Attached files
Exhibit 99.2
Selected Historical and Pro Forma Financial Data
The selected historical financial information presented below for the Regency Energy Partners LP (the “Partnership”) was derived from the financial statements included in the Partnership’s Form 8-K filed on August 9, 2013. The selected pro forma financial information presented below was derived from information presented elsewhere in this Form 8-K/A, except for the pro forma financial information related to investing and financing activities cash flow data, maintenance capital expenditures, adjusted total segment margin and adjusted EBITDA, which were generally derived from the application of pro forma adjustments to the historical financial information of the Partnership, PVR Partners, L.P., the midstream business of Eagle Rock Energy Partners, L.P. and Hoover Energy Partners, LP. All tabular dollar amounts, except per unit data, are in millions.
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Regency Energy Partners LP
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Selected Financial Data
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(in millions except unit data and per unit data)
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| Successor | Predecessor | ||||||||||||||||||||||||
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Nine Months Ended September 30, 2013 Pro forma (Unaudited)
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Year Ended December 31, 2012 Pro forma (Unaudited)
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Year Ended December 31, 2012
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Year Ended December 31, 2011
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Period from Acquisition (May 26, 2010 to December 31, 2010)
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Period from (January 1, 2010 to May 25, 2010)
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Year Ended December 31, 2009
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Year Ended December 31, 2008
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Statement of Operations Data:
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Total revenues
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$ | 3,442 | $ | 3,813 | $ | 2,000 | $ | 1,434 | $ | 716 | $ | 505 | $ | 1,043 | $ | 1,785 | |||||||||
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Total operating costs and expenses
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3,327 | 3,889 | 1,970 | 1,394 | 702 | 485 | 816 | 1,635 | |||||||||||||||||
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Operating income
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115 | (76 | ) | 30 | 40 | 14 | 20 | 227 | 150 | ||||||||||||||||
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Other income and deductions:
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Income from unconsolidated affiliates
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104 | 103 | 105 | 120 | 54 | 16 | 8 | - | |||||||||||||||||
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Gain on sale of investment in unconsolidated affiliates
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14 | - | - | - | - | - | - | - | |||||||||||||||||
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Interest expense, net
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(240 | ) | (235 | ) | (122 | ) | (103 | ) | (48 | ) | (35 | ) | (78 | ) | (63 | ) | |||||||||
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Loss on debt refinancing, net
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(7 | ) | (8 | ) | (8 | ) | - | (16 | ) | (2 | ) | - | - | ||||||||||||
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Other income and deductions, net
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4 | 29 | 29 | 17 | (8 | ) | (4 | ) | (15 | ) | - | ||||||||||||||
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Income (loss) from continuing operations before income taxes
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(10 | ) | (187 | ) | 34 | 74 | (4 | ) | (5 | ) | 142 | 87 | |||||||||||||
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Income tax expense (benefit)
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(1 | ) | - | - | - | 1 | - | (1 | ) | - | |||||||||||||||
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Income (loss) from continuing operations
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(9 | ) | (187 | ) | 34 | 74 | (5 | ) | (5 | ) | 143 | 87 | |||||||||||||
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Discontinued operations:
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Net (loss) income from operations of east Texas assets
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- | - | - | - | (1 | ) | - | (3 | ) | 14 | |||||||||||||||
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Net income (loss)
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$ | (9 | ) | $ | (187 | ) | $ | 34 | $ | 74 | $ | (6 | ) | $ | (5 | ) | $ | 140 | $ | 101 | |||||
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Net income attributable to noncontrolling interest
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(4 | ) | (2 | ) | (2 | ) | (2 | ) | - | - | - | - | |||||||||||||
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Net income (loss) attributable to Regency Energy Partners LP
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$ | (13 | ) | $ | (189 | ) | $ | 32 | $ | 72 | $ | (6 | ) | $ | (5 | ) | $ | 140 | $ | 101 | |||||
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Amounts attributable to Series A Preferred Units
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5 | 10 | 10 | 8 | 5 | 3 | 4 | - | |||||||||||||||||
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General partner's interest, including IDRs
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15 | 13 | 9 | 7 | 3 | 1 | 5 | 4 | |||||||||||||||||
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Amount allocated to non-vested common units
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- | - | - | - | - | - | 1 | 1 | |||||||||||||||||
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Beneficial conversion feature for Class D common units
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- | - | - | - | - | - | 1 | 7 | |||||||||||||||||
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Beneficial conversion feature for Class F common units
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3 | - | - | - | - | - | - | - | |||||||||||||||||
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Pre-acquisition loss from SUGS allocated to predecessor equity
