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
 


Results of Operations

The following table summarizes the key components of our results of operations for the years indicated (dollars in millions):

 
 
For the Year Ended December 31,
 
 
 
2017
   
2016
   
2015
 
Revenues
 
$
29,241.5
   
$
23,022.3
   
$
27,027.9
 
Costs and expenses:
                       
Operating costs and expenses:
                       
Cost of sales
   
21,487.0
     
15,710.9
     
19,612.9
 
Other operating costs and expenses
   
2,500.1
     
2,425.6
     
2,449.4
 
Depreciation, amortization and accretion expenses
   
1,531.3
     
1,456.7
     
1,428.2
 
Net losses (gains) attributable to asset sales
   
(10.7
)
   
(2.5
)
   
15.6
 
Asset impairment and related charges
   
49.8
     
52.8
     
162.6
 
Total operating costs and expenses
   
25,557.5
     
19,643.5
     
23,668.7
 
General and administrative costs
   
181.1
     
160.1
     
192.6
 
Total costs and expenses
   
25,738.6
     
19,803.6
     
23,861.3
 
Equity in income of unconsolidated affiliates
   
426.0
     
362.0
     
373.6
 
Operating income
   
3,928.9
     
3,580.7
     
3,540.2
 
Interest expense
   
(984.6
)
   
(982.6
)
   
(961.8
)
Change in fair market value of Liquidity Option Agreement
   
(64.3
)
   
(24.5
)
   
(25.4
)
Other, net
   
1.3
     
2.8
     
2.9
 
Benefit from (provision for) income taxes
   
(25.7
)
   
(23.4
)
   
2.5
 
Net income
   
2,855.6
     
2,553.0
     
2,558.4
 
Net income attributable to noncontrolling interests
   
(56.3
)
   
(39.9
)
   
(37.2
)
Net income attributable to limited partners
 
$
2,799.3
   
$
2,513.1
   
$
2,521.2
 

The following table presents each business segment’s contribution to consolidated revenues for the years indicated (dollars in millions):

 
 
For the Year Ended December 31,
 
 
 
2017
   
2016
   
2015
 
NGL Pipelines & Services:
                 
Sales of NGLs and related products
 
$
10,521.3
   
$
8,380.5
   
$
8,044.8
 
Midstream services
   
1,946.7
     
1,862.0
     
1,743.2
 
Total
   
12,468.0
     
10,242.5
     
9,788.0
 
Crude Oil Pipelines & Services:
                       
    Sales of crude oil
   
7,365.2
     
5,802.5
     
9,732.9
 
    Midstream services
   
791.6
     
712.5
     
573.0
 
        Total
   
8,156.8
     
6,515.0
     
10,305.9
 
Natural Gas Pipelines & Services:
                       
    Sales of natural gas
   
2,238.5
     
1,591.9
     
1,722.6
 
    Midstream services
   
907.1
     
951.1
     
1,020.7
 
       Total
   
3,145.6
     
2,543.0
     
2,743.3
 
Petrochemical & Refined Products Services:
                       
    Sales of petrochemicals and refined products
   
4,696.3
     
2,921.9
     
3,333.5
 
    Midstream services
   
774.8
     
799.9
     
778.4
 
       Total
   
5,471.1
     
3,721.8
     
4,111.9
 
Offshore Pipelines & Services: (1)
                       
Sales of crude oil
   
--
     
--
     
3.2
 
Midstream services
   
--
     
--
     
75.6
 
Total
   
--
     
--
     
78.8
 
Total consolidated revenues
 
$
29,241.5
   
$
23,022.3
   
$
27,027.9
 
                         
(1)   In July 2015, we completed the sale of our Offshore Business, which comprised our Offshore Pipelines & Services business segment.
 
 
Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.  Our largest non-affiliated customer for 2017 was Vitol Holding B.V. and its affiliates (collectively, “Vitol”), which accounted for 11.2% of our consolidated revenues.  Vitol is a global energy and commodity trading company. 
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