2016 Q4 Form 10-Q Financial Statement

#000127618716000234 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $13.57B $14.51B $9.984B
YoY Change 18.53% 45.37% -33.38%
Cost Of Revenue $8.142B $5.776B $8.581B
YoY Change 6.7% -32.69% -34.07%
Gross Profit $2.423B $8.738B $1.403B
YoY Change 27.19% 522.81% -28.85%
Gross Profit Margin 17.85% 60.2% 14.05%
Selling, General & Admin $208.0M $209.0M $155.0M
YoY Change -6.31% 34.84% -7.74%
% of Gross Profit 8.58% 2.39% 11.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $620.0M $548.0M $524.0M
YoY Change 13.14% 4.58% 23.29%
% of Gross Profit 25.59% 6.27% 37.35%
Operating Expenses $1.557B $209.0M $155.0M
YoY Change 14.65% 34.84% -7.74%
Operating Profit $1.419B $1.703B $931.0M
YoY Change 391.0% 82.92% 13.26%
Interest Expense -$357.0M $474.0M $442.0M
YoY Change -11.63% 7.24% 24.16%
% of Operating Profit -25.16% 27.83% 47.48%
Other Income/Expense, Net $26.00M $55.00M $31.00M
YoY Change -174.29% 77.42% -306.67%
Pretax Income -$422.0M -$60.00M $275.0M
YoY Change 82.68% -121.82% -47.72%
Income Tax -$107.0M -$89.00M $37.00M
% Of Pretax Income 13.45%
Net Earnings $852.0M $209.0M $293.0M
YoY Change -27.05% -28.67% 55.85%
Net Earnings / Revenue 6.28% 1.44% 2.93%
Basic Earnings Per Share
Diluted Earnings Per Share $211.6K $189.8K $278.0K
COMMON SHARES
Basic Shares Outstanding 1.047B shares 1.045B shares 1.055B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $467.0M $472.0M $1.019B
YoY Change -22.94% -53.68% -8.03%
Cash & Equivalents $467.0M $458.0M $1.019B
Short-Term Investments
Other Short-Term Assets $447.0M $759.0M $422.0M
YoY Change -24.62% 79.86% 37.46%
Inventory $2.055B $2.100B $1.580B
Prepaid Expenses
Receivables $3.557B $3.068B $2.749B
Other Receivables $128.0M $0.00 $138.0M
Total Short-Term Assets $6.899B $6.467B $6.072B
YoY Change 27.52% 6.51% -24.5%
LONG-TERM ASSETS
Property, Plant & Equipment $53.58B $53.57B $46.31B
YoY Change 14.52% 15.68% 19.54%
Goodwill $5.670B $7.598B $7.655B
YoY Change -6.37% -0.74% -2.69%
Intangibles $5.512B $5.318B $5.522B
YoY Change 12.58% -3.69% 0.33%
Long-Term Investments $3.040B $3.104B $3.637B
YoY Change -12.19% -14.65% 0.11%
Other Assets $815.0M $776.0M $962.0M
YoY Change 14.63% -19.33% 7.25%
Total Long-Term Assets $72.03B $70.37B $64.10B
YoY Change 9.57% 9.79% 13.17%
TOTAL ASSETS
Total Short-Term Assets $6.899B $6.467B $6.072B
Total Long-Term Assets $72.03B $70.37B $64.10B
Total Assets $78.93B $76.84B $70.17B
YoY Change 10.94% 9.51% 8.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.502B $2.951B $2.477B
YoY Change 54.0% 19.14% -47.23%
Accrued Expenses $2.367B $2.589B $1.731B
YoY Change 52.12% 49.57% 27.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.194B $1.221B $15.00M
YoY Change 811.45% 8040.0% -98.88%
Total Short-Term Liabilities $7.277B $7.042B $5.049B
YoY Change 48.21% 39.47% -40.11%
LONG-TERM LIABILITIES
Long-Term Debt $42.61B $40.02B $36.33B
YoY Change 15.67% 10.15% 27.44%
Other Long-Term Liabilities $1.075B $1.087B $1.246B
YoY Change 7.29% -12.76% 17.55%
Total Long-Term Liabilities $43.68B $41.11B $37.58B
YoY Change 15.44% 9.39% 27.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.277B $7.042B $5.049B
Total Long-Term Liabilities $43.68B $41.11B $37.58B
Total Liabilities $50.96B $48.15B $42.63B
YoY Change 19.21% 12.95% 12.18%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.694B -$1.703B -$906.0M
YoY Change
Total Liabilities & Shareholders Equity $78.93B $76.84B $70.17B
YoY Change 10.87% 9.51% 8.48%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $852.0M $209.0M $293.0M
YoY Change -27.05% -28.67% 55.85%
Depreciation, Depletion And Amortization $620.0M $548.0M $524.0M
YoY Change 13.14% 4.58% 23.29%
Cash From Operating Activities $1.019B $873.0M $1.033B
YoY Change 10.52% -15.49% 68.79%
INVESTING ACTIVITIES
Capital Expenditures -$1.894B -$2.154B -$2.507B
YoY Change -29.8% -14.08% 58.97%
Acquisitions
YoY Change
Other Investing Activities -$1.128B -$514.0M $20.00M
YoY Change 377.97% -2670.0% -101.5%
Cash From Investing Activities -$3.022B -$2.668B -$2.487B
YoY Change 3.0% 7.28% -14.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.008B 1.793B 850.0M
YoY Change 25.58% 110.94% -60.79%
NET CHANGE
Cash From Operating Activities 1.019B 873.0M 1.033B
Cash From Investing Activities -3.022B -2.668B -2.487B
Cash From Financing Activities 2.008B 1.793B 850.0M
Net Change In Cash 5.000M -2.000M -604.0M
YoY Change -101.21% -99.67% 379.37%
FREE CASH FLOW
Cash From Operating Activities $1.019B $873.0M $1.033B
Capital Expenditures -$1.894B -$2.154B -$2.507B
Free Cash Flow $2.913B $3.027B $3.540B
YoY Change -19.53% -14.49% 61.72%

