 | 0 | 431.7 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 114.2 | 8.2 | – | 122.4 | – | – | 122.4 | 114.2 | 8.2 | 0 | 122.4 | 0 | 0 | 122.4 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 120.5 | 438.2 | (47.3 | ) | 511.4 | – | (0.2 | ) | 511.2 | 120.5 | 438.2 | (47.3 | ) | 511.4 | 0 | (0.2 | ) | 511.2 | ||||||||||||||||||||||||||||||||||||||
Total current liabilities | 5,822.5 | 4,409.2 | (1,101.8 | ) | 9,129.9 | 6.9 | (7.1 | ) | 9,129.7 | 5,822.5 | 4,409.2 | (1,101.8 | ) | 9,129.9 | 6.9 | (7.1 | ) | 9,129.7 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 25,628.6 | 14.6 | – | 25,643.2 | – | – | 25,643.2 | 25,628.6 | 14.6 | 0 | 25,643.2 | 0 | 0 | 25,643.2 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 22.2 | 75.6 | (0.8 | ) | 97.0 | – | 3.4 | 100.4 | 22.2 | 75.6 | (0.8 | ) | 97.0 | 0 | 3.4 | 100.4 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 161.2 | 608.9 | (247.2 | ) | 522.9 | 509.5 | – | 1,032.4 | 161.2 | 608.9 | (247.2 | ) | 522.9 | 509.5 | 0 | 1,032.4 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 25,294.8 | 48,107.6 | (48,155.3 | ) | 25,247.1 | 24,764.0 | (25,247.1 | ) | 24,764.0 | 25,294.8 | 48,107.6 | (48,155.3 | ) | 25,247.1 | 24,764.0 | (25,247.1 | ) | 24,764.0 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | – | 65.3 | 1,033.6 | 1,098.9 | – | (35.4 | ) | 1,063.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiairies | 0 | 65.3 | 1,033.6 | 1,098.9 | 0 | (35.4 | ) | 1,063.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 25,294.8 | 48,172.9 | (47,121.7 | ) | 26,346.0 | 24,764.0 | (25,282.5 | ) | 25,827.5 | 25,294.8 | 48,172.9 | (47,121.7 | ) | 26,346.0 | 24,764.0 | (25,282.5 | ) | 25,827.5 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 56,929.3 | $ | 53,281.2 | $ | (48,471.5 | ) | $ | 61,739.0 | $ | 25,280.4 | $ | (25,286.2 | ) | $ | 61,733.2 | $ | 56,929.3 | $ | 53,281.2 | $ | (48,471.5 | ) | $ | 61,739.0 | $ | 25,280.4 | $ | (25,286.2 | ) | $ | 61,733.2 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 8,817.0 | $ | 3,835.7 | $ | (6,901.7 | ) | $ | 5,751.0 | $ | – | $ | – | $ | 5,751.0 | $ | 11,392.7 | $ | 4,135.4 | $ | (8,606.1 | ) | $ | 6,922.0 | $ | 0 | $ | 0 | $ | 6,922.0 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 8,582.9 | 2,689.9 | (6,902.4 | ) | 4,370.4 | – | – | 4,370.4 | 11,053.8 | 3,124.1 | (8,606.7 | ) | 5,571.2 | 0 | 0 | 5,571.2 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 14.6 | 41.0 | 0.7 | 56.3 | 0.7 | – | 57.0 | 8.1 | 41.2 | 0.7 | 50.0 | 0.3 | 0 | 50.3 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 8,597.5 | 2,730.9 | (6,901.7 | ) | 4,426.7 | 0.7 | – | 4,427.4 | 11,061.9 | 3,165.3 | (8,606.0 | ) | 5,621.2 | 0.3 | 0 | 5,621.5 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,370.8 | 154.9 | (1,412.4 | ) | 113.3 | 1,035.2 | (1,035.2 | ) | 113.3 | 923.7 | 114.3 | (956.0 | ) | 82.0 | 1,053.0 | (1,053.0 | ) | 82.0 | ||||||||||||||||||||||||||||||||||||||
Operating income | 1,590.3 | 1,259.7 | (1,412.4 | ) | 1,437.6 | 1,034.5 | (1,035.2 | ) | 1,436.9 | 1,254.5 | 1,084.4 | (956.1 | ) | 1,382.8 | 1,052.7 | (1,053.0 | ) | 1,382.5 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (320.5 | ) | (2.5 | ) | 2.8 | (320.2 | ) | – | – | (320.2 | ) | (320.8 | ) | (2.5 | ) | 2.8 | (320.5 | ) | 0 | 0 | (320.5 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 4.8 | 238.2 | (239.3 | ) | 3.7 | 0.1 | – | 3.8 | 4.4 | (114.1 | ) | 112.6 | 2.9 | 0 | 0 | 2.9 | ||||||||||||||||||||||||||||||||||||||||
Total other expense, net | (315.7 | ) | 235.7 | (236.5 | ) | (316.5 | ) | 0.1 | – | (316.4 | ) | (316.4 | ) | (116.6 | ) | 115.4 | (317.6 | ) | 0 | 0 | (317.6 | ) | ||||||||||||||||||||||||||||||||||
Income before income taxes | 1,274.6 | 1,495.4 | (1,648.9 | ) | 1,121.1 | 1,034.6 | (1,035.2 | ) | 1,120.5 | 938.1 | 967.8 | (840.7 | ) | 1,065.2 | 1,052.7 | (1,053.0 | ) | 1,064.9 | ||||||||||||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | (4.2 | ) | (55.3 | ) | – | (59.5 | ) | 0.1 | (0.3 | ) | (59.7 | ) | (1.7 | ) | 21.3 | (0.1 | ) | 19.5 | 0.1 | (0.5 | ) | 19.1 | ||||||||||||||||||||||||||||||||||
Net income | 1,270.4 | 1,440.1 | (1,648.9 | ) | 1,061.6 | 1,034.7 | (1,035.5 | ) | 1,060.8 | 936.4 | 989.1 | (840.8 | ) | 1,084.7 | 1,052.8 | (1,053.5 | ) | 1,084.0 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | – | (1.4 | ) | (26.3 | ) | (27.7 | ) | – | 1.6 | (26.1 | ) | 0 | (1.8 | ) | (31.3 | ) | (33.1 | ) | 0 | 1.7 | (31.4 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to preferred units | 0 | 0 | 0 | 0 | (0.2 | ) | 0.2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 1,270.4 | $ | 1,438.7 | $ | (1,675.2 | ) | $ | 1,033.9 | $ | 1,034.7 | $ | (1,033.9 | ) | $ | 1,034.7 | $ | 936.4 | $ | 987.3 | $ | (872.1 | ) | $ | 1,051.6 | $ | 1,052.6 | $ | (1,051.6 | ) | $ | 1,052.6 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 7,918.3 | $ | 5,740.0 | $ | (5,382.0 | ) | $ | 8,276.3 | $ | – | $ | – | $ | 8,276.3 | $ | 8,268.7 | $ | 5,238.9 | $ | (5,543.5 | ) | $ | 7,964.1 | $ | 0 | $ | 0 | $ | 7,964.1 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 7,570.2 | 4,609.5 | (5,378.8 | ) | 6,800.9 | – | – | 6,800.9 | 7,950.9 | 4,166.6 | (5,543.8 | ) | 6,573.7 | 0 | 0 | 6,573.7 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 9.4 | 41.2 | 1.2 | 51.8 | 0.7 | – | 52.5 | 9.4 | 45.4 | 0.4 | 55.2 | 0.3 | 0 | 55.5 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 7,579.6 | 4,650.7 | (5,377.6 | ) | 6,852.7 | 0.7 | – | 6,853.4 | 7,960.3 | 4,212.0 | (5,543.4 | ) | 6,628.9 | 0.3 | 0 | 6,629.2 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,198.2 | 157.6 | (1,218.4 | ) | 137.4 | 1,242.0 | (1,242.0 | ) | 137.4 | 1,131.9 | 167.1 | (1,159.7 | ) | 139.3 | 1,058.2 | (1,058.2 | ) | 139.3 | ||||||||||||||||||||||||||||||||||||||
Operating income | 1,536.9 | 1,246.9 | (1,222.8 | ) | 1,561.0 | 1,241.3 | (1,242.0 | ) | 1,560.3 | 1,440.3 | 1,194.0 | (1,159.8 | ) | 1,474.5 | 1,057.9 | (1,058.2 | ) | 1,474.2 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (290.4 | ) | (2.5 | ) | 2.8 | (290.1 | ) | – | – | (290.1 | ) | (383.2 | ) | (2.6 | ) | 2.9 | (382.9 | ) | 0 | 0 | (382.9 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 4.2 | 1.2 | (2.8 | ) | 2.6 | (26.6 | ) | – | (24.0 | ) | 8.7 | 1.8 | (2.9 | ) | 7.6 | (38.7 | ) | 0 | (31.1 | ) | ||||||||||||||||||||||||||||||||||||
Total other expense, net | (286.2 | ) | (1.3 | ) | – | (287.5 | ) | (26.6 | ) | – | (314.1 | ) | (374.5 | ) | (0.8 | ) | 0 | (375.3 | ) | (38.7 | ) | 0 | (414.0 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 1,250.7 | 1,245.6 | (1,222.8 | ) | 1,273.5 | 1,214.7 | (1,242.0 | ) | 1,246.2 | 1,065.8 | 1,193.2 | (1,159.8 | ) | 1,099.2 | 1,019.2 | (1,058.2 | ) | 1,060.2 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (5.5 | ) | (3.9 | ) | – | (9.4 | ) | – | (0.3 | ) | (9.7 | ) | (8.5 | ) | (6.6 | ) | 0 | (15.1 | ) | 0 | (0.3 | ) | (15.4 | ) | ||||||||||||||||||||||||||||||||
Net income | 1,245.2 | 1,241.7 | (1,222.8 | ) | 1,264.1 | 1,214.7 | (1,242.3 | ) | 1,236.5 | 1,057.3 | 1,186.6 | (1,159.8 | ) | 1,084.1 | 1,019.2 | (1,058.5 | ) | 1,044.8 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | – | (1.6 | ) | (21.7 | ) | (23.3 | ) | – | 1.5 | (21.8 | ) | 0 | (1.5 | ) | (25.4 | ) | (26.9 | ) | 0 | 1.3 | (25.6 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 1,245.2 | $ | 1,240.1 | $ | (1,244.5 | ) | $ | 1,240.8 | $ | 1,214.7 | $ | (1,240.8 | ) | $ | 1,214.7 | $ | 1,057.3 | $ | 1,185.1 | $ | (1,185.2 | ) | $ | 1,057.2 | $ | 1,019.2 | $ | (1,057.2 | ) | $ | 1,019.2 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 18,444.0 | $ | 8,474.1 | $ | (13,684.6 | ) | $ | 13,233.5 | $ | – | $ | – | $ | 13,233.5 | $ | 29,836.7 | $ | 12,609.5 | $ | (22,290.7 | ) | $ | 20,155.5 | $ | 0 | $ | 0 | $ | 20,155.5 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 17,802.3 | 6,314.5 | (13,686.1 | ) | 10,430.7 | – | – | 10,430.7 | 28,856.1 | 9,438.6 | (22,292.8 | ) | 16,001.9 | 0 | 0 | 16,001.9 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 20.4 | 89.4 | 1.4 | 111.2 | 1.3 | – | 112.5 | 28.5 | 130.6 | 2.1 | 161.2 | 1.6 | 0 | 162.8 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 17,822.7 | 6,403.9 | (13,684.7 | ) | 10,541.9 | 1.3 | – | 10,543.2 | 28,884.6 | 9,569.2 | (22,290.7 | ) | 16,163.1 | 1.6 | 0 | 16,164.7 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 2,048.9 | 308.0 | (2,102.8 | ) | 254.1 | 2,315.9 | (2,315.9 | ) | 254.1 | 2,972.6 | 422.3 | (3,058.8 | ) | 336.1 | 3,368.9 | (3,368.9 | ) | 336.1 | ||||||||||||||||||||||||||||||||||||||
