UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (date of earliest event reported): July 29,
2008
Commission
File No. 1-10403
TEPPCO
Partners, L.P.
(Exact
name of Registrant as specified in its charter)
|
Delaware
|
76-0291058
|
|
(State
of Incorporation
|
(I.R.S.
Employer
|
|
Or
Organization)
|
Identification
Number)
|
1100
Louisiana Street, Suite 1600
Houston,
Texas 77002
(Address
of principal executive offices, including zip code)
(713)
381-3636
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02 Results of Operations and Financial Condition.
On July
29, 2008, TEPPCO Partners, L.P. (“TEPPCO”) issued a press release announcing its
financial results for the second quarter 2008, and will hold a conference call
discussing those results. A copy of the earnings press release is
furnished as Exhibit 99.1 to this report, which is hereby incorporated by
reference into this Item 2.02. The webcast conference call will be
available for replay on TEPPCO’s website at www.teppco.com. The
webcast conference call will be archived on its website for 90
days.
Unless the context requires otherwise,
references to “we,” “us,” “our,” or “TEPPCO” within the context of this Current
Report on Form 8-K refer to the consolidated business and operations of
TEPPCO. In addition, as generally used in the energy industry and in
the attached press release and accompanying exhibits, the identified terms have
the following meanings:
|
/d
|
=
per day
|
|
Bcf
|
=
billion cubic feet
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BPD
|
=
barrels per day
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Btu
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=
British Thermal units
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MMBtu
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=
million British Thermal units
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MMcf
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=
million cubic feet
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Use
of Non-GAAP financial measures
Our press
release and/or the webcast conference call discussions include the non-generally
accepted accounting principle (“non-GAAP”) financial measures
of: margin of the Upstream segment, EBITDA and EBITDA excluding gains
from sales of assets and ownership interests. The press release
provides reconciliations of these non-GAAP financial measures to their most
directly comparable financial measures calculated and presented in accordance
with accounting principles generally accepted in the United States of America
(“GAAP”). Our non-GAAP financial measures should not be considered as
alternatives to GAAP measures such as net income, operating income, cash flows
from operating activities or any other measure of financial performance
calculated and presented in accordance with GAAP. Our non-GAAP
financial measures may not be comparable to similarly-titled measures of other
entities because other entities may not calculate such measures in the same
manner as we do.
Margin
of the Upstream segment. We evaluate Upstream segment
performance based on the non-GAAP financial measure of margin. Margin
of our Upstream segment is calculated as revenues generated from the sale of
crude oil and lubrication oil, and transportation of crude oil, less the costs
of purchases of crude oil and lubrication oil, in each case prior to the
elimination of intercompany sales, revenues and purchases between wholly owned
subsidiaries. We believe margin is a more meaningful measure of
financial performance than sales and purchases of crude oil and lubrication oil
due to the significant fluctuations in sales and purchases caused by variations
in the level of marketing activity and prices for products
marketed. Additionally, we use margin internally to evaluate the
financial performance of the Upstream segment because it excludes expenses that
are not directly related to the marketing and sales activities being
evaluated. A reconciliation of margin to operating income is provided
in the Operating Data table accompanying the earnings release.
EBITDA
measures. We define EBITDA as net income plus interest
expense – net, income tax expense, depreciation and amortization, and a pro-rata
portion, based on our equity ownership, of the interest expense and depreciation
and amortization of each of our joint ventures. We have included
EBITDA and related adjusted EBITDA measures in our disclosures because we
believe they are used by our investors as supplemental financial measures in the
evaluation of our business. Further, we believe EBITDA and related
adjusted EBITDA measures provide useful information regarding the performance of
our assets without regard to financing methods, capital structures or historical
costs basis. As a result, these measures provide investors with a
helpful tool for comparing the operating performance of our assets with the
performance of other companies that have different financing and capital
structures. EBITDA multiples are also used by our investors in
assisting in the valuation of our limited partners’
equity. Reconciliations of these measures to net income and
equity earnings are provided in the Financial Highlights and Business Segment
Data tables accompanying the earnings release.
2
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits (furnished
herewith):
|
Exhibit
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Number
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Description
|
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99.1
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Press
release of TEPPCO Partners, L.P., dated July 29, 2008,
reporting
second
quarter 2008 results.
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SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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TEPPCO
Partners, L.P.
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|
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(Registrant)
|
|
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By:
Texas Eastern Products Pipeline Company, LLC
|
|
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General
Partner
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Date: July
29, 2008
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By: /s/ WILLIAM
G.
MANIAS
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William
G. Manias
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Vice
President and
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Chief Financial Officer
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3
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Exhibit
99.1
|
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July
29, 2008
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CONTACTS:
Investor Relations – Mark G. Stockard
|
|
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Phone: (713)
381-4707
|
||
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Toll
Free: (800)
659-0059
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||
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Media
Relations – Rick Rainey
|
||
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Phone: (713)
381-3635
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||
TEPPCO
PARTNERS, L.P. REPORTS RESULTS
FOR
SECOND QUARTER 2008
HOUSTON –
TEPPCO Partners, L.P. (NYSE:TPP) today reported second quarter net income for
2008 of $47.7 million, or $0.42 per unit, compared with net income of $47.8
million, or $0.44 per unit, for the second quarter of
2007. Earnings before interest, taxes, depreciation and
amortization (EBITDA) increased 19 percent for the second quarter of 2008 to
$128.1 million compared with $107.2 million for the second quarter of
2007.
“We are
pleased with our second quarter results, which demonstrated the strength of
TEPPCO’s diverse logistics business,” said Jerry E. Thompson, president and
chief executive officer of the general partner of TEPPCO. “Both
our Upstream and Midstream segments posted outstanding quarterly results, with
EBITDA increases of 33 percent and 7 percent, respectively, over the prior year
second quarter. Also, the Marine Services segment performed extremely
well, providing $14.9 million of EBITDA in its first full quarter of operations
since the acquisition earlier this year. These increases were
somewhat tempered by a $6.3 million reduction in EBITDA in our Downstream
segment as compared to the second quarter of 2007, primarily due to lower
demand for diesel fuel in the Midwest, lower propane demand, and higher
operating expenses.”
| TEPPCO 2Q 2008 Earnings |
Page 2
|
Thompson
added, “Given the strong performance of our assets during the second quarter in
light of weaker economic conditions which negatively impact our downstream
business, we remain confident in TEPPCO’s business strategy and our ability to
grow sustainable cash flow for our unitholders.”
