Energy Transfer LP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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4. Inventories
- INVENTORIES
Inventories consisted of the following:
| March 31,2024 | December 31,2023 | |
|---|---|---|
| Natural gas, NGLs and refined products | $1,502 | $1,658 |
| Crude oil | 196 | 258 |
| Spare parts and other | 569 | 562 |
| Total inventories | $2,267 | $2,478 |
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2024 and December 31, 2023, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $100 million and $230 million, respectively. For the three months ended March 31, 2024 and 2023, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended March 31, 2024 and 2023, the Partnership’s cost of products sold included favorable inventory valuation adjustments of $130 million and $29 million, respectively, related to Sunoco LP’s LIFO inventory, which increased net income.
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