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Plains All American Pipeline, L.P. and Plains GP Holdings Report First-Quarter 2020 Results; Update 2020 Guidance

Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported first-quarter 2020 results and furnished updated 2020 guidance.

Summary

  • Reported a net loss for the period of $2.8 billion including the impact of approximately $3.2 billion of non-cash goodwill and asset impairment charges as a result of the current environment
  • Delivered first-quarter 2020 adjusted EBITDA of $795 million, which was ahead of expectations
  • Updated full-year 2020 guidance to reflect expected performance outlook during dynamic and uncertain market conditions
  • Reiterated previously reduced 2020 / 2021 expansion capital program of $1.55 billion

"Our first-quarter adjusted operating results exceeded expectations. However, as the quarter progressed, the global response to the COVID-19 pandemic has led to an unprecedented energy supply and demand imbalance," stated Willie Chiang, Chairman and CEO of Plains. "The North American energy supply chain has responded swiftly with significant reductions to refinery utilization, drilling and completion activity and shut-ins of existing production in multiple areas."

"In light of the challenging and uncertain environment, last month we announced a number of proactive steps to further strengthen our balance sheet and enhance our liquidity and long-term financial flexibility. These actions include significantly reducing our capital program and common distributions, progressing asset sales, and reducing costs across the supply chain, while remaining focused on operating safely and responsibly."

Plains All American Pipeline, L.P.

 

Summary Financial Information (unaudited)

(in millions, except per unit data)

 

 

 

Three Months Ended
March 31,

 

%

GAAP Results

 

2020

 

2019

 

Change

Net income/(loss) attributable to PAA (1)

 

$

(2,847)

 

 

$

970

 

 

(394)

%

Diluted net income/(loss) per common unit (1)

 

$

(3.98)

 

 

$

1.20

 

 

(432)

%

Diluted weighted average common units outstanding (2)

 

728

 

 

800

 

 

(9)

%

Distribution per common unit declared for the period

 

$

0.18

 

 

$

0.36

 

 

(50)

%

(1)

Reported results for the three months ended March 31, 2020 includes aggregate non-cash goodwill and asset impairments totaling $3.2 billion, representing a net loss of $4.33 after tax per common unit.

(2)

For the three months ended March 31, 2019, includes all potentially dilutive securities outstanding (our Series A preferred units and equity-indexed compensation awards) during the period. Our Series A preferred units and equity-indexed compensation awards were not dilutive for the three months ended March 31, 2020. See the "Computation of Basic and Diluted Net Income Per Common Unit" table attached hereto for additional information.

 

 

Three Months Ended
March 31,

 

%

Non-GAAP Results (1)

 

2020

 

2019

 

Change

Adjusted net income attributable to PAA

 

$

456

 

 

$

565

 

 

(19)

%

Diluted adjusted net income per common unit

 

$

0.55

 

 

$

0.69

 

 

(20)

%

Adjusted EBITDA

 

$

795

 

 

$

862

 

 

(8)

%

Implied DCF per common unit

 

$

0.82

 

 

$

0.90

 

 

(9)

%

(1)

See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding certain selected items that PAA believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures (such as Adjusted EBITDA and Implied DCF) and their reconciliation to the most directly comparable measures as reported in accordance with GAAP.

Segment Adjusted EBITDA for the first quarter of 2020 and 2019 is presented below:

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

 

 

Segment Adjusted EBITDA

 

Transportation

 

Facilities

 

Supply and
Logistics

Three Months Ended March 31, 2020

$

442

 

 

$

210

 

 

$

141

 

Three Months Ended March 31, 2019

$

399

 

 

$

184

 

 

$

278

 

Percentage change in Segment Adjusted EBITDA versus 2019 period

11

%

 

14

%

 

(49)

%

First-quarter 2020 Transportation Segment Adjusted EBITDA increased by 11% over comparable 2019 results, primarily driven by higher volumes on our Permian Basin systems, including the Cactus II pipeline, which went into service in August 2019. These favorable results were partially offset by lower volumes on certain pipelines in our Central Region as a result of lower production, competition in the region, and refinery downtime on certain of our demand pull pipelines.

First-quarter 2020 Facilities Segment Adjusted EBITDA increased by 14% over comparable 2019 results, primarily driven by the collection of a deficiency payment on a multi-year contract.

First-quarter 2020 Supply and Logistics Segment Adjusted EBITDA decreased by 49% versus comparable 2019 results, primarily due to less favorable crude oil differentials and NGL margins.