EBITDA is
a non-GAAP (Generally Accepted Accounting Principles) financial measure that is
defined and reconciled to its most directly comparable GAAP financial measure
later in this news release.
OPERATING
RESULTS BY BUSINESS SEGMENT
Upstream
segment
EBITDA
for the Upstream segment, which includes gathering, pipeline transportation,
marketing and storage of crude oil and distribution of lubrication oils and
specialty chemicals, increased 33 percent to $37.4 million for the second
quarter of 2008 from $28.2 million for the second quarter of 2007. The
improvement was due primarily to increased transportation revenues across
TEPPCO's gathering systems and increased terminaling revenues at the
partnership's Midland, Texas, and Cushing, Oklahoma facilities, partially offset
by reduced marketing margins attributable to reduced grade and location
differentials.
Equity
earnings for the Upstream segment, which is comprised of our ownership interest
in Seaway Crude Pipeline, totaled $4.1 million for the second quarter of 2008,
compared to $1.4 million in the second quarter of 2007. EBITDA from
Seaway was $6.1 million for the second quarter of 2008, an increase of 85
percent compared with $3.3 million of EBITDA for the second quarter of
2007. The improvement was primarily due to increased transportation
long-haul volumes, which averaged 218,000 bpd in the second quarter of
2008, compared with 115,000 bpd in the same quarter of 2007.
Downstream
segment
The
Downstream segment includes the pipeline transportation, marketing and storage
of refined products, liquefied petroleum gases (LPGs) and
petrochemicals.
| TEPPCO 2Q 2008 Earnings |
Page 3
|
Downstream EBITDA was $26.7 million for the second quarter of 2008, compared with $33.0 million for the second quarter of 2007. The decrease was primarily attributable to a $4.7 million increase in tank and pipeline maintenance costs and $2.4 million of expense to write-off costs of a cancelled project. In addition, LPG transportation revenues declined $0.6 million, or 4 percent, due primarily to lower propane demand caused by warmer weather in the second quarter of 2008 than the second quarter of 2007. Refined products transportation volumes declined 7 percent due to reduced demand for diesel fuel in the Midwest. Partially offsetting these decreases were increased jet fuel volumes in the system.
Losses
from equity investments of the Downstream segment totaled $3.5 million in the
second quarter of 2008, compared with a loss of $3.9 million in the 2007
period. TEPPCO’s share of EBITDA from these investments, which
is included in Downstream EBITDA, was $0.2 million for the second quarter of
2008, compared with a loss of $0.3 million for the second quarter of
2007. The improvement was due to a loss of $1.1 million for
post-closing adjustments recorded in the second quarter of 2007 related
to the sale of the ownership interest in Mont Belvieu Storage
Partners, which occurred in March 2007, partially offset by lower volumes on the
Centennial Pipeline in the second quarter of 2008. Volumes on
Centennial averaged approximately 115,900 bpd in the second quarter of 2008,
compared to 143,600 bpd in the second quarter of 2007. TEPPCO’s
investment in Centennial Pipeline now comprises substantially all of
Downstream’s investments in unconsolidated affiliates.
Midstream
segment
The
Midstream segment includes gathering of natural gas, fractionation of natural
gas liquids (NGLs), pipeline transportation of NGLs and the ownership interest
in Jonah Gas Gathering Company (Jonah).
| TEPPCO 2Q 2008 Earnings |
Page 4
|
EBITDA
for the second quarter of 2008 increased 7 percent to $49.1 million, from $46
million for the second quarter of 2007. The increase was due
primarily to a $2.8 million, or 10 percent, increase in EBITDA from our
investment in Jonah and increased NGL transportation revenues attributable to a
higher percentage of long-haul volumes on the Chaparral system.
Equity
earnings for the Midstream segment, which is comprised of our ownership interest
in Jonah, totaled $21.9 million for the second quarter of 2008, compared to
$22.8 million for the second quarter of 2007. The decrease was
due primarily to increased deprecation expense on assets placed in service
with the Phase V expansion of the Jonah-Pinedale system and reflects TEPPCO’s 81
percent sharing ratio in Jonah during the second quarter of 2008, compared to 95
percent during the second quarter of 2007. The joint venture
agreement stipulated the sharing ratios upon completion of the Phase V
expansion, which are expected to remain at the current
percentages. TEPPCO’s share of EBITDA from Jonah increased $2.8
million to $30.7 million in the second quarter of 2008, primarily due to higher
volumes attributable to the completion of the Phase V
expansion. Total throughput on the Jonah-Pinedale system averaged 1.9
billion cubic feet per day (Bcf/d) in the second quarter of 2008, compared to
1.5 Bcf/d in the second quarter of 2007.
Marine
Services segment
The
Marine Services segment, which was added to the partnership effective February
1, 2008, includes marine transportation of refined products, crude oil, asphalt,
condensate, heavy fuel oil and other heated oil products via tow boats and
barges. The segment's assets include 51 tow boats and 111 tank
barges. Revenues (including fuel and other reimbursable pass-through
expenses) during the quarter totaled $48.0 million, partially offset by
operating, general and administrative expenses of $33.1 million, resulting in an
EBITDA contribution during the second quarter of 2008 of $14.9
million. Operating fuel,
| TEPPCO 2Q 2008 Earnings |
Page 5
|
substantially
all of which is a pass-through expense for the segment, totaled $12.2 million
during the quarter.
CAPITALIZATION
AND LIQUIDITY
Total
debt principal outstanding at June 30, 2008, was approximately $2.5
billion. This amount includes $300 million of junior subordinated
notes for which the nationally recognized debt rating agencies ascribe equity
credit to approximately 58 percent of the principal amount. During
the six months ended June 30, 2008, TEPPCO spent $119.6 million on
revenue-generating projects in addition to $64.5 million of investment for its
share of capital expenditures primarily related to the Jonah Phase V expansion,
and $19.6 million on capital spending to maintain existing
assets. The partnership expects to spend in the range of $450
million to $475 million for the full-year 2008 on revenue-generating capital
expenditures, including investments of its share of expansion of the
Jonah-Pinedale system, plus approximately $50 million to maintain existing
assets. At June 30, 2008, borrowing liquidity under the revolving
credit facility was $143.9 million. Borrowing availability under the
facility was increased by $250 million on July 17, 2008 as additional borrowing
commitments were received under the credit facility, which matures in December
2012. Including the additional commitments received on July 17, 2008,
borrowing availability under the facility was $386.4 million as of that
date.
