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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 11/05/2013
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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 September 30,
 
Nine Months Ended
September 30,
 
2013
 
2012(1)
 
2013
 
2012(1)
REVENUES
$
11,902

 
$
1,802

 
$
34,307

 
$
4,721

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
10,654

 
1,026

 
30,477

 
2,606

Operating expenses
331

 
167

 
950

 
493

Depreciation and amortization
253

 
162

 
764

 
419

Selling, general and administrative
138

 
82

 
424

 
272

Total costs and expenses
11,376

 
1,437

 
32,615

 
3,790

OPERATING INCOME
526

 
365

 
1,692

 
931

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(210
)
 
(147
)
 
(632
)
 
(479
)
Equity in earnings of unconsolidated affiliates
28

 
8

 
137

 
64

Gain on deconsolidation of Propane Business

 

 

 
1,057

Gain on sale of AmeriGas common units
87

 

 
87

 

Loss on extinguishment of debt

 

 

 
(115
)
Gains (losses) on interest rate derivatives

 

 
46

 
(9
)
Other, net
7

 
7

 
6

 
10

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
438

 
233

 
1,336

 
1,459

Income tax expense from continuing operations
47

 
27

 
139

 
36

INCOME FROM CONTINUING OPERATIONS
391

 
206

 
1,197

 
1,423

Income (loss) from discontinued operations
13

 
(142
)
 
44

 
(136
)
NET INCOME
404

 
64

 
1,241

 
1,287

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
49

 
28

 
244

 
25

NET INCOME ATTRIBUTABLE TO PARTNERS
355

 
36

 
997

 
1,262

GENERAL PARTNER’S INTEREST IN NET INCOME
146

 
116

 
429

 
342

LIMITED PARTNERS’ INTEREST IN NET INCOME (LOSS)
$
209

 
$
(80
)
 
$
568

 
$
920

INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.51

 
$
0.26

 
$
1.55

 
$
4.54

Diluted
$
0.51

 
$
0.26

 
$
1.55

 
$
4.52

NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.55

 
$
(0.33
)
 
$
1.63

 
$
3.91

Diluted
$
0.55

 
$
(0.33
)
 
$
1.63

 
$
3.89

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:
 
 
 
 
 
 
 
Basic
374.1

 
245.1

 
342.8

 
233.8

Diluted
375.5

 
246.3

 
344.1

 
235.0

(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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