Operating income | 2,670.2 | 2,378.2 | (2,102.7 | ) | 2,945.7 | 2,314.6 | (2,315.9 | ) | 2,944.4 | 3,924.7 | 3,462.6 | (3,058.8 | ) | 4,328.5 | 3,367.3 | (3,368.9 | ) | 4,326.9 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (638.2 | ) | (5.1 | ) | 5.6 | (637.7 | ) | – | – | (637.7 | ) | (959.0 | ) | (7.6 | ) | 8.4 | (958.2 | ) | 0 | 0 | (958.2 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 13.0 | (272.8 | ) | 271.4 | 11.6 | (2.0 | ) | – | 9.6 | 17.4 | (386.9 | ) | 384.0 | 14.5 | (2.0 | ) | 0 | 12.5 | ||||||||||||||||||||||||||||||||||||||
Total other expense, net | (625.2 | ) | (277.9 | ) | 277.0 | (626.1 | ) | (2.0 | ) | – | (628.1 | ) | (941.6 | ) | (394.5 | ) | 392.4 | (943.7 | ) | (2.0 | ) | 0 | (945.7 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 2,045.0 | 2,100.3 | (1,825.7 | ) | 2,319.6 | 2,312.6 | (2,315.9 | ) | 2,316.3 | 2,983.1 | 3,068.1 | (2,666.4 | ) | 3,384.8 | 3,365.3 | (3,368.9 | ) | 3,381.2 | ||||||||||||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | (8.8 | ) | 57.0 | (0.3 | ) | 47.9 | 72.2 | (0.6 | ) | 119.5 | (10.5 | ) | 78.3 | (0.4 | ) | 67.4 | 72.3 | (1.1 | ) | 138.6 | ||||||||||||||||||||||||||||||||||||
Net income | 2,036.2 | 2,157.3 | (1,826.0 | ) | 2,367.5 | 2,384.8 | (2,316.5 | ) | 2,435.8 | 2,972.6 | 3,146.4 | (2,666.8 | ) | 3,452.2 | 3,437.6 | (3,370.0 | ) | 3,519.8 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | – | (2.8 | ) | (51.2 | ) | (54.0 | ) | – | 3.0 | (51.0 | ) | 0 | (4.6 | ) | (82.5 | ) | (87.1 | ) | 0 | 4.7 | (82.4 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to preferred units | 0 | 0 | 0 | 0 | (0.2 | ) | 0.2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 2,036.2 | $ | 2,154.5 | $ | (1,877.2 | ) | $ | 2,313.5 | $ | 2,384.8 | $ | (2,313.5 | ) | $ | 2,384.8 | $ | 2,972.6 | $ | 3,141.8 | $ | (2,749.3 | ) | $ | 3,365.1 | $ | 3,437.4 | $ | (3,365.1 | ) | $ | 3,437.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 17,396.1 | $ | 11,379.6 | $ | (11,955.9 | ) | $ | 16,819.8 | $ | – | $ | – | $ | 16,819.8 | $ | 25,664.8 | $ | 16,618.5 | $ | (17,499.4 | ) | $ | 24,783.9 | $ | 0 | $ | 0 | $ | 24,783.9 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 16,719.7 | 9,049.6 | (11,948.7 | ) | 13,820.6 | – | – | 13,820.6 | 24,670.6 | 13,216.2 | (17,492.5 | ) | 20,394.3 | 0 | 0 | 20,394.3 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 13.2 | 88.0 | 1.9 | 103.1 | 1.6 | – | 104.7 | 22.6 | 133.4 | 2.3 | 158.3 | 1.9 | 0 | 160.2 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 16,732.9 | 9,137.6 | (11,946.8 | ) | 13,923.7 | 1.6 | – | 13,925.3 | 24,693.2 | 13,349.6 | (17,490.2 | ) | 20,552.6 | 1.9 | 0 | 20,554.5 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 2,475.0 | 329.7 | (2,512.7 | ) | 292.0 | 2,561.2 | (2,561.2 | ) | 292.0 | 3,606.9 | 496.8 | (3,672.4 | ) | 431.3 | 3,619.4 | (3,619.4 | ) | 431.3 | ||||||||||||||||||||||||||||||||||||||
Operating income | 3,138.2 | 2,571.7 | (2,521.8 | ) | 3,188.1 | 2,559.6 | (2,561.2 | ) | 3,186.5 | 4,578.5 | 3,765.7 | (3,681.6 | ) | 4,662.6 | 3,617.5 | (3,619.4 | ) | 4,660.7 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (567.7 | ) | (5.2 | ) | 5.6 | (567.3 | ) | – | – | (567.3 | ) | (950.9 | ) | (7.8 | ) | 8.5 | (950.2 | ) | 0 | 0 | (950.2 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 7.3 | 2.4 | (5.6 | ) | 4.1 | (84.4 | ) | – | (80.3 | ) | 16.0 | 4.2 | (8.5 | ) | 11.7 | (123.1 | ) | 0 | (111.4 | ) | ||||||||||||||||||||||||||||||||||||
Total other expense, net | (560.4 | ) | (2.8 | ) | – | (563.2 | ) | (84.4 | ) | – | (647.6 | ) | (934.9 | ) | (3.6 | ) | 0 | (938.5 | ) | (123.1 | ) | 0 | (1,061.6 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 2,577.8 | 2,568.9 | (2,521.8 | ) | 2,624.9 | 2,475.2 | (2,561.2 | ) | 2,538.9 | 3,643.6 | 3,762.1 | (3,681.6 | ) | 3,724.1 | 3,494.4 | (3,619.4 | ) | 3,599.1 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (9.7 | ) | (11.7 | ) | – | (21.4 | ) | – | (0.6 | ) | (22.0 | ) | (18.2 | ) | (18.3 | ) | 0 | (36.5 | ) | 0 | (0.9 | ) | (37.4 | ) | ||||||||||||||||||||||||||||||||
Net income | 2,568.1 | 2,557.2 | (2,521.8 | ) | 2,603.5 | 2,475.2 | (2,561.8 | ) | 2,516.9 | 3,625.4 | 3,743.8 | (3,681.6 | ) | 3,687.6 | 3,494.4 | (3,620.3 | ) | 3,561.7 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | – | (3.4 | ) | (41.1 | ) | (44.5 | ) | – | 2.8 | (41.7 | ) | 0 | (4.9 | ) | (66.5 | ) | (71.4 | ) | 0 | 4.1 | (67.3 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 2,568.1 | $ | 2,553.8 | $ | (2,562.9 | ) | $ | 2,559.0 | $ | 2,475.2 | $ | (2,559.0 | ) | $ | 2,475.2 | $ | 3,625.4 | $ | 3,738.9 | $ | (3,748.1 | ) | $ | 3,616.2 | $ | 3,494.4 | $ | (3,616.2 | ) | $ | 3,494.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 1,195.0 | $ | 1,246.1 | $ | (1,648.8 | ) | $ | 792.3 | $ | 765.3 | $ | (766.2 | ) | $ | 791.4 | $ | 1,083.0 | $ | 940.4 | $ | (840.8 | ) | $ | 1,182.6 | $ | 1,150.4 | $ | (1,151.2 | ) | $ | 1,181.8 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (1.4 | ) | (26.3 | ) | (27.7 | ) | – | 1.6 | (26.1 | ) | 0 | (1.8 | ) | (31.3 | ) | (33.1 | ) | 0 | 1.7 | (31.4 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to preferred units | 0 | 0 | 0 | 0 | (0.2 | ) | 0.2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,195.0 | $ | 1,244.7 | $ | (1,675.1 | ) | $ | 764.6 | $ | 765.3 | $ | (764.6 | ) | $ | 765.3 | $ | 1,083.0 | $ | 938.6 | $ | (872.1 | ) | $ | 1,149.5 | $ | 1,150.2 | $ | (1,149.3 | ) | $ | 1,150.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 1,295.7 | $ | 1,274.5 | $ | (1,222.8 | ) | $ | 1,347.4 | $ | 1,298.0 | $ | (1,325.6 | ) | $ | 1,319.8 | $ | 1,038.7 | $ | 1,176.8 | $ | (1,159.8 | ) | $ | 1,055.7 | $ | 990.8 | $ | (1,030.1 | ) | $ | 1,016.4 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (1.6 | ) | (21.7 | ) | (23.3 | ) | – | 1.5 | (21.8 | ) | 0 | (1.5 | ) | (25.4 | ) | (26.9 | ) | 0 | 1.3 | (25.6 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,295.7 | $ | 1,272.9 | $ | (1,244.5 | ) | $ | 1,324.1 | $ | 1,298.0 | $ | (1,324.1 | ) | $ | 1,298.0 | $ | 1,038.7 | $ | 1,175.3 | $ | (1,185.2 | ) | $ | 1,028.8 | $ | 990.8 | $ | (1,028.8 | ) | $ | 990.8 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 1,684.1 | $ | 2,291.0 | $ | (1,826.0 | ) | $ | 2,149.1 | $ | 2,166.3 | $ | (2,098.1 | ) | $ | 2,217.3 | $ | 2,767.1 | $ | 3,231.4 | $ | (2,666.8 | ) | $ | 3,331.7 | $ | 3,316.7 | $ | (3,249.3 | ) | $ | 3,399.1 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (2.8 | ) | (51.2 | ) | (54.0 | ) | – | 3.0 | (51.0 | ) | 0 | (4.6 | ) | (82.5 | ) | (87.1 | ) | 0 | 4.7 | (82.4 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to preferred units | 0 | 0 | 0 | 0 | (0.2 | ) | 0.2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,684.1 | $ | 2,288.2 | $ | (1,877.2 | ) | $ | 2,095.1 | $ | 2,166.3 | $ | (2,095.1 | ) | $ | 2,166.3 | $ | 2,767.1 | $ | 3,226.8 | $ | (2,749.3 | ) | $ | 3,244.6 | $ | 3,316.5 | $ | (3,244.4 | ) | $ | 3,316.7 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 2,589.9 | $ | 2,473.8 | $ | (2,521.8 | ) | $ | 2,541.9 | $ | 2,413.6 | $ | (2,500.2 | ) | $ | 2,455.3 | $ | 3,628.6 | $ | 3,650.6 | $ | (3,681.6 | ) | $ | 3,597.6 | $ | 3,404.4 | $ | (3,530.3 | ) | $ | 3,471.7 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (3.4 | ) | (41.1 | ) | (44.5 | ) | – | 2.8 | (41.7 | ) | 0 | (4.9 | ) | (66.5 | ) | (71.4 | ) | 0 | 4.1 | (67.3 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 2,589.9 | $ | 2,470.4 | $ | (2,562.9 | ) | $ | 2,497.4 | $ | 2,413.6 | $ | (2,497.4 | ) | $ | 2,413.6 | $ | 3,628.6 | $ | 3,645.7 | $ | (3,748.1 | ) | $ | 3,526.2 | $ | 3,404.4 | $ | (3,526.2 | ) | $ | 3,404.4 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income | $ | 2,972.6 | $ | 3,146.4 | $ | (2,666.8 | ) | $ | 3,452.2 | $ | 3,437.6 | $ | (3,370.0 | ) | $ | 3,519.8 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 260.8 | 1,286.9 | (2.6 | ) | 1,545.1 | 0 | 0 | 1,545.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | (2,972.6 | ) | (422.3 | ) | 3,058.8 | (336.1 | ) | (3,368.9 | ) | 3,368.9 | (336.1 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates attributable to earnings | 1,071.3 | 157.4 | (891.3 | ) | 337.4 | 3,164.4 | (3,164.4 | ) | 337.4 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,997.2 | (2,254.3 | ) | (449.2 | ) | (706.3 | ) | (68.7 | ) | 0.4 | (774.6 | ) | ||||||||||||||||
