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Partners' Capital (Tables)
3 Months Ended
Mar. 31, 2016
Partners Capital [Abstract]  
Schedule of Common Units

The following table presents the activity of our common units for the three months ended March 31, 2016:

 

 

 

Number of Units

 

Number of common units at December 31, 2015

 

 

87,365,706

 

Common units issued in connection with the ETP Dropdown

 

 

5,710,922

 

Common units issued in connection with the PIPE Transaction

 

 

2,263,158

 

Number of common units at March 31, 2016

 

 

95,339,786

 

 

Schedule of Net Income Allocation By Partners

The calculation of net income allocated to the partners is as follows (in thousands, except per unit amounts):

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

 

 

2015

 

Attributable to Common Units

 

 

 

 

 

 

 

 

Distributions (a)

 

$

77,921

 

 

$

16,057

 

Distributions in excess of income

 

 

(39,843

)

 

 

(5,525

)

Limited partners' interest in net income

 

$

38,078

 

 

$

10,532

 

 

 

 

 

 

 

 

 

 

Attributable to Subordinated Units

 

 

 

 

 

 

 

 

Distributions (a)

 

$

 

 

$

7,056

 

Distributions in excess of income

 

 

 

 

 

(2,275

)

Limited partners' interest in net income

 

$

 

 

$

4,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Distributions declared per unit to unitholders as of record date

 

$

0.8173

 

 

$

0.6450

 

 

Schedule of Incentive Distribution Rights to Limited Partners

 

 

 

 

 

Marginal percentage interest

in distributions

 

 

Total quarterly distribution per unit

target amount

 

Unitholders

 

Holder of IDRs

Minimum Quarterly Distribution

 

$0.4375

 

100%

 

First Target Distribution

 

Above $0.4375 up to $0.503125

 

100%

 

Second Target Distribution

 

Above $0.503125 up to $0.546875

 

85%

 

15%

Third Target Distribution

 

Above $0.546875 up to $0.656250

 

75%

 

25%

Thereafter

 

Above $0.656250

 

50%

 

50%

 

Distributions Made to Limited Partner, by Distribution

The following table presents our cash distributions paid or payable during 2016 (in thousands, except for per unit distributions):

 

 

 

Limited Partners

 

 

 

 

 

Payment Date

 

Per Unit Distribution

 

 

Total Cash Distribution

 

 

Distribution to IDR Holders

 

May 16, 2016

 

$

0.8173

 

 

$

77,921

 

 

$

19,566

 

February 16, 2016

 

 

0.8013

 

 

 

70,006

 

 

 

16,532