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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 11/07/2018
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Intrastate Transportation and Storage
 
Three Months Ended
September 30,
 
2018
 
2017
Natural gas transported (BBtu/d)
12,146

 
8,951

Revenues
$
922

 
$
773

Cost of products sold
638

 
606

Segment margin
284

 
167

Unrealized (gains) losses on commodity risk management activities
(12
)
 
22

Operating expenses, excluding non-cash compensation expense
(51
)
 
(40
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(7
)
 
(6
)
Adjusted EBITDA related to unconsolidated affiliates
6

 
19

Other
1

 
1

Segment Adjusted EBITDA
$
221

 
$
163

Transported volumes increased primarily due to favorable market pricing. In addition, beginning in April 2018, transported volumes also reflected Regency Intrastate Gas LP (“RIGS”) as a consolidated subsidiary. RIGS was previously reflected as an unconsolidated affiliate until ETP acquired the remaining interest in April 2018.
Segment Adjusted EBITDA. For the three months ended September 30, 2018 compared to the same period last year, Segment Adjusted EBITDA related to ETP’s intrastate transportation and storage segment increased due to the net impacts of the following:
an increase of $55 million in realized natural gas sales and other margin due to higher realized gains from pipeline optimization activity;
an increase of $7 million in transportation fees, excluding the incremental transportation fees related to the RIGS consolidation discussed above, primarily due to new contracts and the impact of the Red Bluff Express pipeline coming online in May 2018; and
a net increase of $6 million due to the consolidation of RIGS beginning in April 2018, resulting in increases in transportation fees, operating expenses, and selling, general and administrative expenses of $25 million, $5 million and $2 million, respectively, and a decrease of $12 million in Adjusted EBITDA related to unconsolidated affiliates; partially offset by
a decrease of $5 million in realized storage margin primarily due to lower realized derivative gains.
Interstate Transportation and Storage
 
Three Months Ended
September 30,
 
2018
 
2017
Natural gas transported (BBtu/d)
10,155

 
6,075

Natural gas sold (BBtu/d)
18

 
19

Revenues
$
395

 
$
224

Operating expenses, excluding non-cash compensation, amortization and accretion expenses
(97
)
 
(79
)
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses
(19
)
 
(14
)
Adjusted EBITDA related to unconsolidated affiliates
135

 
140

Other
2

 
2

Segment Adjusted EBITDA
$
416

 
$
273

Transported volumes reflected an increase of 2,225 BBtu/d as a result of the initiation of service on the Rover pipeline; increases of 772 BBtu/d and 625 BBtu/d on the Panhandle and Trunkline pipelines, respectively, due to increased utilization of higher contracted capacity; and an increase of 398 BBtu/d on the Tiger pipeline as a result of production increases in the Haynesville Shale and deliveries into intrastate markets.

12

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