Net cash flows provided by operating activities | 3,329.3 | 1,914.1 | (951.1 | ) | 4,292.3 | 3,164.4 | (3,165.1 | ) | 4,291.6 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | (533.9 | ) | (2,139.1 | ) | 1.4 | (2,671.6 | ) | 0 | 0 | (2,671.6 | ) | |||||||||||||||||
Proceeds from asset sales | 1.2 | 7.2 | 0 | 8.4 | 0 | 0 | 8.4 | |||||||||||||||||||||
Other investing activities | (1,106.8 | ) | 30.4 | 1,175.4 | 99.0 | 0 | 0 | 99.0 | ||||||||||||||||||||
Cash used in investing activities | (1,639.5 | ) | (2,101.5 | ) | 1,176.8 | (2,564.2 | ) | 0 | 0 | (2,564.2 | ) | |||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Borrowings under debt agreements | 6,672.1 | 0 | 0 | 6,672.1 | 0 | 0 | 6,672.1 | |||||||||||||||||||||
Repayments of debt | (4,406.6 | ) | 0 | 0 | (4,406.6 | ) | 0 | 0 | (4,406.6 | ) | ||||||||||||||||||
Cash distributions paid to owners | (3,164.4 | ) | (1,104.7 | ) | 1,153.5 | (3,115.6 | ) | (2,968.4 | ) | 3,164.4 | (2,919.6 | ) | ||||||||||||||||
Cash payments made in connection with DERs | 0 | 0 | 0 | 0 | (20.0 | ) | 0 | (20.0 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests | 0 | (6.6 | ) | (91.9 | ) | (98.5 | ) | 0 | 0.7 | (97.8 | ) | |||||||||||||||||
Cash contributions from noncontrolling interests | 0 | 0 | 21.2 | 21.2 | 0 | 0 | 21.2 | |||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | 0 | 0 | (173.8 | ) | 0 | (173.8 | ) | |||||||||||||||||||
Net cash proceeds from the issuance of preferred unit | 0 | 0 | 0 | 0 | 32.5 | 0 | 32.5 | |||||||||||||||||||||
Cash contributions from owners | 0 | 1,275.4 | (1,275.4 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Other financing activities | (36.9 | ) | 0 | (42.7 | ) | (79.6 | ) | (34.7 | ) | 0 | (114.3 | ) | ||||||||||||||||
Cash provided by (used in) financing activities | (935.8 | ) | 164.1 | (235.3 | ) | (1,007.0 | ) | (3,164.4 | ) | 3,165.1 | (1,006.3 | ) | ||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | 754.0 | (23.3 | ) | (9.6 | ) | 721.1 | 0 | 0 | 721.1 | |||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 109.2 | 315.8 | (15.1 | ) | 409.9 | 0.1 | 0 | 410.0 | ||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 863.2 | $ | 292.5 | $ | (24.7 | ) | $ | 1,131.0 | $ | 0.1 | $ | 0 | $ | 1,131.1 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 2,036.2 | $ | 2,157.3 | $ | (1,826.0 | ) | $ | 2,367.5 | $ | 2,384.8 | $ | (2,316.5 | ) | $ | 2,435.8 | $ | 3,625.4 | $ | 3,743.8 | $ | (3,681.6 | ) | $ | 3,687.6 | $ | 3,494.4 | $ | (3,620.3 | ) | $ | 3,561.7 | ||||||||||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 173.0 | 860.4 | (1.7 | ) | 1,031.7 | – | – | 1,031.7 | 231.5 | 1,226.5 | (1.3 | ) | 1,456.7 | 0 | 0 | 1,456.7 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (2,048.9 | ) | (308.0 | ) | 2,102.8 | (254.1 | ) | (2,315.9 | ) | 2,315.9 | (254.1 | ) | (3,606.9 | ) | (496.8 | ) | 3,672.4 | (431.3 | ) | (3,619.4 | ) | 3,619.4 | (431.3 | ) | ||||||||||||||||||||||||||||||||
Distributions received from unconsolidated affiliates attributable to earnings | 765.5 | 132.3 | (640.2 | ) | 257.6 | 2,159.0 | (2,159.0 | ) | 257.6 | 1,170.9 | 243.0 | (982.7 | ) | 431.2 | 3,028.9 | (3,028.9 | ) | 431.2 | ||||||||||||||||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,704.0 | (1,604.7 | ) | (307.3 | ) | (208.0 | ) | (69.3 | ) | 0.1 | (277.2 | ) | 2,203.8 | (2,549.8 | ) | 19.1 | (326.9 | ) | 134.6 | 0.2 | (192.1 | ) | ||||||||||||||||||||||||||||||||||
Net cash flows provided by operating activities | 2,629.8 | 1,237.3 | (672.4 | ) | 3,194.7 | 2,158.6 | (2,159.5 | ) | 3,193.8 | 3,624.7 | 2,166.7 | (974.1 | ) | 4,817.3 | 3,038.5 | (3,029.6 | ) | 4,826.2 | ||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (401.1 | ) | (1,575.7 | ) | 0.9 | (1,975.9 | ) | – | – | (1,975.9 | ) | (503.8 | ) | (2,791.2 | ) | (7.1 | ) | (3,302.1 | ) | 0 | 0 | (3,302.1 | ) | |||||||||||||||||||||||||||||||||
Proceeds from asset sales | 0.5 | 3.6 | – | 4.1 | – | – | 4.1 | 0.9 | 15.9 | 0 | 16.8 | 0 | 0 | 16.8 | ||||||||||||||||||||||||||||||||||||||||||
Other investing activities | (886.6 | ) | (3.9 | ) | 931.8 | 41.3 | – | – | 41.3 | (1,349.5 | ) | (28.8 | ) | 1,290.8 | (87.5 | ) | (119.3 | ) | 119.3 | (87.5 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (1,287.2 | ) | (1,576.0 | ) | 932.7 | (1,930.5 | ) | – | – | (1,930.5 | ) | (1,852.4 | ) | (2,804.1 | ) | 1,283.7 | (3,372.8 | ) | (119.3 | ) | 119.3 | (3,372.8 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under debt agreements | 5,411.8 | – | – | 5,411.8 | – | – | 5,411.8 | 44,629.6 | 0 | 0 | 44,629.6 | 0 | 0 | 44,629.6 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of debt | (3,406.6 | ) | – | – | (3,406.6 | ) | – | – | (3,406.6 | ) | (42,855.2 | ) | (0.1 | ) | 0 | (42,855.3 | ) | 0 | 0 | (42,855.3 | ) | |||||||||||||||||||||||||||||||||||
Cash distributions paid to owners | (2,159.0 | ) | (737.4 | ) | 761.8 | (2,134.6 | ) | (1,971.3 | ) | 2,159.0 | (1,946.9 | ) | (3,028.9 | ) | (1,484.8 | ) | 1,484.8 | (3,028.9 | ) | (2,871.1 | ) | 3,028.9 | (2,871.1 | ) | ||||||||||||||||||||||||||||||||
Cash payments made in connection with DERs | – | – | – | – | (12.9 | ) | – | (12.9 | ) | 0 | 0 | 0 | 0 | (16.4 | ) | 0 | (16.4 | ) | ||||||||||||||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | (4.2 | ) | (58.1 | ) | (62.3 | ) | – | 0.5 | (61.8 | ) | 0 | (7.0 | ) | (63.4 | ) | (70.4 | ) | 0 | 0.7 | (69.7 | ) | ||||||||||||||||||||||||||||||||||
Cash contributions from noncontrolling interests | – | – | 19.7 | 19.7 | – | – | 19.7 | 0 | 0 | 590.8 | 590.8 | 0 | 0 | 590.8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units | 0 | 0 | 0 | 0 | 82.2 | 0 | 82.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program | – | – | – | – | (140.1 | ) | – | (140.1 | ) | 0 | 0 | 0 | 0 | (81.1 | ) | 0 | (81.1 | ) | ||||||||||||||||||||||||||||||||||||||
Cash contributions from owners | – | 966.2 | (966.2 | ) | – | – | – | – | 119.3 | 2,320.3 | (2,320.3 | ) | 119.3 | 0 | (119.3 | ) | 0 | |||||||||||||||||||||||||||||||||||||||
