v3.8.0.1
Condensed Statements of Combined Consolidated Operations (unaudited) Statement - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Affiliate [1] $ 219 $ 184 [2] $ 624 $ 521 [2]
Third-party 225 124 [2] 653 380 [2]
Total Revenues 444 308 1,277 901
Costs and Expenses        
NGL expense (excluding items shown separately below) 64 1 [2] 179 2 [2]
Operating expenses 141 106 [2] 399 322 [2]
General and administrative expenses 27 25 [2] 78 71 [2]
Depreciation and amortization expenses 60 47 [2] 178 139 [2]
(Gain) loss on asset disposals and impairments 1 2 [2] (24) 3 [2]
Operating Income 151 127 [2] 467 364 [2]
Interest and financing costs, net (59) (49) [2] (178) (138) [2]
Equity in earnings of equity method investments 2 3 [2] 7 10 [2]
Other income, net 3 0 [2] 3 6 [2]
Net Earnings 97 81 [2] 299 242 [2]
Loss attributable to Predecessors 0 7 [2] 0 21 [2]
Net Earnings Attributable to Partners 97 88 [2] 299 263 [2]
General partner’s interest in net earnings, including incentive distribution rights 0 (40) [2] (79) (108) [2]
Limited Partners’ Interest in Net Earnings $ 97 $ 48 [2] $ 220 $ 155 [2]
Net Earnings per Limited Partner Unit        
Common - basic $ 0.90 $ 0.46 [2] $ 2.05 $ 1.58 [2]
Common - diluted $ 0.90 $ 0.46 [2] $ 2.05 $ 1.58 [2]
Weighted Average Limited Partner Units Outstanding        
Common units - basic 108.0 101.4 [2] 107.0 96.7 [2]
Common units - diluted [3] 108.1 101.4 [2] 107.1 96.8 [2]
Cash Distributions Paid Per Unit $ 0.971 $ 0.842 [2] $ 2.821 $ 2.432 [2]
[1] Andeavor accounted for 49% and 60% of our total revenues for the three months ended September 30, 2017 and 2016, respectively, and 49% and 58% for the nine months ended September 30, 2017 and 2016, respectively.
[2] Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
[3] Diluted net earnings per unit include the effects of potentially dilutive units on our common units, which consist of unvested service and performance phantom units.