Energy Transfer 2013 Annual Report Download - page 152
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Table of Contents
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
Years Ended December 31,
2013
2012
2011
REVENUES:
Natural gas sales $3,165
$ 2,387
$ 2,534
NGL sales 2,817
1,718
1,113
Crude sales 15,477
2,872
—
Gathering, transportation and other fees 2,590
2,007
1,488
Refined product sales 18,479
5,299
—
Other 3,811
1,419
1,664
Total revenues 46,339
15,702
6,799
COSTS AND EXPENSES:
Cost of products sold 41,204
12,266
4,175
Operating expenses 1,388
951
799
Depreciation and amortization 1,032
656
405
Selling, general and administrative 485
435
173
Goodwill impairment 689
—
—
Total costs and expenses 44,798
14,308
5,552
OPERATING INCOME 1,541
1,394
1,247
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized (849)
(665)
(474)
Equity in earnings of unconsolidated affiliates 172
142
26
Gain on deconsolidation of Propane Business —
1,057
—
Gain on sale of AmeriGas common units 87
—
—
Loss on extinguishment of debt —
(115)
—
Gains (losses) on interest rate derivatives 44
(4)
(77)
Non-operating environmental remediation (168)
—
—
Other, net 5
11
(3)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE 832
1,820
719
Income tax expense from continuing operations 97
63
19
INCOME FROM CONTINUING OPERATIONS 735
1,757
700
Income (loss) from discontinued operations 33
(109)
(3)
NET INCOME 768
1,648
697
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST 312
79
28
NET INCOME ATTRIBUTABLE TO PARTNERS 456
1,569
669
GENERAL PARTNER’S INTEREST IN NET INCOME 506
461
433
CLASS H UNITHOLDER’S INTEREST IN NET INCOME 48
—
—
LIMITED PARTNERS’ INTEREST IN NET INCOME (LOSS) $ (98)
$ 1,108
$ 236
INCOME (LOSS) FROM CONTINUING OPERATIONS PER LIMITED PARTNER
UNIT:
Basic $(0.23)
$4.93
$ 1.12
Diluted $(0.23)
$ 4.91
$ 1.12
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic $(0.18)
$4.43
$1.10
Diluted $(0.18)
$4.42
$1.10
The accompanying notes are an integral part of these consolidated financial statements.
F - 5