FORM 10-Q |
(Mark one) | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-31219 |
Delaware | 23-3096839 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
3807 West Chester Pike, Newtown Square, PA | 19073 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Page Number | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2016 and 2015 (unaudited) | ||
Condensed Consolidated Balance Sheets at September 30, 2016 and December 31, 2015 (unaudited) | ||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015 (unaudited) | ||
Condensed Consolidated Statements of Equity for the Nine Months Ended September 30, 2016 and 2015 (unaudited) | ||
Notes to Condensed Consolidated Financial Statements (unaudited) | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II. OTHER INFORMATION | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
SIGNATURE |
Item 1. | Financial Statements |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | ||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||
Unaffiliated customers | $ | 2,085 | $ | 2,317 | $ | 5,927 | $ | 7,766 | ||||||||
Affiliates (Note 4) | 104 | 90 | 307 | 415 | ||||||||||||
Total Revenues | 2,189 | 2,407 | 6,234 | 8,181 | ||||||||||||
Costs and Expenses | ||||||||||||||||
Cost of products sold | 1,855 | 2,041 | 5,259 | 7,196 | ||||||||||||
Operating expenses | 41 | 41 | 97 | 120 | ||||||||||||
Selling, general and administrative expenses | 27 | 26 | 81 | 76 | ||||||||||||
Depreciation and amortization expense | 112 | 102 | 327 | 278 | ||||||||||||
Impairment charge and other matters (Notes 6 and 16) | (37 | ) | 103 | (143 | ) | 44 | ||||||||||
Total Costs and Expenses | 1,998 | 2,313 | 5,621 | 7,714 | ||||||||||||
Operating Income | 191 | 94 | 613 | 467 | ||||||||||||
Interest cost and debt expense, net | (68 | ) | (49 | ) | (198 | ) | (151 | ) | ||||||||
Capitalized interest | 28 | 12 | 80 | 54 | ||||||||||||
Other income | 12 | 7 | 27 | 19 | ||||||||||||
Income Before Provision for Income Taxes | 163 | 64 | 522 | 389 | ||||||||||||
Provision for income taxes (Note 8) | (8 | ) | (7 | ) | (19 | ) | (18 | ) | ||||||||
Net Income | 155 | 57 | 503 | 371 | ||||||||||||
Net income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (1 | ) | |||||||||||
Net Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||||||||||||
Less: General Partner's interest | (101 | ) | (74 | ) | (289 | ) | (205 | ) | ||||||||
Limited Partners' interest | $ | 53 | $ | (18 | ) | $ | 212 | $ | 163 | |||||||
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. per Limited Partner unit (Note 5): | ||||||||||||||||
Basic | $ | 0.16 | $ | (0.07 | ) | $ | 0.68 | $ | 0.67 | |||||||
Diluted | $ | 0.16 | $ | (0.07 | ) | $ | 0.68 | $ | 0.66 | |||||||
Weighted average Limited Partners' units outstanding (Note 5): | ||||||||||||||||
Basic | 307.0 | 255.0 | 295.5 | 244.3 | ||||||||||||
Diluted | 308.1 | 255.0 | 296.3 | 245.2 | ||||||||||||
Net Income | $ | 155 | $ | 57 | $ | 503 | $ | 371 | ||||||||
Adjustment to affiliate's pension funded status | (1 | ) | — | — | (1 | ) | ||||||||||
Other Comprehensive Income (Loss) | (1 | ) | — | — | (1 | ) | ||||||||||
Comprehensive Income | 154 | 57 | 503 | 370 | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Less: Comprehensive income attributable to redeemable noncontrolling interests | — | — | — | (1 | ) | |||||||||||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | $ | 153 | $ | 56 | $ | 501 | $ | 367 |
September 30, 2016 | December 31, 2015 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 39 | $ | 37 | ||||
Accounts receivable, net | 1,456 | 1,165 | ||||||
Accounts receivable, affiliated companies (Note 4) | 37 | 20 | ||||||
Inventories (Note 6) | 829 | 607 | ||||||
Note receivable, affiliated companies (Note 4) | 100 | — | ||||||
Other current assets | 29 | 19 | ||||||
Total Current Assets | 2,490 | 1,848 | ||||||
Properties, plants and equipment | 12,805 | 11,527 | ||||||
Less accumulated depreciation and amortization | (1,124 | ) | (835 | ) | ||||
Properties, plants and equipment, net | 11,681 | 10,692 | ||||||
Investment in affiliates | 985 | 802 | ||||||
Goodwill | 1,358 | 1,358 | ||||||
Intangible assets, net (Note 7) | 680 | 718 | ||||||
Other assets | 77 | 71 | ||||||
Total Assets | $ | 17,271 | $ | 15,489 | ||||
Liabilities and Equity | ||||||||
Accounts payable | $ | 1,507 | $ | 1,251 | ||||
Accounts payable, affiliated companies (Note 4) | 33 | 39 | ||||||
Accrued liabilities | 306 | 329 | ||||||
Accrued taxes payable (Note 8) | 43 | 44 | ||||||
Total Current Liabilities | 1,889 | 1,663 | ||||||
Long-term debt (Note 9) | 6,014 | 5,591 | ||||||
Other deferred credits and liabilities | 128 | 125 | ||||||
Deferred income taxes (Note 8) | 256 | 254 | ||||||
Total Liabilities | 8,287 | 7,633 | ||||||
Commitments and contingent liabilities (Note 10) | ||||||||
Redeemable noncontrolling interests | 15 | 15 | ||||||
Redeemable Limited Partners' interests (Note 11) | 296 | 286 | ||||||
Total Equity | 8,673 | 7,555 | ||||||
Total Liabilities and Equity | $ | 17,271 | $ | 15,489 |
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net Income | $ | 503 | $ | 371 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 327 | 278 | ||||||
Impairment charge and other matters | (143 | ) | 44 | |||||
Deferred income tax expense (benefit) | 2 | (5 | ) | |||||
Amortization of bond premium | (8 | ) | (10 | ) | ||||
Non-cash compensation expense | 16 | 12 | ||||||
Equity in earnings of unconsolidated affiliates | (29 | ) | (21 | ) | ||||
Distributions from unconsolidated affiliates | 15 | 14 | ||||||
Changes in working capital pertaining to operating activities: | ||||||||
Accounts receivable, net | (304 | ) | 400 | |||||
Accounts receivable, affiliated companies | (17 | ) | (39 | ) | ||||
Inventories | (79 | ) | (221 | ) | ||||
Accounts payable, affiliated companies | (6 | ) | 30 | |||||
Accounts payable and accrued liabilities | 224 | (558 | ) | |||||
Accrued taxes payable | (1 | ) | (8 | ) | ||||
Unrealized (gains) losses on commodity risk management activities | 33 | (9 | ) | |||||
Other | (5 | ) | 19 | |||||
Net cash provided by operating activities | 528 | 297 | ||||||
Cash Flows from Investing Activities: | ||||||||
Capital expenditures | (1,448 | ) | (1,678 | ) | ||||
Acquisitions | (17 | ) | (131 | ) | ||||
Change in note receivable, affiliated companies | (100 | ) | — | |||||
Change in long-term note receivable | (2 | ) | (14 | ) | ||||
Net cash used in investing activities | (1,567 | ) | (1,823 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Distributions paid to limited and general partners | (695 | ) | (491 | ) | ||||
Distributions paid to noncontrolling interests | (3 | ) | (1 | ) | ||||
Net proceeds from issuance of limited partner units | 1,304 | 1,274 | ||||||
Payments of statutory withholding on net issuance of limited partner units under LTIP | — | (10 | ) | |||||
Repayments under credit facilities | (4,029 | ) | (1,760 | ) | ||||
Borrowings under credit facilities | 4,089 | 2,454 | ||||||
Net proceeds from issuance of long-term debt | 544 | — | ||||||
Repayments of senior notes | (175 | ) | — | |||||
Contributions attributable to acquisition from affiliate | 5 | 8 | ||||||
Other | 1 | (4 | ) | |||||
Net cash provided by financing activities | 1,041 | 1,470 | ||||||
Net change in cash and cash equivalents | 2 | (56 | ) | |||||
Cash and cash equivalents at beginning of period | 37 | 101 | ||||||
Cash and cash equivalents at end of period | $ | 39 | $ | 45 |
Limited Partners | General Partner | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||
Balance at January 1, 2015 | $ | 5,752 | $ | 925 | $ | 1 | $ | 60 | $ | 6,738 | ||||||||||
Net Income | 163 | 205 | — | 2 | 370 | |||||||||||||||
Adjustment to affiliate's pension funded status | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total comprehensive income (loss) | 163 | 205 | (1 | ) | 2 | 369 | ||||||||||||||
Issuance of limited partner units to the public | 1,274 | — | — | — | 1,274 | |||||||||||||||
Non-cash compensation expense | 12 | — | — | — | 12 | |||||||||||||||
Distribution equivalent rights | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Payments of statutory withholding on issuance under LTIP | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Distributions | (306 | ) | (185 | ) | — | (1 | ) | (492 | ) | |||||||||||
Contributions attributable to acquisition from affiliate | 8 | — | — | — | 8 | |||||||||||||||
Acquisition of a noncontrolling interest in a consolidated subsidiary | (103 | ) | (2 | ) | — | (26 | ) | (131 | ) | |||||||||||
Other | 2 | (1 | ) | — | — | 1 | ||||||||||||||
Balance at September 30, 2015 | $ | 6,791 | $ | 942 | $ | — | $ | 35 | $ | 7,768 | ||||||||||
Balance at January 1, 2016 | $ | 6,577 | $ | 944 | $ | — | $ | 34 | $ | 7,555 | ||||||||||
Net Income | 212 | 289 | — | 2 | 503 | |||||||||||||||
Total comprehensive income | 212 | 289 | — | 2 | 503 | |||||||||||||||
Issuance of limited partner units to the public | 1,304 | — | — | — | 1,304 | |||||||||||||||
Non-cash compensation expense | 16 | — | — | — | 16 | |||||||||||||||
Distribution equivalent rights | (4 | ) | — | — | — | (4 | ) | |||||||||||||
Distributions | (420 | ) | (275 | ) | — | (3 | ) | (698 | ) | |||||||||||
Contributions attributable to acquisition from affiliate | 5 | — | — | — | 5 | |||||||||||||||
Decrease attributable to Class B units | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Other | 2 | — | — | — | 2 | |||||||||||||||
Balance at September 30, 2016 | $ | 7,682 | $ | 958 | $ | — | $ | 33 | $ | 8,673 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(in millions) | ||||||||||||
Weighted average number of units outstanding, basic | 307.0 | 255.0 | 295.5 | 244.3 | ||||||||
Add effect of dilutive incentive awards (1) | 1.1 | — | 0.8 | 0.9 | ||||||||
Weighted average number of units, diluted | 308.1 | 255.0 | 296.3 | 245.2 |
(1) | Unvested incentive unit awards are not included within the calculation of the dilutive weighted average number of units for the three months ended September 30, 2015 since the effect on the net loss attributable to SXL per limited partner unit would have been antidilutive. |
September 30, 2016 | December 31, 2015 | |||||||
(in millions) | ||||||||
Crude oil | $ | 590 | $ | 424 | ||||
NGLs | 113 | 83 | ||||||
Refined products | 111 | 83 | ||||||
Refined products additives | 3 | 3 | ||||||
Materials, supplies and other | 12 | 14 | ||||||
Total Inventories | $ | 829 | $ | 607 |
Weighted Average Amortization Period | September 30, 2016 | December 31, 2015 | ||||||||
(in years) | (in millions) | |||||||||
Gross | ||||||||||
Customer relationships | 18 | $ | 836 | $ | 836 | |||||
Technology | 10 | 47 | 47 | |||||||
Total gross | 883 | 883 | ||||||||
Accumulated amortization | ||||||||||
Customer relationships | (184 | ) | (149 | ) | ||||||
Technology | (19 | ) | (16 | ) | ||||||
Total accumulated amortization | (203 | ) | (165 | ) | ||||||
Total Net | $ | 680 | $ | 718 |
September 30, 2016 | December 31, 2015 | |||||||
Credit Facilities | (in millions) | |||||||
$2.50 billion Credit Facility, due March 2020 (1) | $ | 622 | $ | 562 | ||||
Senior Notes | ||||||||
Senior Notes - 6.125%, matured May 2016 (2) | — | 175 | ||||||
Senior Notes - 5.50%, due February 2020 | 250 | 250 | ||||||
Senior Notes - 4.40%, due April 2021 | 600 | 600 | ||||||
Senior Notes - 4.65%, due February 2022 | 300 | 300 | ||||||
Senior Notes - 3.45%, due January 2023 | 350 | 350 | ||||||
Senior Notes - 4.25% due April 2024 | 500 | 500 | ||||||
Senior Notes - 5.95%, due December 2025 | 400 | 400 | ||||||
Senior Notes - 3.90%, due July 2026 | 550 | — | ||||||
Senior Notes - 6.85%, due February 2040 | 250 | 250 | ||||||
Senior Notes - 6.10%, due February 2042 | 300 | 300 | ||||||
Senior Notes - 4.95%, due January 2043 | 350 | 350 | ||||||
Senior Notes - 5.30% due April 2044 | 700 | 700 | ||||||
Senior Notes - 5.35% due May 2045 | 800 | 800 | ||||||
Unamortized fair value adjustments (3) | 85 | 93 | ||||||
Total debt | 6,057 | 5,630 | ||||||
Less: | ||||||||
Unamortized bond discount and debt issuance costs (4) | (43 | ) | (39 | ) | ||||
Long-term debt | $ | 6,014 | $ | 5,591 |
(1) | Includes $140 million of commercial paper outstanding at September 30, 2016. There was no commercial paper outstanding at December 31, 2015. |
(2) | The 6.125 percent Senior Notes were classified as long-term debt at December 31, 2015 as the Partnership repaid these notes in May 2016 with borrowings under its $2.50 billion Credit Facility, due in 2020. |
(3) | Represents fair value adjustments on senior notes resulting from the application of push-down accounting in connection with the acquisition of the Partnership's general partner by ETP on October 5, 2012. |
(4) | In the fourth quarter 2015, the Partnership adopted accounting guidance which requires certain debt issuance costs to be reflected as a reduction in the total long-term debt liability for all periods presented. The net long-term debt balance now includes $35 and $32 million of debt issuance costs at September 30, 2016 and December 31, 2015, respectively. |
Common Units | |||
(in millions) | |||
Balance at January 1, 2015 | 226.1 | ||
Units issued in public offering | 15.5 | ||
Units issued under ATM program | 26.8 | ||
Units issued under incentive plans | 0.4 | ||
Balance at December 31, 2015 | 268.8 | ||
Units issued in public offering | 21.0 | ||
Units issued under ATM program | 29.1 | ||
Units issued under incentive plans | — | ||
Balance at September 30, 2016 | 318.9 |
Marginal Percentage Interest in Distributions | |||||||||
Total Quarterly Distribution Target Amount | General Partner | Unitholders | |||||||
Minimum Quarterly Distribution | $0.0750 | 1 | % | 99 | % | ||||
First Target Distribution | up to | $0.0833 | 1 | % | 99 | % | |||
Second Target Distribution | above | $0.0833 | 14 | % | (1) | 86 | % | ||
up to | $0.0958 | ||||||||
Third Target Distribution | above | $0.0958 | 36 | % | (1) | 64 | % | ||
up to | $0.2638 | ||||||||
Thereafter | above | $0.2638 | 49 | % | (1) | 51 | % |
(1) | Includes general partner interest. |
Cash Distribution Payment Date | Cash Distribution per Limited Partner Unit | Total Cash Distribution to the Limited Partners | Total Cash Distribution to the General Partner | |||||||||
(in millions) | (in millions) | |||||||||||
August 12, 2016 | $ | 0.5000 | $ | 149 | $ | 98 | ||||||
May 13, 2016 | $ | 0.4890 | $ | 140 | $ | 92 | ||||||
February 12, 2016 | $ | 0.4790 | $ | 131 | $ | 85 | ||||||
November 13, 2015 | $ | 0.4580 | $ | 119 | $ | 76 | ||||||
August 14, 2015 | $ | 0.4380 | $ | 111 | $ | 69 | ||||||
May 15, 2015 | $ | 0.4190 | $ | 103 | $ | 62 | ||||||
February 13, 2015 | $ | 0.4000 | $ | 92 | $ | 54 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Location of Gains (Losses) Recognized in Earnings | (in millions) | |||||||||||||||
Commodity contracts not designated as cash flow hedging instruments: | ||||||||||||||||
Sales and other operating revenue | $ | (12 | ) | $ | 47 | $ | (29 | ) | $ | 39 | ||||||
Cost of products sold | (1 | ) | (14 | ) | 4 | (24 | ) | |||||||||
$ | (13 | ) | $ | 33 | $ | (25 | ) | $ | 15 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions) | ||||||||||||||||
Sales and other operating revenue (1) | ||||||||||||||||
Crude Oil | $ | 1,843 | $ | 2,034 | $ | 5,115 | $ | 7,159 | ||||||||
Natural Gas Liquids | 148 | 304 | 577 | 833 | ||||||||||||
Refined Products | 198 | 69 | 542 | 189 | ||||||||||||
Total sales and other operating revenue | $ | 2,189 | $ | 2,407 | $ | 6,234 | $ | 8,181 | ||||||||
Depreciation and amortization | ||||||||||||||||
Crude Oil | $ | 60 | $ | 55 | $ | 176 | $ | 157 | ||||||||
Natural Gas Liquids | 28 | 20 | 77 | 56 | ||||||||||||
Refined Products | 24 | 27 | 74 | 65 | ||||||||||||
Total depreciation and amortization | $ | 112 | $ | 102 | $ | 327 | $ | 278 | ||||||||
Impairment charge and other matters | ||||||||||||||||
Crude Oil | $ | (15 | ) | $ | 108 | $ | (112 | ) | $ | 71 | ||||||
Natural Gas Liquids | (22 | ) | (5 | ) | (29 | ) | (27 | ) | ||||||||
Refined Products | — | — | (2 | ) | — | |||||||||||
Total impairment charge and other matters | $ | (37 | ) | $ | 103 | $ | (143 | ) | $ | 44 | ||||||
Adjusted EBITDA | ||||||||||||||||
Crude Oil | $ | 165 | $ | 179 | $ | 503 | $ | 502 | ||||||||
Natural Gas Liquids | 77 | 66 | 229 | 223 | ||||||||||||
Refined Products | 70 | 44 | 174 | 111 | ||||||||||||
Total Adjusted EBITDA | 312 | 289 | 906 | 836 | ||||||||||||
Interest expense, net | (40 | ) | (37 | ) | (118 | ) | (97 | ) | ||||||||
Depreciation and amortization expense | (112 | ) | (102 | ) | (327 | ) | (278 | ) | ||||||||
Impairment charge and other matters | 37 | (103 | ) | 143 | (44 | ) | ||||||||||
Provision for income taxes | (8 | ) | (7 | ) | (19 | ) | (18 | ) | ||||||||
Non-cash compensation expense | (5 | ) | (4 | ) | (16 | ) | (12 | ) | ||||||||
Unrealized gains (losses) on commodity risk management activities | (16 | ) | 32 | (33 | ) | 9 | ||||||||||
Amortization of excess equity method investment | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes | (12 | ) | (10 | ) | (31 | ) | (23 | ) | ||||||||
Net Income | 155 | 57 | 503 | 371 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Less: Net income attributable to redeemable noncontrolling interests | — | — | — | (1 | ) | |||||||||||
Net Income attributable to Sunoco Logistics Partners L.P. | $ | 154 | $ | 56 | $ | 501 | $ | 368 |
(1) | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three and nine months ended September 30, 2016 and 2015: |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions) | ||||||||||||||||
Crude Oil | $ | 9 | $ | 14 | $ | 17 | $ | 187 | ||||||||
Natural Gas Liquids | 42 | 49 | 127 | 155 | ||||||||||||
Refined Products | 53 | 27 | 163 | 73 | ||||||||||||
Total sales and other operating revenue | $ | 104 | $ | 90 | $ | 307 | $ | 415 |
September 30, 2016 | December 31, 2015 | |||||||
(in millions) | ||||||||
Crude Oil | $ | 9,739 | $ | 8,802 | ||||
Natural Gas Liquids | 4,586 | 3,764 | ||||||
Refined Products | 2,787 | 2,747 | ||||||
Corporate and other assets (1) | 159 | 176 | ||||||
Total identifiable assets | $ | 17,271 | $ | 15,489 |
(1) | Corporate and other assets consist of cash and cash equivalents, properties, plants and equipment and other assets. |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue: | |||||||||||||||||||||
Unaffiliated customers | $ | — | $ | — | $ | 2,085 | $ | — | $ | 2,085 | |||||||||||
Affiliates | — | — | 104 | — | 104 | ||||||||||||||||
Total Revenues | — | — | 2,189 | — | 2,189 | ||||||||||||||||
Costs and Expenses | |||||||||||||||||||||
Cost of products sold | — | — | 1,855 | — | 1,855 | ||||||||||||||||
Operating expenses | — | — | 41 | — | 41 | ||||||||||||||||
Selling, general and administrative expenses | — | — | 27 | — | 27 | ||||||||||||||||