NON-GAAP
FINANCIAL MEASURES
The
Financial Highlights table accompanying this earnings release and other
disclosures herein include the following non-GAAP measures under the rules of
the Securities and Exchange Commission (SEC): EBITDA, EBITDA
excluding gains from sales of assets and ownership interests and margin of the
Upstream segment. Our non-GAAP financial measures should not be
considered as alternatives to GAAP measures such as net income, operating
income, cash flow from operating activities or any other measure of financial
performance calculated and presented in accordance with GAAP. Our
non-GAAP financial measures
| TEPPCO 2Q 2008 Earnings |
Page 6
|
may not
be comparable to similarly-titled measures of other entities because other
entities may not calculate such measures in the same manner as we
do.
We define
EBITDA as net income plus interest expense – net, income tax expense, depreciation and
amortization, and a pro-rata portion, based on our equity ownership, of the
interest expense and depreciation and amortization of each of our joint
ventures. We have included EBITDA and related adjusted EBITDA
measures in our disclosures because we believe they are used by our investors as
supplemental financial measures in the evaluation of our
business. Further, we believe EBITDA and related adjusted EBITDA
measures provide useful information regarding the performance of our assets
without regard to financing methods, capital structures or historical costs
basis. As a result, these measures provide investors with a helpful
tool for comparing the operating performance of our assets with the performance
of other companies that have different financing and capital
structures. EBITDA multiples are also used by our investors in
assisting in the valuation of our limited partners’
equity. Reconciliations of these measures to net income and equity
earnings are provided in the Financial Highlights table and the Business Segment
Data table.
Margin of
our Upstream segment is calculated as revenues generated from the sale of crude
oil and lubrication oil, and transportation of crude oil, less the costs of
purchases of crude oil and lubrication oil, in each case prior to the
elimination of intercompany sales, revenues and purchases between wholly owned
subsidiaries. We believe margin is a more meaningful measure of
financial performance than sales and purchases of crude oil and lubrication oil
due to the significant fluctuations in sales and purchases caused by variations
in the level of marketing activity and prices for products
marketed. Additionally, we use margin internally to evaluate the
financial performance of the Upstream segment because it excludes expenses that
are not directly related to the marketing and sales activities being
evaluated. A
reconciliation of margin to operating income is provided in the Operating Data
table.
| TEPPCO 2Q 2008 Earnings |
Page 7
|
TEPPCO
will host a conference call related to earnings performance today, Tuesday July
29, 2008 at 8 a.m. CDT. Interested parties may listen live over the
Internet through the partnership’s Web site at www.teppco.com. Those
interested in listening to the webcast, should log in at least ten minutes prior
to the start of the conference call to download and install any necessary audio
software. An audio replay of the conference call will be accessible
for seven days at 888-203-1112, confirmation code 5118604. The replay
and transcript will also be available on the TEPPCO website.
TEPPCO
Partners, L.P., a publicly traded partnership with an enterprise value of
approximately $5 billion, is a diversified energy logistics company with
operations that span much of the continental United States. TEPPCO owns and
operates an extensive network of assets that facilitate the movement, marketing,
gathering and storage of various commodities and energy-related products. The
partnership’s pipeline network is comprised of approximately 12,500 miles of
pipelines that gather and transport refined petroleum products, crude oil,
natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including
one of the largest common carrier pipelines for refined petroleum products and
LPGs in the United States. Including joint venture ownership, TEPPCO’s
storage assets include approximately 27 million barrels of capacity for refined
petroleum products and LPGs and about 14 million barrels of capacity for crude
oil. TEPPCO also owns a marine business that transports refined petroleum
products, crude oil, asphalt, condensate, heavy fuel oil and other heated oil
products via tow boats and tank barges. For more information, visit TEPPCO’s
website. Texas Eastern Products Pipeline Company, LLC, the general partner of
TEPPCO Partners, L.P., is owned by Enterprise GP Holdings (NYSE:
EPE).
This
news release includes forward-looking statements. Except for the
historical information contained herein, the matters discussed in this news
release are forward-looking statements that involve certain risks and
uncertainties, such as the partnership’s expectations regarding future results,
increases in distributable cash or expenditures. These risks and
uncertainties include, among other things, insufficient
| TEPPCO 2Q 2008 Earnings |
Page 8
|
cash
from operations, market conditions, governmental regulations and factors
discussed in TEPPCO Partners, L.P.’s filings with the Securities and Exchange
Commission. If any of these risks or uncertainties materializes, or
should underlying assumptions prove incorrect, actual results or outcomes may
vary materially from those expected. The partnership disclaims any
intention or obligation to update publicly or reverse such statements, whether
as a result of new information, future events or otherwise.
###
|
TEPPCO
Partners, L. P.
