Energy Transfer 2015 Annual Report Download - page 235

Table of Contents
Quarters Ended
March 31
June 30
September 30
December 31
Total Year
2014:
Revenues
$ 13,027
$ 14,088
$ 14,933
$ 13,427
$ 55,475
Operating income
706
769
809
159
2,443
Net income (loss)
483
548
513
(245)
1,299
Common Unitholders’ interest in net
income (loss)
253
295
148
(90)
606
Basic net income (loss) per Common Unit
$ 0.76
$ 0.92
$ 0.44
$ (0.28)
$ 1.77
Diluted net income (loss) per Common
Unit
$ 0.76
$ 0.92
$ 0.44
$ (0.28)
$ 1.77
The three months ended December 31, 2015 and 2014 reflected the unfavorable impacts of $120 million and $456 million, respectively, related to non-
cash inventory valuation adjustments primarily in our investment in Sunoco Logistics and retail marketing segments. The three months ended
December 31, 2015 and 2014 reflected the recognition of impairment losses of $339 million and $370 million, respectively. Impairment losses in 2015
were primarily related to our Lone Star Refinery Services operations and our Transwestern pipeline, and in 2014, impairment losses were primarily
related to Regency’s Permian Basin gathering and processing operations.
For the three months ended December 31, 2015 and 2014, distributions paid for the period exceeded net income attributable to partners by $934 million
an d $544 million, respectively. Accordingly, the distributions paid to the General Partner, including incentive distributions, further exceeded net
income, and as a result, a net loss was allocated to the Limited Partners for the period.
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