Depreciation and amortization expense | — | — | 112 | — | 112 | ||||||||||||||||
Impairment charge and other matters | — | — | (37 | ) | — | (37 | ) | ||||||||||||||
Total Costs and Expenses | — | — | 1,998 | — | 1,998 | ||||||||||||||||
Operating Income | — | — | 191 | — | 191 | ||||||||||||||||
Interest cost and debt expense, net | — | (67 | ) | (1 | ) | — | (68 | ) | |||||||||||||
Capitalized interest | — | 28 | — | — | 28 | ||||||||||||||||
Other income | — | — | 12 | — | 12 | ||||||||||||||||
Equity in earnings of subsidiaries | 154 | 193 | — | (347 | ) | — | |||||||||||||||
Income (Loss) Before Provision for Income Taxes | 154 | 154 | 202 | (347 | ) | 163 | |||||||||||||||
Provision for income taxes | — | — | (8 | ) | — | (8 | ) | ||||||||||||||
Net Income (Loss) | 154 | 154 | 194 | (347 | ) | 155 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 154 | $ | 154 | $ | 193 | $ | (347 | ) | $ | 154 | ||||||||||
Comprehensive Income (Loss) | $ | 154 | $ | 154 | — | $ | 193 | $ | (347 | ) | $ | 154 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 154 | $ | 154 | $ | 192 | $ | (347 | ) | $ | 153 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||||||
Unaffiliated customers | $ | — | $ | — | $ | 2,317 | $ | — | $ | 2,317 | ||||||||||
Affiliates | — | — | 90 | — | 90 | |||||||||||||||
Total Revenues | — | — | 2,407 | — | 2,407 | |||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Cost of products sold | — | — | 2,041 | — | 2,041 | |||||||||||||||
Operating expenses | — | — | 41 | — | 41 | |||||||||||||||
Selling, general and administrative expenses | — | 1 | 25 | — | 26 | |||||||||||||||
Depreciation and amortization expense | — | — | 102 | — | 102 | |||||||||||||||
Impairment charge and other matters | — | — | 103 | — | 103 | |||||||||||||||
Total Costs and Expenses | — | 1 | 2,312 | — | 2,313 | |||||||||||||||
Operating Income (Loss) | — | (1 | ) | 95 | — | 94 | ||||||||||||||
Interest cost and debt expense, net | — | (49 | ) | — | — | (49 | ) | |||||||||||||
Capitalized interest | — | 12 | — | — | 12 | |||||||||||||||
Other income | — | — | 7 | — | 7 | |||||||||||||||
Equity in earnings of subsidiaries | 56 | 94 | — | (150 | ) | — | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | 56 | 56 | 102 | (150 | ) | 64 | ||||||||||||||
Provision for income taxes | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Net Income (Loss) | 56 | 56 | 95 | (150 | ) | 57 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 56 | $ | 56 | $ | 94 | $ | (150 | ) | $ | 56 | |||||||||
Comprehensive Income (Loss) | $ | 56 | $ | 56 | $ | 95 | $ | (150 | ) | $ | 57 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 56 | $ | 56 | $ | 94 | $ | (150 | ) | $ | 56 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue: | |||||||||||||||||||||
Unaffiliated customers | $ | — | $ | — | $ | 5,927 | $ | — | $ | 5,927 | |||||||||||
Affiliates | — | — | 307 | — | 307 | ||||||||||||||||
Total Revenues | — | — | 6,234 | — | 6,234 | ||||||||||||||||
Costs and Expenses | |||||||||||||||||||||
Cost of products sold | — | — | 5,259 | — | 5,259 | ||||||||||||||||
Operating expenses | — | — | 97 | — | 97 | ||||||||||||||||
Selling, general and administrative expenses | — | 1 | 80 | — | 81 | ||||||||||||||||
Depreciation and amortization expense | — | — | 327 | — | 327 | ||||||||||||||||
Impairment charge and other matters | — | — | (143 | ) | — | (143 | ) | ||||||||||||||
Total Costs and Expenses | — | 1 | 5,620 | — | 5,621 | ||||||||||||||||
Operating Income (Loss) | — | (1 | ) | 614 | — | 613 | |||||||||||||||
Interest cost and debt expense, net | — | (196 | ) | — | (2 | ) | — | (198 | ) | ||||||||||||
Capitalized interest | — | 80 | — | — | 80 | ||||||||||||||||
Other income | — | — | 27 | — | 27 | ||||||||||||||||
Equity in earnings of subsidiaries | 501 | 618 | — | (1,119 | ) | — | |||||||||||||||
Income (Loss) Before Provision for Income Taxes | 501 | 501 | 639 | (1,119 | ) | 522 | |||||||||||||||
Provision for income taxes | — | — | (19 | ) | — | (19 | ) | ||||||||||||||
Net Income (Loss) | 501 | 501 | 620 | (1,119 | ) | 503 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 501 | $ | 501 | $ | 618 | $ | (1,119 | ) | $ | 501 | ||||||||||
Comprehensive Income (Loss) | $ | 501 | $ | 501 | $ | 620 | $ | (1,119 | ) | $ | 503 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 501 | $ | 501 | $ | 618 | $ | (1,119 | ) | $ | 501 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||||||
Unaffiliated customers | $ | — | $ | — | $ | 7,766 | $ | — | $ | 7,766 | ||||||||||
Affiliates | — | — | 415 | — | 415 | |||||||||||||||
Total Revenues | — | — | 8,181 | — | 8,181 | |||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Cost of products sold | — | — | 7,196 | — | 7,196 | |||||||||||||||
Operating expenses | — | — | 120 | — | 120 | |||||||||||||||
Selling, general and administrative expenses | — | 1 | 75 | — | 76 | |||||||||||||||
Depreciation and amortization expense | — | — | 278 | — | 278 | |||||||||||||||
Impairment charge and other matters | — | — | 44 | — | 44 | |||||||||||||||
Total Costs and Expenses | — | 1 | 7,713 | — | 7,714 | |||||||||||||||
Operating Income (Loss) | — | (1 | ) | 468 | — | 467 | ||||||||||||||
Interest cost and debt expense, net | — | (149 | ) | (2 | ) | — | (151 | ) | ||||||||||||
Capitalized interest | — | 54 | — | — | 54 | |||||||||||||||
Other income | — | — | 19 | — | 19 | |||||||||||||||
Equity in earnings of subsidiaries | 368 | 464 | — | (832 | ) | — | ||||||||||||||
Income (Loss) Before Provision for Income Taxes | 368 | 368 | 485 | (832 | ) | 389 | ||||||||||||||
Provision for income taxes | — | — | (18 | ) | — | (18 | ) | |||||||||||||
Net Income (Loss) | 368 | 368 | 467 | (832 | ) | 371 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Less: Net income attributable to redeemable noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 368 | $ | 368 | $ | 464 | $ | (832 | ) | $ | 368 | |||||||||
Comprehensive Income (Loss) | $ | 368 | $ | 368 | $ | 466 | $ | (832 | ) | $ | 370 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Less: Comprehensive income attributable to redeemable noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | $ | 368 | $ | 368 | $ | 463 | $ | (832 | ) | $ | 367 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 39 | $ | — | $ | — | $ | 39 | ||||||||||
Accounts receivable, net | — | — | 1,456 | — | 1,456 | |||||||||||||||
Accounts receivable, affiliated companies | — | — | 37 | — | 37 | |||||||||||||||
Inventories | — | — | 829 | — | 829 | |||||||||||||||
Note receivable, affiliated companies | — | — | 100 | — | 100 | |||||||||||||||
Other current assets | — | — | 29 | — | 29 | |||||||||||||||
Total Current Assets | — | 39 | 2,451 | — | 2,490 | |||||||||||||||
Properties, plants and equipment, net | — | — | 11,681 | — | 11,681 | |||||||||||||||
Investment in affiliates | 6,995 | 10,388 | 985 | (17,383 | ) | 985 | ||||||||||||||
Goodwill | — | — | 1,358 | — | 1,358 | |||||||||||||||
Intangible assets, net | — | — | 680 | — | 680 | |||||||||||||||
Other assets | — | 5 | 72 | — | 77 | |||||||||||||||
Total Assets | $ | 6,995 | $ | 10,432 | $ | 17,227 | $ | (17,383 | ) | $ | 17,271 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 1,507 | $ | — | $ | 1,507 | ||||||||||
Accounts payable, affiliated companies | — | — | 33 | — | 33 | |||||||||||||||
Accrued liabilities | 1 | 57 | 248 | — | 306 | |||||||||||||||
Accrued taxes payable | — | — | 43 | — | 43 | |||||||||||||||
Intercompany | (1,942 | ) | (2,634 | ) | 4,576 | — | — | |||||||||||||
Total Current Liabilities | (1,941 | ) | (2,577 | ) | 6,407 | — | 1,889 | |||||||||||||
Long-term debt | — | 6,014 | — | — | 6,014 | |||||||||||||||
Other deferred credits and liabilities | — | — | 128 | — | 128 | |||||||||||||||
Deferred income taxes | — | — | 256 | — | 256 | |||||||||||||||
Total Liabilities | (1,941 | ) | 3,437 | 6,791 | — | 8,287 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 15 | — | 15 | |||||||||||||||
Redeemable Limited Partners' interests | 296 | — | — | — | 296 | |||||||||||||||
Total Equity | 8,640 | 6,995 | 10,421 | (17,383 | ) | 8,673 | ||||||||||||||
Total Liabilities and Equity | $ | 6,995 | $ | 10,432 | $ | 17,227 | $ | (17,383 | ) | $ | 17,271 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 37 | $ | — | $ | — | $ | 37 | ||||||||||
Accounts receivable, net | — | — | 1,165 | — | 1,165 | |||||||||||||||
Accounts receivable, affiliated companies | — | 3 | 17 | — | 20 | |||||||||||||||
Inventories | — | — | 607 | — | 607 | |||||||||||||||
Other current assets | — | — | 19 | — | 19 | |||||||||||||||
Total Current Assets | — | 40 | 1,808 | — | 1,848 | |||||||||||||||
Properties, plants and equipment, net | — | — | 10,692 | — | 10,692 | |||||||||||||||
Investment in affiliates | 6,488 | 9,692 | 802 | (16,180 | ) | 802 | ||||||||||||||
Goodwill | — | — | 1,358 | — | 1,358 | |||||||||||||||
Intangible assets, net | — | — | 718 | — | 718 | |||||||||||||||
Other assets | — | 6 | 65 | — | 71 | |||||||||||||||
Total Assets | $ | 6,488 | $ | 9,738 | $ | 15,443 | $ | (16,180 | ) | $ | 15,489 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Accounts payable | $ | — | $ | 1 | $ | 1,250 | $ | — | $ | 1,251 | ||||||||||
Accounts payable, affiliated companies | — | — | 39 | — | 39 | |||||||||||||||
Accrued liabilities | 1 | 66 | 262 | — | 329 | |||||||||||||||
Accrued taxes payable | — | — | 44 | — | 44 | |||||||||||||||
Intercompany | (1,320 | ) | (2,408 | ) | 3,728 | — | — | |||||||||||||
Total Current Liabilities | (1,319 | ) | (2,341 | ) | 5,323 | — | 1,663 | |||||||||||||
Long-term debt | — | 5,591 | — | — | 5,591 | |||||||||||||||
Other deferred credits and liabilities | — | — | 125 | — | 125 | |||||||||||||||
Deferred income taxes | — | — | 254 | — | 254 | |||||||||||||||
Total Liabilities | (1,319 | ) | 3,250 | 5,702 | — | 7,633 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 15 | — | 15 | |||||||||||||||
Redeemable Limited Partners' interests | 286 | — | — | — | 286 | |||||||||||||||
Total Equity | 7,521 | 6,488 | 9,726 | (16,180 | ) | 7,555 | ||||||||||||||
Total Liabilities and Equity | $ | 6,488 | $ | 9,738 | $ | 15,443 | $ | (16,180 | ) | $ | 15,489 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Net Cash Flows from Operating Activities | $ | 501 | $ | 491 | $ | 655 | $ | (1,119 | ) | $ | 528 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | — | (1,448 | ) | — | (1,448 | ) | |||||||||||||
Acquisitions | — | — | (17 | ) | — | (17 | ) | |||||||||||||
Change in note receivable, affiliated companies | — | — | (100 | ) | (100 | ) | ||||||||||||||
Change in long-term note receivable | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Intercompany | (1,107 | ) | (918 | ) | 906 | 1,119 | — | |||||||||||||
Net cash provided by (used in) investing activities | (1,107 | ) | (918 | ) | (661 | ) | 1,119 | (1,567 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Distributions paid to limited and general partners | (695 | ) | — | — | — | (695 | ) | |||||||||||||
Distributions paid to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | |||||||||||||
Net proceeds from issuance of limited partner units | 1,304 | — | — | — | 1,304 | |||||||||||||||
Repayments under credit facilities | — | (4,029 | ) | — | — | (4,029 | ) | |||||||||||||
Borrowings under credit facilities | — | 4,089 | — | — | 4,089 | |||||||||||||||
Net proceeds from issuance of long-term debt | — | 544 | — | — | 544 | |||||||||||||||
Repayments of senior notes | — | (175 | ) | — | — | (175 | ) | |||||||||||||
Contributions attributable to acquisition from affiliate | — | — | 5 | — | 5 | |||||||||||||||
Other | — | — | 1 | — | 1 | |||||||||||||||
Net cash provided by financing activities | 606 | 429 | 6 | — | 1,041 | |||||||||||||||
Net change in cash and cash equivalents | — | 2 | — | — | 2 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 37 | — | — | 37 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 39 | $ | — | $ | — | $ | 39 |
Parent Guarantor | Subsidiary Issuer | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Net Cash Flows from Operating Activities | $ | 368 | $ | 365 | $ | 396 | $ | (832 | ) | $ | 297 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | — | (1,678 | ) | — | (1,678 | ) | |||||||||||||
Acquisitions | — | — | (131 | ) | — | (131 | ) | |||||||||||||
Change in long-term note receivable | — | — | (14 | ) | — | (14 | ) | |||||||||||||
Intercompany | (1,150 | ) | (1,111 | ) | 1,429 | 832 | — | |||||||||||||
Net cash provided by (used in) investing activities | (1,150 | ) | (1,111 | ) | (394 | ) | 832 | (1,823 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Distributions paid to limited and general partners | (491 | ) | — | — | — | (491 | ) | |||||||||||||
Distributions paid to noncontrolling interests | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Net proceeds from issuance of limited partner units | 1,274 | — | — | — | 1,274 | |||||||||||||||
Payments of statutory withholding on net issuance of limited partner units under LTIP | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Repayments under credit facilities | — | (1,760 | ) | — | — | (1,760 | ) | |||||||||||||
Borrowings under credit facilities | — | 2,454 | — | — | 2,454 | |||||||||||||||
Contributions attributable to acquisition from affiliate | — | — | 8 | — | 8 | |||||||||||||||
Other | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 782 | 690 | (2 | ) | — | 1,470 | ||||||||||||||
Net change in cash and cash equivalents | — | (56 | ) | — | — | (56 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 101 | — | — | 101 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 45 | $ | — | $ | — | $ | 45 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions, except per unit data) | ||||||||||||||||
Revenues | ||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||
Unaffiliated customers | $ | 2,085 | $ | 2,317 | $ | 5,927 | $ | 7,766 | ||||||||
Affiliates | 104 | 90 | 307 | 415 | ||||||||||||
Total Revenues | 2,189 | 2,407 | 6,234 | 8,181 | ||||||||||||
Costs and Expenses | ||||||||||||||||
Cost of products sold (1) | 1,855 | 2,041 | 5,259 | 7,196 | ||||||||||||
Operating expenses (1) | 41 | 41 | 97 | 120 | ||||||||||||
Selling, general and administrative expenses | 27 | 26 | 81 | 76 | ||||||||||||
Depreciation and amortization expense | 112 | 102 | 327 | 278 | ||||||||||||
Impairment charge and other matters | (37 | ) | 103 | (143 | ) | 44 | ||||||||||
Total Costs and Expenses | 1,998 | 2,313 | 5,621 | 7,714 | ||||||||||||
Operating Income | 191 | 94 | 613 | 467 | ||||||||||||
Interest cost and debt expense, net | (68 | ) | (49 | ) | (198 | ) | (151 | ) | ||||||||
Capitalized interest | 28 | 12 | 80 | 54 | ||||||||||||
Other income | 12 | 7 | 27 | 19 | ||||||||||||
Income Before Provision for Income Taxes | 163 | 64 | 522 | 389 | ||||||||||||
Provision for income taxes | (8 | ) | (7 | ) | (19 | ) | (18 | ) | ||||||||
Net Income | 155 | 57 | 503 | 371 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Less: Net income attributable to redeemable noncontrolling interests | — | — | — | (1 | ) | |||||||||||
Net Income Attributable to Sunoco Logistics Partners L.P. | $ | 154 | $ | 56 | $ | 501 | $ | 368 | ||||||||
Net Income Attributable to Sunoco Logistics Partners L.P. per Limited Partner unit: | ||||||||||||||||
Basic | $ | 0.16 | $ | (0.07 | ) | $ | 0.68 | $ | 0.67 | |||||||
Diluted | $ | 0.16 | $ | (0.07 | ) | $ | 0.68 | $ | 0.66 |
(1) | In connection with the change in our reportable segments in the fourth quarter 2015, we adjusted the elimination of certain intercompany transactions to conform to the new segment presentation, which included recasting prior period amounts to conform to the current presentation. These changes did not impact our total expenses or net income. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions) | ||||||||||||||||
Net Income | $ | 155 | $ | 57 | $ | 503 | $ | 371 | ||||||||
Interest expense, net | 40 | 37 | 118 | 97 | ||||||||||||
Depreciation and amortization expense | 112 | 102 | 327 | 278 | ||||||||||||
Impairment charge and other matters | (37 | ) | 103 | (143 | ) | 44 | ||||||||||
Provision for income taxes | 8 | 7 | 19 | 18 | ||||||||||||
Non-cash compensation expense | 5 | 4 | 16 | 12 | ||||||||||||
Unrealized (gains) losses on commodity risk management activities | 16 | (32 | ) | 33 | (9 | ) | ||||||||||
Amortization of excess investment in joint venture interests | 1 | 1 | 2 | 2 | ||||||||||||
Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes | 12 | 10 | 31 | 23 | ||||||||||||
Adjusted EBITDA | 312 | 289 | 906 | 836 | ||||||||||||
Interest expense, net | (40 | ) | (37 | ) | (118 | ) | (97 | ) | ||||||||
Provision for current income taxes | (7 | ) | (8 | ) | (17 | ) | (22 | ) | ||||||||
Amortization of fair value adjustments on long-term debt | (2 | ) | (4 | ) | (8 | ) | (10 | ) | ||||||||
Proportionate share of unconsolidated affiliates' interest, provision for current income taxes and maintenance capital expenditures (1) | (10 | ) | (12 | ) | (30 | ) | (30 | ) | ||||||||
Maintenance capital expenditures | (13 | ) | (18 | ) | (40 | ) | (49 | ) | ||||||||
Distributable cash flow attributable to noncontrolling interests | (1 | ) | — | (2 | ) | (2 | ) | |||||||||
Contributions attributable to acquisition from affiliate | 1 | 2 | 5 | 8 | ||||||||||||
Distributable Cash Flow (1) | $ | 240 | $ | 212 | $ | 696 | $ | 634 |
(1) | During the first quarter 2016, we changed our definition of distributable cash flow to conform to the presentation utilized by our general partner. The change did not have a material impact on our distributable cash flow. Prior period amounts have been recast to conform to current presentation. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions, except for barrel amounts) | ||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||
Unaffiliated customers | $ | 1,834 | $ | 2,020 | $ | 5,098 | $ | 6,972 | ||||||||
Affiliates | 9 | 14 | 17 | 187 | ||||||||||||
Total sales and other operating revenue | $ | 1,843 | $ | 2,034 | $ | 5,115 | $ | 7,159 | ||||||||
Depreciation and amortization expense | $ | 60 | $ | 55 | $ | 176 | $ | 157 | ||||||||
Impairment charges and other matters (1) | $ | (15 | ) | $ | 108 | $ | (112 | ) | $ | 71 | ||||||
Adjusted EBITDA | $ | 165 | $ | 179 | $ | 503 | $ | 502 | ||||||||
Pipeline throughput (thousands of barrels per day ("bpd")) (2) (3) | 2,516 | 2,395 | 2,380 | 2,232 | ||||||||||||
Terminal throughput (thousands of bpd) | 1,559 | 1,409 | 1,524 | 1,343 | ||||||||||||
Gross profit (4) | $ | 173 | $ | 191 | $ | 531 | $ | 538 |
(1) | Represents non-cash inventory adjustments related to changes in commodity prices. |
(2) | Excludes amounts attributable to equity ownership interests which are not consolidated. |
(3) | Prior period pipeline throughput amounts have been restated to conform to current presentation. |