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||||||||||||||||
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FINANCIAL
HIGHLIGHTS
|
||||||||||||||||
|
(Unaudited
- In Millions)
|
||||||||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30,
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June
30,
|
|||||||||||||||
|
2008
|
2007
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2008
|
2007
|
|||||||||||||
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Operating
Revenues:
|
||||||||||||||||
|
Sales
of petroleum products
|
$ | 4,006.6 | $ | 1,933.1 | $ | 6,651.1 | $ | 3,783.2 | ||||||||
|
Transportation
- Refined Products
|
44.1 | 41.7 | 81.4 | 78.9 | ||||||||||||
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Transportation
- LPGs
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16.1 | 16.7 | 52.3 | 52.8 | ||||||||||||
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Transportation
- Crude oil
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17.4 | 9.6 | 32.7 | 20.4 | ||||||||||||
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Transportation
- NGLs
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12.7 | 11.1 | 25.7 | 22.0 | ||||||||||||
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Transportation
- Marine
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48.0 | - | 73.6 | - | ||||||||||||
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Gathering
- Natural Gas
|
14.8 | 15.5 | 28.2 | 30.9 | ||||||||||||
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Other
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20.8 | 21.7 | 44.0 | 39.7 | ||||||||||||
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Total
Operating Revenues
|
4,180.5 | 2,049.4 | 6,989.0 | 4,027.9 | ||||||||||||
|
Costs
and Expenses:
|
||||||||||||||||
|
Purchases
of petroleum products
|
3,975.7 | 1,900.9 | 6,582.3 | 3,714.9 | ||||||||||||
|
Operating
expenses
|
73.5 | 48.9 | 133.4 | 99.3 | ||||||||||||
|
Operating
fuel and power
|
29.1 | 14.8 | 50.5 | 30.1 | ||||||||||||
|
General
and administrative
|
11.0 | 8.2 | 19.8 | 16.8 | ||||||||||||
|
Depreciation
and amortization
|
31.9 | 25.9 | 60.2 | 51.3 | ||||||||||||
|
Gains
on sales of assets
|
- | - | - | (18.7 | ) | |||||||||||
|
Total
Costs and Expenses
|
4,121.2 | 1,998.7 | 6,846.2 | 3,893.7 | ||||||||||||
|
Operating
Income
|
59.3 | 50.7 | 142.8 | 134.2 | ||||||||||||
|
Interest
expense - net
|
(33.0 | ) | (22.7 | ) | (71.6 | ) | (45.0 | ) | ||||||||
|
Equity
earnings
|
21.4 | 19.2 | 41.0 | 35.8 | ||||||||||||
|
Gain
on sale of ownership interest in Mont
|
||||||||||||||||
|
Belvieu
Storage Partners, L.P. (MBSP)
|
- | (0.2 | ) | - | 59.6 | |||||||||||
|
Interest
income
|
0.3 | 0.5 | 0.6 | 0.8 | ||||||||||||
|
Other
income - net
|
0.7 | 0.5 | 0.8 | 0.8 | ||||||||||||
|
Income
before provision for income taxes
|
48.7 | 48.0 | 113.6 | 186.2 | ||||||||||||
|
Provision
for income taxes
|
1.0 | 0.2 | 1.8 | 0.2 | ||||||||||||
|
Net
Income
|
$ | 47.7 | $ | 47.8 | $ | 111.8 | $ | 186.0 | ||||||||
|
Net
Income Allocation:
|
||||||||||||||||
|
Limited
Partner Unitholders
|
$ | 39.7 | $ | 39.9 | $ | 93.1 | $ | 155.5 | ||||||||
|
General
Partner
|
8.0 | 7.9 | 18.7 | 30.5 | ||||||||||||
|
Total
Net Income Allocated
|
$ | 47.7 | $ | 47.8 | $ | 111.8 | $ | 186.0 | ||||||||
|
Basic
and Diluted Net Income Per Limited Partner Unit
|
$ | 0.42 | $ | 0.44 | $ | 0.99 | $ | 1.73 | ||||||||
|
Weighted
Average Number of Limited Partner Units
|
94.9 | 89.8 | 94.0 | 89.8 | ||||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
EBITDA
|
||||||||||||||||
|
Net
Income
|
$ | 47.7 | $ | 47.8 | $ | 111.8 | $ | 186.0 | ||||||||
|
Provision
for income taxes
|
1.0 | 0.2 | 1.8 | 0.2 | ||||||||||||
|
Interest
expense - net
|
33.0 | 22.7 | 71.6 | 45.0 | ||||||||||||
|
Depreciation
and amortization (D&A)
|
31.9 | 25.9 | 60.2 | 51.3 | ||||||||||||
|
Amortization
of excess investment in joint ventures
|
1.3 | 1.2 | 2.4 | 2.0 | ||||||||||||
|
TEPPCO's
pro-rata percentage of joint venture
|
||||||||||||||||
|
interest
expense and D&A
|
13.2 | 9.4 | 25.4 | 21.8 | ||||||||||||
|
EBITDA
|
128.1 | 107.2 | 273.2 | 306.3 | ||||||||||||
|
Less: Gains
on sales of assets and ownership interest
|
||||||||||||||||
|
in
MBSP
|
- | 0.2 | - | (78.3 | ) | |||||||||||
|
EBITDA,
excluding gains from sales of assets and
|
||||||||||||||||
|
ownership
interests
|
$ | 128.1 | $ | 107.4 | $ | 273.2 | $ | 228.0 | ||||||||
|
TEPPCO
Partners, L.P.
|
||||||||||||||||||||
|
BUSINESS
SEGMENT DATA
|
||||||||||||||||||||
|
(Unaudited - In
Millions)
|
||||||||||||||||||||
|
Marine
|
Intersegment
|
|||||||||||||||||||
|
Three
Months Ended June 30, 2008