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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-45000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
3000000 USD
CY2015Q4 us-gaap Other Inventory
OtherInventory
377000000 USD
CY2016Q3 us-gaap Other Inventory
OtherInventory
368000000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2408000000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2589000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1069000000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1087000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-43000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
198000000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
31000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
55000000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
54000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
94000000 USD
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1656000000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4669000000 USD
CY2016Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1072000000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3046000000 USD
CY2015Q4 us-gaap Partners Capital
PartnersCapital
-932000000 USD
CY2016Q3 us-gaap Partners Capital
PartnersCapital
-1703000000 USD
us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
187000000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
780000000 USD
us-gaap Partners Capital Account Sale Of Units
PartnersCapitalAccountSaleOfUnits
38000000 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
48000000 USD
us-gaap Partners Capital Other
PartnersCapitalOther
15000000 USD
CY2015Q3 us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
9000000 USD
us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
27000000 USD
CY2016Q3 us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
12000000 USD
us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
31000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
14000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1064000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
65000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
52000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1712000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2027000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
502000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
448000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6688000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6123000000 USD
CY2015Q4 us-gaap Preferred Units Preferred Partners Capital Accounts
PreferredUnitsPreferredPartnersCapitalAccounts
0 USD
CY2016Q3 us-gaap Preferred Units Preferred Partners Capital Accounts
PreferredUnitsPreferredPartnersCapitalAccounts
118000000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
27000000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
44000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
583000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
187000000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
124000000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
112000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
19791000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
18288000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
162000000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1606000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
23000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
29000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
238000000 USD
us-gaap Profit Loss
ProfitLoss
1231000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
41000000 USD
us-gaap Profit Loss
ProfitLoss
801000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54979000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
61369000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48683000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53565000000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
15000000 USD
CY2016Q3 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
15000000 USD
CY2015Q3 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
4105000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
12195000000 USD
CY2016Q3 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
3607000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
10023000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
14107000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
13955000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1607000000 USD
CY2015Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
45000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
251000000 USD
CY2016Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
49000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
175000000 USD
CY2015Q3 us-gaap Revenues
Revenues
10616000000 USD
us-gaap Revenues
Revenues
32590000000 USD
CY2016Q3 us-gaap Revenues
Revenues
9675000000 USD
us-gaap Revenues
Revenues
26701000000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
155000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
493000000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
246000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
589000000 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
20000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
68000000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
23000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
46000000 USD
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
936000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23598000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23190000000 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
33000000 USD
CY2016Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
33000000 USD
CY2015Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
46000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-73000000 USD
CY2016Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-21000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-105000000 USD
CY2015Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1052500000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1068900000 shares
CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1045500000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1045000000 shares
CY2015Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1054100000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1070500000 shares
CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1100700000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1071300000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management&#8217;s available knowledge of current and expected future events, actual results could be different from those estimates.</font></div></div>

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