Delaware
|
|
76-0568219
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
1100 Louisiana, 10th Floor
|
Houston, Texas 77002
|
(Address of Principal Executive Offices, including Zip Code)
|
(713) 381-6500
|
(Registrant’s Telephone Number, including Area Code)
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange On Which Registered
|
Common Units
|
EPD
|
New York Stock Exchange
|
Large Accelerated Filer ☑
|
Accelerated filer ☐
|
Non-accelerated filer ☐ (Do not check if a smaller reporting company)
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
|
|
Page No.
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
21
|
|
25
|
||
|
||
|
||
|
||
40
|
||
77
|
||
|
|
|
|
|
|
September 30,
2019
|
December 31,
2018
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,207.8
|
$
|
344.8
|
||||
Restricted cash
|
–
|
65.3
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $11.3 at September 30, 2019 and $11.5 at December 31, 2018
|
4,261.7
|
3,659.1
|
||||||
Accounts receivable – related parties
|
2.0
|
3.5
|
||||||
Inventories
|
1,644.7
|
1,522.1
|
||||||
Derivative assets
|
166.0
|
154.4
|
||||||
Prepaid and other current assets
|
631.6
|
311.5
|
||||||
Total current assets
|
7,913.8
|
6,060.7
|
||||||
Property, plant and equipment, net
|
40,763.3
|
38,737.6
|
||||||
Investments in unconsolidated affiliates
|
2,660.9
|
2,615.1
|
||||||
Intangible assets, net of accumulated amortization of $1,647.1 at
September 30, 2019 and $1,735.1 at December 31, 2018 (see Note 6)
|
3,489.4
|
3,608.4
|
||||||
Goodwill (see Note 6)
|
5,745.2
|
5,745.2
|
||||||
Other assets
|
442.7
|
202.8
|
||||||
Total assets
|
$
|
61,015.3
|
$
|
56,969.8
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 7)
|
$
|
2,300.0
|
$
|
1,500.1
|
||||
Accounts payable – trade
|
1,057.8
|
1,102.8
|
||||||
Accounts payable – related parties
|
125.5
|
140.2
|
||||||
Accrued product payables
|
4,198.8
|
3,475.8
|
||||||
Accrued interest
|
237.2
|
395.6
|
||||||
Derivative liabilities
|
202.4
|
148.2
|
||||||
Other current liabilities
|
547.8
|
404.8
|
||||||
Total current liabilities
|
8,669.5
|
7,167.5
|
||||||
Long-term debt (see Note 7)
|
25,639.2
|
24,678.1
|
||||||
Deferred tax liabilities
|
91.4
|
80.4
|
||||||
Other long-term liabilities
|
1,089.7
|
751.6
|
||||||
Commitments and contingencies (see Note 15)
|
||||||||
Equity: (see Note 8)
|
||||||||
Partners’ equity:
|
||||||||
Limited partners:
|
||||||||
Common units (2,189,169,528 units outstanding at September 30, 2019
and 2,184,869,029 units outstanding at December 31, 2018)
|
24,535.1
|
23,802.6
|
||||||
Accumulated other comprehensive income (loss)
|
(39.1
|
)
|
50.9
|
|||||
Total partners’ equity
|
24,496.0
|
23,853.5
|
||||||
Noncontrolling interests
|
1,029.5
|
438.7
|
||||||
Total equity
|
25,525.5
|
24,292.2
|
||||||
Total liabilities and equity
|
$
|
61,015.3
|
$
|
56,969.8
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
7,948.5
|
$
|
9,571.7
|
$
|
24,730.2
|
$
|
27,257.4
|
||||||||
Related parties
|
15.6
|
14.2
|
53.7
|
94.5
|
||||||||||||
Total revenues (see Note 9)
|
7,964.1
|
9,585.9
|
24,783.9
|
27,351.9
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
6,217.6
|
7,643.4
|
19,342.4
|
22,722.0
|
||||||||||||
Related parties
|
356.1
|
358.5
|
1,051.9
|
1,054.6
|
||||||||||||
Total operating costs and expenses
|
6,573.7
|
8,001.9
|
20,394.3
|
23,776.6
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
19.1
|
15.3
|
60.9
|
57.5
|
||||||||||||
Related parties
|
36.4
|
37.4
|
99.3
|
99.6
|
||||||||||||
Total general and administrative costs
|
55.5
|
52.7
|
160.2
|
157.1
|
||||||||||||
Total costs and expenses (see Note 10)
|
6,629.2
|
8,054.6
|
20,554.5
|
23,933.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
139.3
|
112.0
|
431.3
|
350.0
|
||||||||||||
Operating income
|
1,474.2
|
1,643.3
|
4,660.7
|
3,768.2
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense (see Note 13)
|
(382.9
|
)
|
(279.5
|
)
|
(950.2
|
)
|
(806.2
|
)
|
||||||||
Change in fair market value of Liquidity Option
Agreement (see Note 15)
|
(38.7
|
)
|
(18.5
|
)
|
(123.1
|
)
|
(34.9
|
)
|
||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16)
|
–
|
–
|
–
|
39.4
|
||||||||||||
Other, net
|
7.6
|
0.3
|
11.7
|
1.3
|
||||||||||||
Total other expense, net
|
(414.0
|
)
|
(297.7
|
)
|
(1,061.6
|
)
|
(800.4
|
)
|
||||||||
Income before income taxes
|
1,060.2
|
1,345.6
|
3,599.1
|
2,967.8
|
||||||||||||
Provision for income taxes
|
(15.4
|
)
|
(11.0
|
)
|
(37.4
|
)
|
(34.5
|
)
|
||||||||
Net income
|
1,044.8
|
1,334.6
|
3,561.7
|
2,933.3
|
||||||||||||
Net income attributable to noncontrolling interests (see Note 8)
|
(25.6
|
)
|
(21.4
|
)
|
(67.3
|
)
|
(45.6
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
1,019.2
|
$
|
1,313.2
|
$
|
3,494.4
|
$
|
2,887.7
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 11)
|
||||||||||||||||
Basic and diluted earnings per unit
|
$
|
0.46
|
$
|
0.60
|
$
|
1.59
|
$
|
1.32
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
1,044.8
|
$
|
1,334.6
|
$
|
3,561.7
|
$
|
2,933.3
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges: (see Note 13)
|
||||||||||||||||
Commodity hedging derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
72.3
|
(145.8
|
)
|
58.6
|
(156.0
|
)
|
||||||||||
Reclassification of gains to net income
|
(91.5
|
)
|
(53.5
|
)
|
(152.0
|
)
|
(28.8
|
)
|
||||||||
Interest rate hedging derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(18.6
|
)
|
6.1
|
(23.8
|
)
|
20.7
|
||||||||||
Reclassification of losses to net income
|
9.4
|
9.1
|
27.8
|
29.0
|
||||||||||||
Total cash flow hedges
|
(28.4
|
)
|
(184.1
|
)
|
(89.4
|
)
|
(135.1
|
)
|
||||||||
Other
|
–
|
–
|
(0.6
|
)
|
(0.5
|
)
|
||||||||||
Total other comprehensive loss
|
(28.4
|
)
|
(184.1
|
)
|
(90.0
|
)
|
(135.6
|
)
|
||||||||
Comprehensive income
|
1,016.4
|
1,150.5
|
3,471.7
|
2,797.7
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(25.6
|
)
|
(21.4
|
)
|
(67.3
|
)
|
(45.6
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
990.8
|
$
|
1,129.1
|
$
|
3,404.4
|
$
|
2,752.1
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2019
|
2018
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
3,561.7
|
$
|
2,933.3
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
1,456.7
|
1,330.8
|
||||||
Asset impairment and related charges
|
51.3
|
21.4
|
||||||
Equity in income of unconsolidated affiliates
|
(431.3
|
)
|
(350.0
|
)
|
||||
Distributions received on earnings from unconsolidated affiliates
|
431.2
|
345.7
|
||||||
Net gains attributable to asset sales
|
(2.6
|
)
|
(8.1
|
)
|
||||
Deferred income tax expense
|
10.9
|
9.3
|
||||||
Change in fair market value of derivative instruments
|
2.0
|
254.9
|
||||||
Change in fair market value of Liquidity Option Agreement
|
123.1
|
34.9
|
||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16)
|
–
|
(39.4
|
)
|
|||||
Net effect of changes in operating accounts (see Note 16)
|
(409.0
|
)
|
(261.9
|
)
|
||||
Other operating activities
|
32.2
|
4.4
|
||||||
Net cash flows provided by operating activities
|
4,826.2
|
4,275.3
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(3,302.1
|
)
|
(3,004.2
|
)
|
||||
Cash used for business combination (see Note 16)
|
–
|
(150.6
|
)
|
|||||
Investments in unconsolidated affiliates
|
(100.1
|
)
|
(95.1
|
)
|
||||
Distributions received for return of capital from unconsolidated affiliates
|
53.9
|
47.0
|
||||||
Proceeds from asset sales
|
16.8
|
24.1
|
||||||
Other investing activities
|
(41.3
|
)
|
(4.0
|
)
|
||||
Cash used in investing activities
|
(3,372.8
|
)
|
(3,182.8
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
44,629.6
|
67,086.3
|
||||||
Repayments of debt
|
(42,855.3
|
)
|
(65,742.1
|
)
|
||||
Debt issuance costs
|
(26.3
|
)
|
(25.2
|
)
|
||||
Cash distributions paid to limited partners (see Note 8)
|
(2,871.1
|
)
|
(2,782.9
|
)
|
||||
Cash payments made in connection with distribution equivalent rights
|
(16.4
|
)
|
(13.2
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(69.7
|
)
|
(50.9
|
)
|
||||
Cash contributions from noncontrolling interests
|
590.8
|
222.0
|
||||||
Net cash proceeds from the issuance of common units
|
82.2
|
449.4
|
||||||
Repurchase of common units under 2019 Buyback Program (see Note 8)
|
(81.1
|
)
|
–
|
|||||
Other financing activities
|
(38.4
|
)
|
(27.1
|
)
|
||||
Cash used in financing activities
|
(655.7
|
)
|
(883.7
|
)
|
||||
Net change in cash and cash equivalents, including restricted cash
|
797.7
|
208.8
|
||||||
Cash and cash equivalents, including restricted cash, at beginning of period
|
410.1
|
70.3
|
||||||
Cash and cash equivalents, including restricted cash, at end of period
|
$
|
1,207.8
|
$
|
279.1
|
|
Partners’ Equity
|
|||||||||||||||
For the Three Months Ended September 30, 2019:
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, June 30, 2019
|
$
|
24,450.5
|
$
|
(10.7
|
)
|
$
|
535.6
|
$
|
24,975.4
|
|||||||
Net income
|
1,019.2
|
–
|
25.6
|
1,044.8
|
||||||||||||
Cash distributions paid to limited partners
|
(963.2
|
)
|
–
|
–
|
(963.2
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(5.9
|
)
|
–
|
–
|
(5.9
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
(22.8
|
)
|
(22.8
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
491.2
|
491.2
|
||||||||||||
Net cash proceeds from the issuance of common units
|
–
|
–
|
–
|
–
|
||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8)
|
–
|
–
|
–
|
–
|
||||||||||||
Amortization of fair value of equity-based awards
|
36.7
|
–
|
–
|
36.7
|
||||||||||||
Cash flow hedges
|
–
|
(28.4
|
)
|
–
|
(28.4
|
)
|
||||||||||
Other
|
(2.2
|
)
|
–
|
(0.1
|
)
|
(2.3
|
)
|
|||||||||
Balance, September 30, 2019
|
$
|
24,535.1
|
$
|
(39.1
|
)
|
$
|
1,029.5
|
$
|
25,525.5
|
|
Partners’ Equity
|
|||||||||||||||
For the Nine Months Ended September 30, 2019:
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2018
|
$
|
23,802.6
|
$
|
50.9
|
$
|
438.7
|
$
|
24,292.2
|
||||||||
Net income
|
3,494.4
|
–
|
67.3
|
3,561.7
|
||||||||||||
Cash distributions paid to limited partners
|
(2,871.1
|
)
|
–
|
–
|
(2,871.1
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(16.4
|
)
|
–
|
–
|
(16.4
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
(69.7
|
)
|
(69.7
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
590.8
|
590.8
|
||||||||||||
Net cash proceeds from the issuance of common units
|
82.2
|
–
|
–
|
82.2
|
||||||||||||
Common units issued in connection with employee compensation
|
45.6
|
–
|
–
|
45.6
|
||||||||||||
Repurchase of common units under 2019 Buyback Program
|
(81.1
|
)
|
–
|
–
|
(81.1
|
)
|
||||||||||
Amortization of fair value of equity-based awards
|
107.2
|
–
|
–
|
107.2
|
||||||||||||
Cash flow hedges
|
–
|
(89.4
|
)
|
–
|
(89.4
|
)
|
||||||||||
Other
|
(28.3
|
)
|
(0.6
|
)
|
2.4
|
(26.5
|
)
|
|||||||||
Balance, September 30, 2019
|
$
|
24,535.1
|
$
|
(39.1
|
)
|
$
|
1,029.5
|
$
|
25,525.5
|
|
Partners’ Equity
|
|||||||||||||||
For the Three Months Ended September 30, 2018:
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, June 30, 2018
|
$
|
22,794.8
|
$
|
(123.2
|
)
|
$
|
418.9
|
$
|
23,090.5
|
|||||||
Net income
|
1,313.2
|
–
|
21.4
|
1,334.6
|
||||||||||||
Cash distributions paid to limited partners
|
(935.6
|
)
|
–
|
–
|
(935.6
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(4.6
|
)
|
–
|
–
|
(4.6
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
(22.6
|
)
|
(22.6
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
15.1
|
15.1
|
||||||||||||
Net cash proceeds from the issuance of common units
|
188.4
|
–
|
–
|
188.4
|
||||||||||||
Amortization of fair value of equity-based awards
|
24.9
|
–
|
–
|
24.9
|
||||||||||||
Cash flow hedges
|
–
|
(184.1
|
)
|
–
|
(184.1
|
)
|
||||||||||
Other
|
(0.7
|
)
|
–
|
(0.1
|
)
|
(0.8
|
)
|
|||||||||
Balance, September 30, 2018
|
$
|
23,380.4
|
$
|
(307.3
|
)
|
$
|
432.7
|
$
|
23,505.8
|
|
Partners’ Equity
|
|||||||||||||||
For the Nine Months Ended September 30, 2018:
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2017
|
$
|
22,718.9
|
$
|
(171.7
|
)
|
$
|
225.2
|
$
|
22,772.4
|
|||||||
Net income
|
2,887.7
|
–
|
45.6
|
2,933.3
|
||||||||||||
Cash distributions paid to limited partners
|
(2,782.9
|
)
|
–
|
–
|
(2,782.9
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(13.2
|
)
|
–
|
–
|
(13.2
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
–
|
(50.9
|
)
|
(50.9
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
222.0
|
222.0
|
||||||||||||
Net cash proceeds from the issuance of common units
|
449.4
|
–
|
–
|
449.4
|
||||||||||||
Common units issued in connection with employee compensation
|
39.1
|
–
|
–
|
39.1
|
||||||||||||
Common units issued in connection with land acquisition
|
30.0
|
–
|
–
|
30.0
|
||||||||||||
Amortization of fair value of equity-based awards
|
77.5
|
–
|
–
|
77.5
|
||||||||||||
Cash flow hedges
|
–
|
(135.1
|
)
|
–
|
(135.1
|
)
|
||||||||||
Other
|
(26.1
|
)
|
(0.5
|
)
|
(9.2
|
)
|
(35.8
|
)
|
||||||||
Balance, September 30, 2018
|
$
|
23,380.4
|
$
|
(307.3
|
)
|
$
|
432.7
|
$
|
23,505.8
|
|
September 30,
2019
|
December 31,
2018
|
||||||
Cash and cash equivalents
|
$
|
1,207.8
|
$
|
344.8
|
||||
Restricted cash
|
–
|
65.3
|
||||||
Total cash, cash equivalents and restricted cash shown in the
Unaudited Condensed Statements of Consolidated Cash Flows
|
$
|
1,207.8
|
$
|
410.1
|
• |
We will not recognize ROU assets and lease liabilities for short-term leases and instead record them in a manner similar to operating leases under legacy lease accounting guidelines. A short term lease is one with a maximum lease term of 12 months or less and does not include a purchase option the lessee is reasonably certain to exercise.
