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Energy Transfer Operating, L.P.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Feb 19, 2021. Its latest SEC filing is a 15-12B from Apr 16, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Transports, stores and processes natural gas, crude oil and fuel products for energy producers and end users, and distributes motor fuel to retail fuel outlets.

How Did They Make Money?

It earns pipeline and storage fees, including fixed charges for reserved capacity and volume-based charges; service payments are typically due the month after service. It also sells motor fuel and other energy products; Sunoco's fuel invoices generally give buyers less than 30 days to pay.

revenue
SegmentShareRevenue
Natural gas sales
Sold outright
6.8%
FY2017: 10%
NGL sales
Sold outright

17%
FY2017: 19%
Crude sales
Sold outright

24%
FY2017: 26%
Gathering, transportation and other fees
23%
FY2017: 11%
Refined product sales
Sold outright

27%
FY2017: 28%
Other
1.5%
FY2017: 5.6%

Who Were Their Customers?

Energy producers, utilities, industrial users and other energy companies are customers for transportation, storage and processing; Sunoco LP supplies motor fuel to independent dealers and distributors, commercial customers and its retail sites.

Did Revenues Turn Into Profits?

No. It lost $142M in FY2020.

Operating income, FY2020
8% of revenue
▼ −58% vs FY2019 ($7.2B, 13%)
Net income, FY2020
0% of revenue
▼ Now a loss vs FY2019 ($4B, 7%)

How Were They Changing?

Since the FY2020 annual report
  • Apr 2, 2021 ETO merged into Energy Transfer LP The rollup mergers closed, with Energy Transfer LP surviving the merger.

Grew. Revenue grew 23% in 4 years, from $31.8B in FY2016 to $39B in FY2020, about 5% a year.

Revenue over time
Natural gas sales NGL sales Crude sales Gathering, transportation and other fees Refined product sales Other
$100B$50B$0

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