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(36 | ) | (14 | ) | (14 | ) | - | - | - | - | - | ||||||||||||||
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Limited partners' interest in net (loss) income
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$ | - | $ | (198 | ) | $ | 27 | $ | 57 | $ | (14 | ) | $ | (9 | ) | $ | 129 | $ | 89 | ||||||
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Basic and diluted income (loss) from continuing operations per unit:
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Basic (loss) income from continuing operations per common and subordinated unit
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$ | - | $ | (0.59 | ) | $ | 0.16 | $ | 0.39 | $ | (0.09 | ) | $ | (0.10 | ) | $ | 1.63 | $ | 1.14 | ||||||
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Diluted (loss) income from continuing operations per common and subordinated units
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$ | - | $ | (0.59 | ) | $ | 0.13 | $ | 0.32 | $ | (0.09 | ) | $ | (0.10 | ) | $ | 1.63 | $ | 1.10 | ||||||
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Distributions per common and subordinated unit
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$ | 1.38 | $ | 1.84 | $ | 1.84 | $ | 1.81 | $ | 0.89 | $ | 0.89 | $ | 1.78 | $ | 1.71 | |||||||||
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Basic and diluted income (loss) on discontinued operations per unit:
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$ | - | $ | - | $ | - | $ | - | $ | (0.01 | ) | $ | - | $ | (0.03 | ) | $ | 0.21 | |||||||
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Basic and diluted net income (loss) per unit:
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Basic (loss) income per common and subordinated unit
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$ | - | $ | (0.59 | ) | $ | 0.16 | $ | 0.39 | $ | (0.10 | ) | $ | (0.10 | ) | $ | 1.61 | $ | 1.34 | ||||||
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Diluted net (loss) income per common and subordinated unit
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$ | - | $ | (0.59 | ) | $ | 0.13 | $ | 0.32 | $ | (0.10 | ) | $ | (0.10 | ) | $ | 1.60 | $ | 1.28 | ||||||
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Income per Class D common unit due to beneficial conversion feature
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.11 | $ | 0.99 | |||||||||
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Income per Class F common unit due to beneficial conversion feature
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$ | 0.45 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
| Successor |
Predecessor
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September 30, 2013 Pro forma (Unaudited)
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December 31, 2012
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December 31, 2011
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December 31, 2010
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December 31, 2009
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December 31, 2008
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Balance Sheet Data (at period end):
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Property, plant and equipment, net
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$ | 7,513 | $ | 3,686 | $ | 1,886 | $ | 1,660 | $ | 1,456 | $ | 1,704 | |||||||
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Total assets
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16,047 | 8,123 | 5,568 | 4,770 | 2,533 | 2,459 | |||||||||||||
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Long-term debt (long-term portion only)
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5,477 | 2,157 | 1,687 | 1,141 | 1,014 | 1,126 | |||||||||||||
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Series A Preferred Units
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32 | 73 | 71 | 71 | 52 | - | |||||||||||||
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Partners' capital
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9,521 | 5,340 | 3,531 | 3,294 | 1,243 | 1,099 | |||||||||||||
| Successor | Predecessor | ||||||||||||||||||||||||
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Nine Months Ended September 30, 2013 Pro forma (Unaudited)
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Year Ended December 31, 2012 Pro forma (Unaudited)
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Year Ended December 31, 2012
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Year Ended December 31, 2011
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Period from Acquisition (May 26, 2010 to December 31, 2010)
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Period from (January 1, 2010 to May 25, 2010)
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Year Ended December 31, 2009
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Year Ended December 31, 2008
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Cash flow data:
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Net cash flows provided by (used in):
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Operating activities
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$ | 619 | $ | 513 | $ | 324 | $ | 254 | $ | 80 | $ | 89 | $ | 144 | $ | 181 | |||||||||
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Investing activities
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(1,482 | ) | (2,539 | ) | (807 | ) | (955 | ) | (297 | ) | (148 | (156 | (949 | ) | |||||||||||
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Financing activities
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812 | 2,091 | 535 | 693 | 203 | 72 | 21 | 735 | |||||||||||||||||
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Other Financial Data:
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Adjusted total segment margin(1)
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$ | 1,040 | 1,166 | 608 | 421 | 235 | 154 | 361 | 402 | ||||||||||||||||
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Adjusted EBITDA(1)
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$ | 724 | 849 | 525 | 422 | 218 | 108 | 211 | 259 | ||||||||||||||||
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Maintenance capital expenditures
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$ | 71 | 90 | 58 | 22 | 7 | 8 | 20 | 18 | ||||||||||||||||
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(1) - See "Non-GAAP Financial Measures" for a reconciliation to its most directly comparable GAAP measure.