|
• |
We will not reassess whether any expired or existing contracts contain leases or the lease classification for any existing or expired leases.
|
• |
The impact of adopting ASC 842 was prospective beginning January 1, 2019. We will not recast prior periods presented in our consolidated financial statements to reflect the new lease accounting guidance.
|
• |
We will combine lease and nonlease components relating to our office and warehouse leases, as applicable.
|
|
September 30,
2019
|
December 31,
2018
|
||||||
NGLs
|
$
|
928.2
|
$
|
647.7
|
||||
Petrochemicals and refined products
|
183.2
|
264.7
|
||||||
Crude oil
|
520.1
|
593.4
|
||||||
Natural gas
|
13.2
|
16.3
|
||||||
Total
|
$
|
1,644.7
|
$
|
1,522.1
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Cost of sales (1)
|
$
|
5,276.5
|
$
|
6,838.9
|
$
|
16,721.5
|
$
|
20,371.2
|
||||||||
Lower of cost or net realizable value adjustments
recognized within cost of sales
|
6.8
|
1.7
|
17.1
|
4.3
|
(1)
|
Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
September 30,
2019
|
December 31,
2018
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45
|
(5)
|
$
|
45,117.5
|
$
|
42,371.0
|
||||||
Underground and other storage facilities (2)
|
5-40
|
(6)
|
3,888.8
|
3,624.2
|
||||||||
Transportation equipment (3)
|
3-10
|
197.6
|
187.1
|
|||||||||
Marine vessels (4)
|
15-30
|
893.8
|
828.6
|
|||||||||
Land
|
366.1
|
359.5
|
||||||||||
Construction in progress
|
3,558.1
|
3,526.8
|
||||||||||
Total
|
54,021.9
|
50,897.2
|
||||||||||
Less accumulated depreciation
|
13,258.6
|
12,159.6
|
||||||||||
Property, plant and equipment, net
|
$
|
40,763.3
|
$
|
38,737.6
|
(1)
|
Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
|
(2)
|
Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
|
(3)
|
Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
|
(4)
|
Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
|
(5)
|
In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
|
(6)
|
In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Depreciation expense (1)
|
$
|
394.7
|
$
|
368.3
|
$
|
1,164.6
|
$
|
1,061.1
|
||||||||
Capitalized interest (2)
|
33.9
|
28.1
|
102.9
|
113.4
|
(1)
|
Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
|
(2)
|
We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
ARO liability balance, December 31, 2018
|
$
|
126.3
|
||
Liabilities incurred
|
0.8
|
|||
Liabilities settled
|
(0.8
|
)
|
||
Revisions in estimated cash flows
|
(4.9
|
)
|
||
Accretion expense
|
5.9
|
|||
ARO liability balance, September 30, 2019
|
$
|
127.3
|
|
September 30,
2019
|
December 31,
2018
|
||||||
NGL Pipelines & Services
|
$
|
690.9
|
$
|
662.0
|
||||
Crude Oil Pipelines & Services
|
1,877.2
|
1,867.5
|
||||||
Natural Gas Pipelines & Services
|
31.4
|
22.8
|
||||||
Petrochemical & Refined Products Services
|
61.4
|
62.8
|
||||||
Total
|
$
|
2,660.9
|
$
|
2,615.1
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
NGL Pipelines & Services
|
$
|
25.9
|
$
|
28.3
|
$
|
82.7
|
$
|
87.1
|
||||||||
Crude Oil Pipelines & Services
|
113.2
|
83.7
|
348.8
|
265.1
|
||||||||||||
Natural Gas Pipelines & Services
|
1.6
|
2.1
|
4.9
|
4.7
|
||||||||||||
Petrochemical & Refined Products Services
|
(1.4
|
)
|
(2.1
|
)
|
(5.1
|
)
|
(6.9
|
)
|
||||||||
Total
|
$
|
139.3
|
$
|
112.0
|
$
|
431.3
|
$
|
350.0
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
470.2
|
$
|
439.1
|
$
|
1,484.6
|
$
|
1,296.4
|
||||||||
Operating income
|
300.3
|
258.0
|
938.1
|
789.8
|
||||||||||||
Net income
|
299.5
|
256.9
|
935.9
|
785.6
|
|
September 30, 2019
|
December 31, 2018
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
447.8
|
$
|
(202.8
|
)
|
$
|
245.0
|
$
|
457.3
|
$
|
(201.9
|
)
|
$
|
255.4
|
||||||||||
Contract-based intangibles
|
162.6
|
(40.9
|
)
|
121.7
|
363.4
|
(238.7
|
)
|
124.7
|
||||||||||||||||
Segment total
|
610.4
|
(243.7
|
)
|
366.7
|
820.7
|
(440.6
|
)
|
380.1
|
||||||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
2,203.5
|
(226.9
|
)
|
1,976.6
|
2,203.5
|
(174.1
|
)
|
2,029.4
|
||||||||||||||||
Contract-based intangibles
|
276.9
|
(230.1
|
)
|
46.8
|
276.9
|
(211.7
|
)
|
65.2
|
||||||||||||||||
Segment total
|
2,480.4
|
(457.0
|
)
|
2,023.4
|
2,480.4
|
(385.8
|
)
|
2,094.6
|
||||||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,350.3
|
(473.3
|
)
|
877.0
|
1,350.3
|
(447.8
|
)
|
902.5
|
||||||||||||||||
Contract-based intangibles
|
468.0
|
(393.6
|
)
|
74.4
|
464.7
|
(387.9
|
)
|
76.8
|
||||||||||||||||
Segment total
|
1,818.3
|
(866.9
|
)
|
951.4
|
1,815.0
|
(835.7
|
)
|
979.3
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
181.4
|
(56.2
|
)
|
125.2
|
181.4
|
(51.8
|
)
|
129.6
|
||||||||||||||||
Contract-based intangibles
|
46.0
|
(23.3
|
)
|
22.7
|
46.0
|
(21.2
|
)
|
24.8
|
||||||||||||||||
Segment total
|
227.4
|
(79.5
|
)
|
147.9
|
227.4
|
(73.0
|
)
|
154.4
|
||||||||||||||||
Total intangible assets
|
$
|
5,136.5
|
$
|
(1,647.1
|
)
|
$
|
3,489.4
|
$
|
5,343.5
|
$
|
(1,735.1
|
)
|
$
|
3,608.4
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
NGL Pipelines & Services
|
$
|
7.3
|
$
|
9.2
|
$
|
25.4
|
$
|
25.6
|
||||||||
Crude Oil Pipelines & Services
|
25.1
|
20.7
|
71.2
|
67.3
|
||||||||||||
Natural Gas Pipelines & Services
|
10.3
|
9.8
|
31.2
|
29.1
|
||||||||||||
Petrochemical & Refined Products Services
|
2.1
|
2.2
|
6.5
|
6.6
|
||||||||||||
Total
|
$
|
44.8
|
$
|
41.9
|
$
|
134.3
|
$
|
128.6
|
Remainder
of 2019
|
2020
|
2021
|
2022
|
2023
|
||||||||||||||
$
|
40.5
|
$
|
161.8
|
$
|
162.8
|
$
|
168.4
|
$
|
168.5
|
|
September 30,
2019
|
December 31,
2018
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, variable-rates
|
$
|
–
|
$
|
–
|
||||
Senior Notes N, 6.50% fixed-rate, repaid January 2019
|
–
|
700.0
|
||||||
Senior Notes LL, 2.55% fixed-rate, repaid October 2019
|
800.0
|
800.0
|
||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0
|
500.0
|
||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0
|
1,000.0
|
||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2020
|
–
|
–
|
||||||
Senior Notes TT, 2.80% fixed-rate, due February 2021
|
750.0
|
750.0
|
||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021
|
575.0
|
575.0
|
||||||
Senior Notes VV, 3.50% fixed-rate, due February 2022
|
750.0
|
750.0
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
850.0
|
||||||
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024
|
–
|
–
|
||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150.0
|
1,150.0
|
||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875.0
|
875.0
|
||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027
|
575.0
|
575.0
|
||||||
Senior Notes WW, 4.15% fixed-rate, due October 2028
|
1,000.0
|
1,000.0
|
||||||
Senior Notes YY, 3.125% fixed-rate, due July 2029
|
1,250.0
|
–
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,400.0
|
1,400.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
1,150.0
|
||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
975.0
|
975.0
|
||||||
Senior Notes UU, 4.25% fixed-rate, due February 2048
|
1,250.0
|
1,250.0
|
||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049
|
1,250.0
|
1,250.0
|
||||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050
|
1,250.0
|
–
|
||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400.0
|
400.0
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
25,550.0
|
23,750.0
|
||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)
|
232.2
|
256.4
|
||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)
|
700.0
|
700.0
|
||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)
|
1,000.0
|
1,000.0
|
||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)
|
700.0
|
700.0
|
||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
28,196.4
|
26,420.6
|
||||||
Other, non-principal amounts
|
(257.2
|
)
|
(242.4
|
)
|
||||
Less current maturities of debt
|
(2,300.0
|
)
|
(1,500.1
|
)
|
||||
Total long-term debt
|
$
|
25,639.2
|
$
|
24,678.1
|
(1)
|
Variable rate is reset quarterly and based on 3-month LIBOR, or London Inter-Bank Offered Rate, plus 2.778%. During 2019, EPO repurchased and retired $24.2 million in principal amount of these junior subordinated notes.
|
(2)
|
Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
|
(3)
|
Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
|
(4)
|
Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.
|
|
Range of Interest
Rates Paid
|
Weighted-Average
Interest Rate Paid
|
Commercial Paper Notes
|
2.58% to 2.80%
|
2.72%
|
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes
|
4.91% to 5.52%
|
5.34%
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2019
|
2020
|
2021
|
2022
|
2023
|
Thereafter
|
|||||||||||||||||||||
Principal amount of senior and junior debt obligations at
September 30, 2019
|
$
|
28,196.4
|
$
|
800.0
|
$
|
1,500.0
|
$
|
1,325.0
|
$
|
1,400.0
|
$
|
1,250.0
|
$
|
21,921.4
|
Common units outstanding at December 31, 2018
|
2,184,869,029
|
|||
Common unit repurchases under 2019 Buyback Program
|
(1,852,392
|
)
|
||
Common units issued in connection with DRIP and EUPP
|
1,516,779
|
|||
Common units issued in connection with the vesting of phantom unit awards, net
|
2,379,620
|
|||
Common units issued in connection with employee compensation
|
1,626,041
|
|||
Other
|
21,595
|
|||
Common units outstanding at March 31, 2019
|
2,188,560,672
|
|||
Common unit repurchases under 2019 Buyback Program
|
(1,056,736
|
)
|
||
Common units issued in connection with DRIP and EUPP
|
1,381,211
|
|||
Common units issued in connection with the vesting of phantom unit awards, net
|
120,831
|
|||
Common units outstanding at June 30, 2019
|
2,189,005,978
|
|||
Common units issued in connection with the vesting of phantom unit awards, net
|
163,550
|
|||
Common units outstanding at September 30, 2019
|
2,189,169,528
|
|
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2018
|
$
|
152.7
|
$
|
(104.8
|
)
|
$
|
3.0
|
$
|
50.9
|
|||||||
Other comprehensive income (loss) for period, before reclassifications
|
58.6
|
(23.8
|
)
|
(0.6
|
)
|
34.2
|
||||||||||
Reclassification of losses (gains) to net income during period
|
(152.0
|
)
|
27.8
|
–
|
(124.2
|
)
|
||||||||||
Total other comprehensive income (loss) for period
|
(93.4
|
)
|
4.0
|
(0.6
|
)
|
(90.0
|
)
|
|||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2019
|
$
|
59.3
|
$
|
(100.8
|
)
|
$
|
2.4
|
$
|
(39.1
|
)
|
|
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2017
|
$
|
(10.1
|
)
|
$
|
(165.1
|
)
|
$
|
3.5
|
$
|
(171.7
|
)
|
|||||
Other comprehensive income (loss) for period, before reclassifications
|
(156.0
|
)
|
20.7
|
(0.5
|
)
|
(135.8
|
)
|
|||||||||
Reclassification of losses (gains) to net income during period
|
(28.8
|
)
|
29.0
|
–
|
0.2
|
|||||||||||
Total other comprehensive income (loss) for period
|
(184.8
|
)
|
49.7
|
(0.5
|
)
|
(135.6
|
)
|
|||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2018
|
$
|
(194.9
|
)
|
$
|
(115.4
|
)
|
$
|
3.0
|
$
|
(307.3
|
)
|
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
Losses (gains) on cash flow hedges:
|
Location
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
9.4
|
$
|
9.1
|
$
|
27.8
|
$
|
29.0
|
||||||||
Commodity derivatives
|
Revenue
|
(93.6
|
)
|
(53.9
|
)
|
(161.4
|
)
|
(28.5
|
)
|
||||||||
Commodity derivatives
|
Operating costs and expenses
|
2.1
|
0.4
|
9.4
|
(0.3
|
)
|
|||||||||||
Total
|
|
$
|
(82.1
|
)
|
$
|
(44.4
|
)
|
$
|
(124.2
|
)
|
$
|
0.2
|
Noncontrolling interest balance in Equity, December 31, 2018
|
$
|
438.7
|
||
Net income attributable to noncontrolling interests
|
67.3
|
|||
Cash distributions paid to noncontrolling interests
|
(69.7
|
)
|
||
Cash contributions from noncontrolling interests
|
590.8
|
|||
Other
|
2.4
|
|||
Noncontrolling interest balance in Equity, September 30, 2019
|
$
|
1,029.5
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
2,624.9
|
$
|
3,898.2
|
$
|
7,955.5
|
$
|
9,324.5
|
||||||||
Segment midstream services:
|
||||||||||||||||
Natural gas processing and fractionation
|
279.6
|
397.2
|
837.3
|
982.2
|
||||||||||||
Transportation
|
248.2
|
241.8
|
767.4
|
725.5
|
||||||||||||
Storage and terminals
|
99.4
|
85.7
|
291.0
|
277.7
|
||||||||||||
Total segment midstream services
|
627.2
|
724.7
|
1,895.7
|
1,985.4
|
||||||||||||
Total NGL Pipelines & Services
|
3,252.1
|
4,622.9
|
9,851.2
|
11,309.9
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
2,130.0
|
2,209.0
|
6,990.1
|
8,082.9
|
||||||||||||
Segment midstream services:
|
||||||||||||||||
Transportation
|
209.1
|
187.9
|
598.1
|
490.7
|
||||||||||||
Storage and terminals
|
139.2
|
98.0
|
364.0
|
273.4
|
||||||||||||
Total segment midstream services
