USA: Southern Union Reports 1Q Net Earnings of USD 60.7 Million

Southern Union Company today reported first quarter net earnings available for common stockholders of $60.7 million ($0.48 per share), compared with $54.3 million ($0.43 per share) in the prior year. Adjusted net earnings for the same period were $64.0 million ($0.51 per share), compared with $55.2 million ($0.44 per share) in the prior year.

George L. Lindemann, chairman and CEO, said, “We are pleased to reaffirm our 2011 adjusted earnings guidance at this time. In addition, we are happy to have placed the Florida Gas Transmission Company Phase VIII Expansion Project into service on April 1st. We are confident that this $2.48 billion project, which was placed into service on time and on budget, will create long-term value for the Company’s shareholders through enhanced earnings and cash flows.”

Eric D. Herschmann, Vice Chairman, President and COO, added, “The Company is happy to announce that Southern Union and BG LNG Services, LLC, a subsidiary of BG Group plc, have formed a joint venture which has filed an application with the US Department of Energy for long-term authorization to export domestically sourced liquefied natural gas from the Company’s liquefied natural gas import terminal facility in Lake Charles, Louisiana. The project will require modification of the facility to construct natural gas liquefaction capability. The application provides for volumes of 2 bcf/d over a 25-year period, commencing on the earlier of the date of the first export or ten years from approval of the application.”

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Source: Southern Union, May 9, 2011;