Other financing activities | (41.2 | ) | – | (24.4 | ) | (65.6 | ) | (34.3 | ) | – | (99.9 | ) | (26.3 | ) | (5.6 | ) | 0 | (31.9 | ) | (32.8 | ) | 0 | (64.7 | ) | ||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (195.0 | ) | 224.6 | (267.2 | ) | (237.6 | ) | (2,158.6 | ) | 2,159.5 | (236.7 | ) | (1,161.5 | ) | 822.8 | (308.1 | ) | (646.8 | ) | (2,919.2 | ) | 2,910.3 | (655.7 | ) | ||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | 1,147.6 | (114.1 | ) | (6.9 | ) | 1,026.6 | – | – | 1,026.6 | 610.8 | 185.4 | 1.5 | 797.7 | 0 | 0 | 797.7 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 109.2 | 315.8 | (15.1 | ) | 409.9 | 0.1 | – | 410.0 | 393.4 | 50.3 | (33.6 | ) | 410.1 | 0 | 0 | 410.1 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 1,256.8 | $ | 201.7 | $ | (22.0 | ) | $ | 1,436.5 | $ | 0.1 | $ | – | $ | 1,436.6 | $ | 1,004.2 | $ | 235.7 | $ | (32.1 | ) | $ | 1,207.8 | $ | 0 | $ | 0 | $ | 1,207.8 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income | $ | 2,568.1 | $ | 2,557.2 | $ | (2,521.8 | ) | $ | 2,603.5 | $ | 2,475.2 | $ | (2,561.8 | ) | $ | 2,516.9 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 153.0 | 810.6 | (0.5 | ) | 963.1 | – | – | 963.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | (2,475.0 | ) | (329.7 | ) | 2,512.7 | (292.0 | ) | (2,561.2 | ) | 2,561.2 | (292.0 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates attributable to earnings | 742.1 | 163.8 | (614.8 | ) | 291.1 | 2,021.2 | (2,021.2 | ) | 291.1 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,246.9 | (1,718.2 | ) | 43.9 | (427.4 | ) | 131.9 | 0.1 | (295.4 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 2,235.1 | 1,483.7 | (580.5 | ) | 3,138.3 | 2,067.1 | (2,021.7 | ) | 3,183.7 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | (388.6 | ) | (1,864.3 | ) | (7.9 | ) | (2,260.8 | ) | – | – | (2,260.8 | ) | ||||||||||||||||
Proceeds from asset sales | 0.8 | 15.3 | – | 16.1 | – | – | 16.1 | |||||||||||||||||||||
Other investing activities | (1,014.8 | ) | (1.9 | ) | 974.9 | (41.8 | ) | (119.3 | ) | 119.3 | (41.8 | ) | ||||||||||||||||
Cash used in investing activities | (1,402.6 | ) | (1,850.9 | ) | 967.0 | (2,286.5 | ) | (119.3 | ) | 119.3 | (2,286.5 | ) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Borrowings under debt agreements | 40,318.1 | – | – | 40,318.1 | – | – | 40,318.1 | |||||||||||||||||||||
Repayments of debt | (39,617.2 | ) | (0.1 | ) | – | (39,617.3 | ) | – | – | (39,617.3 | ) | |||||||||||||||||
Cash distributions paid to owners | (2,021.2 | ) | (679.8 | ) | 679.8 | (2,021.2 | ) | (1,907.9 | ) | 2,021.2 | (1,907.9 | ) | ||||||||||||||||
Cash payments made in connection with DERs | – | – | – | – | (10.5 | ) | – | (10.5 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | (4.9 | ) | (42.5 | ) | (47.4 | ) | – | 0.5 | (46.9 | ) | |||||||||||||||||
Cash contributions from noncontrolling interests | – | – | 99.6 | 99.6 | – | – | 99.6 | |||||||||||||||||||||
Net cash proceeds from issuance of common units | – | – | – | – | 82.2 | – | 82.2 | |||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program | – | – | – | – | (81.1 | ) | – | (81.1 | ) | |||||||||||||||||||
Cash contributions from owners | 119.3 | 1,097.0 | (1,097.0 | ) | 119.3 | – | (119.3 | ) | – | |||||||||||||||||||
Other financing activities | (0.3 | ) | (5.6 | ) | – | (5.9 | ) | (30.3 | ) | – | (36.2 | ) | ||||||||||||||||
Cash provided by (used in) financing activities | (1,201.3 | ) | 406.6 | (360.1 | ) | (1,154.8 | ) | (1,947.6 | ) | 1,902.4 | (1,200.0 | ) | ||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | (368.8 | ) | 39.4 | 26.4 | (303.0 | ) | 0.2 | – | (302.8 | ) | ||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 393.4 | 50.3 | (33.6 | ) | 410.1 | – | – | 410.1 | ||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 24.6 | $ | 89.7 | $ | (7.2 | ) | $ | 107.1 | $ | 0.2 | $ | – | $ | 107.3 |
/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 |
• | At September 30, 2020, we had $6.03 billion of consolidated liquidity, which was comprised of $5.0 billion of available borrowing capacity under EPO’s revolving credit facilities and $1.03 billion of unrestricted cash on hand. Our liquidity is supported by investment grade credit ratings on EPO’s long-term senior unsecured debt of BBB+, Baa1 and BBB+ from Standard & Poors, Moody’s and Fitch, respectively. |
• | In light of the current downturn in the domestic energy industry, we reevaluated our planned capital investments |
• | We continue to optimize our assets to provide incremental services to customers and to respond to market opportunities. As prices for certain NGLs, crude oil and refined products fell in 2020 due to collapsing demand for refined products as a result of the pandemic, our storage services provided valuable flexibility for our customers. In addition, our earnings from marketing activities for the nine months ended September 30, 2020 benefited from using uncontracted storage capacity to capture contango opportunities in NGLs, crude oil and refined products. |
Polymer | Refinery | Indicative Gas | Polymer | Refinery | Indicative Gas | |||||||||||||
Natural | Normal | Natural | Grade | Grade | Processing | Natural | Normal | Natural | Grade | Grade | Processing | |||||||
Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gross Spread | Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gross Spread | |
$/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/gallon | $/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/gallon | |||
(1) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | (1) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | |||
2019 by quarter: | ||||||||||||||||||
1st Quarter | $3.15 | $0.30 | $0.67 | $0.82 | $0.85 | $1.16 | $0.38 | $0.24 | $0.31 | $3.15 | $0.30 | $0.67 | $0.82 | $0.85 | $1.16 | $0.38 | $0.24 | $0.31 |
2nd Quarter | $2.64 | $0.21 | $0.55 | $0.63 | $0.65 | $1.21 | $0.37 | $0.24 | $0.25 | $2.64 | $0.21 | $0.55 | $0.63 | $0.65 | $1.21 | $0.37 | $0.24 | $0.25 |
3rd Quarter | $2.23 | $0.17 | $0.44 | $0.51 | $0.66 | $1.06 | $0.38 | $0.23 | $0.21 | $2.23 | $0.17 | $0.44 | $0.51 | $0.66 | $1.06 | $0.38 | $0.23 | $0.21 |
4th Quarter | $2.50 | $0.19 | $0.50 | $0.68 | $0.82 | $1.20 | $0.35 | $0.21 | $0.25 | $2.50 | $0.19 | $0.50 | $0.68 | $0.82 | $1.20 | $0.35 | $0.21 | $0.25 |
2019 Averages | $2.63 | $0.22 | $0.54 | $0.66 | $0.75 | $1.16 | $0.37 | $0.23 | $0.26 | $2.63 | $0.22 | $0.54 | $0.66 | $0.75 | $1.16 | $0.37 | $0.23 | $0.26 |
2020 by quarter: | ||||||||||||||||||
1st Quarter | $1.95 | $0.14 | $0.37 | $0.57 | $0.63 | $0.93 | $0.31 | $0.18 | $0.19 | $1.95 | $0.14 | $0.37 | $0.57 | $0.63 | $0.93 | $0.31 | $0.18 | $0.19 |
2nd Quarter | $1.71 | $0.19 | $0.41 | $0.43 | $0.44 | $0.41 | $0.26 | $0.11 | $0.17 | $1.71 | $0.19 | $0.41 | $0.43 | $0.44 | $0.41 | $0.26 | $0.11 | $0.17 |
3rd Quarter | $1.98 | $0.22 | $0.50 | $0.58 | $0.60 | $0.80 | $0.35 | $0.17 | $0.25 | |||||||||
2020 Averages | $1.83 | $0.17 | $0.39 | $0.50 | $0.54 | $0.67 | $0.29 | $0.15 | $0.18 | $1.88 | $0.18 | $0.43 | $0.53 | $0.56 | $0.71 | $0.31 | $0.15 | $0.20 |
(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 (“RGP”) prices represent weighted-average spot prices for such product as reported by IHS Chemical. |
(4) | The “Indicative Gas Processing Gross 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 facility 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 47% ethane, 28% propane, 9% normal butane, 6% isobutane and 10% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.4% 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, | |||
$/barrel | $/barrel | |||||||
(1) | (2) | (3) | (1) | (2) | (3) | |||
2019 by quarter: | ||||||||
1st Quarter | $54.90 | $53.70 | $61.19 | $62.35 | $54.90 | $53.70 | $61.19 | $62.35 |
2nd Quarter | $59.81 | $57.62 | $66.47 | $67.07 | $59.81 | $57.62 | $66.47 | $67.07 |
3rd Quarter | $56.45 | $56.12 | $59.75 | $60.64 | $56.45 | $56.12 | $59.75 | $60.64 |
4th Quarter | $56.96 | $57.80 | $60.04 | $60.76 | $56.96 | $57.80 | $60.04 | $60.76 |
2019 Averages | $57.03 | $56.31 | $61.86 | $62.71 | $57.03 | $56.31 | $61.86 | $62.71 |
2020 by quarter: | ||||||||
1st Quarter | $46.17 | $45.51 | $47.81 | $48.15 | $46.17 | $45.51 | $47.81 | $48.15 |
2nd Quarter | $27.85 | $28.22 | $29.68 | $30.12 | $27.85 | $28.22 | $29.68 | $30.12 |
3rd Quarter | $40.93 | $41.05 | $41.77 | $42.47 | ||||
2020 Averages | $37.01 | $36.87 | $38.75 | $39.14 | $38.32 | $38.26 | $39.75 | $40.25 |
(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 June 30, | For the Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | $ | 5,751.0 | $ | 8,276.3 | $ | 13,233.5 | $ | 16,819.8 | ||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | 3,195.2 | 5,609.4 | 8,018.2 | 11,445.0 | ||||||||||||
Other operating costs and expenses | 670.7 | 723.8 | 1,423.5 | 1,452.6 | ||||||||||||
