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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and $2.4 million due to additional volumes on our Falcon Nest pipeline. San Juan
gathering volumes were higher in 2004 as compared to 2003 due to a turbine
outage at the Blanco plant in 2003 which resulted in volumes being shut in on
the gathering system. Volumes are up on the Falcon Nest pipeline reflecting a
full six months of operation as compared to 2003. Partially offsetting these
increases was a $3.0 million decrease in margin at our Indian Basin gas plant
attributable to lower volumes due to plant maintenance in the second quarter of
2004 and colder temperatures in the first quarter of 2004. These increases were
also offset by an additional $3.0 million of increased fuel costs at our Permian
Basin gathering systems over the same period in 2003.
 
     Operating expenses excluding depreciation, depletion and amortization for
the quarter ended June 30, 2004, were $9.8 million higher than the same period
in 2003 primarily due to timing of expenditures associated with normal recurring
operating expenses and an increase in allocated administrative costs, including
merger-related costs and directors and officers liability insurance. These
increases were partially offset by a $2.0 million increase in our allowance for
doubtful accounts recorded in 2003.
 
OIL AND NGL LOGISTICS
 

<Table>
<Caption>
                                                        QUARTER ENDED       SIX MONTHS ENDED
                                                          JUNE 30,              JUNE 30,
                                                     -------------------   -------------------
                                                       2004       2003       2004       2003
                                                     --------   --------   --------   --------
                                                        (IN THOUSANDS, EXCEPT FOR VOLUMES)
<S>                                                  <C>        <C>        <C>        <C>
Oil and NGL logistics revenues.....................  $ 19,817   $ 16,009   $ 35,005   $ 27,977
Cost of natural gas and other products.............      (318)      (103)    (1,278)      (103)
                                                     --------   --------   --------   --------
Oil and NGL logistics margin.......................    19,499     15,906     33,727     27,874
Operating expenses excluding depreciation,
  depletion, and amortization......................    (6,247)    (5,531)   (13,009)    (9,861)
Other income and cash distributions from
  unconsolidated affiliates in excess of
  earnings(1)......................................        --      2,522          2      6,484
                                                     --------   --------   --------   --------
Performance cash flows.............................  $ 13,252   $ 12,897   $ 20,720   $ 24,497
                                                     ========   ========   ========   ========
Liquid Volumes (Bbls/d)
  NGL Fractionation Plants.........................    69,480     58,770     72,812     62,880
  NGL Pipeline Systems.............................    52,044     37,311     39,760     28,185
  Allegheny Oil Pipeline...........................    32,117     14,053     30,656     15,763
  Typhoon Oil Pipeline.............................    30,546     31,238     31,950     24,913
  Unconsolidated affiliate
     Poseidon Oil Pipeline(2)......................   104,582    134,751    103,082    144,222
                                                     --------   --------   --------   --------
     Total liquid volumes..........................   288,769    276,123    278,260    275,963
                                                     ========   ========   ========   ========
</Table>

 
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(1) Earnings from unconsolidated affiliates for the quarters ended June 30, 2004
    and 2003, were $1,379 thousand and $2,361 thousand. Earnings from
    unconsolidated affiliates for the six months ended June 30, 2004 and 2003,
    were $3,169 thousand and $5,048 thousand.
 
(2) Represents 100 percent of Poseidon volumes.
 
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