Energy Transfer 2012 Annual Report Download - page 96
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88
NGL Transportation and Services
Years Ended December 31,
2011 2010 Change
NGL transportation volumes (Bbls/d) 132,862 — 132,862
NGL fractionation volumes (Bbls/d) 16,475 — 16,475
Revenues $ 397 $ — $ 397
Cost of products sold 218 — 218
Gross margin 179 — 179
Operating expenses, excluding non-cash compensation expense (39) — (39)
Selling, general and administrative, excluding non-cash compensation
expense (13) — (13)
Segment Adjusted EBITDA $ 127 $ — $ 127
We own a controlling interest in Lone Star, which acquired all of the membership interests in LDH on May 2, 2011. Results
reflected above represent 100% of those of acquired businesses that are engaged in NGL transportation, storage and fractionation
from May 2, 2011 to December 31, 2012.
Gross Margin. The components of our NGL transportation and services segment gross margin were as follows:
Years Ended December 31
2011 2010 Change
Storage revenues $ 93 $ — $ 93
Transportation revenues 33 — 33
Processing and fractionation revenues 53 — 53
Total gross margin $ 179 $ — $ 179
All Other
Years Ended December 31
2011 2010 Change
Revenue $ 1,656 $ 1,707 $ (51)
Cost of products sold 1,016 1,010 6
Gross margin 640 697 (57)
Unrealized (gains) losses on commodity risk management activities 431
Operating expenses, excluding non-cash compensation expense (355)(349)(6)
Selling, general and administrative, excluding non-cash compensation
expense (54)(51)(3)
Elimination (10)(24) 14
Segment Adjusted EBITDA $ 225 $ 276 $ (51)
For 2011 and 2010, our “All Other” segment includes our retail propane and other retail propane business, as well as certain other
businesses. As discussed below, substantially all of the variances in the “All Other” segment were attributable to the retail propane
and other retail propane related business. In January 2012, we contributed the propane business to AmeriGas.
Gross Margin. Total gross margin for our retail propane and other retail propane related business decreased $37.1 million primarily
due to a decrease of $4 million in retail fuel margins related to a decline in the average gross margin per gallon sold as well as a
decrease of $35 million due to lower volumes as a result of warmer weather and customer conservation. Total propane gross margin
also decreased $1 million due to an unfavorable non-cash impact between periods attributable to mark-to-market adjustments on
financial instruments used in our commodity price risk management activities. These decreases were slightly offset by a $3 million
increase in other retail propane related gross profit.
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