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Non-GAAP Financial Measures.
We include in Exhibit 99.2 the following non-GAAP financial measures: adjusted EBITDA and adjusted total segment margin. We provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures as calculated and presented in accordance with GAAP.
We define EBITDA as net income (loss) plus interest expense, net, income tax expense, net, and depreciation and amortization expense. We define adjusted EBITDA as EBITDA plus or minus the following:
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non-cash loss (gain) from commodity and embedded derivatives;
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unit-based compensation expenses;
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loss (gain) on asset sales, net;
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loss on debt refinancing;
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impairment of long-lived assets;
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other non-cash (income) expense, net;
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net income attributable to noncontrolling interest; and
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our interest in adjusted EBITDA from unconsolidated affiliates less income from unconsolidated affiliates.
These measures are used as supplemental measures by our management and by external users of our financial statements such as investors, banks, research analysts and others, to assess:
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financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
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the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness and make cash distributions to our unitholders and general partner;
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our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and
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the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.
Neither EBITDA nor adjusted EBITDA should be considered an alternative to, or more meaningful than net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. EBITDA and adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA or adjusted EBITDA in the same manner. Adjusted EBITDA is the starting point in determining distributable cash flow, which is an important non-GAAP financial measure for a publicly traded partnership.
EBITDA and adjusted EBITDA do not include interest expense, income tax expense or depreciation and amortization expense. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we use capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider both net earnings determined under GAAP, as well as EBITDA and adjusted EBITDA, to evaluate our performance. We define segment margin, generally, as revenues minus cost of sales. We calculate our Gathering and Processing segment margin and Natural Gas Transportation segment margin as revenues generated from operations less the cost of natural gas and NGLs purchased and other costs of sales, including third-party transportation and processing fees. We do not record segment margin for our investments in unconsolidated affiliates (RIGS Haynesville Partnership Co., a general partnership, and its wholly owned subsidiary, Regency Intrastate Gas LP (“HPC”), Midcontinent Express Pipeline LLC (“MEP”), Lone Star NGL LLC (“Lone Star”), Ranch Westex JV LLC (“Ranch JV”) and Grey Ranch Plant LP (“Grey Ranch”)) because we record our ownership percentages of their net income as income from unconsolidated affiliates in accordance with the equity method of accounting. We calculate our Contract Services segment margin as revenues minus direct costs, primarily compressor unit repairs, associated with those revenues. We calculate total segment margin as the sum of segment margin of our segments less intersegment eliminations. We define adjusted segment margin as segment margin adjusted for non-cash (gains) losses from commodity derivatives, the 40% of Edwards Lime Gathering, LLC margin attributable to the holder of the noncontrolling interest and our 33.33% portion of Ranch Westex JV LLC margin. Our adjusted total segment margin equals the sum of our operating segments’ adjusted segment margins or segment margins, as applicable, including intersegment eliminations.
Total segment margin and adjusted total segment margin are included as a supplemental disclosure because they are primary performance measures used by our management as they represent the result of product sales, service fee revenues and product purchases, a key component of our operations. We believe total segment margin and adjusted total segment margin are important measures because they are directly related to our volumes and commodity price changes. Operation and maintenance expense is a separate measure used by management to evaluate operating performance of field operations. Direct labor, insurance, property taxes, repair and maintenance, utilities and contract services comprise the most significant portion of our operation and maintenance expenses. These expenses are largely independent of the volumes we transport or process and fluctuate depending on the activities performed during a specific period. We do not deduct operation and maintenance expenses from total revenue in calculating total segment margin and adjusted total segment margin because we separately evaluate commodity volume and price changes in these margin amounts. As an indicator of our operating performance, total segment margin or adjusted total segment margin should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Our total segment margin and adjusted total segment margin may not be comparable to a similarly titled measure of another company because other entities may not calculate these measures in the same manner.