|
348.3
|
285.9
|
962.1
|
764.1
|
||||||||||||
Total Crude Oil Pipelines & Services
|
2,478.3
|
2,494.9
|
7,952.2
|
8,847.0
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
440.0
|
589.0
|
1,627.1
|
1,681.5
|
||||||||||||
Segment midstream services:
|
||||||||||||||||
Transportation
|
275.5
|
261.2
|
835.2
|
766.3
|
||||||||||||
Total segment midstream services
|
275.5
|
261.2
|
835.2
|
766.3
|
||||||||||||
Total Natural Gas Pipelines & Services
|
715.5
|
850.2
|
2,462.3
|
2,447.8
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,299.0
|
1,408.9
|
3,867.3
|
4,111.6
|
||||||||||||
Segment midstream services:
|
||||||||||||||||
Fractionation and isomerization
|
43.2
|
45.9
|
125.5
|
146.8
|
||||||||||||
Transportation, including marine logistics
|
134.4
|
119.2
|
393.2
|
353.0
|
||||||||||||
Storage and terminals
|
41.6
|
43.9
|
132.2
|
135.8
|
||||||||||||
Total segment midstream services
|
219.2
|
209.0
|
650.9
|
635.6
|
||||||||||||
Total Petrochemical & Refined Products Services
|
1,518.2
|
1,617.9
|
4,518.2
|
4,747.2
|
||||||||||||
Total consolidated revenues
|
$
|
7,964.1
|
$
|
9,585.9
|
$
|
24,783.9
|
$
|
27,351.9
|
Contract Asset
|
Location
|
Balance
|
|||
Unbilled revenue (current amount)
|
Prepaid and other current assets
|
$
|
223.8
|
||
Total
|
$
|
223.8
|
Contract Liability
|
Location
|
Balance
|
|||
Deferred revenue (current amount)
|
Other current liabilities
|
$
|
137.4
|
||
Deferred revenue (noncurrent)
|
Other long-term liabilities
|
192.2
|
|||
Total
|
$
|
329.6
|
|
Unbilled
Revenue
|
Deferred
Revenue
|
||||||
Balance at December 31, 2018
|
$
|
13.3
|
$
|
291.2
|
||||
Amount included in opening balance transferred to other accounts during period (1)
|
(13.3
|
)
|
(110.9
|
)
|
||||
Amount recorded during period
|
270.5
|
430.7
|
||||||
Amounts recorded during period transferred to other accounts (1)
|
(46.7
|
)
|
(278.7
|
)
|
||||
Other changes
|
–
|
(2.7
|
)
|
|||||
Balance at September 30, 2019
|
$
|
223.8
|
$
|
329.6
|
(1)
|
Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
|
Period
|
Fixed Consideration
|
|||
Three Months Ended December 31, 2019
|
$
|
945.0
|
||
One Year Ended December 31, 2020
|
3,505.7
|
|||
One Year Ended December 31, 2021
|
3,075.3
|
|||
One Year Ended December 31, 2022
|
2,636.9
|
|||
One Year Ended December 31, 2023
|
2,203.9
|
|||
Thereafter
|
10,576.7
|
|||
Total
|
$
|
22,943.5
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Operating income
|
$
|
1,474.2
|
$
|
1,643.3
|
$
|
4,660.7
|
$
|
3,768.2
|
||||||||
Adjustments to reconcile operating income to total segment gross operating margin
(addition or subtraction indicated by sign):
|
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses
|
467.1
|
429.4
|
1,380.8
|
1,249.0
|
||||||||||||
Asset impairment and related charges in operating costs and expenses
|
39.4
|
4.6
|
51.2
|
21.4
|
||||||||||||
Net gains attributable to asset sales in operating costs and expenses
|
(0.1
|
)
|
(6.7
|
)
|
(2.6
|
)
|
(8.1
|
)
|
||||||||
General and administrative costs
|
55.5
|
52.7
|
160.2
|
157.1
|
||||||||||||
Non-refundable payments received from shippers attributable to make-up rights (1)
|
20.8
|
6.5
|
34.3
|
14.8
|
||||||||||||
Subsequent recognition of revenues attributable to make-up rights (2)
|
(5.5
|
)
|
(6.2
|
)
|
(18.6
|
)
|
(42.4
|
)
|
||||||||
Total segment gross operating margin
|
$
|
2,051.4
|
$
|
2,123.6
|
$
|
6,266.0
|
$
|
5,160.0
|
(1)
|
Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
|
(2)
|
As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
1,008.3
|
$
|
1,063.1
|
$
|
2,933.8
|
$
|
2,861.7
|
||||||||
Crude Oil Pipelines & Services
|
496.2
|
594.2
|
1,671.7
|
867.0
|
||||||||||||
Natural Gas Pipelines & Services
|
258.5
|
216.9
|
824.6
|
628.2
|
||||||||||||
Petrochemical & Refined Products Services
|
288.4
|
249.4
|
835.9
|
803.1
|
||||||||||||
Total segment gross operating margin
|
$
|
2,051.4
|
$
|
2,123.6
|
$
|
6,266.0
|
$
|
5,160.0
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Mark-to-market gains (losses) in gross operating margin:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
(0.7
|
)
|
$
|
0.1
|
$
|
(0.1
|
)
|
$
|
7.9
|
||||||
Crude Oil Pipelines & Services
|
9.8
|
200.2
|
95.0
|
(267.4
|
)
|
|||||||||||
Natural Gas Pipelines & Services
|
1.3
|
4.7
|
1.3
|
5.9
|
||||||||||||
Petrochemical & Refined Products Services
|
(1.3
|
)
|
(0.9
|
)
|
(3.3
|
)
|
(1.2
|
)
|
||||||||
Total mark-to-market impact on gross operating margin
|
9.1
|
204.1
|
92.9
|
(254.8
|
)
|
|||||||||||
Mark-to-market loss in interest expense
|
(94.9
|
)
|
–
|
(94.9
|
)
|
(0.1
|
)
|
|||||||||
Total
|
$
|
(85.8
|
)
|
$
|
204.1
|
$
|
(2.0
|
)
|
$
|
(254.9
|
)
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined Products Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||
Three months ended September 30, 2019
|
$
|
3,250.1
|
$
|
2,467.9
|
$
|
712.3
|
$
|
1,518.2
|
$
|
–
|
$
|
7,948.5
|
||||||||||||
Three months ended September 30, 2018
|
4,616.7
|
2,490.7
|
846.4
|
1,617.9
|
–
|
9,571.7
|
||||||||||||||||||
Nine months ended September 30, 2019
|
9,843.9
|
7,916.5
|
2,451.6
|
4,518.2
|
–
|
24,730.2
|
||||||||||||||||||
Nine months ended September 30, 2018
|
11,295.1
|
8,777.2
|
2,437.9
|
4,747.2
|
–
|
27,257.4
|
||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||
Three months ended September 30, 2019
|
2.0
|
10.4
|
3.2
|
–
|
–
|
15.6
|
||||||||||||||||||
Three months ended September 30, 2018
|
6.2
|
4.2
|
3.8
|
–
|
–
|
14.2
|
||||||||||||||||||
Nine months ended September 30, 2019
|
7.3
|
35.7
|
10.7
|
–
|
–
|
53.7
|
||||||||||||||||||
Nine months ended September 30, 2018
|
14.8
|
69.8
|
9.9
|
–
|
–
|
94.5
|
||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||
Three months ended September 30, 2019
|
4,729.3
|
9,479.7
|
141.7
|
558.1
|
(14,908.8
|
)
|
–
|
|||||||||||||||||
Three months ended September 30, 2018
|
6,814.9
|
6,278.8
|
186.6
|
844.3
|
(14,124.6
|
)
|
–
|
|||||||||||||||||
Nine months ended September 30, 2019
|
14,715.5
|
26,818.0
|
500.2
|
1,890.4
|
(43,924.1
|
)
|
–
|
|||||||||||||||||
Nine months ended September 30, 2018
|
19,384.4
|
27,683.6
|
522.5
|
2,241.6
|
(49,832.1
|
)
|
–
|
|||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||
Three months ended September 30, 2019
|
7,981.4
|
11,958.0
|
857.2
|
2,076.3
|
(14,908.8
|
)
|
7,964.1
|
|||||||||||||||||
Three months ended September 30, 2018
|
11,437.8
|
8,773.7
|
1,036.8
|
2,462.2
|
(14,124.6
|
)
|
9,585.9
|
|||||||||||||||||
Nine months ended September 30, 2019
|
24,566.7
|
34,770.2
|
2,962.5
|
6,408.6
|
(43,924.1
|
)
|
24,783.9
|
|||||||||||||||||
Nine months ended September 30, 2018
|
30,694.3
|
36,530.6
|
2,970.3
|
6,988.8
|
(49,832.1
|
)
|
27,351.9
|
|||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||
Three months ended September 30, 2019
|
25.9
|
113.2
|
1.6
|
(1.4
|
)
|
–
|
139.3
|
|||||||||||||||||
Three months ended September 30, 2018
|
28.3
|
83.7
|
2.1
|
(2.1
|
)
|
–
|
112.0
|
|||||||||||||||||
Nine months ended September 30, 2019
|
82.7
|
348.8
|
4.9
|
(5.1
|
)
|
–
|
431.3
|
|||||||||||||||||
Nine months ended September 30, 2018
|
87.1
|
265.1
|
4.7
|
(6.9
|
)
|
–
|
350.0
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Property, plant and equipment, net:
(see Note 4)
|
||||||||||||||||||||||||
At September 30, 2019
|
$
|
16,212.2
|
$
|
6,316.2
|
$
|
8,320.5
|
$
|
6,356.3
|
$
|
3,558.1
|
$
|
40,763.3
|
||||||||||||
At December 31, 2018
|
14,845.4
|
5,847.7
|
8,303.8
|
6,213.9
|
3,526.8
|
38,737.6
|
||||||||||||||||||
Investments in unconsolidated affiliates:
(see Note 5)
|
||||||||||||||||||||||||
At September 30, 2019
|
690.9
|
1,877.2
|
31.4
|
61.4
|
–
|
2,660.9
|
||||||||||||||||||
At December 31, 2018
|
662.0
|
1,867.5
|
22.8
|
62.8
|
–
|
2,615.1
|
||||||||||||||||||
Intangible assets, net: (see Note 6)
|
||||||||||||||||||||||||
At September 30, 2019
|
366.7
|
2,023.4
|
951.4
|
147.9
|
–
|
3,489.4
|
||||||||||||||||||
At December 31, 2018
|
380.1
|
2,094.6
|
979.3
|
154.4
|
–
|
3,608.4
|
||||||||||||||||||
Goodwill: (see Note 6)
|
||||||||||||||||||||||||
At September 30, 2019
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
–
|
5,745.2
|
||||||||||||||||||
At December 31, 2018
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
–
|
5,745.2
|
||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||
At September 30, 2019
|
19,921.5
|
12,057.8
|
9,599.6
|
7,521.8
|
3,558.1
|
52,658.8
|
||||||||||||||||||
At December 31, 2018
|
18,539.2
|
11,650.8
|
9,602.2
|
7,387.3
|
3,526.8
|
50,706.3
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Consolidated revenues:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
3,252.1
|
$
|
4,622.9
|
$
|
9,851.2
|
$
|
11,309.9
|
||||||||
Crude Oil Pipelines & Services
|
2,478.3
|
2,494.9
|
7,952.2
|
8,847.0
|
||||||||||||
Natural Gas Pipelines & Services
|
715.5
|
850.2
|
2,462.3
|
2,447.8
|
||||||||||||
Petrochemical & Refined Products Services
|
1,518.2
|
1,617.9
|
4,518.2
|
4,747.2
|
||||||||||||
Total consolidated revenues
|
$
|
7,964.1
|
$
|
9,585.9
|
$
|
24,783.9
|
$
|
27,351.9
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
5,276.5
|
$
|
6,838.9
|
$
|
16,721.5
|
$
|
20,371.2
|
||||||||
Other operating costs and expenses (1)
|
790.8
|
735.7
|
2,243.4
|
2,143.1
|
||||||||||||
Depreciation, amortization and accretion
|
467.1
|
429.4
|
1,380.8
|
1,249.0
|
||||||||||||
Asset impairment and related charges
|
39.4
|
4.6
|
51.2
|
21.4
|
||||||||||||
Net gains attributable to asset sales
|
(0.1
|
)
|
(6.7
|
)
|
(2.6
|
)
|
(8.1
|
)
|
||||||||
General and administrative costs
|
55.5
|
52.7
|
160.2
|
157.1
|
||||||||||||
Total consolidated costs and expenses
|
$
|
6,629.2
|
$
|
8,054.6
|
$
|
20,554.5
|
$
|
23,933.7
|
(1)
|
Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
1,019.2
|
$
|
1,313.2
|
$
|
3,494.4
|
$
|
2,887.7
|
||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1)
|
(6.1
|
)
|
(6.2
|
)
|
(21.3
|
)
|
(15.5
|
)
|
||||||||
Net income available to common unitholders
|
$
|
1,013.1
|
$
|
1,307.0
|
$
|
3,473.1
|
$
|
2,872.2
|
||||||||
|
||||||||||||||||
Basic weighted-average number of common units outstanding
|
2,189.1
|
2,179.9
|
2,188.4
|
2,173.8
|
||||||||||||
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.46
|
$
|
0.60
|
$
|
1.59
|
$
|
1.32
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
1,019.2
|
$
|
1,313.2
|
$
|
3,494.4
|
$
|
2,887.7
|
||||||||
|
||||||||||||||||
Diluted weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
2,189.1
|
2,179.9
|
2,188.4
|
2,173.8
|
||||||||||||
Phantom units (1)
|
13.2
|
10.6
|
13.1
|
10.6
|
||||||||||||
Total
|
2,202.3
|
2,190.5
|
2,201.5
|
2,184.4
|
||||||||||||
|
||||||||||||||||
Diluted earnings per unit
|
$
|
0.46
|
$
|
0.60
|
$
|
1.59
|
$
|
1.32
|
(1)
|
Each phantom unit award includes a distribution equivalent right ("DER"), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Equity-classified awards:
|
||||||||||||||||
Phantom unit awards
|
$
|
34.7
|
$
|
24.2
|
$
|
99.6
|
$
|
74.7
|
||||||||
Profits interest awards
|
2.5
|
1.2
|
8.1
|
3.8
|
||||||||||||
Liability-classified awards
|
0.1
|
0.1
|
0.1
|
0.3
|
||||||||||||
Total
|
$
|
37.3
|
$
|
25.5
|
$
|
107.8
|
$
|
78.8
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at December 31, 2018
|
10,333,277
|
$
|
26.97
|
|||||
Granted (2)
|
6,851,920
|
$
|
27.75
|
|||||
Vested
|
(3,810,666
|
)
|
$
|
27.54
|
||||
Forfeited
|
(268,621
|
)
|
$
|
27.21
|
||||
Phantom unit awards at September 30, 2019
|
13,105,910
|
$
|
27.21
|
(1)
|
Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
|
(2)
|
The aggregate grant date fair value of phantom unit awards issued during 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $27.75 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Cash payments made in connection with DERs
|
$
|
5.9
|
$
|
4.6
|
$
|
16.4
|
$
|
13.2
|
||||||||
Total intrinsic value of phantom unit awards that vested during period
|
7.2
|
4.5
|
108.9
|
89.6
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Weighted-Average
Fixed Rate
Locked
|
Accounting
Treatment
|
Future long-term debt offering
|
1 forward-starting swap (1)
|
$75.0
|
9/2020
|
2.39%
|
Cash flow hedge
|
Future long-term debt offering
|
1 forward-starting swap (1)
|
$75.0
|
4/2021
|
2.41%
|
Cash flow hedge
|
Future long-term debt offering
|
5 forward-starting swaps (2)
|
$500.0
|
9/2020
|
2.12%
|
Cash flow hedge
|
Future long-term debt offering
|
5 forward-starting swaps (2)
|
$500.0
|
4/2021
|
2.13%
|
Cash flow hedge
|
(1)
|
These swaps were entered into in May 2019.
|
(2)
|
These swaps were entered into in September 2019 as a result of the swaption exercise.
