Delaware | 1-2921 | 44-0382470 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
3738 Oak Lawn Avenue Dallas, Texas (Address of principal executive offices) | 75219 (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Exhibit |
99.1 | Energy Transfer Partners, L.P. Press Release dated May 6, 2014 |
PANHANDLE EASTERN PIPE LINE COMPANY, LP | |||
(Registrant) | |||
Date: May 6, 2014 | By: | /s/ Martin Salinas, Jr. | |
Martin Salinas, Jr. | |||
Chief Financial Officer (duly authorized to sign on behalf of the registrant) |
Exhibit No. | Exhibit |
99.1 | Energy Transfer Partners, L.P. Press Release dated May 6, 2014 |
• | In January 2014, ETP sold 9.2 million AmeriGas Partners, L.P. (“AmeriGas”) common units for net proceeds of $381 million. |
• | In February 2014, ETP redeemed 18.7 million ETP Common Units in connection with the transfer to Energy Transfer Equity, L.P. (“ETE”) of Trunkline LNG Company, LLC (“Trunkline LNG”), the entity that owns a LNG regasification facility in Lake Charles, Louisiana (the “Trunkline LNG Transaction”). |
• | On April 27, 2014, ETP entered into a definitive merger agreement whereby ETP plans to acquire Susser Holdings Corporation in a unit and cash transaction for total consideration valued at approximately $1.8 billion. |
• | Trunkline LNG Export, LLC, an entity owned jointly by ETP and ETE, and Trunkline LNG filed an application with the Federal Energy Regulatory Commission (“FERC”), seeking authorization for the proposed new liquefaction facilities and modifications to Trunkline LNG’s existing terminal to facilitate the storage and subsequent export of LNG (the “Liquefaction Project”). In addition, Trunkline Gas Company, LLC, a subsidiary of ETP, filed a certificate application with the FERC for the modification and expansion of the Trunkline Gas Pipeline to accommodate volumes of inlet gas contracted for by BG Group in conjunction with the Liquefaction Project. The FERC filings represent the culmination of significant front-end engineering design efforts for the Liquefaction Project and pre-filing consultations with the FERC and other federal, state and local agencies that have been underway since mid-2012. Approval of these applications is requested from the FERC by April 1, 2015. |
March 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
CURRENT ASSETS | $ | 7,069 | $ | 6,239 | |||
PROPERTY, PLANT AND EQUIPMENT, net | 25,578 | 25,947 | |||||
ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 4,160 | 4,436 | |||||
NON-CURRENT PRICE RISK MANAGEMENT ASSETS | 1 | 17 | |||||
GOODWILL | 4,507 | 4,729 | |||||
INTANGIBLE ASSETS, net | 1,502 | 1,568 | |||||
OTHER NON-CURRENT ASSETS, net | 772 | 766 | |||||
Total assets | $ | 43,589 | $ | 43,702 |
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES | $ | 7,491 | $ | 6,067 | |||
LONG-TERM DEBT, less current maturities | 16,191 | 16,451 | |||||
NON-CURRENT PRICE RISK MANAGEMENT LIABILITIES | 39 | 54 | |||||
DEFERRED INCOME TAXES | 3,599 | 3,762 | |||||
OTHER NON-CURRENT LIABILITIES | 1,053 | 1,080 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
EQUITY: | |||||||
Total partners’ capital | 10,438 | 11,540 | |||||
Noncontrolling interest | 4,778 | 4,748 | |||||
Total equity | 15,216 | 16,288 | |||||
Total liabilities and equity | $ | 43,589 | $ | 43,702 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
REVENUES | $ | 12,232 | $ | 10,854 | |||
COSTS AND EXPENSES: | |||||||
Cost of products sold | 10,866 | 9,594 | |||||
Operating expenses | 319 | 327 | |||||
Depreciation and amortization | 266 | 260 | |||||
Selling, general and administrative | 93 | 139 | |||||
Total costs and expenses | 11,544 | 10,320 | |||||
OPERATING INCOME | 688 | 534 | |||||
OTHER INCOME (EXPENSE): | |||||||
Interest expense, net of interest capitalized | (219 | ) | (211 | ) | |||
Equity in earnings of unconsolidated affiliates | 79 | 72 | |||||
Gain on sale of AmeriGas common units | 70 | — | |||||
Gains (losses) on interest rate derivatives | (2 | ) | 7 | ||||
Other, net | (3 | ) | 3 | ||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 613 | 405 | |||||