Depreciation, amortization and accretion expenses | 494.3 | 462.8 | 977.1 | 913.7 | ||||||||||||
Net gains attributable to asset sales | (1.6 | ) | (2.1 | ) | (1.5 | ) | (2.5 | ) | ||||||||
Asset impairment and related charges | 11.8 | 7.0 | 13.4 | 11.8 | ||||||||||||
Total operating costs and expenses | 4,370.4 | 6,800.9 | 10,430.7 | 13,820.6 | ||||||||||||
General and administrative costs | 57.0 | 52.5 | 112.5 | 104.7 | ||||||||||||
Total costs and expenses | 4,427.4 | 6,853.4 | 10,543.2 | 13,925.3 | ||||||||||||
Equity in income of unconsolidated affiliates | 113.3 | 137.4 | 254.1 | 292.0 | ||||||||||||
Operating income | 1,436.9 | 1,560.3 | 2,944.4 | 3,186.5 | ||||||||||||
Interest expense | (320.2 | ) | (290.1 | ) | (637.7 | ) | (567.3 | ) | ||||||||
Change in fair value of Liquidity Option | – | (26.6 | ) | (2.3 | ) | (84.4 | ) | |||||||||
Other, net | 3.8 | 2.6 | 11.9 | 4.1 | ||||||||||||
Benefit from (provision for) income taxes | (59.7 | ) | (9.7 | ) | 119.5 | (22.0 | ) | |||||||||
Net income | 1,060.8 | 1,236.5 | 2,435.8 | 2,516.9 | ||||||||||||
Net income attributable to noncontrolling interests | (26.1 | ) | (21.8 | ) | (51.0 | ) | (41.7 | ) | ||||||||
Net income attributable to limited partners | $ | 1,034.7 | $ | 1,214.7 | $ | 2,384.8 | $ | 2,475.2 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | $ | 6,922.0 | $ | 7,964.1 | $ | 20,155.5 | $ | 24,783.9 | ||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | 4,313.7 | 5,276.5 | 12,331.9 | 16,721.5 | ||||||||||||
Other operating costs and expenses | 696.9 | 790.8 | 2,120.4 | 2,243.4 | ||||||||||||
Depreciation, amortization and accretion expenses | 484.2 | 467.1 | 1,461.3 | 1,380.8 | ||||||||||||
Net gains attributable to asset sales | (0.6 | ) | (0.1 | ) | (2.1 | ) | (2.6 | ) | ||||||||
Asset impairment and related charges | 77.0 | 39.4 | 90.4 | 51.2 | ||||||||||||
Total operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 | ||||||||||||
General and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | ||||||||||||
Total costs and expenses | 5,621.5 | 6,629.2 | 16,164.7 | 20,554.5 | ||||||||||||
Equity in income of unconsolidated affiliates | 82.0 | 139.3 | 336.1 | 431.3 | ||||||||||||
Operating income | 1,382.5 | 1,474.2 | 4,326.9 | 4,660.7 | ||||||||||||
Interest expense | (320.5 | ) | (382.9 | ) | (958.2 | ) | (950.2 | ) | ||||||||
Change in fair value of Liquidity Option | – | (38.7 | ) | (2.3 | ) | (123.1 | ) | |||||||||
Other, net | 2.9 | 7.6 | 14.8 | 11.7 | ||||||||||||
Benefit from (provision for) income taxes | 19.1 | (15.4 | ) | 138.6 | (37.4 | ) | ||||||||||
Net income | 1,084.0 | 1,044.8 | 3,519.8 | 3,561.7 | ||||||||||||
Net income attributable to noncontrolling interests | (31.4 | ) | (25.6 | ) | (82.4 | ) | (67.3 | ) | ||||||||
Net income attributable to preferred units | * | – | * | – | ||||||||||||
Net income attributable to common unitholders | $ | 1,052.6 | $ | 1,019.2 | $ | 3,437.4 | $ | 3,494.4 | ||||||||
* Amount is negligible |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 1,934.1 | $ | 2,659.4 | $ | 4,353.3 | $ | 5,330.6 | $ | 2,048.4 | $ | 2,624.9 | $ | 6,401.7 | $ | 7,955.5 | ||||||||||||||||
Midstream services | 542.2 | 625.3 | 1,091.1 | 1,268.5 | 565.6 | 627.2 | 1,656.7 | 1,895.7 | ||||||||||||||||||||||||
Total | 2,476.3 | 3,284.7 | 5,444.4 | 6,599.1 | 2,614.0 | 3,252.1 | 8,058.4 | 9,851.2 | ||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of crude oil | 1,146.7 | 2,531.7 | 2,843.6 | 4,860.1 | 1,216.1 | 2,130.0 | 4,059.7 | 6,990.1 | ||||||||||||||||||||||||
Midstream services | 316.5 | 334.9 | 658.5 | 613.8 | 305.5 | 348.3 | 964.0 | 962.1 | ||||||||||||||||||||||||
Total | 1,463.2 | 2,866.6 | 3,502.1 | 5,473.9 | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of natural gas | 347.7 | 531.4 | 746.9 | 1,187.1 | 350.7 | 440.0 | 1,097.6 | 1,627.1 | ||||||||||||||||||||||||
Midstream services | 237.5 | 287.9 | 508.9 | 559.7 | 256.2 | 275.5 | 765.1 | 835.2 | ||||||||||||||||||||||||
Total | 585.2 | 819.3 | 1,255.8 | 1,746.8 | 606.9 | 715.5 | 1,862.7 | 2,462.3 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,030.0 | 1,087.7 | 2,627.5 | 2,568.3 | 1,966.2 | 1,299.0 | 4,593.7 | 3,867.3 | ||||||||||||||||||||||||
Midstream services | 196.3 | 218.0 | 403.7 | 431.7 | 213.3 | 219.2 | 617.0 | 650.9 | ||||||||||||||||||||||||
Total | 1,226.3 | 1,305.7 | 3,031.2 | 3,000.0 | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 | ||||||||||||||||||||||||
Total consolidated revenues | $ | 5,751.0 | $ | 8,276.3 | $ | 13,233.5 | $ | 16,819.8 | $ | 6,922.0 | $ | 7,964.1 | $ | 20,155.5 | $ | 24,783.9 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Interest charged on debt principal outstanding | $ | 334.0 | $ | 307.4 | $ | 665.5 | $ | 614.9 | $ | 334.9 | $ | 319.3 | $ | 1,000.4 | $ | 934.2 | ||||||||||||||||
Impact of interest rate hedging program, including related amortization (1) | 9.7 | 8.7 | 19.3 | 7.6 | 9.9 | 90.3 | 29.2 | 97.9 | ||||||||||||||||||||||||
Interest costs capitalized in connection with construction projects (2) | (31.9 | ) | (32.8 | ) | (62.4 | ) | (69.0 | ) | (34.5 | ) | (33.9 | ) | (96.9 | ) | (102.9 | ) | ||||||||||||||||
Other (3) | 8.4 | 6.8 | 15.3 | 13.8 | 10.2 | 7.2 | 25.5 | 21.0 | ||||||||||||||||||||||||
Total | $ | 320.2 | $ | 290.1 | $ | 637.7 | $ | 567.3 | $ | 320.5 | $ | 382.9 | $ | 958.2 | $ | 950.2 |
(1) | |
(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 investment 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. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Settlement of Liquidity Option at March 5, 2020 | $ | 72.2 | ||||||||||||||||||||||||||||||
Deferred tax benefit (expense) attributable to OTA | $ | (50.5 | ) | 64.5 | $ | 21.3 | $ | 158.0 | ||||||||||||||||||||||||
Texas Margin Tax | (7.0 | ) | $ | (10.1 | ) | (14.7 | ) | $ | (21.0 | ) | (7.2 | ) | $ | (15.5 | ) | (21.9 | ) | $ | (36.5 | ) | ||||||||||||
Other | (2.2 | ) | 0.4 | (2.5 | ) | (1.0 | ) | 5.0 | 0.1 | 2.5 | (0.9 | ) | ||||||||||||||||||||
Benefit from (provision for) income taxes | $ | (59.7 | ) | $ | (9.7 | ) | $ | 119.5 | $ | (22.0 | ) | $ | 19.1 | $ | (15.4 | ) | $ | 138.6 | $ | (37.4 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 968.1 | $ | 966.3 | $ | 2,010.1 | $ | 1,925.5 | $ | 1,028.1 | $ | 1,008.3 | $ | 3,038.2 | $ | 2,933.8 | ||||||||||||||||
Crude Oil Pipelines & Services | 634.4 | 513.2 | 1,087.3 | 1,175.5 | 481.8 | 496.2 | 1,569.1 | 1,671.7 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 208.9 | 301.8 | 492.7 | 566.1 | 208.4 | 258.5 | 701.1 | 824.6 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 191.5 | 304.9 | 470.0 | 547.5 | 315.0 | 288.4 | 785.0 | 835.9 | ||||||||||||||||||||||||
Total segment gross operating margin (1) | 2,002.9 | 2,086.2 | 4,060.1 | 4,214.6 | 2,033.3 | 2,051.4 | 6,093.4 | 6,266.0 | ||||||||||||||||||||||||
Net adjustment for shipper make-up rights | (4.5 | ) | (5.7 | ) | (14.2 | ) | (0.4 | ) | (39.9 | ) | (15.3 | ) | (54.1 | ) | (15.7 | ) | ||||||||||||||||
Total gross operating margin (non-GAAP) | $ | 1,998.4 | $ | 2,080.5 | $ | 4,045.9 | $ | 4,214.2 | $ | 1,993.4 | $ | 2,036.1 | $ | 6,039.3 | $ | 6,250.3 |
(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 under 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, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating income | $ | 1,436.9 | $ | 1,560.3 | $ | 2,944.4 | $ | 3,186.5 | $ | 1,382.5 | $ | 1,474.2 | $ | 4,326.9 | $ | 4,660.7 | ||||||||||||||||
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 | 494.3 | 462.8 | 977.1 | 913.7 | 484.2 | 467.1 | 1,461.3 | 1,380.8 | ||||||||||||||||||||||||
Asset impairment and related charges in operating costs and expenses | 11.8 | 7.0 | 13.4 | 11.8 | 77.0 | 39.4 | 90.4 | 51.2 | ||||||||||||||||||||||||
Net gains attributable to asset sales in operating costs and expenses | (1.6 | ) | (2.1 | ) | (1.5 | ) | (2.5 | ) | (0.6 | ) | (0.1 | ) | (2.1 | ) | (2.6 | ) | ||||||||||||||||
