Energy Transfer 2015 Annual Report Download - page 97
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Table of Contents
Retail Marketing
Years Ended December 31,
2014
2013
Change
Motor fuel outlets and convenience stores, end of period:
Retail 1,251
513
738
Third-party wholesale 5,399
4,599
800
Total 6,650
5,112
1,538
Total motor fuel gallons sold (in millions):
Retail 1,646
1,092
554
Third-party wholesale 4,736
4,364
372
Total $ 6,382
$ 5,456
$ 926
Motor fuel gross profit (cents/gallon):
Retail 31.2
25.5
5.7
Third-party wholesale 9.4
6.3
3.1
Volume-weighted average for all gallons 15.0
10.1
4.9
Merchandise sales (in millions) $ 1,091
$ 543
$ 548
Retail merchandise margin % 28.6%
26.5%
2.1%
Revenue $ 22,487
$ 21,012
$ 1,475
Cost of products sold 21,154
20,150
1,004
Gross margin 1,333
862
471
Unrealized gains on commodity risk management activities (1)
(1)
—
Operating expenses, excluding non-cash compensation expense (727)
(473)
(254)
Selling, general and administrative expenses, excluding non-cash compensation expense (92)
(63)
(29)
Inventory valuation adjustments 215
(3)
218
Adjusted EBITDA related to unconsolidated affiliates 3
4
(1)
Other —
(1)
1
Segment Adjusted EBITDA $ 731
$ 325
$ 406
For the year ended December 31, 2014 compared to the prior year, Segment Adjusted EBITDA related to our retail marketing
segment increased due to the net impacts of the following:
• an increase of $471 million in gross margin due to a favorable impact of $335 million from the acquisition of Susser in August 2014 and $158 million
from other recent acquisitions, including the MACS acquisition in October 2013. Retail marketing gross margin also increased $136 million from strong
retail gasoline and diesel margins and $60 million due to favorable results in non-retail margins. These increases were partially offset by unfavorable
impacts of $218 million related to non-cash inventory valuation adjustments as a result of commodity price changes between periods; partially offset by
• an increase of $254 million in operating expenses primarily due to recent acquisitions; and
• an increase of $29 million in selling, general and administrative expenses primarily due to recent acquisitions.
91