$ET
Energy Transfer LP

2023 Q3 Form 10-Q Financial Statement

#000127618723000059 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $20.74B $18.32B
YoY Change -9.59% -29.39%
Cost Of Revenue $16.06B $14.09B
YoY Change -13.27% -34.5%
Gross Profit $4.680B $4.228B
YoY Change 5.81% -4.56%
Gross Profit Margin 22.57% 23.08%
Selling, General & Admin $234.0M $228.0M
YoY Change -35.18% 8.06%
% of Gross Profit 5.0% 5.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.107B $1.061B
YoY Change 7.48% 1.43%
% of Gross Profit 23.65% 25.09%
Operating Expenses $234.0M $2.383B
YoY Change -35.18% 1029.38%
Operating Profit $2.233B $1.845B
YoY Change 13.18% -12.68%
Interest Expense $632.0M -$511.0M
YoY Change 9.53% -188.41%
% of Operating Profit 28.3% -27.7%
Other Income/Expense, Net $13.00M $17.00M
YoY Change -110.83% -194.44%
Pretax Income $1.124B $1.341B
YoY Change -19.94% -21.49%
Income Tax $77.00M $108.0M
% Of Pretax Income 6.85% 8.05%
Net Earnings $584.0M $797.0M
YoY Change -41.95% -39.89%
Net Earnings / Revenue 2.82% 4.35%
Basic Earnings Per Share
Diluted Earnings Per Share $0.15 $0.25
COMMON SHARES
Basic Shares Outstanding 3.143B shares 3.097B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $514.0M $330.0M
YoY Change 57.67% -6.52%
Cash & Equivalents $514.0M $330.0M
Short-Term Investments
Other Short-Term Assets $508.0M $532.0M
YoY Change -12.41% -26.72%
Inventory $2.590B $2.271B
Prepaid Expenses
Receivables $9.612B $7.383B
Other Receivables $84.00M $82.00M
Total Short-Term Assets $13.42B $10.60B
YoY Change 10.4% -31.33%
LONG-TERM ASSETS
Property, Plant & Equipment $80.87B $81.98B
YoY Change 0.76% 2.64%
Goodwill $2.564B $2.564B
YoY Change 0.43% 0.43%
Intangibles $5.204B $5.301B
YoY Change -5.47% -5.46%
Long-Term Investments $2.993B $3.007B
YoY Change 4.32% 2.84%
Other Assets $1.690B $1.687B
YoY Change 7.44% 8.07%
Total Long-Term Assets $94.15B $94.53B
YoY Change 0.61% 1.28%
TOTAL ASSETS
Total Short-Term Assets $13.42B $10.60B
Total Long-Term Assets $94.15B $94.53B
Total Assets $107.6B $105.1B
YoY Change 1.74% -3.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.997B $6.179B
YoY Change 6.43% -30.55%
Accrued Expenses $3.741B $3.368B
YoY Change -66.73% -2.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.006B $3.459B
YoY Change 50200.0% 172850.0%
Total Short-Term Liabilities $12.76B $13.01B
YoY Change 13.45% -3.43%
LONG-TERM LIABILITIES
Long-Term Debt $47.08B $44.67B
YoY Change -0.71% -7.13%
Other Long-Term Liabilities $2.016B $2.151B
YoY Change 31.76% 56.32%
Total Long-Term Liabilities $49.09B $46.82B
YoY Change 0.3% -5.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.76B $13.01B
Total Long-Term Liabilities $49.09B $46.82B
Total Liabilities $61.85B $71.58B
YoY Change 2.76% 13.7%
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 $33.12B $33.55B
YoY Change
Total Liabilities & Shareholders Equity $107.6B $105.1B
YoY Change 1.74% -3.34%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $584.0M $797.0M
YoY Change -41.95% -39.89%
Depreciation, Depletion And Amortization $1.107B $1.061B
YoY Change 7.48% 1.43%
Cash From Operating Activities $2.373B $2.536B
YoY Change -20.61% 7.73%
INVESTING ACTIVITIES
Capital Expenditures $701.0M $876.0M
YoY Change -167.73% -224.08%
Acquisitions
YoY Change
Other Investing Activities $31.00M -$1.012B
YoY Change -135.23% -4500.0%
Cash From Investing Activities -$670.0M -$1.888B
YoY Change -40.34% 176.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.519B -648.0M
YoY Change -19.76% -73.32%
NET CHANGE
Cash From Operating Activities 2.373B 2.536B
Cash From Investing Activities -670.0M -1.888B
Cash From Financing Activities -1.519B -648.0M
Net Change In Cash 184.0M 0.000
YoY Change -781.48% -100.0%
FREE CASH FLOW
Cash From Operating Activities $2.373B $2.536B
Capital Expenditures $701.0M $876.0M
Free Cash Flow $1.672B $1.660B
YoY Change -58.45% -45.75%

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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.</span></div>
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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit Risk</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our natural gas transportation and midstream revenues are derived significantly from companies that engage in exploration and production activities. In addition to oil and gas producers, the Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect on our financial position or results of operations as a consequence of counterparty non-performance.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments are deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets. </span></div>For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income.
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CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1061000000 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1046000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2120000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2074000000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
641000000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
578000000 usd
us-gaap Interest Expense
InterestExpense
1260000000 usd
us-gaap Interest Expense
InterestExpense
1137000000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
108000000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
179000000 usd
CY2023Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
35000000 usd
CY2022Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
129000000 usd
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
15000000 usd
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
243000000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
27000000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
25000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
64000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
61000000 usd
CY2023Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-55000000 usd
CY2022Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-99000000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
75000000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-54000000 usd
CY2023Q2 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
57000000 usd
CY2022Q2 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-1000000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
28000000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-121000000 usd
CY2023Q2 et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
171000000 usd
CY2022Q2 et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
137000000 usd
et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
332000000 usd
et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
262000000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
95000000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
62000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
183000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
118000000 usd
CY2023Q2 et Other Net
OtherNet
-1000000 usd
CY2022Q2 et Other Net
OtherNet
25000000 usd
et Other Net
OtherNet
4000000 usd
et Other Net
OtherNet
84000000 usd
CY2023Q2 et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
3122000000 usd
CY2022Q2 et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
3228000000 usd
et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
6555000000 usd
et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
6568000000 usd

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