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
||||||||||||||
|
Operating
revenues
|
$ | 76.5 | $ | 30.6 | $ | 4,025.4 | $ | 48.0 | $ | - | $ | 4,180.5 | ||||||||
|
Purchases
of petroleum products
|
1.3 | - | 3,975.5 | - | (1.1 | ) | 3,975.7 | |||||||||||||
|
Operating
expenses
|
44.4 | 9.6 | 16.6 | 32.0 | - | 102.6 | ||||||||||||||
|
General
and administrative
|
4.6 | 2.7 | 2.6 | 1.1 | - | 11.0 | ||||||||||||||
|
Depreciation
and amortization (D&A)
|
10.5 | 10.0 | 5.0 | 6.4 | - | 31.9 | ||||||||||||||
|
Operating
Income
|
15.7 | 8.3 | 25.7 | 8.5 | 1.1 | 59.3 | ||||||||||||||
| - | - | - | ||||||||||||||||||
|
Equity
(losses) earnings
|
(3.5 | ) | 21.9 | 4.1 | - | (1.1 | ) | 21.4 | ||||||||||||
|
Interest
income
|
0.2 | 0.1 | - | - | - | 0.3 | ||||||||||||||
|
Other
- net
|
0.1 | - | 0.6 | - | - | 0.7 | ||||||||||||||
|
Income
before interest
|
12.5 | 30.3 | 30.4 | 8.5 | - | 81.7 | ||||||||||||||
|
Depreciation
and amortization
|
10.5 | 10.0 | 5.0 | 6.4 | - | 31.9 | ||||||||||||||
|
Amortization
of excess investment in joint
ventures
|
1.1 | - | 0.2 | - | - | 1.3 | ||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
2.6 | 8.8 | 1.8 | - | - | 13.2 | ||||||||||||||
|
EBITDA
|
$ | 26.7 | $ | 49.1 | $ | 37.4 | $ | 14.9 | $ | - | $ | 128.1 | ||||||||
|
Provision
for income taxes
|
(1.0 | ) | ||||||||||||||||||
|
Depreciation
and amortization
|
(31.9 | ) | ||||||||||||||||||
|
Interest
expense - net
|
(33.0 | ) | ||||||||||||||||||
|
Amortization
of excess investment in joint
ventures
|
(1.3 | ) | ||||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
(13.2 | ) | ||||||||||||||||||
|
Net
Income
|
$ | 47.7 | ||||||||||||||||||
|
Marine
|
Intersegment
|
|||||||||||||||||||
|
Three
Months Ended June 30, 2007
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
||||||||||||||
|
Operating
revenues
|
$ | 83.2 | $ | 30.4 | $ | 1,936.0 | $ | - | $ | (0.2 | ) | $ | 2,049.4 | |||||||
|
Purchases
of petroleum products
|
9.3 | - | 1,892.9 | - | (1.3 | ) | 1,900.9 | |||||||||||||
|
Operating
expenses
|
37.0 | 10.3 | 16.4 | - | - | 63.7 | ||||||||||||||
|
General
and administrative
|
4.2 | 2.2 | 1.8 | - | - | 8.2 | ||||||||||||||
|
Depreciation
and amortization (D&A)
|
11.7 | 10.0 | 4.2 | - | - | 25.9 | ||||||||||||||
|
Operating
Income
|
21.0 | 7.9 | 20.7 | - | 1.1 | 50.7 | ||||||||||||||
|
Equity
(losses) earnings
|
(3.9 | ) | 22.8 | 1.4 | - | (1.1 | ) | 19.2 | ||||||||||||
|
Gain
on sale of ownership interest in MBSP
|
(0.2 | ) | - | - | - | - | (0.2 | ) | ||||||||||||
|
Interest
income
|
0.3 | 0.2 | - | - | - | 0.5 | ||||||||||||||
|
Other
- net
|
0.5 | - | - | - | - | 0.5 | ||||||||||||||
|
Income
before interest
|
17.7 | 30.9 | 22.1 | - | - | 70.7 | ||||||||||||||
|
Depreciation
and amortization
|
11.7 | 10.0 | 4.2 | - | - | 25.9 | ||||||||||||||
|
Amortization
of excess investment in joint
ventures
|
1.0 | - | 0.2 | - | - | 1.2 | ||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
2.6 | 5.1 | 1.7 | - | - | 9.4 | ||||||||||||||
|
EBITDA
|
$ | 33.0 | $ | 46.0 | $ | 28.2 | $ | - | $ | - | $ | 107.2 | ||||||||
|
Provision
for income taxes
|
(0.2 | ) | ||||||||||||||||||
|
Depreciation
and amortization
|
(25.9 | ) | ||||||||||||||||||
|
Interest
expense - net
|
(22.7 | ) | ||||||||||||||||||
|
Amortization
of excess investment in joint
ventures
|
(1.2 | ) | ||||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
(9.4 | ) | ||||||||||||||||||
|
Net
Income
|
$ | 47.8 | ||||||||||||||||||
|
Reconciliation
of Equity (losses) earnings to JV EBITDA
|
||||||||||||||||||||
|
Three
Months Ended June 30, 2008:
|
Marine
|
Intersegment
|
||||||||||||||||||
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
|||||||||||||||
|
Equity
(losses) earnings
|
$ | (3.5 | ) | $ | 21.9 | $ | 4.1 | $ | - | $ | (1.1 | ) | $ | 21.4 | ||||||
|
Amortization
of excess investment in joint
ventures
|
1.1 | - | 0.2 | - | - | 1.3 | ||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
2.6 | 8.8 | 1.8 | - | - | 13.2 | ||||||||||||||
| JV EBITDA | $ | 0.2 | $ | 30.7 | $ | 6.1 | $ | - | $ | (1.1 | ) | $ | 35.9 | |||||||
|
Three
Months Ended June 30, 2007:
|
Marine
|
Intersegment
|
||||||||||||||||||
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
|||||||||||||||
|
Equity
(losses) earnings
|
$ | (3.9 | ) | $ | 22.8 | $ | 1.4 | $ | - | $ | (1.1 | ) | $ | 19.2 | ||||||
|
Amortization
of excess investment in joint
ventures
|
1.0 | - | 0.2 | - | - | 1.2 | ||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||
|
venture
interest expense and D&A
|
2.6 | 5.1 | 1.7 | - | - | 9.4 | ||||||||||||||
| JV EBITDA | $ | (0.3 | ) | $ | 27.9 | $ | 3.3 | $ | - | $ | (1.1 | ) | $ | 29.8 | ||||||
|
TEPPCO
Partners, L.P.
