Attached files
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8-K - FORM 8-K - PAA NATURAL GAS STORAGE LP | h74965e8vk.htm |
Exhibit 99.1
Contacts:
|
Roy I. Lamoreaux | Al Swanson | ||
Director, Investor Relations | Senior Vice President, CFO | |||
713/646-4222 800/564-3036 | 713/646-4455 800/564-3036 |
FOR IMMEDIATE RELEASE
PAA Natural Gas Storage Reports
Second-Quarter 2010 Results
Second-Quarter 2010 Results
(Houston August 4, 2010) PAA Natural Gas Storage, L.P. (NYSE: PNG) today reported net
income of $7.2 million for the second quarter of 2010 as compared to net income for the second
quarter of 2009 of $6.1 million. The Partnership reported earnings before interest, taxes,
depreciation and amortization (EBITDA) of $13.5 million for the second quarter 2010, compared
with EBITDA of $12.7 million for the second quarter 2009. The Partnership completed its IPO on May
5, 2010. Net income for the second quarter 2010 for the period post IPO was $4.9 million, or $0.11
per diluted limited partner unit, excluding Series B subordinated units.
The Partnerships reported results include items that affect comparability between reporting
periods. These items are excluded from adjusted results, as further described in the table below.
Accordingly, the Partnerships second-quarter 2010 adjusted net income and adjusted EBITDA were
$7.9 million and $14.2 million, respectively, as compared to second-quarter 2009 adjusted net
income and adjusted EBITDA of $6.2 million and $12.9 million, respectively. The Partnerships
adjusted net income per diluted unit (excluding Series B subordinated units) for the period post
IPO was $0.12. (See the section of this release entitled Non-GAAP and Segment Financial Measures
and the tables included with this press release for discussion of
adjusted EBITDA and certain
non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.)
The second quarter of 2010 represents an eventful and productive period for the Partnership.
In addition to completing our IPO in early May, we brought an additional 10 BCF of storage capacity
into service at our Pine Prairie facility, formed a commercial optimization group and made
substantial progress on our ongoing organic growth projects, stated Dean Liollio, President of PAA
Natural Gas Storage.
As expected, our second-quarter results include the impact of some start-up and transition
related items. Despite challenging market conditions for basis differentials and seasonal spreads
that are currently having a negative impact on uncontracted services, PNGs existing capacity is
underpinned by multi-year firm storage contracts. As we look forward, we believe our asset base,
business model, and strong financial capabilities position us to continue to execute our organic
growth program and actively pursue acquisitions.
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
The following table
highlights the selected items that the Partnership believes impact
comparability of financial results between reporting periods (amounts in thousands, except per unit
amounts):
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
PNG (1) | PNG Predecessor (1) | PNG (1) | PNG Predecessor (1) | |||||||||||||
Selected Items Impacting Comparability Income / (Expense): | ||||||||||||||||
Equity compensation charge |
$ | 428 | $ | 195 | $ | 843 | $ | 304 | ||||||||
Mark-to-market of open derivative positions |
230 | | (370 | ) | | |||||||||||
Selected items impacting comparability |
$ | 658 | $ | 195 | $ | 473 | $ | 304 | ||||||||
Post IPO
selected items impacting comparability (2) |
483 | n/a | 483 | n/a | ||||||||||||
Less: GP 2% portion of selected items impacting comparability (2) |
(10 | ) | n/a | (10 | ) | n/a | ||||||||||
LP 98% portion of selected items impacting comparability |
$ | 473 | n/a | $ | 473 | n/a | ||||||||||
Impact to basic net income per limited partner unit (3) |
$ | 0.01 | n/a | $ | 0.01 | n/a | ||||||||||
Impact to diluted net income per limited partner unit (3) |
$ | 0.01 | n/a | $ | 0.01 | n/a | ||||||||||