In March 2020, we recorded approximately $3.2 billion of non-cash impairment charges due to the current macroeconomic and geopolitical conditions including the collapse of oil prices driven by both the decrease in demand caused by the COVID-19 pandemic and excess supply, as well as changing market conditions and expected lower crude oil production in certain regions:

  • Goodwill impairment charge of approximately $2.5 billion (represents the full balance of goodwill).
  • Non-cash impairment charges of approximately $0.7 billion on certain pipeline and other assets included in our Transportation and Facilities segments, along with certain of our investments in unconsolidated entities.

These charges are excluded from the calculation of Adjusted EBITDA and are treated as selected items impacting comparability in the calculation of Adjusted Net Income.

2020 Full-Year Guidance

The table below presents our full-year 2020 financial and operating guidance:

Financial and Operating Guidance (unaudited)

(in millions, except volumes, per unit and per barrel data)

 

Twelve Months Ended December 31,

 

2018

 

2019

 

2020 (G)

 

 

 

 

 

+ / -

Segment Adjusted EBITDA

 

 

 

 

 

Transportation

$

1,508

 

 

$

1,722

 

 

$

1,520

 

Facilities

711

 

 

705

 

 

680

 

Fee-Based

$

2,219

 

 

$

2,427

 

 

$

2,200

 

Supply and Logistics

462

 

 

803

 

 

225

 

Adjusted other income/(expense), net

3

 

 

7

 

 

 

Adjusted EBITDA (1)

$

2,684

 

 

$

3,237

 

 

$

2,425

 

Interest expense, net of certain non-cash items (2)

(419)

 

 

(407)

 

 

(415)

 

Maintenance capital

(252)

 

 

(287)

 

 

(215)

 

Current income tax expense

(66)

 

 

(112)

 

 

(10)

 

Other

1

 

 

(55)

 

 

(10)

 

Implied DCF (1)

$

1,948

 

 

$

2,376

 

 

$

1,775

 

Preferred unit distributions paid (3)

(161)

 

 

(198)

 

 

(200)

 

Implied DCF Available to Common Unitholders

$

1,787

 

 

$

2,178

 

 

$

1,575

 

 

 

 

 

 

 

Implied DCF per Common Unit (1)

$

2.46

 

 

$

2.99

 

 

$

2.16

 

Implied DCF per Common Unit and Common Equivalent Unit (1)

$

2.38

 

 

$

2.91

 

 

$

2.16

 

 

 

 

 

 

 

Distributions per Common Unit (4)

$

1.20

 

 

$

1.38

 

 

$

0.90

 

Common Unit Distribution Coverage Ratio

2.05x

 

2.17x

 

2.40x

 

 

 

 

 

 

Diluted Adjusted Net Income per Common Unit (1)

$

1.88

 

 

$

2.51

 

 

$

1.44

 

 

 

 

 

 

Operating Data

 

 

 

 

 

Transportation

 

 

 

 

 

Average daily volumes (MBbls/d)

5,889

 

 

6,893

 

 

6,600

 

Segment Adjusted EBITDA per barrel

$

0.70

 

 

$

0.68

 

 

$

0.63

 

 

 

 

 

 

 

Facilities

 

 

 

 

 

Average capacity (MMBbls/Mo)

124

 

 

125

 

 

122

 

Segment Adjusted EBITDA per barrel

$

0.48

 

 

$

0.47

 

 

$

0.46

 

 

 

 

 

 

 

Supply and Logistics

 

 

 

 

 

Average daily volumes (MBbls/d)

1,309

 

 

1,369

 

 

1,270

 

Segment Adjusted EBITDA per barrel

$

0.97

 

 

$

1.61

 

 

$

0.48

 

 

 

 

 

 

 

Expansion Capital

$

1,888

 

 

$

1,340

 

 

$

1,100

 

 

 

 

 

 

 

Second-Quarter Adjusted EBITDA as Percentage of Full Year

19%

 

24%

 

20%

(G) 2020 Guidance forecasts are intended to be + / - amounts.
(1)

See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the Non-GAAP Reconciliation tables attached hereto for information regarding non-GAAP financial measures and, for the historical 2018 and 2019 periods, their reconciliation to the most directly comparable measures as reported in accordance with GAAP. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as "Selected Items Impacting Comparability" without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading.

(2)

Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps.

(3)

Cash distributions paid to our preferred unitholders during the year presented. Distributions on our Series A preferred units were paid-in-kind for the February 2018 quarterly distribution. Distributions on our Series A preferred units have been paid in cash since the May 2018 quarterly distribution. Distributions on our Series B preferred units are payable in cash semi-annually in arrears on May 15 and November 15.

