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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 05/08/2013
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Midstream
 
Three Months Ended March 31,
 
2013
 
2012
Gathered volumes (MMBtu/d):
 
 
 
ETP legacy assets
2,587,787

 
2,239,220

Southern Union gathering and processing
480,339

 
404,422

NGLs produced (Bbls/d):
 
 
 
ETP legacy assets
96,775

 
65,627

Southern Union gathering and processing
39,681

 
38,723

Equity NGLs produced (Bbls/d):
 
 
 
ETP legacy assets
9,499

 
17,630

Southern Union gathering and processing
7,206

 
8,744

Revenues
$
951

 
$
563

Cost of products sold
794

 
436

Gross margin
157

 
127

Unrealized losses on commodity risk management activities

 
2

Operating expenses, excluding non-cash compensation expense
(49
)
 
(26
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(29
)
 
(19
)
Adjusted EBITDA attributable to discontinued operations

 
5

Segment Adjusted EBITDA
$
79

 
$
89

Segment Adjusted EBITDA for the midstream segment reflected increases in gross margin as follows:
 
Three Months Ended March 31,
 
2013
 
2012
Gathering and processing fee-based revenues
$
97

 
$
70

Non fee-based contracts and processing
67

 
64

Other
(7
)
 
(7
)
Total gross margin
$
157

 
$
127

Increased production in the Eagle Ford Shale resulted in increased fee-based revenues of $22 million. Additional volumes from the Woodford Shale also increased gross margin from our North Texas system by $3 million. The consolidation of Southern Union's gathering and processing operations, beginning March 26, 2012, also increased gross margin by $5 million.
Segment Adjusted EBITDA also reflected higher operating expenses and selling, general and administrative expenses primarily due to the consolidation of Southern Union’s gathering and processing operations beginning March 26, 2012.

10

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