General and administrative costs | 57.0 | 52.5 | 112.5 | 104.7 | 50.3 | 55.5 | 162.8 | 160.2 | ||||||||||||||||||||||||
Total gross operating margin (non-GAAP) | $ | 1,998.4 | $ | 2,080.5 | $ | 4,045.9 | $ | 4,214.2 | $ | 1,993.4 | $ | 2,036.1 | $ | 6,039.3 | $ | 6,250.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||||||||||
Natural gas processing and related NGL marketing activities | $ | 199.2 | $ | 248.6 | $ | 451.5 | $ | 541.3 | $ | 256.8 | $ | 288.0 | $ | 708.3 | $ | 829.3 | ||||||||||||||||
NGL pipelines, storage and terminals | 606.3 | 588.7 | 1,259.6 | 1,146.0 | 602.9 | 593.4 | 1,862.5 | 1,739.4 | ||||||||||||||||||||||||
NGL fractionation | 162.6 | 129.0 | 299.0 | 238.2 | 168.4 | 126.9 | 467.4 | 365.1 | ||||||||||||||||||||||||
Total | $ | 968.1 | $ | 966.3 | $ | 2,010.1 | $ | 1,925.5 | $ | 1,028.1 | $ | 1,008.3 | $ | 3,038.2 | $ | 2,933.8 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
NGL pipeline transportation volumes (MBPD) | 3,482 | 3,587 | 3,622 | 3,523 | 3,446 | 3,557 | 3,563 | 3,532 | ||||||||||||||||||||||||
NGL marine terminal volumes (MBPD) | 701 | 625 | 721 | 584 | 643 | 602 | 696 | 590 | ||||||||||||||||||||||||
NGL fractionation volumes (MBPD) | 1,154 | 1,000 | 1,186 | 984 | 1,350 | 1,003 | 1,357 | 990 | ||||||||||||||||||||||||
Equity NGL production volumes (MBPD) (1) | 188 | 144 | 164 | 150 | 141 | 111 | 156 | 138 | ||||||||||||||||||||||||
Fee-based natural gas processing volumes (MMcf/d) (2, 3) | 4,136 | 4,705 | 4,398 | 4,733 | 4,105 | 4,724 | 4,299 | 4,729 |
(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 natural gas processing plants. |
(3) | Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||||||||||
Midland-to-ECHO System: | ||||||||||||||||||||||||||||||||
Midland-to-ECHO 1 pipeline and related business activities, excluding associated non-cash mark-to-market results | $ | 53.1 | $ | 109.6 | $ | 113.3 | $ | 209.4 | $ | 51.9 | $ | 89.3 | $ | 165.2 | $ | 298.6 | ||||||||||||||||
Non-cash mark-to-market gains | – | 14.0 | 0.9 | 81.2 | ||||||||||||||||||||||||||||
Non-cash mark-to-market gains (losses) | (0.5 | ) | 10.0 | 0.4 | 91.2 | |||||||||||||||||||||||||||
Total Midland-to-ECHO 1 pipeline and related business activities | 53.1 | 123.6 | 114.2 | 290.6 | 51.4 | 99.3 | 165.6 | 389.8 | ||||||||||||||||||||||||
Midland-to-ECHO 2 pipeline | 38.9 | 28.1 | 68.2 | 45.5 | 34.2 | 27.0 | 102.4 | 72.5 | ||||||||||||||||||||||||
Total Midland-to-ECHO System | 92.0 | 151.7 | 182.4 | 336.1 | 85.6 | 126.3 | 268.0 | 462.3 | ||||||||||||||||||||||||
Other crude oil pipelines, terminals and related marketing results | 542.4 | 361.5 | 904.9 | 839.4 | 396.2 | 369.9 | 1,301.1 | 1,209.4 | ||||||||||||||||||||||||
Total | $ | 634.4 | $ | 513.2 | $ | 1,087.3 | $ | 1,175.5 | $ | 481.8 | $ | 496.2 | $ | 1,569.1 | $ | 1,671.7 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) | 1,890 | 2,378 | 2,141 | 2,310 | 1,739 | 2,321 | 2,008 | 2,315 | ||||||||||||||||||||||||
Crude oil marine terminal volumes (MBPD) | 726 | 985 | 854 | 935 | 662 | 987 | 790 | 972 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Segment gross operating margin | $ | 208.9 | $ | 301.8 | $ | 492.7 | $ | 566.1 | $ | 208.4 | $ | 258.5 | $ | 701.1 | $ | 824.6 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) | 12,975 | 14,349 | 13,419 | 14,274 | 13,131 | 14,474 | 13,322 | 14,341 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||||||||||
Propylene production and related activities | $ | 60.5 | $ | 133.7 | $ | 169.1 | $ | 236.0 | $ | 133.1 | $ | 130.8 | $ | 302.2 | $ | 366.8 | ||||||||||||||||
Butane isomerization and related operations | 10.1 | 21.2 | 26.2 | 45.2 | 18.7 | 15.5 | 44.9 | 60.7 | ||||||||||||||||||||||||
Octane enhancement and related plant operations | 36.7 | 52.5 | 105.7 | 76.8 | 40.0 | 54.6 | 145.7 | 131.4 | ||||||||||||||||||||||||
Refined products pipelines and related activities | 66.3 | 85.3 | 141.4 | 167.2 | 101.5 | 74.4 | 242.9 | 241.6 | ||||||||||||||||||||||||
Marine transportation and other services | 17.9 | 12.2 | 27.6 | 22.3 | ||||||||||||||||||||||||||||
Ethylene exports and other services | 21.7 | 13.1 | 49.3 | 35.4 | ||||||||||||||||||||||||||||
Total | $ | 191.5 | $ | 304.9 | $ | 470.0 | $ | 547.5 | $ | 315.0 | $ | 288.4 | $ | 785.0 | $ | 835.9 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Propylene production volumes (MBPD) | 72 | 104 | 85 | 97 | 83 | 105 | 84 | 99 | ||||||||||||||||||||||||
Butane isomerization volumes (MBPD) | 68 | 109 | 86 | 110 | 102 | 109 | 92 | 110 | ||||||||||||||||||||||||
Standalone DIB processing volumes (MBPD) | 130 | 96 | 118 | 94 | 120 | 103 | 119 | 97 | ||||||||||||||||||||||||
Octane enhancement and related plant sales volumes (MBPD) (1) | 32 | 39 | 33 | 31 | 35 | 33 | 34 | 33 | ||||||||||||||||||||||||
Pipeline transportation volumes, primarily refined products & petrochemicals (MBPD) | 786 | 672 | 748 | 740 | 844 | 747 | 780 | 742 | ||||||||||||||||||||||||
Marine terminal volumes, primarily refined products and petrochemicals (MBPD) | 250 | 396 | 261 | 367 | 226 | 297 | 249 | 344 |
(1) | Reflects aggregate sales volumes for our octane additive and iBDH facilities located at our Mont Belvieu complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel. |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations | $ | 29,896.4 | $ | 1,000.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 850.0 | $ | 24,071.4 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations | $ | 30,146.4 | $ | – | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 850.0 | $ | 25,321.4 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net cash flows provided by operating activities | $ | 3,193.8 | $ | 3,183.7 | $ | 4,291.6 | $ | 4,826.2 | ||||||||
Cash used in investing activities | 1,930.5 | 2,286.5 | 2,564.2 | 3,372.8 | ||||||||||||
Cash used in financing activities | 236.7 | 1,200.0 | 1,006.3 | 655.7 |
• | a $ |
• | a $ |
• | a $ |
• | a $ |
• | a $90.2 million period-to-period decrease in investments in unconsolidated affiliates primarily due to lower cash outlays for NGL and crude oil pipeline projects; and |
• | a $ |
• | a |
• | a $92.7 million period-to-period increase in |
• | an $82.2 million period-to-period decrease in net cash proceeds from the issuance of common units |
• | a $ |
• | a |
• | a $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Net income attributable to limited partners (GAAP) (1) | $ | 1,034.7 | $ | 1,214.7 | $ | 2,384.8 | $ | 2,475.2 | ||||||||||||||||||||||||
Adjustments to net income attributable to limited partners to derive DCF (addition or subtraction indicated by sign): | ||||||||||||||||||||||||||||||||
Net income attributable to common unitholders (GAAP) (1) | $ | 1,052.6 | $ | 1,019.2 | $ | 3,437.4 | $ | 3,494.4 | ||||||||||||||||||||||||
Adjustments to net income attributable to common unitholders to derive DCF (addition or subtraction indicated by sign): | ||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion expenses | 522.7 | 488.6 | 1,031.7 | 963.1 | 513.4 | 493.6 | 1,545.1 | 1,456.7 | ||||||||||||||||||||||||
Cash distributions received from unconsolidated affiliates (2) | 178.4 | 171.0 | 315.6 | 314.5 | 146.7 | 170.6 | 462.3 | 485.1 | ||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (113.3 | ) | (137.4 | ) | (254.1 | ) | (292.0 | ) | (82.0 | ) | (139.3 | ) | (336.1 | ) | (431.3 | ) | ||||||||||||||||
Asset impairment and related charges | 77.0 | 39.5 | 90.4 | 51.3 | ||||||||||||||||||||||||||||
Change in fair market value of derivative instruments | (61.9 | ) | 12.5 | (91.4 | ) | (83.8 | ) | 37.7 | 85.8 | (53.7 | ) | 2.0 | ||||||||||||||||||||
Change in fair value of Liquidity Option | – | 26.6 | 2.3 | 84.4 | – | 38.7 | 2.3 | 123.1 | ||||||||||||||||||||||||
Deferred income tax expense (benefit) | 53.4 | 2.4 | (130.7 | ) | 4.2 | (18.3 | ) | 6.7 | (149.0 | ) | 10.9 | |||||||||||||||||||||