Income tax expense from continuing operations | 146 | 3 | |||||
INCOME FROM CONTINUING OPERATIONS | 467 | 402 | |||||
Income from discontinued operations | 24 | 22 | |||||
NET INCOME | 491 | 424 | |||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 76 | 102 | |||||
NET INCOME ATTRIBUTABLE TO PARTNERS | 415 | 322 | |||||
GENERAL PARTNER’S INTEREST IN NET INCOME | 113 | 128 | |||||
CLASS H UNITHOLDER’S INTEREST IN NET INCOME | 49 | — | |||||
COMMON UNITHOLDERS’ INTEREST IN NET INCOME | $ | 253 | $ | 194 | |||
INCOME FROM CONTINUING OPERATIONS PER COMMON UNIT: | |||||||
Basic | $ | 0.69 | $ | 0.60 | |||
Diluted | $ | 0.69 | $ | 0.60 | |||
NET INCOME PER COMMON UNIT: | |||||||
Basic | $ | 0.76 | $ | 0.63 | |||
Diluted | $ | 0.76 | $ | 0.63 | |||
WEIGHTED AVERAGE NUMBER OF COMMON UNITS OUTSTANDING: | |||||||
Basic | 324.5 | 300.8 | |||||
Diluted | 325.5 | 301.8 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): | |||||||
Net income | $ | 491 | $ | 424 | |||
Interest expense, net of interest capitalized | 219 | 211 | |||||
Gain on sale of AmeriGas common units | (70 | ) | — | ||||
Income tax expense from continuing operations | 146 | 3 | |||||
Depreciation and amortization | 266 | 260 | |||||
Non-cash compensation expense | 14 | 14 | |||||
(Gains) losses on interest rate derivatives | 2 | (7 | ) | ||||
Unrealized (gains) losses on commodity risk management activities | 29 | (19 | ) | ||||
LIFO valuation adjustment | (14 | ) | (38 | ) | |||
Equity in earnings of unconsolidated affiliates | (79 | ) | (72 | ) | |||
Adjusted EBITDA related to unconsolidated affiliates | 196 | 165 | |||||
Other, net | 6 | 15 | |||||
Adjusted EBITDA (consolidated) | 1,206 | 956 | |||||
Adjusted EBITDA related to unconsolidated affiliates | (196 | ) | (165 | ) | |||
Distributions from unconsolidated affiliates | 81 | 95 | |||||
Interest expense, net of interest capitalized | (219 | ) | (211 | ) | |||
Amortization included in interest expense | (16 | ) | (23 | ) | |||
Income tax expense from continuing operations | (146 | ) | (3 | ) | |||
Income tax expense related to the Trunkline LNG Transaction | 85 | — | |||||
Maintenance capital expenditures | (39 | ) | (51 | ) | |||
Other, net | 2 | 1 | |||||
Distributable Cash Flow (consolidated) | 758 | 599 | |||||
Distributable Cash Flow attributable to Sunoco Logistics Partners L.P. (“Sunoco Logistics”) (100%) | (158 | ) | (195 | ) | |||
Distributions from Sunoco Logistics to ETP | 62 | 45 | |||||
Distributions to ETE in respect of ETP Holdco Corporation (“Holdco”) | — | (50 | ) | ||||
Distributions to Regency Energy Partners LP (“Regency”) in respect of Lone Star (b) | (33 | ) | (23 | ) | |||
Distributable Cash Flow attributable to the partners of ETP | $ | 629 | $ | 376 | |||
Distributions to the partners of ETP: | |||||||
Limited Partners: | |||||||
Common Units held by public | $ | 268 | $ | 241 | |||
Common Units held by ETE | 29 | 45 | |||||
Class H Units held by ETE Common Holdings, LLC (“ETE Holdings”) (c) | 50 | — | |||||
General Partner interests held by ETE | 5 | 5 | |||||
Incentive Distribution Rights (“IDRs”) held by ETE | 168 | 156 | |||||
IDR relinquishment related to previous transactions | (57 | ) | (31 | ) | |||
Total distributions to be paid to the partners of ETP | $ | 463 | $ | 416 | |||
Distribution coverage ratio (d) | 1.36x | 0.90x |
(a) | Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of ETP’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities, or other GAAP measures. |
• | For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to the partners of ETP includes distributions to be received by the parent company with respect to the periods presented. Currently, Sunoco Logistics is the only such subsidiary. |
• | For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, but Distributable Cash Flow attributable to the partners of ETP is net of distributions to be paid by the subsidiary to the noncontrolling interests. Currently, Lone Star is such a subsidiary, as it is 30% owned by Regency, which is an unconsolidated affiliate. Prior to April 30, 2013, Holdco was also such a subsidiary, as ETE held a noncontrolling interest in Holdco. |
