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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7. EARNINGS PER COMMON UNIT
 
     The following table sets forth the computation of basic and diluted
earnings per common unit (in thousands, except per unit amounts):
 

<Table>
<Caption>
                                                           QUARTER ENDED     SIX MONTHS ENDED
                                                             JUNE 30,            JUNE 30,
                                                         -----------------   -----------------
                                                          2004      2003      2004      2003
                                                         -------   -------   -------   -------
<S>                                                      <C>       <C>       <C>       <C>
Numerator:
  Numerator for basic earnings per common unit --
     Income before cumulative effect of accounting
       change..........................................  $22,022   $24,160   $51,087   $41,614
     Cumulative effect of accounting change............       --        --        --     1,340
                                                         -------   -------   -------   -------
                                                         $22,022   $24,160   $51,087   $42,954
                                                         =======   =======   =======   =======
Denominator:
  Denominator for basic earnings per common unit --
     weighted-average common units.....................   59,649    48,005    59,298    46,024
  Effect of dilutive securities:
     Unit options......................................      212       146       244       112
     Restricted units..................................       22         9        23         8
     Series F convertible units........................        3       316         1       158
                                                         -------   -------   -------   -------
  Denominator for diluted earnings per common unit --
     adjusted for weighted-average common units........   59,886    48,476    59,566    46,302
                                                         =======   =======   =======   =======
Basic and diluted earnings per common unit
  Income before cumulative effect of accounting
     change............................................  $  0.37   $  0.50   $  0.86   $  0.90
  Cumulative effect of accounting change...............       --        --        --      0.03
                                                         -------   -------   -------   -------
                                                         $  0.37   $  0.50   $  0.86   $  0.93
                                                         =======   =======   =======   =======
</Table>

 
8. RELATED PARTY TRANSACTIONS
 
     There have been no changes to our related party relationships, except as
described below, from those described in Note 10 of our audited financial
statements filed in our 2003 Annual Report on Form 10-K, as amended.
 
     Revenues received from related parties for the quarters ended June 30, 2004
and 2003, were approximately 17 percent and 15 percent of our total revenue.
Revenues received from related parties for the six months ended June 30, 2004
and 2003, were approximately 17 percent and 14 percent of our total revenue.
 
     Our transactions with related parties and affiliates are as follows:
 

<Table>
<Caption>
                                                           QUARTER ENDED     SIX MONTHS ENDED
                                                             JUNE 30,            JUNE 30,
                                                         -----------------   -----------------
                                                          2004      2003      2004      2003
                                                         -------   -------   -------   -------
                                                                    (IN THOUSANDS)
<S>                                                      <C>       <C>       <C>       <C>
Revenues received from related parties:
  Natural gas pipelines and plants.....................  $22,827   $26,064   $43,513   $49,014
  Oil and NGL logistics................................   14,847     8,975    30,247    15,844
                                                         -------   -------   -------   -------
                                                         $37,674   $35,039   $73,760   $64,858
                                                         =======   =======   =======   =======
Expenses paid to related parties:
  Cost of natural gas and other products...............  $ 6,496   $ 5,842   $16,011   $20,797
  Operation and maintenance............................   23,078    22,093    45,665    45,810
                                                         -------   -------   -------   -------
                                                         $29,574   $27,935   $61,676   $66,607
                                                         =======   =======   =======   =======
Reimbursements received from related parties:
  Operation and maintenance............................  $   663   $   676   $ 1,629   $ 1,201
                                                         =======   =======   =======   =======
</Table>

 
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