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))
|
15.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (million barrels (“MMBbls”))
|
1.8
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchase of NGLs (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
8.1
|
1.6
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Natural gas storage inventory management activities (Bcf)
|
3.2
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
100.0
|
1.5
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
121.7
|
1.2
|
Cash flow hedge
|
NGLs inventory management activities (MMBbls)
|
0.3
|
n/a
|
Fair value hedge
|
Refined products marketing:
|
|
||
Forecasted purchases of refined products (MMBbls)
|
0.9
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.9
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
10.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
13.8
|
n/a
|
Cash flow hedge
|
Propylene marketing:
|
|||
Forecasted sales of NGLs for propylene marketing activities (MMBbls)
|
0.3
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3)
|
38.2
|
0.6
|
Mark-to-market
|
NGL risk management activities (MMBbls) (3)
|
2.4
|
n/a
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (3)
|
7.6
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (3)
|
22.2
|
6.1
|
Mark-to-market
|
(1)
|
Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
|
(2)
|
The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2021, December 2019 and December 2022, respectively.
|
(3)
|
Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
September 30, 2019
|
|
December 31, 2018
|
|
September 30, 2019
|
|
December 31, 2018
|
|||||||||
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|
Balance
Sheet
Location
|
Fair
Value
|
|||||
Derivatives designated as hedging instruments
|
|||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
–
|
Current assets
|
$
|
–
|
Current
liabilities
|
$
|
11.8
|
Current
liabilities
|
$
|
–
|
|||
Interest rate derivatives
|
Other assets
|
–
|
Other assets
|
–
|
Other liabilities
|
11.9
|
Other liabilities
|
–
|
|||||||
Total interest rate derivatives
|
–
|
–
|
23.7
|
–
|
|||||||||||
Commodity derivatives
|
Current assets
|
149.3
|
|
Current assets
|
138.5
|
|
Current
liabilities
|
139.2
|
|
Current
liabilities
|
115.0
|
||||
Commodity derivatives
|
Other assets
|
|
5.6
|
|
Other assets
|
|
5.6
|
|
Other liabilities
|
|
6.8
|
|
Other liabilities
|
|
11.1
|
Total commodity derivatives
|
154.9
|
144.1
|
146.0
|
126.1
|
|||||||||||
Total derivatives designated as hedging instruments
|
$
|
154.9
|
$
|
144.1
|
$
|
169.7
|
$
|
126.1
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments
|
|||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
–
|
Current assets
|
$
|
–
|
Current
liabilities
|
$
|
47.2
|
Current
liabilities
|
$
|
–
|
|||
Interest rate derivatives
|
Other assets
|
–
|
Other assets
|
–
|
Other liabilities
|
47.7
|
Other liabilities
|
–
|
|||||||
Total interest rate derivatives
|
–
|
–
|
94.9
|
–
|
|||||||||||
Commodity derivatives
|
Current assets
|
|
16.7
|
|
Current assets
|
15.9
|
|
Current
liabilities
|
4.2
|
|
Current
liabilities
|
33.2
|
|||
Commodity derivatives
|
Other assets
|
|
1.0
|
|
Other assets
|
1.9
|
|
Other liabilities
|
0.3
|
|
Other liabilities
|
3.1
|
|||
Total commodity derivatives
|
|
|
17.7
|
|
|
17.8
|
|
|
4.5
|
|
|
36.3
|
|||
Total derivatives not designated as hedging instruments
|
$
|
17.7
|
$
|
17.8
|
$
|
99.4
|
$
|
36.3
|
|
Offsetting of Financial Assets and Derivative Assets
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of September 30, 2019:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
172.6
|
$
|
–
|
$
|
172.6
|
$
|
(149.0
|
)
|
$
|
–
|
$
|
(22.4
|
)
|
$
|
1.2
|
||||||||||||
As of December 31, 2018:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
161.9
|
$
|
–
|
$
|
161.9
|
$
|
(158.6
|
)
|
$
|
–
|
$
|
–
|
$
|
3.3
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of September 30, 2019:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
118.6
|
$
|
–
|
$
|
118.6
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
118.6
|
||||||||||||||
Commodity derivatives
|
150.5
|
–
|
150.5
|
(149.0
|
)
|
–
|
0.3
|
1.8
|
||||||||||||||||||||
As of December 31, 2018:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
162.4
|
$
|
–
|
$
|
162.4
|
$
|
(158.6
|
)
|
$
|
–
|
$
|
(2.3
|
)
|
$
|
1.5
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
1.3
|
||||||||
Commodity derivatives
|
Revenue
|
(0.4
|
)
|
(1.4
|
)
|
(2.0
|
)
|
3.2
|
|||||||||
Total
|
|
$
|
(0.4
|
)
|
$
|
(1.4
|
)
|
$
|
(2.0
|
)
|
$
|
4.5
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
(1.4
|
)
|
|||||||
Commodity derivatives
|
Revenue
|
2.4
|
3.7
|
8.7
|
1.9
|
||||||||||||
Total
|
|
$
|
2.4
|
$
|
3.7
|
$
|
8.7
|
$
|
0.5
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss) on Derivative
|
|||||||||||||||
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
$
|
(18.6
|
)
|
$
|
6.1
|
$
|
(23.8
|
)
|
$
|
20.7
|
||||||
Commodity derivatives – Revenue (1)
|
73.5
|
(145.5
|
)
|
71.1
|
(156.7
|
)
|
||||||||||
Commodity derivatives – Operating costs and expenses (1)
|
(1.2
|
)
|
(0.3
|
)
|
(12.5
|
)
|
0.7
|
|||||||||
Total
|
$
|
53.7
|
$
|
(139.7
|
)
|
$
|
34.8
|
$
|
(135.3
|
)
|
(1)
|
The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss) to Income
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(9.4
|
)
|
$
|
(9.1
|
)
|
$
|
(27.8
|
)
|
$
|
(29.0
|
)
|
||||
Commodity derivatives
|
Revenue
|
93.6
|
53.9
|
161.4
|
28.5
|
||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
(2.1
|
)
|
(0.4
|
)
|
(9.4
|
)
|
0.3
|
|||||||||
Total
|
|
$
|
82.1
|
$
|
44.4
|
$
|
124.2
|
$
|
(0.2
|
)
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(94.9
|
)
|
$
|
–
|
$
|
(94.9
|
)
|
$
|
–
|
||||||
Commodity derivatives
|
Revenue
|
21.8
|
21.8
|
96.7
|
(538.0
|
)
|
|||||||||||
Commodity derivatives
|
Operating costs and expenses
|
(1.6
|
)
|
(2.7
|
)
|
(6.3
|
)
|
(4.2
|
)
|
||||||||
Total
|
|
$
|
(74.7
|
)
|
$
|
19.1
|
$
|
(4.5
|
)
|
$
|
(542.2
|
)
|
|
At September 30, 2019
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
$
|
54.0
|
$
|
365.4
|
$
|
14.5
|
$
|
433.9
|
||||||||
Impact of CME Rule 814
|
(44.8
|
)
|
(206.3
|
)
|
(10.2
|
)
|
(261.3
|
)
|
||||||||
Total commodity derivatives
|
9.2
|
159.1
|
4.3
|
172.6
|
||||||||||||
Total
|
$
|
9.2
|
$
|
159.1
|
$
|
4.3
|
$
|
172.6
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement (see Note 15)
|
$
|
–
|
$
|
–
|
$
|
513.1
|
$
|
513.1
|
||||||||
Interest rate derivatives
|
–
|
118.6
|
–
|
118.6
|
||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
39.8
|
268.3
|
47.9
|
356.0
|
||||||||||||
Impact of CME Rule 814
|
(31.0
|
)
|
(138.5
|
)
|
(36.0
|
)
|
(205.5
|
)
|
||||||||
Total commodity derivatives
|
8.8
|
129.8
|
11.9
|
150.5
|
||||||||||||
Total
|
$
|
8.8
|
$
|
248.4
|
$
|
525.0
|
$
|
782.2
|
|
At December 31, 2018
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
$
|
172.3
|
$
|
282.4
|
$
|
2.2
|
$
|
456.9
|
||||||||
Impact of CME Rule 814
|
(134.8
|
)
|
(159.3
|
)
|
(0.9
|
)
|
(295.0
|
)
|
||||||||
Total commodity derivatives
|
37.5
|
123.1
|
1.3
|
161.9
|
||||||||||||
Total
|
$
|
37.5
|
$
|
123.1
|
$
|
1.3
|
$
|
161.9
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement (see Note 15)
|
$
|
–
|
$
|
–
|
$
|
390.0
|
$
|
390.0
|
||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
85.5
|
291.2
|
21.4
|
398.1
|
||||||||||||
Impact of CME Rule 814
|
(48.6
|
)
|
(172.9
|
)
|
(14.2
|
)
|
(235.7
|
)
|
||||||||
Total commodity derivatives
|
36.9
|
118.3
|
7.2
|
162.4
|
||||||||||||
Total
|
$
|
36.9
|
$
|
118.3
|
$
|
397.2
|
$
|
552.4
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives – Crude oil
|
$
|
0.5
|
$
|
0.2
|
Discounted cash flow
|
Forward commodity prices
|
$54.11-$54.78/barrel
|
||||
Commodity derivatives – Propane
|
1.2
|
3.7
|
Discounted cash flow
|
Forward commodity prices
|
$0.43-$0.49/gallon
|
||||||
Commodity derivatives – Natural gasoline
|
–
|
4.3
|
Discounted cash flow
|
Forward commodity prices
|
$0.96-$1.04/gallon
|
||||||
Commodity derivatives – Ethane
|
1.5
|
1.3
|
Discounted cash flow
|
Forward commodity prices
|
$0.18-$0.19/gallon
|
||||||
Commodity derivatives – Normal Butane
|
0.5
|
2.2
|
Discounted cash flow
|
Forward commodity prices
|
$0.48-$0.56/gallon
|
||||||
Commodity derivatives – Isobutane
|
0.6
|
0.2
|
Discounted cash flow
|
Forward commodity prices
|
$0.53-$0.64/gallon
|
||||||
Total
|
$
|
4.3
|
$
|
11.9
|
test
|
|
For the Nine Months
Ended September 30,
|
|||||||
test
|
Location
|
2019
|
2018
|
||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
(395.9
|
)
|
$
|
(332.7
|
)
|
||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
3.1
|
(0.5
|
)
|
|||||
Net income
|
Other expense, net
|
(57.8
|
)
|
(7.5
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
4.0
|
–
|
||||||
Settlements (1)
|
Revenue
|
(0.1
|
)
|
(1.2
|
)
|
||||
Transfers out of Level 3
|
(0.2
|
)
|
–
|
||||||
Financial asset (liability) balance, net, March 31
|
|
(446.9
|
)
|
(341.9
|
)
|
||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.1
|
)
|
1.3
|
|||||
Net income
|
Other expense, net
|
(26.6
|
)
|
(8.9
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
(2.9
|
)
|
–
|
|||||
Settlements (1)
|
Revenue
|
(3.1
|
)
|
0.5
|
|||||
Transfers out of Level 3
|
–
|
–
|
|||||||
Financial asset (liability) balance, net, June 30
|
|
(479.6
|
)
|
(349.0
|
)
|
||||
Total gains (losses) included in:
|
|||||||||
Net income (1)
|
Revenue
|
0.8
|
(0.2
|
)
|
|||||
Net income
|
Other expense, net
|
(38.7
|
)
|
(18.5
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
(3.2
|
)
|
2.8
|
|||||
Settlements (1)
|
Revenue
|
–
|
(1.3
|
)
|
|||||
Transfers out of Level 3
|
–
|
–
|
|||||||
Financial asset (liability) balance, net, September 30
|
$
|
(520.7
|
)
|
$
|
(366.2
|
)
|
(1)
|
There were $0.8 million and $0.6 million of unrealized gains included in these amounts for the three and nine months ended September 30, 2019, respectively. There were unrealized losses of $1.5 million and $1.4 million, respectively, included in these amounts for the three and nine months ended September 30, 2018.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
15.6
|
$
|
14.2
|
$
|
53.7
|
$
|
94.5
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and its privately held affiliates
|
$
|
297.8
|
$
|
285.9
|
$
|
837.9
|
$
|
802.8
|
||||||||
Unconsolidated affiliates
|
94.7
|
110.0
|
313.3
|
351.4
|
||||||||||||
Total
|
$
|
392.5
|
$
|
395.9
|
$
|
1,151.2
|
$
|
1,154.2
|
|
September 30,
2019
|
December 31,
2018
|
||||||
Accounts receivable - related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
2.0
|
$
|
3.5
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
106.6
|
$
|
116.3
|
||||
Unconsolidated affiliates
|
18.9
|
23.9
|
||||||
Total
|
$
|
125.5
|
$
|
140.2
|
Total Number
of Units
|
Percentage of
Total Units
Outstanding
|
698,313,137
|
31.9%
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Operating costs and expenses
|
$
|
259.3
|
$
|
246.6
|
$
|
732.0
|
$
|
697.6
|
||||||||
General and administrative expenses
|
34.2
|
35.0
|
92.9
|
92.6
|
||||||||||||
Total costs and expenses
|
$
|
293.5
|
$
|
281.6
|
$
|
824.9
|
$
|
790.2
|
Asset Category
|
ROU
Asset
Carrying
Value (1)
|
Lease
Liability Carrying
Value (2)
|
Weighted-
Average
Remaining
Term
|
Weighted-
Average
Discount
Rate (3)
|
|||||
Storage and pipeline facilities
|
$
|
141.0
|
$
|
141.6
|
16 years
|
4.3%
|
|||
Transportation equipment
|
54.2
|
56.6
|
4 years
|
3.4%
|
|||||
Office and warehouse space
|
24.3
|
22.9
|
2 years
|
3.5%
|
|||||
Total
|
$
|
219.5
|
$
|
221.1
|
(1)
|
ROU asset amounts are a component of “Other assets” on our consolidated balance sheet.
|
(2)
|
At September 30, 2019, lease liabilities of $39.2 million and $181.9 million were included within “Other current liabilities” and “Other liabilities,” respectively.
|
(3)
|
The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.
