USA: Southern Union Net Earnings Rise

Southern Union Company reported net earnings for the year ended December 31, 2011, of $255.4 million, compared with $216.2 million in the prior year.

Adjusted net earnings for the same period were $241.1 million, compared with $224.2 million in the prior year.

For the quarter ended December 31, 2011, the Company reported net earnings of $77.0 million, compared with $55.9 million in the prior year.

Net earnings from continuing operations were $77.0 million compared with $74.0 million in the prior year.

Adjusted net earnings for the same period were $71.8 million, compared with $65.9 million in the prior year.

George L. Lindemann, Chairman and CEO, said, “We are pleased with our fiscal year 2011 operational results. Looking forward, we expect growth projects in our midstream business to continue to drive compelling earnings growth for the company. We also feel good about the progress we’ve made in our merger process and look forward to consummating the transaction with ETE.”

Eric D. Herschmann, Vice Chairman, President and COO, added, “We continue to be excited about our opportunity to develop and install liquefaction facilities at the Lake Charles terminal. We are encouraged by the positive market response to the project and continue to work closely with BG Group in our planning efforts.”

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LNG World News Staff, February 27, 2012; Image: Panhandle Energy