Here is how the ETP earnings release describes the transaction: “In April 2017, Energy Transfer Partners, L.P. merged with a subsidiary of Sunoco Logistics Partners L.P., with Energy Transfer Partners, L.P. continuing as the surviving entity and becoming a wholly owned subsidiary of Sunoco Logistics Partners L.P.”

The net result on the New York Stock Exchange is that the ETP ticker remains as the symbol for the surviving entity, and SXL, former ticker for Sunoco Logistics, has disappeared from the Big Board.

When comparing 1stQtr results in 2017 to 2016, one can see the impact of the merger in a steep climb in reported revenue for ETP: from $4.48 billion in 1Q16 to $6.9 billion in 1Q17. After that most of the performance measures are very close, especially adjusted EBIDA, which was exactly flat between the periods at $1.41 billion.

Down in the Segment Adjusted EBITA that leads to the flat total, there is considerable changing of places among the divisions. There were solid gains in Midstream, up 22% from $263 million to $320 million year-on-year (YOY), and in NGL pipelines and fractionation, up 14% from $227 million to $259 million YOY.

Declines were registered in the interstate pipeline group, down 9% from $292 to $265 million YOY, in intrastate pipelines, down 5.6% from $179 to $169 million, and in Sunoco Logistics, down 20% from $349 to $278 million YOY.

Most of the decline in Sunoco Logistics earnings resulted from “the impact of LIFO inventory accounting on Sunoco Logistics’ contango inventory positions resulting in approximately $60 million of positive earnings during the first quarter 2016, compared to $50 million of negative earnings during the first quarter 2017. The unfavorable LIFO timing is expected to be reversed in future periods as commodity prices fall or the inventory positions are liquidated.”

ETP accounts for the strong Midstream segment result chiefly from a $45 million gain “in non-fee based margin due to higher crude oil and NGL prices.” They realized a net gain of “$17 million in non-fee based margin due to gains in the Permian, partially offset by declines in the South Texas, North Texas, and Mid-Continent/Panhandle regions.”

As with so many midstream companies, ETP’s gains in 1Q17 came chiefly from the Permian Basin (including the subordinate Delaware and Midland Basins). They realized “an increase of $13 million in fee based revenue due to growth in the Permian, Northeast and North Louisiana, including recent acquisitions, offset by declines in South Texas, North Texas and the Mid-Continent/Panhandle regions.”

In the NGL pipeline and fractionation segment, much of the year-on-year change is due to the startup of ETP’s fourth fractionator at the Lone Star Mont Belvieu fractionation complex in October 2016. This led to “an increase of $17 million in processing and fractionation margin primarily due to higher NGL volumes from most major producing regions.” In pipelines, there was “an increase of $37 million in transportation fees due to higher NGL and crude transport volumes.”

Most of the decline in interstate pipelines was the result of the warm winter. “Transported volumes decreased primarily due to mild weather; in particular, volumes on the Transwestern pipeline decreased by 65 MMcfd. In addition, volumes on the Sea Robin pipeline decreased 37 MMcfd due to producer maintenance and production declines.”

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