|
|
For the Three Months
Ended September 30, 2019
|
For the Nine Months
Ended September 30, 2019
|
||||||
Long-term operating leases:
|
||||||||
Fixed lease expense
|
$
|
12.8
|
$
|
39.3
|
||||
Variable lease expense
|
1.6
|
4.5
|
||||||
Subtotal operating lease expense
|
14.4
|
43.8
|
||||||
Short-term lease expense
|
12.4
|
35.9
|
||||||
Total operating lease expense
|
$
|
26.8
|
$
|
79.7
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2019
|
2018
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
(578.0
|
)
|
$
|
123.1
|
|||
Accounts receivable – related parties
|
1.6
|
(0.3
|
)
|
|||||
Inventories
|
(44.2
|
)
|
(474.2
|
)
|
||||
Prepaid and other current assets
|
(305.3
|
)
|
(124.7
|
)
|
||||
Other assets
|
(18.3
|
)
|
(9.9
|
)
|
||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
(55.4
|
)
|
213.1
|
|||||
Accounts payable – related parties
|
31.0
|
47.4
|
||||||
Accrued product payables
|
666.6
|
356.9
|
||||||
Accrued interest
|
(158.4
|
)
|
(167.5
|
)
|
||||
Other current liabilities
|
133.6
|
(261.7
|
)
|
|||||
Other liabilities
|
(82.2
|
)
|
35.9
|
|||||
Net effect of changes in operating accounts
|
$
|
(409.0
|
)
|
$
|
(261.9
|
)
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
1,004.2
|
$
|
235.7
|
$
|
(32.1
|
)
|
$
|
1,207.8
|
$
|
–
|
$
|
–
|
$
|
1,207.8
|
|||||||||||||
Accounts receivable – trade, net
|
1,223.0
|
3,039.4
|
(0.7
|
)
|
4,261.7
|
–
|
–
|
4,261.7
|
||||||||||||||||||||
Accounts receivable – related parties
|
190.8
|
905.5
|
(1,086.2
|
)
|
10.1
|
–
|
(8.1
|
)
|
2.0
|
|||||||||||||||||||
Inventories
|
1,078.5
|
566.5
|
(0.3
|
)
|
1,644.7
|
–
|
–
|
1,644.7
|
||||||||||||||||||||
Derivative assets
|
138.1
|
27.9
|
–
|
166.0
|
–
|
–
|
166.0
|
|||||||||||||||||||||
Prepaid and other current assets
|
275.0
|
402.4
|
(46.2
|
)
|
631.2
|
0.3
|
0.1
|
631.6
|
||||||||||||||||||||
Total current assets
|
3,909.6
|
5,177.4
|
(1,165.5
|
)
|
7,921.5
|
0.3
|
(8.0
|
)
|
7,913.8
|
|||||||||||||||||||
Property, plant and equipment, net
|
6,285.6
|
34,522.8
|
(45.1
|
)
|
40,763.3
|
–
|
–
|
40,763.3
|
||||||||||||||||||||
Investments in unconsolidated affiliates
|
44,827.7
|
4,174.0
|
(46,340.8
|
)
|
2,660.9
|
25,016.0
|
(25,016.0
|
)
|
2,660.9
|
|||||||||||||||||||
Intangible assets, net
|
642.0
|
2,860.6
|
(13.2
|
)
|
3,489.4
|
–
|
–
|
3,489.4
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
–
|
5,745.2
|
–
|
–
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
373.5
|
290.7
|
(222.4
|
)
|
441.8
|
0.9
|
–
|
442.7
|
||||||||||||||||||||
Total assets
|
$
|
56,497.9
|
$
|
52,311.2
|
$
|
(47,787.0
|
)
|
$
|
61,022.1
|
$
|
25,017.2
|
$
|
(25,024.0
|
)
|
$
|
61,015.3
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
2,300.0
|
$
|
–
|
$
|
–
|
$
|
2,300.0
|
$
|
–
|
$
|
–
|
$
|
2,300.0
|
||||||||||||||
Accounts payable – trade
|
297.1
|
792.8
|
(32.1
|
)
|
1,057.8
|
–
|
–
|
1,057.8
|
||||||||||||||||||||
Accounts payable – related parties
|
1,042.3
|
182.7
|
(1,099.5
|
)
|
125.5
|
8.1
|
(8.1
|
)
|
125.5
|
|||||||||||||||||||
Accrued product payables
|
1,490.3
|
2,709.6
|
(1.1
|
)
|
4,198.8
|
–
|
–
|
4,198.8
|
||||||||||||||||||||
Accrued interest
|
237.1
|
3.2
|
(3.1
|
)
|
237.2
|
–
|
–
|
237.2
|
||||||||||||||||||||
Derivative liabilities
|
194.3
|
8.1
|
–
|
202.4
|
–
|
–
|
202.4
|
|||||||||||||||||||||
Other current liabilities
|
121.3
|
469.5
|
(43.0
|
)
|
547.8
|
–
|
–
|
547.8
|
||||||||||||||||||||
Total current liabilities
|
5,682.4
|
4,165.9
|
(1,178.8
|
)
|
8,669.5
|
8.1
|
(8.1
|
)
|
8,669.5
|
|||||||||||||||||||
Long-term debt
|
25,624.5
|
14.7
|
–
|
25,639.2
|
–
|
–
|
25,639.2
|
|||||||||||||||||||||
Deferred tax liabilities
|
21.0
|
68.9
|
(1.2
|
)
|
88.7
|
–
|
2.7
|
91.4
|
||||||||||||||||||||
Other long-term liabilities
|
195.5
|
603.0
|
(221.9
|
)
|
576.6
|
513.1
|
–
|
1,089.7
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
24,974.5
|
47,392.8
|
(47,381.8
|
)
|
24,985.5
|
24,496.0
|
(24,985.5
|
)
|
24,496.0
|
|||||||||||||||||||
Noncontrolling interests
|
–
|
65.9
|
996.7
|
1,062.6
|
–
|
(33.1
|
)
|
1,029.5
|
||||||||||||||||||||
Total equity
|
24,974.5
|
47,458.7
|
(46,385.1
|
)
|
26,048.1
|
24,496.0
|
(25,018.6
|
)
|
25,525.5
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
56,497.9
|
$
|
52,311.2
|
$
|
(47,787.0
|
)
|
$
|
61,022.1
|
$
|
25,017.2
|
$
|
(25,024.0
|
)
|
$
|
61,015.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
393.4
|
$
|
50.3
|
$
|
(33.6
|
)
|
$
|
410.1
|
$
|
–
|
$
|
–
|
$
|
410.1
|
|||||||||||||
Accounts receivable – trade, net
|
1,303.1
|
2,356.8
|
(0.8
|
)
|
3,659.1
|
–
|
–
|
3,659.1
|
||||||||||||||||||||
Accounts receivable – related parties
|
141.8
|
1,423.7
|
(1,530.1
|
)
|
35.4
|
0.8
|
(32.7
|
)
|
3.5
|
|||||||||||||||||||
Inventories
|
889.3
|
633.2
|
(0.4
|
)
|
1,522.1
|
–
|
–
|
1,522.1
|
||||||||||||||||||||
Derivative assets
|
105.0
|
49.1
|
0.3
|
154.4
|
–
|
–
|
154.4
|
|||||||||||||||||||||
Prepaid and other current assets
|
166.0
|
155.1
|
(10.2
|
)
|
310.9
|
–
|
0.6
|
311.5
|
||||||||||||||||||||
Total current assets
|
2,998.6
|
4,668.2
|
(1,574.8
|
)
|
6,092.0
|
0.8
|
(32.1
|
)
|
6,060.7
|
|||||||||||||||||||
Property, plant and equipment, net
|
6,112.7
|
32,628.7
|
(3.8
|
)
|
38,737.6
|
–
|
–
|
38,737.6
|
||||||||||||||||||||
Investments in unconsolidated affiliates
|
43,962.6
|
4,170.6
|
(45,518.1
|
)
|
2,615.1
|
24,273.6
|
(24,273.6
|
)
|
2,615.1
|
|||||||||||||||||||
Intangible assets, net
|
659.2
|
2,963.0
|
(13.8
|
)
|
3,608.4
|
–
|
–
|
3,608.4
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
–
|
5,745.2
|
–
|
–
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
292.1
|
131.9
|
(222.1
|
)
|
201.9
|
0.9
|
–
|
202.8
|
||||||||||||||||||||
Total assets
|
$
|
54,484.7
|
$
|
49,848.1
|
$
|
(47,332.6
|
)
|
$
|
57,000.2
|
$
|
24,275.3
|
$
|
(24,305.7
|
)
|
$
|
56,969.8
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,500.0
|
$
|
0.1
|
$
|
–
|
$
|
1,500.1
|
$
|
–
|
$
|
–
|
$
|
1,500.1
|
||||||||||||||
Accounts payable – trade
|
404.0
|
734.3
|
(35.5
|
)
|
1,102.8
|
–
|
–
|
1,102.8
|
||||||||||||||||||||
Accounts payable – related parties
|
1,557.3
|
127.5
|
(1,543.9
|
)
|
140.9
|
31.9
|
(32.6
|
)
|
140.2
|
|||||||||||||||||||
Accrued product payables
|
1,574.7
|
1,902.3
|
(1.2
|
)
|
3,475.8
|
–
|
–
|
3,475.8
|
||||||||||||||||||||
Accrued interest
|
395.5
|
0.9
|
(0.8
|
)
|
395.6
|
–
|
–
|
395.6
|
||||||||||||||||||||
Derivative liabilities
|
86.2
|
61.7
|
0.3
|
148.2
|
–
|
–
|
148.2
|
|||||||||||||||||||||
Other current liabilities
|
87.9
|
326.3
|
(9.4
|
)
|
404.8
|
–
|
–
|
404.8
|
||||||||||||||||||||
Total current liabilities
|
5,605.6
|
3,153.1
|
(1,590.5
|
)
|
7,168.2
|
31.9
|
(32.6
|
)
|
7,167.5
|
|||||||||||||||||||
Long-term debt
|
24,663.4
|
14.7
|
–
|
24,678.1
|
–
|
–
|
24,678.1
|
|||||||||||||||||||||
Deferred tax liabilities
|
17.0
|
62.0
|
(0.9
|
)
|
78.1
|
–
|
2.3
|
80.4
|
||||||||||||||||||||
Other long-term liabilities
|
65.2
|
518.4
|
(221.9
|
)
|
361.7
|
389.9
|
–
|
751.6
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
24,133.5
|
46,031.8
|
(45,917.9
|
)
|
24,247.4
|
23,853.5
|
(24,247.4
|
)
|
23,853.5
|
|||||||||||||||||||
Noncontrolling interests
|
–
|
68.1
|
398.6
|
466.7
|
–
|
(28.0
|
)
|
438.7
|
||||||||||||||||||||
Total equity
|
24,133.5
|
46,099.9
|
(45,519.3
|
)
|
24,714.1
|
23,853.5
|
(24,275.4
|
)
|
24,292.2
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
54,484.7
|
$
|
49,848.1
|
$
|
(47,332.6
|
)
|
$
|
57,000.2
|
$
|
24,275.3
|
$
|
(24,305.7
|
)
|
$
|
56,969.8
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
8,268.7
|
$
|
5,238.9
|
$
|
(5,543.5
|
)
|
$
|
7,964.1
|
$
|
–
|
$
|
–
|
$
|
7,964.1
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,950.9
|
4,166.6
|
(5,543.8
|
)
|
6,573.7
|
–
|
–
|
6,573.7
|
||||||||||||||||||||
General and administrative costs
|
9.4
|
45.4
|
0.4
|
55.2
|
0.3
|
–
|
55.5
|
|||||||||||||||||||||
Total costs and expenses
|
7,960.3
|
4,212.0
|
(5,543.4
|
)
|
6,628.9
|
0.3
|
–
|
6,629.2
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,131.9
|
167.1
|
(1,159.7
|
)
|
139.3
|
1,058.2
|
(1,058.2
|
)
|
139.3
|
|||||||||||||||||||
Operating income
|
1,440.3
|
1,194.0
|
(1,159.8
|
)
|
1,474.5
|
1,057.9
|
(1,058.2
|
)
|
1,474.2
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(383.2
|
)
|
(2.6
|
)
|
2.9
|
(382.9
|
)
|
–
|
–
|
(382.9
|
)
|
|||||||||||||||||
Other, net
|
8.7
|
1.8
|
(2.9
|
)
|
7.6
|
(38.7
|
)
|
–
|
(31.1
|
)
|
||||||||||||||||||
Total other expense, net
|
(374.5
|
)
|
(0.8
|
)
|
–
|
(375.3
|
)
|
(38.7
|
)
|
–
|
(414.0
|
)
|
||||||||||||||||
Income before income taxes
|
1,065.8
|
1,193.2
|
(1,159.8
|
)
|
1,099.2
|
1,019.2
|
(1,058.2
|
)
|
1,060.2
|
|||||||||||||||||||
Provision for income taxes
|
(8.5
|
)
|
(6.6
|
)
|
–
|
(15.1
|
)
|
–
|
(0.3
|
)
|
(15.4
|
)
|
||||||||||||||||
Net income
|
1,057.3
|
1,186.6
|
(1,159.8
|
)
|
1,084.1
|
1,019.2
|
(1,058.5
|
)
|
1,044.8
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
–
|
(1.5
|
)
|
(25.4
|
)
|
(26.9
|
)
|
–
|
1.3
|
(25.6
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,057.3
|
$
|
1,185.1
|
$
|
(1,185.2
|
)
|
$
|
1,057.2
|
$
|
1,019.2
|
$
|
(1,057.2
|
)
|
$
|
1,019.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
11,395.5
|
$
|
6,039.5
|
$
|
(7,849.1
|
)
|
$
|
9,585.9
|
$
|
–
|
$
|
–
|
$
|
9,585.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
11,086.5
|
4,764.8
|
(7,849.4
|
)
|
8,001.9
|
–
|
–
|
8,001.9
|
||||||||||||||||||||
General and administrative costs
|
8.0
|
43.6
|
0.8
|
52.4
|
0.3
|
–
|
52.7
|
|||||||||||||||||||||
Total costs and expenses
|
11,094.5
|
4,808.4
|
(7,848.6
|
)
|
8,054.3
|
0.3
|
–
|
8,054.6
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,313.4
|
146.8
|
(1,348.2
|
)
|
112.0
|
1,332.0
|
(1,332.0
|
)
|
112.0
|
|||||||||||||||||||
Operating income
|
1,614.4
|
1,377.9
|
(1,348.7
|
)
|
1,643.6
|
1,331.7
|
(1,332.0
|
)
|
1,643.3
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(279.8
|
)
|
(2.5
|
)
|
2.8
|
(279.5
|
)
|
–
|
–
|
(279.5
|
)
|
|||||||||||||||||
Other, net
|
2.6
|
0.5
|
(2.8
|
)
|
0.3
|
(18.5
|
)
|
–
|
(18.2
|
)
|
||||||||||||||||||
Total other expense, net
|
(277.2
|
)
|
(2.0
|
)
|
–
|
(279.2
|
)
|
(18.5
|
)
|
–
|
(297.7
|
)
|
||||||||||||||||
Income before income taxes
|
1,337.2
|
1,375.9
|
(1,348.7
|
)
|
1,364.4
|
1,313.2
|
(1,332.0
|
)
|
1,345.6
|
|||||||||||||||||||
Provision for income taxes
|
(5.9
|
)
|
(4.8
|
)
|
–
|
(10.7
|
)
|
–
|
(0.3
|
)
|
(11.0
|
)
|
||||||||||||||||
Net income
|
1,331.3
|
1,371.1
|
(1,348.7
|
)
|
1,353.7
|
1,313.2
|
(1,332.3
|
)
|
1,334.6
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
–
|
(2.4
|
)
|
(20.5
|
)
|
(22.9
|
)
|
–
|
1.5
|
(21.4
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,331.3
|
$
|
1,368.7
|
$
|
(1,369.2
|
)
|
$
|
1,330.8
|
$
|
1,313.2
|
$
|
(1,330.8
|
)
|
$
|
1,313.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
25,664.8
|
$
|
16,618.5
|
$
|
(17,499.4
|
)
|
$
|
24,783.9
|
$
|
–
|
$
|
–
|
$
|
24,783.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
24,670.6
|
13,216.2
|
(17,492.5
|
)
|
20,394.3
|
–
|
–
|
20,394.3
|
||||||||||||||||||||
General and administrative costs
|
22.6
|
133.4
|
2.3
|
158.3
|
1.9
|
–
|
160.2
|
|||||||||||||||||||||
Total costs and expenses
|
24,693.2
|
13,349.6
|
(17,490.2
|
)
|
20,552.6
|
1.9
|
–
|
20,554.5
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
3,606.9
|
496.8
|
(3,672.4
|
)
|
431.3
|
3,619.4
|
(3,619.4
|
)
|
431.3
|
|||||||||||||||||||
Operating income
|
4,578.5
|
3,765.7
|
(3,681.6
|
)
|
4,662.6
|
3,617.5
|
(3,619.4
|
)
|
4,660.7
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(950.9
|
)
|
(7.8
|
)
|
8.5
|
(950.2
|
)
|
–
|
–
|
(950.2
|
)
|
|||||||||||||||||
Other, net
|
16.0
|
4.2
|
(8.5
|
)
|
11.7
|
(123.1
|
)
|
–
|
(111.4
|
)
|
||||||||||||||||||
Total other expense, net
|
(934.9
|
)
|
(3.6
|
)
|
–
|
(938.5
|
)
|
(123.1
|