|
||||||||||||||||||||||
|
BUSINESS
SEGMENT DATA
|
||||||||||||||||||||||
|
(Unaudited
- In Millions)
|
||||||||||||||||||||||
|
Marine
|
Intersegment
|
|||||||||||||||||||||
|
Six
Months Ended June 30, 2008
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
||||||||||||||||
|
Operating
revenues
|
$ | 174.1 | $ | 60.7 | $ | 6,680.7 | $ | 73.6 | $ | (0.1 | ) | $ | 6,989.0 | |||||||||
|
Purchases
of petroleum products
|
8.2 | - | 6,578.2 | - | (4.1 | ) | 6,582.3 | |||||||||||||||
|
Operating
expenses
|
85.0 | 19.1 | 33.3 | 46.5 | - | 183.9 | ||||||||||||||||
|
General
and administrative
|
8.2 | 5.3 | 4.5 | 1.8 | - | 19.8 | ||||||||||||||||
|
Depreciation
and amortization (D&A)
|
20.7 | 19.6 | 9.8 | 10.1 | - | 60.2 | ||||||||||||||||
|
Operating
Income
|
52.0 | 16.7 | 54.9 | 15.2 | 4.0 | 142.8 | ||||||||||||||||
| - | - | - | ||||||||||||||||||||
|
Equity
(losses) earnings
|
(7.7 | ) | 45.6 | 7.1 | - | (4.0 | ) | 41.0 | ||||||||||||||
|
Interest
income
|
0.3 | 0.2 | 0.1 | - | - | 0.6 | ||||||||||||||||
|
Other
- net
|
0.2 | - | 0.6 | - | - | 0.8 | ||||||||||||||||
|
Income
before interest
|
44.8 | 62.5 | 62.7 | 15.2 | (0.0 | ) | 185.2 | |||||||||||||||
|
Depreciation
and amortization
|
20.7 | 19.6 | 9.8 | 10.1 | - | 60.2 | ||||||||||||||||
|
Amortization
of excess investment in joint ventures
|
2.0 | 0.1 | 0.3 | - | - | 2.4 | ||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||||
|
venture
interest expense and D&A
|
5.3 | 16.6 | 3.5 | - | - | 25.4 | ||||||||||||||||
|
EBITDA
|
$ | 72.8 | $ | 98.8 | $ | 76.3 | $ | 25.3 | $ | (0.0 | ) | $ | 273.2 | |||||||||
|
Provision
for income taxes
|
(1.8 | ) | ||||||||||||||||||||
|
Depreciation
and amortization
|
(60.2 | ) | ||||||||||||||||||||
|
Interest
expense - net
|
(71.6 | ) | ||||||||||||||||||||
|
Amortization
of excess investment in joint ventures
|
(2.4 | ) | ||||||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||||
|
venture
interest expense and D&A
|
(25.4 | ) | ||||||||||||||||||||
|
Net
Income
|
$ | 111.8 | ||||||||||||||||||||
|
Marine
|
Intersegment
|
|||||||||||||||||||||
|
Six
Months Ended June 30, 2007
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
||||||||||||||||
|
Operating
revenues
|
$ | 178.1 | $ | 59.8 | $ | 3,790.4 | $ | - | $ | (0.4 | ) | $ | 4,027.9 | |||||||||
|
Purchases
of petroleum products
|
18.7 | - | 3,700.0 | - | (3.8 | ) | 3,714.9 | |||||||||||||||
|
Operating
expenses
|
72.0 | 22.0 | 35.5 | - | (0.1 | ) | 129.4 | |||||||||||||||
|
General
and administrative
|
8.3 | 4.9 | 3.6 | - | - | 16.8 | ||||||||||||||||
|
Depreciation
and amortization (D&A)
|
22.9 | 20.2 | 8.2 | - | - | 51.3 | ||||||||||||||||
|
Gains
on sales of assets
|
(18.7 | ) | - | - | - | - | (18.7 | ) | ||||||||||||||
|
Operating
Income
|
74.9 | 12.7 | 43.1 | - | 3.5 | 134.2 | ||||||||||||||||
|
Equity
(losses) earnings
|
(5.3 | ) | 41.4 | 3.2 | - | (3.5 | ) | 35.8 | ||||||||||||||
|
Gain
on sale of ownership interest in MBSP
|
59.6 | - | - | - | - | 59.6 | ||||||||||||||||
|
Interest
income
|
0.4 | 0.3 | 0.1 | - | - | 0.8 | ||||||||||||||||
|
Other
- net
|
0.8 | - | - | - | - | 0.8 | ||||||||||||||||
|
Income
before interest
|
130.4 | 54.4 | 46.4 | - | - | 231.2 | ||||||||||||||||
|
Depreciation
and amortization
|
22.9 | 20.2 | 8.2 | - | - | 51.3 | ||||||||||||||||
|
Amortization
of excess investment in joint ventures
|
1.6 | 0.1 | 0.3 | - | - | 2.0 | ||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
- | |||||||||||||||||||||
|
venture
interest expense and D&A
|
6.1 | 12.0 | 3.7 | - | - | 21.8 | ||||||||||||||||
|
EBITDA
|
$ | 161.0 | $ | 86.7 | $ | 58.6 | $ | - | $ | - | $ | 306.3 | ||||||||||
|
Provision
for income taxes
|
(0.2 | ) | ||||||||||||||||||||
|
Depreciation
and amortization
|
(51.3 | ) | ||||||||||||||||||||
|
Interest
expense - net
|
(45.0 | ) | ||||||||||||||||||||
|
Amortization
of excess investment in joint ventures
|
(2.0 | ) | ||||||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||||
|
venture
interest expense and D&A
|
(21.8 | ) | ||||||||||||||||||||
|
Net
Income
|
$ | 186.0 | ||||||||||||||||||||
|
Reconciliation
of Equity (losses) earnings to JV EBITDA
|
||||||||||||||||||||||
|
Six
Months Ended June 30, 2008:
|
Marine
|
Intersegment
|
||||||||||||||||||||
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
|||||||||||||||||
|
Equity
(losses) earnings
|
$ | (7.7 | ) | $ | 45.6 | $ | 7.1 | $ | - | $ | (4.0 | ) | $ | 41.0 | ||||||||
|
Amortization
of excess investment in joint ventures
|
2.0 | 0.1 | 0.3 | - | - | 2.4 | ||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||||
|
venture
interest expense and D&A
|
5.3 | 16.6 | 3.5 | - | - | 25.4 | ||||||||||||||||
| JV EBITDA | $ | (0.4 | ) | $ | 62.3 | $ | 10.9 | $ | - | $ | (4.0 | ) | $ | 68.8 | ||||||||
|
Six
Months Ended June 30, 2007:
|
Marine
|
Intersegment
|
||||||||||||||||||||
|
Downstream
|
Midstream
|
Upstream
|
Services
|
Eliminations
|
Consolidated
|
|||||||||||||||||
|
Equity
(losses) earnings
|
$ | (5.3 | ) | $ | 41.4 | $ | 3.2 | $ | - | $ | (3.5 | ) | $ | 35.8 | ||||||||
|
Amortization
of excess investment in joint ventures
|
1.6 | 0.1 | 0.3 | - | - | 2.0 | ||||||||||||||||
|
TEPPCO's
pro-rata percentage of joint
|
||||||||||||||||||||||
|
venture
interest expense and D&A
|
6.1 | 12.0 | 3.7 | - | - | 21.8 | ||||||||||||||||
| JV EBITDA | $ | 2.4 | $ | 53.5 | $ | 7.2 | $ | - | $ | (3.5 | ) | $ | 59.6 | |||||||||
|
TEPPCO
Partners, L. P.
