8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 24, 2008

SOUTHERN UNION COMPANY

(Exact name of registrant as specified in its charter)

Delaware	1-6407	75-0571592
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

5444 Westheimer Road Houston, Texas (Address of principal executive offices) 77056-5306 (Zip Code)

Registrant's telephone number, including area code: (713) 989-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 Regulation FD Disclosure

On June 24, 2008, Southern Union Company (the “Company”) senior management is conducting investor meetings as part of the Bank of America 2008 Utilities Mini Conference in Chicago, Illinois.    The presentation materials for the investor meetings focus on Company overview, strategic initiatives, organic growth and value creation.  In particular, the presentation contains information with respect to previously issued 2008 earnings guidance, projected pro forma EBITDA by business segment and projected capital expenditures by segment with the expenditures broken out by growth and maintenance capital.

The Company is furnishing the presentation as Exhibit 99.1 hereto and has also made the presentation materials available on its website at www.sug.com. The presentation materials attached hereto under Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

In the attached presentation, the Company uses pro forma earnings before interest and taxes, depreciation and amortization (EBITDA), a non-GAAP financial measure, as the performance measure to evaluate segment performance. As defined in Regulation G, "Conditions for Use of Non-GAAP Financial Measures," a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position or cash flow that excludes (includes) amounts, or is subject to adjustments that have the effect of excluding (including) amounts, that are included (excluded) in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP).

The Company defines EBITDA as net earnings (loss) available for common shareholders, adjusted for: (i) items that do not impact earnings (loss) from continuing operations, such as extraordinary items, discontinued operations and the impact of changes in accounting principles; (ii) income taxes; (iii) interest; (iv) depreciation and amortization and (v) dividends on preferred stock.  EBITDA may not be comparable to measures used by other companies.  Additionally, EBITDA should be considered in conjunction with net earnings and other performance measures such as operating income or operating cash flow.

ITEM 9.01. Financial Statements and Exhibits.

(c) Exhibits.

        Exhibit No.                                                                            Exhibit

99.1                              2008 Bank of America Utilities Mini Conference Presentation

This 8-K includes forward-looking statements. Although Southern Union believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Southern Union's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SOUTHERN UNION COMPANY
	(Registrant)
Date: June 24, 2008	By:	/s/ Robert M. Kerrigan, III
		Robert M. Kerrigan, III
		Vice President - Assistant General Counsel and Secretary

EXHIBIT INDEX

              Exhibit No.                                                                  Description

99.1               2008 Bank of America Utilities Mini Conference Presentation  

EX-99.1

Investor Meeting

June 24, 2008

Forward-Looking Statements

Agenda

·   Southern Union Company Overview

·   Creating Shareholder Value

·   2007 Accomplishments/Recent Announcements

·   Segment Information & Growth Drivers

·   2008 Financial Outlook

·   Conclusion

·   Appendix

Southern Union Company Overview

Southern Union Transformation

Map of Operations

Business Segments

Transportation & Storage

·   Vast pipeline network with access to diverse supply sources and growing markets

·   Approximately 15,000 miles of interstate pipelines with transportation capacity of 7.8 Bcf/d

·   North America’s largest liquefied natural gas (LNG) import terminal with peak send out of 2.1 Bcf/d and storage of 9 Bcf

·   Interests in approximately 100 Bcf of storage

Gathering & Processing

·   Extensive system in the prolific Permian Basin

·   Approximately 4,800 miles of pipelines

·   Five processing plants (four active) with a capacity of 470 MMcf/d

·   Eight treating plants (five active) with a capacity of 765 MMcf/d

Distribution & Other

·   Distribution serves approximately 550,000 customers in Missouri and Massachusetts

·   PEI Power Corporation owns interests in and operates 70 MW of generating assets which supply electricity into the PJM Grid

Creating Shareholder Value

Value Creation

·   Value creation will come from:

o   Organic growth projects

o   Strategic initiatives

o   Prudent financial management

Organic Growth Projects

·   Vast pipeline network with access to multiple supply sources and diverse markets will help fuel organic growth

·   Analyze trends in the natural gas industry to identify opportunities

·   Recent open seasons:

o   FGT Phase VIII expansion

o   FGT Pascagoula lateral to serve GulfLNG Energy, LLC import terminal

o   Longville –Henry Hub expansion on Trunkline Gas

·   Southern Union Gas Services is well positioned to capture potential opportunities resulting from the development of the West Texas Barnett Shale

