DELAWARE
|
001-35262
|
16-1731691
|
||
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
||
Exhibit
|
||
Number
|
Description
|
|
Regency Energy Partners LP Press Release dated February 15, 2012 announcing the results of its operations for the fourth quarter and the full year ended December 31, 2011.
|
||
Regency Energy Partners LP presentation to investors dated February 16, 2012.
|
||
REGENCY ENERGY PARTNERS LP
By: Regency GP LP, its general partner
By: Regency GP LLC, its general partner
|
||||
By:
|
/s/ Thomas E. Long
|
|||
Thomas E. Long
|
||||
Executive Vice President and Chief Financial Officer
|
||||
·
|
EBITDA;
|
·
|
adjusted EBITDA;
|
·
|
cash available for distribution;
|
·
|
segment margin;
|
·
|
total segment margin;
|
·
|
adjusted segment margin; and
|
·
|
adjusted total segment margin.
|
·
|
financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
|
·
|
the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness and make cash distributions to our unitholders and General Partner; |
·
|
our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure; and
|
·
|
the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.
|
·
|
minus interest expense, excluding capitalized interest;
|
·
|
minus maintenance capital expenditures;
|
·
|
plus cash proceeds from asset sales, if any; and
|
·
|
joint venture adjustments, which mainly include interest expense and maintenance capital expenditures.
|
Regency Energy Partners LP
|
|||||||||
Consolidated Statements of Operations
|
|||||||||
($ in thousands)
|
|||||||||
Three Months Ended
|
|||||||||
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
|||||||
REVENUES
|
|||||||||
Gas sales, including related party amounts
|
$ | 94,105 | $ | 111,876 | $ | 127,840 | |||
NGL sales, including related party amounts
|
172,343 | 120,547 | 81,201 | ||||||
Gathering, transportation and other fees, including related party amounts
|
95,496 | 84,014 | 64,538 | ||||||
Net realized and unrealized (loss) gain from derivatives
|
(4,578 | ) | (1,518 | ) | 1,736 | ||||
Other, including related party amounts
|
12,515 | 7,826 | 7,035 | ||||||
Total revenues
|
369,881 | 322,745 | 282,350 | ||||||
OPERATING COSTS AND EXPENSES
|
|||||||||
Cost of sales, including related party amounts
|
257,564 | 221,121 | 196,852 | ||||||
Operation and maintenance
|
42,025 | 33,100 | 26,809 | ||||||
General and administrative, including related party amounts
|
13,510 | 18,563 | 14,532 | ||||||
(Gain) loss on asset sales, net
|
(2,422 | ) | 3 | 106 | |||||
Depreciation and amortization
|
45,989 | 33,217 | 26,174 | ||||||
Total operating costs and expenses
|
356,666 | 306,004 | 264,473 | ||||||
OPERATING INCOME
|
13,215 | 16,741 | 17,877 | ||||||
Income from unconsolidated affiliates
|
32,619 | 23,618 | 2,431 | ||||||
Interest expense, net
|
(28,926 | ) | (19,791 | ) | (21,945 | ) | |||
Loss on debt refinancing, net
|
- | (15,748 | ) | - | |||||
Other income and deductions, net
|
(2,796 | ) | (12,232 | ) | (1,459 | ) | |||
INCOME (LOSS) BEFORE INCOME TAXES
|
14,112 | (7,412 | ) | (3,096 | ) | ||||