|
|||||||
|
Condensed
Statements of Cash Flows (Unaudited) (In Millions)
|
|||||||
|
Six
Months Ended
|
|||||||
|
June
30,
|
|||||||
|
2008
|
2007
|
||||||
|
Cash
Flows from Operating Activities
|
|||||||
|
Net
income
|
$ | 111.8 | $ | 186.0 | |||
|
Deferred
income taxes
|
- | (0.7 | ) | ||||
|
Gains
on sales of assets and ownership interests
|
- | (78.3 | ) | ||||
|
Loss
on early extinguishment of debt
|
8.7 | - | |||||
|
Depreciation,
working capital and other
|
43.6 | 91.0 | |||||
|
Net
Cash Provided by Operating Activities
|
164.1 | 198.0 | |||||
|
Cash
Flows from Investing Activities:
|
|||||||
|
Proceeds
from sales of assets
|
- | 26.5 | |||||
|
Proceeds
from sale of ownership interest
|
- | 138.8 | |||||
|
Cash
used for business combinations
|
(345.6 | ) | - | ||||
|
Cash
paid for linefill on assets owned
|
(14.5 | ) | (15.1 | ) | |||
|
Acquisition
of intangible assets
|
(0.3 | ) | (2.5 | ) | |||
|
Investment
in Centennial Pipeline LLC
|
- | (11.1 | ) | ||||
|
Investment
in Jonah Gas Gathering Company
|
(64.5 | ) | (86.2 | ) | |||
|
Capital expenditures (1)
|
(139.2 | ) | (109.9 | ) | |||
|
Net
Cash Used in Investing Activities
|
(564.1 | ) | (59.5 | ) | |||
|
Cash
Flows from Financing Activities:
|
|||||||
|
Proceeds
from revolving credit facilities
|
1,348.1 | 405.9 | |||||
|
Repayments
on revolving credit facilities
|
(1,308.1 | ) | (695.9 | ) | |||
|
Proceeds
from term credit agreement
|
1,000.0 | - | |||||
|
Repayment
of term credit agreement
|
(1,000.0 | ) | - | ||||
|
Proceeds
from issuance of senior notes
|
996.3 | - | |||||
|
Issuance
of Junior Subordinated Notes
|
- | 299.5 | |||||
|
Redemption
of 7.51% Senior Notes
|
(181.6 | ) | - | ||||
|
Repayment
of 6.45% Senior Notes
|
(180.0 | ) | - | ||||
|
Repayment
of debt assumed in Cenac acquisition
|
(63.2 | ) | - | ||||
|
Issuance
of LP Units, net
|
5.6 | - | |||||
|
Settlement
of treasury rate lock agreements
|
(52.1 | ) | 1.6 | ||||
|
Debt
issuance costs
|
(9.3 | ) | (3.7 | ) | |||
|
Distributions
paid
|
(155.7 | ) | (146.0 | ) | |||
|
Net
Cash Provided by (used in) Financing Activities
|
400.0 | (138.6 | ) | ||||
|
Net
Change in Cash and Cash Equivalents
|
- | (0.1 | ) | ||||
|
Cash
and Cash Equivalents -- January 1
|
- | 0.1 | |||||
|
Cash
and Cash Equivalents -- June 30
|
$ | - | $ | 0.0 | |||
|
Non-cash
investing activities:
|
|||||||
|
Payable
to Enterprise Gas Processing, LLC for spending
|
|||||||
|
for
Phase V expansion of Jonah Gas Gathering Company
|
$ | 2.8 | $ | 10.9 | |||
|
Non-cash
financing activities:
|
|||||||
|
Issuance
of Units in Cenac acquisition
|
$ | 186.6 | $ | - | |||
|
Supplemental
Information:
|
|||||||
|
Interest
paid (net of capitalized interest)
|
$ | 56.9 | $ | 43.9 | |||
|
(1)
|
Includes
capital expenditures for maintaining existing operations of $19.6 million
in 2008,
|
||||||
|
and
$26.5 million in 2007.
|
|||||||
|
TEPPCO
Partners, L. P.
|
|||||||
|
Condensed
Balance Sheets (Unaudited)
|
|||||||
|
(In
Millions)
|
|||||||
|
June
30,
|
December
31,
|
||||||
|
2008
|
2007
|
||||||
|
Assets
|
|||||||
|
Current
assets
|
|||||||
|
Cash
and cash equivalents
|
$ | - | $ | - | |||
|
Other
|
2,180.0 | 1,516.0 | |||||
|
Total
current assets
|
2,180.0 | 1,516.0 | |||||
|
Property,
plant and equipment - net
|
2,330.1 | 1,793.6 | |||||
|
Intangible assets (1)
|
220.9 | 164.7 | |||||
|
Equity
investments
|
1,175.6 | 1,147.0 | |||||
|
Goodwill
|
105.6 | 15.5 | |||||
|
Other
assets
|
133.8 | 113.3 | |||||
|
Total
assets
|
$ | 6,146.0 | $ | 4,750.1 | |||
|
Liabilities
and Partners' Capital
|
|||||||
|
Current
liabilities
|
|||||||
|
Senior
Notes
|
$ | - | $ | 354.0 | |||
|
Other
|
2,189.6 | 1,593.3 | |||||
|
Total
current liabilities
|
2,189.6 | 1,947.3 | |||||
|
Senior Notes (2)
|
1,715.6 | 721.5 | |||||
|
Junior
Subordinated Notes
|
299.6 | 299.5 | |||||
|
Other
long-term debt
|
530.0 | 490.0 | |||||
|
Other
non-current liabilities
|
28.7 | 27.2 | |||||
|
Partners'
capital
|
|||||||
|
Accumulated
other comprehensive income (loss)
|
(73.7 | ) | (42.6 | ) | |||
|
General partner's interest
(3)
|
(95.2 | ) | (88.0 | ) | |||
|
Limited
partners' interests
|
1,551.4 | 1,395.2 | |||||
|
Total
partners' capital
|
1,382.5 | 1,264.6 | |||||
|
Total
liabilities and partners' capital
|
$ | 6,146.0 | $ | 4,750.1 | |||
|
(1)
|
Includes
the value of long-term service agreements between TEPPCO and its
customers.
