Natural Gas - Quarterly adjusted operating income for the Natural Gas segment was $51.4 million for the three month period ended December 31, 2011, an increase of $2.3 million from the $49.1 million for the same period in 2010. Adjusted operating income from our Anadarko system was slightly higher than the comparable period of 2010 as the system benefited from overall production growth in the Granite Wash region, partially offset by contractual payments to producers for unprocessed natural gas. Our East Texas system benefited from new assets placed in service, and our North Texas system was impacted by lower natural gas volumes over the same period in the prior year.

Liquids - For the three month period ended December 31, 2011, adjusted operating income for the Liquids segment increased to $161.5 million from $128.9 million for the comparable period in 2010. The adjusted operating income for the three month period ended December 31, 2011 was impacted primarily by both an increased transportation rate on our Lakehead system and higher average daily volumes delivered on all of our major liquids systems. The indexed transportation rates, which became effective in July 2011, increased by 6.9 percent in connection with the annual index rate ceiling adjustment.

Adjusted net income for the year was 10 percent higher than adjusted net income in 2010 due to the growth in both our Liquids and Natural Gas businesses.