Energy Transfer 2010 Annual Report Download - page 131
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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit data)
Years Ended December 31,
2010 2009 2008
REVENUES:
Natural gas operations $ 4,454,640 $ 4,115,806 $ 7,653,156
Retail propane 1,314,973 1,190,524 1,514,599
Other 115,214 110,965 126,113
Total revenues 5,884,827 5,417,295 9,293,868
COSTS AND EXPENSES:
Cost of products sold – natural gas operations 2,817,357 2,519,575 5,885,982
Cost of products sold – retail propane 752,926 574,854 1,014,068
Cost of products sold – other 29,658 27,627 38,030
Operating expenses 707,271 680,893 781,831
Depreciation and amortization 343,011 312,803 262,151
Selling, general and administrative 176,433 173,936 194,227
Total costs and expenses 4,826,656 4,289,688 8,176,289
OPERATING INCOME 1,058,171 1,127,607 1,117,579
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized (412,553) (394,274) (265,701)
Equity in earnings (losses) of affiliates 11,727 20,597 (165)
Losses on disposal of assets (5,043) (1,564) (1,303)
Gains (losses) on non-hedged interest rate derivatives 4,616 39,239 (50,989)
Allowance for equity funds used during construction 28,942 10,557 63,976
Impairment of investment in affiliate (52,620) – –
Other, net (482) 2,157 9,306
INCOME BEFORE INCOME TAX EXPENSE 632,758 804,319 872,703
Income tax expense 15,536 12,777 6,680
NET INCOME 617,222 791,542 866,023
GENERAL PARTNER’S INTEREST IN NET INCOME 387,729 365,362 315,896
LIMITED PARTNERS’ INTEREST IN NET INCOME $ 229,493 $ 426,180 $ 550,127
BASIC NET INCOME PER LIMITED PARTNER UNIT $ 1.20 $ 2.53 $ 3.74
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING 188,077,143 167,337,192 146,871,261
DILUTED NET INCOME PER LIMITED PARTNER UNIT $ 1.19 $ 2.53 $ 3.74
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING 188,717,396 167,768,981 147,090,608
The accompanying notes are an integral part of these consolidated financial statements.
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