)
|
–
|
(1,061.6
|
)
|
||||||||||||||||
Income before income taxes
|
3,643.6
|
3,762.1
|
(3,681.6
|
)
|
3,724.1
|
3,494.4
|
(3,619.4
|
)
|
3,599.1
|
|||||||||||||||||||
Provision for income taxes
|
(18.2
|
)
|
(18.3
|
)
|
–
|
(36.5
|
)
|
–
|
(0.9
|
)
|
(37.4
|
)
|
||||||||||||||||
Net income
|
3,625.4
|
3,743.8
|
(3,681.6
|
)
|
3,687.6
|
3,494.4
|
(3,620.3
|
)
|
3,561.7
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
–
|
(4.9
|
)
|
(66.5
|
)
|
(71.4
|
)
|
–
|
4.1
|
(67.3
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
3,625.4
|
$
|
3,738.9
|
$
|
(3,748.1
|
)
|
$
|
3,616.2
|
$
|
3,494.4
|
$
|
(3,616.2
|
)
|
$
|
3,494.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
31,270.1
|
$
|
18,254.8
|
$
|
(22,173.0
|
)
|
$
|
27,351.9
|
$
|
–
|
$
|
–
|
$
|
27,351.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
30,323.2
|
15,626.9
|
(22,173.5
|
)
|
23,776.6
|
–
|
–
|
23,776.6
|
||||||||||||||||||||
General and administrative costs
|
21.4
|
132.3
|
1.4
|
155.1
|
2.0
|
–
|
157.1
|
|||||||||||||||||||||
Total costs and expenses
|
30,344.6
|
15,759.2
|
(22,172.1
|
)
|
23,931.7
|
2.0
|
–
|
23,933.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
2,812.1
|
437.8
|
(2,899.9
|
)
|
350.0
|
2,924.6
|
(2,924.6
|
)
|
350.0
|
|||||||||||||||||||
Operating income
|
3,737.6
|
2,933.4
|
(2,900.8
|
)
|
3,770.2
|
2,922.6
|
(2,924.6
|
)
|
3,768.2
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(806.8
|
)
|
(7.6
|
)
|
8.2
|
(806.2
|
)
|
–
|
–
|
(806.2
|
)
|
|||||||||||||||||
Other, net
|
7.8
|
41.1
|
(8.2
|
)
|
40.7
|
(34.9
|
)
|
–
|
5.8
|
|||||||||||||||||||
Total other expense, net
|
(799.0
|
)
|
33.5
|
–
|
(765.5
|
)
|
(34.9
|
)
|
–
|
(800.4
|
)
|
|||||||||||||||||
Income before income taxes
|
2,938.6
|
2,966.9
|
(2,900.8
|
)
|
3,004.7
|
2,887.7
|
(2,924.6
|
)
|
2,967.8
|
|||||||||||||||||||
Provision for income taxes
|
(17.5
|
)
|
(16.2
|
)
|
–
|
(33.7
|
)
|
–
|
(0.8
|
)
|
(34.5
|
)
|
||||||||||||||||
Net income
|
2,921.1
|
2,950.7
|
(2,900.8
|
)
|
2,971.0
|
2,887.7
|
(2,925.4
|
)
|
2,933.3
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
–
|
(6.1
|
)
|
(43.6
|
)
|
(49.7
|
)
|
–
|
4.1
|
(45.6
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
2,921.1
|
$
|
2,944.6
|
$
|
(2,944.4
|
)
|
$
|
2,921.3
|
$
|
2,887.7
|
$
|
(2,921.3
|
)
|
$
|
2,887.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,038.7
|
$
|
1,176.8
|
$
|
(1,159.8
|
)
|
$
|
1,055.7
|
$
|
990.8
|
$
|
(1,030.1
|
)
|
$
|
1,016.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
–
|
(1.5
|
)
|
(25.4
|
)
|
(26.9
|
)
|
–
|
1.3
|
(25.6
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,038.7
|
$
|
1,175.3
|
$
|
(1,185.2
|
)
|
$
|
1,028.8
|
$
|
990.8
|
$
|
(1,028.8
|
)
|
$
|
990.8
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,177.1
|
$
|
1,340.7
|
$
|
(1,348.2
|
)
|
$
|
1,169.6
|
$
|
1,129.1
|
$
|
(1,148.2
|
)
|
$
|
1,150.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
–
|
(2.4
|
)
|
(20.5
|
)
|
(22.9
|
)
|
–
|
1.5
|
(21.4
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,177.1
|
$
|
1,338.3
|
$
|
(1,368.7
|
)
|
$
|
1,146.7
|
$
|
1,129.1
|
$
|
(1,146.7
|
)
|
$
|
1,129.1
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
3,628.6
|
$
|
3,650.6
|
$
|
(3,681.6
|
)
|
$
|
3,597.6
|
$
|
3,404.4
|
$
|
(3,530.3
|
)
|
$
|
3,471.7
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
–
|
(4.9
|
)
|
(66.5
|
)
|
(71.4
|
)
|
–
|
4.1
|
(67.3
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
3,628.6
|
$
|
3,645.7
|
$
|
(3,748.1
|
)
|
$
|
3,526.2
|
$
|
3,404.4
|
$
|
(3,526.2
|
)
|
$
|
3,404.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
2,791.2
|
$
|
2,943.9
|
$
|
(2,899.7
|
)
|
$
|
2,835.4
|
$
|
2,752.1
|
$
|
(2,789.8
|
)
|
$
|
2,797.7
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
–
|
(6.1
|
)
|
(43.6
|
)
|
(49.7
|
)
|
–
|
4.1
|
(45.6
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
2,791.2
|
$
|
2,937.8
|
$
|
(2,943.3
|
)
|
$
|
2,785.7
|
$
|
2,752.1
|
$
|
(2,785.7
|
)
|
$
|
2,752.1
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
3,625.4
|
$
|
3,743.8
|
$
|
(3,681.6
|
)
|
$
|
3,687.6
|
$
|
3,494.4
|
$
|
(3,620.3
|
)
|
$
|
3,561.7
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
231.5
|
1,226.5
|
(1.3
|
)
|
1,456.7
|
–
|
–
|
1,456.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(3,606.9
|
)
|
(496.8
|
)
|
3,672.4
|
(431.3
|
)
|
(3,619.4
|
)
|
3,619.4
|
(431.3
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
1,170.9
|
243.0
|
(982.7
|
)
|
431.2
|
3,028.9
|
(3,028.9
|
)
|
431.2
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
2,203.8
|
(2,549.8
|
)
|
19.1
|
(326.9
|
)
|
134.6
|
0.2
|
(192.1
|
)
|
||||||||||||||||||
Net cash flows provided by operating activities
|
3,624.7
|
2,166.7
|
(974.1
|
)
|
4,817.3
|
3,038.5
|
(3,029.6
|
)
|
4,826.2
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures
|
(503.8
|
)
|
(2,791.2
|
)
|
(7.1
|
)
|
(3,302.1
|
)
|
–
|
–
|
(3,302.1
|
)
|
||||||||||||||||
Cash used for business combination, net of cash received
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Proceeds from asset sales
|
0.9
|
15.9
|
–
|
16.8
|
–
|
–
|
16.8
|
|||||||||||||||||||||
Other investing activities
|
(1,349.5
|
)
|
(28.8
|
)
|
1,290.8
|
(87.5
|
)
|
(119.3
|
)
|
119.3
|
(87.5
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,852.4
|
)
|
(2,804.1
|
)
|
1,283.7
|
(3,372.8
|
)
|
(119.3
|
)
|
119.3
|
(3,372.8
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
44,629.6
|
–
|
–
|
44,629.6
|
–
|
–
|
44,629.6
|
|||||||||||||||||||||
Repayments of debt
|
(42,855.2
|
)
|
(0.1
|
)
|
–
|
(42,855.3
|
)
|
–
|
–
|
(42,855.3
|
)
|
|||||||||||||||||
Cash distributions paid to owners
|
(3,028.9
|
)
|
(1,484.8
|
)
|
1,484.8
|
(3,028.9
|
)
|
(2,871.1
|
)
|
3,028.9
|
(2,871.1
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
–
|
–
|
–
|
–
|
(16.4
|
)
|
–
|
(16.4
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
(7.0
|
)
|
(63.4
|
)
|
(70.4
|
)
|
–
|
0.7
|
(69.7
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
590.8
|
590.8
|
–
|
–
|
590.8
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
–
|
–
|
–
|
–
|
82.2
|
–
|
82.2
|
|||||||||||||||||||||
Common units acquired in connection with buyback program
|
–
|
–
|
–
|
–
|
(81.1
|
)
|
–
|
(81.1
|
)
|
|||||||||||||||||||
Cash contributions from owners
|
119.3
|
2,320.3
|
(2,320.3
|
)
|
119.3
|
–
|
(119.3
|
)
|
–
|
|||||||||||||||||||
Other financing activities
|
(26.3
|
)
|
(5.6
|
)
|
–
|
(31.9
|
)
|
(32.8
|
)
|
–
|
(64.7
|
)
|
||||||||||||||||
Cash provided by (used in) financing activities
|
(1,161.5
|
)
|
822.8
|
(308.1
|
)
|
(646.8
|
)
|
(2,919.2
|
)
|
2,910.3
|
(655.7
|
)
|
||||||||||||||||
Net change in cash and cash equivalents,
including restricted cash
|
610.8
|
185.4
|
1.5
|
797.7
|
–
|
–
|
797.7
|
|||||||||||||||||||||
Cash and cash equivalents, including
restricted cash, at beginning of period
|
393.4
|
50.3
|
(33.6
|
)
|
410.1
|
–
|
–
|
410.1
|
||||||||||||||||||||
Cash and cash equivalents, including
restricted cash, at end of period
|
$
|
1,004.2
|
$
|
235.7
|
$
|
(32.1
|
)
|
$
|
1,207.8
|
$
|
–
|
$
|
–
|
$
|
1,207.8
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
EPD
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
2,921.1
|
$
|
2,950.7
|
$
|
(2,900.8
|
)
|
$
|
2,971.0
|
$
|
2,887.7
|
$
|
(2,925.4
|
)
|
$
|
2,933.3
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
207.3
|
1,123.8
|
(0.3
|
)
|
1,330.8
|
–
|
–
|
1,330.8
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(2,812.1
|
)
|
(437.8
|
)
|
2,899.9
|
(350.0
|
)
|
(2,924.6
|
)
|
2,924.6
|
(350.0
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
915.1
|
191.5
|
(760.9
|
)
|
345.7
|
2,834.5
|
(2,834.5
|
)
|
345.7
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
2,325.1
|
(2,344.0
|
)
|
(35.0
|
)
|
(53.9
|
)
|
69.4
|
–
|
15.5
|
||||||||||||||||||
Net cash flows provided by operating activities
|
3,556.5
|
1,484.2
|
(797.1
|
)
|
4,243.6
|
2,867.0
|
(2,835.3
|
)
|
4,275.3
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures
|
(605.8
|
)
|
(2,343.2
|
)
|
–
|
(2,949.0
|
)
|
(55.2
|
)
|
–
|
(3,004.2
|
)
|
||||||||||||||||
Cash used for business combination, net of cash received
|
–
|
(150.6
|
)
|
–
|
(150.6
|
)
|
–
|
–
|
(150.6
|
)
|
||||||||||||||||||
Proceeds from asset sales
|
11.4
|
12.7
|
–
|
24.1
|
–
|
–
|
24.1
|
|||||||||||||||||||||
Other investing activities
|
(1,701.1
|
)
|
180.6
|
1,468.4
|
(52.1
|
)
|
(438.1
|
)
|
438.1
|
(52.1
|
)
|
|||||||||||||||||
Cash used in investing activities
|
(2,295.5
|
)
|
(2,300.5
|
)
|
1,468.4
|
(3,127.6
|
)
|
(493.3
|
)
|
438.1
|
(3,182.8
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
67,086.3
|
11.5
|
(11.5
|
)
|
67,086.3
|
–
|
–
|
67,086.3
|
||||||||||||||||||||
Repayments of debt
|
(65,741.7
|
)
|
(0.4
|
)
|
–
|
(65,742.1
|
)
|
–
|
–
|
(65,742.1
|
)
|
|||||||||||||||||
Cash distributions paid to owners
|
(2,834.5
|
)
|
(1,003.6
|
)
|
1,003.6
|
(2,834.5
|
)
|
(2,782.9
|
)
|
2,834.5
|
(2,782.9
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
–
|
–
|
–
|
–
|
(13.2
|
)
|
–
|
(13.2
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
–
|
(6.8
|
)
|
(44.9
|
)
|
(51.7
|
)
|
–
|
0.8
|
(50.9
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
–
|
–
|
222.0
|
222.0
|
–
|
–
|
222.0
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
–
|
–
|
–
|
–
|
449.4
|
–
|
449.4
|
|||||||||||||||||||||
Cash contributions from owners
|
438.1
|
1,876.6
|
(1,876.6
|
)
|
438.1
|
–
|
(438.1
|
)
|
–
|
|||||||||||||||||||
Other financing activities
|
(25.3
|
)
|
–
|
–
|
(25.3
|
)
|
(27.0
|
)
|
–
|
(52.3
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
(1,077.1
|
)
|
877.3
|
(707.4
|
)
|
(907.2
|
)
|
(2,373.7
|
)
|
2,397.2
|
(883.7
|
)
|
||||||||||||||||
Net change in cash and cash equivalents,
including restricted cash
|
183.9
|
61.0
|
(36.1
|
)
|
208.8
|
–
|
–
|
208.8
|
||||||||||||||||||||
Cash and cash equivalents, including
restricted cash, at beginning of period
|
65.2
|
31.5
|
(26.4
|
)
|
70.3
|
–
|
–
|
70.3
|
||||||||||||||||||||
Cash and cash equivalents, including
restricted cash, at end of period
|
$
|
249.1
|
$
|
92.5
|
$
|
(62.5
|
)
|
$
|
279.1
|
$
|
–
|
$
|
–
|
$
|
279.1
|
/d
|
=
|
per day
|
MMBbls
|
=
|
million barrels
|
BBtus
|
=
|
billion British thermal units
|
MMBPD
|
=
|
million barrels per day
|
Bcf
|
=
|
billion cubic feet
|
MMBtus
|
=
|
million British thermal units
|
BPD
|
=
|
barrels per day
|
MMcf
|
=
|
million cubic feet
|
MBPD
|
=
|
thousand barrels per day
|
TBtus
|
=
|
trillion British thermal units
|
|
Polymer
|
Refinery
|
Indicative Gas
|
||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
Processing
|
||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Gross Spread
|
|
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/gallon
|
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
|
2018 by quarter:
|
|||||||||
1st Quarter
|
$3.01
|
$0.25
|
$0.85
|
$0.96
|
$1.00
|
$1.41
|
$0.53
|
$0.33
|
$0.40
|
2nd Quarter
|
$2.80
|
$0.29
|
$0.87
|
$1.00
|
$1.20
|
$1.53
|
$0.52
|
$0.37
|
$0.47
|
3rd Quarter
|
$2.91
|
$0.43
|
$0.99
|
$1.21
|
$1.25
|
$1.54
|
$0.60
|
$0.45
|
$0.58
|
4th Quarter
|
$3.65
|
$0.35
|
$0.79
|
$0.91
|
$0.94
|
$1.22
|
$0.51
|
$0.35
|
$0.34
|
2018 Averages
|
$3.09
|
$0.33
|
$0.88
|
$1.02
|
$1.10
|
$1.43
|
$0.54
|
$0.38
|
$0.45
|
2019 by quarter:
|
|||||||||
1st Quarter
|
$3.15
|
$0.30
|
$0.67
|
$0.82
|
$0.85
|
$1.16
|
$0.38
|
$0.24
|
$0.31
|
2nd Quarter
|
$2.64
|
$0.21
|
$0.55
|
$0.63
|
$0.65
|
$1.21
|
$0.37
|
$0.24
|
$0.25
|
3rd Quarter
|
$2.23
|
$0.17
|
$0.44
|
$0.51
|
$0.66
|
$1.06
|
$0.38
|
$0.23
|
$0.21
|
2019 Averages
|
$2.67
|
$0.23
|
$0.55
|
$0.65
|
$0.72
|
$1.14
|
$0.38
|
$0.24
|
$0.26
|
(1)
|
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
|
(2)
|
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
|
(3)
|
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical.