(1) | In September 2009, Plains All American Pipeline, L.P. became the sole owner of a predecessor of PNG by acquiring an additional 50% interest in that predecessor. Application of push-down accounting in conjunction with this transaction resulted in financial information for periods prior to (designated as PNG Predecessor) and subsequent to (designated as PNG) this transaction being prepared under different bases of accounting. | |
(2) | Attributable to post-IPO period, May 5, 2010 through June 30, 2010. | |
(3) | Series B subordinated units are not entitled to cash distributions unless and until they convert to Series A subordinated units or common units, which conversion is contingent on our meeting both certain distribution levels and certain in-service operational tests at our Pine Prairie facility. As a result, the Series B subordinated units are not included in the calculation of basic or diluted net income per unit amounts. |
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
The following
table presents certain selected financial information for the
second quarter (amounts in thousands):
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
PNG (1) | PNG Predecessor (1) | PNG (1) | PNG Predecessor (1) | |||||||||||||
Revenues |
||||||||||||||||
Firm Storage Services |
||||||||||||||||
Reservation fees |
$ | 22,192 | $ | 16,097 | $ | 39,685 | $ | 28,400 | ||||||||
Cycling fees and fuel-in-kind |
1,419 | 1,463 | 2,599 | 2,272 | ||||||||||||
Hub Services |
1,280 | 952 | 2,936 | 2,506 | ||||||||||||
Other |
(733 | ) | 598 | 1,143 | 1,291 | |||||||||||
Total revenue |
$ | 24,158 | $ | 19,110 | $ | 46,363 | $ | 34,469 | ||||||||
Storage related costs |
(4,963 | ) | (2,649 | ) | (11,523 | ) | (6,668 | ) | ||||||||
Other operating costs (except those shown
below) |
(1,420 | ) | (1,840 | ) | (3,424 | ) | (3,568 | ) | ||||||||
Fuel expense |
(533 | ) | (608 | ) | (1,054 | ) | (1,776 | ) | ||||||||
General and administrative expenses |
(3,740 | ) | (1,522 | ) | (7,754 | ) | (2,781 | ) | ||||||||
Interest income and other income (expense), net |
(1 | ) | 210 | (6 | ) | 446 | ||||||||||
EBITDA |
$ | 13,501 | $ | 12,701 | $ | 22,602 | $ | 20,122 | ||||||||
Equity compensation charge |
428 | 195 | 843 | 304 | ||||||||||||
Mark-to-market of open derivative positions |
230 | | (370 | ) | | |||||||||||
Adjusted EBITDA |
$ | 14,159 | $ | 12,896 | $ | 23,075 | $ | 20,426 | ||||||||
Reconciliation to net income |
||||||||||||||||
Depreciation, depletion and amortization |
(3,515 | ) | (3,578 | ) | (6,456 | ) | (6,167 | ) | ||||||||
Interest expense, net of capitalized interest |
(2,754 | ) | (2,929 | ) | (5,791 | ) | (3,676 | ) | ||||||||
Income tax expense |
| (140 | ) | | (354 | ) | ||||||||||
Adjusted net income |
$ | 7,890 | $ | 6,249 | $ | 10,828 | $ | 10,229 | ||||||||
Equity compensation charge |
(428 | ) | (195 | ) | (843 | ) | (304 | ) | ||||||||
Mark-to-market of open derivative positions |
(230 | ) | | 370 | | |||||||||||
Net income |
$ | 7,232 | $ | 6,054 | $ | 10,355 | $ | 9,925 | ||||||||
(1) | In September 2009, Plains All American Pipeline, L.P. became the sole owner of a predecessor of PNG by acquiring an additional 50% interest in that predecessor. Application of push-down accounting in conjunction with this transaction resulted in financial information for periods prior to (designated as PNG Predecessor) and subsequent to (designated as PNG) this transaction being prepared under different bases of accounting. |
Second quarter 2010 adjusted EBITDA increased approximately 10% over the prior year
period. This increase was primarily attributable to additional capacity being placed into service
at Pine Prairie, partially offset by higher storage related costs (attributable to additional
storage and pipeline capacity leased from third parties) and higher general and administrative
expenses. Current period adjusted EBITDA was negatively affected by non-recurring items totaling
approximately $1.2
million. These non-recurring items primarily included the realization of a net derivative
loss, costs associated with initiating a commercial optimization team, and lower operating expenses
resulting from the revision of prior-period property tax estimates.
