Energy Transfer 2013 Annual Report Download - page 73
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Table of Contents
Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012
Consolidated Results
Years Ended December 31,
2013
2012
Change
Segment Adjusted EBITDA:
Intrastate transportation and storage $464
$ 601
$(137)
Interstate transportation and storage 1,269
1,013
256
Midstream 479
467
12
NGL transportation and services 351
209
142
Investment in Sunoco Logistics 871
219
652
Retail marketing 325
109
216
All other 194
126
68
Total 3,953
2,744
1,209
Depreciation and amortization (1,032)
(656)
(376)
Interest expense, net of interest capitalized (849)
(665)
(184)
Gain on deconsolidation of Propane Business —
1,057
(1,057)
Gain on sale of AmeriGas common units 87
—
87
Goodwill impairment (689)
—
(689)
Gains (losses) on interest rate derivatives 44
(4)
48
Non-cash unit-based compensation expense (47)
(42)
(5)
Unrealized gains (losses) on commodity risk management activities 51
(9)
60
LIFO valuation adjustments 3
(75)
78
Loss on extinguishment of debt —
(115)
115
Non-operating environmental remediation (168)
—
(168)
Adjusted EBITDA related to discontinued operations (76)
(99)
23
Adjusted EBITDA related to unconsolidated affiliates (629)
(480)
(149)
Equity in earnings of unconsolidated affiliates 172
142
30
Other, net 12
22
(10)
Income from continuing operations before income tax expense 832
1,820
(988)
Income tax expense from continuing operations (97)
(63)
(34)
Income from continuing operations 735
1,757
(1,022)
Income (loss) from discontinued operations 33
(109)
142
Net income $768
$1,648
$(880)
See the detailed discussion of Segment Adjusted EBITDA below.
The year ended December 31, 2012 was impacted by multiple transactions. Additional information has been provided in “Supplemental Pro Forma
Information” below, which provides pro forma information assuming the transactions had occurred at the beginning of the period.
Depreciation and amortization increased primarily as a result of acquisitions and growth projects including:
•depreciation and amortization related to Southern Union of $189 million in 2013 compared to $179 million from March 26, 2012 through December
31, 2012;
•depreciation and amortization related to Sunoco Logistics of $265 million in 2013 compared to $63 million from October 5, 2012 through December
31, 2012;
68