2017 Q3 Form 10-Q Financial Statement

#000127618717000069 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $9.984B $9.427B $14.12B
YoY Change -31.21% -33.23% 49.76%
Cost Of Revenue $7.341B $7.167B $5.479B
YoY Change 27.09% 30.81% -41.33%
Gross Profit $2.643B $2.260B $8.639B
YoY Change -69.75% -73.84% 9606.74%
Gross Profit Margin 26.47% 23.97% 61.19%
Selling, General & Admin $142.0M $173.0M $150.0M
YoY Change -32.06% 15.33% -18.03%
% of Gross Profit 5.37% 7.65% 1.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $642.0M $607.0M $486.0M
YoY Change 17.15% 24.9% -5.45%
% of Gross Profit 24.29% 26.86% 5.63%
Operating Expenses $142.0M $173.0M $150.0M
YoY Change -32.06% 15.33% -18.03%
Operating Profit $931.0M $743.0M $1.126B
YoY Change -45.33% -34.01% 51.55%
Interest Expense $490.0M $477.0M $443.0M
YoY Change 3.38% 7.67% 8.58%
% of Operating Profit 52.63% 64.2% 39.34%
Other Income/Expense, Net $54.00M $57.00M $26.00M
YoY Change -1.82% 119.23% 52.94%
Pretax Income $584.0M $347.0M $402.0M
YoY Change -1073.33% -13.68% -43.85%
Income Tax -$157.0M $33.00M -$7.000M
% Of Pretax Income -26.88% 9.51% -1.74%
Net Earnings $252.0M $212.0M $241.0M
YoY Change 20.57% -12.03% -19.13%
Net Earnings / Revenue 2.52% 2.25% 1.71%
Basic Earnings Per Share
Diluted Earnings Per Share $233.5K $185.8K $226.5K
COMMON SHARES
Basic Shares Outstanding 1.079B shares 1.079B shares 1.045B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $469.0M $375.0M $475.0M
YoY Change -0.64% -21.05% -70.73%
Cash & Equivalents $475.0M $379.0M $460.0M
Short-Term Investments
Other Short-Term Assets $433.0M $401.0M $644.0M
YoY Change -42.95% -37.73% 68.59%
Inventory $1.957B $1.882B $1.929B
Prepaid Expenses
Receivables $3.551B $3.329B $2.944B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.69B $10.33B $6.090B
YoY Change 65.29% 69.56% -15.85%
LONG-TERM ASSETS
Property, Plant & Equipment $59.27B $56.81B $51.39B
YoY Change 10.65% 10.55% 16.66%
Goodwill $5.161B $5.174B $7.515B
YoY Change -32.07% -31.15% -1.93%
Intangibles $6.195B $6.267B $5.356B
YoY Change 16.49% 17.01% -4.0%
Long-Term Investments $3.177B $3.182B $3.453B
YoY Change 2.35% -7.85% -5.47%
Other Assets $891.0M $852.0M $742.0M
YoY Change 14.82% 14.82% -23.11%
Total Long-Term Assets $74.69B $72.28B $68.47B
YoY Change 6.14% 5.57% 10.6%
TOTAL ASSETS
Total Short-Term Assets $10.69B $10.33B $6.090B
Total Long-Term Assets $74.69B $72.28B $68.47B
Total Assets $85.38B $82.61B $74.56B
YoY Change 11.12% 10.8% 7.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.994B $3.368B $2.931B
YoY Change 35.34% 14.91% -2.59%
Accrued Expenses $2.881B $2.923B $2.195B
YoY Change 11.28% 33.17% 43.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $716.0M $1.370B $1.013B
YoY Change -41.36% 35.24% 6653.33%
Total Short-Term Liabilities $7.847B $7.765B $6.188B
YoY Change 11.43% 25.48% 18.14%
LONG-TERM LIABILITIES
Long-Term Debt $44.50B $43.08B $38.50B
YoY Change 11.18% 11.9% 10.65%
Other Long-Term Liabilities $1.218B $1.178B $1.137B
YoY Change 12.05% 3.61% -7.26%
Total Long-Term Liabilities $45.71B $44.26B $39.64B
YoY Change 11.2% 11.67% 10.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.847B $7.765B $6.188B
Total Long-Term Liabilities $45.71B $44.26B $39.64B
Total Liabilities $53.56B $52.03B $45.83B
YoY Change 11.24% 13.53% 11.07%
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 -$1.192B -$1.185B -$1.681B
YoY Change
Total Liabilities & Shareholders Equity $85.38B $82.61B $74.56B
YoY Change 11.12% 10.8% 7.83%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $252.0M $212.0M $241.0M
YoY Change 20.57% -12.03% -19.13%
Depreciation, Depletion And Amortization $642.0M $607.0M $486.0M
YoY Change 17.15% 24.9% -5.45%
Cash From Operating Activities $1.955B $701.0M $543.0M
YoY Change 123.94% 29.1% 0.93%
INVESTING ACTIVITIES
Capital Expenditures -$3.247B -$1.471B -$1.775B
YoY Change 50.74% -17.13% -12.26%
Acquisitions
YoY Change
Other Investing Activities $4.000M -$332.0M -$58.00M
YoY Change -100.78% 472.41% -10.77%
Cash From Investing Activities -$3.243B -$1.803B -$1.833B
YoY Change 21.55% -1.64% -12.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.384B 1.128B 968.0M
YoY Change -22.81% 16.53% -26.11%
NET CHANGE
Cash From Operating Activities 1.955B 701.0M 543.0M
Cash From Investing Activities -3.243B -1.803B -1.833B
Cash From Financing Activities 1.384B 1.128B 968.0M
Net Change In Cash 96.00M 26.00M -322.0M
YoY Change -4900.0% -108.07% 34.17%
FREE CASH FLOW
Cash From Operating Activities $1.955B $701.0M $543.0M
Capital Expenditures -$3.247B -$1.471B -$1.775B
Free Cash Flow $5.202B $2.172B $2.318B
YoY Change 71.85% -6.3% -9.49%

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CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
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OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
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67000000 USD
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OtherNonoperatingIncomeExpense
92000000 USD
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230000000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
880000000 USD
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OtherSalesRevenueNet
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2870000000 USD
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180000000 USD
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309000000 USD
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161000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
456000000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
56000000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
94000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
568000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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ProceedsFromIssuanceOfLongTermDebt
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ProfitLoss
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ProfitLoss
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ProfitLoss
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RedeemableNoncontrollingInterestEquityOtherCarryingAmount
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RefiningAndMarketingRevenue
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RefiningAndMarketingRevenue
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SellingGeneralAndAdministrativeExpense
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SellingGeneralAndAdministrativeExpense
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SellingGeneralAndAdministrativeExpense
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CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
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ShareBasedCompensation
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us-gaap Share Based Compensation
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2017Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2016Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1046900000 shares
CY2017Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1075200000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1077200000 shares
CY2016Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1052500000 shares
CY2017Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1141300000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1143700000 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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