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
The Partnerships Common and Series A subordinated units outstanding for the second quarter of
2010 totaled 45.5 million. An additional 11.5 million Series B subordinated units (which do not
receive distributions) are outstanding and do not convert to Series A subordinated units unless
certain performance conditions are met. At June 30, 2010, the Partnership had approximately $205
million of borrowings outstanding on its $400 million revolving credit facility.
The Partnership has declared a prorated quarterly distribution of $0.2114 per unit equivalent,
prorated for the partial quarter following the closing of the Partnerships initial public offering
on May 5, 2010. This amount is equal to the Partnerships minimum quarterly distribution of
$0.3375 ($1.35 per unit on an annualized basis), and is payable August 13, 2010 on its outstanding
Common and Series A subordinated units.
Prior to its August 5th conference call, the Partnership will furnish a current
report on Form 8-K, which will include material in this press release and financial and operational
guidance for the third quarter and full year 2010. A copy of the Form 8-K will be available on the
Partnerships website at www.pnglp.com.
Non-GAAP and Segment Financial Measures
Adjusted EBITDA is a financial measure used by our chief operating decision maker to evaluate
segment performance. In this release, we use Adjusted EBITDA and certain financial measures that
are not presented in accordance with generally accepted accounting principles and are not intended
to be used in lieu of GAAP presentations of net income. Adjusted EBITDA is presented because it is
a measure used by management to evaluate segment performance and because we believe it provides
additional information with respect to both the performance of our fundamental business activities
as well as our ability to meet our future debt service, capital expenditures and working capital
requirements. We also believe that Adjusted EBITDA is used to assess our operating performance
compared to other publicly traded partnerships in the midstream energy industry, without regard to
financing methods, capital structure or historical cost basis. In addition, we present selected
items that impact the comparability of our operating results as additional information that may be
helpful to your understanding of our financial results. We consider an understanding of these
selected items impacting comparability to be material to our evaluation of our operating results
and prospects. Although we present selected items that we consider in evaluating our performance,
you should also be aware that the items presented do not represent all items that affect
comparability between the periods presented. Variations in our operating results are also caused by
changes in volumes, prices, mechanical interruptions, acquisitions and numerous other factors.
These types of variations are not separately identified in this release, but will be discussed, as
applicable, in managements discussion and analysis of operating results in our Quarterly Report on
Form 10-Q.
A reconciliation of Adjusted EBITDA to net income for the periods presented is included in the
tables of this release. In addition, the Partnership maintains on its website (www.pnglp.com) a
reconciliation of all non-GAAP financial information, such as EBITDA, to the most comparable GAAP
measures. To access the information, investors should click on the Investor Relations link on the
Partnerships home page and then the Non-GAAP Reconciliation link on the Investor Relations page.
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
Conference Call
The Partnership will host a joint conference call with Plains All American Pipeline, L.P. at
11:00 AM (Eastern) on Thursday, August 5, 2010 to discuss the following items:
1. | The Partnerships second-quarter 2010 performance; | ||
2. | The status of expansion projects; | ||
3. | Capitalization and liquidity; | ||
4. | Financial and operating guidance for the third quarter and full year 2010; and | ||
5. | The Partnerships outlook for the future. |
Webcast Instructions
To
access the Internet webcast, please go to the Partnerships
website at www.pnglp.com,
choose Investor Relations, and then choose Conference Calls. Following the live webcast, the
call will be archived for a period of sixty (60) days on the Partnerships website.
Alternatively, you may access the live conference call by dialing toll free 800-230-1096.
International callers should dial 612-332-0228. No password is required. You may access the slide
presentation accompanying the conference call a few minutes prior to the call under the Conference
Call Summaries portion of the Conference Calls tab of the Investor Relations section of PNGs
website at www.pnglp.com.
