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>
 
     A reconciliation of our segment performance cash flows to our net income is
as follows:
 

<Table>
<Caption>
                                                        QUARTER ENDED       SIX MONTHS ENDED
                                                          JUNE 30,              JUNE 30,
                                                     -------------------   -------------------
                                                       2004       2003       2004       2003
                                                     --------   --------   --------   --------
                                                                  (IN THOUSANDS)
<S>                                                  <C>        <C>        <C>        <C>
Natural gas pipelines and plants...................  $ 83,904   $ 78,386   $165,917   $156,221
Oil and NGL logistics..............................    13,252     12,897     20,720     24,497
Natural gas storage................................     7,721      8,068     16,782     15,069
Platform services..................................     5,816      6,277     12,179     10,512
                                                     --------   --------   --------   --------
  Segment performance cash flows...................   110,693    105,628    215,598    206,299
Plus: Other, nonsegment results....................     3,287      3,011      8,692      8,277
      Earnings from unconsolidated affiliates......     3,258      2,987      5,466      6,303
      Cumulative effect of accounting change.......        --         --         --      1,690
Less: 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
      Depreciation, depletion and amortization.....    26,080     24,846     52,303     48,543
      Cash distributions from unconsolidated
         affiliates................................       700      3,520      1,450      8,230
      Minority interest............................        --         47        (12)        80
      Net cash payment received from El Paso
      Corporation..................................        --      2,078      1,960      4,118
                                                     --------   --------   --------   --------
Net income.........................................  $ 47,477   $ 49,297   $103,043   $ 91,512
                                                     ========   ========   ========   ========
</Table>

 
12. GUARANTOR FINANCIAL INFORMATION
 
     As of June 30, 2004 and December 31, 2003, our credit facility is
guaranteed by each of our subsidiaries, excluding our unrestricted subsidiaries
(Arizona Gas Storage, L.L.C. and GulfTerra Arizona Gas, L.L.C.), and is
collateralized by substantially all of our assets. In addition, all of our
senior notes and senior subordinated notes are jointly, severally, fully and
unconditionally guaranteed by us and each of our subsidiaries, excluding our
unrestricted subsidiaries. Non-guarantor subsidiaries for the quarter and six
months ended June 30, 2004, consisted of our unrestricted subsidiaries.
Non-guarantor subsidiaries for the quarter and six months ended June 30, 2003,
consisted of Matagorda Island Area Gathering System, Arizona Gas Storage,
L.L.C., GulfTerra Arizona Gas, L.L.C., Cameron Highway Pipeline GP I, L.L.C.,
Cameron Highway Pipeline II, L.P., Cameron Highway Pipeline III, L.P., and
Cameron Highway Oil Pipeline Company.
 
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