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Copano Energy L.L.C. Reports Operating Results (10-Q)

August 09, 2012 | About:
10qk

10qk

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Copano Energy L.L.C. (CPNO) filed Quarterly Report for the period ended 2012-06-30.

Copano Energy, L.l.c. has a market cap of $2.04 billion; its shares were traded at around $29.32 with a P/E ratio of 404.1 and P/S ratio of 1.5. The dividend yield of Copano Energy, L.l.c. stocks is 8.1%.

Highlight of Business Operations:

As of June 30, 2012, we estimated that $3,823,000 of OCI will be reclassified as an increase to earnings in the next 12 months as a result of monthly settlements of instruments hedging NGLs and crude oil.

Equity in Earnings from Unconsolidated Affiliates. Equity in earnings from unconsolidated affiliates totaled $12.4 million for the three months ended June 30, 2012 compared to earnings of $1.3 million for the three months ended June 30, 2011, an increase of $11.1 million. Equity in earnings from unconsolidated affiliates for the three months ended June 30, 2012 consisted primarily of $9.8 million from Eagle Ford Gathering (which began operations in the latter half of 2011), $0.5 million from Bighorn and $2.1 million from Fort Union. Equity in earnings from unconsolidated affiliates for the three months ended June 30, 2011 consisted of $1.4 million of equity earnings from Fort Union and $0.7 million of equity earnings from Southern Dome offset by $0.8 million of equity loss from Bighorn and our other unconsolidated affiliates.

Equity in Loss/Earnings from Unconsolidated Affiliates. Equity in loss from unconsolidated affiliates totaled $102.3 million for the six months ended June 30, 2012 compared to earnings of $3.0 million for the six months ended June 30, 2011, a decrease of $105.3 million. Equity in loss from unconsolidated affiliates for the six months ended June 30, 2012 consisted of a $114.9 million loss from Bighorn (including the $115 million impairment during the first quarter of 2012), partially offset by $11.9 million in earnings from Eagle Ford Gathering (which began operations in the latter half of 2011). Equity in earnings from unconsolidated affiliates for the six months ended June 30, 2011 consisted of $3.7 million of equity earnings from Fort Union and $1.4 million of equity earnings from Southern Dome offset by $2.1 million of equity loss from Bighorn and our other unconsolidated affiliates.

Investing Cash Flows. Net cash used in investing activities was $173.9 million and $182.3 million for the six months ended June 30, 2012 and 2011, respectively. Investing activities for the six months ended June 30, 2012 included (i) $145 million, including $100.6 million in capital expenditures related to our Eagle Ford Shale growth strategy and well connections attaching volumes in new areas, $23.9 million related to activities around our Saint Jo plant and $13.6 million related to our activities in Oklahoma; and (ii) $34.2 million of investments in Eagle Ford Gathering, Double Eagle Pipeline and Bighorn, offset by $1.9 million in distributions from Eagle Ford Gathering, Bighorn and Southern Dome in excess of equity earnings. Investing activities for the six months ended June 30, 2011 included $118.5 million, including (i) $84.7 million in capital expenditures related to our Eagle Ford Shale growth strategy and well connections attaching volumes in new areas, (ii) $16.1 million for acquisition of the Harrah plant in Oklahoma and (iii) $65.0 million of investments in Eagle Ford Gathering, Liberty Pipeline Group and Bighorn, offset by $1.2 million in distributions from Bighorn in excess of equity earnings.

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