|
(4)
|
The “Indicative Gas Processing Gross Spread” represents a generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana (as presented in the table above). The indicative spread does not consider the operating costs incurred by a natural gas processing plant to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics. As presented in the table above, the indicative spread assumes that a gallon of NGLs is comprised of 47% ethane, 28% propane, 9% normal butane, 6% isobutane and 10% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.4% of the price of a MMBtu of natural gas at Henry Hub.
|
|
WTI
|
Midland
|
Houston
|
LLS
|
Crude Oil,
|
Crude Oil,
|
Crude Oil
|
Crude Oil,
|
|
$/barrel
|
$/barrel
|
$/barrel
|
$/barrel
|
|
(1)
|
(2)
|
(2)
|
(3)
|
|
2018 by quarter:
|
||||
1st Quarter
|
$62.87
|
$62.51
|
$65.47
|
$65.79
|
2nd Quarter
|
$67.88
|
$59.93
|
$72.38
|
$72.97
|
3rd Quarter
|
$69.50
|
$55.28
|
$73.67
|
$74.28
|
4th Quarter
|
$58.81
|
$53.64
|
$66.34
|
$66.20
|
2018 Averages
|
$64.77
|
$57.84
|
$69.47
|
$69.81
|
2019 by quarter:
|
||||
1st Quarter
|
$54.90
|
$53.70
|
$61.19
|
$62.35
|
2nd Quarter
|
$59.81
|
$57.62
|
$66.47
|
$67.07
|
3rd Quarter
|
$56.45
|
$56.12
|
$59.75
|
$60.64
|
2019 Averages
|
$57.05
|
$55.81
|
$62.47
|
$63.35
|
(1)
|
WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
|
(2)
|
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
|
(3)
|
Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Revenues
|
$
|
7,964.1
|
$
|
9,585.9
|
$
|
24,783.9
|
$
|
27,351.9
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
5,276.5
|
6,838.9
|
16,721.5
|
20,371.2
|
||||||||||||
Other operating costs and expenses
|
790.8
|
735.7
|
2,243.4
|
2,143.1
|
||||||||||||
Depreciation, amortization and accretion expenses
|
467.1
|
429.4
|
1,380.8
|
1,249.0
|
||||||||||||
Net gains attributable to asset sales
|
(0.1
|
)
|
(6.7
|
)
|
(2.6
|
)
|
(8.1
|
)
|
||||||||
Asset impairment and related charges
|
39.4
|
4.6
|
51.2
|
21.4
|
||||||||||||
Total operating costs and expenses
|
6,573.7
|
8,001.9
|
20,394.3
|
23,776.6
|
||||||||||||
General and administrative costs
|
55.5
|
52.7
|
160.2
|
157.1
|
||||||||||||
Total costs and expenses
|
6,629.2
|
8,054.6
|
20,554.5
|
23,933.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
139.3
|
112.0
|
431.3
|
350.0
|
||||||||||||
Operating income
|
1,474.2
|
1,643.3
|
4,660.7
|
3,768.2
|
||||||||||||
Interest expense
|
(382.9
|
)
|
(279.5
|
)
|
(950.2
|
)
|
(806.2
|
)
|
||||||||
Change in fair market value of Liquidity Option Agreement
|
(38.7
|
)
|
(18.5
|
)
|
(123.1
|
)
|
(34.9
|
)
|
||||||||
Gain on step acquisition of unconsolidated affiliate
|
–
|
–
|
–
|
39.4
|
||||||||||||
Other, net
|
7.6
|
0.3
|
11.7
|
1.3
|
||||||||||||
Provision for income taxes
|
(15.4
|
)
|
(11.0
|
)
|
(37.4
|
)
|
(34.5
|
)
|
||||||||
Net income
|
1,044.8
|
1,334.6
|
3,561.7
|
2,933.3
|
||||||||||||
Net income attributable to noncontrolling interests
|
(25.6
|
)
|
(21.4
|
)
|
(67.3
|
)
|
(45.6
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
1,019.2
|
$
|
1,313.2
|
$
|
3,494.4
|
$
|
2,887.7
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
2,624.9
|
$
|
3,898.2
|
$
|
7,955.5
|
$
|
9,324.5
|
||||||||
Midstream services
|
627.2
|
724.7
|
1,895.7
|
1,985.4
|
||||||||||||
Total
|
3,252.1
|
4,622.9
|
9,851.2
|
11,309.9
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
2,130.0
|
2,209.0
|
6,990.1
|
8,082.9
|
||||||||||||
Midstream services
|
348.3
|
285.9
|
962.1
|
764.1
|
||||||||||||
Total
|
2,478.3
|
2,494.9
|
7,952.2
|
8,847.0
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
440.0
|
589.0
|
1,627.1
|
1,681.5
|
||||||||||||
Midstream services
|
275.5
|
261.2
|
835.2
|
766.3
|
||||||||||||
Total
|
715.5
|
850.2
|
2,462.3
|
2,447.8
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,299.0
|
1,408.9
|
3,867.3
|
4,111.6
|
||||||||||||
Midstream services
|
219.2
|
209.0
|
650.9
|
635.6
|
||||||||||||
Total
|
1,518.2
|
1,617.9
|
4,518.2
|
4,747.2
|
||||||||||||
Total consolidated revenues
|
$
|
7,964.1
|
$
|
9,585.9
|
$
|
24,783.9
|
$
|
27,351.9
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest charged on debt principal outstanding
|
$
|
319.3
|
$
|
296.5
|
$
|
934.2
|
$
|
886.3
|
||||||||
Impact of interest rate hedging program, including related amortization (1)
|
90.3
|
(1.7
|
)
|
97.9
|
(0.5
|
)
|
||||||||||
Interest costs capitalized in connection with construction projects (2)
|
(33.9
|
)
|
(28.1
|
)
|
(102.9
|
)
|
(113.4
|
)
|
||||||||
Other (3)
|
7.2
|
12.8
|
21.0
|
33.8
|
||||||||||||
Total
|
$
|
382.9
|
$
|
279.5
|
$
|
950.2
|
$
|
806.2
|
(1)
|
Amount presented for the three and nine months ended September 30, 2019 includes $13.3 million and $23.1 million, respectively, of swaption premium income. Amount presented for the three and nine months ended September 30, 2018 includes $10.4 million and $29.4 million, respectively, of swaption premium income. See discussion below for information regarding an unrealized $94.9 million loss related to forward-starting interest rate swaps recorded.
|
(2)
|
We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings.
|
(3)
|
Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs. Amount presented for the three and nine months ended September 30, 2018 includes $6.4 million and $14.2 million, respectively, of debt issuance costs that were written off in 2018 in connection with the redemption of junior subordinated notes.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
1,008.3
|
$
|
1,063.1
|
$
|
2,933.8
|
$
|
2,861.7
|
||||||||
Crude Oil Pipelines & Services
|
496.2
|
594.2
|
1,671.7
|
867.0
|
||||||||||||
Natural Gas Pipelines & Services
|
258.5
|
216.9
|
824.6
|
628.2
|
||||||||||||
Petrochemical & Refined Products Services
|
288.4
|
249.4
|
835.9
|
803.1
|
||||||||||||
Total segment gross operating margin (1)
|
2,051.4
|
2,123.6
|
6,266.0
|
5,160.0
|
||||||||||||
Net adjustment for shipper make-up rights
|
(15.3
|
)
|
(0.3
|
)
|
(15.7
|
)
|
27.6
|
|||||||||
Total gross operating margin (non-GAAP)
|
$
|
2,036.1
|
$
|
2,123.3
|
$
|
6,250.3
|
$
|
5,187.6
|
(1)
|
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Operating income (GAAP)
|
$
|
1,474.2
|
$
|
1,643.3
|
$
|
4,660.7
|
$
|
3,768.2
|
||||||||
Adjustments to reconcile operating income to total gross operating margin
(addition or subtraction indicated by sign):
|
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses
|
467.1
|
429.4
|
1,380.8
|
1,249.0
|
||||||||||||
Asset impairment and related charges in operating costs and expenses
|
39.4
|
4.6
|
51.2
|
21.4
|
||||||||||||
Net gains attributable to asset sales in operating costs and expenses
|
(0.1
|
)
|
(6.7
|
)
|
(2.6
|
)
|
(8.1
|
)
|
||||||||
General and administrative costs
|
55.5
|
52.7
|
160.2
|
157.1
|
||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
2,036.1
|
$
|
2,123.3
|
$
|
6,250.3
|
$
|
5,187.6
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
288.0
|
$
|
396.8
|
$
|
829.3
|
$
|
955.0
|
||||||||
NGL pipelines, storage and terminals
|
593.4
|
513.5
|
1,739.4
|
1,488.2
|
||||||||||||
NGL fractionation
|
126.9
|
152.8
|
365.1
|
418.5
|
||||||||||||
Total
|
$
|
1,008.3
|
$
|
1,063.1
|
$
|
2,933.8
|
$
|
2,861.7
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Equity NGL production (MBPD) (1)
|
111
|
139
|
138
|
156
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
5,291
|
5,080
|
5,275
|
4,751
|
||||||||||||
NGL pipeline transportation volumes (MBPD)
|
3,557
|
3,487
|
3,532
|
3,396
|
||||||||||||
NGL marine terminal volumes (MBPD)
|
602
|
606
|
590
|
592
|
||||||||||||
NGL fractionation volumes (MBPD)
|
1,003
|
989
|
990
|
942
|
(1)
|
Represents the NGL volumes we earn and take title to in connection with our processing activities.
|
(2)
|
Volumes reported correspond to the revenue streams earned by our gas plants.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Midland-to-ECHO pipeline network:
|
||||||||||||||||
Midland-to-ECHO 1 pipeline and related business activities,
excluding associated non-cash mark-to-market results
|
$
|
89.3
|
$
|
94.8
|
$
|
298.6
|
$
|
242.7
|
||||||||
Non-cash mark-to-market gain (loss) attributable to the
Midland-to-ECHO 1 pipeline
|
10.0
|
186.7
|
91.2
|
(237.3
|
)
|
|||||||||||
Total Midland-to-ECHO 1 pipeline and related business activities
|
99.3
|
281.5
|
389.8
|
5.4
|
||||||||||||
Midland-to-ECHO 2 pipeline
|
27.0
|
–
|
72.5
|
–
|
||||||||||||
Total Midland-to-ECHO pipeline network
|
126.3
|
281.5
|
462.3
|
5.4
|
||||||||||||
Other crude oil pipelines, terminals and related marketing results
|
369.9
|
312.7
|
1,209.4
|
861.6
|
||||||||||||
Segment gross operating margin
|
$
|
496.2
|
$
|
594.2
|
$
|
1,671.7
|
$
|
867.0
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
2,321
|
1,914
|
2,315
|
1,971
|
||||||||||||
Crude oil marine terminal volumes (MBPD)
|
987
|
632
|
972
|
690
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Segment gross operating margin
|
$
|
258.5
|
$
|
216.9
|
$
|
824.6
|
$
|
628.2
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
14,474
|
14,040
|
14,341
|
13,594
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene production and related marketing activities
|
$
|
130.8
|
$
|
94.3
|
$
|
366.8
|
$
|
350.2
|
||||||||
Butane isomerization and related DIB operations
|
15.5
|
29.4
|
60.7
|
80.2
|
||||||||||||
Octane enhancement and related operations
|
54.6
|
40.3
|
131.4
|
122.2
|
||||||||||||
Refined products pipelines and related activities
|
74.4
|
78.1
|
241.6
|
231.1
|
||||||||||||
Marine transportation and other
|
13.1
|
7.3
|
35.4
|
19.4
|
||||||||||||
Total
|
$
|
288.4
|
$
|
249.4
|
$
|
835.9
|
$
|
803.1
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene production volumes (MBPD)
|
105
|
93
|
99
|
97
|
||||||||||||
Butane isomerization volumes (MBPD)
|
109
|
105
|
110
|
111
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
103
|
100
|
97
|
89
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
28
|
29
|
28
|
28
|
||||||||||||
Pipeline transportation volumes, primarily refined products and
petrochemicals (MBPD) |
747
|
796
|
742
|
806
|
||||||||||||
Refined products and petrochemical marine terminal volumes (MBPD)
|
297
|
289
|
344
|
336
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2019
|
2020
|
2021
|
2022
|
2023
|
Thereafter
|
|||||||||||||||||||||
Principal amount of senior and junior debt obligations at
September 30, 2019
|
$
|
28,196.4
|
$
|
800.0
|
$
|
1,500.0
|
$
|
1,325.0
|
$
|
1,400.0
|
$
|
1,250.0
|
$
|
21,921.4
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2019
|
2018
|
||||||
Net cash flows provided by operating activities
|
$
|
4,826.2
|
$
|
4,275.3
|
||||
Cash used in investing activities
|
3,372.8
|
3,182.8
|
||||||
Cash used in financing activities
|
655.7
|
883.7
|
• |
a $612.5 million period-to-period increase resulting from higher year-to-date partnership earnings in 2019 when compared to the same nine month period in 2018 (determined by adjusting our $628.4 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows); and
|
• |
an $85.5 million period-to-period increase in cash distributions received on earnings from unconsolidated affiliates primarily due to investments in crude oil pipeline businesses; partially offset by
|
• |
a $147.1 million period-to-period decrease primarily due to the timing of cash receipts and payments related to operations.
|
• |
a $297.9 million period-to-period increase in expenditures for consolidated property, plant and equipment (see “Capital Investments” within this Part I, Item 2 for additional information); partially offset by
|
• |
a $150.6 million decrease period-to-period in net cash used for business combinations. In March 2018, we paid $150.6 million to acquire a 50% equity interest in Delaware Processing.
|
• |
a net $430.1 million period-to-period increase in net cash inflows from debt. In the nine months ended September 30, 2019, we issued $2.5 billion aggregate principal amount of senior notes, partially offset by the repayment or repurchase of $724.2 million principal amount of senior and junior subordinated notes. In the nine months ended September 30, 2018, we issued $2.7 billion aggregate principal amount of senior notes and junior subordinated notes and $950.2 million of short-term notes under EPO’s commercial paper program, partially offset by the repayment of $2.3 billion in principal amount of senior and junior subordinated notes; and
|
• |
a $368.8 million period-to-period increase in cash contributions from noncontrolling interests. In July 2019, Altus acquired a noncontrolling 33% equity interest in our consolidated subsidiary that owns the Shin Oak pipeline for an initial payment of $440.7 million. In June 2019, an affiliate of American Midstream, LP acquired a noncontrolling 25% equity interest in our consolidated subsidiary that owns the Pascagoula natural gas processing plant for $36.0 million in cash. In June 2018, Western acquired a noncontrolling 20% equity interest in our consolidated subsidiary that owns the Midland-to-ECHO 1 pipeline for $189.6 million in cash. In addition, cash contributions from noncontrolling interests in connection with the construction of our ethylene export facility increased $47.0 million period-to-period; partially offset by
|
• |
a $367.2 million period-to-period decrease in net cash proceeds from the issuance of common units in connection with our DRIP and EUPP. As noted previously, EPD announced in July 2019 that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP;
|
• |
an $88.2 million period-to-period increase in cash distributions paid to limited partners primarily due to an increase in the quarterly cash distribution rate per unit; and
|
• |
the use of $81.1 million in the nine months ended September 30, 2019 to acquire 2,909,128 common units under the 2019 Buyback Program.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net income attributable to limited partners (GAAP) (1)
|
$
|
1,019.2
|
$
|
1,313.2
|
$
|
3,494.4
|
$
|
2,887.7
|
||||||||
Adjustments to net income attributable to limited partners to derive DCF
(addition or subtraction indicated by sign):
|
||||||||||||||||
Depreciation, amortization and accretion expenses
|
493.6
|
457.0
|
1,456.7
|
1,330.8
|
||||||||||||
Cash distributions received from unconsolidated affiliates (2)
|
170.6
|
139.2
|
485.1
|
392.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
(139.3
|
)
|
(112.0
|
)
|
(431.3
|
)
|
(350.0
|
)
|
||||||||
Change in fair market value of derivative instruments
|
85.8
|
(204.1
|
)
|
2.0
|
254.9
|
|||||||||||
Change in fair value of Liquidity Option Agreement
|
38.7
|
18.5
|
123.1
|
34.9
|
||||||||||||
Gain on step acquisition of unconsolidated affiliate
|
–
|
–
|
–
|
(39.4
|
)
|
|||||||||||
Sustaining capital expenditures (3)
|
(90.8
|
)
|
(76.2
|
)
|
(232.5
|
)
|
(215.3
|
)
|
||||||||
Other, net
|
61.0
|
9.4
|
76.0
|
50.5
|
||||||||||||
Subtotal DCF, before proceeds from asset sales and monetization of interest rate derivative instruments accounted for as cash flow hedges
|
$
|
1,638.8
|
$
|
1,545.0
|
$
|
4,973.5
|
$
|
4,346.8
|
||||||||
Proceeds from asset sales
|
0.7
|
21.5
|
16.8
|
24.1
|
||||||||||||
Monetization of interest rate derivative instruments accounted
for as cash flow hedges
|
–
|
–
|
–
|
1.5
|
||||||||||||
DCF (non-GAAP)
|
$
|
1,639.5
|
$
|
1,566.5
|
$
|
4,990.3
|
$
|
4,372.4
|
||||||||
|
||||||||||||||||
Cash distributions paid to limited partners with respect to period
|
$
|
974.4
|
$
|
948.5
|
$
|
2,907.0
|
$
|
2,822.2
|
||||||||
|
||||||||||||||||
Cash distribution per unit declared by Enterprise GP with respect to period
|
$
|
0.4425
|
$
|
0.4325
|
$
|
1.3200
|
$
|
1.2900
|
||||||||
|
||||||||||||||||
Total DCF retained by partnership with respect to period (4)
|
$
|
665.1
|
$
|
618.0
|
$
|
2,083.3
|
$
|
1,550.2
|
||||||||
|
||||||||||||||||
Distribution coverage ratio (5)
|
1.68
|
x
|
1.65
|
x
|
1.72
|
x
|
1.55
|
x
|
(1)
|
For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statements Highlights” within this Part I, Item 2.