Income tax expense (benefit)
|
484 | (143 | ) | (484 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
13,628 | (7,269 | ) | (2,612 | ) | ||||
DISCONTINUED OPERATIONS
|
|||||||||
Net loss from operations of east Texas assets
|
- | (1,654 | ) | (735 | ) | ||||
NET INCOME (LOSS)
|
$ | 13,628 | $ | (8,923 | ) | $ | (3,347 | ) | |
Net income attributable to noncontrolling interest
|
(104 | ) | (69 | ) | (30 | ) | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REGENCY ENERGY PARTNERS LP
|
$ | 13,524 | $ | (8,992 | ) | $ | (3,377 | ) | |
Regency Energy Partners LP
|
|||||||||
Consolidated Statements of Operations
|
|||||||||
($ in thousands)
|
|||||||||
Year Ended
|
|||||||||
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
|||||||
REVENUES
|
|||||||||
Gas sales, including related party amounts
|
$ | 455,746 | $ | 519,344 | $ | 476,077 | |||
NGL sales, including related party amounts
|
603,219 | 390,879 | 239,255 | ||||||
Gathering, transportation and other fees, including related party amounts
|
350,745 | 293,295 | 270,071 | ||||||
Net realized and unrealized (loss) gain from derivatives
|
(19,214 | ) | (8,582 | ) | 37,712 | ||||
Other, including related party amounts
|
43,402 | 26,727 | 20,162 | ||||||
Total revenues
|
1,433,898 | 1,221,663 | 1,043,277 | ||||||
OPERATING COSTS AND EXPENSES
|
|||||||||
Cost of sales, including related party amounts
|
1,012,826 | 862,105 | 674,944 | ||||||
Operation and maintenance
|
147,643 | 125,650 | 117,080 | ||||||
General and administrative, including related party amounts
|
67,408 | 80,951 | 57,863 | ||||||
(Gain) loss on asset sales, net
|
(2,372 | ) | 516 | (133,282 | ) | ||||
Depreciation and amortization
|
168,684 | 117,751 | 100,098 | ||||||
Total operating costs and expenses
|
1,394,189 | 1,186,973 | 816,703 | ||||||
OPERATING INCOME
|
39,709 | 34,690 | 226,574 | ||||||
Income from unconsolidated affiliates
|
119,540 | 69,365 | 7,886 | ||||||
Interest expense, net
|
(102,474 | ) | (82,792 | ) | (77,665 | ) | |||
Loss on debt refinancing, net
|
- | (17,528 | ) | - | |||||
Other income and deductions, net
|
17,309 | (12,126 | ) | (15,132 | ) | ||||
INCOME (LOSS) BEFORE INCOME TAXES
|
74,084 | (8,391 | ) | 141,663 | |||||
Income tax expense (benefit)
|
465 | 956 | (1,095 | ) | |||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
73,619 | (9,347 | ) | 142,758 | |||||
DISCONTINUED OPERATIONS
|
|||||||||
Net loss from operations of east Texas assets
|
- | (1,571 | ) | (2,269 | ) | ||||
NET INCOME (LOSS)
|
$ | 73,619 | $ | (10,918 | ) | $ | 140,489 | ||
Net income attributable to noncontrolling interest
|
(1,177 | ) | (562 | ) | (91 | ) | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REGENCY ENERGY PARTNERS LP
|
$ | 72,442 | $ | (11,480 | ) | $ | 140,398 | ||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
($ in thousands)
|
||||||||||||||||||
Gathering and Processing Segment
|
||||||||||||||||||
Financial data:
|
||||||||||||||||||
Segment margin
|
$ | 64,452 | $ | 52,915 | $ | 50,982 | $ | 233,463 | $ | 196,008 | $ | 213,920 | ||||||
Adjusted segment margin
