The table should also be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
Year Ended December 31,
2011(a) 2010 (a) 2009 (a) 2008 (a) 2007 (a)
(Millions, except per unit amounts)
Statements of Operations Data:
Sales of natural gas, propane, NGLs and condensate . . . . . . . . . $1,413.3 $1,162.7 $ 913.0 $1,672.7 $1,376.5
Transportation, processing and other . . . . . . . . . . . . . . . . . . . . . 163.2 115.3 95.2 86.1 57.4
(Losses) gains from commodity derivative activity, net (b) . . . .
(6.7)
(8.5) (65.8) 71.7
(87.7)
Total operating revenues (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,569.8 1,269.5 942.4 1,830.5 1,346.2
Operating costs and expenses:
Purchases of natural gas, propane and NGLs . . . . . . . . . . . . . 1,229.8 1,032.6 776.2 1,481.0 1,185.6
Operating and maintenance expense . . . . . . . . . . . . . . . . . . . . 105.4 79.8 69.7 77.4 59.3
Depreciation and amortization expense . . . . . . . . . . . . . . . . . 81.0 73.7 64.9 53.2 40.2
General and administrative expense . . . . . . . . . . . . . . . . . . . . 37.3 33.7 32.3 33.3 36.2
Step acquisition — equity interest re-measurement gain . . . . —
(9.1) — — —
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.5)
(1.0) —
(1.5) —
Other income — affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(3.0) — — —
Total operating costs and expenses . . . . . . . . . . . . . . . . . . . 1,453.0 1,206.7 943.1 1,643.4 1,321.3
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116.8 62.8
(0.7) 187.1 24.9
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
0.3
6.1
5.6
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(33.9) (29.1) (28.3) (32.8) (25.7)
Earnings from unconsolidated affiliates (d) . . . . . . . . . . . . . . . . 36.9 38.2 26.9 29.6 35.8
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . 119.8 71.9
(1.8) 190.0 40.6
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.6)
(0.3)
(0.6)
(0.6)
(0.8)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.2 71.6
(2.4) 189.4 39.8
Net income attributable to noncontrolling interests . . . . . . . . . .
(18.8)
(9.2)
(8.3) (36.1) (29.8)
Net income (loss) attributable to partners . . . . . . . . . . . . . . . . $ 100.4 $ 62.4 $ (10.7)$ 153.3 $ 10.0
Less:
Net loss (income) attributable to predecessor
operations (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(14.4)
(7.4) (27.6) (29.4)
General partner interest in net income or net loss . . . . . . . . .
(25.2) (16.9) (12.7) (13.0)
(3.9)
Net income (loss) allocable to limited partners . . . . . . . . . . . . . $ 75.2 $ 31.1 $ (30.8)$ 112.7 $ (23.3)
Net income (loss) per limited partner unit-basic . . . . . . . . . . . . $ 1.73 $ 0.86 $ (0.99)$ 4.11 $ (1.14)
Net income (loss) per limited partner unit-diluted . . . . . . . . . . . $ 1.72 $ 0.86 $ (0.99)$ 4.11 $ (1.14)
Balance Sheet Data (at period end):
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . $1,181.8 $1,097.1 $1,000.1 $ 882.7 $ 737.2
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,903.6 $1,813.2 $1,552.3 $1,492.2 $1,458.5
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 186.0 $ 136.7 $ 128.6 $ 107.6 $ 223.8
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746.8 $ 647.8 $ 613.0 $ 656.5 $ 630.0
Partners’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 628.5 $ 630.7 $ 448.5 $ 467.6 $ 310.1
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 212.4 $ 220.1 $ 227.7 $ 167.7 $ 155.1
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 840.9 $ 850.8 $ 676.2 $ 635.3 $ 465.2
Other Information:
Cash distributions declared per unit . . . . . . . . . . . . . . . . . . . . . . $ 2.548 $ 2.438 $ 2.400 $ 2.390 $ 2.115
Cash distributions paid per unit . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.515 $ 2.420 $ 2.400 $ 2.360 $ 1.975
(a) Includes the effect of the following acquisitions prospectively from their respective dates of acquisition:
(1) our Southern Oklahoma system acquired in May 2007; (2) certain subsidiaries of Momentum Energy
56