(4) | Represents total segment sales and other operating revenue less costs of products sold and operating expenses. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions, except for barrel amounts) | ||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||
Unaffiliated customers | $ | 106 | $ | 255 | $ | 450 | $ | 678 | ||||||||
Affiliates | 42 | 49 | 127 | 155 | ||||||||||||
Total sales and other operating revenue | $ | 148 | $ | 304 | $ | 577 | $ | 833 | ||||||||
Depreciation and amortization expense | $ | 28 | $ | 20 | $ | 77 | $ | 56 | ||||||||
Impairment charge and other matters (1) | $ | (22 | ) | $ | (5 | ) | $ | (29 | ) | $ | (27 | ) | ||||
Adjusted EBITDA | $ | 77 | $ | 66 | $ | 229 | $ | 223 | ||||||||
Pipeline throughput (thousands of bpd) | 289 | 205 | 268 | 190 | ||||||||||||
Terminal throughput (thousands of bpd) | 252 | 205 | 229 | 174 | ||||||||||||
Gross profit (2) | $ | 68 | $ | 104 | $ | 234 | $ | 250 |
(1) | Represents non-cash inventory adjustments related to changes in commodity prices. |
(2) | Represents total segment sales and other operating revenue less costs of products sold and operating expenses. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions, except for barrel amounts) | ||||||||||||||||
Sales and other operating revenue: | ||||||||||||||||
Unaffiliated customers | $ | 145 | $ | 42 | $ | 379 | $ | 116 | ||||||||
Affiliates | 53 | 27 | 163 | 73 | ||||||||||||
Total sales and other operating revenue | $ | 198 | $ | 69 | $ | 542 | $ | 189 | ||||||||
Depreciation and amortization expense | $ | 24 | $ | 27 | $ | 74 | $ | 65 | ||||||||
Impairment charge and other matters (1) | $ | — | $ | — | $ | (2 | ) | $ | — | |||||||
Adjusted EBITDA | $ | 70 | $ | 44 | $ | 174 | $ | 111 | ||||||||
Pipeline throughput (thousands of bpd) (2) (3) | 611 | 522 | 573 | 492 | ||||||||||||
Terminal throughput (thousands of bpd) | 570 | 562 | 554 | 518 | ||||||||||||
Gross profit (4) | $ | 52 | $ | 30 | $ | 113 | $ | 77 |
(1) | Represents non-cash inventory adjustments related to changes in commodity prices. |
(2) | Excludes amounts attributable to equity ownership interests which are not consolidated. |
(3) | Prior period pipeline throughput amounts have been restated to conform to current presentation. |
(4) | Represents total segment sales and other operating revenue less costs of products sold and operating expenses. |
• | Expansion capital expenditures to acquire and integrate complementary assets to improve operational efficiencies or reduce costs and to expand existing and construct new facilities, such as projects that increase storage or throughput volume, and joint projects which complement our existing asset base, |
• | Maintenance capital expenditures that extend the usefulness of existing assets, such as those required to maintain equipment reliability, tankage and pipeline integrity and safety, and to address environmental regulations, and |
• | Acquisitions to acquire and integrate complementary assets to grow the business, to improve operational efficiencies or reduce costs. |
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
(in millions) | ||||||||
Expansion | $ | 1,392 | $ | 1,467 | ||||
Maintenance | 40 | 49 | ||||||
Acquisitions | 17 | 131 | ||||||
Total | $ | 1,449 | $ | 1,647 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
• | Our ability to successfully consummate announced acquisitions or expansions and integrate them into our existing business operations; |
• | Delays related to construction of, or work on, new or existing facilities and the issuance of applicable permits; |
• | Changes in the supply of, or demand for crude oil, NGLs and refined products that impact demand for our pipeline, terminalling and storage services; |
• | Changes in the short-term and long-term demand for crude oil, NGLs and refined products we buy and sell; |
• | An increase in the competition encountered by our terminals, pipelines and acquisition and marketing operations; |
• | Changes in the financial condition or operating results of joint ventures or other holdings in which we have an equity ownership interest; |
• | Changes in the general economic conditions in the United States; |
• | Changes in laws and regulations to which we are subject, including federal, state, and local tax, safety, environmental and employment laws; |
• | Changes in regulations governing the composition of the products that we transport, terminal and store; |
• | Improvements in energy efficiency and development of technology resulting in reduced demand for refined petroleum products; |
• | Our ability to manage growth and/or control costs; |
• | The effect of changes in accounting principles and tax laws, and interpretations of both; |
• | Global and domestic economic repercussions, including disruptions in the crude oil, NGLs and refined products markets, from terrorist activities, international hostilities and other events, and the government’s response thereto; |
• | Changes in the level of operating expenses and hazards related to operating our facilities (including equipment malfunction, explosions, fires, spills and the effects of severe weather conditions); |
• | The occurrence of operational hazards or unforeseen interruptions for which we may not be adequately insured; |
• | The age of, and changes in the reliability and efficiency of our operating facilities; |
• | Changes in the expected level of capital, operating, or remediation spending related to environmental matters; |
• | Changes in insurance markets resulting in increased costs and reductions in the level and types of coverage available; |
• | Risks related to labor relations and workplace safety; |
• | Non-performance by or disputes with major customers, suppliers or other business partners; |
• | Changes in our tariff rates implemented by federal and/or state government regulators; |
• | The amount of our debt, which could make us vulnerable to adverse general economic and industry conditions, limit our ability to borrow additional funds, place us at competitive disadvantages compared to competitors that have less debt, or have other adverse consequences; |
• | Restrictive covenants in our credit agreements; |
• | Changes in our or our general partner's credit ratings, as assigned by ratings agencies; |
• | The condition of the debt and equity capital markets in the United States, and our ability to raise capital in a cost-effective way; |
• | Performance of financial institutions impacting our liquidity, including those supporting our credit facilities; |
• | The effectiveness of our risk management activities, including the use of derivative financial instruments to hedge commodity risks; |
• | Changes in interest rates on our outstanding debt, which could increase the costs of borrowing; and |
• | The costs and effects of legal and administrative claims and proceedings against us or any entity in which we have an ownership interest, and changes in the status of, or the initiation of new litigation, claims or proceedings, to which we, or any entity in which we have an ownership interest, are a party. |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
2.1 | Membership Interest Purchase Agreement, dated as of August 2, 2016, by and between Bakken Holdings Company LLC and MarEn Bakken Company LLC | |
2.1.1 | Schedules and Exhibits to Membership Interest Purchase Agreement omitted from this filing. Registrant hereby undertakes, pursuant to Regulation S-K Item 601(b)(2) to furnish any such schedules and exhibits to the SEC supplementally, upon request | |
3.1* | Amendment No. 7 to Third Amended and Restated Agreement of Limited Partnership of Sunoco Logistics Partners L.P. dated as of September 26, 2016 (incorporated by reference to Exhibit 3.1 of Form 8-K, File No. 1-31219, filed September 26, 2016) | |
4.1* | Fourteenth Supplemental Indenture, dated as of July 12, 2016, by and among Sunoco Logistics Partners Operations L.P., as issuer, Sunoco Logistics Partners L.P., as guarantor, and U.S. Bank National Association as successor trustee (incorporated by reference to Exhibit 4.1 of Form 8-K, File No. 1-31219, filed July 12, 2016) | |
12.1 | Statement of Computation of Ratio of Earnings to Fixed Charges | |
31.1 | Chief Executive Officer Certification of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) | |
31.2 | Chief Financial Officer Certification of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) | |
32.1 | Chief Executive Officer Certification of Periodic Report Pursuant to Exchange Act Rule 13a-14(b) and U.S.C. § 1350 | |
32.2 | Chief Financial Officer Certification of Periodic Report Pursuant to Exchange Act Rule 13a-14(b) and U.S.C. § 1350 | |
101.1 | The following financial information from Sunoco Logistics Partners L.P.'s Quarterly Report on Form 10-Q for the nine months ended September 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Comprehensive Income; (ii) the Condensed Consolidated Balance Sheets; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Statements of Equity; and (v) the Notes to Condensed Consolidated Financial Statements |
* | Each such exhibit has heretofore been filed with the Securities and Exchange Commission as part of the filing indicated and is incorporated herein by reference. |
Sunoco Logistics Partners L.P. | |
By: | /s/ PETER J. GVAZDAUSKAS |
Peter J. Gvazdauskas | |
Chief Financial Officer and Treasurer Sunoco Partners LLC |
Page | |||
ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION | 2 | ||
Section 1.1 | Definitions | 2 | |
Section 1.2 | Rules of Construction | 2 | |
ARTICLE II TRANSFER OF TRANSFERRED INTERESTS | 2 | ||
Section 2.1 | Transfer of Transferred Interests | 2 | |
ARTICLE III CONSIDERATION | 3 | ||
Section 3.1 | Consideration | 3 | |
Section 3.2 | Guaranties | 3 | |
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER | 3 | ||
Section 4.1 | Organization of Seller | 3 | |
Section 4.2 | Authorization; Enforceability | 3 | |
Section 4.3 | No Conflict | 3 | |
Section 4.4 | Consents; Transfer Restrictions | 4 | |
Section 4.5 | Title to Transferred Interests | 4 | |
Section 4.6 | Brokers’ Fees | 4 | |
Section 4.7 | Litigation | 4 | |
Section 4.8 | No Bankruptcy | 5 | |
ARTICLE V REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY AND ITS SUBSIDIARIES | 5 | ||
Section 5.1 | Organization | 5 | |
Section 5.2 | No Conflict | 5 | |
Section 5.3 | Consents; Transfer Restrictions | 6 | |
Section 5.4 | Contracts. | 6 | |
Section 5.5 | Litigation | 7 | |
Section 5.6 | Taxes | 7 | |
Section 5.7 | Compliance with Laws | 8 | |
Section 5.8 | Environmental Matters | 9 | |
Section 5.9 | Membership Interests | 10 | |
Section 5.10 | Title Matters; Real Property Interests | 11 | |
Section 5.11 | Balance Sheet | 11 | |
Section 5.12 | Indebtedness | 12 | |
Section 5.13 | Credit Support | 12 | |
Section 5.14 | Employees; Benefit Plan Matters | 12 | |
Section 5.15 | Insurance | 12 | |
Section 5.16 | Brokers Fees | 12 | |
Section 5.17 | No Bankruptcy | 12 |
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF BUYER | 12 | ||
Section 6.1 | Organization of Buyer | 12 | |
Section 6.2 | Authorization; Enforceability | 12 | |
Section 6.3 | No Conflict; Consents | 13 | |
Section 6.4 | Consents and Approvals | 13 | |
Section 6.5 | Litigation | 13 | |
Section 6.6 | Brokers’ Fees | 14 | |
Section 6.7 | Financial Ability | 14 | |
Section 6.8 | Regulatory | 14 | |
Section 6.9 | Independent Evaluation | 14 | |
Section 6.10 | Accredited Investor | 14 | |
ARTICLE VII COVENANTS | 15 | ||
Section 7.1 | Conduct of Business, Operation of Assets | 15 | |
Section 7.2 | Access and Information | 16 | |
Section 7.3 | Regulatory Filings | 17 | |
Section 7.4 | Consents | 17 | |
Section 7.5 | Amendment of Schedules | 18 | |
Section 7.6 | Further Assurances | 18 | |
Section 7.7 | Exclusivity | 18 | |
Section 7.8 | Senior Secured Credit Facility | 18 | |
ARTICLE VIII CONDITIONS TO CLOSING | 19 | ||
Section 8.1 | Buyer’s Conditions to Closing | 19 | |
Section 8.2 | Conditions to the Obligations of Seller | 20 | |
ARTICLE IX CLOSING | 21 | ||
Section 9.1 | Closing | 21 | |
Section 9.2 | Seller Deliverables | 21 | |
Section 9.3 | Buyer Deliverables | 21 | |
ARTICLE X INDEMNIFICATION | 22 | ||
Section 10.1 | Survival | 22 | |
Section 10.2 | Indemnification Provisions for Benefit of Buyer | 22 | |
Section 10.3 | Indemnification Provisions for Benefit of Seller | 23 | |
Section 10.4 | Limitation on Liability | 23 | |
Section 10.5 | Procedures | 24 | |
Section 10.6 | Express Negligence | 25 | |
Section 10.7 | Waiver of Right to Rescission | 26 | |
Section 10.8 | Exclusive Remedy | 26 | |
Section 10.9 | Non-Compensatory Damages | 26 | |
Section 10.10 | Tax Treatment of Payments | 27 | |
ARTICLE XI TERMINATION | 27 | ||
Section 11.1 | Termination | 27 | |
Section 11.2 | Effect of Termination | 28 | |
Section 11.3 | Return of Documentation and Confidentiality | 28 | |
ARTICLE XII DISCLAIMERS | 28 | ||
Section 12.1 | Disclaimer - Representations and Warranties | 28 | |
Section 12.2 | Disclaimer - Statements and Information | 29 | |
ARTICLE XIII TAX MATTERS | 30 | ||
Section 13.1 | Liability for Transfer Taxes | 30 | |
Section 13.2 | Company Tax Returns | 30 | |
Section 13.3 | Cooperation on Tax Matters | 31 | |
Section 13.4 | Straddle Period | 31 | |
Section 13.5 | Tax Classification Elections | 31 | |
Section 13.6 | 754 Election | 31 | |
Section 13.7 | Intended Tax Treatment | 31 | |
Section 13.8 | Allocation of Purchase Price | 32 | |
ARTICLE XIV MISCELLANEOUS | 32 | ||
Section 14.1 | Notices | 32 | |
Section 14.2 | Succession and Assignment | 33 | |
Section 14.3 | Rights of Third Parties | 33 | |
Section 14.4 | Expenses | 34 | |
Section 14.5 | Counterparts | 34 | |
Section 14.6 | Entire Agreement | 34 | |
Section 14.7 | No Partnership | 34 | |
Section 14.8 | Amendments | 34 | |
Section 14.9 | Publicity | 34 | |
Section 14.10 | Non-Waiver | 35 | |
Section 14.11 | Severability | 35 | |
Section 14.12 | Governing Law; Jurisdiction | 35 | |
Section 14.13 | Schedules | 36 |
Appendix I | Definitions |
Exhibit A | Form of Assignment |
Exhibit B | Form of Company Agreement |
Exhibit C | Form of Seller Parent Guaranties |
Exhibit D | Form of Buyer Parent Guaranties |
Schedule 1.1(a) | Seller Persons with Knowledge |
Schedule 1.1(b) | Buyer Persons with Knowledge |
Schedule 1.1(c) | Certain Permitted Liens |
Schedule 4.3 | Seller’s No Conflicts |
Schedule 5.1(d) | Managers, Directors and Officers |
Schedule 5.2 | No Conflicts |
Schedule 5.3 | Company Consents and Approvals |
Schedule 5.4(a) | Material Contracts |
Schedule 5.5 | Litigation |
Schedule 5.6 | Taxes |
Schedule 5.7(a) | Compliance with Laws |
Schedule 5.7(b) | Material Permits |
Schedule 5.7(c) | Certain Material Permits |
Schedule 5.8(b) | Environmental Matters |
Schedule 5.8(c) | Material Environmental Permits |
Schedule 5.9 | Membership Interests |
Schedule 5.11(a) | Balance Sheet |
Schedule 5.12 | Indebtedness |
Schedule 5.13 | Credit Support |
Schedule 5.15(a) | Insurance |
Schedule 5.15(b) | Certain Insurance Claims |
Schedule 6.3 | Buyer’s No Conflicts |
Nine Months Ended September 30, 2016 | |||
(in millions) | |||
Fixed Charges: | |||
Interest cost and debt expense | $ | 198 | |
Interest allocable to rental expense (1) | 5 | ||
Total | $ | 203 | |
Earnings: | |||
Income before income tax expense (2) | $ | 522 | |
Income before income tax expense attributable to noncontrolling interests | (3 | ) | |
Income before income tax expense attributable to redeemable noncontrolling interests | (1 | ) | |
Equity in income of 50 percent or less owned affiliated companies | (29 | ) | |
Dividends received from 50 percent or less owned affiliated companies (3) | 15 | ||
Fixed charges | 203 | ||
Interest capitalized | (80 | ) | |
Amortization of previously capitalized interest | 3 | ||
Total | $ | 630 | |
Ratio of Earnings to Fixed Charges | 3.1 |
(1) | Represents one-third of the total operating lease rental expense which is the portion deemed to be interest. |
(2) | Represents income before income tax expense for all consolidated entities. |
(3) | Represents dividends received from equity-method investments. |
1. | I have reviewed this Quarterly Report on Form 10-Q; |
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(s) 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 entities, 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(s) 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/ MICHAEL J. HENNIGAN |
Name: Michael J. Hennigan |
Title: President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q; |
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(s) 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 entities, 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(s) 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/ PETER J. GVAZDAUSKAS |
Name: Peter J. Gvazdauskas |
Title: Chief Financial Officer and Treasurer |
/s/ MICHAEL J. HENNIGAN |
Michael J. Hennigan |
President and Chief Executive Officer |
/s/ PETER J. GVAZDAUSKAS |
Name: Peter J. Gvazdauskas |
Chief Financial Officer and Treasurer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 04, 2016 |
|
Document Information [Line Items] | ||
Entity Registrant Name | SUNOCO LOGISTICS PARTNERS L.P. | |
Entity Central Index Key | 0001161154 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SXL | |
Amendment Flag | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 322,054,475 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,416,196 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets | ||
Cash and cash equivalents | $ 39 | $ 37 |
Accounts receivable, net | 1,456 | 1,165 |
Accounts receivable, affiliated companies (Note 4) | 37 | 20 |
Inventories (Note 6) | 829 | 607 |
Note receivable, affiliated companies (Note 4) | 100 | 0 |
Other current assets | 29 | 19 |
Total Current Assets | 2,490 | 1,848 |
Properties, plants and equipment | 12,805 | 11,527 |
Less accumulated depreciation and amortization | (1,124) | (835) |
Properties, plants and equipment, net | 11,681 | 10,692 |
Investment in affiliates | 985 | 802 |
Goodwill | 1,358 | 1,358 |
Intangible assets, net (Note 7) | 680 | 718 |
Other assets | 77 | 71 |
Total Assets | 17,271 | 15,489 |
Liabilities and Equity | ||
Accounts payable | 1,507 | 1,251 |
Accounts payable, affiliated companies (Note 4) | 33 | 39 |
Accrued liabilities | 306 | 329 |
Accrued taxes payable (Note 8) | 43 | 44 |
Total Current Liabilities | 1,889 | 1,663 |
Long-term debt (Note 9) | 6,014 | 5,591 |
Other deferred credits and liabilities | 128 | 125 |
Deferred income taxes (Note 8) | 256 | 254 |
Total Liabilities | 8,287 | 7,633 |
Commitments and contingent liabilities (Note 10) | ||
Redeemable noncontrolling interests | 15 | 15 |
Redeemable Limited Partners' interests (Note 11) | 296 | 286 |
