Energy Transfer Operating, L.P. (ETP) [Rocket]

In millions, except per share items	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Crude oil transportation and services	11,679.0	18,447.0	17,332.0	31.0	7,539.0	8,980.0
Midstream	5,026.0	6,031.0	7,522.0	6,943.0	2,342.0	2,607.0
Intrastate transportation and storage	2,544.0	3,099.0	3,737.0	3,083.0	458.0	1,912.0
NGL and refined products transportation and services	10,513.0	11,641.0	11,123.0	763.0	6,409.0	4,569.0
Other	9,192.0	14,995.0	14,373.0	29,703.0	15,044.0	16,224.0
Total revenues [+]	38,954.0	54,213.0	54,087.0	40,523.0	31,792.0	34,292.0	18,088.0	16,639.0
Refining & marketing						9,958.0
Oil & gas sales						8,378.0
Natural gas midstream						3,997.0
Other						4,352.0
Other income								21.0
Revenue growth [+]	-28.1%	0.2%	33.5%	27.5%	-7.3%	89.6%	8.7%
Crude oil transportation and services	-36.7%	6.4%	55809.7%	-99.6%	-16.0%
Midstream	-16.7%	-19.8%	8.3%	196.5%	-10.2%
Intrastate transportation and storage	-17.9%	-17.1%	21.2%	573.1%	-76.0%
NGL and refined products transportation and services	-9.7%	4.7%	1357.8%	-88.1%	40.3%
Interstate transportation and storage	-5.2%	16.7%	8752.6%	-98.3%	6623.5%
Cost of goods sold	25,487.0	39,801.0	41,603.0	30,966.0	23,693.0	26,714.0	16,877.0	15,600.0
Gross profit	13,467.0	14,412.0	12,484.0	9,557.0	8,099.0	7,578.0	1,211.0	1,039.0
Gross margin	34.6%	26.6%	23.1%	23.6%	25.5%	22.1%	6.7%	6.2%
Selling, general and administrative	701.0	686.0	664.0	568.0	547.0	475.0	118.0	92.0
Equity in earnings	119.0	302.0	344.0	144.0	270.0	469.0
Other operating expenses	3,218.0	3,294.0	3,089.0	2,644.0	2,336.0	2,608.0	430.0	122.0
EBITDA [+]	9,667.0	10,734.0	9,075.0	6,489.0	5,486.0	4,964.0	663.0	825.0
EBITDA growth	-9.9%	18.3%	39.9%	18.3%	10.5%	648.7%	-19.6%
EBITDA margin	24.8%	19.8%	16.8%	16.0%	17.3%	14.5%	3.7%	5.0%
Depreciation	3,669.0	3,136.0	2,843.0	2,541.0	2,201.0	1,929.0	244.0	216.0
EBITA	5,998.0	7,598.0	6,232.0	3,948.0	3,285.0	3,035.0	419.0	609.0
EBITA margin	15.4%	14.0%	11.5%	9.7%	10.3%	8.9%	2.3%	3.7%
Amortization of intangibles							52.0	49.0
EBIT [+]	5,998.0	7,598.0	6,232.0	3,948.0	3,285.0	3,035.0	367.0	560.0
EBIT growth	-21.1%	21.9%	57.9%	20.2%	8.2%	727.0%	-34.5%
EBIT margin	15.4%	14.0%	11.5%	9.7%	10.3%	8.9%	2.0%	3.4%
Non-recurring items [+]	2,880.0	74.0	431.0	1,039.0	1,040.0	339.0
Asset impairment	2,880.0	74.0	431.0	1,039.0	1,040.0	339.0
Interest expense	2,323.0	2,262.0	1,709.0	1,575.0	1,478.0	1,291.0	147.0	96.0
Interest expense	2,323.0	2,262.0	1,709.0	1,575.0	1,478.0	1,291.0	147.0	96.0
Other income (expense), net [+]	-245.0	52.0	7.0	-186.0	-111.0	-39.0	105.0	40.0
Impairment of equity method investments	-129.0			-313.0	-308.0
Gain (loss) on derivative instruments	-203.0	-241.0	47.0	-37.0	-12.0	-18.0
Other	159.0	295.0	69.0	206.0	126.0	22.0	-25.0	10.0
Pre-tax income	550.0	5,314.0	4,099.0	1,148.0	656.0	1,366.0	325.0	504.0
Income taxes	239.0	199.0	5.0	-1,804.0	-255.0	-123.0	25.0	30.0
Tax rate	43.5%	3.7%	0.1%				7.7%	6.0%
Minority interest	410.0	1,051.0	715.0	420.0	295.0	134.0	9.0	11.0
Earnings from continuing ops	-142.0	4,010.0	3,379.0	2,532.0	616.0	-27.0	110.0	339.0
Earnings from discontinued ops			-265.0	-177.0	-462.0
Net income	-142.0	4,010.0	3,114.0	2,355.0	154.0	-27.0	110.0	339.0
Net margin	-0.4%	7.4%	5.8%	5.8%	0.5%	-0.1%	0.6%	2.0%

Basic EPS [+]				$2.45	$0.81	($0.04)	$0.52	$1.63
Growth				201.8%	-2053.5%	-108.0%	-68.4%
Diluted EPS [+]				$2.44	$0.81	($0.04)	$0.51	$1.63
Growth				200.3%	-2056.5%	-108.1%	-68.4%

Shares outstanding (basic) [+]				1,032.7	758.2	649.2	212.9	207.6
Growth				36.2%	16.8%	204.9%	2.6%
Shares outstanding (diluted) [+]				1,037.8	758.2	650.2	214.1	208.6
Growth				36.9%	16.6%	203.7%	2.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.