Telephonic Replay Instructions
To listen to a telephonic replay of the conference call, please dial 800-475-6701, or, for
international callers, 320-365-3844, and replay access code 163557. The replay will be available
beginning Thursday, August 5, 2010, at approximately 12:00 PM (Central) and continue until 11:59 PM
(Central) Sunday, September 5, 2010.
PNG is a publicly traded master limited partnership engaged in the development, acquisition,
operation and commercial management of natural gas storage facilities. The Partnership currently
owns and operates two natural gas storage facilities located in Louisiana and Michigan, which
together have an aggregate working gas storage capacity of approximately 50 BCF. The Partnerships
general partner, as well as the majority of the Partnerships limited partner interests, is owned
by Plains All American Pipeline, L.P. (NYSE: PAA). The Partnership is headquartered in Houston, TX.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this release
are forward-looking statements that involve certain risks and uncertainties that could cause actual
results to differ materially from results anticipated in the forward-looking statements. These
risks and uncertainties include, among other things, the impact of operational and commercial
factors that
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
could result in an inability on our part to satisfy our contractual commitments and
obligations, including the impact of equipment performance, cavern operating pressures and cavern
temperature variances; risks related to the development and operation of natural gas storage
facilities; failure to implement or execute planned internal growth projects on a timely basis and
within targeted cost projections; interruptions in service and fluctuations in tariffs or volumes
on third party pipelines; general economic, market or business conditions and the amplification of
other risks caused by volatile financial markets, capital constraints and pervasive liquidity
concerns; the successful integration and future performance of acquired assets or businesses; our
ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions,
expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
the impact of current and future laws, rulings, governmental regulations, accounting standards and
statements and related interpretations; significantly reduced volatility in natural gas markets for
an extended period of time; factors affecting demand for natural gas and natural gas storage
services and the rates we are able to charge for such services; our ability to maintain or replace
expiring storage contracts at attractive rates and on other favorable terms; the effects of
competition; shortages or cost increases of power supplies, materials or labor; weather
interference with business operations or project construction; our ability to receive open credit
from our suppliers and trade counterparties; continued creditworthiness of, and performance by, our
counterparties, including financial institutions and trading companies with which we do business;
the effectiveness of our risk management activities; the availability of, and our ability to
consummate, acquisition or combination opportunities; environmental liabilities or events that are
not covered by an indemnity, insurance or existing reserves; increased costs or unavailability of
insurance; fluctuations in the debt and equity markets, including the price of our units at the
time of vesting under our long-term incentive plan; future developments and circumstances at the
time distributions are declared; and other factors and uncertainties inherent in the development
and operation of natural gas storage facilities discussed in the Partnerships filings with the
Securities and Exchange Commission.
333 Clay Street, Suite 1500 Houston, Texas 77002 713-646-4100 / 800-564-3036
PAA NATURAL GAS STORAGE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
PNG(1) | PNG Predecessor(1) | PNG(1) | PNG Predecessor(1) | |||||||||||||
