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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 11/05/2013
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SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular amounts in millions)
(unaudited)
Our segment results were presented based on the measure of Segment Adjusted EBITDA. The tables below identify the components of Segment Adjusted EBITDA, which was calculated as follows:
Gross margin, operating expenses, and selling, general and administrative. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.
Unrealized gains or losses on commodity risk management activities. These are the unrealized amounts that are included in cost of products sold to calculate gross margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized losses are added back and the unrealized gains are subtracted to calculate the segment measure.
Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure.
Adjusted EBITDA related to unconsolidated affiliates. These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates. Amounts reflected are calculated consistently with our definition of Adjusted EBITDA above.
 
Three Months Ended September 30,
 
2013
 
2012
Segment Adjusted EBITDA:
 
 
 
Intrastate transportation and storage
$
108

 
$
121

Interstate transportation and storage
310

 
324

Midstream
125

 
134

NGL transportation and services
100

 
50

Investment in Sunoco Logistics
181

 

Retail marketing
100

 

All other
18

 
31

 
$
942

 
$
660

Intrastate Transportation and Storage
 
Three Months Ended September 30,
 
2013
 
2012
Natural gas transported (MMBtu/d)
9,438,372

 
9,942,575

Revenues
$
553

 
$
556

Cost of products sold
385

 
362

Gross margin
168

 
194

Unrealized gains on commodity risk management activities
(6
)
 
(13
)
Operating expenses, excluding non-cash compensation expense
(45
)
 
(45
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(9
)
 
(13
)
Adjusted EBITDA related to unconsolidated affiliates

 
(2
)
Segment Adjusted EBITDA
$
108

 
$
121

 
 
 
 
Distributions from unconsolidated affiliates
$
2

 
$
2

Segment Adjusted EBITDA for the intrastate transportation and storage segment decreased for the three months ended September 30, 2013 compared to the same period last year primarily due to a $19 million decrease in transportation fees due to lower volumes from the cessation of certain long-term transportation contracts and lower volumes transported through our pipeline

8

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