Energy Transfer 2015 Annual Report Download - page 87
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Table of Contents
Retail Marketing
Years Ended December 31,
2015
2014
Change
Motor fuel outlets and convenience stores, end of period:
Retail 438
1,251
(813)
Third-party wholesale —
5,399
(5,399)
Total 438
6,650
(6,212)
Total motor fuel gallons sold (in millions):
Retail 1,884
1,646
238
Third-party wholesale 2,592
4,736
(2,144)
Total 4,476
6,382
(1,906)
Motor fuel gross profit (cents/gallon):
Retail 22.2
31.2
(9.0)
Third-party wholesale 10.5
9.4
1.1
Volume-weighted average for all gallons 15.4
15.0
0.4
Merchandise sales (in millions) $ 1,365
$ 1,091
$ 274
Retail merchandise margin % 30.7%
28.6%
2.1%
Revenue $ 12,482
$ 22,487
$ (10,005)
Cost of products sold 11,174
21,154
(9,980)
Gross margin 1,308
1,333
(25)
Unrealized (gains) losses on commodity risk management activities 2
(1)
3
Operating expenses, excluding non-cash compensation expense (796)
(727)
(69)
Selling, general and administrative expenses, excluding non-cash compensation expense (103)
(92)
(11)
Inventory valuation adjustments (58)
215
(273)
Adjusted EBITDA related to unconsolidated affiliates 230
3
227
Segment Adjusted EBITDA $ 583
$ 731
$ (148)
For the year ended December 31, 2015 compared to the prior year, Segment Adjusted EBITDA related to our retail marketing
segment decreased due to the net impacts of the following:
• a decrease of $124 million due to the deconsolidation of Sunoco LP as a result of the sale of Sunoco LP’s general partner interest and incentive
distribution rights to ETE effective July 1, 2015;
• a decrease of $121 million due to unfavorable fuel margins and $9 million due to unfavorable volumes in the retail and wholesale channels; and
• a decrease of $49 million in margins as 2014 benefited from favorable regional market conditions for ethanol; partially offset by
• the favorable impact of $112 million from the acquisition of Susser in August 2014 until its contribution to Sunoco LP in July 2015 and $43 million
from other recent acquisitions.
81