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SEC Filings
10-Q
SOUTHERN UNION CO filed this Form 10-Q on 08/08/2013
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The following table illustrates the results of operations applicable to the Company’s Distribution segment:
 
 
Successor
 
 
Predecessor
 
 
Three Months Ended
June 30, 2013
 
Three Months Ended
June 30, 2012
 
Six Months Ended
June 30, 2013
 
Period from Acquisition
(March 26, 2012) to June 30,
2012
 
 
Period from
January 1, 2012 to
March 25,
2012
Amounts reported within discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Net operating revenues  (1)
 
$
57

 
$
56

 
$
130

 
$
61

 
 
$
66

Operating, maintenance and general expenses, excluding non-cash compensation expense and amortization of regulatory assets
 
(30
)
 
(28
)
 
(60
)
 
(28
)
 
 
(29
)
Taxes other than on income and revenues
 
(3
)
 
(3
)
 
(7
)
 
(4
)
 
 
(3
)
Segment Adjusted EBITDA
 
$
24

 
$
25

 
$
63

 
$
29

 
 
$
34

 
 
 
 
 
 
 
 
 
 
 
 
Operating Information:
 
 
 
 
 
 
 
 
 
 
 
Natural gas sales volumes (MMcf)
 
10,733

 
4,983

 
38,362

 
7,160

 
 
19,957

Natural gas transported volumes (MMcf)
 
6,178

 
8,494

 
14,835

 
9,123

 
 
7,379

Weather – Degree Days: (2)
 
 
 
 
 
 
 
 
 
 
 
Missouri Gas Energy service territories
 
619

 
242

 
3,295

 
243

 
 
1,898

New England Gas Company service territories
 
1,082

 
599

 
3,391

 
738

 
 
2,170


(1) Operating revenues for the Distribution segment were reported net of cost of natural gas and other energy and revenue-related taxes, which are pass-through costs.
(2) “Degree days” are a measure of the coldness of the weather experienced.  A degree day is equivalent to each degree that the mean temperature for a day falls below 65 degrees Fahrenheit.
Following is a discussion of the significant items and variances impacting Segment Adjusted EBITDA for the Company’s Distribution segment.
Net Operating Revenues.  The three and six months ended June 30, 2013 were slightly higher compared to the three and six months ended June 30, 2012 primarily due to colder-than-normal temperatures and a longer heating season.
Operating, Maintenance and General Expenses.  The period from March 26, 2012 to June 30, 2012 included $12 million in merger-related expenses.
Corporate and Other Activities
The period from January 1, 2012 to March 25, 2012 included $19 million in merger-related expenses.

31

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