Description of the Business

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF THE BUSINESS:

Panhandle is primarily engaged in the interstate transportation and storage of natural gas and also provides LNG terminalling and regasification services. The Company is subject to the rules and regulations of the FERC. The Company’s entities include the following:


•	PEPL, an indirect wholly-owned subsidiary of Southern Union Company, which is an indirect wholly-owned subsidiary of ETE;


•	Trunkline, a direct wholly-owned subsidiary of PEPL;


•	Sea Robin, an indirect wholly-owned subsidiary of PEPL;


•	LNG Holdings, an indirect wholly-owned subsidiary of PEPL;


•	Trunkline LNG, a direct wholly-owned subsidiary of LNG Holdings; and


•	Southwest Gas Storage, a direct wholly-owned subsidiary of PEPL.

The Company’s assets consist of interstate pipelines that transport natural gas from the Gulf of Mexico, South Texas and the panhandle regions of Texas and Oklahoma to major U.S. markets in the Midwest and Great Lakes region, as well as, owned underground storage capacity. The Company also owns and operates an LNG import terminal located on Louisiana’s Gulf Coast, as well as, above ground LNG storage capacity.

Southern Union Panhandle, LLC, an indirect wholly-owned subsidiary of Southern Union Company, serves as the general partner of PEPL and owns a 1% general partnership interest in PEPL. PEPL Holdings, LLC, an indirect wholly-owned subsidiary of Southern Union Company, owns a 99% limited partnership interest in PEPL.

See Note 3 – ETE Merger for information related to Southern Union’s merger with ETE on March 26, 2012.