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Regency Energy Partners LP Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 7, 2010 07:12AM
Regency Energy Partners LP (RGNC) filed Quarterly Report for the period ended 2010-03-31. Regency Energy Partners Lp has a market cap of $1.9 billion; its shares were traded at around $20.43 with a P/E ratio of 11.7 and P/S ratio of 1.7. The dividend yield of Regency Energy Partners Lp stocks is 8.8%.RGNC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net (Loss) Income Attributable to Regency Energy Partners LP. Net loss attributable to Regency Energy Partners LP was $612,000 in the three months ended March 31, 2010, compared to the net income of $148,389,000 in the three months ended March 31, 2009. The major components of this change were as follows:
Adjusted Total Segment Margin. Adjusted total segment margin decreased to $96,949,000 in the three months ended March 31, 2010 from $103,659,000 in the three months ended March 31, 2009. This was primarily attributable to a decrease of $11,554,000 in the transportation segment margin which was offset by the addition of $3,404,000 in adjusted gathering and processing segment margin and the addition of $5,913,000 in corporate and others segment.
Adjusted gathering and processing segment margin increased to $58,514,000 for the three months ended March 31, 2010 from $55,110,000 for the three months ended March 31, 2009, primarily due to the increased volumes in south Texas associated with the Eagle Ford Shale development.
Corporate and others segment margin increased to $6,737,000 in the three months ended March 31, 2010 from $824,000 in the three months ended March 31, 2009. The increase is primarily attributable to a $3,907,000 increase in management fees from HPC for general and administrative expenses.
Depreciation and Amortization. Depreciation and amortization expense decreased to $27,475,000 in the three months ended March 31, 2010 from $27,889,000 in the three months ended March 31, 2009. The decrease was primarily due to the contribution of RIGS to HPC which was $2,448,000, offset by $2,034,000 increase related to various organic growth projects completed since March 31, 2009.
We expect our growth capital expenditures to be approximately $180,000,000 in 2010, exclusive of our 43 percent proportionate share of the growth capital expenditures related to HPC. Our anticipated 2010 organic growth capital expenditures include $148,000,000 for the expansion of our gathering and processing facilities, $24,000,000 for additional compression for our contract compression segment, and $8,000,000 related to the corporate and others segment.
Stocks Discussed: RGNC,