REVENUES |
$ | 24,158 | $ | 19,110 | $ | 46,363 | $ | 34,469 | ||||||||
COSTS AND EXPENSES |
||||||||||||||||
Storage related costs |
4,963 | 2,649 | 11,523 | 6,668 | ||||||||||||
Other operating costs (except those shown below) |
1,420 | 1,840 | 3,424 | 3,568 | ||||||||||||
Fuel expense |
533 | 608 | 1,054 | 1,776 | ||||||||||||
General and administrative expenses |
3,740 | 1,522 | 7,754 | 2,781 | ||||||||||||
Depreciation, depletion and amortization |
3,515 | 3,578 | 6,456 | 6,167 | ||||||||||||
Total costs and expenses |
14,171 | 10,197 | 30,211 | 20,960 | ||||||||||||
Operating income |
9,987 | 8,913 | 16,152 | 13,509 | ||||||||||||
OTHER INCOME (EXPENSE) |
||||||||||||||||
Interest expense, net of capitalized interest |
(2,754 | ) | (2,929 | ) | (5,791 | ) | (3,676 | ) | ||||||||
Interest income |
| 41 | 1 | 126 | ||||||||||||
Income tax expense |
| (140 | ) | | (354 | ) | ||||||||||
Gain on interest rate swaps |
| 172 | | 336 | ||||||||||||
Other income (expense) |
(1 | ) | (3 | ) | (7 | ) | (16 | ) | ||||||||
Net income |
$ | 7,232 | $ | 6,054 | $ | 10,355 | $ | 9,925 | ||||||||
CALCULATION OF LIMITED PARTNERS NET INCOME: |
||||||||||||||||
Net Income (2) |
$ | 4,927 | n/a | $ | 4,927 | n/a | ||||||||||
Less general partner interest in net income |
99 | n/a | 99 | n/a | ||||||||||||
Limited partner interest in net income |
$ | 4,828 | n/a | $ | 4,828 | n/a | ||||||||||
Net income per limited partner unit basic |
$ | 0.11 | n/a | $ | 0.11 | n/a | ||||||||||
Net income per limited partner unit diluted |
$ | 0.11 | n/a | $ | 0.11 | n/a | ||||||||||
Limited partner units outstanding basic (3) |
45,519 | n/a | 45,519 | n/a | ||||||||||||
Limited partner units outstanding diluted (3) |
45,525 | n/a | 45,525 | n/a | ||||||||||||
OPERATING DATA |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||||||
PNG(1) | PNG Predecessor(1) | PNG(1) | PNG Predecessor (1) | ||||||||||||||||
Net revenue margin (4) |
$ | 19,195 | $ | 16,461 | $ | 34,840 | $ | 27,801 | |||||||||||
Operating costs / G&A / Other |
(5,036 | ) | (3,565 | ) | (11,765 | ) | (7,375 | ) | |||||||||||
Adjusted EBITDA |
$ | 14,159 | $ | 12,896 | $ | 23,075 | $ | 20,426 | |||||||||||
Average working storage capacity (Bcf) (5) |
|||||||||||||||||||
Pine Prairie |
24.0 | 14.0 | 19.0 | 9.0 | |||||||||||||||
Bluewater |
26.0 | 26.0 | 26.0 | 26.0 | |||||||||||||||
50.0 | 40.0 | 45.0 | 35.0 | ||||||||||||||||
Average Monthly Operating Metrics ($/Mcf) |
|||||||||||||||||||
Net revenue margin (4) |
$ | 0.13 | $ | 0.14 | $ | 0.13 | $ | 0.13 | |||||||||||
Operating costs / G&A / Other |
(0.03 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | |||||||||||
Adjusted EBITDA |
$ | 0.10 | $ | 0.11 | $ | 0.09 | $ | 0.10 | |||||||||||
(1) | In September 2009, Plains All American Pipeline, L.P. became the sole owner of a predecessor of PNG by acquiring an additional 50% interest in that predecessor. Application of push-down accounting in conjunction with this transaction resulted in financial information for periods prior to (designated as PNG Predecessor) and subsequent to (designated as PNG) this transaction being prepared under different bases of accounting. | |
(2) | Attributable to post-IPO period, May 5, 2010 through June 30, 2010. | |
(3) | Series B subordinated units are not entitled to cash distributions unless and until they convert to Series A subordinated units or common units, which conversion is contingent on our meeting both certain distribution levels and certain in-service operational tests at our Pine Prairie facility. As a result, the Series B subordinated units are not included in the calculation of basic or diluted net income per unit amounts. | |
(4) | Net revenue margin equals total revenues minus storage related costs. | |
(5) | Reflects 10 Bcf of working gas storage capacity placed into service at Pine Prairie in the second quarter of 2010. |
PAA NATURAL GAS STORAGE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
FINANCIAL SUMMARY (unaudited)