(b) | Cash distributions to Regency in respect of Lone Star consist of cash distributions paid in arrears on a quarterly basis. These amounts are in respect of the periods then ended, including payments made in arrears subsequent to period end. |
(c) | Distributions on the Class H Units for the three months ended March 31, 2014 were calculated as follows: |
General partner distributions and incentive distributions from Sunoco Logistics | $ | 39 | |
50.05 | % | ||
Share of Sunoco Logistics general partner and incentive distributions payable to Class H Unitholder | 20 | ||
Incremental distributions payable to Class H Unitholder | 30 | ||
Total Class H Unit distributions | $ | 50 |
(d) | Distribution coverage ratio for a period is calculated as Distributable Cash Flow attributable to the partners of ETP divided by net distributions expected to be paid to the partners of ETP in respect of such period. |
• | Gross margin, operating expenses, and selling, general and administrative. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment. |
• | Unrealized gains or losses on commodity risk management activities and LIFO valuation adjustments. These are the unrealized amounts that are included in cost of products sold to calculate gross margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized losses are added back and the unrealized gains are subtracted to calculate the segment measure. |
• | Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative expenses. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure. |
• | Adjusted EBITDA related to unconsolidated affiliates. These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates. Amounts reflected are calculated consistently with our definition of Adjusted EBITDA. |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Segment Adjusted EBITDA: | |||||||||||
Midstream | $ | 126 | $ | 87 | $ | 39 | |||||
NGL transportation and services | 128 | 80 | 48 | ||||||||
Interstate transportation and storage | 300 | 297 | 3 | ||||||||
Intrastate transportation and storage | 177 | 132 | 45 | ||||||||
Investment in Sunoco Logistics | 208 | 236 | (28 | ) | |||||||
Retail marketing | 109 | 37 | 72 | ||||||||
All other | 158 | 87 | 71 | ||||||||
$ | 1,206 | $ | 956 | $ | 250 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Gathered volumes (MMBtu/d): | |||||||||||
ETP legacy assets | 2,558,851 | 2,334,283 | 224,568 | ||||||||
Southern Union gathering and processing(1) | — | 480,339 | (480,339 | ) | |||||||
NGLs produced (Bbls/d): | |||||||||||
ETP legacy assets | 136,818 | 96,775 | 40,043 | ||||||||
Southern Union gathering and processing(1) | — | 39,681 | (39,681 | ) | |||||||
Equity NGLs produced (Bbls/d): | |||||||||||
ETP legacy assets | 12,106 | 9,744 | 2,362 | ||||||||
Southern Union gathering and processing(1) | — | 7,206 | (7,206 | ) | |||||||
Revenues | $ | 653 | $ | 600 | $ | 53 | |||||
Cost of products sold | 493 | 437 | 56 | ||||||||
Gross margin | 160 | 163 | (3 | ) | |||||||
Operating expenses, excluding non-cash compensation expense | (28 | ) | (57 | ) | 29 | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (6 | ) | (19 | ) | 13 | ||||||
Segment Adjusted EBITDA | $ | 126 | $ | 87 | $ | 39 |
(1) | On April 30, 2013, Southern Union contributed its gathering and processing operations to Regency and, as a result, Southern Union’s gathering and processing operations were deconsolidated on April 30, 2013. |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Gathering and processing fee-based revenues | $ | 123 | $ | 97 | $ | 26 | |||||
Non fee-based contracts and processing | 37 | 67 | (30 | ) | |||||||
Other | — | (1 | ) | 1 | |||||||
Total gross margin | $ | 160 | $ | 163 | $ | (3 | ) |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
NGL transportation volumes (Bbls/d) | 417,831 | 274,030 | 143,801 | ||||||||
NGL fractionation volumes (Bbls/d) | 156,898 | 86,703 | 70,195 | ||||||||