(4)

Cash distributions per common unit paid during 2018 and 2019. 2020 (G) reflects the annualized distribution rate of $1.44 per common unit paid in February and the decreased annualized distribution rate of $0.72 per common unit for the remainder of the year.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables included at the end of this release. Information regarding PAGP’s distributions is reflected below:

 

Q1 2020

 

Q4 2019

 

Q1 2019

Distribution per Class A share declared for the period

$

0.18

 

 

$

0.36

 

 

$

0.36

 

Q1 2020 distribution percentage change from prior periods

 

 

(50)

%

 

(50)

%

Conference Call

PAA and PAGP will hold a joint conference call at 4:30 p.m. CT on Tuesday, May 5, 2020 to discuss the following items:

  1. PAA’s first-quarter 2020 performance;
  2. Capitalization and liquidity; and
  3. Financial and operating guidance.

Conference Call Webcast Instructions

To access the internet webcast, please go to https://event.webcasts.com/starthere.jsp?ei=1297574&tp_key=143f6a09a5.

Alternatively, the webcast can be accessed on our website (www.plainsallamerican.com) under Investor Relations (Navigate to: Investor Relations / either "PAA" or "PAGP" / News & Events / Quarterly Earnings). Following the live webcast, an audio replay in MP3 format will be available on our website within two hours after the end of the call and will be accessible for a period of 365 days. A transcript will also be available after the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future. The primary additional measures used by management are earnings before interest, taxes, depreciation and amortization (including our proportionate share of depreciation and amortization of unconsolidated entities), gains and losses on asset sales and asset impairments, goodwill impairment losses and gains on and impairments of investments in unconsolidated entities, adjusted for certain selected items impacting comparability ("Adjusted EBITDA") and Implied distributable cash flow ("DCF").

Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are related to investing activities (such as the purchase of linefill) and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and business outlook and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may further be adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" on our Condensed Consolidated Financial Statements. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, expansion projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Implied DCF and other non-GAAP financial performance measures are reconciled to Net Income (the most directly comparable measure as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and notes thereto. In addition, we encourage you to visit our website at www.plainsallamerican.com (in particular the section under "Financial Information" entitled "Non-GAAP Reconciliations" within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

Factors Related Primarily to the COVID-19 Pandemic and Excess Supply Situation:

  • the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time that correspondingly may lead to a significant reduction of domestic crude oil, NGL and natural gas production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of commercial opportunities that might otherwise be available to us;
  • uncertainty regarding the length of time it will take for the United States, Canada, and the rest of the world to slow the spread of the COVID-19 virus to the point where applicable authorities are comfortable easing current restrictions on various commercial and economic activities and the extent to which consumer demand rebounds once such restrictions are lifted; such restrictions are designed to protect public health but also have the effect of significantly reducing demand for crude oil;
  • uncertainty regarding the future actions of foreign oil producers such as Saudi Arabia and Russia and the risk that they take actions that will prolong or exacerbate the current over-supply of crude oil;
  • uncertainty regarding the timing, pace and extent of an economic recovery in the United States and elsewhere, which in turn will likely affect demand for crude oil and therefore the demand for the midstream services we provide and the commercial opportunities available to us;
  • the effect of an overhang of significant amounts of crude oil inventory stored in the United States and elsewhere and the impact that such inventory overhang ultimately has on the timing of a return to market conditions that support a resumption of drilling and production activities in the United States;
  • the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
  • our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, legal constraints (including governmental orders or guidance), or other factors;
  • operational difficulties due to physical distancing restrictions and the additional demands such restrictions may place on our employees, which may in turn make it more challenging to retain or recruit talented labor;
  • disruptions to futures markets for petroleum products, which may impair our ability to execute our hedging strategies;
  • our inability to reduce capital expenditures to the extent forecasted, whether due to the incurrence of unexpected or unplanned expenditures, third-party claims or other factors;
  • the inability to complete forecasted asset sale transactions due to governmental action, litigation, counterparty non-performance or other factors;

General Factors:

