Enterprise Products Partners L.P.

SEC Filings

10-Q
GULFTERRA ENERGY PARTNERS L P filed this Form 10-Q on 08/09/2004
Entire Document
 
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                        GULFTERRA ENERGY PARTNERS, L.P.
 
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)
 

<Table>
<Caption>
                                                                SIX MONTHS ENDED
                                                                    JUNE 30,
                                                              ---------------------
                                                                2004        2003
                                                              ---------   ---------
<S>                                                           <C>         <C>
Cash flows from operating activities
  Net income................................................  $ 103,043   $  91,512
  Less cumulative effect of accounting change...............         --       1,690
                                                              ---------   ---------
  Income before cumulative effect of accounting change......    103,043      89,822
  Adjustments to reconcile net income to net cash provided
    by operating activities
    Depreciation, depletion and amortization................     52,303      48,543
    Distributed earnings of unconsolidated affiliates
       Earnings from unconsolidated affiliates..............     (5,466)     (6,303)
       Distributions from unconsolidated affiliates.........      1,450       8,230
    (Gain) loss on sale of long-lived assets................        (24)        257
    Loss due to write-off of unamortized debt issuance
      costs.................................................      3,884       3,762
    Amortization of debt issuance costs, premiums and
      discounts.............................................      2,651       4,016
    Other noncash items.....................................      6,352       1,341
  Working capital changes, net of acquisitions and noncash
    transactions............................................    (27,961)    (15,502)
                                                              ---------   ---------
         Net cash provided by operating activities..........    136,232     134,166
                                                              ---------   ---------
Cash flows from investing activities
  Additions to property, plant and equipment................    (86,107)   (207,011)
  Proceeds from sale and retirement of assets...............        197       3,215
  Additions to investments in unconsolidated affiliates.....    (17,947)       (197)
                                                              ---------   ---------
         Net cash used in investing activities..............   (103,857)   (203,993)
                                                              ---------   ---------
Cash flows from financing activities
  Net proceeds from revolving credit facility...............    386,932     223,000
  Repayments of revolving credit facility...................   (307,000)   (298,854)
  Net proceeds from senior secured term loan................    199,651          --
  Repayment of senior secured term loan.....................     (1,500)     (2,500)
  Repayment of senior secured acquisition term loan.........         --    (237,500)
  Net proceeds from (debt issuance costs for) issuance of
    long-term debt..........................................        (52)    292,479
  Repayments of long-term debt..............................   (214,085)         --
  Net proceeds from issuance of common units, Series F
    convertible units and conversion of Series F convertible
    units...................................................     48,536     182,182
  Distributions to partners.................................   (142,317)   (107,427)
  Contribution from general partner.........................        480           1
                                                              ---------   ---------
         Net cash (used in) provided by financing
           activities.......................................    (29,355)     51,381
                                                              ---------   ---------
Increase (decrease) in cash and cash equivalents............      3,020     (18,446)
Cash and cash equivalents at beginning of period............     30,425      36,099
                                                              ---------   ---------
Cash and cash equivalents at end of period..................  $  33,445   $  17,653
                                                              =========   =========
Schedule of noncash financing activities:
  Redemption of Series B preference units contributed from
    our general partner.....................................  $      --   $   1,788
                                                              =========   =========
</Table>

 
                            See accompanying notes.
 
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