| Address:
|
2727 ALLEN PARKWAY, SUITE 1200
|
| City: |
HOUSTON |
|
State: |
TX |
|
Zip Code: |
77019 |
| Telephone: |
713-621-9547 |
|
Description of Business
|
Primary SIC Code:
4922 |
| (As filed with the SEC)
|
|
|
The following discussion of our business segments provides information regarding
our principal natural gas processing plants, pipelines and other assets. For a
discussion of our results of operations, including pipeline throughput and
processing rates, please read Item 7 of this report, captioned "Management's
Discussion and Analysis of Financial Condition and Results of Operation."
General
We are an energy company engaged in the business of providing midstream services
to natural gas producers, including natural gas gathering, compression,
dehydration, treating, marketing, transportation, processing, conditioning and
fractionation services. Our assets are located in Oklahoma, Texas, Wyoming and
Louisiana and include approximately 6,400 miles of active natural gas gathering
and transmission pipelines and seven natural gas processing plants, with over
one Bcf/d of combined processing capacity. ... More ... |
| Date |
12-mos
Rolling EPS |
Dividend |
P/E
Ratio |
| 06/2010 | -0.19 | 0.575 | N/E | | 03/2010 | 0.25 | 0.575 | 96.80 | | 12/2009 | 0.36 | 0.575 | 66.42 | | 09/2009 | 0.50 | 0.575 | 36.40 | | 06/2009 | 0.57 | 0.575 | 28.16 | | 03/2009 | 0.86 | 0.575 | 15.49 | | 12/2008 | 1.01 | 0.575 | 11.55 | | 09/2008 | 1.20 | 0.570 | 20.38 |
Key Financial Ratios and Statistics |
FYE:
12/31 |
| Profitability |
2009 |
Leverage |
2009 |
| Net Inc/Comm Equity | 0.02 | Total Liab/Total Assets | 0.54 | | Net Inc/Total Assets | 0.01 | Total Liab/Inv Cap | 0.59 | | Net Inc/Inv Cap | 0.01 | Total Liab/Comm Equity | 0.97 | | Pretax Inc/Net Sales | 0.03 | Interest Coverage Ratio | 1.39 | | Net Inc/Net Sales | 0.03 | Curr Debt/Equity | 0.01 | | Cash Flow/Net Sales | 0.17 | LTD/Equity | 0.99 | | SG&A/NetSales | 0.05 | Total Debt/Equity | 1.00 |
| Asset Utilization
|
|
Liquidity |
|
| Net Receivables Turnover | 8.76 | Quick Ratio | 1.24 | | Inventory Turnover | NA | Current Ratio | 1.24 | | Inventory Day Sales | NA | Net Rec/Curr Assets | 0.51 | | Net Sales/Work Cap | 23.59 | Inv/Curr Assets | NA | | Net Sales/PP&E | 0.97 | | |
Income Statement (Millions) |
| |
6/30/2010
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
|
Total Revenues(Net Sales)
|
230.05
|
266.67
|
249.25
|
189.53
|
|
Cost of Goods Sold
|
186.45
|
227.64
|
199.98
|
149.30
|
|
Selling & Admin Exps
|
12.08
|
11.70
|
11.65
|
10.04
|
|
Operating Income
|
-7.69
|
13.91
|
20.21
|
18.15
|
|
Interest Exp
|
13.35
|
14.95
|
13.95
|
15.44
|
|
Pretax Income
|
-21.01
|
-1.03
|
6.34
|
3.77
|
|
Other Income
|
0.04
|
0.01
|
0.08
|
1.07
|
|
Net Income Bef Extraordinary ...
|
NA
|
NA
|
NA
|
NA
|
|
Net Income
|
-21.11
|
-1.26
|
7.49
|
3.73
|
|
Assets
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
|
Cash & Short Term Investments
|
56.80
|
54.15
|
44.69
|
35.38
|
|
Receivables - Total
|
79.27
|
89.20
|
91.16
|
81.96
|
|
Inventories - Total
|
NA
|
NA
|
NA
|
NA
|
|
Total Current Assets
|
172.91
|
177.46
|
177.40
|
173.77
|
|
Net Property, Plant & Equipment
|
890.53
|
850.44
|
841.32
|
834.76
|
|
Total Assets
|
1,881.15
|
1,870.10
|
1,867.41
|
1,882.56
|
|
Liabilities
|
|
|
|
|
|
Accounts Payable
|
128.00
|
123.40
|
123.61
|
99.33
|
|
Debt in Current Liabilities
|
5.17
|
7.43
|
9.67
|
8.02
|
|
Total Current Liabilities
|
151.86
|
146.62
|
142.64
|
117.95
|
|
Long-Term Debt
|
762.78
|
717.80
|
852.82
|
842.84
|
|
Total Liabilities
|
922.42
|
873.78
|
1,007.39
|
975.01
|
|
Stockholder's Equity
|
|
|
|
|
|
Minority Interest
|
NA
|
NA
|
NA
|
NA
|
|
Preferred Stock
|
NA
|
NA
|
NA
|
NA
|
|
Common Stock
|
1,157.20
|
1,156.89
|
991.96
|
991.45
|
|
Retained Earnings
|
-250.68
|
-191.43
|
-158.27
|
-133.90
|
|
Treasury Stock
|
NA
|
NA
|
NA
|
NA
|
|
Total Stockholders' Equity
|
958.73
|
996.32
|
860.03
|
907.55
|
|
Total Liabilities and Stockholders' Equity
|
1,881.15
|
1,870.10
|
1,867.41
|
1,882.56
|
Cash Flow Summary (Millions) |
|
Categories
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
|
Net Cash Provided by Operating Activities
|
36.25
|
29.16
|
40.57
|
21.12
|
|
Net Cash Provided by Investing Activities
|
-40.68
|
-18.44
|
-10.26
|
-18.81
|
|
Net Cash Provided by Financing Activities
|
7.08
|
-1.27
|
-20.99
|
-41.62
|
Annual Summary Data (Millions) |
| Year |
Sales |
Net
Income |
EPS |
| 12/2005 | 747.74 | 30.35 | 1.14 | | 12/2006 | 860.27 | 65.11 | 0.88 | | 12/2007 | 1,141.66 | 63.18 | 1.36 | | 12/2008 | 1,629.09 | 58.21 | 1.01 | | 12/2009 | 820.05 | 23.16 | 0.36 | | Growth Rates | 2.33 | -6.54 | -25.04 |
| Type |
Date(Q,M) |
No.
Owners |
Shares
Held (000s) |
%
Own |
| Institutional | 06/30/10 | 98 | 26,296 | 40.08 |
|
Report Date :
8/30/2010
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