Balance Sheet

At the end of 2010, cash and cash equivalents were $3.3 million versus $10.5 million in 2009. Accounts receivable, net of allowances were $310.0 million versus $277.7 million in 2009. Net property, plant and equipment were $5,704.5 million versus $5,629.2 million in 2009. Accounts payable and accrued liabilities were $218.5 million versus $246.4 million in 2009. Long-term debt was $3,520.9 million versus $3,421.2 million in 2009. Total stockholders' equity was $2,526.0 million versus $2,469.9 million in 2009.

Cash Flow and Capital Expenditures

At the end of 2010, cash (used for)/ provided by operating activities were $424.7 million versus $579.2 million in 2009. Cash (used for)/ provided by investing activities were ($392.5) million versus ($419.4) million in 2009. Cash (used for)/ provided by financing activities were ($39.4) million versus ($153.6) million in 2009. Capital expenditures were $293.0 million versus $405.4 million in 2009.

The company expects free cash flow in the range of $234.0–$289.0 million in 2011. It expects capital expenditure in the range of $305.0–$345.0 million in 2011. Of this, approximately $210.0–$230.0 million is for maintenance and $95.0–$115.0 million is for growth. The transportation and storage segment is expected to spend growth capital in the range of $30.0–$35.0 million primarily for the Trunkline Gas Company's South Texas project. The gathering and processing segment expects growth capital in the range of $65.0–$75.0 million. It mainly includes the capital necessary for the restart of the Halley processing facility and for other gathering compression and treating infrastructure to handle growing shale volumes.

Dividend Update

On April 8, 2011, the company paid its quarterly cash dividend of $0.15 per share on the company's common stock to holders of record at the close of business on March 25, 2011, as announced on March 11, 2011.