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Operating Segments (Tables)
 12 Months Ended
Dec. 31, 2011
Operating Segments  
Segment financial data

 

 

 

 

Transportation

 

Facilities

 

Supply & Logistics

 

Total

 

Twelve Months Ended December 31, 2011

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

572

 

$

638

 

$

33,065

 

$

34,275

 

Intersegment (1)

 

593

 

158

 

3

 

754

 

Total revenues of reportable segments

 

$

1,165

 

$

796

 

$

33,068

 

$

35,029

 

Equity earnings in unconsolidated entities

 

$

13

 

$

—

 

$

—

 

$

13

 

Segment profit (2) (3) 

 

$

555

 

$

358

 

$

647

 

$

1,560

 

Capital expenditures (4)

 

$

600

 

$

1,317

 

$

18

 

$

1,935

 

Total assets

 

$

5,156

 

$

4,506

 

$

5,719

 

$

15,381

 

Maintenance capital

 

$

86

 

$

22

 

$

12

 

$

120

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2010

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

565

 

$

339

 

$

24,989

 

$

25,893

 

Intersegment (1)

 

480

 

151

 

1

 

632

 

Total revenues of reportable segments

 

$

1,045

 

$

490

 

$

24,990

 

$

26,525

 

Equity earnings in unconsolidated entities

 

$

3

 

$

—

 

$

—

 

$

3

 

Segment profit (2) (3)

 

$

516

 

$

270

 

$

240

 

$

1,026

 

Capital expenditures

 

$

329

 

$

270

 

$

163

 

$

762

 

Total assets

 

$

4,701

 

$

3,303

 

$

5,699

 

$

13,703

 

Maintenance capital

 

$

67

 

$

17

 

$

9

 

$

93

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2009

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

536

 

$

227

 

$

17,757

 

$

18,520

 

Intersegment (1)

 

425

 

135

 

2

 

562

 

Total revenues of reportable segments

 

$

961

 

$

362

 

$

17,759

 

$

19,082

 

Equity earnings in unconsolidated entities

 

$

7

 

$

8

 

$

—

 

$

15

 

Segment profit (2) (3)

 

$

477

 

$

208

 

$

345

 

$

1,030

 

Capital expenditures

 

$

183

 

$

564

 

$

10

 

$

757

 

Total assets

 

$

4,468

 

$

3,097

 

$

4,793

 

$

12,358

 

Maintenance capital

 

$

57

 

$

16

 

$

8

 

$

81

 

 

(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.

 

(2)                                 Supply and logistics segment profit includes interest expense (related to hedged inventory purchases) of $20 million, $17 million and $11 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

(3)                                 The following table reconciles segment profit to net income attributable to Plains (in millions):

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Segment profit

 

$

1,560

 

$

1,026

 

$

1,030

 

Depreciation and amortization

 

(249

)

(256

)

(236

)

Interest expense

 

(253

)

(248

)

(224

)

Other income/(expense), net

 

(19

)

(9

)

16

 

Income tax benefit/(expense)

 

(45

)

1

 

(6

)

Net income

 

994

 

514

 

580

 

Less: Net income attributable to noncontrolling interests

 

(28

)

(9

)

(1

)

Net income attributable to Plains

 

$

966

 

$

505

 

$

579

 

 

(4)                                 Facilities segment capital expenditures includes a cash deposit of $50 million (reflected within “Other current assets” on our Consolidated Balance Sheet) paid upon signing a definitive agreement related to the pending BP NGL acquisition, which is expected to close in the second quarter of 2012. Upon completion of this acquisition, we will allocate the assets to our segments, which may result in a different allocation than reflected above. See Note 3 for further discussion of the pending BP NGL acquisition.
Reconciliation of segment profit to net income attributable to Plains

 

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Segment profit

 

$

1,560

 

$

1,026

 

$

1,030

 

Depreciation and amortization

 

(249

)

(256

)

(236

)

Interest expense

 

(253

)

(248

)

(224

)

Other income/(expense), net

 

(19

)

(9

)

16

 

Income tax benefit/(expense)

 

(45

)

1

 

(6

)

Net income

 

994

 

514

 

580

 

Less: Net income attributable to noncontrolling interests

 

(28

)

(9

)

(1

)

Net income attributable to Plains

 

$

966

 

$

505

 

$

579

 
Revenues attributable to geographical areas

 

 

 

 

For the Year Ended December 31,

 

Revenues (1)

 

2011

 

2010

 

2009

 

United States

 

$

28,181

 

$

21,471

 

$

15,439

 

Canada

 

6,094

 

4,422

 

3,081

 

 

 

$

34,275

 

$

25,893

 

$

18,520

 

 

(1)                                     Revenues are primarily attributed to each region based on where the services are provided or the product is shipped.
Long-lived assets attributable to geographical areas

 

 

 

 

As of December 31,

 

Long-Lived Assets (1)

 

2011

 

2010

 

United States

 

$

9,127

 

$

7,502

 

Canada

 

1,883

 

1,800

 

 

 

$

11,010

 

$

9,302

 

 

(1)                                     Excludes long-term derivative assets.