| Successor | Predecessor | ||||||||||||||||||||||||
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Nine Months Ended September 30, 2013 Pro forma (Unaudited)
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Year Ended December 31, 2012 Pro forma (Unaudited)
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Year Ended December 31, 2012
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Year Ended December 31, 2011
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Period from Acquisition (May 26, 2010 to December 31, 2010)
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Period from (January 1, 2010 to May 25, 2010)
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Year Ended December 31, 2009
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Year Ended December 31, 2008
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Reconciliation of "Adjusted EBITDA" to net cash flows provided by operating activities and to net income (loss)
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Net cash flows provided by operating activities
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$ | 619 | $ | 513 | $ | 324 | $ | 254 | $ | 80 | $ | 89 | $ | 144 | $ | 181 | |||||||||
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Add (deduct):
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Depreciation and amortization, including debt issuance cost write-off and amortization and bond premium write-off and amortization
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(418 | ) | (468 | ) | (259 | ) | (175 | ) | (78 | ) | (51 | ) | (116 | ) | (105 | ) | |||||||||
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Impairment of long-lived assets
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- | (257 | ) | - | - | - | - | - | - | ||||||||||||||||
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Income from unconsolidated affiliates
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104 | 103 | 105 | 120 | 54 | 16 | 8 | - | |||||||||||||||||
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Derivative valuation change
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(27 | ) | 32 | 12 | 21 | (33 | ) | (12 | ) | (5 | ) | 15 | |||||||||||||
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(Loss) gain on asset sales, net
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(1 | ) | 28 | (3 | ) | 2 | - | - | 133 | (1 | ) | ||||||||||||||
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Gain on sale of investment in unconsolidated affiliates
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14 | - | - | - | - | - | - | - | |||||||||||||||||
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Unit-based compensation expenses
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(14 | ) | (14 | ) | (5 | ) | (3 | ) | (2 | ) | (12 | ) | (6 | ) | (4 | ) | |||||||||
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Non-cash interest expense
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(5 | ) | (6 | ) | - | - | - | - | - | - | |||||||||||||||
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Gain on insurance settlements
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- | - | - | - | - | - | - | 3 | |||||||||||||||||
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Trade accounts receivable, accrued revenues and related party receivables
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90 | 43 | - | 8 | - | 11 | (11 | ) | (19 | ) | |||||||||||||||
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Other current assets and other current liabilities
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29 | (10 | ) | (10 | ) | (11 | ) | 13 | (25 | ) | (4 | ) | (6 | ) | |||||||||||
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Trade accounts payable, accrued cost of gas and liquids, related party payables, and deferred revenues
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(159 | ) | (30 | ) | (18 | ) | (23 | ) | 15 | (9 | ) | 4 | 41 | ||||||||||||
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Distributions of earnings received from unconsolidated affiliates
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(115 | ) | (130 | ) | (121 | ) | (119 | ) | (57 | ) | (12 | ) | (8 | ) | - | ||||||||||
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Cash flow changes in other assets and liabilities
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(126 | ) | 9 | 9 | - | 2 | - | 1 | (4 | ) | |||||||||||||||
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Net income (loss)
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$ | (9 | ) | $ | (187 | ) | $ | 34 | $ | 74 | $ | (6 | ) | $ | (5 | ) | $ | 140 | $ | 101 | |||||
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Add (deduct):
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Interest expense, net
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240 | 235 | 122 | 103 | 48 | 35 | 78 | 63 | |||||||||||||||||
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Depreciation and amortization
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410 | 458 | 252 | 169 | 77 | 46 | 110 | 103 | |||||||||||||||||
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Income tax expense (benefit)
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(1 | ) | - | - | - | 1 | - | (1 | ) | - | |||||||||||||||
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EBITDA
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$ | 640 | $ | 506 | $ | 408 | $ | 346 | $ | 120 | $ | 76 | $ | 327 | $ | 267 | |||||||||
