Energy Transfer 2012 Annual Report Download - page 150

F - 5
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
Years Ended December 31,
2012 2011 2010
REVENUES:
Natural gas sales $ 2,387 $ 2,534 $ 2,440
NGL sales 1,718 1,113 587
Crude sales 2,872 — —
Gathering, transportation and other fees 2,007 1,488 1,192
Refined product sales 5,299 — —
Other 1,419 1,664 1,624
Total revenues 15,702 6,799 5,843
COSTS AND EXPENSES:
Cost of products sold 12,266 4,175 3,591
Operating expenses 900 760 694
Depreciation and amortization 656 405 317
Selling, general and administrative 486 212 176
Total costs and expenses 14,308 5,552 4,778
OPERATING INCOME 1,394 1,247 1,065
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized (665) (474) (413)
Equity in earnings of unconsolidated affiliates 142 26 12
Gain on deconsolidation of Propane Business 1,057 — —
Loss on extinguishment of debt (115) — —
Gains (losses) on non-hedged interest rate derivatives (4) (77) 5
Impairments of investments in affiliates — (5) (53)
Other, net 11 2 23
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE 1,820 719 639
Income tax expense from continuing operations 63 19 16
INCOME FROM CONTINUING OPERATIONS 1,757 700 623
Loss from discontinued operations (109) (3) (6)
NET INCOME 1,648 697 617
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST 79 28 —
NET INCOME ATTRIBUTABLE TO PARTNERS 1,569 669 617
GENERAL PARTNER’S INTEREST IN NET INCOME 461 433 388
LIMITED PARTNERS’ INTEREST IN NET INCOME $ 1,108 $ 236 $ 229
INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
Basic $ 4.93 $ 1.12 $ 1.23
Diluted $ 4.91 $ 1.12 $ 1.23
NET INCOME PER LIMITED PARTNER UNIT:
Basic $ 4.43 $ 1.10 $ 1.20
Diluted $ 4.42 $ 1.10 $ 1.19
The accompanying notes are an integral part of these consolidated financial statements.
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