|
(2)
|
Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates.
|
(3)
|
Sustaining capital expenditures include cash payments and accruals applicable to the period.
|
(4)
|
At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these periods was primarily reinvested in growth capital projects. This retainage of cash substantially reduced our reliance on the equity capital markets to fund such expenditures.
|
(5)
|
Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
1,642.5
|
$
|
1,577.5
|
$
|
4,826.2
|
$
|
4,275.3
|
||||||||
Adjustments to reconcile net cash flows provided by operating activities to DCF (addition or subtraction indicated by sign):
|
||||||||||||||||
Net effect of changes in operating accounts
|
77.0
|
33.4
|
409.0
|
261.9
|
||||||||||||
Sustaining capital expenditures
|
(90.8
|
)
|
(76.2
|
)
|
(232.5
|
)
|
(215.3
|
)
|
||||||||
Other, net
|
10.8
|
31.8
|
(12.4
|
)
|
50.5
|
|||||||||||
DCF (non-GAAP)
|
$
|
1,639.5
|
$
|
1,566.5
|
$
|
4,990.3
|
$
|
4,372.4
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
For the Twelve Months Ended
September 30,
|
||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2019
|
||||||||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
1,642.5
|
$
|
1,577.5
|
$
|
4,826.2
|
$
|
4,275.3
|
$
|
6,677.2
|
||||||||||
Adjustments to net cash flows provided by operating activities to derive FCF (addition or subtraction indicated by sign):
|
||||||||||||||||||||
Cash used in investing activities
|
(1,086.3
|
)
|
(1,093.2
|
)
|
(3,372.8
|
)
|
(3,182.8
|
)
|
(4,471.6
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
491.2
|
15.1
|
590.8
|
222.0
|
606.9
|
|||||||||||||||
Cash distributions paid to noncontrolling interests
|
(22.8
|
)
|
(22.6
|
)
|
(69.7
|
)
|
(50.9
|
)
|
(100.4
|
)
|
||||||||||
FCF (non-GAAP)
|
$
|
1,024.6
|
$
|
476.8
|
$
|
1,974.5
|
$
|
1,263.6
|
$
|
2,712.1
|
•
|
our iBDH facility (fourth quarter of 2019),
|
•
|
the Shin Oak NGL pipeline (full service capacity expected to be available in fourth quarter of 2019),
|
•
|
our ethylene export terminal and related infrastructure (fourth quarter of 2019 through the fourth quarter of 2020),
|
•
|
two new NGL fractionators in Chambers County, Texas (“Frac X” in the fourth quarter of 2019 and “Frac XI” in the first half of 2020),
|
•
|
our Mentone cryogenic natural gas processing plant and related infrastructure (first quarter of 2020),
|
•
|
increase in LPG loading capacity at EHT (fourth quarter of 2020),
|
•
|
expansion projects involving our crude oil system between the Permian Basin and our ECHO terminal (third quarter of 2020),
|
•
|
our Midland-to-ECHO 3 and 4 pipelines (third quarter of 2020 and first half of 2021, respectively),
|
•
|
expansion of our PGP export capabilities and an eighth deep-water ship dock at EHT for loading crude oil (both projects scheduled for fourth quarter of 2020),
|
•
|
expansion and extension of Acadian Gas System (Gillis Lateral and related projects) (mid-2021),
|
•
|
expansion of our ATEX pipeline (fiscal 2022), and
|
•
|
construction of our PDH 2 facility (first half of 2023).
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2019
|
2018
|
||||||
Capital investments for property, plant and equipment: (1)
|
||||||||
Growth capital projects (2)
|
$
|
3,072.4
|
$
|
2,782.7
|
||||
Sustaining capital projects (3)
|
229.7
|
221.5
|
||||||
Total
|
$
|
3,302.1
|
$
|
3,004.2
|
||||
Cash used for business combinations, net
|
$
|
–
|
$
|
150.6
|
||||
Investments in unconsolidated affiliates
|
$
|
100.1
|
$
|
95.1
|
(1)
|
Growth and sustaining capital amounts presented in the table above are presented on a cash basis.
|
(2)
|
Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
|
(3)
|
Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings.
|
• |
depreciation methods and estimated useful lives of property, plant and equipment;
|
• |
measuring recoverability of long-lived assets and equity method investments;
|
• |
amortization methods and estimated useful lives of qualifying intangible assets;
|
• |
methods we employ to measure the fair value of goodwill; and
|
• |
revenue recognition policies and the use of estimates for revenue and expenses.
|
• |
the derivative instrument functions effectively as a hedge of the underlying risk;
|
• |
the derivative instrument is not closed out in advance of its expected term; and
|
• |
the hedged forecasted transaction occurs within the expected time period.
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))
|
15.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (million barrels (“MMBbls”))
|
1.8
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchase of NGLs (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
8.1
|
1.6
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Natural gas storage inventory management activities (Bcf)
|
3.2
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
100.0
|
1.5
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
121.7
|
1.2
|
Cash flow hedge
|
NGLs inventory management activities (MMBbls)
|
0.3
|
n/a
|
Fair value hedge
|
Refined products marketing:
|
|
||
Forecasted purchases of refined products (MMBbls)
|
0.9
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.9
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
10.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
13.8
|
n/a
|
Cash flow hedge
|
Propylene marketing:
|
|||
Forecasted sales of NGLs for propylene marketing activities (MMBbls)
|
0.3
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3)
|
38.2
|
0.6
|
Mark-to-market
|
NGL risk management activities (MMBbls) (3)
|
2.4
|
n/a
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (3)
|
7.6
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (3)
|
22.2
|
6.1
|
Mark-to-market
|
(1)
|
Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
|
(2)
|
The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2021, December 2019 and December 2022, respectively.
|
(3)
|
Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2018
|
September 30,
2019
|
October 15,
2019
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
7.8
|
$
|
2.5
|
$
|
3.1
|
||||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
8.0
|
0.2
|
1.5
|
|||||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
7.7
|
4.7
|
4.7
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2018
|
September 30,
2019
|
October 15,
2019
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
77.5
|
$
|
48.0
|
$
|
47.0
|
||||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
56.2
|
(1.2
|
)
|
2.2
|
||||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
98.9
|
97.2
|
91.8
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2018
|
September 30,
2019
|
October 15,
2019
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(26.5
|
)
|
$
|
27.4
|
$
|
31.0
|
|||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(88.6
|
)
|
(0.2
|
)
|
1.8
|
|||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
35.6
|
55.0
|
60.2
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Weighted-Average
Fixed Rate
Locked
|
Accounting
Treatment
|
Future long-term debt offering
|
1 forward-starting swap (1)
|
$75.0
|
9/2020
|
2.39%
|
Cash flow hedge
|
Future long-term debt offering
|
1 forward-starting swap (1)
|
$75.0
|
4/2021
|
2.41%
|
Cash flow hedge
|
Future long-term debt offering
|
5 forward-starting swaps (2)
|
$500.0
|
9/2020
|
2.12%
|
Cash flow hedge
|
Future long-term debt offering
|
5 forward-starting swaps (2)
|
$500.0
|
4/2021
|
2.13%
|
Cash flow hedge
|
(1)
|
These swaps were entered into in May 2019.
|
(2)
|
These swaps were entered into in September 2019 as a result of a swaption exercise. See “Interest Rate Hedging Activities” under Note 13 of the Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for additional information regarding the swaption exercise and related loss at inception.
|
|
|
Forward-Starting Swap
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2018
|
September 30,
2019
|
November 7,
2019
|
|||||||||
Fair value assuming no change in underlying interest rates
|
Asset (Liability)
|
$
|
–
|
$
|
(118.6
|
)
|
$
|
(37.1
|
)
|
||||
Fair value assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
–
|
(71.7
|
)
|
5.0
|
||||||||
Fair value assuming 10% decrease in underlying interest rates
|
Asset (Liability)
|
–
|
(168.0
|
)
|
(79.2
|
)
|
(i) |
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii) |
that our disclosure controls and procedures are effective.
|
Period
|
Total Number
of Units
Purchased
|
Average
Price Paid
per Unit
|
Total
Number
Of Units
Purchased
as Part of
2019 Buyback
Program
|
Remaining
Dollar Amount
of Units
That May
Be Purchased
Under the 2019 Buyback
Program
($ thousands)
|
||||||||||||
2019 Buyback Program: (1)
|
||||||||||||||||
July 2019
|
–
|
$
|
–
|
–
|
$
|
1,923,165
|
||||||||||
August 2019
|
–
|
$
|
–
|
–
|
$
|
1,923,165
|
||||||||||
September 2019
|
–
|
$
|
–
|
–
|
$
|
1,923,165
|
||||||||||
Vesting of phantom unit awards:
|
||||||||||||||||
July 2019
|
–
|
$
|
–
|
n/a
|
n/a
|
|||||||||||
August 2019 (2)
|
85,412
|
$
|
28.82
|
n/a
|
n/a
|
|||||||||||
September 2019
|
–
|
$
|
–
|
n/a
|
n/a
|
(1)
|
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units. See “Significant Recent Developments” under Part I, Item 2 of this quarterly report for additional information. The repurchased units were cancelled immediately upon acquisition.
|
(2)
|
Of the 248,962 phantom unit awards that vested in August 2019 and converted to common units, 85,412 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition.
|
Exhibit Number
|
Exhibit*
|
2.1
|
|
2.2
|
|
2.3
|
|
2.4
|
|
2.5
|
|
2.6
|
|
2.7
|
|
2.8
|
|
2.9
|
|
2.10
|
|
2.11
|
|
2.12
|
2.13
|
|
2.14
|
|
3.1
|
|
3.2
|
|
3.3
|
|
3.4
|
|
3.5
|
|
3.6
|
|
3.7
|
|
3.8
|
|
3.9
|
|
3.10
|
|
3.11
|
|
3.12#
|
|
3.13
|
|
3.14
|
|
3.15
|
|
4.1
|
|
4.2
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
|
4.8
|
|
4.9
|
|
4.10
|
|
4.11
|
|
4.12
|
|
4.13
|
|
4.14
|
|
4.15
|
4.16
|
|
4.17
|
|
4.18
|
|
4.19
|
|
4.20
|
|
4.21
|
|
4.22
|
|
4.23
|
|
4.24
|
|
4.25
|
|
4.26
|
|
4.27
|
|
4.28
|
4.29
|
|
4.30
|
|
4.31
|
|
4.32
|
|
4.33
|
|
4.34
|
|
4.35
|
|
4.36
|
|
4.37
|
|
4.38
|
|
4.39
|
|
4.40
|
|
4.41
|
|
4.42
|
|
4.43
|
|
4.44
|
|
4.45
|
4.46
|
|
4.47
|
|
4.48
|
|
4.49
|
|
4.50
|
|
4.51
|
|
4.52
|
|
4.53
|
|
4.54
|
|
4.55
|
|
4.56
|
|
4.57
|
|
4.58
|
|
4.59
|
|
4.60
|
|
4.61
|
|
4.62
|
4.63
|
|
4.64
|
|
4.65
|
|
4.66
|
|
4.67
|
|
4.68
|
|
4.69
|
|
4.70
|
|
4.71
|
|
4.72
|
|
4.73
|
|
4.74
|
|
4.75
|
|
4.76
|
|
4.77
|
|
4.78
|
4.79
|
|
4.80
|
|
4.81
|
|
4.82
|
|
4.83
|
|
4.84
|
|
4.85
|
|
4.86
|
|
4.87
|
|
4.88
|
4.89
|
|
10.1***
|
|
10.2
|
|
10.3
|
|
10.4
|
|
31.1#
|
|
31.2#
|
|
32.1#
|
|
32.2#
|
|
101#
|
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language): (i) our Unaudited Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018; (ii) our Unaudited Condensed Statements of Consolidated Operations for the three and nine months ended September 30, 2019 and 2018; (iii) our Unaudited Condensed Statements of Consolidated Comprehensive Income for the three and nine months ended September 30, 2019 and 2018; (iv) our Unaudited Condensed Statements of Consolidated Cash Flows for the nine months ended September 30, 2019 and 2018; (v) our Unaudited Condensed Statements of Consolidated Equity for the three and nine months ended September 30, 2019 and 2018; and (vi) the notes to our Unaudited Condensed Consolidated Financial Statements.
|
104#
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
(A Delaware Limited Partnership)
|
|||
By:
|
Enterprise Products Holdings LLC, as General Partner
|
||
By:
|
/s/ R. Daniel Boss
|
||
Name:
|
R. Daniel Boss
|
||
Title:
|
Senior Vice President – Accounting and Risk Control
of the General Partner
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of the General Partner
|
MEMBER:
|
|
DAN DUNCAN LLC
|
|
By:
|
/s/ Richard H. Bachmann
|
Name: Richard H. Bachmann
Title: President and Chief Executive Officer
|
|
|
|
PARTNERSHIP REPRESENTATIVE:
VOTING TRUSTEES UNDER THAT CERTAIN DAN DUNCAN LLC VOTING TRUST AGREEMENT DATED AS OF APRIL 26, 2006 |
|
/s/ Randa Duncan Williams
|
|
Randa Duncan Williams, Successor Voting Trustee
|
|
/s/ Richard H. Bachmann
|
|
Richard H. Bachmann, Successor Voting Trustee
|
|
/s/ Ralph S. Cunningham
|
|
Ralph S. Cunningham, Successor Voting Trustee
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
|
/s/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/ W. Randall Fowler
|
||
Name:
|
W. Randall Fowler
|
|
Title:
|
President and Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Registrant.
|
/s/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Registrant.
|
/s/ W. Randall Fowler
|
||
Name:
|
W. Randall Fowler
|
|
Title:
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President and Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
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