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Add (deduct):
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Partnership's interest in unconsolidated affiliates Adjusted EBITDA (1)(2)(3)(4)
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188 | 227 | 227 | 213 | 102 | 21 | 11 | - | |||||||||||||||||
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Income from unconsolidated affiliates
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(104 | ) | (103 | ) | (105 | ) | (120 | ) | (54 | ) | (16 | ) | (8 | ) | - | ||||||||||
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Non-cash (gain) loss from commodity and embedded derivatives
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- | (21 | ) | (19 | ) | (18 | ) | 31 | 11 | 5 | (15 | ) | |||||||||||||
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Loss (gain) on assets sales, net
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1 | (28 | ) | 3 | (2 | ) | - | - | (133 | ) | 1 | ||||||||||||||
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Gain on sale of investment in unconsolidated affiliate
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(14 | ) | - | - | - | - | - | - | - | ||||||||||||||||
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Loss on debt extinguishment
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7 | 8 | 8 | - | 16 | 2 | - | - | |||||||||||||||||
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Impairment of long-lived assets
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- | 257 | - | - | - | - | - | - | |||||||||||||||||
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Other expense, net
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6 | 3 | 3 | 3 | 3 | 14 | 9 | 6 | |||||||||||||||||
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Adjusted EBITDA
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$ | 724 | $ | 849 | $ | 525 | $ | 422 | $ | 218 | $ | 108 | $ | 211 | $ | 259 | |||||||||
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(1) 100% of HPC's Adjusted EBITDA is calculated as follows:
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Net income
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$ | 56 | $ | 70 | $ | 70 | $ | 109 | $ | 72 | $ | 35 | $ | 20 | $ | - | |||||||||
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Add:
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Decpreciation and amortization
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27 | 36 | 36 | 35 | 20 | 12 | 9 | - | |||||||||||||||||
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Interest expense
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2 | 2 | 2 | 1 | - | - | - | - | |||||||||||||||||
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Impairment of property, plant, and equipment
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- | 22 | 22 | - | - | - | - | - | |||||||||||||||||
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Other expense, net
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- | 2 | 2 | - | - | - | - | - | |||||||||||||||||
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HPC's adjusted EBITDA
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$ | 85 | $ | 132 | $ | 132 | $ | 145 | $ | 92 | $ | 47 | $ | 29 | $ | - | |||||||||
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Ownership interest
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49.99 | % | 49.99 | % | 49.99 | % | 49.99 | % | 49.99 | % | 45.00 | % | 38.00 | % | - | % | |||||||||
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Partnership's interest in HPC's Adjusted EBITDA
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$ | 42 | $ | 65 | $ | 65 | $ | 72 | $ | 46 | $ | 21 | $ | 11 | $ | - | |||||||||
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(2) 100% of MEP's Adjusted EBITDA is calculated as follows:
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Net income
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$ | 63 | $ | 83 | $ | 83 | $ | 85 | $ | 43 | $ | - | $ | - | $ | - | |||||||||
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Add:
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Decpreciation and amortization
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52 | 69 | 69 | 70 | 40 | - | - | - | |||||||||||||||||
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Interest expense, net
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38 | 52 | 52 | 51 | 29 | - | - | - | |||||||||||||||||
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MEP's Adjusted EBITDA
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$ | 153 | $ | 204 | $ | 204 | $ | 206 | $ | 112 | $ | - | $ | - | $ | - | |||||||||
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Ownership interest
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50 | % | 50 | % | 50 | % | 50 | % | 49 | % | - | % | - | % | - | % | |||||||||
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Partnership's interest in MEP's Adjusted EBITDA
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$ | 77 | $ | 102 | $ | 102 | $ | 103 | $ | 55 | $ | - | $ | - | $ | - | |||||||||
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(3) 100% of Lone Star's Adjusted EBITDA is calculated as follows:
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Net income
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$ | 160 | $ | 147 | $ | 147 | $ | 94 | $ | - | $ | - | $ | - | $ | - | |||||||||
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Add:
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Decpreciation and amortization