|
63,901 | 59,731 | 52,139 | 233,518 | 226,191 | 206,769 | ||||||||||||
Operating data:
|
||||||||||||||||||
Throughput (MMbtu/d)
|
1,349,592 | 1,029,597 | 1,000,748 | 1,187,149 | 996,800 | 975,963 | ||||||||||||
NGL gross production (Bbls/d)
|
36,382 | 29,327 | 22,725 | 31,902 | 26,155 | 21,104 | ||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
($ in thousands)
|
||||||||||||||||||
Contract Compression Segment
|
||||||||||||||||||
Financial data:
|
||||||||||||||||||
Segment margin
|
$ | 39,203 | $ | 40,855 | $ | 34,163 | $ | 155,573 | $ | 154,209 | $ | 141,028 | ||||||
Less: Inter-segment elimination
|
(3,902 | ) | (6,212 | ) | (1,611 | ) | (16,704 | ) | (23,205 | ) | (4,604 | ) | ||||||
Segment margin, net of inter-segment elimination
|
$ | 35,301 | $ | 34,643 | $ | 32,552 | $ | 138,869 | $ | 131,004 | $ | 136,424 | ||||||
Operating data:
|
||||||||||||||||||
Revenue generating horsepower
|
776,799 | 766,882 | 716,120 | 776,799 | 766,882 | 716,120 |
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
($ in thousands)
|
||||||||||||
Contract Treating Segment
|
||||||||||||
Financial data:
|
||||||||||||
Segment margin
|
$ | 7,862 | $ | 8,725 | $ | 29,456 | $ | 11,454 | ||||
Operating data:
|
||||||||||||
Revenue generating gallons per minute
|
3,465 | 3,431 | 3,465 | 3,431 | ||||||||
Three Month Ended December 31,
|
Year Ended December 31,
|
||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
||||||
($ in thousands)
|
|||||||||||
Corporate & Others
|
|||||||||||
Financial data:
|
|||||||||||
Segment margin
|
$ 4,702
|
$ 5,341
|
$ 1,964
|
$ 19,284
|
$ 21,092
|
$ 6,275
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
($ in thousands)
|
||||||||||||||||||
Haynesville Joint Venture
|
||||||||||||||||||
Financial data:
|
||||||||||||||||||
Segment margin
|
$ | 43,901 | $ | 47,450 | $ | 12,157 | $ | 183,309 | $ | 174,347 | $ | 52,051 | ||||||
Operating data:
|
||||||||||||||||||
Throughput (MMbtu/d)
|
1,054,392 | 1,543,570 | 640,166 | 1,321,266 | 1,277,881 | 738,654 | ||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
($ in thousands)
|
||||||||||||
MEP Joint Venture
|
||||||||||||
Financial data:
|
||||||||||||
Segment margin
|
$ | 62,815 | $ | 57,799 | $ | 246,758 | $ | 212,345 | ||||
Operating data:
|
||||||||||||
Throughput (MMbtu/d)
|
1,380,010 | 1,541,533 | 1,360,658 | 1,408,778 | ||||||||
Three Months Ended December 31, 2011
|
From May 2, 2011 (Initial Acquisition date) through December 31, 2011
|
|||||
($ in thousands)
|
||||||
Lone Star Joint Venture
|
||||||
Financial data:
|
||||||
Segment margin
|
$ | 66,931 | $ | 178,718 | ||
Operating data:
|
||||||
West Texas Pipeline Throughput (Bbls/d)
|
128,681 | 130,246 | ||||
NGL Fractionation Throughput (Bbls/d)
|
18,464 | 15,676 | ||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
($ in thousands)
|
||||||||||||||||||
Net income - Haynesville Joint Venture
|
$ | 24,483 | $ | 32,097 | $ | 5,770 | $ | 109,186 | $ | 106,737 | $ | 26,867 | ||||||
Add:
|
||||||||||||||||||
Operation and maintenance
|
5,747 | 2,296 | 1,853 | 20,803 | 17,518 | 9,697 | ||||||||||||
