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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 11/05/2013
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All Other
 
Three Months Ended September 30,
 
2013
 
2012
Revenue
$
95

 
$
104

Cost of products sold
87

 
85

Gross margin
8

 
19

Unrealized losses on commodity risk management activities
5

 
1

Operating expenses, excluding non-cash compensation expense
(11
)
 
(18
)
Selling, general and administrative expenses, excluding non-cash compensation expense
(26
)
 
3

Adjusted EBITDA attributable to discontinued operations
12

 
27

Adjusted EBITDA related to unconsolidated affiliates
31

 
3

Elimination
(1
)
 
(4
)
Segment Adjusted EBITDA
$
18

 
$
31

 
 
 
 
Distributions from unconsolidated affiliates
$
73

 
$
23

Amounts reflected above primarily include:
our investment in AmeriGas;
our natural gas compression operations;
an approximate 30% non-operating interest in PES, a refining joint venture, effective upon our acquisition of Sunoco on October 5, 2012; and,
our investment in Regency related to the Regency common and Class F units received by Southern Union in exchange for the contribution of its interest in Southern Union Gathering Company, LLC to Regency on April 30, 2013.
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, PES and Regency beginning in January 2012, October 2012, and April 2013, respectively. Additional information related to unconsolidated affiliates is provided below in “Supplemental Information on Unconsolidated Affiliates.”
The increase in distributions from unconsolidated affiliates was primarily due to cash distributions from our ownership in Regency and PES of $14 million and $40 million, respectively, during the third quarter of 2013.

13

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