Strategic Initiatives

·   Evaluate and pursue market opportunities

o   Strategic acquisitions

o   Partnership or joint venture opportunities

·   Continue to evaluate market conditions for creating an MLP for gathering and processing assets

Prudent Financial Management

·   Preservation of investment grade ratings is important for:

o   Lower financing costs/eliminates collateral requirements

o   Improves rate making and regulatory relationships

·   Free cash flow may be used for:

o   Organic growth projects

o   Share repurchases

o   Increased dividends

§   SUG recently announced 50% increase in annual dividend effective 4Q07 to $.60 per share from $.40 per share

o   Debt repayment

·   Actively manage operating expenses

2007 Accomplishments & Recent Announcements

Significant Events - 2007

·   Completed Trunkline Field Zone expansion with capital cost, excluding capitalized interest, of $255MM and EBITDA of $30 to $37MM

·   Completed FGT Phase VII expansion with capital cost of $60MM and EBITDA of $10MM

·   Successfully completed rate case filings at both LDC properties

·   Increased annual cash dividend by 50% to $.60 per share

   

Recent Announcements

·   Increased Trunkline IEP project cost, excluding capitalized interest, to $365 million and EBITDA to $60 to $65 million

 · Florida Gas Transmission announced $2.1 billion Phase VIII expansion with a spring 2011 in-service date              oOver 85% of capacity already contracted for 25 year terms

·   Announced 2008 EBITDA guidance of $850 to $890 million, EPS guidance of $1.80 to $1.90 per share and capital expenditures guidance of $510 to $575 million

·   Announced several additions to SUGS’ hedging program

Transportation & Storage

Transportation & Storage Assets

T&S Growth Drivers

Trunkline Field Zone Expansion

Trunkline LNG: Infrastructure Enhancement Project

FGT Phase VIII Expansion

FGT Phase VIII Expansion Timeline

FGT Pascagoula Lateral

Gathering & Processing

Map of Operations

SUGS Overview

·   Located in prolific, long-lived Permian Basin

·   Approximately 4,800 miles of gas and liquids pipelines covering 16 counties in West Texas/Southeast New Mexico

·   Two fully-integrated midstream systems connected via high-pressure pipeline network               oNorth System: Jal and Keystone               oSouth System: Coyanosa, Mi Vida, Tippett and Grey Ranch               oIntegration: 24-inch high-pressure pipeline

·   Four active cryogenic plants and five active treating plants

·   Attractive downstream markets

oResidue: California, Mid-Con, Texas

              oNGLs: Mont Belvieu

·   Attractive contract mix – 96% + POP / Fee-based

North System

·   Consists of the Jal and Keystone Systems               oLarge diameter predominately low pressure pipelines               oWellhead volume of 243,000 MMBtu/d of 5.0 GPM sour gas               o220 MMcf/d cryogenic plant capacity               o21,800 bbls/d NGL production               o40 tons/d sulfur plant capacity               oRecent compression and high pressure pipeline upgrades               oCompletion of sour gas 16-inch transfer line in June 2007

South System

·   Consists of the Mi Vida, Coyanosa and Tippett Systems              oHigh pressure integrated sweet and sour gas gathering system              oWellhead volume 348,000 MMBtu/d              o190 MMcf/d cryogenic processing capacity              oPlant inlet of 175 MMcf/d of 3.5 GPM gas producing 11,500 bbls/d of NGLs              o370 MMcf/d treating capacity with 115 MMcf/d current throughput              oThird Party Processing 18.8 MMcf/d

·   Grey Ranch System              oHigh CO2 gathering and treating system              oEarn fixed fee for removing CO2 volumes              o87 MMcf/d current throughput              oExpect significant volume growth

High Pressure Transfer System

Diversified, Active Producer Portfolio

Gas Supply – Contract Risk Mitigation

·   Eliminated keep whole exposure

·   Changed gas pricing mechanism – FOM to Gas Daily               oRemoved remaining keep whole risk from POP contracts               oRemoved risk from daily volume swings