Sustaining capital expenditures (3) | (74.0 | ) | (80.1 | ) | (142.9 | ) | (141.7 | ) | (83.1 | ) | (90.8 | ) | (226.0 | ) | (232.5 | ) | ||||||||||||||||
Other, net | 33.8 | 9.7 | 44.8 | 10.8 | (1.3 | ) | 14.8 | 30.1 | 13.8 | |||||||||||||||||||||||
Subtotal DCF, before proceeds from asset sales and monetization of interest rate derivative instruments accounted for as cash flow hedges | $ | 1,573.8 | $ | 1,708.0 | $ | 3,160.1 | $ | 3,334.7 | ||||||||||||||||||||||||
Operational DCF (4) | $ | 1,642.7 | $ | 1,638.8 | $ | 4,802.8 | $ | 4,973.5 | ||||||||||||||||||||||||
Proceeds from asset sales | 3.5 | 14.4 | 4.1 | 16.1 | 4.3 | 0.7 | 8.4 | 16.8 | ||||||||||||||||||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges | – | – | (33.3 | ) | – | – | – | (33.3 | ) | – | ||||||||||||||||||||||
DCF (non-GAAP) | $ | 1,577.3 | $ | 1,722.4 | $ | 3,130.9 | $ | 3,350.8 | $ | 1,647.0 | $ | 1,639.5 | $ | 4,777.9 | $ | 4,990.3 | ||||||||||||||||
Cash distributions paid to limited partners with respect to period | $ | 979.9 | $ | 969.1 | $ | 1,959.7 | $ | 1,932.6 | ||||||||||||||||||||||||
Cash distributions paid to common unitholders with respect to period | $ | 978.5 | $ | 974.4 | $ | 2,938.1 | $ | 2,907.0 | ||||||||||||||||||||||||
Cash distribution per unit declared by Enterprise GP with respect to period (4) | $ | 0.4450 | $ | 0.4400 | $ | 0.8900 | $ | 0.8775 | ||||||||||||||||||||||||
Cash distribution per common unit declared by Enterprise GP with respect to period (5) | $ | 0.4450 | $ | 0.4425 | $ | 1.3350 | $ | 1.3200 | ||||||||||||||||||||||||
Total DCF retained by partnership with respect to period (5) | $ | 597.4 | $ | 753.3 | $ | 1,171.2 | $ | 1,418.2 | ||||||||||||||||||||||||
Total DCF retained by the Partnership with respect to period (6) | $ | 668.5 | $ | 665.1 | $ | 1,839.8 | $ | 2,083.3 | ||||||||||||||||||||||||
Distribution coverage ratio (6) | 1.6 | x | 1.8 | x | 1.6 | x | 1.7 | x | ||||||||||||||||||||||||
Distribution coverage ratio (7) | 1.7 | x | 1.7 | x | 1.6 | x | 1.7 | x |
(1) | For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statement Highlights” within this Part I, Item 2. |
(2) | Reflects distributions received from unconsolidated affiliates attributable to earnings and the return of capital. |
(3) | Sustaining capital expenditures include cash payments and accruals applicable to the period. |
(4) | Represents DCF before proceeds from asset sales and the monetization of interest rate derivative instruments accounted for as cash flow hedges. |
(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 years indicated. |
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. | |
Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net cash flows provided by operating activities (GAAP) | $ | 1,181.6 | $ | 2,023.3 | $ | 3,193.8 | $ | 3,183.7 | ||||||||
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 | 430.7 | (227.8 | ) | 89.0 | 332.0 | |||||||||||
Sustaining capital expenditures | (74.0 | ) | (80.1 | ) | (142.9 | ) | (141.7 | ) | ||||||||
Distributions received from unconsolidated affiliates attributable to the return of capital | 47.7 | 18.9 | 58.0 | 23.4 | ||||||||||||
Proceeds from asset sales | 3.5 | 14.4 | 4.1 | 16.1 | ||||||||||||
Net income attributable to noncontrolling interest | (26.1 | ) | (21.8 | ) | (51.0 | ) | (41.7 | ) | ||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges | – | – | (33.3 | ) | – | |||||||||||
Other, net | 13.9 | (4.5 | ) | 13.2 | (21.0 | ) | ||||||||||
DCF (non-GAAP) | $ | 1,577.3 | $ | 1,722.4 | $ | 3,130.9 | $ | 3,350.8 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net cash flows provided by operating activities (GAAP) | $ | 1,097.8 | $ | 1,642.5 | $ | 4,291.6 | $ | 4,826.2 | ||||||||
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 | 603.0 | 77.0 | 692.0 | 409.0 | ||||||||||||
Sustaining capital expenditures | (83.1 | ) | (90.8 | ) | (226.0 | ) | (232.5 | ) | ||||||||
Distributions received from unconsolidated affiliates attributable to the return of capital | 66.9 | 30.5 | 124.9 | 53.9 | ||||||||||||
Proceeds from asset sales | 4.3 | 0.7 | 8.4 | 16.8 | ||||||||||||
Net income attributable to noncontrolling interest | (31.4 | ) | (25.6 | ) | (82.4 | ) | (67.3 | ) | ||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges | – | – | (33.3 | ) | – | |||||||||||
Other, net | (10.5 | ) | 5.2 | 2.7 | (15.8 | ) | ||||||||||
DCF (non-GAAP) | $ | 1,647.0 | $ | 1,639.5 | $ | 4,777.9 | $ | 4,990.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Twelve Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2020 | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||||||||
Net cash flows provided by operating activities (GAAP) | $ | 1,181.6 | $ | 2,023.3 | $ | 3,193.8 | $ | 3,183.7 | $ | 6,530.6 | $ | 1,097.8 | $ | 1,642.5 | $ | 4,291.6 | $ | 4,826.2 | $ | 5,985.9 | ||||||||||||||||||||
Adjustments to net cash flows provided by operating activities to derive FCF (addition or subtraction indicated by sign): | ||||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (858.8 | ) | (1,112.0 | ) | (1,930.5 | ) | (2,286.5 | ) | (4,219.5 | ) | (633.7 | ) | (1,086.3 | ) | (2,564.2 | ) | (3,372.8 | ) | (3,766.9 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | 14.5 | 64.8 | 19.7 | 99.6 | 552.9 | 1.5 | 491.2 | 21.2 | 590.8 | 63.2 | ||||||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | (31.9 | ) | (28.9 | ) | (61.8 | ) | (46.9 | ) | (121.1 | ) | (36.0 | ) | (22.8 | ) | (97.8 | ) | (69.7 | ) | (134.3 | ) | ||||||||||||||||||||
FCF (non-GAAP) | $ | 305.4 | $ | 947.2 | $ | 1,221.2 | $ | 949.9 | $ | 2,742.9 | $ | 429.6 | $ | 1,024.6 | $ | 1,650.8 | $ | 1,974.5 | $ | 2,147.9 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Capital investments for property, plant and equipment: (1) | ||||||||||||||||
Growth capital projects (2) | $ | 1,830.0 | $ | 2,116.4 | $ | 2,440.2 | $ | 3,072.4 | ||||||||
Sustaining capital projects (3) | 145.9 | 144.4 | 231.4 | 229.7 | ||||||||||||
Total | $ | 1,975.9 | $ | 2,260.8 | $ | 2,671.6 | $ | 3,302.1 | ||||||||
Investments in unconsolidated affiliates | $ | 7.3 | $ | 59.9 | $ | 9.9 | $ | 100.1 |
(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. |
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”)) | 12.7 | n/a | Cash flow hedge | 7.4 | n/a | Cash flow hedge |
Forecasted sales of NGLs (MMBbls) | 0.1 | n/a | Cash flow hedge | |||
Forecasted sales of NGLs (million barrels (“MMBbls”)) (3) | 1.1 | n/a | Cash flow hedge | |||
Octane enhancement: | ||||||
Forecasted purchase of NGLs (MMBbls) | 0.6 | n/a | Cash flow hedge | 0.3 | n/a | Cash flow hedge |
Forecasted sales of octane enhancement products (MMBbls) | 8.9 | n/a | Cash flow hedge | 1.2 | n/a | Cash flow hedge |
Natural gas marketing: | ||||||
Forecasted purchase of natural gas (Bcf) | 1.8 | n/a | Cash flow hedge | |||
Natural gas storage inventory management activities (Bcf) | 5.9 | n/a | Fair value hedge | 5.2 | n/a | Fair value hedge |
NGL marketing: | ||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 157.9 | 4.6 | Cash flow hedge | 143.3 | 5.6 | Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 162.4 | 15.6 | Cash flow hedge | 179.7 | 16.6 | Cash flow hedge |
NGLs inventory management activities (MMBbls) | 1.8 | n/a | Fair value hedge | 0.8 | 0.7 | Fair value hedge |
Refined products marketing: | ||||||
Forecasted purchases of refined products (MMBbls) | 46.8 | 15.4 | Cash flow hedge | 46.8 | 8.1 | Cash flow hedge |
Forecasted sales of refined products (MMBbls) | 52.5 | 18.7 | Cash flow hedge | 54.0 | 11.5 | Cash flow hedge |
Refined products inventory management activities (MMBbls) | 3.9 | n/a | Fair value hedge | 0.1 | n/a | Fair value hedge |
Crude oil marketing: | ||||||
Forecasted purchases of crude oil (MMBbls) | 78.2 | n/a | Cash flow hedge | 51.0 | n/a | Cash flow hedge |
Forecasted sales of crude oil (MMBbls) | 88.7 | n/a | Cash flow hedge | 65.2 | n/a | Cash flow hedge |
Petrochemical marketing: | ||||||