Total Equity | 8,673 | 7,555 |
Total Liabilities and Equity | $ 17,271 | $ 15,489 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Cash Flows from Operating Activities: | ||
Net Income | $ 503 | $ 371 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 327 | 278 |
Impairment charge and other matters | (143) | 44 |
Deferred income tax expense (benefit) | 2 | (5) |
Amortization of bond premium | (8) | (10) |
Non-cash compensation expense | 16 | 12 |
Equity in earnings of unconsolidated affiliates | (29) | (21) |
Distributions from unconsolidated affiliates | 15 | 14 |
Changes in working capital pertaining to operating activities: | ||
Accounts receivable, net | (304) | 400 |
Accounts receivable, affiliated companies | (17) | (39) |
Inventories | (79) | (221) |
Accounts payable, affiliated companies | (6) | 30 |
Accounts payable and accrued liabilities | 224 | (558) |
Accrued taxes payable | (1) | (8) |
Unrealized (gains) losses on commodity risk management activities | 33 | (9) |
Other | (5) | 19 |
Net cash provided by operating activities | 528 | 297 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (1,448) | (1,678) |
Acquisitions | (17) | (131) |
Change in note receivable, affiliated companies | (100) | 0 |
Change in long-term note receivable | (2) | (14) |
Net cash used in investing activities | (1,567) | (1,823) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (695) | (491) |
Distributions paid to noncontrolling interests | (3) | (1) |
Net proceeds from issuance of limited partner units | 1,304 | 1,274 |
Payments of statutory withholding on net issuance of limited partner units under LTIP | 0 | (10) |
Repayments under credit facilities | (4,029) | (1,760) |
Borrowings under credit facilities | 4,089 | 2,454 |
Net proceeds from issuance of long-term debt | 544 | 0 |
Repayments of senior notes | (175) | 0 |
Contributions attributable to acquisition from affiliate | 5 | 8 |
Other | 1 | (4) |
Net cash provided by financing activities | 1,041 | 1,470 |
Net change in cash and cash equivalents | 2 | (56) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | $ 39 | $ 45 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Millions |
Total |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Limited Partners
Common Stock [Member]
|
General Partner |
---|---|---|---|---|---|
Balance, beginning at Dec. 31, 2014 | $ 6,738 | $ 1 | $ 60 | $ 5,752 | $ 925 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net Income | 370 | 0 | 2 | 163 | 205 |
Adjustment to affiliate's pension funded status | (1) | (1) | |||
Total comprehensive income (loss) | 369 | (1) | 2 | 163 | 205 |
Issuance of limited partner units to the public | 1,274 | 1,274 | 0 | ||
Non-cash compensation expense | 12 | 12 | |||
Distribution equivalent rights | (1) | (1) | |||
Payments of statutory withholding on issuance under LTIP | (10) | (10) | |||
Distributions | (492) | (1) | (306) | (185) | |
Contributions attributable to acquisition from affiliate | 8 | 8 | |||
Acquisition of a noncontrolling interest in a consolidated subsidiary | (131) | (26) | (103) | (2) | |
Other | 1 | 2 | (1) | ||
Balance, ending at Sep. 30, 2015 | 7,768 | 0 | 35 | 6,791 | 942 |
Balance, beginning at Dec. 31, 2015 | 7,555 | 0 | 34 | 6,577 | 944 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net Income | 503 | 0 | 2 | 212 | 289 |
Adjustment to affiliate's pension funded status | 0 | ||||
Total comprehensive income (loss) | 503 | 0 | 2 | 212 | 289 |
Issuance of limited partner units to the public | 1,304 | 1,304 | 0 | ||
Non-cash compensation expense | 16 | 16 | |||
Distribution equivalent rights | (4) | (4) | |||
Payments of statutory withholding on issuance under LTIP | 0 | ||||
Distributions | (698) | (3) | (420) | (275) | |
Contributions attributable to acquisition from affiliate | 5 | 5 | |||
Decrease attributable to Class B units | (10) | (10) | |||
Other | 2 | 2 | 0 | ||
Balance, ending at Sep. 30, 2016 | $ 8,673 | $ 0 | $ 33 | $ 7,682 | $ 958 |
Organization and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Sunoco Logistics Partners L.P. (the "Partnership" or "SXL") is a publicly traded Delaware limited partnership that owns and operates a logistics business, consisting of geographically diverse portfolio of integrated pipeline, terminalling, and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids ("NGLs") and refined products. The Partnership conducts its business activities in 37 states located throughout the United States. During the fourth quarter 2015, the Partnership realigned its reporting segments as a result of the continued investment in its organic growth capital program which has served to increase the integration that exists between its assets that service each commodity. This has also resulted in a shift in Management's strategic decision making process, resource allocation methodology, and assessment of the Partnership's financial results. The updated reporting segments are: Crude Oil, Natural Gas Liquids and Refined Products. The new segmentation provides the Partnership's investors with a more meaningful view of its business that is consistent with that of Management. For the purpose of comparability, all prior period segment disclosures have been recast to conform to the current presentation. Such recasts had no impact on previously reported consolidated earnings. The consolidated financial statements reflect the results of the Partnership and its wholly-owned subsidiaries, including Sunoco Logistics Partners Operations L.P. (the "Operating Partnership"), the proportionate shares of the Partnership's undivided interests in assets, and the accounts of entities in which the Partnership has a controlling financial interest. A controlling financial interest is evidenced by either a voting interest greater than 50 percent or a risk and rewards model that identifies the Partnership or one of its subsidiaries as the primary beneficiary of a variable interest entity. The Partnership currently holds a controlling financial interest in Inland Corporation ("Inland"), Mid-Valley Pipeline Company ("Mid-Valley"), and Price River Terminal, LLC ("PRT"), and as such, these entities are reflected as consolidated subsidiaries of the Partnership. Effective November 1, 2016, SunVit Pipeline LLC ("SunVit") became a wholly-owned subsidiary of the Partnership. The Partnership is not the primary beneficiary of any variable-interest entities ("VIEs"). All significant intercompany accounts and transactions are eliminated in consolidation, and noncontrolling interests in net income and equity are shown separately in the condensed consolidated statements of comprehensive income and equity. Equity ownership interests in corporate joint ventures in which the Partnership does not have a controlling financial interest, but over which the Partnership can exercise significant influence, are accounted for under the equity method of accounting. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, which created Topic 842, Leases, and superseded the leases requirements in Topic 840. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Partnership is currently evaluating the impact that it will have on its consolidated financial statements and related disclosures. In May 2014, the FASB codified guidance in ASU 2014-09 related to the recognition of revenue from contracts with customers, and released associated clarifying guidance in subsequent periods. The new standards outline the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods, with early adoption permitted. The Partnership is currently assessing the impact, if any, that adoption of new guidance will have on its consolidated financial position and results of operations. In the fourth quarter 2015, the Partnership adjusted its presentation of costs associated with issuances of debt in response to the early adoption of ASU 2015-03. This guidance requires costs incurred to issue certain debt instruments to be reflected as a reduction of the reported long-term debt liability within the consolidated balance sheet, as opposed to being reported as an asset. All prior periods are reported presenting the impact of ASU 2015-03. The adoption did not impact the Partnership's overall financial position or results of operations. The Partnership also adjusted its balance sheet presentation of deferred tax assets and liabilities in response to the early adoption of ASU 2015-17. This guidance requires all deferred tax assets and liabilities to be presented as noncurrent within the consolidated balance sheet, and is retrospectively applied to all prior reporting periods presented. This change did not impact the Partnership's financial position or results of operations. The accompanying condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and accounting principles generally accepted in the United States for interim financial reporting. They do not include all disclosures normally made in annual financial statements contained in Form 10-K. The accompanying condensed consolidated balance sheet at December 31, 2015 has been derived from the Partnership's audited financial statements for the year ended December 31, 2015. In management's opinion, all adjustments necessary for a fair presentation of the results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal, recurring nature. The Partnership expects the interim increase in the quantity of its crude oil inventory to decline by year end and therefore has adjusted its interim LIFO calculation to produce a reasonable matching of the most recently incurred costs with current revenues. Results for the three and nine months ended September 30, 2016 are not necessarily indicative of results for the full year 2016. Certain amounts in the prior year condensed consolidated financial statements have been reclassified to conform to the current year presentation. |
Change in Business and Other Matters |
9 Months Ended |
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Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Change in Business and Other Matters | Changes in Business and Other Matters Bayview Refining Company In connection with the formation of Bayview Refining Company, LLC ("Bayview") in the second quarter 2014, the joint owners agreed to guarantee the obligations of the entity with respect to certain third-party operating agreements over a ten-year term. The fair value of the liability recognized in connection with the guarantee was not material in relation to the Partnership's financial position at September 30, 2016. The Partnership's note receivable from the joint owner of Bayview is reflected in other assets in the condensed consolidated balance sheet. Bayou Bridge Pipeline In July 2015, the Partnership entered into an agreement with ETP and Phillips 66 to participate in the Bayou Bridge Pipeline project. The Partnership obtained a 30 percent economic interest in the project which, combined with ETP's 30 percent interest, will be a consolidated subsidiary of ETP. The project consists of a newly constructed pipeline that will deliver crude oil from Nederland, Texas to refinery markets in Louisiana. Commercial operations from Nederland, Texas to Lake Charles, Louisiana commenced in the second quarter 2016, with continued progress on an extension of the pipeline segment to St. James, Louisiana, which is expected to commence operations in the second half of 2017. The Partnership is the operator of the pipeline and will continue to fund its proportionate share of the cost of the project, which is accounted for as an equity method investment within the Partnership's Crude Oil segment. Bakken Pipeline In October 2015, the Partnership finalized its participation in the Bakken Pipeline project with Energy Transfer Partners, L.P. ("ETP") and Phillips 66. The Partnership obtained a 30 percent economic interest in the project which is a consolidated subsidiary of ETP. The project consists of existing and newly constructed pipelines that are expected to provide aggregate takeaway capacity of approximately 450 thousand barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to key refinery and terminalling hubs in the Midwest and Gulf Coast, including the Partnership's Nederland terminal. The ultimate takeaway capacity target for the project is 570 thousand barrels per day. The Partnership expects to reach agreement to become the operator of the pipeline system, which is expected to begin commercial operations in the first quarter of 2017. In exchange for its 30 percent economic interest in the project, the Partnership issued 9.4 million Class B units to ETP, representing limited partner interests in the Partnership, and paid $382 million in cash to cover the Partnership's proportionate share of contributions at the time of closing. Since the interest in the project was acquired from a related party, the Partnership's initial investment was recorded at ETP's historical carrying value. The Partnership's investment in the Bakken Pipeline project is reflected as an equity method investment within the Crude Oil segment. See Note 11 for additional information on the issuance of the Class B units. In August 2016, the Bakken entities' established a $2.5 billion credit facility which is anticipated to provide substantially all of the remaining capital necessary to complete the project. Borrowings under the credit facility are secured by all assets of the Bakken entities, as well as the ownership interests maintained by the joint partners. Until certain governmental permits required for operation are obtained, the facility is limited to $1.1 billion in borrowings. At September 30, 2016, $1.1 billion was outstanding under the Bakken credit facility. The joint partners agreed to provide the Bakken entities with a short-term loan until the full capacity of the $2.5 billion credit facility can be utilized. The loan was made by the partners in proportion to their respective ownership interests. The outstanding balance of the note receivable due to the Partnership by the Bakken entities at September 30, 2016 was $100 million. In August 2016, the Partnership announced with ETP the signing of an agreement to sell 49 percent of their respective interests in the Bakken Pipeline project for $2.0 billion to MarEn Bakken Company LLC, an entity jointly owned by Marathon Petroleum Corporation and Enbridge Energy Partners, L.P. The transaction is expected to close in the fourth quarter 2016, subject to certain closing conditions, at which time the Partnership will receive $800 million. The carrying amount of the Partnership's investment in the Bakken Pipeline project was $631 million at September 30, 2016. Subsequent to closing, the Partnership's ownership interest in the Bakken Pipeline project will be 15.3 percent. Permian Express Partners In November 2016, the Partnership announced its intent to form Permian Express Partners LLC ("PEP"), a strategic joint venture, with ExxonMobil. The Partnership will contribute its Permian Express 1, Permian Express 2 and Permian Longview and Louisiana Access pipelines. ExxonMobil will contribute its Longview to Louisiana and Pegasus pipelines; Hawkins gathering system; an idle pipeline in southern Oklahoma; and its Patoka, Illinois terminal. The closing of PEP will be subject to certain closing conditions, including regulatory approval, and is expected to be completed in the first quarter 2017. Upon closing, the Partnership's ownership percentage is expected to be approximately 85 percent. The Partnership will maintain a controlling financial and voting interest in PEP and will operate all of the assets contributed to the joint venture. As such, PEP will be reflected as a consolidated subsidiary of the Partnership with its operating results included in the Crude Oil segment. No pro forma information has been presented, as the impact of these investments was not material to the Partnership's consolidated financial position or results of operations. |
Acquisitions |
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Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In January 2015, the Partnership acquired the remaining noncontrolling interest in West Texas Gulf Pipe Line Company ("West Texas Gulf"), from the Southwest Pipeline Holding Company for $131 million. The acquisition of the remaining ownership interest reduced noncontrolling interest and partners' equity by $26 and $105 million, respectively, in the first quarter 2015. In August 2016, the Partnership purchased an additional 1.7 percent ownership interest in the Explorer Pipeline Company ("Explorer") from EXPL Pipeline Investment LLC for $17 million. The purchase increased the Partnership's overall ownership in Explorer, which continues to be accounted for as an equity method investment within the Refined Products segment, from 13.3 to 15.0 percent. In November 2016, the Partnership completed an acquisition from Vitol, Inc. ("Vitol") of an integrated crude oil business in West Texas for $760 million plus working capital. The acquisition provides the Partnership with an approximately 2 million barrel crude oil terminal in Midland, Texas, a crude oil gathering and mainline pipeline system in the Midland Basin, including a significant acreage dedication from an investment-grade Permian producer, and crude oil inventories related to Vitol's crude oil purchasing and marketing business in West Texas. The acquisition also included the purchase of a 50 percent interest in SunVit, which increased the Partnership's overall ownership of SunVit to 100 percent. SunVit connects the Midland terminal to the Partnership's Permian Express 2 pipeline, a key takeaway to bring Permian crude oil to multiple markets. The acquisition will be included in the Crude Oil segment. The assets and liabilities acquired will be recorded at fair value as of the acquisition date, and the initial fair value measurements are not yet complete. No pro forma information has been presented, as the impact of the acquisitions was not material in relation to the Partnership's consolidated financial position or results of operations in 2015 and 2016. |
Related Party Transactions |