Revenues | $ | 830 | $ | 365 | $ | 465 | |||||
Cost of products sold | 671 | 257 | 414 | ||||||||
Gross margin | 159 | 108 | 51 | ||||||||
Unrealized losses on commodity risk management activities | 1 | — | 1 | ||||||||
Operating expenses, excluding non-cash compensation expense | (28 | ) | (22 | ) | (6 | ) | |||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (5 | ) | (7 | ) | 2 | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 1 | 1 | — | ||||||||
Segment Adjusted EBITDA | $ | 128 | $ | 80 | $ | 48 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Transportation margin | $ | 59 | $ | 41 | $ | 18 | |||||
Processing and fractionation margin | 49 | 34 | 15 | ||||||||
Storage margin | 40 | 32 | 8 | ||||||||
Other margin | 11 | 1 | 10 | ||||||||
Total gross margin | $ | 159 | $ | 108 | $ | 51 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Natural gas transported (MMBtu/d) | 7,315,078 | 7,033,804 | 281,274 | ||||||||
Natural gas sold (MMBtu/d) | 15,783 | 16,768 | (985 | ) | |||||||
Revenues | $ | 298 | $ | 324 | $ | (26 | ) | ||||
Operating expenses, excluding non-cash compensation, amortization and accretion expenses | (71 | ) | (78 | ) | 7 | ||||||
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses | (14 | ) | (29 | ) | 15 | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 87 | 80 | 7 | ||||||||
Segment Adjusted EBITDA | $ | 300 | $ | 297 | $ | 3 | |||||
Distributions from unconsolidated affiliates | $ | 50 | $ | 41 | $ | 9 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Natural gas transported (MMBtu/d) | 9,399,267 | 9,733,480 | (334,213 | ) | |||||||
Revenues | $ | 934 | $ | 684 | $ | 250 | |||||
Cost of products sold | 734 | 490 | 244 | ||||||||
Gross margin | 200 | 194 | 6 | ||||||||
Unrealized (gains) losses on commodity risk management activities | 27 | (12 | ) | 39 | |||||||
Operating expenses, excluding non-cash compensation expense | (42 | ) | (42 | ) | — | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (7 | ) | (8 | ) | 1 | ||||||
Adjusted EBITDA related to unconsolidated affiliates | (1 | ) | — | (1 | ) | ||||||
Segment Adjusted EBITDA | $ | 177 | $ | 132 | $ | 45 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Revenues | $ | 4,477 | $ | 3,512 | $ | 965 | |||||
Cost of products sold | 4,210 | 3,224 | 986 | ||||||||
Gross margin | 267 | 288 | (21 | ) | |||||||
Unrealized gains on commodity risk management activities | (1 | ) | (3 | ) | 2 | ||||||
Operating expenses, excluding non-cash compensation expense | (32 | ) | (26 | ) | (6 | ) | |||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (34 | ) | (30 | ) | (4 | ) | |||||
Adjusted EBITDA related to unconsolidated affiliates | 8 | 7 | 1 | ||||||||
Segment Adjusted EBITDA | $ | 208 | $ | 236 | $ | (28 | ) | ||||
Distributions from unconsolidated affiliates | $ | 2 | $ | 3 | $ | (1 | ) |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Total retail gasoline outlets, end of period | 5,122 | 4,979 | 143 | ||||||||
Total company-operated outlets, end of period | 529 | 439 | 90 | ||||||||
Gasoline and diesel throughput per company-operated site (gallons/month) | 178,448 | 187,000 | (8,552 | ) | |||||||
Revenues | $ | 5,011 | $ | 5,222 | $ | (211 | ) | ||||
Cost of products sold | 4,756 | 5,036 | (280 | ) | |||||||
Gross margin | 255 | 186 | 69 | ||||||||
Unrealized losses on commodity risk management activities | 3 | — | 3 | ||||||||
Operating expenses, excluding non-cash compensation expense | (116 | ) | (98 | ) | (18 | ) | |||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (20 | ) | (15 | ) | (5 | ) | |||||
LIFO valuation adjustment | (14 | ) | (38 | ) | 24 | ||||||
Adjusted EBITDA related to unconsolidated affiliates | 1 | 2 | (1 | ) | |||||||
Segment Adjusted EBITDA | $ | 109 | $ | 37 | $ | 72 |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Revenues | $ | 591 | $ | 631 | $ | (40 | ) | ||||
Cost of products sold | 564 | 625 | (61 | ) | |||||||
Gross margin | 27 | 6 | 21 | ||||||||
Unrealized gains on commodity risk management activities | (1 | ) | (4 | ) | 3 | ||||||
