Sunoco 2012 Annual Report Download - page 89
Download and view the complete annual report
Please find page 89 of the 2012 Sunoco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
 |
 |
6. Inventories
The components of inventories are as follows:
Successor Predecessor
December 31,
2012
December 31,
2011
(in millions) (in millions)
Crude oil ........................................................... $418 $142
Refined products .................................................... 48 55
Refined products additives ............................................. 3 2
Materials, supplies and other ........................................... 9 7
$478 $206
The current replacement cost of crude oil and refined products inventory exceeded its carrying value by $7 and
$196 million at December 31, 2012 and 2011, respectively. The increase in the crude oil inventory for 2012
compared to 2011 was due to the adjustment of the Partnership’s assets and liabilities to fair value resulting from
the application of push-down accounting in connection with the acquisition of the general partner by ETP (Note 1).
7. Properties, Plants and Equipment
The components of net properties, plants and equipment are as follows:
Successor Predecessor
Estimated
Useful Lives
December 31,
2012
December 31,
2011
(in millions) (in millions)
Land and land improvements (including rights of way) .............. — $1,026 $ 525
Pipeline and related assets ..................................... 38-60 2,687 1,344
Terminals and storage facilities ................................ 5-44 934 768
Other ..................................................... 5-48 647 385
Construction-in-progress ...................................... 379 212
Total properties, plants and equipment ......................... 5,673 3,234
Less: Accumulated depreciation and amortization .................. (50) (712)
Total properties, plants and equipment, net ..................... $5,623 $ 2,522
8. Investment in Affiliates
The corporate joint ventures own refined products pipeline systems. The Partnership’s ownership
percentages in corporate joint ventures as of December 31, 2012 and 2011 were as follows:
Ownership
percentage
Explorer Pipeline Company ........................ 9.4%
Yellowstone Pipe Line Company .................... 14.0%
West Shore Pipe Line Company .................... 17.1%
Wolverine Pipe Line Company ..................... 31.5%
The Partnership’s investments in Yellowstone Pipe Line Company (“Yellowstone”), West Shore and
Wolverine Pipe Line Company (“Wolverine”) at December 31, 2012 include a net excess investment amount of
$91 million. The excess investment is the difference between the investment balance and the Partnership’s
proportionate share of the net assets of the entities. The Partnership has not provided additional financial support
to any of the joint ventures during the 2010 - 2012 period.
87