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>
 
                  CONDENSED CONSOLIDATING STATEMENTS OF INCOME
                      FOR THE QUARTER ENDED JUNE 30, 2003
 

<Table>
<Caption>
                                             NON-GUARANTOR      GUARANTOR      CONSOLIDATING   CONSOLIDATED
                                   ISSUER    SUBSIDIARIES    SUBSIDIARIES(1)   ELIMINATIONS       TOTAL
                                   -------   -------------   ---------------   -------------   ------------
                                                        (IN THOUSANDS)
<S>                                <C>       <C>             <C>               <C>             <C>
Operating revenues...............  $    --       $229           $236,802         $     --        $237,031
                                   -------       ----           --------         --------        --------
Operating expenses
  Cost of natural gas and other
     products....................       --         --             85,385               --          85,385
  Operation and maintenance......    2,737         68             45,746               --          48,551
  Depreciation, depletion and
     amortization................       37         10             24,799               --          24,846
  Loss on sale of long-lived
     assets......................       --         --                363               --             363
                                   -------       ----           --------         --------        --------
                                     2,774         78            156,293               --         159,145
                                   -------       ----           --------         --------        --------
Operating income (loss)..........   (2,774)       151             80,509               --          77,886
Earnings from consolidated
  affiliates.....................   62,892         --                 --          (62,892)             --
Earnings from unconsolidated
  affiliates.....................       --         --              2,987               --           2,987
Minority interest expense........       --        (47)                --               --             (47)
Other income.....................      203         --                106               --             309
Interest and debt expense........   11,024         --             20,814               --          31,838
                                   -------       ----           --------         --------        --------
  Net income.....................  $49,297       $104           $ 62,788         $(62,892)       $ 49,297
                                   =======       ====           ========         ========        ========
</Table>

 
---------------
 
(1) Operating revenues and cost of natural gas and other products for our
    guarantor subsidiaries has been reduced by $73.1 million to reflect the
    revision of Typhoon Oil Pipeline's revenues and cost of natural gas and
    other products to conform to the current period presentation. See Note 1,
    Basis of Presentation and Summary of Significant Accounting
    Policies -- Revenue Recognition and Cost of Natural Gas and Other Products.
 
                  CONDENSED CONSOLIDATING STATEMENTS OF INCOME
                     FOR THE SIX MONTHS 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................  $     --       $282          $445,275       $      --       $445,557
                                    --------       ----          --------       ---------       --------
Operating expenses
  Cost of natural gas and other
     products.....................        --         --           124,522              --        124,522
  Operation and maintenance.......        --        137           100,326              --        100,463
  Depreciation, depletion and
     amortization.................        72         --            52,231              --         52,303
  Gain on sale of long-lived
     assets.......................        --         --               (24)             --            (24)
                                    --------       ----          --------       ---------       --------
                                          72        137           277,055              --        277,264
                                    --------       ----          --------       ---------       --------
Operating income (loss)...........       (72)       145           168,220              --        168,293
Earnings from consolidated
  affiliates......................   140,335         --                --        (140,335)            --
Earnings (loss) from
  unconsolidated affiliates.......        --        (30)            5,496              --          5,466
Minority interest income..........        --         12                --              --             12
Other income......................       112         --               172              --            284
Interest and debt expense.........    21,047        (13)           33,693              --         54,727
Loss due to early redemptions of
  debt............................    16,285         --                --              --         16,285
                                    --------       ----          --------       ---------       --------
  Net income......................  $103,043       $140          $140,195       $(140,335)      $103,043
                                    ========       ====          ========       =========       ========
</Table>

 
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