XML 41 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Reportable Segments
12 Months Ended
Dec. 31, 2020
Reportable Segments [Abstract]  
Reportable Segments REPORTABLE SEGMENTS:
Our reportable segments currently reflect the following segments, which conduct their business primarily in the United States:
intrastate transportation and storage;
interstate transportation and storage;
midstream;
NGL and refined products transportation and services;
crude oil transportation and services;
investment in Sunoco LP;
investment in USAC; and
all other.
Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
The investment in USAC segment reflects the results of USAC beginning April 2018, the date that the Partnership obtained control of USAC.
Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are reflected in crude sales and gathering, transportation and other fees. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales.
We report Segment Adjusted EBITDA as a measure of segment performance. We define Segment Adjusted EBITDA as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Segment Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or
cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
The following tables present financial information by segment:
Years Ended December 31,
202020192018
Revenues:
Intrastate transportation and storage:
Revenues from external customers
$2,312 $2,749 $3,428 
Intersegment revenues
232 350 309 
2,544 3,099 3,737 
Interstate transportation and storage:
Revenues from external customers
1,841 1,941 1,664 
Intersegment revenues
20 22 18 
1,861 1,963 1,682 
Midstream:
Revenues from external customers
1,944 2,280 2,090 
Intersegment revenues
3,082 3,751 5,432 
5,026 6,031 7,522 
NGL and refined products transportation and services:
Revenues from external customers
8,501 9,920 10,119 
Intersegment revenues
2,012 1,721 1,004 
10,513 11,641 11,123 
Crude oil transportation and services:
Revenues from external customers
11,674 18,447 17,236 
Intersegment revenues
— 96 
11,679 18,447 17,332 
Investment in Sunoco LP:
Revenues from external customers
10,653 16,590 16,982 
Intersegment revenues
57 12 
10,710 16,596 16,994 
Investment in USAC:
Revenues from external customers
655 678 495 
Intersegment revenues
12 20 13 
667 698 508 
All other:
Revenues from external customers
1,374 1,608 2,073 
Intersegment revenues
464 81 155 
1,838 1,689 2,228 
Eliminations
(5,884)(5,951)(7,039)
Total revenues
$38,954 $54,213 $54,087 
Years Ended December 31,
202020192018
Cost of products sold:
Intrastate transportation and storage
$1,478 $1,909 $2,665 
Midstream
2,598 3,577 5,145 
NGL and refined products transportation and services
7,139 8,393 8,462 
Crude oil transportation and services
8,838 14,832 14,384 
Investment in Sunoco LP
9,654 15,380 15,872 
Investment in USAC
82 91 67 
All other
1,527 1,504 2,006 
Eliminations
(5,829)(5,885)(6,998)
Total cost of products sold
$25,487 $39,801 $41,603 
Years Ended December 31,
202020192018
Depreciation, depletion and amortization:
Intrastate transportation and storage
$185 $184 $169 
Interstate transportation and storage
411 387 334 
Midstream
1,140 1,066 1,006 
NGL and refined products transportation and services
667 613 466 
Crude oil transportation and services
640 437 445 
Investment in Sunoco LP
189 181 167 
Investment in USAC
239 231 169 
All other
207 48 103 
Total depreciation, depletion and amortization
$3,678 $3,147 $2,859 
Years Ended December 31,
202020192018
Equity in earnings (losses) of unconsolidated affiliates:
Intrastate transportation and storage
$18 $18 $19 
Interstate transportation and storage
17 222 227 
Midstream
24 20 26 
NGL and refined products transportation and services
60 53 64 
Crude oil transportation and services
(2)(1)
All other
(10)
Total equity in earnings of unconsolidated affiliates
$119 $302 $344 
Years Ended December 31,
202020192018
Segment Adjusted EBITDA:
Intrastate transportation and storage$863 $999 $927 
Interstate transportation and storage1,680 1,792 1,680 
Midstream1,670 1,602 1,627 
NGL and refined products transportation and services2,802 2,666 1,979 
Crude oil transportation and services2,258 2,898 2,385 
Investment in Sunoco LP739 665 638 
Investment in USAC414 420 289 
All Other
105 98 40 
Total Segment Adjusted EBITDA
10,531 11,140 9,565 
Depreciation, depletion and amortization
(3,678)(3,147)(2,859)
Interest expense, net of interest capitalized
(2,327)(2,331)(2,055)
Impairment losses(2,880)(74)(431)
Gains (losses) on interest rate derivatives(203)(241)47 
Non-cash compensation expense
(121)(113)(105)
Unrealized losses on commodity risk management activities(71)(5)(11)
Inventory valuation adjustments
(82)79 (85)
Losses on extinguishments of debt
(75)(18)(112)
Adjusted EBITDA related to unconsolidated affiliates(628)(626)(655)
Equity in earnings of unconsolidated affiliates
119 302 344 
Impairment of investments in unconsolidated affiliates
(129)— — 
Adjusted EBITDA related to discontinued operations
— — 25 
Other, net
(79)54 21 
Income from continuing operations before income tax (expense) benefit
377 5,020 3,689 
Income tax (expense) benefit from continuing operations
(237)(195)(4)
Income from continuing operations
140 4,825 3,685 
Loss from discontinued operations, net of income taxes
— — (265)
Net income
$140 $4,825 $3,420 
December 31,
202020192018
Segment assets:
Intrastate transportation and storage$7,549 $6,648 $6,365 
Interstate transportation and storage17,730 18,111 15,081 
Midstream18,816 20,332 19,745 
NGL and refined products transportation and services21,578 19,145 18,267 
Crude oil transportation and services18,335 22,933 18,189 
Investment in Sunoco LP5,267 5,438 4,879 
Investment in USAC2,949 3,730 3,775 
All other and eliminations2,920 2,636 2,112 
Total segment assets$95,144 $98,973 $88,413 
Years Ended December 31,
202020192018
Additions to property, plant and equipment (1):
Intrastate transportation and storage
$49 $124 $344 
Interstate transportation and storage
150 375 812 
Midstream
487 827 1,161 
NGL and refined products transportation and services
2,403 2,976 2,381 
Crude oil transportation and services
291 403 474 
Investment in Sunoco LP
124 148 103 
Investment in USAC
119 200 205 
All other
136 215 150 
Total additions to property, plant and equipment (1)
$3,759 $5,268 $5,630 
(1)Excluding acquisitions, net of contributions in aid of construction costs (capital expenditures related to the Partnership’s proportionate ownership on an accrual basis).
December 31,
202020192018
Investments in affiliates:
Intrastate transportation and storage$89 $88 $83 
Interstate transportation and storage2,278 2,524 2,070 
Midstream110 112 124 
NGL and refined products transportation and services509 461 243 
Crude oil transportation and services22 242 28 
All other52 33 94 
Total investments in affiliates$3,060 $3,460 $2,642