General and administrative
|
4,124 | 4,436 | 2,013 | 17,161 | 17,759 | 5,702 | ||||||||||||
Loss on asset sales, net
|
- | - | 116 | - | 105 | - | ||||||||||||
Depreciation and amortization
|
9,084 | 8,474 | 2,669 | 34,930 | 31,797 | 10,962 | ||||||||||||
Interest expense, net
|
463 | 171 | 93 | 1,245 | 526 | 158 | ||||||||||||
Other income and deductions, net
|
- | (24 | ) | (357 | ) | (16 | ) | (95 | ) | (1,335 | ) | |||||||
Total Segment Margin
|
$ | 43,901 | $ | 47,450 | $ | 12,157 | $ | 183,309 | $ | 174,347 | $ | 52,051 | ||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
($ in thousands)
|
||||||||||||
Net income - MEP Joint Venture
|
$ | 22,655 | $ | 18,110 | $ | 85,339 | $ | 60,173 | ||||
Add:
|
||||||||||||
Operation and maintenance
|
3,585 | 8,650 | 13,585 | 21,815 | ||||||||
General and administrative
|
6,328 | 864 | 26,780 | 16,440 | ||||||||
Depreciation and amortization
|
17,362 | 17,402 | 69,538 | 66,929 | ||||||||
Interest expense, net
|
12,889 | 12,774 | 51,515 | 48,751 | ||||||||
Other income and deductions, net
|
(4 | ) | (1 | ) | 1 | (1,763 | ) | |||||
Total Segment Margin
|
$ | 62,815 | $ | 57,799 | $ | 246,758 | $ | 212,345 | ||||
Three Months Ended December 31, 2011 | From May 2, 2011 (Initial Acquisition date) through December 31, 2011 | |||||
($ in thousands)
|
||||||
Net income - Lone Star Joint Venture
|
$ | 35,049 | $ | 93,959 | ||
Add:
|
||||||
Operation and maintenance
|
16,194 | 39,254 | ||||
General and administrative
|
3,719 | 13,326 | ||||
Depreciation and amortization
|
12,205 | 32,248 | ||||
Tax expense
|
630 | 833 | ||||
Other income and deductions, net
|
(866 | ) | (902 | ) | ||
Total Segment Margin
|
$ | 66,931 | $ | 178,718 | ||
Three Months Ended December 31,
|
|||||||||
2011
|
2010
|
2009
|
|||||||
($ in thousands)
|
|||||||||
Net income (loss)
|
$ | 13,628 | $ | (8,923 | ) | $ | (3,347 | ) | |
Add (deduct):
|
|||||||||
Interest expense, net
|
28,926 | 19,791 | 22,028 | ||||||
Depreciation and amortization
|
45,989 | 33,217 | 28,759 | ||||||
Income tax expense (benefit)
|
484 | (143 | ) | (484 | ) | ||||
EBITDA (1)
|
$ | 89,027 | $ | 43,942 | $ | 46,956 | |||
Add (deduct):
|
|||||||||
Non-cash loss from commodity and embedded derivatives
|
2,230 | 18,922 | 2,124 | ||||||
Non-cash unit based compensation
|
923 | 1,386 | 1,613 | ||||||
(Gain) loss on asset sales, net
|
(2,422 | ) | 78 | 106 | |||||
Income from unconsolidated affiliates
|
(32,619 | ) | (23,618 | ) | (2,431 | ) | |||
Partnership's ownership interest in Haynesville Joint Venture's adjusted EBITDA (2)
|
17,012 | 20,374 | 3,621 | ||||||
Partnership's ownership interest in MEP Joint Venture's adjusted EBITDA (3)
|
26,455 | 24,095 | - | ||||||
Partnership's ownership interest in Lone Star Joint Venture's adjusted EBITDA (4)
|
14,105 | - | - | ||||||
Loss on debt refinancing, net
|
- | 15,748 | - | ||||||
Other expense, net
|
189 | 831 | 698 | ||||||
Adjusted EBITDA
|
$ | 114,900 | $ | 101,758 | $ | 52,687 | |||
(1) Earnings before interest, taxes, depreciation and amortization.
