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Operating Segments (Tables)
 6 Months Ended
Jun. 30, 2011
Operating Segments  
Segment financial data

 

 

 

Transportation

 

Facilities

 

Supply & Logistics

 

Total

 

Three Months Ended June 30, 2011

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

147

 

$

126

 

$

8,586

 

$

8,859

 

Intersegment (1)

 

143

 

38

 

—

 

181

 

Total revenues of reportable segments

 

$

290

 

$

164

 

$

8,586

 

$

9,040

 

Equity earnings in unconsolidated entities

 

$

4

 

$

—

 

$

—

 

$

4

 

Segment profit (2) (3)

 

$

128

 

$

86

 

$

151

 

$

365

 

Maintenance capital

 

$

17

 

$

7

 

$

3

 

$

27

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2010

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

139

 

$

84

 

$

5,901

 

$

6,124

 

Intersegment (1)

 

120

 

37

 

—

 

157

 

Total revenues of reportable segments

 

$

259

 

$

121

 

$

5,901

 

$

6,281

 

Equity earnings in unconsolidated entities

 

$

1

 

$

—

 

$

—

 

$

1

 

Segment profit (2) (3)

 

$

130

 

$

70

 

$

57

 

$

257

 

Maintenance capital

 

$

15

 

$

5

 

$

2

 

$

22

 

 

 

 

Transportation

 

Facilities

 

Supply & Logistics

 

Total

 

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

288

 

$

244

 

$

16,021

 

$

16,553

 

Intersegment (1)

 

276

 

81

 

1

 

358

 

Total revenues of reportable segments

 

$

564

 

$

325

 

$

16,022

 

$

16,911

 

Equity earnings in unconsolidated entities

 

$

5

 

$

—

 

$

—

 

$

5

 

Segment profit (2) (3)

 

$

265

 

$

164

 

$

285

 

$

714

 

Maintenance capital

 

$

35

 

$

10

 

$

7

 

$

52

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2010

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

277

 

$

158

 

$

11,813

 

$

12,248

 

Intersegment (1)

 

232

 

77

 

1

 

310

 

Total revenues of reportable segments

 

$

509

 

$

235

 

$

11,814

 

$

12,558

 

Equity earnings in unconsolidated entities

 

$

2

 

$

—

 

$

—

 

$

2

 

Segment profit (2) (3) 

 

$

257

 

$

129

 

$

150

 

$

536

 

Maintenance capital

 

$

22

 

$

8

 

$

3

 

$

33

 

 

 

(1)                      Segment revenues and purchases and related costs include intersegment amounts. Intersegment sales are conducted at posted tariff rates, rates similar to those charged to third parties or rates that we believe approximate market rates. For further discussion, see “Analysis of Operating Segments” under Item 7 of our 2010 Annual Report on Form 10-K.

 

(2)                      Supply and logistics segment profit includes interest expense (related to hedged inventory purchases) of $7 million and $5 million for the three months ended June 30, 2011 and 2010, respectively, and $12 million and $8 million for the six months ended June 30, 2011 and 2010, respectively.

 
Reconciliation of segment profit to net income attributable to Plains

 

For the Three Months

 

For the Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Segment profit

 

$

365

 

$

257

 

$

714

 

$

536

 

Depreciation and amortization

 

(63

)

(64

)

(126

)

(131

)

Interest expense

 

(62

)

(62

)

(128

)

(120

)

Other income/(expense), net

 

2

 

2

 

(20

)

(1

)

Income tax expense

 

(9

)

—

 

(22

)

—

 

Net income

 

233

 

133

 

418

 

284

 

Less: Net income attributable to noncontrolling interests

 

(8

)

(2

)

(10

)

(2

)

Net income attributable to Plains

 

$

225

 

$

131

 

$

408

 

$

282