|
||||||
|
(2)
|
Includes
$20.7 million and $23.2 million at Jun. 30, 2008 and Dec. 31, 2007,
respectively,
|
||||||
|
related
to fair value hedges.
|
|||||||
|
(3)
|
Amount
does not represent a future financial commitment by the General Partner
to
|
||||||
|
make
a contribution to TEPPCO.
|
|||||||
|
TEPPCO
Partners, L. P.
|
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OPERATING
DATA
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(Unaudited
- In Millions, Except as Noted)
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Three
Months Ended
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Six
Months Ended
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June
30,
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June
30,
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2008
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2007
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2008
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2007
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Downstream
Segment:
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Barrels
Delivered
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Refined
Products
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41.9 | 44.9 | 80.4 | 80.7 | ||||||||||||
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LPGs
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6.7 | 7.0 | 19.6 | 22.5 | ||||||||||||
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Total
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48.6 | 51.9 | 100.0 | 103.2 | ||||||||||||
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Average
Tariff Per Barrel
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Refined
Products
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$ | 1.05 | $ | 0.93 | $ | 1.01 | $ | 0.98 | ||||||||
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LPGs
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2.41 | 2.40 | 2.67 | 2.24 | ||||||||||||
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Average
System Tariff Per Barrel
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$ | 1.24 | $ | 1.13 | $ | 1.34 | $ | 1.26 | ||||||||
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Upstream
Segment:
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Margins/Revenues:
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Crude
oil transportation revenue
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$ | 24.1 | $ | 16.6 | $ | 47.5 | $ | 33.8 | ||||||||
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Crude
oil marketing margin
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15.6 | 18.9 | 35.9 | 40.4 | ||||||||||||
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Crude
oil terminaling revenue
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4.5 | 3.0 | 8.4 | 6.8 | ||||||||||||
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Lubrication
Services, LLC (LSI) margin
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3.0 | 2.1 | 5.7 | 4.3 | ||||||||||||
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Total
Margins/Revenues
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$ | 47.2 | $ | 40.6 | $ | 97.5 | $ | 85.3 | ||||||||
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Reconciliation
of Margins/Revenues to Operating Income:
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Sales
of petroleum products
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$ | 4,005.3 | $ | 1,923.9 | $ | 6,643.0 | $ | 3,764.9 | ||||||||
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Transportation
- Crude oil
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17.4 | 9.6 | 32.7 | 20.4 | ||||||||||||
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Purchases
of petroleum products
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(3,975.5 | ) | (1,892.9 | ) | (6,578.2 | ) | (3,700.0 | ) | ||||||||
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Total
Margins/Revenues
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47.2 | 40.6 | 97.5 | 85.3 | ||||||||||||
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Other
operating revenues
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2.7 | 2.5 | 5.0 | 5.1 | ||||||||||||
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Operating
expenses
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(16.6 | ) | (16.4 | ) | (33.3 | ) | (35.5 | ) | ||||||||
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General
and administrative
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(2.6 | ) | (1.8 | ) | (4.5 | ) | (3.6 | ) | ||||||||
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Depreciation
and amortization
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(5.0 | ) | (4.2 | ) | (9.8 | ) | (8.2 | ) | ||||||||
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Operating
income
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$ | 25.7 | $ | 20.7 | $ | 54.9 | $ | 43.1 | ||||||||
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Total
barrels
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Crude
oil transportation
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29.4 | 22.2 | 57.2 | 46.3 | ||||||||||||
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Crude
oil marketing
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61.6 | 58.1 | 119.2 | 114.0 | ||||||||||||
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Crude
oil terminaling
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39.7 | 31.1 | 72.9 | 71.2 | ||||||||||||
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Lubrication
oil volume (total gallons):
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2.5 | 3.5 | 6.5 | 7.4 | ||||||||||||
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Margin/average
tariff per barrel:
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Crude
oil transportation
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$ | 0.818 | $ | 0.748 | $ | 0.830 | $ | 0.730 | ||||||||
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Crude
oil marketing
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0.253 | 0.325 | 0.301 | 0.354 | ||||||||||||
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Crude
oil terminaling
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0.114 | 0.098 | 0.115 | 0.095 | ||||||||||||
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Lubrication
oil margin (per gallon):
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$ | 1.192 | $ | 0.590 | $ | 0.890 | $ | 0.575 | ||||||||
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Midstream
Segment:
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Gathering
- Natural Gas - Jonah
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Bcf
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173.5 | 140.9 | 340.6 | 272.5 | ||||||||||||
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Btu
(in trillions)
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192.5 | 155.2 | 377.2 | 300.3 | ||||||||||||
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Average
fee per MMBtu
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$ | 0.233 | $ | 0.204 | $ | 0.233 | $ | 0.204 | ||||||||
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Gathering
- Natural Gas - Val Verde
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Bcf
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41.6 | 43.5 | 79.8 | 87.1 | ||||||||||||
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Btu
(in trillions)
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36.8 | 38.5 | 71.0 | 77.1 | ||||||||||||
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Average
fee per MMBtu
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$ | 0.402 | $ | 0.401 | $ | 0.397 | $ | 0.400 | ||||||||
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Transportation
- NGLs
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Total
barrels (includes lease barrels)
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18.8 | 18.9 | 38.4 | 36.5 | ||||||||||||
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Average
rate per barrel
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$ | 0.747 | $ | 0.677 | $ | 0.742 | $ | 0.683 | ||||||||
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Fractionation
- NGLs
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Total
barrels
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1.1 | 1.1 | 2.1 | 2.1 | ||||||||||||
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Average
rate per barrel
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$ | 1.785 | $ | 1.822 | $ | 1.722 | $ | 1.774 | ||||||||
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Natural
Gas Sales
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Btu
(in trillions)
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1.2 | 4.5 | 2.8 | 8.1 | ||||||||||||
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Average
fee per MMBtu
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$ | 8.55 | $ | 3.20 | $ | 7.52 | $ | 4.90 | ||||||||
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Sales
- Condensate
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Total
barrels (thousands)
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12.5 | 21.2 | 60.4 | 69.8 | ||||||||||||
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Average
rate per barrel
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$ | 108.97 | $ | 58.64 | $ | 83.39 | $ | 54.61 | ||||||||