Energy Transfer 2012 Annual Report Download - page 88
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80
Retail Marketing
Years Ended December 31
2012 2011 Change
Total retail gasoline outlets, end of period 4,988 — 4,988
Total company-operated outlets, end of period 437 — 437
Gasoline and diesel throughput per company-operated site (gallons/month) 198,000 — 198,000
Revenue $ 5,926 $ — $ 5,926
Cost of products sold 5,757 — 5,757
Gross margin 169 — 169
Operating expenses, excluding non-cash compensation expense (119) — (119)
Selling, general and administrative, excluding non-cash compensation
expense (17) — (17)
LIFO valuation reserve 75 — 75
Adjusted EBITDA related to unconsolidated affiliates 1 — 1
Segment Adjusted EBITDA $ 109 $ — $ 109
We acquired our retail marketing segment on October 5, 2012 in connection with our acquisition of Sunoco; therefore, no
comparative results were reflected in our financial statements.
All Other
Years Ended December 31
2012 2011 Change
Revenue $ 407 $ 1,656 $ (1,249)
Cost of products sold 320 1,016 (696)
Gross margin 87 640 (553)
Unrealized losses on commodity risk management activities 3 4 (1)
Operating expenses, excluding non-cash compensation expense (57)(355) 298
Selling, general and administrative, excluding non-cash compensation
expense (116)(54)(62)
Adjusted EBITDA related to unconsolidated affiliates 166 — 166
Adjusted EBITDA attributable to discontinued operations 84 — 84
Elimination (12)(10)(2)
Segment Adjusted EBITDA $ 155 $ 225 $ (70)
For 2011, our “All Other” segment included our retail propane and other retail propane business, as well as certain other businesses.
As a result, substantially all of the activity for 2011 in the “All Other” segment is attributable to the retail propane and other retail
propane related business. In January 2012, we contributed the propane business to AmeriGas. In 2012 amounts reflected in our
other segment primarily include:
• Our retail propane and other retail propane related operations prior to our contribution of those operations to AmeriGas
Partners, L.P. ("AmeriGas") in January 2012. Our investment in AmeriGas was reflected in the other segment subsequent
to that transaction;
• Southern Union's local distribution operations beginning March 26, 2012;
• Our natural gas compression operations; and,
• Sunoco's approximate 30% non-operating interest in Philadelphia Energy Solutions ("PES"), a joint venture with The
Carlyle Group, L.P. ("The Carlyle Group"), which owns a refinery in Philadelphia.
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