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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                        PART I -- FINANCIAL INFORMATION
 

ITEM 1. FINANCIAL STATEMENTS
 
                        GULFTERRA ENERGY PARTNERS, L.P.
 
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    (IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
                                  (UNAUDITED)
 

<Table>
<Caption>
                                                                 QUARTER ENDED        SIX MONTHS ENDED
                                                                   JUNE 30,               JUNE 30,
                                                              -------------------   --------------------
                                                                2004     2003(1)      2004      2003(1)
                                                              --------   --------   --------    --------
<S>                                                           <C>        <C>        <C>         <C>
Operating revenues..........................................  $225,218   $237,031   $445,557    $467,126
                                                              --------   --------   --------    --------
Operating expenses
  Cost of natural gas and other products....................    60,095     85,385    124,522     176,138
  Operation and maintenance.................................    51,967     48,551    100,463      89,195
  Depreciation, depletion and amortization..................    26,080     24,846     52,303      48,543
  (Gain) loss on sale of long-lived assets..................        --        363        (24)        257
                                                              --------   --------   --------    --------
                                                               138,142    159,145    277,264     314,133
                                                              --------   --------   --------    --------
Operating income............................................    87,076     77,886    168,293     152,993
Earnings from unconsolidated affiliates.....................     3,258      2,987      5,466       6,303
Minority interest income (expense)..........................        --        (47)        12         (80)
Other income................................................       124        309        284         692
Interest and debt expense...................................    26,696     31,838     54,727      66,324
Loss due to early redemptions of debt.......................    16,285         --     16,285       3,762
                                                              --------   --------   --------    --------
Income before cumulative effect of accounting change........    47,477     49,297    103,043      89,822
Cumulative effect of accounting change......................        --         --         --       1,690
                                                              --------   --------   --------    --------
Net income..................................................  $ 47,477   $ 49,297   $103,043    $ 91,512
                                                              ========   ========   ========    ========
Income allocation
  Series B unitholders......................................  $     --   $  3,898   $     --    $  7,774
                                                              ========   ========   ========    ========
  General partner
    Income before cumulative effect of accounting change....  $ 21,420   $ 15,856   $ 42,549    $ 30,716
    Cumulative effect of accounting change..................        --         --         --          17
                                                              --------   --------   --------    --------
                                                              $ 21,420   $ 15,856   $ 42,549    $ 30,733
                                                              ========   ========   ========    ========
  Common unitholders
    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
                                                              ========   ========   ========    ========
  Series C unitholders
    Income before cumulative effect of accounting change....  $  4,035   $  5,383   $  9,407    $  9,718
    Cumulative effect of accounting change..................        --         --         --         333
                                                              --------   --------   --------    --------
                                                              $  4,035   $  5,383   $  9,407    $ 10,051
                                                              ========   ========   ========    ========
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
                                                              --------   --------   --------    --------
  Net income................................................  $   0.37   $   0.50   $   0.86    $   0.93
                                                              ========   ========   ========    ========
Basic weighted average number of common units outstanding...    59,649     48,005     59,298      46,024
                                                              ========   ========   ========    ========
Diluted weighted average number of common units
  outstanding...............................................    59,886     48,476     59,566      46,302
                                                              ========   ========   ========    ========
Distributions declared per common unit......................  $  0.710   $  0.675   $  1.420    $  1.350
                                                              ========   ========   ========    ========
</Table>

 
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(1) See Note 1, Basis of Presentation and Summary of Significant Accounting
    Policies -- Revenue Recognition and Cost of Natural Gas and Other Products.
                            See accompanying notes.
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