USA: Southern Union Net Earnings Rise

Southern Union Company today reported third quarter net earnings available for common stockholders of $58.0 million ($0.46 per share), compared with $36.6 million ($0.29 per share) in the prior year.

Adjusted net earnings for the same period were $53.3 million ($0.42 per share), compared with $50.2 million ($0.40 per share) in the prior year.

George L. Lindemann, Chairman and CEO, said, “Each of our business segments performed in-line with our expectations during the third quarter, and we are reaffirming our 2011 guidance at this time. We are also excited with our Board’s approval to move forward with the Red Bluff Project, a 200 MMcf/d natural gas processing plant and associated gathering, compression and treating facilities. The project will allow us to capitalize on the compelling growth opportunities we see in the Avalon, Bone Spring and Wolfcamp production areas. With existing Permian Basin midstream infrastructure nearing capacity, Red Bluff provides long-term customer solutions for treating, processing and NGL take-away and significant earnings growth opportunities for our stockholders.”

Eric D. Herschmann, Vice Chairman, President and COO, added, “As was recently announced, BG Group plc has affirmed its commitment to pursuing our companies’ joint export application to develop and install liquefaction facilities at the Lake Charles terminal to export LNG. We are excited to move forward with this process and will continue to work together with BG to ensure the achievement of our liquefaction plans at this site.”

For the nine-month period ended September 30, 2011, the Company reported net earnings available for common stockholders of $178.5 million ($1.42 per share), compared with $160.3 million ($1.28 per share) in the prior year. Adjusted net earnings for the same period were $169.3 million ($1.34 per share), compared with $158.4 million ($1.27 per share) in the prior year.

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Source: Southern Union Company, November 8, 2011