Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 

ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions.  The following table presents gross operating margin by segment for the periods indicated:

 
 
For the Year Ended December 31,
 
 
 
2017
   
2016
   
2015
 
Gross operating margin by segment:
                 
NGL Pipelines & Services
 
$
3,258.3
   
$
2,990.6
   
$
2,771.6
 
Crude Oil Pipelines & Services
   
987.2
     
854.6
     
961.9
 
Natural Gas Pipelines & Services
   
714.5
     
734.9
     
782.6
 
Petrochemical & Refined Products Services
   
714.6
     
650.6
     
718.5
 
Offshore Pipelines & Services
   
--
     
--
     
97.5
 
Total segment gross operating margin
 
$
5,674.6
   
$
5,230.7
   
$
5,332.1
 

Summarized Segment Financial Information
Information by business segment, together with reconciliations to amounts presented on our Statements of Consolidated Operations, is presented in the following table:

 
 
Reportable Business Segments
             
 
 
NGL
Pipelines
& Services
   
Crude Oil
Pipelines
& Services
   
Natural Gas
Pipelines
& Services
   
Petrochemical
& Refined
Products
Services
   
Offshore
Pipelines
& Services
   
Adjustments
and
Eliminations
   
Consolidated
Total
 
Revenues from third parties:
                                         
Year ended December 31, 2017
 
$
12,455.7
   
$
8,137.2
   
$
3,132.5
   
$
5,471.1
   
$
--
   
$
--
   
$
29,196.5
 
Year ended December 31, 2016
   
10,232.7
     
6,478.7
     
2,532.4
     
3,721.8
     
--
     
--
     
22,965.6
 
Year ended December 31, 2015
   
9,779.0
     
10,258.3
     
2,729.5
     
4,111.9
     
76.9
     
--
     
26,955.6
 
Revenues from related parties:
                                                       
Year ended December 31, 2017
   
12.3
     
19.6
     
13.1
     
--
     
--
     
--
     
45.0
 
Year ended December 31, 2016
   
9.8
     
36.3
     
10.6
     
--
     
--
     
--
     
56.7
 
Year ended December 31, 2015
   
9.0
     
47.6
     
13.8
     
--
     
1.9
     
--
     
72.3
 
Intersegment and intrasegment revenues:
                                                       
Year ended December 31, 2017
   
27,278.6
     
15,943.0
     
850.8
     
1,766.9
     
--
     
(45,839.3
)
   
--
 
Year ended December 31, 2016
   
19,150.0
     
9,052.0
     
668.5
     
1,234.8
     
--
     
(30,105.3
)
   
--
 
Year ended December 31, 2015
   
10,217.9
     
5,162.0
     
662.1
     
1,126.0
     
0.6
     
(17,168.6
)
   
--
 
Total revenues:
                                                       
Year ended December 31, 2017
   
39,746.6
     
24,099.8
     
3,996.4
     
7,238.0
     
--
     
(45,839.3
)
   
29,241.5
 
Year ended December 31, 2016
   
29,392.5
     
15,567.0
     
3,211.5
     
4,956.6
     
--
     
(30,105.3
)
   
23,022.3
 
Year ended December 31, 2015
   
20,005.9
     
15,467.9
     
3,405.4
     
5,237.9
     
79.4
     
(17,168.6
)
   
27,027.9
 
Equity in income (loss) of unconsolidated affiliates:
                                                       
Year ended December 31, 2017
   
73.4
     
358.4
     
3.8
     
(9.6
)
   
--
     
--
     
426.0
 
Year ended December 31, 2016
   
61.4
     
311.9
     
3.8
     
(15.1
)
   
--
     
--
     
362.0
 
Year ended December 31, 2015
   
57.5
     
281.4
     
3.8
     
(15.7
)
   
46.6
     
--
     
373.6
 

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates.  Our consolidated revenues reflect the elimination of intercompany transactions.  Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.

We include equity in income of unconsolidated affiliates in our measurement of segment gross operating margin and operating income.  Equity investments with industry partners are a significant component of our business strategy.  They are a means by which we conduct our operations to align our interests with those of customers and/or suppliers.  This method of operation enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.  Many of these businesses perform supporting or complementary roles to our other midstream business operations.
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