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
 
<PAGE>
 
     The table below depicts our estimate of projects and capital maintenance
expenditures through June 30, 2005. These estimates are net of anticipated
contributions in aid of construction and contributions from joint venture
partners. We expect to be able to fund these forecasted expenditures from the
combination of operating cash flow and funds available under our revolving
credit facility and other financing arrangements. Actual results may vary from
these projections. We do not disclose planned expenditures related to our
offshore projects unless we have entered into definitive agreements.
 
FORECASTED EXPENDITURES
 

<Table>
<Caption>
                                                     QUARTERS ENDING
                                   ---------------------------------------------------    NET TOTAL
                                   SEPTEMBER 30,   DECEMBER 31,   MARCH 31,   JUNE 30,    FORECASTED
                                       2004            2004         2005        2005     EXPENDITURES
                                   -------------   ------------   ---------   --------   ------------
                                                             (IN MILLIONS)
<S>                                <C>             <C>            <C>         <C>        <C>
Net Forecasted Capital Project
  Expenditures...................       $39            $54           $75        $18          $186
Other Forecasted Capital
  Expenditures(1)................        10              5            10         10            35
Additional Capital Contributions
  to Our Unconsolidated
  Affiliates.....................        13             --            --         --            13
                                        ---            ---           ---        ---          ----
Total Forecasted Expenditures....       $62            $59           $85        $28          $234
                                        ===            ===           ===        ===          ====
</Table>

 
---------------
 
(1) We do not plan to make any significant capital expenditures for
    environmental matters within the next twelve months.
 
CONSTRUCTION PROJECTS
 

<Table>
<Caption>
                                                CAPITAL EXPENDITURES
                                  -------------------------------------------------
                                                                     AS OF                  CAPACITY
                                        FORECASTED               JUNE 30, 2004        --------------------
                                  -----------------------   -----------------------               NATURAL
                                  TOTAL(1)   GULFTERRA(2)   TOTAL(1)   GULFTERRA(2)      OIL        GAS      EXPECTED IN-SERVICE
                                  --------   ------------   --------   ------------   ---------   --------   -------------------
                                                    (IN MILLIONS)                     (MBBLS/D)   (MMCF/D)
<S>                               <C>        <C>            <C>        <C>            <C>         <C>        <C>
Wholly owned projects
  Marco Polo Natural Gas and Oil
    Pipelines...................    $114         $ 96         $110         $93           120        400      July 2004
  Phoenix Gathering System......      65           59           60          57            --        450      July 2004
  Petal Conversion Project......      17           17           --          --            --        1.8(3)   Fourth Quarter 2004
  Constitution Gathering
    System......................     120          120            1           1            80        200      First Half of 2006
Joint venture project
  Cameron Highway Oil
    Pipeline....................     474           95          412          85           500         --      Fourth Quarter 2004
</Table>

 
---------------
 
(1) Includes 100 percent of costs and is not reduced for anticipated
    contributions in aid of construction, project financings and contributions
    from joint venture partners. We expect to receive $6.1 million (of which
    $3.0 million has been collected as of June 30, 2004) from ANR Pipeline
    Company for our Phoenix gathering system, which went into service in July
    2004. We expect to receive the remaining $3.1 million from ANR Pipeline
    Company in the third quarter of 2004. We have received $10.5 million from
    ANR Pipeline Company and $7.0 million from El Paso Field Services for the
    Marco Polo natural gas pipeline, which went into service in July 2004.
 
(2) GulfTerra expenditures are net of anticipated or received contributions in
    aid of construction, project financings and contributions from joint venture
    partners, to the extent applicable.
 
(3) Capacity in Bcf
 
PETAL CONVERSION PROJECT
 
     We are planning, subject to final regulatory approval, to convert our
existing brine well at our propane storage caverns in Hattiesburg, Mississippi
to natural gas service. This conversion will cost approximately $17 million and
will create a new 1.8 Bcf working natural gas cavern that would be integrated
into our Petal natural gas storage facility. We expect to have the cavern in
service during the fourth quarter of 2004. In the second quarter of 2004 , Petal
executed agreements with BP Energy Company for the 1.8 Bcf of firm storage
capacity in the new natural gas cavern. The agreement is for a five-year term
and is anticipated to commence in October 2004. This commitment increases BP's
position at Petal to 3.45 Bcf. We expect to fund the conversion project costs
through internally generated funds and borrowings under our credit facility.
 
                                        42