·   Included producer indemnifications on capital intensive projects

Key Assumptions for 2008

·   Positive processing spread environment allows conversion of equity into 100% natural gas liquids

·   Equity volumes average 40,000 to 45,000 MMBtu/d (converted from NGL gallons to BTUs)

·   Normalized FF&U levels

·   Incorporates current hedging program

Hedged Positions

·   SUGS expects equity volumes for 2008 to be approximately 40,000 to 45,000 MMBtu/d of NGLs

·   Through a combination of swaps and put options on natural gas and NGL processing spreads, SUGS has a net effective price on 30,000 MMBtu/d of $15.02 for the balance of 2008

·   SUGS entered into a processing spread swap on 10,000 MMBtu/d at $7.10 for 2008

·   SUGS entered into swaps on 10,000 MMBtu/d of natural gas at $8.19 per MMBtu for 2009

·   SUGS entered into processing spread swaps on 20,000 MMBtu/d at $6.91 for 2009

G&P Growth Drivers

Growth Drivers

·   Aggressively pursue new business

·   Operating & maintenance expense management

·   Invest capital throughout the system to ensure efficiency

·   Exploit competitive advantages

SUGS Growth Projects

·   Deep Atoka Gas Development – Loving, Winkler and Ward Counties, Texas               oProduction peaked in 2007 at approximately 350MM/d               oAnadarko and Chesapeake continue active drilling program               oInitial per well delivery rates up to 40MMcf/d per well

· ·

Eunice Area Expansion Projects – Lea County, New Mexico                 oTreating expansion project with acid gas injection well to be complete in 2008                 oExpect to connect additional growth volumes from Apache, Range, Bass and other active producers in 2008 and 2009                 oHigh margin, rich, sour, low pressure gas  Grey Ranch Treating Expansion – Pecos County, Texas                 oExpand capacity from 90 MMcf/d to 180 MMcf/d                 oPartner drilling program adding significant volumes of 70% CO2 gas supporting expansion                 oEstimated completion in July 2008

·

West Texas Barnett Shale – Culberson, Reeves, Pecos & Jeff Davis Counties, TX                 oOver 2 MM acres have been leased in the area with little infrastructure for gas or NGLs                 oOver 40 evaluation wells have been drilled, are drilling or are permitted in the trend                 oChesapeake has acquired over 800,000 acres and has an active exploratory program which has established commercial production in the area                 oAdditional players include: EOG, Encana, Petro-Hunt, Burlington, Quicksilver and Southwestern Energy

Distribution & Other

Missouri Gas Energy

New England Gas Company

New England Gas Company is a local distribution company serving North Attleboro and Fall River, MA

·   Provides natural gas to 50,000 customers

·   Nearly 2,000 miles of main and service lines

 ·   NEGCO received a $4.6MM annual revenue increase in 2007              oSettlement includes mechanisms to recover gas-cost related uncollectible expense, pension costs and other postretirement benefit costs              oNew rates phased in over eight-month period beginning August 1, 2007

2008 Outlook

Guidance and EBITDA Outlook

·   2008 earnings guidance              oSUG’s earnings guidance range is $1.80 to $1.90 per share              oGuidance range is driven by:       §Commodity price impact on unhedged gathering & processing volumes and operating efficiency       §Operating and maintenance expense containment       §Timing and amount of capital spending program

·   Expect significant EBITDA growth in 2009 from Trunkline IEP ($60MM to $65MM annualized)

·   Pro forma EBITDA, adjusted for impact of Trunkline IEP, is expected to be $80MM to $125MM or 10% to 15% greater than 2007

Pro forma EBITDA Guidance ($000,000s)

2008 Capital Expenditure Guidance ($000,000s)

2008 EBITDA by Segment

·   EBITDA from regulated assets accounts for approximately 80% of total providing stability to earnings and cash flows

·   EBITDA from SUGS is only 20% of total

·   SUGS actively manages its commodity exposure through hedging instruments

Conclusion

Summary

  ·  Compelling vision and clear strategic plan going forward

oStrategic transformation and value creation achieved

oOrganic growth projects with clear visibility towards earnings growth and value creation

oMLP structure as a potential growth vehicle providing a lower cost of capital and strategic flexibility

oBalance preservation of investment grade credit ratings and return of capital to shareholders

Appendix

Company Facts

Reg. G Reconciliation