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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 08/08/2013
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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012(1)
 
2013
 
2012(1)
REVENUES
$
11,551

 
$
1,596

 
$
22,405

 
$
2,919

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
10,229

 
799

 
19,823

 
1,580

Operating expenses
315

 
196

 
619

 
326

Depreciation and amortization
251

 
158

 
511

 
257

Selling, general and administrative
124

 
86

 
286

 
190

Total costs and expenses
10,919

 
1,239

 
21,239

 
2,353

OPERATING INCOME
632

 
357

 
1,166

 
566

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(211
)
 
(191
)
 
(422
)
 
(332
)
Equity in earnings of unconsolidated affiliates
37

 
1

 
109

 
56

Gain on deconsolidation of Propane Business

 
1

 

 
1,057

Loss on extinguishment of debt

 

 

 
(115
)
Gains (losses) on interest rate derivatives
39

 
(37
)
 
46

 
(9
)
Other, net
(4
)
 
4

 
(1
)
 
3

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
493

 
135

 
898

 
1,226

Income tax expense from continuing operations
89

 
7

 
92

 
9

INCOME FROM CONTINUING OPERATIONS
404

 
128

 
806

 
1,217

Income from discontinued operations
9

 
7

 
31

 
6

NET INCOME
413

 
135

 
837

 
1,223

LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
93

 
24

 
195

 
(3
)
NET INCOME ATTRIBUTABLE TO PARTNERS
320

 
111

 
642

 
1,226

GENERAL PARTNER’S INTEREST IN NET INCOME
155

 
109

 
283

 
226

LIMITED PARTNERS’ INTEREST IN NET INCOME
$
165

 
$
2

 
$
359

 
$
1,000

INCOME (LOSS) FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.52

 
$
(0.03
)
 
$
1.04

 
$
4.32

Diluted
$
0.52

 
$
(0.03
)
 
$
1.04

 
$
4.30

NET INCOME PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.53

 
$
0.00

 
$
1.08

 
$
4.35

Diluted
$
0.53

 
$
0.00

 
$
1.08

 
$
4.33

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
 
 
 
 
 
 
 
Basic
352.6

 
229.7

 
326.9

 
228.1

Diluted
353.8

 
229.7

 
328.1

 
229.1

(1) 
In accordance with generally accepted accounting principles, amounts previously reported for interim periods in 2012 have been revised to reflect the retrospective consolidation of Southern Union into ETP as a result of the Holdco Transaction as the transfer of Southern Union into Holdco met the definition of a transaction between entities under common control. Thus, Southern Union was retroactively consolidated beginning March 26, 2012, the date that ETE completed its merger with Southern Union.

4

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