OG&E 2011 Annual Report Download - page 25

OGE Energy Corp. 23
Operating Data
Year Ended December 31 2011 2010 2009
Gathered volumes (TBtu/d)(A) 1.36 1.32 1.25
Incremental transportation volumes (TBtu/d)(B) 0.58 0.40 0.54
Total throughput volumes (TBtu/d) 1.94 1.72 1.79
Natural gas processed (TBtu/d) 0.79 0.82 0.70
NGLs sold – keep-whole (million gallons) 167 187 110
NGLs sold – purchased for resale (million gallons) 487 470 351
NGLs sold – percent of liquids (million gallons) 25 26 27
NGLs sold – percent of proceeds (million gallons) 655
Total NGLs sold (million gallons) 685 688 493
Average NGLs sales price per gallon $1.16 $0.96 $0.77
Average natural gas sales price per MMBtu $4.08 $4.24 $3.37
(A) Trillion British thermal units per day.
(B) Incremental transportation volumes consist of natural gas moved only on the transportation pipeline.
2011 Compared to 2010
Enogex’s operating income decreased $9.3 million, or 5.0 percent, in
2011 as compared to 2010. This decrease was primarily due to higher
other operation and maintenance expense, higher depreciation and
amortization expense, lower average natural gas prices and a slight
decrease in inlet processing volumes related to the 120 MMcf/d Cox
City natural gas processing plant being out of service due to the fire
from December 2010 until September 2011 and the sale of the Harrah
processing plant and the associated Wellston and Davenport gathering
assets in April 2011. These decreases were partially offset by higher
NGLs prices and increased gathered volumes associated with ongoing
expansion projects. In the normal course of Enogex’s business, the
operation of its gathering, processing and transportation assets results in
the creation of physical natural gas long/short positions. These physical
positions can result from gas imbalances, actual versus contractual settle-
ment differences, fuel tracker obligations and natural gas received in-kind
for compensation or reimbursements. Enogex actively manages its monthly
net position through either selling excess gas or purchasing additional
gas needs from third parties through OER. In 2011, volume changes and
realized margin on physical gas long/short positions decreased the gross
margin by $14.8 million, net of corresponding imbalance and fuel tracker
obligations and the impact of the recovery of prior years’ under-recovered
fuel positions during 2010.
Enogex (Natural Gas Midstream Operations)
Transportation Gathering
and and
(In millions, year ended December 31) Storage Processing Marketing Eliminations Total
2011
Operating revenues $410.5 $1,167.1 $678.0 $(468.5) $1,787.1
Cost of goods sold 253.3 870.7 688.1 (465.5) 1,346.6
Gross margin on revenues 157.2 296.4 (10.1) (3.0) 440.5
Other operation and maintenance 46.5 111.8 7.3 (3.1) 162.5
Depreciation and amortization 21.6 55.6 0.4 – 77.6
Impairment of assets –6.3––6.3
Gain on insurance proceeds – (3.0) – – (3.0)
Taxes other than income 14.7 7.0 0.3 0.1 22.1
Operating income (loss) $÷74.4 $÷«118.7 $«(18.1) $÷÷÷÷– $÷«175.0
2010
Operating revenues $403.6 $1,005.6 $798.5 $(500.0) $1,707.7
Cost of goods sold 246.4 733.3 804.7 (499.3) 1,285.1
Gross margin on revenues 157.2 272.3 (6.2) (0.7) 422.6
Other operation and maintenance 48.9 91.5 8.4 (3.5) 145.3
Depreciation and amortization 21.1 50.1 0.1 – 71.3
Impairment of assets 0.7 0.4 – – 1.1
Taxes other than income 13.9 6.4 0.3 – 20.6
Operating income (loss) $÷72.6 $÷«123.9 $«(15.0) $÷÷«2.8 $÷«184.3
2009
Operating revenues $401.0 $÷«657.5 $619.9 $(473.3) $1,205.1
Cost of goods sold 239.9 458.8 617.7 (468.9) 847.5
Gross margin on revenues 161.1 198.7 2.2 (4.4) 357.6
Other operation and maintenance 40.9 87.2 9.2 (4.7) 132.6
Depreciation and amortization 20.4 43.9 0.1 – 64.4
Impairment of assets 0.9 1.9 – – 2.8
Taxes other than income 13.2 5.5 0.4 – 19.1
Operating income (loss) $÷85.7 $÷÷«60.2 $«÷(7.5) $÷÷«0.3 $÷«138.7