|
| Financial (dollars in millions) |
|
|
|
|
|
| Operating revenue |
$ 5,731.8 |
$ 9,898.7 |
$ 7,121.1 |
$ 6,400.2 |
$ 6,375.9 |
| Net income |
328.0 |
403.2 |
249.5 |
284.9 |
89.2 |
| Adjusted operating income |
614.0 |
532.7 |
381.2 |
326.8 |
239.6 |
| Adjusted net income |
377.1 |
355.3 |
281.1 |
228.8 |
143.7 |
| Per Unit (In dollars) |
|
|
|
|
|
| Net income |
2.24 |
3.64 |
2.46 |
3.62 |
1.06 |
| Adjusted net income |
2.75 |
3.15 |
2.82 |
2.84 |
1.92 |
| Cash distributions |
3.96 |
3.88 |
3.725 |
3.70 |
3.70 |
| Operating |
|
|
|
|
|
| Deliveries Liquids Segment (Bpd in thousands) |
|
|
|
|
|
| Lakehead System |
1,650 |
1,620 |
1,543 |
1,517 |
1,339 |
| North Dakota System |
116 |
111 |
98 |
92 |
87 |
| Mid-Continent System |
238 |
231 |
236 |
244 |
236 |
| Total |
2,004 |
1,962 |
1,877 |
1,853 |
1,662 |
| Deliveries Natural Gas Segment (Btu/d in billions) |
|
|
|
|
|
| East Texas System |
1,443 |
1,479 |
1,180 |
1,019 |
860 |
| Anadarko System |
570 |
647 |
591 |
582 |
488 |
| North Texas System |
387 |
395 |
348 |
294 |
265 |
| Total |
2,400 |
2,521 |
2,119 |
1,895 |
1,613 |
* Adjusted to eliminate certain noncash items and sale of nonstrategic assets. (See reconciliations to GAAP measure below.)
Non-GAAP Reconciliations: Adjusted income figures are provided to illustrate trends absent certain unusual transactions–such as the occasional
sale of nonstrategic assets–and excluding adjustments that affect earnings, but do not impact cash flow, such as derivative fair value losses and
gains. These noncash losses and gains result from fair market value adjustments for certain financial derivatives used by the Partnership for hedging
purposes that, nevertheless, do not qualify for hedge accounting treatment under the applicable authoritative accounting guidance.
ADJUSTED FINANCIAL HIGHLIGHTS
|
| Operating income |
$ 616.6 |
$ 580.6 |
$ 318.4 |
$ 382.9 |
$ 185.1 |
| Noncash derivative fair value losses (gains) |
15.7 |
(68.8) |
62.8 |
(64.4) |
56.3 |
| Hurricane impact |
— |
15.1 |
— |
— |
— |
| Expired joint tariff revenues |
(18.3) |
— |
— |
— |
— |
| Sale of assets |
|
|
|
|
|
| Gain on sale of assets |
— |
— |
— |
— |
(18.1) |
| Settlement of financial instruments |
— |
— |
— |
— |
16.3 |
| NGL inventory charges |
— |
— |
— |
8.3 |
— |
| Project write-offs |
— |
5.8 |
— |
— |
— |
| Adjusted operating income |
614.0 |
532.7 |
381.2 |
326.8 |
239.6 |
| Interest expense excluding MTM adjustments |
(230.0) |
(180.6) |
(98.4) |
(110.5) |
(107.7) |
| Other income |
13.4 |
1.9 |
4.2 |
8.4 |
2.4 |
| Income tax expense |
(8.5) |
(7.0) |
(5.1) |
— |
— |
| Income (loss) from discontinued operations |
(0.4) |
8.3 |
(0.8) |
4.1 |
9.4 |
| Net income attributable to noncontrolling interest |
(11.4) |
— |
— |
— |
— |
| Adjusted net income |
377.1 |
355.3 |
281.1 |
228.8 |
143.7 |
| Allocations to General Partner |
(57.0) |
(48.7) |
(37.5) |
(29.2) |
(24.5) |
| Adjusted net income allocable to limited partners |
$ 320.1 |
$ 306.6 |
$ 243.6 |
$ 199.6 |
$ 119.2 |
| Weighted average units |
116.4 |
97.1 |
86.3 |
70.2 |
62.1 |
| Adjusted net income per unit |
$ 2.75 |
$ 3.15 |
$ 2.82 |
$ 2.84 |
$ 1.92 |
* Adjusted net income excludes the effect of $64.5 million of losses associated with the disposition of the non-core natural gas assets in 2009 and a gain of $32.6 million in 2007 related to the sale of the Kansas Pipeline System.