|
|||||||||
(2) 100% of Haynesville Joint Venture's Adjusted EBITDA is calculated as follows:
|
|||||||||
Net income Haynesville Joint Venture
|
$ | 24,483 | $ | 32,097 | $ | 5,655 | |||
Add (deduct):
|
|||||||||
Depreciation and amortization
|
9,084 | 8,474 | 2,669 | ||||||
Interest expense
|
463 | 171 | 93 | ||||||
Gain on insurance settlement
|
- | 7 | - | ||||||
Gain on sale of asset, net
|
- | (1 | ) | - | |||||
Other expense, net
|
- | 9 | 5 | ||||||
Haynesville Joint Venture's Adjusted EBITDA
|
$ | 34,030 | $ | 40,757 | $ | 8,422 | |||
Net income MEP Joint Venture
|
$ | 22,655 | $ | 18,110 | $ | - | |||
Add:
|
|||||||||
Depreciation and amortization
|
17,362 | 17,402 | - | ||||||
Other expense
|
12,892 | 12,774 | - | ||||||
MEP Joint Venture's Adjusted EBITDA
|
$ | 52,909 | $ | 48,286 | $ | - | |||
(4) 100% of Lone Star Joint Venture's Adjusted EBITDA is calculated as follows:
|
|||||||||
Net income Lone Star Joint Venture
|
$ | 35,049 | $ | - | $ | - | |||
Add (deduct):
|
|||||||||
Depreciation and amortization
|
12,205 | - | - | ||||||
Other income, net
|
(237 | ) | - | - | |||||
Lone Star Joint Venture's Adjusted EBITDA
|
$ | 47,017 | $ | - | $ | - | |||
Year Ended December 31,
|
|||||||||
2011
|
2010
|
2009
|
|||||||
($ in thousands)
|
|||||||||
Net income (loss)
|
$ | 73,619 | $ | (10,918 | ) | $ | 140,489 | ||
Add (deduct):
|
|||||||||
Interest expense, net
|
102,474 | 82,971 | 77,996 | ||||||
Depreciation and amortization
|
168,684 | 122,725 | 109,893 | ||||||
Income tax expense (benefit)
|
465 | 956 | (1,095 | ) | |||||
EBITDA (1)
|
$ | 345,242 | $ | 195,734 | $ | 327,283 | |||
Add (deduct):
|
|||||||||
Non-cash (gain) loss from derivatives
|
(17,919 | ) | 42,613 | 5,163 | |||||
Non-cash unit based compensation
|
3,610 | 13,727 | 5,834 | ||||||
(Gain) loss on asset sales, net
|
(2,372 | ) | 591 | (133,284 | ) | ||||
Income from unconsolidated affiliates
|
(119,540 | ) | (69,365 | ) | (7,886 | ) | |||
Partnership's ownership interest in Haynesville Joint Venture's adjusted EBITDA (2)
|
72,672 | 67,014 | 11,398 | ||||||
Partnership's ownership interest in MEP Joint Venture's adjusted EBITDA (3)
|
103,059 | 55,682 | - | ||||||
Partnership's ownership interest in Lone Star Joint Venture's adjusted EBITDA (4)
|
37,841 | - | - | ||||||
Loss on debt refinancing, net
|
- | 17,528 | - | ||||||
Other (income) expense, net
|
(224 | ) | 3,432 | 2,486 | |||||
Adjusted EBITDA
|
$ | 422,369 | $ | 326,956 | $ | 210,994 | |||
(1) Earnings before interest, taxes, depreciation and amortization.
|
|||||||||
(2) 100% of Haynesville Joint Venture's Adjusted EBITDA is calculated as follows:
|
|||||||||
Net income Haynesville Joint Venture
|
$ | 109,186 | $ | 106,737 | $ | 19,734 | |||
Add (deduct):
|
|||||||||
Depreciation and amortization
|
34,930 | 31,797 | 8,514 | ||||||
Interest expense
|
1,245 | 526 | 158 | ||||||
Gain on insurance settlement
|
- | (242 | ) | - | |||||
Loss on sale of asset, net
|
- | 105 | - | ||||||
Other expense, net
|
16 | 14 | 50 | ||||||
Haynesville Joint Venture's Adjusted EBITDA
|
$ | 145,377 | $ | 138,937 | $ | 28,456 | |||
(3) 100% of MEP Joint Venture's Adjusted EBITDA is calculated as follows:
|
|||||||||
Net income MEP Joint Venture
|
$ | 85,339 | $ | 42,528 | $ | - | |||
