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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 05/09/2018
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Following is a reconciliation of segment margin to operating income, as reported in the Partnership’s consolidated statements of operations:
 
Three Months Ended
March 31,
 
2018
 
2017
Intrastate transportation and storage
$
171

 
$
182

Interstate transportation and storage
316

 
235

Midstream
553

 
513

NGL and refined products transportation and services
600

 
559

Crude oil transportation and services
568

 
272

All other
95

 
102

Intersegment eliminations
(11
)
 
(18
)
Total segment margin
2,292

 
1,845

 
 
 
 
Less:
 
 
 
Operating expenses
604

 
492

Depreciation, depletion and amortization
603

 
560

Selling, general and administrative
112

 
110

Operating income
$
973

 
$
683

Intrastate Transportation and Storage
 
Three Months Ended
March 31,
 
2018
 
2017
Natural gas transported (BBtu/d)
9,271

 
7,870

Withdrawals from storage natural gas inventory (BBtu)
17,703

 
23,093

Revenues
$
875

 
$
816

Cost of products sold
704

 
634

Segment margin
171

 
182

Unrealized losses on commodity risk management activities
53

 
15

Operating expenses, excluding non-cash compensation expense
(39
)
 
(38
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(6
)
 
(6
)
Adjusted EBITDA related to unconsolidated affiliates
13

 
16

Segment Adjusted EBITDA
$
192

 
$
169

Transported volumes increased primarily due to higher demand for exports to Mexico, the addition of new pipelines and more favorable market pricing.
Segment Adjusted EBITDA. For the three months ended March 31, 2018 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impacts of the following:
an increase of $58 million in realized natural gas sales and other due to higher realized gains from pipeline optimization activity; offset by
a decrease of $24 million in realized storage margin primarily due to an adjustment to the Bammel storage inventory;
a decrease of $7 million in transportation fees due to renegotiated contracts resulting in lower billed volumes;
an increase of $1 million in operating expenses primarily due to higher expense projects; and
a decrease of $3 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to a decrease of $3 million from lower demand volumes related to renegotiation of a contract and a decrease of $3 million due to a reserve recorded in

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