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TheStreet Open House

Regency Energy Partners Reports Second Quarter 2012 Earnings Results

Stocks in this article: ETE RGP

Adjusted segment margin for the Gathering and Processing segment, which excludes non-cash gains and losses from commodity derivatives, was $65 million for second quarter of 2012, compared to $53 million for the second quarter of 2011. The increase was primarily due to volume growth in south and west Texas and north Louisiana.

Total throughput volumes for the Gathering and Processing segment increased to 1.4 million MMbtu per day of natural gas for the second quarter of 2012, compared to 1.1 million MMbtu per day of natural gas for the second quarter of 2011. Processed NGLs increased to 37,000 barrels per day for the second quarter of 2012, compared to 28,000 barrels per day for the second quarter of 2011.

Joint Ventures – The Joint Ventures segment consists of a 49.99% interest in the Haynesville Joint Venture, a 50% interest in the MEP Joint Venture and a 30% interest in the Lone Star Joint Venture. Since Regency uses the equity method of accounting for these joint ventures, Regency does not record segment margin for the Joint Ventures segment. Rather, the income attributable to each of the joint ventures is recorded as income from unconsolidated affiliates.

The Haynesville Joint Venture consists solely of the Regency Intrastate Gas System and is operated by Regency. Income from unconsolidated affiliates for the Haynesville Joint Venture was $12 million for the second quarter of 2012, compared to $14 million for the second quarter of 2011. Total throughput volumes for the Haynesville Joint Venture averaged 0.9 million MMbtu per day of natural gas for the second quarter of 2012, compared to 1.5 million MMbtu per day for the second quarter of 2011.

The MEP Joint Venture consists solely of the Midcontinent Express Pipeline (“MEP”) and is operated by Kinder Morgan Energy Partners, L.P. Income from unconsolidated affiliates for the MEP Joint Venture was $10 million for the second quarter of 2012 and 2011. Total throughput volumes for the MEP Joint Venture averaged 1.4 million MMbtu per day of natural gas for the second quarter of 2012 and 1.2 million MMbtu per day for the second quarter of 2011.

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