Operating expenses, excluding non-cash compensation expense | (5 | ) | (6 | ) | 1 | ||||||
Selling, general and administrative expenses, excluding non-cash compensation expense | (11 | ) | (19 | ) | 8 | ||||||
Adjusted EBITDA related to discontinued operations | 27 | 40 | (13 | ) | |||||||
Adjusted EBITDA related to unconsolidated affiliates | 102 | 76 | 26 | ||||||||
Other | 19 | — | 19 | ||||||||
Elimination | — | (6 | ) | 6 | |||||||
Segment Adjusted EBITDA | $ | 158 | $ | 87 | $ | 71 | |||||
Distributions from unconsolidated affiliates | $ | 26 | $ | 50 | $ | (24 | ) |
• | our investment in AmeriGas; |
• | our natural gas compression operations; |
• | an approximate 33% non-operating interest in PES, a refining joint venture; |
• | our investment in Regency related to the Regency common and Class F units received by Southern Union in exchange for the contribution of its interest in Southern Union Gathering Company, LLC to Regency on April 30, 2013; and |
• | our natural gas marketing operations. |
Growth | Maintenance | Total | |||||||||
Midstream | $ | 130 | $ | 3 | $ | 133 | |||||
NGL transportation and services(1) | 86 | 2 | 88 | ||||||||
Interstate transportation and storage | 10 | (2 | ) | 8 | |||||||
Intrastate transportation and storage | 11 | 5 | 16 | ||||||||
Investment in Sunoco Logistics | 465 | 18 | 483 | ||||||||
Retail marketing | 12 | 6 | 18 | ||||||||
All other (including eliminations) | 4 | 7 | 11 | ||||||||
Total capital expenditures | $ | 718 | $ | 39 | $ | 757 |
(1) | We received $27 million in capital contributions from Regency related to their 30% share of Lone Star. |
Growth | Maintenance | ||||||||||||||
Low | High | Low | High | ||||||||||||
Midstream | $ | 400 | $ | 420 | $ | 10 | $ | 15 | |||||||
NGL transportation and services(1) | 290 | 310 | 20 | 25 | |||||||||||
Interstate transportation and storage | 50 | 60 | 110 | 120 | |||||||||||
Intrastate transportation and storage | 150 | 160 | 20 | 25 | |||||||||||
Investment in Sunoco Logistics | 1,650 | 1,750 | 65 | 75 | |||||||||||
Retail marketing | 125 | 155 | 50 | 60 | |||||||||||
All other (including eliminations) | 80 | 90 | 10 | 20 | |||||||||||
Total capital expenditures | $ | 2,745 | $ | 2,945 | $ | 285 | $ | 340 |
(1) | We expect to receive capital contributions from Regency related to their 30% share of Lone Star of between $85 million and $110 million. |
Three Months Ended March 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Equity in earnings (losses) of unconsolidated affiliates: | |||||||||||
AmeriGas | $ | 34 | $ | 63 | $ | (29 | ) | ||||
Citrus | 18 | 14 | 4 | ||||||||
FEP | 14 | 13 | 1 | ||||||||
Regency | (7 | ) | — | (7 | ) | ||||||
PES | 17 | (22 | ) | 39 | |||||||
Other | 3 | 4 | (1 | ) | |||||||
Total equity in earnings of unconsolidated affiliates | $ | 79 | $ | 72 | $ | 7 | |||||
Proportionate share of interest, depreciation, amortization, non-cash items and taxes: | |||||||||||
AmeriGas | $ | 17 | $ | 34 | $ | (17 | ) | ||||
Citrus | 50 | 48 | 2 | ||||||||
FEP | 5 | 5 | — | ||||||||
Regency | 34 | — | 34 | ||||||||
PES | 6 | 1 | 5 | ||||||||
Other | 5 | 5 | — | ||||||||
Total proportionate share of interest, depreciation, amortization, non-cash items and taxes | $ | 117 | $ | 93 | $ | 24 | |||||
Adjusted EBITDA related to unconsolidated affiliates: | |||||||||||
AmeriGas | $ | 51 | $ | 97 | $ | (46 | ) | ||||
Citrus | 68 | 62 | 6 | ||||||||
FEP | 19 | 18 | 1 | ||||||||
Regency | 27 | — | 27 | ||||||||
PES | 23 | (21 | ) | 44 | |||||||
Other | 8 | 9 | (1 | ) | |||||||
Total Adjusted EBITDA related to unconsolidated affiliates | $ | 196 | $ | 165 | $ | 31 | |||||
Distributions received from unconsolidated affiliates: | |||||||||||
AmeriGas | $ | 11 | $ | 24 | $ | (13 | ) | ||||
Citrus | 34 | 24 | 10 | ||||||||
FEP | 16 | 17 | (1 | ) | |||||||
Regency | 15 | — | 15 | ||||||||
PES | — | 25 | (25 | ) | |||||||
Other | 5 | 5 | — | ||||||||
Total distributions received from unconsolidated affiliates | $ | 81 | $ | 95 | $ | (14 | ) |
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