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Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Partnership is a consolidated subsidiary of ETP. ETP and one of its affiliates own Sunoco Partners LLC, the Partnership's general partner, and a 23 percent limited partner interest in the Partnership, including the Class B units issued in October 2015. The Partnership has various operating and administrative agreements with ETP and its affiliates, which include the agreements described below. Administrative Services The Partnership has no employees. The operations of the Partnership are carried out by employees of the general partner. The Partnership reimburses the general partner and its affiliates for certain costs and direct expenses incurred on the Partnership's behalf. These costs may be increased if the acquisition or construction of new businesses or assets requires an increase in the level of services received by the Partnership. The Partnership pays ETP and its affiliates an annual administrative fee for expenses incurred by ETP and its affiliates to perform certain centralized corporate functions, such as legal, accounting, information technology, insurance, office space rental, and other corporate services, including the administration of employee benefit plans. This fee does not include the salaries or wages of employees of the general partner, or the cost of employee benefits or shared insurance. The Partnership's share of allocated ETP employee benefit plan expenses, including defined contribution 401(k) plans, employee and retiree medical, dental and life insurance plans, incentive compensation plans and other such benefits are reflected in operating expenses and selling, general and administrative expenses in the condensed consolidated statements of comprehensive income. Affiliated Revenues and Accounts Receivable, Affiliated Companies The Partnership is party to various agreements with ETP and its affiliates to supply crude oil, NGLs and refined products, as well as to provide pipeline and terminalling services. The revenues associated with these activities are reflected as affiliated revenues in the condensed consolidated statements of comprehensive income. Acquisitions See Note 2 for additional information related to the Partnership's participation in the Bayou Bridge and Bakken pipeline projects. Capital Contributions In connection with the acquisition of the Marcus Hook Facility in the second quarter 2013, the Partnership will be reimbursed $40 million by an affiliate of ETP for certain operating expenses of the facility through March 31, 2017. The reimbursement proceeds are reflected as contributions to equity within the condensed consolidated statements of equity. Notes Receivable from Affiliated Companies See Note 2 for additional information related to the note receivable in connection with the Bakken Pipeline project. |
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Sunoco Logistics Partners L.P. per Limited Partner Unit | Net Income Attributable to Sunoco Logistics Partners L.P. per Limited Partner Unit The general partner's interest in net income attributable to SXL consists of its general partner interest and "incentive distributions," which are increasing percentages of up to 50 percent of quarterly distributions in excess of $0.0833 per common unit. In September 2016, the Partnership entered into an amendment of its Limited Partnership Agreement to temporarily reduce the incentive distributions received by the general partner over a two-year period, beginning in the third quarter 2016 (see Note 12). The general partner was allocated net income attributable to SXL of $101 and $74 million (representing 66 and 132 percent of total net income attributable to SXL) for the three months ended September 30, 2016 and 2015, respectively. The general partner was allocated net income attributable to SXL of $289 and $205 million (representing 58 and 56 percent of total net income attributable to SXL) for the nine months ended September 30, 2016 and 2015, respectively. Diluted net income attributable to SXL per limited partner unit is calculated by dividing the limited partners' interest in net income attributable to SXL by the sum of the weighted average number of common and Class B units outstanding and the dilutive effect of unvested incentive unit awards (see Note 13). For the three and nine months ended September 30, 2016, net income attributable to SXL was reduced by $3 and $10 million, respectively, in determining earnings per limited partner unit in accordance with accounting guidance applicable to the Class B units, which are reflected as redeemable limited partner interests. The following table sets forth the reconciliation of the weighted average number of limited partner and Class B units used to compute basic net income attributable to SXL per limited partner unit to those used to compute diluted net income attributable to SXL per limited partner unit for the three and nine months ended September 30, 2016 and 2015:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The components of inventories are as follows:
The Partnership's lower of cost or market ("LCM") reserves totaled $269 and $8 million, respectively, on its crude oil and NGLs inventories at September 30, 2016. At December 31, 2015, the LCM reserves totaled $381, $37 and $2 million on the Partnership's crude oil, NGLs and refined products inventories, respectively. See Note 16 for additional information on the LCM adjustments related to the Partnership's LIFO inventory balances, which are reported as impairment charge and other matters within the condensed consolidated statement of comprehensive income. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible Assets The components of intangible assets are as follows:
Amortization expense was $13 million for the three months ended September 30, 2016 and 2015, and $38 and $39 million for the nine months ended September 30, 2016 and 2015, respectively. The Partnership forecasts annual amortization expense of $51 million for each year through the year 2020, for its intangible assets. Intangible assets associated with rights of way are included in properties, plants and equipment in the Partnership's condensed consolidated balance sheets. Goodwill Goodwill, which represents the excess of the purchase price in a business combination over the fair value of net assets acquired, is tested for impairment annually in the fourth quarter, or more often if events or changes in circumstances indicate that the carrying value of goodwill may exceed its estimated fair value. The Partnership's goodwill balance was $1,358 million at September 30, 2016 and December 31, 2015. The Partnership will continue to monitor the volatility in the energy markets and the impact it could have on the estimated fair value of its reporting segments. It is possible that continued negative volatility within these markets could change the Partnership's conclusion regarding whether goodwill is impaired. |
Income Taxes |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Partnership is not a taxable entity for U.S. federal income tax purposes, or for the majority of states that impose income taxes. Rather, income taxes are generally assessed at the partner level. There are some states in which the Partnership operates where it is subject to state and local income taxes. Substantially all of the income tax amounts reflected in the Partnership's condensed consolidated financial statements are related to the operations of Inland, Mid-Valley and West Texas Gulf, all of which are entities subject to income taxes for federal and state purposes at the corporate level. The effective tax rates for these entities approximate the federal statutory rate of 35 percent. In taxable jurisdictions, the Partnership records deferred income taxes on all significant temporary differences between the book basis and the tax basis of assets and liabilities. The net deferred tax liabilities reflected in the condensed consolidated balance sheets are derived principally from the differences in the book and tax bases of properties, plants and equipment of Inland, Mid-Valley and West Texas Gulf. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The components of the Partnership's debt balance are as follows:
Credit Facilities In March 2015, the Operating Partnership amended and restated its $1.50 billion Credit Facility, which was scheduled to mature in November 2018. The amended and restated credit facility is a $2.50 billion unsecured revolving credit agreement (the "$2.50 billion Credit Facility"), which matures in March 2020, that will continue to fund the Partnership's working capital requirements, finance acquisitions and capital projects, and be used for general partnership purposes. The $2.50 billion Credit Facility contains an "accordion" feature, under which the total aggregate commitment may be extended to $3.25 billion under certain conditions. In June 2015, the $2.50 billion Credit Facility was amended to create a segregated tranche of borrowings that will be guaranteed by ETP. The amendment did not modify the outstanding borrowings, total capacity or terms of the facility. In September 2015, the Operating Partnership initiated a commercial paper program under the borrowing limits established by its $2.50 billion Credit Facility. The $2.50 billion Credit Facility bears interest at LIBOR or the Base Rate (as defined in the facility), each plus an applicable margin. The credit facility may be repaid at any time. The $2.50 billion Credit Facility contains various covenants, including limitations on the creation of indebtedness and liens, and related to the operation and conduct of the business of the Partnership and its subsidiaries. The credit facility also limits the Partnership, on a rolling four quarter basis, to a maximum total consolidated debt to consolidated Adjusted EBITDA ratio, as defined in the underlying credit agreement, of 5.0 to 1, which can generally be increased to 5.5 to 1 during an acquisition period. The Partnership's ratio of total consolidated debt, excluding net unamortized fair value adjustments, to consolidated Adjusted EBITDA was 3.6 to 1 at September 30, 2016, as calculated in accordance with the credit agreement. See Note 2 for additional information on the Bakken Pipeline project-level financing. Senior Notes The Operating Partnership had $175 million of 6.125 percent Senior Notes which matured and were repaid in May 2016, using borrowings under the $2.50 billion Credit Facility. In July 2016, the Operating Partnership issued $550 million of 3.90 percent Senior Notes (the "2026 Senior Notes"), due July 2026, for net proceeds of $544 million. The terms and conditions of the 2026 Senior Notes are comparable to those of the Operating Partnership's other outstanding senior notes. The net proceeds from this offering were used to repay outstanding credit facility borrowings and for general partnership purposes. |
Commitments and Contingent Liabilities |
9 Months Ended |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Partnership is subject to numerous federal, state and local laws which regulate the discharge of materials into the environment or otherwise relate to the protection of the environment. These laws and regulations can result in liabilities and loss contingencies for remediation at the Partnership's facilities and at third-party or formerly owned sites. At September 30, 2016 and December 31, 2015, there were accrued liabilities for environmental remediation in the condensed consolidated balance sheets of $8 and $6 million, respectively. The accrued liabilities for environmental remediation do not include any amounts attributable to unasserted claims, since there are no unasserted claims that are probable of settlement or are reasonably estimable, nor have any recoveries from insurance been assumed. Charges against income for environmental remediation totaled $4 and $2 million for the three months ended September 30, 2016 and 2015, respectively, and $8 and $7 million for the nine months ended September 30, 2016 and 2015, respectively. The Partnership maintains insurance programs that cover certain of its existing or potential environmental liabilities. Claims for recovery of environmental liabilities and previous expenditures that are probable of realization were not material in relation to the Partnership's consolidated financial position at September 30, 2016. Total future costs for environmental remediation activities will depend upon, among other things, the identification of any additional sites; the determination of the extent of the contamination at each site; the timing and nature of required remedial actions; the technology available and needed to meet the various existing legal requirements; the nature and extent of future environmental laws, inflation rates and the determination of the Partnership's liability at multi-party sites, if any, in light of uncertainties with respect to joint and several liability; and the number, participation levels and financial viability of other parties. Management believes it is reasonably possible that additional environmental remediation losses will be incurred. At September 30, 2016, the aggregate of the estimated maximum additional reasonably possible losses, which relate to numerous individual sites, totaled $13 million. The Partnership is a party to certain pending and threatened claims. Although the ultimate outcome of these claims cannot be ascertained at this time, nor can a range of reasonably possible losses be determined, it is reasonably possible that some portion of them could be resolved unfavorably for the Partnership. Management does not believe that any liabilities which may arise from such claims or the environmental matters discussed above would be material in relation to the Partnership's financial position, results of operations or cash flows at September 30, 2016. Furthermore, management does not believe that the overall costs for such matters will have a material impact, over an extended period of time, on the Partnership's financial position, results of operations or cash flows. Sunoco, Inc. ("Sunoco") has indemnified the Partnership for 30 years for environmental and toxic tort liabilities related to the assets contributed to the Partnership that arose from the operation of such assets prior to the closing of the February 2002 initial public offering ("IPO"). Sunoco has also indemnified the Partnership for 100 percent of all losses asserted within the first 21 years after the closing of the IPO. Sunoco's share of the liability for claims asserted thereafter will decrease by 10 percent per year. For example, for a claim asserted during the twenty-third year after the closing of the IPO, Sunoco would be required to indemnify the Partnership for 80 percent of its loss. There is no monetary cap on the amount of indemnity coverage provided by Sunoco. The Partnership has agreed to indemnify Sunoco for events and conditions associated with the operation of the Partnership's assets that occur on or after the closing of the IPO and for environmental and toxic tort liabilities to the extent that Sunoco is not required to indemnify the Partnership. Management of the Partnership does not believe that any liabilities which may arise from claims indemnified by Sunoco would be material in relation to the Partnership's financial position, results of operations or cash flows at September 30, 2016. There are certain other pending legal proceedings related to matters arising after the IPO that are not indemnified by Sunoco. Management believes that any liabilities that may arise from these legal proceedings will not be material in relation to the Partnership's financial position, results of operations or cash flows at September 30, 2016. |
Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The changes in the number of common units outstanding from January 1, 2015 through September 30, 2016 are as follows:
The Partnership maintains an at-the-market equity offering program ("ATM" program) which allows it to issue common units directly to the public and raise capital in a timely and efficient manner to finance its growth capital program, while supporting the Partnership's investment grade credit ratings. For the three months ended September 30, 2016 and 2015, the Partnership issued 2.8 and 7.6 million common units under this program, for proceeds of $77 and $261 million, net of $1 and $2 million in fees and commissions to managers, respectively. For the nine months ended September 30, 2016 and 2015, the Partnership issued 29.1 and 17.2 million common units under this program, for proceeds of $744 and $645 million, net of $8 and $7 million in fees and commissions to managers, respectively. In September 2016, the Partnership completed a public offering of 21.0 million common units for proceeds of $560 million, net of $7 million in fees and commissions to managers. The net proceeds from this offering were used to partially fund the acquisition from Vitol. See Note 3 for further information regarding the acquisition. In October 2016, an additional 3.2 million common units were issued for proceeds of $84 million, net of fees and commissions to managers of $1 million, related to the exercise of an option in connection with the September 2016 offering. In March and April 2015, a total of 15.5 million common units were issued in connection with a public offering and related option exercise. Total proceeds of $629 million were used to repay outstanding borrowings under the Partnership's $2.50 billion Credit Facility and for general partnership purposes. In October 2015, the Partnership issued 9.4 million Class B units to ETP in conjunction with the purchase of an ownership interest in the Bakken pipeline. The Class B units represent a new class of limited partner interests in the Partnership which are not entitled to receive quarterly distributions that are made on the Partnership's common units, but are otherwise entitled to share in earnings pro-rata with common units. The Class B units will automatically convert to common units on a one-for-one basis in the third quarter 2017. However, the Partnership can exercise an option to call the Class B units for $300 million. If not exercised, ETP can exercise a put right during the third quarter 2017, effective prior to the one-for-one conversion date, for the greater of $313.5 million or the fair market value of the units, as defined in the unitholder agreement. As a result of the available put option, the amount attributable to the Class B units is excluded from total equity and instead reflected as redeemable interests in the Partnership's condensed consolidated balance sheet. |
