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Acquisitions and Related Transactions
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combination Disclosure ACQUISITIONS
Pending Crestwood Acquisition
On August 16, 2023, the Partnership announced its entry into a definitive merger agreement to acquire Crestwood Equity Partners LP (“Crestwood”). Under the terms of the merger agreement, Crestwood’s common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit. Crestwood owns gathering and processing assets located in the Williston, Delaware and Powder River basins. On October 30, 2023, a majority of Crestwood’s unitholders voted to approve the merger. The transaction is expected to close on November 3, 2023, subject to customary closing conditions.
Lotus Midstream Acquisition
On May 2, 2023, Energy Transfer acquired Lotus Midstream Operations, LLC (“Lotus Midstream”) for total consideration of $1.50 billion, including working capital. Consideration included $930 million in cash and approximately 44.5 million newly issued Energy Transfer common units, which had an aggregate acquisition-date fair value of $574 million. Lotus Midstream owns and operates Centurion Pipeline Company LLC, an integrated crude midstream platform located in the Permian Basin.
The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:
At May 2, 2023
Total current assets$61 
Property, plant and equipment, net1,263 
Investments in unconsolidated affiliates138 
Lease right-of-use assets, net10 
Other non-current assets4 
Intangible assets, net75 
Total assets1,551 
Total current liabilities27 
Other non-current liabilities16 
Total liabilities43 
Total consideration1,508 
Cash received4 
Total consideration, net of cash received$1,504 
Sunoco LP’s Acquisition
On May 1, 2023, Sunoco LP completed the acquisition of 16 refined product terminals located across the East Coast and Midwest from Zenith Energy for $111 million, including working capital. The purchase price was primarily allocated to property and equipment.