Energy Transfer 2012 Annual Report Download - page 210
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F - 65
November through March of each year and lower during the periods from April through October of each year due to the
increased demand for natural gas during the cold weather. However, we cannot assure that management’s expectations will
be fully realized in the future and in what time period due to various factors including weather, availability of natural gas in
regions in which we operate, competitive factors in the energy industry, and other issues.
Quarter Ended
Total YearMarch 31 June 30 September 30 December 31
2012: (Adjusted -
see Note 1) (Adjusted -
see Note 1) (Adjusted -
see Note 1)
Revenues $ 1,323 $ 1,596 $ 1,802 $ 10,981 $ 15,702
Gross profit 542 797 776 1,321 3,436
Operating income 209 357 365 463 1,394
Net income 1,088 135 64 361 1,648
Limited Partners’ interest in net income
(loss) 998 2 (80) 188 1,108
Basic net income (loss) per limited partner
unit $ 4.36 $ 0.00 $ (0.33) $ 0.62 $ 4.43
Diluted net income (loss) per limited partner
unit $ 4.35 $ 0.00 $ (0.33) $ 0.62 $ 4.42
Quarter Ended
Total YearMarch 31 June 30 September 30 December 31
2011:
Revenues $ 1,676 $ 1,617 $ 1,701 $ 1,805 $ 6,799
Gross profit 684 612 631 697 2,624
Operating income 364 273 274 336 1,247
Net income 247 157 76 217 697
Limited Partners’ interest in net income
(loss) 140 43 (38) 91 236
Basic net income (loss) per limited partner
unit $ 0.71 $ 0.19 $ (0.19) $ 0.41 $ 1.10
Diluted net income (loss) per limited partner
unit $ 0.71 $ 0.19 $ (0.19) $ 0.41 $ 1.10
For the three months ended September 30, 2012 and September 30, 2011, distributions paid for the period exceeded net income
attributable to partners by $356 million and $229 million, respectively. Accordingly, the distributions paid to the General
Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the Limited
Partners for the period. In addition, for the three months ended June 30, 2012 distributions paid for the period exceeded net
income attributable to partners by $223 million. The allocation of the distributions in excess of net income is based on the
proportionate ownership interests of the Limited Partners and General Partner. Based on this allocation approach, net income
per Limited Partner unit (basic and diluted) for the three months ended June 30, 2012 was approximately zero, after taking
into account distributions to be paid with respect to incentive distribution rights and employee unit awards.
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