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Energy Transfer Lp (ET) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Energy Transfer Lp

CIK: 1276187 Ticker: ET

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ENERGY TRANSFER REPORTS FOURTH QUARTER 2021 RESULTS
Dallas - February 16, 2022
- Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter and year ended December 31, 2021.
Energy Transfer reported net income attributable to partners for the three months ended December 31, 2021 of $921 million, an increase of $412 million compared to the same period last year. For the three months ended December 31, 2021, net income per limited partner unit (basic and diluted) was $0.29 per unit.
Adjusted EBITDA for the three months ended December 31, 2021 was $2.81 billion compared to $2.59 billion for the same period last year. The improved results were primarily driven by increased NGL transportation and export volumes, higher realized commodity prices, and the Enable acquisition. Energy Transfer’s NGL business also had record transportation and fractionation volumes in the fourth quarter.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended December 31, 2021 was $1.60 billion compared to $1.36 billion for the same period last year.
Growth capital expenditures in 2021 were $1.40 billion, which was $200 million less than expected due to project deferrals into 2022. Maintenance capital expenditures were $522 million. Looking ahead, Energy Transfer is updating its 2022 growth and maintenance capital expenditures outlook as a result of the recently closed Enable acquisition and rapidly growing demand for midstream infrastructure. The Partnership expects its 2022 growth capital expenditures to range from $1.6 billion to $1.9 billion, which includes the addition of several new capital projects expected to be completed by year end. Maintenance capital expenditures are expected to range between $615 million and $665 million for 2022. Energy Transfer is also providing an outlook for 2022 Adjusted EBITDA which is expected to range between $11.8 billion and $12.2 billion.
Key accomplishments and recent developments:
Operational
In February 2022, construction of the final phase of the Mariner East project was completed and commissioning is in progress. Energy Transfer’s Mariner East franchise will now include multiple pipelines across Pennsylvania connecting the prolific Marcellus/Utica Basins in the west to markets throughout the state and the broader region, including Energy Transfer’s Marcus Hook terminal on the east coast.
During the first quarter 2022, construction began on the Gulf Run Pipeline project. The 42-inch pipeline with 1.65 Bcf/d of capacity is expected to be completed by year-end and will provide natural gas transportation between the Haynesville Shale Basin and the gulf coast.
During the fourth quarter 2021, Phase II of the Cushing South Pipeline project was launched and is expected to nearly double the project’s oil pipeline capacity to 120,000 barrels per day. This project primarily utilizes existing facilities to provide additional connectivity across Energy Transfer’s mid-continent and gulf coast crude oil network.
In October 2021, Energy Transfer brought online a three million barrel high-rate storage well at its Mont Belvieu facility, which now includes 24 wells with NGL storage capacity of approximately 53 million barrels.
In the fourth quarter of 2021, Energy Transfer reached its highest ever volume of NGL transportation and fractionation.
In October 2021, Energy Transfer completed its Permian Bridge project, providing increased connectivity and efficiency between the Partnership’s natural gas gathering and processing assets in the Delaware Basin and its assets in the Midland Basin.
Strategic
Energy Transfer is evaluating a new Permian Basin natural gas takeaway project that would utilize existing Partnership assets and a new pipeline to connect Permian supply to markets along the gulf coast, including the Houston Ship Channel, Katy, Carthage, and Henry Hub.
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The following information was filed by Energy Transfer Lp (ET) on Wednesday, February 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Energy Transfer Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets Balance Sheet (Paranthetical)
Consolidated Statement Of Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisitions (Schedule Of Assets Acquired And Liabilities Assumed In Acquisition Table) (Details)
Acquisitions And Related Transactions
Acquisitions And Related Transactions (Tables)
Acquisitions And Related Transactions Acquisitions (Current Transactions) (Details)
Acquisitions And Related Transactions Acquisitions (Previoustransactions) (Details)
Advances To And Investments In Unconsolidated Affiliates
Advances To And Investments In Unconsolidated Affiliates (Tables)
Advances To And Investments In Unconsolidated Affiliates Investment In Affiliates (Carrying Values) (Details)
Advances To And Investments In Unconsolidated Affiliates Narrative (Details)
Debt Obligations
Debt Obligations (Debt Narrative) (Details)
Debt Obligations Debt Obligations (Covenants Related To Credit Agrrements) (Narrative) (Details)
Debt Obligations Debt Obligations (Future Maturities Of Long-Term Debt) (Details)
Debt Obligations Debt Obligations (Schedule Of Debt Obligations) (Details)
Debt Obligations Debt Obligations (Tables)
Derivative Assets And Liabilities