Add:
|
|||||||||
Depreciation and amortization
|
69,538 | 40,103 | - | ||||||
Interest expense, net
|
51,515 | 28,959 | - | ||||||
MEP Joint Venture's Adjusted EBITDA
|
$ | 206,392 | $ | 111,590 | $ | - | |||
(4) 100% of Lone Star Joint Venture's Adjusted EBITDA is calculated as follows and represents the period from May 2, 2011 to December 31, 2011. The Partnership acquired its 30% ownership interest on May 2, 2011:
|
|||||||||
Net income Lone Star Joint Venture
|
$ | 93,959 | $ | - | $ | - | |||
Add (deduct):
|
|||||||||
Depreciation and amortization
|
32,248 | - | - | ||||||
Other income, net
|
(68 | ) | - | - | |||||
Lone Star Joint Venture's Adjusted EBITDA
|
$ | 126,139 | $ | - | $ | - | |||
Three Months Ended December 31,
|
|||||||||
2011
|
2010
|
2009
|
|||||||
($ in thousands)
|
|||||||||
Net income (loss)
|
$ | 13,628 | $ | (8,923 | ) | $ | (3,347 | ) | |
Add (Deduct):
|
|||||||||
Operation and maintenance
|
42,025 | 33,100 | 26,809 | ||||||
General and administrative
|
13,510 | 18,563 | 14,532 | ||||||
(Gain) loss on asset sales, net
|
(2,422 | ) | 3 | 106 | |||||
Depreciation and amortization
|
45,989 | 33,217 | 26,174 | ||||||
Income from unconsolidated affiliates
|
(32,619 | ) | (23,618 | ) | (2,431 | ) | |||
Interest expense, net
|
28,926 | 19,791 | 21,945 | ||||||
Loss on debt refinancing, net
|
- | 15,748 | - | ||||||
Other income and deductions, net
|
2,796 | 12,232 | 1,459 | ||||||
Income tax expense (benefit)
|
484 | (143 | ) | (484 | ) | ||||
Discontinued operations
|
- | 1,654 | 735 | ||||||
Total Segment Margin
|
112,317 | 101,624 | 85,498 | ||||||
Non-cash (gain) loss from derivatives
|
(551 | ) | 6,816 | 1,157 | |||||
Adjusted Total Segment Margin
|
$ | 111,766 | $ | 108,440 | $ | 86,655 | |||
Gathering & Processing Segment Margin
|
$ | 64,452 | $ | 52,915 | $ | 50,982 | |||
Non-cash (gain) loss from derivatives
|
(551 | ) | 6,816 | 1,157 | |||||
Adjusted Gathering and Processing Segment Margin
|
63,901 | 59,731 | 52,139 | ||||||
Contract Compression Segment Margin
|
39,203 | 40,855 | 34,163 | ||||||
Contract Treating Segment Margin
|
7,862 | 8,725 | - | ||||||
Corporate & Others Segment Margin
|
4,702 | 5,341 | 1,964 | ||||||
Inter-segment Elimination
|
(3,902 | ) | (6,212 | ) | (1,611 | ) | |||
Adjusted Total Segment Margin
|
$ | 111,766 | $ | 108,440 | $ | 86,655 | |||
Year Ended December 31,
|
|||||||||
2011
|
2010
|
2009
|
|||||||
($ in thousands)
|
|||||||||
Net income (loss)
|
$ | 73,619 | $ | (10,918 | ) | $ | 140,489 | ||
Add (Deduct):
|
|||||||||
Operation and maintenance
|
147,643 | 125,650 | 117,080 | ||||||
General and administrative
|
67,408 | 80,951 | 57,863 | ||||||
(Gain) loss on asset sales, net
|
(2,372 | ) | 516 | (133,282 | ) | ||||
Depreciation and amortization
|
168,684 | 117,751 | 100,098 | ||||||
Income from unconsolidated subsidiaries
|
(119,540 | ) | (69,365 | ) | (7,886 | ) | |||
Interest expense, net
|
102,474 | 82,792 | 77,665 | ||||||
Loss on debt refinancing, net
|
- | 17,528 | - | ||||||
Other income and deductions, net
|
(17,309 | ) | 12,126 | 15,132 | |||||
Income tax expense (benefit)
|
465 | 956 | (1,095 | ) | |||||
Discontinued operations
|
- | 1,571 | 2,269 | ||||||
Total Segment Margin
|
421,072 | 359,558 | 368,333 | ||||||