Cash Distributions |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Distributions | Cash Distributions Within 45 days after the end of each quarter, the Partnership distributes all cash on hand at the end of the quarter, less reserves established by the general partner at its discretion. This is defined as "available cash" in the partnership agreement. The general partner has broad discretion to establish cash reserves that it determines are necessary or appropriate to properly conduct the Partnership's business. The Partnership will make quarterly distributions to the extent there is sufficient cash from operations after the establishment of cash reserves and the payment of fees and expenses, including payments to the general partner. If cash distributions exceed $0.0833 per unit in a quarter, the general partner will receive increasing percentages, up to 50 percent, of the cash distributed in excess of that amount. These distributions are referred to as "incentive distributions." The percentage interests for the unitholders and the general partner for the minimum quarterly distribution are also applicable to the quarterly distribution amounts that are less than the minimum quarterly distribution. The following table shows the target distribution levels and distribution "splits" between the general partner and the holders of the Partnership's common units through September 30, 2016:
The distributions paid by the Partnership for the periods presented were as follows:
In connection with the acquisition from Vitol, the Partnership's general partner executed an amendment to the Partnership's Third Amended and Restated Agreement of Limited Partnership in September 2016, which provides for a reduction to the incentive distributions the general partner receives from the Partnership. The reductions will total $60 million over a two-year period, recognized ratably over eight quarters, beginning with the third quarter 2016 cash distribution. On October 27, 2016, the Partnership's general partner announced a cash distribution of $0.51 per common unit ($2.04 annualized), representing the distribution for the third quarter 2016. The $266 million distribution, including $102 million to the general partner for its interests and incentive distribution rights, will be paid on November 14, 2016 to unitholders of record on November 9, 2016. |
Management Incentive Plan |
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Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Management Incentive Plan | Management Incentive Plan Sunoco Partners LLC, the general partner of the Partnership, has adopted the Sunoco Partners LLC Long-Term Incentive Plan ("LTIP") for employees and directors of the general partner who perform services for the Partnership. In the fourth quarter 2015, the Partnership's unitholders approved the Sunoco Partners LLC Long-Term Incentive Plan, as amended and restated (the "Restated LTIP"), which was previously approved by the board of directors of Sunoco Partners LLC, the Partnership's general partner. The Restated LTIP authorized an additional 10.0 million common units to be available under the plan; added additional types of awards that can be granted under the plan, such as phantom unit awards, unit appreciation rights, unrestricted unit awards and other unit-based awards ("plan awards"); added a prohibition on repricing of unit options and unit appreciation rights without the approval of the unitholders; provided for termination of the plan at the earliest date it is terminated by the board of directors, the date no more units remain available for grants, and December 1, 2025; and incorporated certain other administrative changes. The Restated LTIP benefits eligible employees and directors of the general partner and its affiliates who perform services for the Partnership. The Restated LTIP is administered by the independent directors of the Compensation Committee of the general partner's board of directors with respect to employee awards, and by the general partner's board of directors with respect to awards granted to the independent directors. The Restated LTIP currently permits the grant of restricted units and unit options covering an additional 9.7 million common units. The Partnership issued less than 0.1 and 0.4 million common units under its long-term incentive plan, and recognized share-based compensation expense of $16 and $12 million for the nine months ended September 30, 2016 and 2015, respectively. Each of the outstanding restricted unit grants have tandem distribution equivalent rights which are recognized as a reduction to equity when earned. |
Derivatives and Risk Management |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Risk Management | Derivatives and Risk Management The Partnership is exposed to various risks, including volatility in the prices of the products that the Partnership markets, counterparty credit risk and changes in interest rates. Price Risk Management The Partnership is exposed to risks associated with changes in the market price of crude oil, NGLs and refined products. These risks are primarily associated with price volatility related to pre-existing or anticipated purchases, sales and storage. Price changes are often caused by shifts in the supply and demand for these commodities, as well as their locations. In order to manage such exposure, the Partnership's policy is (i) to only purchase crude oil, NGLs and refined products for which sales contracts have been executed or for which ready markets exist, (ii) to structure sales contracts so that price fluctuations do not materially impact the margins earned, and (iii) to not acquire and hold physical inventory, futures contracts or other derivative instruments for the purpose of speculating on commodity price changes. Although the Partnership seeks to maintain a balanced inventory position within its commodity inventories, net unbalances may occur for short periods of time due to production, transportation and delivery variances. When physical inventory builds or draws do occur, the Partnership continuously manages the variance to a balanced position over a period of time. The physical contracts related to the Partnership's commodity purchase and sale activities that qualify as derivatives have been designated as normal purchases and sales and are accounted for using accrual accounting under the United States' generally accepted accounting principles. The Partnership accounts for derivatives that do not qualify as normal purchases or sales at fair value. The Partnership currently does not utilize derivative instruments to manage its exposure to prices related to crude oil purchase and sale activities. All derivative balances are presented on a gross basis. Pursuant to the Partnership's approved risk management policy, derivative contracts, such as swaps, futures and other derivative instruments, may be used to hedge or reduce exposure to price risk associated with acquired inventory or forecasted physical transactions. The Partnership utilizes derivative instruments to mitigate the risk associated with market movements in the price of NGLs, refined products, and other commodities as necessary. These derivative contracts act as a hedging mechanism against the volatility of prices by allowing the Partnership to transfer this price risk to counterparties who are able and willing to bear it. The Partnership has not designated any of its derivative contracts as hedges for accounting purposes, therefore, all realized and unrealized gains and losses from these derivative contracts are recognized in the consolidated statement of comprehensive income in the period in which they occur. All realized gains and losses associated with the Partnership's derivative contracts are recorded in earnings in the same line item associated with the forecasted transaction (either sales and other operating revenue, cost of products sold or operating expenses). The Partnership had open derivative positions on approximately 15.5 and 9.2 million barrels of refined products and NGLs at September 30, 2016 and December 31, 2015, respectively. The derivatives outstanding as of September 30, 2016 vary in duration but do not extend beyond one year. The Partnership records its derivatives at fair value based on observable market prices (levels 1 and 2). As of September 30, 2016, the fair value of the Partnership's derivative assets and liabilities were approximately $17 and $39 million, respectively, compared to $30 and $18 million at December 31, 2015. Derivative asset and liability balances are recorded in accounts receivable and accrued liabilities, respectively, in the condensed consolidated balance sheets. The following table sets forth the impact of derivatives on the Partnership's results of operations for the three and nine months ended September 30, 2016 and 2015:
Credit Risk Management The Partnership maintains credit policies with regard to its counterparties that management believes minimize the overall credit risk through credit analysis, credit approvals, credit limits and monitoring procedures. The credit positions of the Partnership's customers are analyzed prior to the extension of credit and periodically after credit has been extended. The Partnership's counterparties consist primarily of financial institutions and major integrated oil companies. This concentration of counterparties may impact the Partnership's overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. Interest Rate Risk Management The Partnership has interest rate risk exposure for changes in interest rates related to its outstanding borrowings. The Partnership manages its exposure to changes in interest rates through the use of a combination of fixed-rate and variable-rate debt. At September 30, 2016, the Partnership had $622 million of consolidated variable-rate borrowings under its revolving credit facility. |
Fair Value Measurements |
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Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Partnership applies fair value accounting for all assets and liabilities that are required to be measured at fair value under current accounting rules. The assets and liabilities measured at fair value on a recurring basis are comprised primarily of derivative instruments. The Partnership determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy established by the FASB. The Partnership generally applies a "market approach" to determine fair value. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. The estimated fair value of the Partnership's financial instruments has been determined based on management's assessment of available market information and appropriate valuation methodologies. The Partnership's current assets (other than derivatives and inventories) and current liabilities (other than derivatives) are financial instruments and most of these items are recorded at cost in the condensed consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The Partnership's derivatives are measured and recorded at fair value based on observable market prices (Note 14). The estimated fair value of the Partnership's senior notes is determined using observable market prices, as these notes are actively traded (level 1). The estimated aggregate fair value of the senior notes at September 30, 2016 was $5.6 billion, compared to the carrying amount of $5.4 billion. The estimated aggregate fair value of the senior notes at December 31, 2015 was $4.2 billion, compared to the carrying amount of $5.1 billion. For further information regarding the Partnership's fair value measurements, see Note 14. |
Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information During the fourth quarter 2015, the Partnership realigned its reporting segments as a result of the continued investment in its organic growth capital program which has served to increase the integration that exists between its assets that service each commodity. This has also resulted in a shift in Management's strategic decision making process, resource allocation methodology, and assessment of the Partnership's financial results. The updated reporting segments are: Crude Oil, Natural Gas Liquids and Refined Products. The new segmentation provides the Partnership's investors with a more meaningful view of its business that is consistent with that of Management. For the purpose of comparability, all prior year segment disclosures have been recast to conform to the current year presentation. Such recasts had no impact on previously reported consolidated earnings. The following tables summarize condensed consolidated statements of comprehensive income information for the Partnership's business segments and reconcile total segment Adjusted EBITDA to net income attributable to the Partnership for the three and nine months ended September 30, 2016 and 2015, respectively:
The following table summarizes the identifiable assets for each segment as of September 30, 2016 and December 31, 2015:
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Supplemental Condensed Consolidating Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | Supplemental Condensed Consolidating Financial Information The Partnership serves as guarantor of the senior notes. These guarantees are full and unconditional. For the purposes of this footnote, Sunoco Logistics Partners L.P. is referred to as "Parent Guarantor" and Sunoco Logistics Partners Operations L.P. is referred to as "Subsidiary Issuer." All other consolidated subsidiaries of the Partnership are collectively referred to as "Non-Guarantor Subsidiaries." The following supplemental condensed consolidating financial information reflects the Parent Guarantor's separate accounts, the Subsidiary Issuer's separate accounts, the combined accounts of the Non-Guarantor Subsidiaries, the combined consolidating adjustments and eliminations, and the Parent Guarantor's consolidated accounts for the dates and periods indicated. For purposes of the following condensed consolidating information, the Parent Guarantor's investments in its subsidiaries and the Subsidiary Issuer's investments in its subsidiaries are accounted for under the equity method of accounting. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2016 (in millions, unaudited)
Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2015 (in millions, unaudited)
Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2016 (in millions, unaudited)
Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2015 (in millions, unaudited)
Condensed Consolidating Balance Sheet September 30, 2016 (in millions, unaudited)
Condensed Consolidating Balance Sheet December 31, 2015 (in millions, audited)
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (in millions, unaudited)
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 (in millions, unaudited)
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Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Basic and Diluted Units | The following table sets forth the reconciliation of the weighted average number of limited partner and Class B units used to compute basic net income attributable to SXL per limited partner unit to those used to compute diluted net income attributable to SXL per limited partner unit for the three and nine months ended September 30, 2016 and 2015:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | The components of inventories are as follows:
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Goodwill and Intangible Assets (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Intangible Assets | The components of intangible assets are as follows:
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Debt (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partnership's Debt Balances | The components of the Partnership's debt balance are as follows:
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Number of Units Outstanding | The changes in the number of common units outstanding from January 1, 2015 through September 30, 2016 are as follows:
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Cash Distributions (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Distributions Made To General And Limited Partners | The following table shows the target distribution levels and distribution "splits" between the general partner and the holders of the Partnership's common units through September 30, 2016:
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Schedule of Cash Distribution to Limited and General Partners | The distributions paid by the Partnership for the periods presented were as follows:
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Derivatives and Risk Management (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table sets forth the impact of derivatives on the Partnership's results of operations for the three and nine months ended September 30, 2016 and 2015:
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Business Segment Information (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | The following tables summarize condensed consolidated statements of comprehensive income information for the Partnership's business segments and reconcile total segment Adjusted EBITDA to net income attributable to the Partnership for the three and nine months ended September 30, 2016 and 2015, respectively:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and Other Operating Revenue by Segment | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three and nine months ended September 30, 2016 and 2015:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Identifiable Assets by Segment | The following table summarizes the identifiable assets for each segment as of September 30, 2016 and December 31, 2015:
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Supplemental Condensed Consolidating Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2016 (in millions, unaudited)
Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2015 (in millions, unaudited)
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Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet September 30, 2016 (in millions, unaudited)
Condensed Consolidating Balance Sheet December 31, 2015 (in millions, audited)
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (in millions, unaudited)
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 (in millions, unaudited)
|
Organization and Basis of Presentation - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
state
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states with operations | 37 |
Minimum voting interest for controlling financial interest | 50.00% |
Change in Business and Other Matters - Additional Information (Detail) bbl in Thousands, shares in Millions, $ in Millions |
Nov. 09, 2016 |
Sep. 30, 2016
USD ($)
|
Aug. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Oct. 31, 2015
shares
|
Oct. 08, 2015
USD ($)
shares
bbl
|
Jul. 31, 2015 |
---|---|---|---|---|---|---|---|
Changes In Business And Other Matters [Line Items] | |||||||
Contributions to joint venture | $ 985 | $ 802 | |||||
Note receivable, affiliated companies | 100 | $ 0 | |||||
Bayou Bridge [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Equity method investment, ownership percentage | 30.00% | ||||||
Parent company's ownership percentage in joint venture | 30.00% | ||||||
