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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 05/08/2013
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All Other
 
Three Months Ended March 31,
 
2013
 
2012
Revenue
$
150

 
$
129

Cost of products sold
137

 
91

Gross margin
13

 
38

Unrealized (gains) losses on commodity risk management activities
(4
)
 
2

Operating expenses, excluding non-cash compensation expense
(5
)
 
(20
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(18
)
 
(13
)
Adjusted EBITDA attributable to discontinued operations
40

 
2

Adjusted EBITDA related to unconsolidated affiliates
76

 
75

Elimination
(7
)
 
(1
)
Segment Adjusted EBITDA
$
95

 
$
83

 
 
 
 
Distributions from unconsolidated affiliates
$
50

 
$
23

Amounts reflected in our all other segment primarily include:
Our retail propane and other retail propane related operations prior to our contribution of those operations to AmeriGas in January 2012. Our investment in AmeriGas was reflected in the all other segment subsequent to that transaction;
Southern Union’s local distribution operations beginning March 26, 2012;
Our natural gas compression operations; and,
An approximate 30% non-operating interest in PES, a refining joint venture, effective upon our acquisition of Sunoco on October 5, 2012.
The decrease in gross margin and operating expenses was primarily due to our recognition of $31 million of gross margin and $18 million of operating expenses from our retail propane operations prior to the deconsolidation of those operations in January 2012.
Adjusted EBITDA attributable to discontinued operations reflected the results of Southern Union's local distribution operations. Adjusted EBITDA related to unconsolidated affiliates reflected the results from our investments in AmeriGas and PES. Additional information related to unconsolidated affiliates is provided below in “Supplemental Information on Unconsolidated Affiliates.”

13

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