Now, a few quick comments about the variances for the quarter, first of all, the segment profit as we mentioned was up 12% and this was driven by mild – really driven by the mild winter that we had to a very large degree really in two ways. First, the low natural gas prices certainly helped our NGL margin, despite a declining NGL prices through the quarter. And then two of our – most of our operating volumes were much better than we expected due to lack of production freeze-offs that we often encounter in the first quarter. So, overall, we actually benefited from the mild weather for the results in the first quarter.Next, DCF or distributable cash flow was up 8%, but this was somewhat negatively impacted relative to our segment profit due to higher maintenance CapEx and certainly our maintenance CapEx, in the quarter was double what we had in the first quarter of 2011. Usually, we are not able to do a whole lot of our maintenance work in the first quarter due to severe weather, but obviously this has not been the case in most of our operating areas this winter. We do still have a lot of maintenance to do during the second and third quarter however, so I don't think you should read that our maintenance CapEx is going to be lower for the entire year. It’s just that we were able to move a little bit of that forward.
Williams Partners' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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