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Regency Energy Partners LP's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Starting with Gathering and Processing, in 2012, we expect a total Gathering and Processing throughput to increase 25% to 30% over year-end 2011, primarily driven by growth in the Eagle Ford Shale and the Permian Bone Springs regions. In West Texas, it produces our targeting the liquids-rich plays and we have seen rig counts increase 35% from the fourth quarter of 2010 to the fourth quarter of 2011.

We recently announced the Ranch Joint Venture for which Regency will construct and operate a new "100 million cubic feet a day cryogenic processing" facility and a new refrigeration plant in the Bone Spring and Avalon Shale formations. Our 2 partners are subsidiaries of Chesapeake and Anadarko. The refrigeration plant is expected to go into service in the second quarter of 2012 and the cryogenic processing plant is expected to go into service by the end of 2012.

This joint venture increases Regency's footprint in the Bone Spring area, while also creating expansion opportunities around our Waha facility. In South Texas, we continue to see increasing producer activity in the Eagle Ford Shale, where rig counts have increased 47% from year-end 2010 to year-end 2011. Construction on our $450 million Eagle Ford expansion is underway and approximately 185 million cubic feet a day flowed in the fourth quarter versus approximately 110 million cubic feet a day in the third quarter. Additional volumes will be phased in as the project is completed with all capital expected to be deployed by early 2014.

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