2017 Q1 Form 10-K Financial Statement

#000107042317000003 Filed on February 23, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015 Q3
Revenue $6.667B $4.996B $5.551B
YoY Change 62.17% -47.18% -50.11%
Cost Of Revenue $5.593B $4.478B $4.701B
YoY Change 67.05% -48.89% -55.43%
Gross Profit $1.074B $518.0M $850.0M
YoY Change 40.76% -25.68% 60.38%
Gross Profit Margin 16.11% 10.37% 15.31%
Selling, General & Admin $74.00M $61.00M $60.00M
YoY Change 10.45% -10.29% -24.05%
% of Gross Profit 6.89% 11.78% 7.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $121.0M $113.0M $107.0M
YoY Change 6.14% 24.18% 10.31%
% of Gross Profit 11.27% 21.81% 12.59%
Operating Expenses $195.0M $167.0M $167.0M
YoY Change 7.73% 5.03% -4.57%
Operating Profit $591.0M $344.0M $335.0M
YoY Change 109.57% -36.06% -17.08%
Interest Expense $129.0M -$70.00M $109.0M
YoY Change 15.18% 4.48% 28.24%
% of Operating Profit 21.83% -20.35% 32.54%
Other Income/Expense, Net -$5.000M $0.00 -$4.000M
YoY Change -200.0% 0.0%
Pretax Income $510.0M $281.0M $267.0M
YoY Change 129.73% -40.34% -22.38%
Income Tax $66.00M $34.00M $17.00M
% Of Pretax Income 12.94% 12.1% 6.37%
Net Earnings $444.0M $247.0M $249.0M
YoY Change 119.8% -36.67% -22.91%
Net Earnings / Revenue 6.66% 4.94% 4.49%
Basic Earnings Per Share
Diluted Earnings Per Share $585.8K $616.5K $624.1K
COMMON SHARES
Basic Shares Outstanding 675.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.00M $27.00M $22.00M
YoY Change 5.56% -93.3% -35.29%
Cash & Equivalents $38.00M $27.00M $22.00M
Short-Term Investments
Other Short-Term Assets $735.0M $241.0M $255.0M
YoY Change 131.13% -10.74% -12.07%
Inventory $1.219B $916.0M $837.0M
Prepaid Expenses
Receivables $2.218B $1.785B $1.844B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.210B $2.969B $2.958B
YoY Change 51.44% -28.95% -42.67%
LONG-TERM ASSETS
Property, Plant & Equipment $14.06B $13.47B $14.26B
YoY Change -3.49% 2.06% 19.18%
Goodwill $2.596B $2.405B
YoY Change -2.43%
Intangibles
YoY Change
Long-Term Investments $2.469B $2.027B $1.954B
YoY Change 17.74% 16.83% 235.74%
Other Assets $920.0M $386.0M $628.0M
YoY Change 106.28% 40.88% 31.93%
Total Long-Term Assets $21.06B $19.32B $19.26B
YoY Change 7.9% 7.21% 15.48%
TOTAL ASSETS
Total Short-Term Assets $4.210B $2.969B $2.958B
Total Long-Term Assets $21.06B $19.32B $19.26B
Total Assets $25.27B $22.29B $22.22B
YoY Change 13.33% 0.41% 1.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.474B $2.038B $2.363B
YoY Change 25.01% -31.75% -43.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.341B $999.0M $681.0M
YoY Change 87.55% -22.38% -30.23%
Total Short-Term Liabilities $4.156B $3.407B $3.478B
YoY Change 35.68% -28.35% -37.54%
LONG-TERM LIABILITIES
Long-Term Debt $9.879B $10.38B $9.970B
YoY Change 7.93% 19.2% 30.96%
Other Long-Term Liabilities $644.0M $567.0M $553.0M
YoY Change -9.3% 3.47% 5.13%
Total Long-Term Liabilities $10.52B $10.94B $10.52B
YoY Change 6.69% 18.27% 29.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.156B $3.407B $3.478B
Total Long-Term Liabilities $10.52B $10.94B $10.52B
Total Liabilities $14.68B $14.35B $14.06B
YoY Change 13.05% 2.02% 2.57%
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 $10.53B $7.881B $8.158B
YoY Change
Total Liabilities & Shareholders Equity $25.27B $22.29B $22.22B
YoY Change 13.33% 0.41% 1.74%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $444.0M $247.0M $249.0M
YoY Change 119.8% -36.67% -22.91%
Depreciation, Depletion And Amortization $121.0M $113.0M $107.0M
YoY Change 6.14% 24.18% 10.31%
Cash From Operating Activities $816.0M $136.0M $562.0M
YoY Change 28.5% -81.27% 78.41%
INVESTING ACTIVITIES
Capital Expenditures $275.0M -$464.0M -$592.0M
YoY Change -26.08% -9.02% 12.76%
Acquisitions
YoY Change
Other Investing Activities -$1.216B $3.000M -$134.0M
YoY Change -121700.0% -100.27% 252.63%
Cash From Investing Activities -$1.491B -$461.0M -$726.0M
YoY Change 419.51% -71.75% 28.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $666.0M 331.0M 160.0M
YoY Change -294.17% -74.08% -37.5%
NET CHANGE
Cash From Operating Activities $816.0M 136.0M 562.0M
Cash From Investing Activities -$1.491B -461.0M -726.0M
Cash From Financing Activities $666.0M 331.0M 160.0M
Net Change In Cash -$9.000M 6.000M -4.000M
YoY Change -280.0% -98.38% -150.0%
FREE CASH FLOW
Cash From Operating Activities $816.0M $136.0M $562.0M
Capital Expenditures $275.0M -$464.0M -$592.0M
Free Cash Flow $541.0M $600.0M $1.154B
YoY Change 105.7% -51.46% 37.38%