Derivative Assets And Liabilities (Derivative Amount Of Gain (Loss) Recognized) (Details)
Derivative Assets And Liabilities (Fair Value Of Derivative Instruments) (Details)
Derivative Assets And Liabilities (Interest Rate Swaps Outstanding) (Details)
Derivative Assets And Liabilities (Outstanding Commodity-Related Derivatives) (Details)
Derivative Assets And Liabilities (Tables)
Derivative Assets And Liabilities Derivative Assets And Lianilities (Offsetting Agreements Netting Table) (Details)
Equity
Equity (Accumulated Other Comprehensive Income) (Details)
Equity (Change In Ete Common Units) (Details)
Equity (Narrative) (Details)
Equity (Quarterly Distributions Of Available Cash) (Details)
Equity (Tables)
Equity Tax Amounts In Components Of Other Comprehensive Income (Loss) (Details)
Estimates (Accrued And Other Current Liabilities) (Details)
Estimates (Aggregate Amortization Expense Of Intangibles And Other Assets) (Details)
Estimates (Components Of Intangibles And Other Assets) (Details)
Estimates (Estimated Aggregate Amortization Expense) (Details)
Estimates (Fair Value Of Financial Assets And Liabilities Measured On Recurring Basis) (Details)
Estimates (Other Current Assets) (Details)
Estimates (Property, Plant And Equipment) (Details)
Estimates (Schedule Of Goodwill) (Details)
Estimates (Schedule Of Inventory) (Details)
Estimates (Schedule Of Net Changes In Operating Assets And Liabilities Included Cash Flows From Operating Activities) (Details)
Estimates (Schedule Of Non-Cash Investing And Financing Activities) (Details)
Estimates (Schedule Of Other Non-Current Assets, Net) (Details)
Estimates (Schedule Of Property, Plant And Equipment Depreciation And Capitalized Interest Expense) (Details)
Estimates, Significant Accounting Policies And Balance Sheet Detail
Estimates, Significant Accounting Policies And Balance Sheet Detail (Narrative) (Details)
Estimates, Significant Accounting Policies And Balance Sheet Detail (Policy)
Estimates, Significant Accounting Policies And Balance Sheet Detail (Tables)
Estimates, Significant Accounting Policies And Balance Sheet Detail Estimates (Schedule Of Useful Lives) (Details) (Details)
Ete Unit-Based Compensation Plans (Details)
Income Taxes Changes In Unrecognized Tax Benefits (Details)
Income Taxes Components Of Income Tax (Details)
Income Taxes Components Of Net Deferred Tax Liability (Details)
Income Taxes Effects Of Temporary Differences That Comprise Net Deffered Income Tax Liability (Details)
Income Taxes Income Taxes (Notes)
Income Taxes Income Taxes (Tables)
Income Taxes Narrative (Details)
Income Taxes Reconciliation Of Income Tax Satutory Rate (Details)
Investments In Affiliates (Summarized Balance Sheet Information) (Details)
Investments In Affiliates (Summarized Income Statement Information) (Details)
Lease Accounting (Notes)
Lease Accounting (Policies)
Lease Accounting (Tables)
Lease Accounting - Cash Flow (Details)
Lease Accounting - Components Of Lease Expense (Details)
Lease Accounting - Components Of Leases On Bs (Details)
Lease Accounting - Lease Maturities (Details)
Lease Accounting - Lessor (Details)
Lease Accounting - Remaining Term And Rate (Details)
Lease Accounting Narrative (Details)
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit (Details)
Net Income Per Limited Partner Unit (Tables)
Non-Cash Compensation Plans Subsidiary Unit-Based Compensation Plans (Details)
Non-Cash Compensation Plans Unit-Based Compensation Narrative (Details)
Non-Cash Compensation Plans Unit-Based Compensation Plans (Tables)
Operations And Organization
Operations And Organization (Narrative) (Details)
Operations And Organization Operations And Organization (Policies)
Redeemable Noncontrolling Interest
Redeemable Preferred Units (Details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Narrative) (Details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Regulatory Matters, Commitments, Contingencies And Environemental Liabilities (Environmental Liabilities) (Details)
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Tables)
Reportable Segments
Reportable Segments (Advances To And Investments In Affiliates) (Details)
Reportable Segments (Assets Segments) (Details)
Reportable Segments (Operating Segments) (Details)
Reportable Segments (Tables)
Reportable Segments Reportable Segments (Segment Adjusted Ebitda) (Details)
Reportable Segments Revenue (Details)
Reporting Segments (Additions To Property Plant And Equipment Including Acquisitions Net Of Contributions In Aid Of Construction Costs Segments) (Details)
Retirement Benefits
Retirement Benefits (Accumulated Benefit Obligation In Excess Of Plan Assets) (Details)
Retirement Benefits (Benefit Assumptions) (Details)
Retirement Benefits (Benefit Payments) (Details)
Retirement Benefits (Fair Value Of Plan Assets) (Details)
Retirement Benefits (Narrative) (Details)
Retirement Benefits (Net Periodic Benefit Costs Schedule) (Details)
Retirement Benefits (Obligations And Funded Status) (Details)
Retirement Benefits Retirement Benefits (Tables)
Revenue (Notes)
Revenue (Policies)
Revenue (Tables)
Revenue Contracts With Customers (Details)
Revenue From Contract With Customer - Performance Obligation (Details)
Revenue Narrative (Details)
Unit-Based Compensation Plans
Ticker: ET
CIK: 1276187
Form Type: 10-K Annual Report
Accession Number: 0001276187-22-000020
Submitted to the SEC: Fri Feb 18 2022 12:25:56 PM EST
Accepted by the SEC: Fri Feb 18 2022
Period: Friday, December 31, 2021
Industry: Natural Gas Transmission

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