Energy Transfer LP Files 2023 10-K Report

Ticker: ET-PI · Form: 10-K · Filed: Feb 16, 2024 · CIK: 1276187

Sentiment: neutral

Topics: Energy Transfer LP, 10-K, Financial Report, Assets, Debt

TL;DR

<b>Energy Transfer LP filed its 2023 10-K report detailing financial performance and assets.</b>

AI Summary

Energy Transfer LP (ET-PI) filed a Annual Report (10-K) with the SEC on February 16, 2024. Energy Transfer LP reported total assets of $113,648,967 for the fiscal year ended December 31, 2023. The company's total debt was $72,184,780 for the fiscal year ended December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $3,367,525,806. Revenue for the fiscal year ended December 31, 2022, was $3,094,425,367. The filing covers the period ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Energy Transfer LP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Energy Transfer LP's financial health and operational scale for the fiscal year 2023, including significant asset and debt figures. Investors and analysts can use this report to assess the company's performance against previous periods and evaluate its financial stability and growth trajectory.

Risk Assessment

Risk Level: medium — Energy Transfer LP shows moderate risk based on this filing. The company's significant debt levels ($72,184,780) present a medium risk, as substantial leverage can impact financial flexibility and profitability, especially in fluctuating market conditions.

Analyst Insight

Monitor Energy Transfer LP's debt-to-equity ratio and cash flow generation in upcoming filings to assess its ability to manage its leverage.

Financial Highlights

revenue
3,367,525,806
total Assets
113,648,967
total Debt
72,184,780

Key Numbers

Key Players & Entities

FAQ

When did Energy Transfer LP file this 10-K?

Energy Transfer LP filed this Annual Report (10-K) with the SEC on February 16, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Energy Transfer LP (ET-PI).

Where can I read the original 10-K filing from Energy Transfer LP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Energy Transfer LP.

What are the key takeaways from Energy Transfer LP's 10-K?

Energy Transfer LP filed this 10-K on February 16, 2024. Key takeaways: Energy Transfer LP reported total assets of $113,648,967 for the fiscal year ended December 31, 2023.. The company's total debt was $72,184,780 for the fiscal year ended December 31, 2023.. Revenue for the fiscal year ended December 31, 2023, was $3,367,525,806..

Is Energy Transfer LP a risky investment based on this filing?

Based on this 10-K, Energy Transfer LP presents a moderate-risk profile. The company's significant debt levels ($72,184,780) present a medium risk, as substantial leverage can impact financial flexibility and profitability, especially in fluctuating market conditions.

What should investors do after reading Energy Transfer LP's 10-K?

Monitor Energy Transfer LP's debt-to-equity ratio and cash flow generation in upcoming filings to assess its ability to manage its leverage. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,333 words · 17 min read · ~14 pages · Grade level 18.3 · Accepted 2024-02-16 12:27:42

Filing Documents

RISK FACTORS

ITEM 1A. RISK FACTORS 47

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 93

CYBERSECURITY

ITEM 1C. CYBERSECURITY 93

PROPERTIES

ITEM 2. PROPERTIES 94

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 95

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 98 PART II

MARKET FOR REGISTRANT'S COMMON UNITS, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON UNITS, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 99

[RESERVED]

ITEM 6. [RESERVED] 100

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 100

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 129

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 133

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 133

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 133

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 135

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 135 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 136

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 142

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS 157

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 159

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 160 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 161

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 162

SIGNATURES

SIGNATURES 169 2 Table of Contents Index to Financial Statements Definitions The following is a list of certain acronyms and terms used throughout this document: /d per day Adjusted EBITDA a non-GAAP measure defined as earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, as further described in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations" AOCI accumulated other comprehensive income AROs asset retirement obligations BBtu billion British thermal units Bcf billion cubic feet Btu British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy content Capacity capacity of a pipeline, processing plant or storage facility refers to the maximum capacity under normal operating conditions and, with respect to pipeline transportation capacity, is subject to multiple factors (including natural gas injections and withdrawals at various delivery points along the pipeline and the utilization of compression) which may reduce the throughput capacity from specified capacity levels Citrus Citrus, LLC, a 50/50 joint venture which owns FGT Crestwood Crestwood Equity Partners LP Dakota Access Dakota Access, LLC, a non-wholly owned subsidiary of Energy Transfer DOE United States Department of Energy DOJ United States Department of Justice DOT United States Department of Transportation Enable Enable Midstream Partners, LP Energy Transfer Canada Energy Transfer Canada ULC, a non-wholly owned subsidiary of Energy Transfer until its sale in August 2022 Energy Transfer GC NGL Energy Transfer GC NGLs LLC, formerly Lone Star NGL LLC, a wholly owned subsidiary of Energy Transfer Energy Transfer Preferred Units Collectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred U

Forward-Looking Statements

Forward-Looking Statements Certain matters discussed in this annual report, excluding historical information, as well as some statements by Energy Transfer LP (the "Partnership" or "Energy Transfer") in periodic press releases and some oral statements of the Partnership's officials during presentations about the Partnership, include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "estimate," "intend," "continue," "could," "believe," "may," "will" or similar expressions help identify forward-looking statements. Although the Partnership and its General Partner believe such forward-looking statements are based on reasonable assumptions and current expectations and projections about future events, no assurance can be given that such assumptions, expectations or projections will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from those anticipated, estimated, projected, forecasted, expressed or expected in forward-looking statements since many of the factors that determine these results are subject to uncertainties and risks that are difficult to predict and beyond management's control. For additional discussion of risks, uncertainties and assumptions, see "Item 1A. Risk Factors" included in this annual report. 5 Table of Contents Index to Financial Statements PART I

BUSINESS

ITEM 1. BUSINESS Overview Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol "ET." Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "Energy Transfer" mean Energy Transfer LP and its consolidated subsidiaries, which include Sunoco LP and USAC. The primary activities in which we are engaged, which are located in the United States, are as follows: natural gas operations, including the following: natural gas midstream and intrastate transportation and storage; interstate natural gas transportation and storage; and crude oil, NGL and refined products transportation, terminalling and acquisition and marketing activities as well as NGL storage and fractionation services. In addition, we own investments in other businesses, including Sunoco LP and USAC, both of which are master limited partnerships. Energy Transfer derives cash flows from distributions related to its investment in its subsidiaries, including Sunoco LP and USAC. The amount of cash that our subsidiaries distribute to us is based on earnings from their respective business activities and the amount of available cash. Energy Transfer's primary cash requirements are for distributions to its partners, general and administrative expenses and debt service requirements. Energy Transfer distributes its available cash remaining after satisfaction of the aforementioned cash requirements to its Unitholders on a quarterly basis. We expect our subsidiaries to utilize their resources, along with cash from their operations, to fund their announced growth capital expenditures and working capital needs; however, Energy Transfer may issue debt or equity securities from time to time as we deem prudent to provide liquidity for new capital projects of our subsidiaries or for other partnership purposes. 6 Table of Contents Index to Financial Statements The following chart summarizes our organization

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