Energy Transfer 2012 Annual Report Download - page 79
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71
Supplemental Pro Forma Financial Information
The following unaudited pro forma consolidated financial information of ETP has been prepared in accordance with Article 11 of
Regulation S-X and reflects the pro forma impacts of the Sunoco Merger and Holdco Transaction for the year ended December
31, 2012 and 2011, giving effect that each occurred on January 1, 2011. This unaudited pro forma financial information is provided
to supplement the discussion and analysis of the historical financial information and should be read in conjunction with such
historical financial information. This unaudited pro forma information is for illustrative purposes only and is not necessarily
indicative of the financial results that would have occurred if the Sunoco Merger and Holdco Transaction had been consummated
on January 1, 2011.
The following table presents the pro forma financial information for the year ended December 31, 2012.
ETP
Historical Propane
Transaction (a) Sunoco
Historical (b)
Southern
Union
Historical (c)
Holdco
Pro Forma
Adjustments (d) Pro
Forma
REVENUES $ 15,702 $ (93) $ 35,258 $ 443 $ (12,174) $ 39,136
COSTS AND EXPENSES:
Cost of products sold - natural
gas operations 13,166 (80) 33,142 302 (11,193) 35,337
Depreciation and amortization 656 (4) 168 49 76 945
Selling, general and
administrative 486 (1) 459 11 (119) 836
Impairment charges — 124 (22) 102
Total costs and expenses 14,308 (85) 33,893 362 (11,258) 37,220
OPERATING INCOME 1,394 (8) 1,365 81 (916) 1,916
OTHER INCOME
(EXPENSE):
Interest expense, net of interest
capitalized (665) (24) (123)(50) 2 (860)
Equity in earnings of affiliates 142 19 41 16 5 223
Gain on deconsolidation of
Propane Business 1,057 (1,057) — — — —
Gain on formation of
Philadelphia Energy
Solutions — — 1,144 — (1,144) —
Loss on extinguishment of
debt (115) 115 — — — —
Gains (losses) on non-hedged
interest rate derivatives (4) — — — — (4)
Impairment charges — — — —
Other, net 11 2 118 (2)(2) 127
INCOME FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAX EXPENSE
(BENEFIT) 1,820 (953) 2,545 45 (2,055) 1,402
Income tax expense
(benefit) 63 — 956 12 (871) 160
INCOME FROM
CONTINUING
OPERATIONS $ 1,757 $ (953) $ 1,589 $ 33 $ (1,184) $ 1,242
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