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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2012
Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited) | Note 17—Quarterly Financial Data (Unaudited)
|  | First |  | Second |  | Third |  | Fourth |  |  |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total (1) |
|  | (in millions, except per unit data) |
2012 |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 9,218 |  | $ | 9,786 |  | $ | 9,354 |  | $ | 9,439 |  | $ | 37,797 |
Gross margin (2) |  | $ | 407 |  | $ | 551 |  | $ | 328 |  | $ | 480 |  | $ | 1,767 |
Operating income |  | $ | 313 |  | $ | 462 |  | $ | 247 |  | $ | 402 |  | $ | 1,425 |
Net income |  | $ | 237 |  | $ | 386 |  | $ | 173 |  | $ | 330 |  | $ | 1,127 |
Net income attributable to Plains |  | $ | 230 |  | $ | 378 |  | $ | 165 |  | $ | 320 |  | $ | 1,094 |
Basic net income per limited partner unit |  | $ | 0.52 |  | $ | 0.93 |  | $ | 0.27 |  | $ | 0.70 |  | $ | 2.41 |
Diluted net income per limited partner unit |  | $ | 0.51 |  | $ | 0.93 |  | $ | 0.27 |  | $ | 0.69 |  | $ | 2.40 |
Cash distributions per common unit (3) |  | $ | 0.5125 |  | $ | 0.5225 |  | $ | 0.5325 |  | $ | 0.5425 |  | $ | 2.1100 |
2011 |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 7,694 |  | $ | 8,859 |  | $ | 8,837 |  | $ | 8,884 |  | $ | 34,275 |
Gross margin (2) |  | $ | 355 |  | $ | 371 |  | $ | 413 |  | $ | 453 |  | $ | 1,592 |
Operating income |  | $ | 285 |  | $ | 298 |  | $ | 357 |  | $ | 359 |  | $ | 1,298 |
Net income |  | $ | 185 |  | $ | 233 |  | $ | 288 |  | $ | 288 |  | $ | 994 |
Net income attributable to Plains |  | $ | 182 |  | $ | 225 |  | $ | 281 |  | $ | 278 |  | $ | 966 |
Basic net income per limited partner unit |  | $ | 0.45 |  | $ | 0.57 |  | $ | 0.74 |  | $ | 0.69 |  | $ | 2.46 |
Diluted net income per limited partner unit |  | $ | 0.45 |  | $ | 0.57 |  | $ | 0.74 |  | $ | 0.68 |  | $ | 2.44 |
Cash distributions per common unit (3) |  | $ | 0.4788 |  | $ | 0.4850 |  | $ | 0.4913 |  | $ | 0.4975 |  | $ | 1.9525 |
(1) The sum of the four quarters may not equal the total year due to rounding. (2) Gross margin is calculated as Total revenues less (i) Purchases and related costs, (ii) Field operating costs and (iii) Depreciation and amortization. (3) Represents cash distributions declared and paid in the applicable period.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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