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50000000 USD
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10000000 USD
CY2015 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2016 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
18000000 USD
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to concentrations of credit risk consist principally of trade receivables. Our accounts receivable are primarily from purchasers and shippers of crude oil and, to a lesser extent, purchasers of&#160;NGL and natural gas. This industry concentration has the potential to impact our overall exposure to credit risk in that the customers may be similarly affected by changes in economic, industry or other conditions. We review credit exposure and financial information of our counterparties and generally require letters of credit for receivables from customers that are not considered creditworthy, unless the credit risk can otherwise be reduced. See </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">Note&#160;2</font><font style="font-family:inherit;font-size:10pt;"> for additional discussion of our accounts receivable and our review of credit exposure.</font></div></div>
CY2016 us-gaap Derivatives Hedge Discontinuances Termination Of Hedging Instrument Or Hedged Item
DerivativesHedgeDiscontinuancesTerminationOfHedgingInstrumentOrHedgedItem
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash settlements associated with our derivative activities are classified within the same category as the related hedged item in our Consolidated Statements of Cash Flows.</font></div></div>
CY2016 us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Both at the inception of the hedge and throughout the hedging relationship, we assess whether the derivatives employed are highly effective in offsetting changes in cash flows of anticipated hedged transactions.</font></div></div>
CY2016 us-gaap Derivatives Methods Of Accounting Hedge Documentation
DerivativesMethodsOfAccountingHedgeDocumentation
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When we apply hedge accounting, our policy is to formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives for undertaking the hedge.&#160; This process includes specific identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument&#8217;s effectiveness will be assessed.</font></div></div>
CY2016 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivatives that qualify as cash flow hedges, changes in fair value of the effective portion of the hedges are deferred in AOCI and recognized in earnings in the periods during which the underlying physical transactions are recognized in earnings.</font></div></div>
CY2016 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives that do not qualify for hedge accounting and the portion of cash flow hedges that are not highly effective in offsetting changes in cash flows of the hedged items are recognized in earnings each period.</font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We make significant estimates with respect to (i)&#160;estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, (ii)&#160;fair value of derivatives, (iii)&#160;accruals and contingent liabilities, (iv)&#160;equity-indexed compensation plan accruals, (v)&#160;property and equipment, depreciation expense and asset retirement obligations, (vi)&#160;allowance for doubtful accounts and (vii)&#160;inventory valuations. Although we believe these estimates are reasonable, actual results could differ from these estimates.</font></div></div>

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