History Of Southern Union Essay

706 words - 3 pages

History of Southern Union
Southern Union’s history dates back to the 1920s as a holding company for several gas utilities in Texas. Over the next sixty years the company expanded its gas utility operations and diversified into natural gas processing, exploration and production, refining, gas appliance sales, and real estate. This diversification strategy failed and in the late 1980s SUG divested everything but its natural gas distribution operations. In 1990 Southern Union was acquired by mobile phone company Metro Mobile, Inc; however, the resulting entity took the name Southern Union. The mobile phone operations would eventually be sold to Bell Atlantic and SUG re-focused on its natural gas distribution activities acquiring over 1.5mm customers through acquisitions in Missouri and the Northeast. In 2002, the company changed course once again decided to divest most of its gas distribution business and use the proceeds to expand into interstate natural gas pipelines. SUG acquired Panhandle Energy for $1.8bn in 2002 and its 50% stake in Citrus Corp, which owns Florida Gas Transmission, in 2006. Diversification continued when SUG acquired the natural gas gathering and processing firm, Sid Richardson, for $1.6bn. See the appendix for a map of Southern Union’s current operations.

Transportation and Storage (projected as 57% of 2009 EBITDA)
This segment consists of the three natural gas pipelines: Panhandle Eastern, Trunkline, and Sea Robin, natural gas storage assets, and the Trunkline LNG terminal. The three pipelines have a total length of approximately 10,000 miles and transport 5.5 Bcf/d of natural gas. The Panhandle Eastern pipeline transports natural gas from the Rocky Mountains and Midcontinent supply areas to the industrial area of the Midwest (MI, IN, IL). Trunkline moves Gulf Coast and Gulf of Mexico natural gas north to demand areas in Indiana and Illinois. Sea Robin is a 400 miles offshore gathering system that moves 1 Bcf/d of gas onshore. Natural gas storage assets have a total capacity of 75 Bcf. Lastly, the Trunkline LNG terminal is one the largest LNG import terminals with a send out capacity of 2.1 Bcf/d. As of 12/31/2008, the average...

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