Bakken Pipeline [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Equity method investment, ownership percentage | 30.00% | ||||||
Pipeline throughput capacity, in barrels | bbl | 450 | ||||||
Pipeline throughput capacity, target, in barrels | bbl | 570 | ||||||
Contributions to joint venture | $ 382 | ||||||
Revolving credit facility, maximum borrowing capacity | $ 2,500 | ||||||
Revolving credit facility, current borrowing capacity | $ 1,100 | ||||||
Revolving credit facility, outstanding borrowings | 1,100 | ||||||
Note receivable, affiliated companies | 100 | ||||||
Percentage of interest in equity method investment to be sold | 49.00% | ||||||
Proceeds from sale of interests in an equity method investment, upon closing | $ 800 | ||||||
Carrying amount of equity method investment | $ 631 | ||||||
Equity method investment, ownership percentage, subsequent to sale of interests | 15.30% | ||||||
Common Class B [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Class B units issued (in units) | shares | 9.4 | ||||||
Common Class B [Member] | Bakken Pipeline [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Class B units issued (in units) | shares | 9.4 | ||||||
Sunoco Logistics Partners L.P. and Energy Transfer Partners [Member] | Bakken Pipeline [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Proceeds from sale of interests in an equity method investment, upon closing | $ 2,000 | ||||||
Subsequent Event [Member] | Permian Express Partners LLC [Member] | |||||||
Changes In Business And Other Matters [Line Items] | |||||||
Ownership interest percentage | 85.00% |
Acquisitions - Additional Details (Details) bbl in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Nov. 09, 2016
USD ($)
bbl
|
Aug. 31, 2016
USD ($)
|
Jan. 31, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jul. 31, 2016 |
|
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, net of cash acquired | $ 17 | $ 131 | |||||
Explorer Pipeline Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity method investment, percentage of voting interests acquired | 1.70% | ||||||
Payments to acquire equity method investments | $ 17 | ||||||
Equity method investment, ownership percentage | 15.00% | 13.30% | |||||
West Texas Gulf Pipeline [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 131 | ||||||
Noncontrolling Interests | West Texas Gulf Pipeline [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 26 | ||||||
Partners Equity [Member] | West Texas Gulf Pipeline [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 105 | ||||||
Subsequent Event [Member] | SunVit Pipeline LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, net of cash acquired | $ 760 | ||||||
Terminal storage capacity, in barrels | bbl | 2 | ||||||
Business acquisition, percentage of voting interests acquired | 50.00% | ||||||
Step acqusition, ownership percentage subsequent to acquisition | 100.00% |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions |
Nov. 04, 2016 |
Jun. 30, 2013 |
---|---|---|
Marcus Hook Facility [Member] | ||
Related Party Transaction [Line Items] | ||
Contributions attributable to acquisition from affiliate (total to be received) | $ 40 | |
Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ||
Limited partner interest held by parent | 23.00% |
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit - Schedule of Weighted Average Number of Basic and Diluted Units (Detail) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Weighted average number of units outstanding, basic (in shares) | 307.0 | 255.0 | 295.5 | 244.3 |
Add effect of dilutive incentive awards (in shares) | 1.1 | 0.0 | 0.8 | 0.9 |
Weighted average number of units, diluted (in shares) | 308.1 | 255.0 | 296.3 | 245.2 |
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit - Additional Information (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
$ / PartnershipUnit
|
Sep. 30, 2015
USD ($)
|
|
Earnings Per Share [Abstract] | ||||
Maximum incentive percentage distribution received by general partner | 50.00% | |||
Incentive distribution, minimum threshold (in dollars per unit) | $ / PartnershipUnit | 0.0833 | |||
Net income (loss) allocated to General Partners | $ 101 | $ 74 | $ 289 | $ 205 |
Percentage of net income attributable to Sunoco Logistics Partners L.P | 66.00% | 132.00% | 58.00% | 56.00% |
Decrease attributable to Class B units | $ 3 | $ 10 |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Crude oil | $ 590 | $ 424 |
NGLs | 113 | 83 |
Refined products | 111 | 83 |
Refined products additives | 3 | 3 |
Materials, supplies and other | 12 | 14 |
Total Inventories | $ 829 | $ 607 |
Inventories - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Crude Oil Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 269 | $ 381 |
Natural Gas Liquids Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 8 | 37 |
Refined Products Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 2 |
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Total gross | $ 883 | $ 883 |
Total accumulated amortization | (203) | (165) |
Total Net | $ 680 | $ 718 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 18 years | 18 years |
Total gross | $ 836 | $ 836 |
Total accumulated amortization | $ (184) | $ (149) |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 10 years | 10 years |
Total gross | $ 47 | $ 47 |
Total accumulated amortization | $ (19) | $ (16) |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense of intangible assets | $ 13 | $ 13 | $ 38 | $ 39 | |
Forecasted annual amortization expense in 2016 | 51 | 51 | |||
Forecasted annual amortization expense in 2017 | 51 | 51 | |||
Forecasted annual amortization expense in 2018 | 51 | 51 | |||
Forecasted annual amortization expense in 2019 | 51 | 51 | |||
Forecasted annual amortization expense in 2020 | 51 | 51 | |||
Goodwill | $ 1,358 | $ 1,358 | $ 1,358 |
Income Taxes - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal statutory rate | 35.00% |
Debt - Partnership's Debt Balances (Detail) - USD ($) |
Sep. 30, 2016 |
Jul. 31, 2016 |
Dec. 31, 2015 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||
Senior notes | $ 5,400,000,000 | $ 5,100,000,000 | ||||||||||
Unamortized fair value adjustments | [1] | 85,000,000 | 93,000,000 | |||||||||
Total debt | 6,057,000,000 | 5,630,000,000 | ||||||||||
Less: Unamortized bond discount | [2] | (43,000,000) | (39,000,000) | |||||||||
Long-term debt | 6,014,000,000 | 5,591,000,000 | ||||||||||
$2.5 billion Credit Facility, due March 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, outstanding borrowings | [3] | 622,000,000 | 562,000,000 | |||||||||
Senior Notes - 6.125%, due May 2016 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | [4] | 0 | 175,000,000 | |||||||||
Senior Notes - 5.50%, due February 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 250,000,000 | 250,000,000 | ||||||||||
Senior Notes - 4.40%, due April 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 600,000,000 | 600,000,000 | ||||||||||
Senior Notes - 4.65%, due February 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 300,000,000 | 300,000,000 | ||||||||||
Senior Notes - 3.45%, due January 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 350,000,000 | 350,000,000 | ||||||||||
Senior Notes - 4.25%, due April 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 500,000,000 | 500,000,000 | ||||||||||
Senior Notes - 5.95%, due December 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 400,000,000 | 400,000,000 | ||||||||||
Senior Notes - 3.90%, due July 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 550,000,000 | $ 550,000,000 | 0 | |||||||||
Senior Notes - 6.85%, due February 2040 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 250,000,000 | 250,000,000 | ||||||||||
Senior Notes - 6.10%, due February 2042 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 300,000,000 | 300,000,000 | ||||||||||
Senior Notes - 4.95%, due January 2043 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 350,000,000 | 350,000,000 | ||||||||||
Senior Notes - 5.30%, due April 2044 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | 700,000,000 | 700,000,000 | ||||||||||
Senior Notes - 5.35%, due May 2045 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes | $ 800,000,000 | $ 800,000,000 | ||||||||||
|
Debt - Partnership's Debt Balances (Phantoms) (Detail) - USD ($) |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Jul. 31, 2016 |
May 31, 2016 |
Jun. 30, 2015 |
Mar. 31, 2015 |
|
Debt Instrument [Line Items] | ||||||
Commercial paper | $ 140,000,000 | $ 0 | ||||
Debt issuance costs | 35,000,000 | 32,000,000 | ||||
$2.5 billion Credit Facility, due March 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 2,500,000,000.0 | $ 2,500,000,000.0 | $ 2,500,000,000.00 | $ 2,500,000,000.00 | ||
Debt instrument maturity | March 2020 | March 2020 | ||||
Senior Notes - 6.125%, due May 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 6.125% | 6.125% | 6.125% | |||
Debt instrument maturity | May 2016 | May 2016 | ||||
Senior Notes - 5.50%, due February 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 5.50% | 5.50% | ||||
Debt instrument maturity | February 2020 | February 2020 | ||||
Senior Notes - 4.40%, due April 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 4.40% | 4.40% | ||||
Debt instrument maturity | April 2021 | April 2021 | ||||
Senior Notes - 4.65%, due February 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 4.65% | 4.65% | ||||
Debt instrument maturity | February 2022 | February 2022 | ||||
Senior Notes - 3.45%, due January 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 3.45% | 3.45% | ||||
Debt instrument maturity | January 2023 | January 2023 | ||||
Senior Notes - 4.25%, due April 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 4.25% | 4.25% | ||||
Debt instrument maturity | April 2024 | April 2024 | ||||
Senior Notes - 5.95%, due December 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 5.95% | 5.95% | ||||
Debt instrument maturity | December 2025 | December 2025 | ||||
Senior Notes - 3.90%, due July 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 3.90% | 3.90% | 3.90% | |||
Debt instrument maturity | July 2026 | July 2026 | ||||
Senior Notes - 6.85%, due February 2040 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 6.85% | 6.85% | ||||
Debt instrument maturity | February 2040 | February 2040 | ||||
Senior Notes - 6.10%, due February 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 6.10% | 6.10% | ||||
Debt instrument maturity | February 2042 | February 2042 | ||||
Senior Notes - 4.95%, due January 2043 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 4.95% | 4.95% | ||||
Debt instrument maturity | January 2043 | January 2043 | ||||
Senior Notes - 5.30%, due April 2044 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 5.30% | 5.30% | ||||
Debt instrument maturity | April 2044 | April 2044 | ||||
Senior Notes - 5.35%, due May 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, interest rate | 5.35% | 5.35% | ||||
Debt instrument maturity | May 2045 | May 2045 |
Debt - Additional Information (Detail) |
1 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2016
USD ($)
|
May 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
|||
Debt Instrument [Line Items] | |||||||||
Line of credit facility maximum borrowing capacity under certain conditions | $ 3,250,000,000.00 | ||||||||
Repayments of senior notes | 175,000,000 | $ 0 | |||||||
Senior notes | 5,400,000,000 | $ 5,100,000,000 | |||||||
Net proceeds from long-term debt issuance | $ 544 | ||||||||
$1.5 Billion Credit Facility Due In November 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | $ 1,500,000,000.0 | ||||||||
$2.5 billion Credit Facility, due March 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | $ 2,500,000,000.0 | $ 2,500,000,000.0 | $ 2,500,000,000.00 | $ 2,500,000,000.00 | |||||
Increased consolidated debt to consolidated EBITDA ratio, high end of range | 5.0 | ||||||||
Ratio of total debt to EBITDA range high (during acquisition period) | 5.50 | ||||||||
Ratio of total debt to EBITDA | 3.6 | ||||||||
Senior Notes - 6.125%, due May 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of senior notes | $ 175,000,000 | ||||||||
Senior notes, interest rate | 6.125% | 6.125% | 6.125% | ||||||
Senior notes | [1] | $ 0 | $ 175,000,000 | ||||||
Senior Notes - 3.90%, due July 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, interest rate | 3.90% | 3.90% | 3.90% | ||||||
Senior notes | $ 550,000,000 | $ 550,000,000 | $ 0 | ||||||
|
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Commitments and Contingencies Disclosure [Abstract] | |||||
Accrued environmental loss contingencies, noncurrent | $ 8 | $ 8 | $ 6 | ||
Charges against income for environmental remediation | $ 4 | $ 2 | 8 | $ 7 | |
Estimated maximum additional reasonable possible losses | $ 13 | ||||
Indemnified period for the partnership from environmental and toxic tort liabilities, years | 30 years | ||||
Percent indemnification for first 21 years after IPO | 100.00% | ||||
Time period of one hundred percent indemnification after IPO, years | 21 years | ||||
Annual decrease of partnership liability for claims asserted | 10.00% |
Equity - Changes in Number of Units Outstanding (Detail) - shares shares in Millions |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Apr. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Units issued under incentive plans (in units) (less than 0.1 million units issued for the nine months ended September 30, 2016) | 0.1 | 0.4 | |||||
Common Units [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning Balance | 268.8 | 226.1 | 226.1 | ||||
Units issued under incentive plans (in units) (less than 0.1 million units issued for the nine months ended September 30, 2016) | 0.0 | 0.4 | |||||
Ending Balance | 318.9 | 318.9 | 318.9 | 268.8 | |||
Overnight Public Offering [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Limited partner units issued to the public (in units) | 21.0 | 15.5 | |||||
Overnight Public Offering [Member] | Common Units [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Limited partner units issued to the public (in units) | 21.0 | 15.5 | |||||
At-the-Market Offering [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Limited partner units issued to the public (in units) | 2.8 | 7.6 | 29.1 | 17.2 | |||
At-the-Market Offering [Member] | Common Units [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Limited partner units issued to the public (in units) | 29.1 | 26.8 |
Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Sep. 30, 2016 |
Apr. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Oct. 31, 2015 |
Oct. 08, 2015 |
|
Units Outstanding [Line Items] | |||||||||
Net proceeds from issuance of limited partner units | $ 1,304.0 | $ 1,274.0 | |||||||
At-the-Market Offering [Member] | |||||||||
Units Outstanding [Line Items] | |||||||||
Limited partner units issued to the public (in units) | 2.8 | 7.6 | 29.1 | 17.2 | |||||
Net proceeds from issuance of limited partner units | $ 77.0 | $ 261.0 | $ 744.0 | $ 645.0 | |||||
ATM fees | $ 1.0 | $ 2.0 | $ 8.0 | $ 7.0 | |||||
Overnight Public Offering [Member] | |||||||||
Units Outstanding [Line Items] | |||||||||
Limited partner units issued to the public (in units) | 21.0 | 15.5 | |||||||
Net proceeds from issuance of limited partner units | $ 560.0 | $ 629.0 | |||||||
ATM fees | $ 7.0 | ||||||||
Common Class B [Member] | |||||||||
Units Outstanding [Line Items] | |||||||||
Class B units issued (in units) | 9.4 | ||||||||
Call option | $ 300.0 | ||||||||
Put option | $ 313.5 | ||||||||
Bakken Pipeline [Member] | Common Class B [Member] | |||||||||
Units Outstanding [Line Items] | |||||||||
Class B units issued (in units) | 9.4 | ||||||||
Subsequent Event [Member] | Overnight Public Offering [Member] | |||||||||
Units Outstanding [Line Items] | |||||||||
Limited partner units issued to the public (in units) | 3.2 | ||||||||
Net proceeds from issuance of limited partner units | $ 84.0 | ||||||||
ATM fees | $ 1.0 |
Cash Distributions - Schedule of Distributions Made to General and Limited Partners (Detail) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016
$ / shares
| ||||
Minimum Quarterly Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | $ 0.075 | |||
First Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | 0.0833 | |||
Thereafter [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | $ 0.2638 | |||
General Partner | Minimum Quarterly Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 1.00% | |||
General Partner | First Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 1.00% | |||
General Partner | Second Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 14.00% | |||
General Partner | Third Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 36.00% | |||
General Partner | Thereafter [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 49.00% | [1] | ||
Common Unitholders [Member] | Minimum Quarterly Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 99.00% | |||
Common Unitholders [Member] | First Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 99.00% | |||
Common Unitholders [Member] | Second Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 86.00% | |||
Common Unitholders [Member] | Third Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 64.00% | |||
Common Unitholders [Member] | Thereafter [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Incentive Distribution, Distribution Split Marginal Percentage | 51.00% | |||
Minimum [Member] | Second Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | $ 0.0833 | |||
Minimum [Member] | Third Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | 0.0958 | |||
Maximum [Member] | Second Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | 0.0958 | |||
Maximum [Member] | Third Target Distribution [Member] | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution Payments Targets (usd per unit) | $ 0.2638 | |||
|
Cash Distributions - Schedule of Cash Distribution to Limited and General Partners (Detail) - Cash Distribution [Member] - USD ($) $ / shares in Units, $ in Millions |
Aug. 12, 2016 |
May 13, 2016 |
Feb. 12, 2016 |
Nov. 13, 2015 |
Aug. 14, 2015 |
May 15, 2015 |
Feb. 13, 2015 |
---|---|---|---|---|---|---|---|
Distribution Made to Limited Partner [Line Items] | |||||||
Cash Distribution per Limited Partner Unit (usd per unit) | $ 0.5 | $ 0.489 | $ 0.4790 | $ 0.4580 | $ 0.438 | $ 0.419 | $ 0.40000 |
Total Cash Distribution to the Limited Partners | $ 149 | $ 140 | $ 131 | $ 119 | $ 111 | $ 103 | $ 92 |
Total Cash Distribution to the General Partner | $ 98 | $ 92 | $ 85 | $ 76 | $ 69 | $ 62 | $ 54 |
Cash Distributions - Additional Information (Detail) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Nov. 14, 2016
USD ($)
|
Oct. 27, 2016
