Southern Union Company reported second quarter net earnings available for common stockholders of $59.8 million ($0.47 per share), compared with $69.4 million ($0.55 per share) in the prior year.
Adjusted net earnings for the same period were $52.1 million ($0.41 per share), compared with $53.0 million ($0.42 per share) in the prior year .
George L. Lindemann, chairman and CEO , said, “ I am very pleased with our results for the second quarter. Our business units produced solid earnings and we are reaffirming our 2011 adjusted earnings guidance at this time. We also continue to be excited about the high level of producer activity in the Bone Spring and Avalon Shale plays, which are adjacent to our Southern Union Gas Services’ assets. We expect significant growth opportunities on our system to arise from these plays over the next several years.”
Eric D. Herschmann, Vice Chairman, President and COO , added, “ The Company is also pleased with the US Department of Energy’s recent order authorizing Lake Charles Exports, a jointly-owned subsidiary of the Company and BG Group plc, to export up to 2 Bcf/day of domestically produced LNG from Trunkline LNG’s Lake Charles terminal to countries that have or will enter into a free trade agreement with the United States. Receipt of this important regulatory approval is a significant milestone for our liquefaction plans at the terminal. We also hope to receive approval to export LNG to non-free trade agreement countries in the near future. We look forward to participating in this project which will help stimulate the economy through job creation and enhanced support for domestic production of natural gas .”
[mappress] Source: Southern Union, August 10, 2011;