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(In thousands)
June 30, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS |
||||||||
Current assets |
$ | 17,600 | $ | 12,243 | ||||
Property and equipment, net |
852,241 | 813,263 | ||||||
Base gas |
37,497 | 27,927 | ||||||
Goodwill and intangibles, net |
48,521 | 46,974 | ||||||
Total assets |
$ | 955,859 | $ | 900,407 | ||||
LIABILITIES AND PARTNERS CAPITAL |
||||||||
Current liabilities |
$ | 22,201 | $ | 16,044 | ||||
Note payable to PAA |
| 450,523 | ||||||
Long-term debt under credit facilities |
204,500 | | ||||||
Other long-term liabilities |
561 | 1,096 | ||||||
Total liabilities |
227,262 | 467,663 | ||||||
Total partners capital and members capital |
728,597 | 432,744 | ||||||
Total liabilities, partners capital and members capital |
$ | 955,859 | $ | 900,407 | ||||
PAA NATURAL GAS STORAGE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
FINANCIAL SUMMARY (unaudited)
FINANCIAL
DATA RECONCILIATIONS
(In thousands, except per unit data)
(In thousands, except per unit data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
PNG(1) | PNG Predecessor(1) | PNG(1) | PNG Predecessor(1) | |||||||||||||
Distributable cash flow (DCF) |
||||||||||||||||
Net Income |
$ | 7,232 | $ | 6,054 | $ | 10,355 | $ | 9,925 | ||||||||
Depreciation, depletion and amortization |
3,515 | 3,578 | 6,456 | 6,167 | ||||||||||||
Net non-cash equity compensation charge |
275 | 195 | 689 | 304 | ||||||||||||
Maintenance capital expenditures |
(18 | ) | (105 | ) | (217 | ) | (214 | ) | ||||||||
Deferred income tax expense |
| | | | ||||||||||||
Mark-to-market on open derivative positions |
230 | | (370 | ) | | |||||||||||
Acquisition related costs |
| | | | ||||||||||||
Other |
| | | | ||||||||||||
DCF |
$ | 11,234 | $ | 9,722 | $ | 16,913 | $ | 16,182 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
PNG(1) | PNG Predecessor(1) | PNG(1) | PNG Predecessor(1) | |||||||||||||
Net income and earnings per limited partner unit excluding selected items impacting comparability | ||||||||||||||||
Net Income |
$ | 7,232 | $ | 6,054 | $ | 10,355 | $ | 9,925 | ||||||||
Selected items impacting comparability |
658 | 195 | 473 | 304 | ||||||||||||
Adjusted Net Income |
$ | 7,890 | $ | 6,249 | $ | 10,828 | $ | 10,229 | ||||||||
Net income available to limited partners in accordance
with application of the two-class method for
MLPs(2) |
$ | 4,828 | n/a | $ | 4,828 | n/a | ||||||||||
Limited partners 98% of selected items impacting
comparability(2) |
473 | n/a | 473 | n/a | ||||||||||||
Adjusted limited partners net income |
$ | 5,301 | n/a | $ | 5,301 | n/a | ||||||||||
Adjusted basic net income per limited partner unit |
$ | 0.12 | n/a | $ | 0.12 | n/a | ||||||||||
Adjusted diluted net income per limited partner unit |
$ | 0.12 | n/a | $ | 0.12 | n/a | ||||||||||
Basic weighted average units outstanding (3) |
45,519 | n/a | 45,519 | n/a | ||||||||||||
Diluted weighted average units outstanding (3) |
45,525 | n/a | 45,525 | n/a | ||||||||||||
(1) | In September 2009, Plains All American Pipeline, L.P. became the sole owner of a predecessor of PNG by acquiring an additional 50% interest in that predecessor. Application of push-down accounting in conjunction with this transaction resulted in financial information for periods prior to (designated as PNG Predecessor) and subsequent to (designated as PNG) this transaction being prepared under different bases of accounting. | |
(2) | Attributable to post-IPO period, May 5, 2010 through June 30, 2010. | |
(3) | Series B subordinated units are not entitled to cash distributions unless and until they convert to Series A subordinated units or common units, which conversion is contingent on our meeting both certain distribution levels and certain in-service operational tests at our Pine Prairie facility. As a result, the Series B subordinated units are not included in the calculation of basic or diluted net income per unit amounts. |
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