HFOTCO is supported by stable take-or-pay cash flows from diverse, primarily investment grade customers. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out (“LIFO”). Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. For more information, visit the Energy Transfer LP website at www.energytransfer.com. Refined products transportation volumes decreased due to the closure of a third-party refinery during the third quarter of 2019, which negatively impacted supply to our refined products transportation system, and less domestic demand for jet fuel and other refined products. The Partnership has scheduled a conference call for 4:00 p.m. Central Time, Wednesday, August 5, 2020 to discuss its second quarter 2020 results and provide a partnership update. This will provide immediate access to over one million barrels per day of existing crude oil export capacity, with plans to expand to over two million barrels, at the Nederland and the HFOTCO terminals. Key areas of operation and growth include western Canada, the Mid-Continent and the Gulf Coast. Adjusted EBITDA related to unconsolidated affiliates: Total Adjusted EBITDA related to unconsolidated affiliates. SemGroup serves as a versatile connection between upstream oil and gas producers and downstream refiners and end users. All quotes delayed a minimum of 15 minutes. SemGroup® Corporation (NYSE: SEMG) moves energy across North America through a network of pipelines, processing plants, refinery-connected storage facilities and deep-water marine terminals with import and export capabilities. For the three months ended June 30, 2020 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment decreased due to the net impacts of the following: The following table is a summary of ETO’s revolving credit facilities. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization. In addition, our calculations of Adjusted EBITDA, Distributable Cash Flow and distribution coverage ratio may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as operating income, net income and cash flow from operating activities. In response to current market conditions, ET further reduced its growth capital outlook by an additional $200 million and now expects to invest approximately $3.4 billion in 2020. Have a confidential tip for our reporters? The condensed consolidated statement of operations for the three and six months ended June 30, 2019 has been adjusted to reflect this change in accounting policy. View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005971/en/, Energy Transfer Segment Adjusted EBITDA. Energy Transfer LP will immediately file a motion to stay a U.S. district court decision on Monday to shut and empty the Dakota Access crude oil pipeline within a month, the company said in a statement. For the three months ended June 30, 2020 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net impacts of the following: Gathered volumes decreased compared to the same period last year primarily due to decreases in the South Texas and North Texas regions, partially offset by the impact of the SemGroup acquisition in the Mid-Continent/Panhandle region. U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Energy Transfer and SemGroup, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Results were significantly impacted by the COVID-19 related economic slow-down resulting in lower volumes and market prices among several of ET’s core segments. This is the amount of Distributable Cash Flow included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of ET. Even before the pandemic-fueled collapse in oil prices, Energy Transfer units had lagged those of its pipeline peers. Warren has built Energy Transfer into one of the biggest pipeline operators in the U.S., taking on politically contentious projects that its rivals have steered clear of, while also showing an appetite for deals. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed merger will be included in the proxy statement/prospectus. Its segments include intrastate transportation and storage, interstate transportation and storage, midstream, NGL and refined products transportation and services, crude oil transportation and services, investment in Sunoco LP, investment in USAC, and all other. The firm has invested in one of Energy’s Transfer’s projects before, buying a 32% stake in the Rover natural gas pipeline for about $1.6 billion in 2017. The Ted Collins Pipeline, in conjunction with the combined companies’ oil transportation assets, will provide Energy Transfer’s customers with best-in-class access to the Houston, Beaumont/Port Arthur, and St. James markets. Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states, as well as refined product transportation and terminalling assets. Chairman of the Board, Chief Executive Officer of LE GP LLC, President, Chief Commercial Officer and Director of LE GP LLC, Chief Financial Officer, Director of LE GP, LLC, Chief Operating Officer, Director of LE GP, LLC, Executive Vice President, General Counsel and President - LNG of LE GP, LLC. Energy Transfer and SemGroup undertake no obligation to update publicly or to revise any forward-looking statements, whether as a result of new information, future events or otherwise. Blackstone earlier this month closed on a tumultuous deal to take Tallgrass private, ending a year-long saga that started when the private equity behemoth bought a controlling stake in the company in March 2019. For more information, visit the Sunoco LP website at www.sunocolp.com. “Sometimes you need to be defensive,” Warren said at an industry conference in early February. We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Energy Transfer’s vast network of pipelines, which handles over four million barrels per day, will also allow customers the flexibility to access its previously announced Very Large Crude Carrier, or VLCC, project planned from its Nederland terminal. For the three months ended June 30, 2020 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to net impacts of the following: Crude transportation and terminal volumes were lower due to decreased demand on our Texas pipeline system and our Bakken pipeline, driven by lower production in these regions as well as lower refinery utilization, partly offset by contributions from assets acquired in 2019. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. Forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. In the first half of 2020, ET spent approximately $1.8 billion on growth capital projects. USAC focuses on providing compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. Investor Relations: Energy Transfer LP owns and operates a portfolio of energy assets. Pennsylvania environmental regulators ordered Energy Transfer LP's Sunoco Pipeline unit to reroute a section of the Mariner East 2 natural gas liquids pipeline after spilling 8,000 gallons of drilling fluid in Marsh Creek State Park in August. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) (“ET” or “Energy Transfer”) today announced that it has entered into a definitive merger agreement whereby Energy Transfer will acquire SemGroup Corporation (NYSE: SEMG) (“SemGroup”) in a unit and cash transaction valued at $17 per share, or a total consideration including the assumption of debt of approximately $5 billion, based on the closing price of ET common units on September 13, 2019. Average fractionated volumes at our Mont Belvieu, Texas fractionation facility increased 20% primarily due to the commissioning of our sixth and seventh fractionators in February 2019 and February 2020, respectively. Our proportionate share of Adjusted EBITDA of non-wholly-owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. Below is our current ownership percentage of certain non-wholly-owned subsidiaries: Adjusted EBITDA of non-wholly-owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly-owned subsidiaries on an aggregated basis. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity. In addition, throughput barrels on our Texas NGL pipeline system increased due to higher receipt of liquids production from both wholly-owned and third-party gas plants primarily in the Permian and North Texas regions. NGL transportation volumes increased due to higher throughput volumes on our Mariner East pipeline system. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed merger or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. Energy Transfer LP expects to have expanded capacity available on its embattled Dakota Access crude oil pipeline by the third quarter of next year, it said on Tuesday in a presentation to investors. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. Energy Transfer anticipates commercial operations to begin in 2021.
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