CenterPoint Energy 2014 Annual Report Download - page 61
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Field Services
Substantially all of our Field Services business segment was contributed to Enable on May 1, 2013. As a result, this segment did not report
operating results for 2014.The following table provides summary data of our Field Services business segment for 2013 and 2012
(in millions,
except throughput data):
_____________
(1) Represents January 2013 through April 2013 results only.
2013 Compared to 2012. Our Field Services business segment reported operating income of $73 million
for 2013 compared to
$214 million for 2012. Substantially all of this segment was contributed to Enable on May 1, 2013. As a result, 2013 is not comparable to the
prior year. Effective May 1, 2013, our equity method investment and related equity income in Enable are included in our Midstream Investments
segment.
Equity Earnings. This business segment recorded equity income of $-0-
and $5 million for the years ended December 31, 2013 and 2012,
respectively, from its interest in Waskom. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income
(Expense) caption in the Statements of Consolidated Income. From August 1, 2012 through April 30, 2013, financial results for Waskom are
included in operating income. On May 1, 2013, our 100% investment in Waskom was contributed to Enable.
Midstream Investments
The following table summarizes the equity earnings of our Midstream Investments business segment for 2014 and 2013 (in millions):
_____________
54
Year Ended December 31,
2013 (1)
2012
Revenues
$
196
$
506
Expenses:
Natural gas
54
122
Operation and maintenance
45
115
Depreciation and amortization
20
50
Taxes other than income taxes
4
5
Total expenses
123
292
Operating Income
$
73
$
214
Equity in earnings of unconsolidated affiliates
$
—
$
5
Gathering throughput (in Bcf)
252
896
Year Ended December 31,
2014 (1)
2013 (2)
Enable
$
303
$
173
SESH
5
8
Total
$
308
$
181
(1) On April 16, 2014, Enable completed its initial public offering and, as a result, CenterPoint Energy’s limited partner interest in Enable
was reduced from approximately 58.3% to approximately 54.7% . On May 30, 2014, CenterPoint Energy contributed to Enable its
24.95% interest in SESH, which increased CenterPoint Energy’s limited partner interest in Enable from approximately 54.7% to
approximately 55.4% and reduced its interest in SESH to 0.1%.
(2)
Represents our 58.3% limited partner interest in Enable and our 25.05% interest in SESH for the eight months ended December 31,
2013.