Non-cash loss (gain) from derivatives
|
55 | 30,183 | (7,151 | ) | |||||
Adjusted Total Segment Margin
|
$ | 421,127 | $ | 389,741 | $ | 361,182 | |||
Gathering & Processing Segment Margin
|
$ | 233,463 | $ | 196,008 | $ | 213,920 | |||
Non-cash loss (gain) from derivatives
|
55 | 30,183 | (7,151 | ) | |||||
Adjusted Gathering & Processing Segment Margin
|
233,518 | 226,191 | 206,769 | ||||||
Joint Venture Segment Margin (1)
|
- | - | 11,714 | ||||||
Contract Compression Segment Margin
|
155,573 | 154,209 | 141,028 | ||||||
Contract Treating Segment Margin
|
29,456 | 11,454 | - | ||||||
Corporate & Others Segment Margin
|
19,284 | 21,092 | 6,275 | ||||||
Inter-segment Elimination
|
(16,704 | ) | (23,205 | ) | (4,604 | ) | |||
Adjusted Total Segment Margin
|
$ | 421,127 | $ | 389,741 | $ | 361,182 | |||
(1) We contributed RIGS to the Haynesville Joint Venture in March 2009, and subsequently renamed Transportation segment to Joint Ventures segment in 2011. Since March 2009, we have not recorded segment margin in this segment because we recorded our ownership percentage of the net income in unconsolidated affiliates as income from unconsolidated affiliates in accordance with the equity method of accounting.
|
Three Months Ended
|
|||
December 31, 2011
|
|||
($ in thousands)
|
|||
Net cash flows provided by operating activities
|
49,339 | ||
Add (deduct):
|
|||
Depreciation and amortization, including debt issuance cost amortization
|
(47,551 | ) | |
Amortization of excess fair value of unconsolidated subsidiaries
|
(1,462 | ) | |
Income from unconsolidated affiliates
|
34,081 | ||
Derivative valuation change
|
(1,174 | ) | |
Gain on asset sales, net
|
2,422 | ||
Unit based compensation expenses
|
(1,166 | ) | |
Cash flow changes in trade accounts receivables, accrued revenues, and related party receivables
|
(4,970 | ) | |
Cash flow changes in other current assets
|
(548 | ) | |
Cash flow changes in trade accounts payable, accrued cost of gas and liquids, related party payables and deferred revenues
|
(2,754 | ) | |
Cash flow changes in other current liabilities
|
15,243 | ||
Distributions received from unconsolidated affiliates
|
(27,930 | ) | |
Cash flow changes in other assets and liabilities
|
98 | ||
Net Income
|
$ | 13,628 | |
Add:
|
|||
Interest expense, net
|
28,926 | ||
Depreciation and amortization
|
45,989 | ||
Income tax expense
|
484 | ||
EBITDA
|
$ | 89,027 | |
Add (deduct):
|
|||
Non-cash loss from commodity and embedded derivatives
|
2,230 | ||
Non-cash unit based compensation
|
923 | ||
Gain on asset sales, net
|
(2,422 | ) | |
Income from unconsolidated affiliates
|
(32,619 | ) | |
Partnership's ownership interest in Haynesville Joint Venture's adjusted EBITDA
|
17,012 | ||
Partnership's ownership interest in MEP Joint Venture's adjusted EBITDA
|
26,455 | ||
Partnership's ownership interest in Lone Star Joint Venture's adjusted EBITDA
|
14,105 | ||
Other expense, net
|
189 | ||
Adjusted EBITDA
|
$ | 114,900 | |
Add (deduct):
|
|||
Interest expense, excluding capitalized interest
|
(34,853 | ) | |
Maintenance capital expenditures
|
(7,809 | ) | |
Distribution to Series A Preferred Units
|
(1,945 | ) | |
Other adjustments
|
12,026 | ||
Cash available for distribution
|
$ | 82,319 | |