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Operating Segments (Tables)
 3 Months Ended
Mar. 31, 2012
Operating Segments  
Segment financial data

 

 

 

 

Transportation

 

Facilities

 

Supply and Logistics

 

Total

 

Three Months Ended March 31, 2012

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

150

 

$

191

 

$

8,877

 

$

9,218

 

Intersegment (1)

 

167

 

45

 

—

 

212

 

Total revenues of reportable segments

 

$

317

 

$

236

 

$

8,877

 

$

9,430

 

Equity earnings in unconsolidated entities

 

$

7

 

$

—

 

$

—

 

$

7

 

Segment profit (2) (3)

 

$

162

 

$

90

 

$

128

 

$

380

 

Maintenance capital

 

$

24

 

$

7

 

$

4

 

$

35

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2011

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

External Customers

 

$

141

 

$

118

 

$

7,435

 

$

7,694

 

Intersegment (1)

 

134

 

43

 

—

 

177

 

Total revenues of reportable segments

 

$

275

 

$

161

 

$

7,435

 

$

7,871

 

Segment profit (2) (3)

 

$

137

 

$

78

 

$

133

 

$

348

 

Maintenance capital

 

$

18

 

$

3

 

$

3

 

$

24

 

 

 

(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 2011 Annual Report on Form 10-K.

 

(2)                      Supply and logistics segment profit includes interest expense (related to hedged inventory purchases) of approximately $2 million and $5 million for the three months ended March 31, 2012 and 2011, respectively.

 

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

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2012

 

2011

 

Segment profit

 

$

380

 

$

348

 

Depreciation and amortization

 

(60

)

(63

)

Interest expense

 

(65

)

(65

)

Other income/(expense), net

 

2

 

(22

)

Income tax expense

 

(20

)

(13

)

Net income

 

237

 

185

 

Less: Net income attributable to noncontrolling interests

 

(7

)

(3

)

Net income attributable to Plains

 

$

230

 

$

182

 
Reconciliation of segment profit to net income attributable to Plains

 

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2012

 

2011

 

Segment profit

 

$

380

 

$

348

 

Depreciation and amortization

 

(60

)

(63

)

Interest expense

 

(65

)

(65

)

Other income/(expense), net

 

2

 

(22

)

Income tax expense

 

(20

)

(13

)

Net income

 

237

 

185

 

Less: Net income attributable to noncontrolling interests

 

(7

)

(3

)

Net income attributable to Plains

 

$

230

 

$

182