  • the effects of competition, including the effects of capacity overbuild in areas where we operate;
  • negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions in ways that adversely impact our business;
  • unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
  • environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves;
  • fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil, NGL and natural gas and resulting changes in pricing conditions or transportation throughput requirements;
  • maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties;
  • the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event, including cyber or other attacks on our electronic and computer systems;
  • the successful integration and future performance of acquired assets or businesses and the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties;
  • failure to implement or capitalize, or delays in implementing or capitalizing, on expansion projects, whether due to permitting delays, permitting withdrawals or other factors;
  • shortages or cost increases of supplies, materials or labor;
  • the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, including legislation or regulatory initiatives that prohibit, restrict or regulate hydraulic fracturing;
  • tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
  • general economic, market or business conditions (both within the United States and globally and including the potential for a recession or significant slowdown in economic activity levels) and the amplification of other risks caused by volatile financial markets, capital constraints and liquidity concerns;
  • the availability of, and our ability to consummate, divestitures, joint ventures, acquisitions or other strategic opportunities;
  • the currency exchange rate of the Canadian dollar;
  • continued creditworthiness of, and performance by, our counterparties, including financial institutions and trading companies with which we do business;
  • inability to recognize current revenue attributable to deficiency payments received from customers who fail to ship or move more than minimum contracted volumes until the related credits expire or are used;
  • non-utilization of our assets and facilities;
  • increased costs, or lack of availability, of insurance;
  • weather interference with business operations or project construction, including the impact of extreme weather events or conditions;
  • the effectiveness of our risk management activities;
  • fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
  • risks related to the development and operation of our assets, including our ability to satisfy our contractual obligations to our customers; and
  • other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the storage of natural gas and the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, NGLs and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 7 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

Plains GP Holdings is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per unit data)

 

Three Months Ended
March 31,

 

2020

 

2019

REVENUES

$

8,269

 

 

$

8,375

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

Purchases and related costs

7,367

 

 

7,119

 

Field operating costs

304

 

 

326

 

General and administrative expenses

69

 

 

76

 

Depreciation and amortization

168

 

 

136

 

(Gains)/losses on asset sales and asset impairments, net

619

 

 

4

 

Goodwill impairment losses

2,515

 

 

 

Total costs and expenses

11,042

 

 

7,661

 

 

 

 

 

OPERATING INCOME/(LOSS)

(2,773)

 

 

714

 

 

 

 

 

OTHER INCOME/(EXPENSE)

 

 

 

Equity earnings in unconsolidated entities

110

 

 

89

 

Gain on/(impairment of) investments in unconsolidated entities, net

(22)

 

 

267

 

Interest expense, net

(108)

 

 

(101)

 

Other income/(expense), net

(31)

 

 

25

 

 

 

 

 

INCOME/(LOSS) BEFORE TAX

(2,824)

 

 

994

 

Current income tax expense

(6)

 

 

(30)

 

Deferred income tax (expense)/benefit

(15)

 

 

6

 

 

 

 

 

NET INCOME/(LOSS)

(2,845)

 

 

970

 

Net income attributable to noncontrolling interests

(2)

 

 

 

NET INCOME/(LOSS) ATTRIBUTABLE TO PAA

$

(2,847)

 

 

$

970

 

 

 

 

 

NET INCOME/(LOSS) PER COMMON UNIT:

 

 

 

Net income/(loss) allocated to common unitholders — Basic

$

(2,897)

 

 

$

917

 

Basic weighted average common units outstanding

728

 

 

727

 

Basic net income/(loss) per common unit

$

(3.98)

 

 

$

1.26

 

 

 

 

 

Net income/(loss) allocated to common unitholders — Diluted

$

(2,897)

 

 

$

957

 

Diluted weighted average common units outstanding

728

 

 

800

 

Diluted net income/(loss) per common unit

$

(3.98)

 

 

$

1.20

 

NON-GAAP ADJUSTED RESULTS

(in millions, except per unit data)

 

Three Months Ended
March 31,

 

2020

 

2019

Adjusted net income attributable to PAA

$

456

 

 

$

565

 

 

 

 

 

Diluted adjusted net income per common unit

$

0.55

 

 

$

0.69

 

 

 

 

 

Adjusted EBITDA

$

795

 

 

$

862

 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL SUMMARY (unaudited)

...

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in millions)

 

March 31,
2020

 

December 31,
2019

ASSETS

 

 

 

Current assets

$

3,071

 

 

$

4,612

 

Property and equipment, net

14,402

 

 

15,355

 

Investments in unconsolidated entities

3,714

 

 

3,683

 

Goodwill

 

 

2,540

 

Linefill and base gas

955

 

 

981

 

Long-term operating lease right-of-use assets, net

430

 

 

466

 

Long-term inventory

73

 

 

182

 

Other long-term assets, net

1,055

 

 

858

 

Total assets

$

23,700

 

 

$

28,677

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

Current liabilities

$

3,357

 

 

$

5,017

 

Senior notes, net

8,941

 

 

8,939

 

Other long-term debt, net

477

 

 

248

 

Long-term operating lease liabilities

370

 

 

387

 

Other long-term liabilities and deferred credits

833