El Paso Pipeline Partners L.P. Reports Operating Results (10-Q)
El Paso Pipeline Partners Lp has a market cap of $7.76 billion; its shares were traded at around $36.13 with a P/E ratio of 17.7 and P/S ratio of 5.4. The dividend yield of El Paso Pipeline Partners Lp stocks is 6.1%. El Paso Pipeline Partners Lp had an annual average earning growth of 49.7% over the past 5 years.
Highlight of Business Operations:The nine month period ended September 30, 2011 includes $17 million of revenue related to BG LNG Services, L.L.C. s (BG) cancellation of their commitment on Phase B of SLNG s Elba III Expansion offset by a $3 million charge to operating expenses related to the write off of project development costs incurred in conjunction with this expansion project.
In the three and nine months ended September 30, 2012 compared to the same periods in 2011, SNG contributed higher EBDA of $16 million and $14 million, respectively, primarily due to higher reservation revenues in 2012 and the impact of system inventory revaluations and sales in the third quarter of 2012. SNG's reservation revenue increased $5 million and $14 million in the three and nine months ended September 30, 2012 compared to the same periods in 2011, respectively, due to the completion of Phases II and III of the South System III expansion project in June 2011 and June 2012. SNG also benefited from higher average valuation prices in 2012 associated with its system inventory, resulting in a favorable impact of $10 million and $6 million in the three and nine months ended September 30, 2012 compared to the same periods in 2011. SNG's EBDA contribution for the nine months ended September 30, 2012 versus the same period in 2011 was unfavorably impacted by higher property taxes of $4 million resulting from plant additions primarily due to completed expansion projects.
For the nine months ended September 30, 2012, we generated cash flow from operations of $523 million compared to $650 million in the same period in 2011. Our operating cash flow in 2012 decreased as compared to 2011 primarily due to a $117 million increased use of working capital primarily attributable to the termination of the accounts receivable sales program, the settlement of the CPG interest rate swaps and the project cancellation payment received in June 2011 as a result of BG exercising their cancellation option on Phase B of SLNG s Elba III Expansion project.
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