2017 Q4 Form 10-Q Financial Statement

#000127618717000090 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $11.45B $9.984B $14.51B
YoY Change -15.63% -31.21% 45.37%
Cost Of Revenue $8.991B $7.341B $5.776B
YoY Change 10.43% 27.09% -32.69%
Gross Profit $2.460B $2.643B $8.738B
YoY Change 1.53% -69.75% 522.81%
Gross Profit Margin 21.48% 26.47% 60.2%
Selling, General & Admin $160.0M $142.0M $209.0M
YoY Change -23.08% -32.06% 34.84%
% of Gross Profit 6.5% 5.37% 2.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $677.0M $642.0M $548.0M
YoY Change 9.19% 17.15% 4.58%
% of Gross Profit 27.52% 24.29% 6.27%
Operating Expenses $1.273B $142.0M $209.0M
YoY Change -18.24% -32.06% 34.84%
Operating Profit $1.187B $931.0M $1.703B
YoY Change -16.35% -45.33% 82.92%
Interest Expense -$845.0M $490.0M $474.0M
YoY Change 136.69% 3.38% 7.24%
% of Operating Profit -71.19% 52.63% 27.83%
Other Income/Expense, Net $73.00M $54.00M $55.00M
YoY Change 180.77% -1.82% 77.42%
Pretax Income -$589.0M $584.0M -$60.00M
YoY Change 39.57% -1073.33% -121.82%
Income Tax $65.00M -$157.0M -$89.00M
% Of Pretax Income -26.88%
Net Earnings $251.0M $252.0M $209.0M
YoY Change -70.54% 20.57% -28.67%
Net Earnings / Revenue 2.19% 2.52% 1.44%
Basic Earnings Per Share
Diluted Earnings Per Share $232.6K $233.5K $189.8K
COMMON SHARES
Basic Shares Outstanding 1.079B shares 1.079B shares 1.045B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.0M $469.0M $472.0M
YoY Change -28.05% -0.64% -53.68%
Cash & Equivalents $336.0M $475.0M $458.0M
Short-Term Investments
Other Short-Term Assets $295.0M $433.0M $759.0M
YoY Change -34.0% -42.95% 79.86%
Inventory $2.022B $1.957B $2.100B
Prepaid Expenses
Receivables $4.504B $3.551B $3.068B
Other Receivables $136.0M $0.00 $0.00
Total Short-Term Assets $10.68B $10.69B $6.467B
YoY Change 54.85% 65.29% 6.51%
LONG-TERM ASSETS
Property, Plant & Equipment $61.09B $59.27B $53.57B
YoY Change 14.02% 10.65% 15.68%
Goodwill $4.768B $5.161B $7.598B
YoY Change -15.91% -32.07% -0.74%
Intangibles $6.116B $6.195B $5.318B
YoY Change 10.96% 16.49% -3.69%
Long-Term Investments $2.705B $3.177B $3.104B
YoY Change -11.02% 2.35% -14.65%
Other Assets $886.0M $891.0M $776.0M
YoY Change 8.71% 14.82% -19.33%
Total Long-Term Assets $75.56B $74.69B $70.37B
YoY Change 4.91% 6.14% 9.79%
TOTAL ASSETS
Total Short-Term Assets $10.68B $10.69B $6.467B
Total Long-Term Assets $75.56B $74.69B $70.37B
Total Assets $86.25B $85.38B $76.84B
YoY Change 9.28% 11.12% 9.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.685B $3.994B $2.951B
YoY Change 33.78% 35.34% 19.14%
Accrued Expenses $2.582B $2.881B $2.589B
YoY Change 9.08% 11.28% 49.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $413.0M $716.0M $1.221B
YoY Change -65.41% -41.36% 8040.0%
Total Short-Term Liabilities $7.897B $7.847B $7.042B
YoY Change 8.52% 11.43% 39.47%
LONG-TERM LIABILITIES
Long-Term Debt $43.67B $44.50B $40.02B
YoY Change 2.49% 11.18% 10.15%
Other Long-Term Liabilities $1.217B $1.218B $1.087B
YoY Change 13.21% 12.05% -12.76%
Total Long-Term Liabilities $44.89B $45.71B $41.11B
YoY Change 2.76% 11.2% 9.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.897B $7.847B $7.042B
Total Long-Term Liabilities $44.89B $45.71B $41.11B
Total Liabilities $52.79B $53.56B $48.15B
YoY Change 3.58% 11.24% 12.95%
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 -$1.196B -$1.192B -$1.703B
YoY Change
Total Liabilities & Shareholders Equity $86.25B $85.38B $76.84B
YoY Change 9.28% 11.12% 9.51%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $251.0M $252.0M $209.0M
YoY Change -70.54% 20.57% -28.67%
Depreciation, Depletion And Amortization $677.0M $642.0M $548.0M
YoY Change 9.19% 17.15% 4.58%
Cash From Operating Activities $1.013B $1.955B $873.0M
YoY Change -0.59% 123.94% -15.49%
INVESTING ACTIVITIES
Capital Expenditures -$2.318B -$3.247B -$2.154B
YoY Change 22.39% 50.74% -14.08%
Acquisitions
YoY Change
Other Investing Activities $1.516B $4.000M -$514.0M
YoY Change -234.4% -100.78% -2670.0%
Cash From Investing Activities -$802.0M -$3.243B -$2.668B
YoY Change -73.46% 21.55% 7.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.0M 1.384B 1.793B
YoY Change -117.43% -22.81% 110.94%
NET CHANGE
Cash From Operating Activities 1.013B 1.955B 873.0M
Cash From Investing Activities -802.0M -3.243B -2.668B
Cash From Financing Activities -350.0M 1.384B 1.793B
Net Change In Cash -139.0M 96.00M -2.000M
YoY Change -2880.0% -4900.0% -99.67%
FREE CASH FLOW
Cash From Operating Activities $1.013B $1.955B $873.0M
Capital Expenditures -$2.318B -$3.247B -$2.154B
Free Cash Flow $3.331B $5.202B $3.027B
YoY Change 14.35% 71.85% -14.49%

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us-gaap Derivative Gain Loss On Derivative Net
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CY2017Q3 us-gaap Derivative Instruments And Hedges
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CY2017Q3 us-gaap Derivative Instruments And Hedges Liabilities
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8000000 USD
CY2017Q3 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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2000000 USD
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4000000 USD
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us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2016Q4 us-gaap Derivative Liabilities Noncurrent
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CY2017Q3 us-gaap Derivative Liabilities Noncurrent
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CY2016Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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CY2017Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Gain Or Loss On Sale Of Previously Unissued Stock By Subsidiary
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted
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us-gaap Income Loss From Continuing Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted
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us-gaap Income Loss From Continuing Operations Per Outstanding Limited Partnership Unit Basic Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
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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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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Other Sales Revenue Net
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us-gaap Partners Capital Account Distributions
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330000000 USD
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112000000 USD
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ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
115000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Common Limited Partners Units
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us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
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us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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ProceedsFromIssuanceOfPrivatePlacement
580000000 USD
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RefiningAndMarketingRevenue
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SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
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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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CY2017Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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CY2016Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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us-gaap Unrealized Gain Loss On Derivatives
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CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1045000000 shares
CY2017Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1077900000 shares
CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1071300000 shares
CY2017Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1148300000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1147300000 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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