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 following condensed consolidating financial statements are included so
that separate financial statements of our guarantor subsidiaries are not
required to be filed with the SEC. These condensed consolidating financial
statements present our investments in both consolidated subsidiaries and
unconsolidated affiliates using the equity method of accounting. The
consolidating eliminations column on our condensed consolidating balance sheets
below eliminates our investment in consolidated subsidiaries, intercompany
payables and receivables and other transactions between subsidiaries. The
consolidating eliminations column in our condensed consolidating statements of
income and cash flows eliminates earnings from our consolidated affiliates.
 
                  CONDENSED CONSOLIDATING STATEMENTS OF INCOME
                      FOR THE QUARTER ENDED JUNE 30, 2004
 

<Table>
<Caption>
                                              NON-GUARANTOR    GUARANTOR     CONSOLIDATING   CONSOLIDATED
                                    ISSUER    SUBSIDIARIES    SUBSIDIARIES   ELIMINATIONS       TOTAL
                                    -------   -------------   ------------   -------------   ------------
                                                        (IN THOUSANDS)
<S>                                 <C>       <C>             <C>            <C>             <C>
Operating revenues................  $    --       $148          $225,070       $     --        $225,218
                                    -------       ----          --------       --------        --------
Operating expenses
  Cost of natural gas and other
     products.....................       --         --            60,095             --          60,095
  Operation and maintenance.......       --         74            51,893             --          51,967
  Depreciation, depletion and
     amortization.................       36         --            26,044             --          26,080
                                    -------       ----          --------       --------        --------
                                         36         74           138,032             --         138,142
                                    -------       ----          --------       --------        --------
Operating income (loss)...........      (36)        74            87,038             --          87,076
Earnings from consolidated
  affiliates......................   74,501         --                --        (74,501)             --
Earnings from unconsolidated
  affiliates......................       --         --             3,258             --           3,258
Other income......................       39         --                85             --             124
Interest and debt expense.........   10,742         (6)           15,960             --          26,696
Loss due to early redemptions of
  debt............................   16,285         --                --             --          16,285
                                    -------       ----          --------       --------        --------
  Net income......................  $47,477       $ 80          $ 74,421       $(74,501)       $ 47,477
                                    =======       ====          ========       ========        ========
</Table>

 
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