XML 28 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Equity EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the nine months ended September 30, 2023 were as follows:
Number of Units
Number of common units at December 31, 20223,094.4 
Common units issued under the distribution reinvestment plan5.5 
Common units issued for Lotus Midstream acquisition44.5 
Common units vested under equity incentive plans and other0.7 
Number of common units at September 30, 20233,145.1 
Energy Transfer Repurchase Program
During the nine months ended September 30, 2023, Energy Transfer did not repurchase any of its common units under its current buyback program. As of September 30, 2023, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the nine months ended September 30, 2023, distributions of $70 million were reinvested under the distribution reinvestment program. As of September 30, 2023, a total of 6 million Energy Transfer common units remained available to be issued under the existing registration statement in connection with the distribution reinvestment program.
Cash Distributions on Energy Transfer Common Units
Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2022 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2022February 7, 2023February 21, 2023$0.3050 
March 31, 2023May 8, 2023May 22, 20230.3075 
June 30, 2023August 14, 2023August 21, 20230.3100 
September 30, 2023October 30, 2023November 20, 20230.3125 
Energy Transfer Preferred Units
As of September 30, 2023 and December 31, 2022, Energy Transfer’s outstanding preferred units included 950,000 Series A Preferred Units, 550,000 Series B Preferred Units, 18,000,000 Series C Preferred Units, 17,800,000 Series D Preferred Units, 32,000,000 Series E Preferred Units, 500,000 Series F Preferred Units, 1,484,780 Series G Preferred Units and 900,000 Series H Preferred Units.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
Balance, December 31, 2022$958 $556 $440 $434 $786 $496 $1,488 $893 $6,051 
Distributions to partners(30)(18)(8)(9)(15)— — — (80)
Net income18 9 8 9 15 8 27 15 109 
Balance, March 31, 2023946 547 440 434 786 504 1,515 908 6,080 
Distributions to partners(21)— (8)(9)(15)(16)(53)(29)(151)
Net income22 9 9 9 15 8 26 15 113 
Balance, June 30, 2023947 556 441 434 786 496 1,488 894 6,042 
Distributions to partners(22)(20)(12)(8)(15)— — — (77)
Net income23 10 11 10 15 8 27 14 118 
Balance, September 30, 2023$948 $546 $440 $436 $786 $504 $1,515 $908 $6,083 
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
Balance, December 31, 2021$958 $556 $440 $434 $786 $496 $1,488 $893 $6,051 
Distributions to partners(30)(18)(8)(9)(15)— — — (80)
Net income15 9 8 9 15 8 27 15 106 
Balance, March 31, 2022943 547 440 434 786 504 1,515 908 6,077 
Distributions to partners— — (8)(9)(15)(16)(53)(30)(131)
Net income15 9 8 9 15 8 26 15 105 
Balance, June 30, 2022958 556 440 434 786 496 1,488 893 6,051 
Distributions to partners(30)(18)(8)(9)(15)— — — (80)
Net income15 9 8 9 15 8 27 15 106 
Balance, September 30, 2022$943 $547 $440 $434 $786 $504 $1,515 $908 $6,077 
Cash Distributions on Energy Transfer Preferred Units
Distributions declared on the Energy Transfer Preferred Units were as follows:
Period EndedRecord DatePayment Date
Series A(1)
Series B(2)
Series C(1)
Series D(1)
Series E
Series F(2)
Series G(2)
Series H(2)
December 31, 2022February 1, 2023February 15, 2023$31.250 $33.125 $0.4609 $0.4766 $0.475 $— $— $— 
March 31, 2023May 1, 2023May 15, 202321.982 — 0.4609 0.4766 0.475 33.750 35.625 32.500 
June 30, 2023August 1, 2023August 15, 202323.891 33.125 0.6294 0.4766 0.475 — — — 
September 30, 2023November 1, 2023November 15, 202324.672 — 0.6489 0.6622 0.475 33.750 35.625 32.500
(1)See additional information on Series A, Series C and Series D distributions below.
(2)Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis.
Prior to February 15, 2023, distributions on the Series A Preferred Units accrued at a fixed rate of 6.250% per annum of the liquidation preference of $1,000. Beginning February 15, 2023 to, but excluding, August 15, 2023, the Series A Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $1,000 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.028% per annum. On and after August 15, 2023, the floating distribution rate on the Series A Preferred Units is based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.028% per annum. Distributions on Series A Preferred Units were previously payable semiannually in arrears until February 15, 2023, and, after February 15, 2023, quarterly in arrears, when, as, and if declared by our General Partner out of legally available funds for such purpose.
Prior to May 15, 2023, distributions on the Series C Preferred Units accrued at a fixed rate of 7.375% per annum of the liquidation preference of $25. Beginning May 15, 2023 to, but excluding, August 15, 2023, the Series C Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.530% per annum. On and after August 15, 2023, the floating distribution rate on the Series C Preferred Units is based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.530% per annum.
Prior to August 15, 2023, distributions on the Series D Preferred Units accrued at a fixed rate of 7.625% per annum of the liquidation preference of $25. On and after August 15, 2023, the Series D Preferred Units accrue a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.738% per annum.
Distributions on the Series B Preferred Units and Series E Preferred Units are scheduled to begin accruing at a floating rate as follows:
Beginning of floating rate periodApplicable SpreadTenor spread adjustmentFloating rate
Series B Preferred UnitsFebruary 15, 20284.155 %0.26161 %Three-month SOFR
Series E Preferred UnitsMay 15, 20245.161 %0.26161 %Three-month SOFR
Noncontrolling Interests
The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are master limited partnerships, as well as other non-wholly-owned consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, Sunoco LP and USAC, both of which are required by their respective partnership agreements to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter.
Sunoco LP Cash Distributions
Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2022 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2022February 7, 2023February 21, 2023$0.8255 
March 31, 2023May 8, 2023May 22, 20230.8420 
June 30, 2023August 14, 2023August 21, 20230.8420 
September 30, 2023October 30, 2023November 20, 20230.8420 
USAC Cash Distributions
Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2022 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2022January 23, 2023February 3, 2023$0.525 
March 31, 2023April 24, 2023May 5, 20230.525 
June 30, 2023July 24, 2023August 4, 20230.525 
September 30, 2023October 23, 2023November 3, 20230.525 
USAC’s Warrants
As of September 30, 2023 and December 31, 2022, USAC warrants with the right to purchase 10,000,000 USAC common units at a strike price of $19.59 per unit were outstanding. On October 27, 2023, such warrants were exercised in full by the holders. The exercise of the warrants will be net settled for approximately 2,360,000 USAC common units.
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
September 30,
2023		December 31,
2022
Unrealized gains on available-for-sale securities$11 $9 
Foreign currency translation adjustment
6 1 
Actuarial loss related to pensions and other postretirement benefits(7)(7)
Investments in unconsolidated affiliates, net19 13 
Total AOCI included in partners’ capital, net of tax
$29 $16