Forecasted sales of petrochemical products (MMBbls) | 1.2 | n/a | Cash flow hedge | 0.3 | n/a | Cash flow hedge |
Commercial energy: | ||||||
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) | 0.3 | n/a | Cash flow hedge | |||
Derivatives not designated as hedging instruments: | ||||||
Natural gas risk management activities (Bcf) (3,4) | 44.2 | 2.1 | Mark-to-market | |||
Natural gas risk management activities (Bcf) (4) | 37.9 | 0.7 | Mark-to-market | |||
NGL risk management activities (MMBbls) (4) | 21.4 | 8.4 | Mark-to-market | 26.4 | 10.8 | Mark-to-market |
Refined products risk management activities (MMBbls) (4) | 4.0 | n/a | Mark-to-market | 4.0 | n/a | Mark-to-market |
Crude oil risk management activities (MMBbls) (4) | 28.8 | 7.7 | Mark-to-market | 19.5 | 5.9 | Mark-to-market |
Commercial energy risk management activities (TWh) (4) | 0.1 | n/a | 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 2022, |
(3) | |
(4) | Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage |
Portfolio Fair Value at | Portfolio Fair Value at | |||||||||||||||||||||||||
Scenario | Resulting Classification | December 31, 2019 | June 30, 2020 | July 15, 2020 | Resulting Classification | December 31, 2019 | September 30, 2020 | October 15, 2020 | ||||||||||||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 1.1 | $ | 22.0 | $ | 23.0 | Asset (Liability) | $ | 1.1 | $ | 6.6 | $ | (2.5 | ) | |||||||||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (4.3 | ) | 19.6 | 20.7 | Asset (Liability) | (4.3 | ) | 3.5 | (6.5 | ) | |||||||||||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 6.6 | 24.4 | 25.2 | Asset (Liability) | 6.6 | 9.7 | 1.6 |
Portfolio Fair Value at | Portfolio Fair Value at | |||||||||||||||||||||||||
Scenario | Resulting Classification | December 31, 2019 | June 30, 2020 | July 15, 2020 | Resulting Classification | December 31, 2019 | September 30, 2020 | October 15, 2020 | ||||||||||||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 43.7 | $ | (138.3 | ) | $ | (166.6 | ) | Asset (Liability) | $ | 43.7 | $ | (255.4 | ) | $ | (298.3 | ) | ||||||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (19.0 | ) | (237.3 | ) | (260.4 | ) | Asset (Liability) | (19.0 | ) | (394.1 | ) | (437.2 | ) | ||||||||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 106.4 | (39.3 | ) | (72.8 | ) | Asset (Liability) | 106.4 | (116.6 | ) | (159.3 | ) |
Portfolio Fair Value at | Portfolio Fair Value at | |||||||||||||||||||||||||
Scenario | Resulting Classification | December 31, 2019 | June 30, 2020 | July 15, 2020 | Resulting Classification | December 31, 2019 | September 30, 2020 | October 15, 2020 | ||||||||||||||||||
Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | (9.6 | ) | $ | (77.7 | ) | $ | (109.8 | ) | Asset (Liability) | $ | (9.6 | ) | $ | (108.0 | ) | $ | (115.4 | ) | ||||||
Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | (50.6 | ) | (136.0 | ) | (176.6 | ) | Asset (Liability) | (50.6 | ) | (179.1 | ) | (190.3 | ) | ||||||||||||
Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 31.5 | (19.4 | ) | (43.0 | ) | Asset (Liability) | 31.5 | (37.0 | ) | (40.5 | ) |
Hedged Transaction | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Weighted-Average Fixed Rate Locked | Accounting Treatment |
Future long-term debt offering | 1 forward-starting swap | $75.0 | 4/2021 | 2.41% | Cash flow hedge |
Future long-term debt offering | 5 forward-starting swaps | $500.0 | 4/2021 | 2.13% | Cash flow hedge |
Future long-term debt offering | 2 forward-starting swaps (1) | $150.0 | 2/2022 | 1.72% | Cash flow hedge |
Future long-term debt offering | 1 forward starting swap (1) | $100.0 | 4/2021 | 1.46% | Cash flow hedge |
Future long-term debt offering | 2 forward starting swaps (1) | $150.0 | 2/2022 | 1.48% | Cash flow hedge |
Future long-term debt offering | 2 forward starting swaps (1) | $100.0 | 2/2022 | 0.95% | Cash flow hedge |
(1) | These swaps were entered into during the first quarter of 2020. |
Forward-Starting Swap Portfolio Fair Value at | Forward-Starting Swap Portfolio Fair Value at | |||||||||||||||||||||||||
Scenario | Resulting Classification | December 31, 2019 | June 30, 2020 | July 15, 2020 | Resulting Classification | December 31, 2019 | September 30, 2020 | October 15, 2020 | ||||||||||||||||||
Fair value assuming no change in underlying interest rates | Asset (Liability) | $ | (13.5 | ) | $ | (250.5 | ) | $ | (267.6 | ) | Asset (Liability) | $ | (13.5 | ) | $ | (187.9 | ) | $ | (170.2 | ) | ||||||
Fair value assuming 10% increase in underlying interest rates | Asset (Liability) | 38.2 | (221.4 | ) | (239.7 | ) | Asset (Liability) | 38.2 | (154.5 | ) | (135.7 | ) | ||||||||||||||
Fair value assuming 10% decrease in underlying interest rates | Asset (Liability) | (68.3 | ) | (280.5 | ) | (296.3 | ) | Asset (Liability) | (68.3 | ) | (222.4 | ) | (206.0 | ) |
(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 2019 Buyback Program | Remaining Dollar Amount of Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) | ||||||||||||
2019 Buyback Program: (1) | ||||||||||||||||
April 2020 | – | $ | – | $ | 1,778,911 | |||||||||||
May 2020 | – | $ | – | $ | 1,778,911 | |||||||||||
June 2020 | – | $ | – | $ | 1,778,911 | |||||||||||
Vesting of phantom unit awards: | ||||||||||||||||
April 2020 | – | $ | – | n/a | n/a | |||||||||||
May 2020 (2) | 30,233 | $ | 17.12 | n/a | n/a | |||||||||||
June 2020 (3) | 2,555 | $ | 19.12 | n/a | n/a |
Period | Total Number of Common Units Purchased | Average Price Paid per Common Unit | Total Number of Common Units Purchased as Part of 2019 Buyback Program | Remaining Dollar Amount of Common Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) | |||||||||
2019 Buyback Program: (1) | |||||||||||||
July 2020 | – | $ | – | $ | 1,778,911 | ||||||||
August 2020 | 749,057 | $ | 17.66 | $ | 1,765,684 | ||||||||
September 2020 | 1,235,450 | $ | 16.49 | $ | 1,745,312 | ||||||||
Vesting of phantom unit awards: | |||||||||||||
August 2020 (2) | 23,903 | $ | 17.65 | n/a | n/a |
(1) | In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of |
(2) | Of the |
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 | |
4.1 | |
4.2 | |
4.3 | |
4.4 |
4.5 | |
4.6 | |
4.7 | |
4.8 | |
4.9 | |
4.10 | |
4.11 | |
4.12 | |
4.13 | |
4.14 |
4.15 | |
4.16 | |
4.17 |
4.18 | |
4.19 | |
4.20 | |
4.21 | |
4.22 | |
4.23 | |
4.24 | |
4.25 | |
4.26 | |
4.27 |
4.28 | |
4.29 | |
4.30 |
4.31 | |
4.32 | |
4.33 | |
4.34 | |
4.35 | |
4.36 | |
4.37 | |
4.38 | |
4.39 | |
4.40 | |
4.41 | |
4.42 | |
4.43 |
4.44 | |
4.45 | |
4.46 | |
4.47 | |
4.48 |
4.49 | |
4.50 | |
4.51 | |
4.52 | |
4.53 | |
4.54 | |
4.55 | |
4.56 | |
4.57 | |
4.58 | |
4.59 | |
4.60 |
4.61 | |
4.62 | |
4.63 | |
4.64 | |
4.65 | |
4.66 |
4.67 | |
4.68 | |
4.69 | |
4.70 | |
4.71 | |
4.72 | |
4.73 | |
4.74 | |
4.75 | |
4.76 |
4.77 | |
4.78 | |
4.79 | |
4.80 |
4.81 | |
4.82 | |
4.83 | |
4.84 | |
4.85 | |
4.86 | |
4.87 |
4.88 | |
4.89 | |
4.90 | |
10.1 | |
10.2 | |
10.3 | |
10.4 |
10.5*** | |
10.6*** | |
31.1# | |
31.2# | |
32.1# | |
32.2# | |
101# | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) in this Form 10-Q includes: (i) the Unaudited Condensed Consolidated Balance Sheets, (ii) the Unaudited Condensed Statements of Consolidated Operations, (iii) the Unaudited Condensed Statements of Consolidated Comprehensive Income, (iv) the Unaudited Condensed Statements of Consolidated Cash Flows, (v) the Unaudited Condensed Statements of Consolidated Equity and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements. |
104# | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* | 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: | Executive Vice President – Accounting, Risk Control and Information Technology of the General Partner | ||
By: | /s/ Michael W. Hanson | ||
Name: | Michael W. Hanson | ||
Title: | Vice President and Principal Accounting Officer of the General Partner |