$ / shares
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
$ / PartnershipUnit
|
Sep. 30, 2015
USD ($)
|
|
Partners Capital And Distributions [Line Items] | |||||
Incentive distribution, minimum threshold (in dollars per unit) | $ / PartnershipUnit | 0.0833 | ||||
Maximum incentive percentage distribution received by general partner | 50.00% | ||||
Reduction of incentive distribution rights | $ 60 | ||||
Total distribution | $ 698 | $ 492 | |||
Subsequent Event [Member] | Dividend Declared [Member] | Sunoco Partners LLC [Member] | |||||
Partners Capital And Distributions [Line Items] | |||||
Distribution made to member or limited partner, distributions declared, per unit | $ / shares | $ 0.51 | ||||
Distribution made to member or limited partner, distributions declared, per unit, annualized | $ / shares | $ 2.04 | ||||
Subsequent Event [Member] | Dividend Paid [Member] | Sunoco Partners LLC [Member] | |||||
Partners Capital And Distributions [Line Items] | |||||
Total distribution | $ 266 | ||||
Total distribution to the General Partner | $ 102 |
Management Incentive Plan - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Number of additional units authorized under the LTIP | 10.0 | ||||
Number of units available for grant under the LTIP | 9.7 | 9.7 | |||
Units issued under incentive plans (in units) (less than 0.1 million units issued for the nine months ended September 30, 2016) | 0.1 | 0.4 | |||
Non-cash compensation expense | $ 5 | $ 4 | $ 16 | $ 12 |
Derivatives and Risk Management - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative [Line Items] | ||||
Gains (Losses) Recognized in Earnings | $ (13) | $ 33 | $ (25) | $ 15 |
Commodity [Member] | Sales And Other Operating Revenue [Member] | ||||
Derivative [Line Items] | ||||
Gains (Losses) Recognized in Earnings | (12) | 47 | (29) | 39 |
Commodity [Member] | Cost Of Products Sold [Member] | ||||
Derivative [Line Items] | ||||
Gains (Losses) Recognized in Earnings | $ (1) | $ (14) | $ 4 | $ (24) |
Derivatives and Risk Management - Additional Information (Detail) bbl in Millions, $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016
USD ($)
bbl
|
Dec. 31, 2015
USD ($)
bbl
|
|
Derivative [Line Items] | ||
Derivative positions of crude oil, refined products and NGLs, barrels | bbl | 15.5 | 9.2 |
Derivative, higher remaining maturity range | 1 year | |
Derivative assets | $ 17 | $ 30 |
Derivative liabilities | 39 | $ 18 |
Revolving Credit Facility [Member] | ||
Derivative [Line Items] | ||
Variable-rate borrowings under revolving credit facilities | $ 622 |
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Billions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Aggregate fair value of the senior notes | $ 5.6 | $ 4.2 |
Senior notes carrying amount | $ 5.4 | $ 5.1 |
Business Segment Information - Segment Reporting Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Sales and other operating revenue (1) | |||||||
Total sales and other operating revenue | [1] | $ 2,189 | $ 2,407 | $ 6,234 | $ 8,181 | ||
Depreciation and amortization | |||||||
Total depreciation and amortization | 112 | 102 | 327 | 278 | |||
Impairment charge and other matters [Abstract] | |||||||
Total impairment charge and other matters | 37 | (103) | 143 | (44) | |||
Adjusted EBITDA | |||||||
Total Adjusted EBITDA | 312 | 289 | 906 | 836 | |||
Interest expense, net | (40) | (37) | (118) | (97) | |||
Depreciation and amortization expense | (112) | (102) | (327) | (278) | |||
Total impairment charge and other matters | 37 | (103) | 143 | (44) | |||
Provision for income taxes | (8) | (7) | (19) | (18) | |||
Non-cash compensation expense | (5) | (4) | (16) | (12) | |||
Unrealized gains (losses) on commodity risk management activities | (16) | 32 | (33) | 9 | |||
Amortization of excess equity method investment | (1) | (1) | (2) | (2) | |||
Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes | (12) | (10) | (31) | (23) | |||
Net Income | 155 | 57 | 503 | 371 | |||
Less: Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | |||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | (1) | |||
Net Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | |||
Crude Oil Segment [Member] | |||||||
Sales and other operating revenue (1) | |||||||
Total sales and other operating revenue | [1] | 1,843 | 2,034 | 5,115 | 7,159 | ||
Depreciation and amortization | |||||||
Total depreciation and amortization | 60 | 55 | 176 | 157 | |||
Impairment charge and other matters [Abstract] | |||||||
Total impairment charge and other matters | 15 | (108) | 112 | (71) | |||
Adjusted EBITDA | |||||||
Total Adjusted EBITDA | 165 | 179 | 503 | 502 | |||
Depreciation and amortization expense | (60) | (55) | (176) | (157) | |||
Total impairment charge and other matters | 15 | (108) | 112 | (71) | |||
Natural Gas Liquids Segment [Member] | |||||||
Sales and other operating revenue (1) | |||||||
Total sales and other operating revenue | [1] | 148 | 304 | 577 | 833 | ||
Depreciation and amortization | |||||||
Total depreciation and amortization | 28 | 20 | 77 | 56 | |||
Impairment charge and other matters [Abstract] | |||||||
Total impairment charge and other matters | 22 | 5 | 29 | 27 | |||
Adjusted EBITDA | |||||||
Total Adjusted EBITDA | 77 | 66 | 229 | 223 | |||
Depreciation and amortization expense | (28) | (20) | (77) | (56) | |||
Total impairment charge and other matters | 22 | 5 | 29 | 27 | |||
Refined Products Segment [Member] | |||||||
Sales and other operating revenue (1) | |||||||
Total sales and other operating revenue | [1] | 198 | 69 | 542 | 189 | ||
Depreciation and amortization | |||||||
Total depreciation and amortization | 24 | 27 | 74 | 65 | |||
Impairment charge and other matters [Abstract] | |||||||
Total impairment charge and other matters | 0 | 0 | 2 | 0 | |||
Adjusted EBITDA | |||||||
Total Adjusted EBITDA | 70 | 44 | 174 | 111 | |||
Depreciation and amortization expense | (24) | (27) | (74) | (65) | |||
Total impairment charge and other matters | $ 0 | $ 0 | $ 2 | $ 0 | |||
|
Business Segment Information - Sales and Other Operating Revenue by Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total sales and other operating revenue | $ 104 | $ 90 | $ 307 | $ 415 |
Crude Oil Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total sales and other operating revenue | 9 | 14 | 17 | 187 |
Natural Gas Liquids Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total sales and other operating revenue | 42 | 49 | 127 | 155 |
Refined Products Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total sales and other operating revenue | $ 53 | $ 27 | $ 163 | $ 73 |
Business Segment Information - Identifiable Assets by Segment (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total identifiable assets | $ 17,271 | $ 15,489 | ||
Crude Oil Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total identifiable assets | 9,739 | 8,802 | ||
Natural Gas Liquids Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total identifiable assets | 4,586 | 3,764 | ||
Refined Products Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total identifiable assets | 2,787 | 2,747 | ||
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total identifiable assets | [1] | $ 159 | $ 176 | |
|
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Sales and other operating revenue: | ||||||
Unaffiliated customers | $ 2,085 | $ 2,317 | $ 5,927 | $ 7,766 | ||
Affiliates | 104 | 90 | 307 | 415 | ||
Total Revenues | [1] | 2,189 | 2,407 | 6,234 | 8,181 | |
Costs and Expenses | ||||||
Cost of products sold | 1,855 | 2,041 | 5,259 | 7,196 | ||
Operating expenses | 41 | 41 | 97 | 120 | ||
Selling, general and administrative expenses | 27 | 26 | 81 | 76 | ||
Depreciation and amortization expense | 112 | 102 | 327 | 278 | ||
Impairment charge and other matters | (37) | 103 | (143) | 44 | ||
Total Costs and Expenses | 1,998 | 2,313 | 5,621 | 7,714 | ||
Operating Income | 191 | 94 | 613 | 467 | ||
Interest cost and debt expense, net | (68) | (49) | (198) | (151) | ||
Capitalized interest | 28 | 12 | 80 | 54 | ||
Other income | 12 | 7 | 27 | 19 | ||
Income Before Provision for Income Taxes | 163 | 64 | 522 | 389 | ||
Provision for income taxes | (8) | (7) | (19) | (18) | ||
Net Income | 155 | 57 | 503 | 371 | ||
Less: Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | (1) | ||
Net Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||
Comprehensive Income (Loss) | 154 | 57 | 503 | 370 | ||
Less: Comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Less: Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | (1) | ||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 153 | 56 | 501 | 367 | ||
Parent Guarantor [Member] | ||||||
Costs and Expenses | ||||||
Equity in earnings of subsidiaries | 154 | 56 | 501 | 368 | ||
Income Before Provision for Income Taxes | 154 | 56 | 501 | 368 | ||
Net Income | 154 | 56 | 501 | 368 | ||
Net Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||
Comprehensive Income (Loss) | 154 | 56 | 501 | 368 | ||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||
Subsidiary Issuer [Member] | ||||||
Costs and Expenses | ||||||
Selling, general and administrative expenses | 0 | 1 | 1 | 1 | ||
Total Costs and Expenses | 0 | 1 | 1 | 1 | ||
Operating Income | 0 | (1) | (1) | (1) | ||
Interest cost and debt expense, net | (67) | (49) | (196) | (149) | ||
Capitalized interest | 28 | 12 | 80 | 54 | ||
Other income | 0 | |||||
Equity in earnings of subsidiaries | 193 | 94 | 618 | 464 | ||
Income Before Provision for Income Taxes | 154 | 56 | 501 | 368 | ||
Net Income | 154 | 56 | 501 | 368 | ||
Net Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||
Comprehensive Income (Loss) | 154 | 56 | 501 | 368 | ||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 154 | 56 | 501 | 368 | ||
Non-Guarantor Subsidiaries [Member] | ||||||
Sales and other operating revenue: | ||||||
Unaffiliated customers | 2,085 | 2,317 | 5,927 | 7,766 | ||
Affiliates | 104 | 90 | 307 | 415 | ||
Total Revenues | 2,189 | 2,407 | 6,234 | 8,181 | ||
Costs and Expenses | ||||||
Cost of products sold | 1,855 | 2,041 | 5,259 | 7,196 | ||
Operating expenses | 41 | 41 | 97 | 120 | ||
Selling, general and administrative expenses | 27 | 25 | 80 | 75 | ||
Depreciation and amortization expense | 112 | 102 | 327 | 278 | ||
Impairment charge and other matters | (37) | 103 | (143) | 44 | ||
Total Costs and Expenses | 1,998 | 2,312 | 5,620 | 7,713 | ||
Operating Income | 191 | 95 | 614 | 468 | ||
Interest cost and debt expense, net | (1) | 0 | (2) | (2) | ||
Other income | 12 | 7 | 27 | 19 | ||
Income Before Provision for Income Taxes | 202 | 102 | 639 | 485 | ||
Provision for income taxes | (8) | (7) | (19) | (18) | ||
Net Income | 194 | 95 | 620 | 467 | ||
Less: Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Net income attributable to redeemable noncontrolling interests | (1) | |||||
Net Income Attributable to Sunoco Logistics Partners L.P. | 193 | 94 | 618 | 464 | ||
Comprehensive Income (Loss) | 193 | 95 | 620 | 466 | ||
Less: Comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Less: Comprehensive income attributable to redeemable noncontrolling interests | (1) | |||||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 192 | 94 | 618 | 463 | ||
Consolidating Adjustments [Member] | ||||||
Costs and Expenses | ||||||
Equity in earnings of subsidiaries | (347) | (150) | (1,119) | (832) | ||
Income Before Provision for Income Taxes | (347) | (150) | (1,119) | (832) | ||
Net Income | (347) | (150) | (1,119) | (832) | ||
Net Income Attributable to Sunoco Logistics Partners L.P. | (347) | (150) | (1,119) | (832) | ||
Comprehensive Income (Loss) | (347) | (150) | (1,119) | (832) | ||
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | $ (347) | $ (150) | $ (1,119) | $ (832) | ||
|
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Assets | ||||
Cash and cash equivalents | $ 39 | $ 37 | $ 45 | $ 101 |
Accounts receivable, net | 1,456 | 1,165 | ||
Accounts receivable, affiliated companies | 37 | 20 | ||
Inventories | 829 | 607 | ||
Note receivable, affiliated companies | 100 | 0 | ||
Other current assets | 29 | 19 | ||
Total Current Assets | 2,490 | 1,848 | ||
Properties, plants and equipment, net | 11,681 | 10,692 | ||
Investment in affiliates | 985 | 802 | ||
Goodwill | 1,358 | 1,358 | ||
Intangible assets, net | 680 | 718 | ||
Other assets | 77 | 71 | ||
Total Assets | 17,271 | 15,489 | ||
Liabilities and Equity | ||||
Accounts payable | 1,507 | 1,251 | ||
Accounts payable, affiliated companies | 33 | 39 | ||
Accrued liabilities | 306 | 329 | ||
Accrued taxes payable | 43 | 44 | ||
Intercompany | 0 | 0 | ||
Total Current Liabilities | 1,889 | 1,663 | ||
Long-term debt | 6,014 | 5,591 | ||
Other deferred credits and liabilities | 128 | 125 | ||
Deferred income taxes | 256 | 254 | ||
Total Liabilities | 8,287 | 7,633 | ||
Redeemable noncontrolling interests | 15 | 15 | ||
Redeemable Limited Partners' interests | 296 | 286 | ||
Total Equity | 8,673 | 7,555 | 7,768 | 6,738 |
Total Liabilities and Equity | 17,271 | 15,489 | ||
Parent Guarantor [Member] | ||||
Assets | ||||
Total Current Assets | 0 | 0 | ||
Investment in affiliates | 6,995 | 6,488 | ||
Total Assets | 6,995 | 6,488 | ||
Liabilities and Equity | ||||
Accrued liabilities | 1 | 1 | ||
Intercompany | (1,942) | (1,320) | ||
Total Current Liabilities | (1,941) | (1,319) | ||
Total Liabilities | (1,941) | (1,319) | ||
Redeemable Limited Partners' interests | 296 | 286 | ||
Total Equity | 8,640 | 7,521 | ||
Total Liabilities and Equity | 6,995 | 6,488 | ||
Subsidiary Issuer [Member] | ||||
Assets | ||||
Cash and cash equivalents | 39 | 37 | 45 | 101 |
Accounts receivable, affiliated companies | 0 | 3 | ||
Total Current Assets | 39 | 40 | ||
Investment in affiliates | 10,388 | 9,692 | ||
Other assets | 5 | 6 | ||
Total Assets | 10,432 | 9,738 | ||
Liabilities and Equity | ||||
Accounts payable | 0 | 1 | ||
Accounts payable, affiliated companies | 0 | |||
Accrued liabilities | 57 | 66 | ||
Intercompany | (2,634) | (2,408) | ||
Total Current Liabilities | (2,577) | (2,341) | ||
Long-term debt | 6,014 | 5,591 | ||
Total Liabilities | 3,437 | 3,250 | ||
Total Equity | 6,995 | 6,488 | ||
Total Liabilities and Equity | 10,432 | 9,738 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 1,456 | 1,165 | ||
Accounts receivable, affiliated companies | 37 | 17 | ||
Inventories | 829 | 607 | ||
Note receivable, affiliated companies | 100 | |||
Other current assets | 29 | 19 | ||
Total Current Assets | 2,451 | 1,808 | ||
Properties, plants and equipment, net | 11,681 | 10,692 | ||
Investment in affiliates | 985 | 802 | ||
Goodwill | 1,358 | 1,358 | ||
Intangible assets, net | 680 | 718 | ||
Other assets | 72 | 65 | ||
Total Assets | 17,227 | 15,443 | ||
Liabilities and Equity | ||||
Accounts payable | 1,507 | 1,250 | ||
Accounts payable, affiliated companies | 33 | 39 | ||
Accrued liabilities | 248 | 262 | ||
Accrued taxes payable | 43 | 44 | ||
Intercompany | 4,576 | 3,728 | ||
Total Current Liabilities | 6,407 | 5,323 | ||
Long-term debt | 0 | 0 | ||
Other deferred credits and liabilities | 128 | 125 | ||
Deferred income taxes | 256 | 254 | ||
Total Liabilities | 6,791 | 5,702 | ||
Redeemable noncontrolling interests | 15 | 15 | ||
Total Equity | 10,421 | 9,726 | ||
Total Liabilities and Equity | 17,227 | 15,443 | ||
Consolidating Adjustments [Member] | ||||
Assets | ||||
Investment in affiliates | (17,383) | (16,180) | ||
Total Assets | (17,383) | (16,180) | ||
Liabilities and Equity | ||||
Total Equity | (17,383) | (16,180) | ||
Total Liabilities and Equity | $ (17,383) | $ (16,180) |
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | $ 528 | $ 297 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (1,448) | (1,678) |
Acquisitions | (17) | (131) |
Change in note receivable, affiliated companies | (100) | 0 |
Change in long-term note receivable | (2) | (14) |
Intercompany | 0 | 0 |
Net cash used in investing activities | (1,567) | (1,823) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (695) | (491) |
Distributions paid to noncontrolling interests | (3) | (1) |
Net proceeds from issuance of limited partner units | 1,304 | 1,274 |
Payments of statutory withholding on net issuance of limited partner units under LTIP | 0 | (10) |
Repayments under credit facilities | (4,029) | (1,760) |
Borrowings under credit facilities | 4,089 | 2,454 |
Net proceeds from issuance of long-term debt | 544 | 0 |
Repayments of senior notes | (175) | 0 |
Contributions attributable to acquisition from affiliate | 5 | 8 |
Other | 1 | (4) |
Net cash provided by financing activities | 1,041 | 1,470 |
Net change in cash and cash equivalents | 2 | (56) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | 39 | 45 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 501 | 368 |
Cash Flows from Investing Activities: | ||
Intercompany | (1,107) | (1,150) |
Net cash used in investing activities | (1,107) | (1,150) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (695) | (491) |
Distributions paid to noncontrolling interests | (3) | (1) |
Net proceeds from issuance of limited partner units | 1,304 | 1,274 |
Net cash provided by financing activities | 606 | 782 |
Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 491 | 365 |
Cash Flows from Investing Activities: | ||
Intercompany | (918) | (1,111) |
Net cash used in investing activities | (918) | (1,111) |
Cash Flows from Financing Activities: | ||
Repayments under credit facilities | (4,029) | (1,760) |
Borrowings under credit facilities | 4,089 | 2,454 |
Net proceeds from issuance of long-term debt | 544 | |
Repayments of senior notes | (175) | |
Other | (4) | |
Net cash provided by financing activities | 429 | 690 |
Net change in cash and cash equivalents | 2 | (56) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | 39 | 45 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 655 | 396 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (1,448) | (1,678) |
Acquisitions | (17) | (131) |
Change in note receivable, affiliated companies | (100) | |
Change in long-term note receivable | (2) | (14) |
Intercompany | 906 | 1,429 |
Net cash used in investing activities | (661) | (394) |
Cash Flows from Financing Activities: | ||
Payments of statutory withholding on net issuance of limited partner units under LTIP | (10) | |
Borrowings under credit facilities | 0 | |
Contributions attributable to acquisition from affiliate | 5 | 8 |
Other | 1 | |
Net cash provided by financing activities | 6 | (2) |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Consolidating Adjustments [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | (1,119) | (832) |
Cash Flows from Investing Activities: | ||
Intercompany | 1,119 | 832 |
Net cash used in investing activities | $ 1,119 | $ 832 |
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