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61 | 52 | 52 | 32 | - | - | - | - | |||||||||||||||||
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Other expenses, net
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2 | - | - | - | - | - | - | - | |||||||||||||||||
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Lone Star's Adjusted EBITDA
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$ | 223 | $ | 199 | $ | 199 | $ | 126 | $ | - | $ | - | $ | - | $ | - | |||||||||
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Ownership Interest
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30 | % | 30 | % | 30 | % | 30 | % | - | % | - | % | - | % | - | % | |||||||||
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Partnership's interest in Lone Star's Adjusted EBITDA
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$ | 67 | $ | 60 | $ | 60 | $ | 38 | $ | - | $ | - | $ | - | $ | - | |||||||||
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(4) 100% of Ranch JV's Adjusted EBITDA is calculated as follows:
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Net loss
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$ | 2 | $ | (2 | ) | $ | (2 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
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Add:
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Decpreciation and amortization
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4 | 1 | 1 | - | - | - | - | - | |||||||||||||||||
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Ranch JV's Adjusted EBITDA
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$ | 6 | $ | (1 | ) | $ | (1 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
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Ownership Interest
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33 | % | 33 | % | 33 | % | - | % | - | % | - | % | - | % | - | % | |||||||||
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Partnership's interest in Ranch JV's Adjusted EBITDA
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$ | 2 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
| Successor | Predecessor | ||||||||||||||||||||||||
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Nine Months Ended September 30, 2013 Pro forma (Unaudited)
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Year Ended December 31, 2012 Pro forma (Unaudited)
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Year Ended December 31, 2012
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Year Ended December 31, 2011
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Period from Acquisition (May 26, 2010 to December 31, 2010)
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Period from (January 1, 2010 to May 25, 2010)
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Year Ended December 31, 2009
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Year Ended December 31, 2008
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Reconciliation of net income (loss) to "Adjusted total segment margin"
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Net income (loss)
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$ | (9 | ) | $ | (187 | ) | $ | 34 | $ | 74 | $ | (6 | ) | $ | (5 | ) | $ | 140 | $ | 101 | |||||
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Add (deduct):
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Operation and maintenance
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352 | 383 | 228 | 147 | 78 | 48 | 117 | 120 | |||||||||||||||||
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General and administrative
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142 | 208 | 100 | 67 | 44 | 37 | 57 | 51 | |||||||||||||||||
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Loss (gain) on assets sales, net
|
1 | (28 | ) | 3 | (2 | ) | - | - | (133 | ) | - | ||||||||||||||
|
Gain on sale of investment in unconsolidated affiliate
|
(14 | ) | - | - | - | - | - | - | - | ||||||||||||||||
|
Management services termination fee
|
- | - | - | - | - | - | - | 4 | |||||||||||||||||
|
Transaction expenses
|
- | - | - | - | - | - | - | 2 | |||||||||||||||||
|
Impairment of long-lived assets
|
- | 257 | - | - | - | - | - | - | |||||||||||||||||
|
Depreciation and amortization
|
410 | 458 | 252 | 169 | 76 | 42 | 100 | 93 | |||||||||||||||||
|
Income from unconsolidated affiliates
|
(104 | ) | (103 | ) | (105 | ) | (120 | ) | (54 | ) | (16 | ) | (8 | ) | - | ||||||||||
|
Interest expense, net
|
240 | 235 | 122 | 103 | 48 | 35 | 78 | 63 | |||||||||||||||||
|
Loss on debt refinancing, net
|
7 | 8 | 8 | - | 16 | 2 | - | - | |||||||||||||||||
|
Other income and deductions, net
|
(4 | ) | (29 | ) | (29 | ) | (17 | ) | 8 | 4 | 15 | - | |||||||||||||
|
Income tax expense (benefit)
|
1 | - | - | - | 1 | - | (1 | ) | - | ||||||||||||||||
|
Discontinued operations
|
- | - | - | - | 1 | - | 3 | (14 | ) | ||||||||||||||||
|
Total segment margin
|
$ | 1,022 | $ | 1,202 | $ | 613 | $ | 421 | $ | 212 | $ | 147 | $ | 368 | $ | 420 | |||||||||
|
Add (deduct):
|
|||||||||||||||||||||||||
|
Non-cash loss (gain) from commodity derivatives
|
23 | (36 | ) | (5 | ) | - | 23 | 7 | (7 | ) | (18 | ) | |||||||||||||
|
Segment margin related to noncontrolling interest
|
(8 | ) | - | - | - | - | - | - | - | ||||||||||||||||
|
Segment margin related to ownership percentage in Ranch JV
|
3 | - | - | - | - | - | - | - | |||||||||||||||||
|
Adjusted total segment margin
|
$ | 1,040 | $ | 1,166 | $ | 608 | $ | 421 | $ | 235 | $ | 154 | $ | 361 | $ | 402 | |||||||||