þ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware |
76-0582150 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Page | ||
| PART I. FINANCIAL INFORMATION |
||
| Item 1. CONSOLIDATED FINANCIAL STATEMENTS: |
||
| September 30, 2002, and December 31, 2001 |
3 | |
| For the three and nine months ended September 30, 2002 and 2001 |
4 | |
| For the nine months ended September 30, 2002 and 2001 |
5 | |
| For the nine months ended September 30, 2002 |
6 | |
| For the three and nine months ended September 30, 2002 and 2001 |
7 | |
| For the nine months ended September 30, 2002 |
7 | |
| 8 | ||
| 17 | ||
| 30 | ||
| 30 | ||
| PART II. OTHER INFORMATION |
||
| 31 | ||
| 31 | ||
| 31 | ||
| 31 | ||
| 31 | ||
| 31 | ||
| 33 | ||
| 34 | ||
| 35 |
| September 30, 2002 |
December 31, 2001 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| CURRENT ASSETS |
||||||||
| Cash and cash equivalents |
$ |
4,306 |
|
$ |
3,511 |
| ||
| Accounts receivable and other current assets |
|
496,857 |
|
|
365,697 |
| ||
| Inventory |
|
81,189 |
|
|
188,874 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
582,352 |
|
|
558,082 |
| ||
| |
|
|
|
|
| |||
| PROPERTY AND EQUIPMENT |
|
1,012,814 |
|
|
653,050 |
| ||
| Less allowance for depreciation and amortization |
|
(67,900 |
) |
|
(48,131 |
) | ||
| |
|
|
|
|
| |||
| |
944,914 |
|
|
604,919 |
| |||
| |
|
|
|
|
| |||
| OTHER ASSETS |
||||||||
| Pipeline linefill |
|
51,416 |
|
|
57,367 |
| ||
| Other, net |
|
52,808 |
|
|
40,883 |
| ||
| |
|
|
|
|
| |||
| |
104,224 |
|
|
98,250 |
| |||
| |
|
|
|
|
| |||
| $ |
1,631,490 |
|
$ |
1,261,251 |
| |||
| |
|
|
|
|
| |||
| LIABILITIES AND PARTNERS CAPITAL |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable and other current liabilities |
$ |
468,988 |
|
$ |
386,993 |
| ||
| Due to related parties |
|
25,580 |
|
|
13,685 |
| ||
| Short-term debt |
|
105,577 |
|
|
101,482 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
600,145 |
|
|
502,160 |
| ||
| LONG-TERM LIABILITIES |
||||||||
| Long-term debt under credit facilities |
|
309,453 |
|
|
354,677 |
| ||
| Senior notes, net of unamortized discount of $400 |
|
199,600 |
|
|
|
| ||
| Other long-term liabilities and deferred credits |
|
4,317 |
|
|
1,617 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
1,113,515 |
|
|
858,454 |
| ||
| |
|
|
|
|
| |||
| COMMITMENTS AND CONTINGENCIES (NOTE 8) |
||||||||
| PARTNERS CAPITAL |
||||||||
| Common unitholders (38,240,939 and 31,915,939 units outstanding at September 30, 2002, and December 31, 2001,
respectively) |
|
529,488 |
|
|
408,562 |
| ||
| Class B common unitholders (1,307,190 units outstanding at each date ) |
|
18,621 |
|
|
19,534 |
| ||
| Subordinated unitholders (10,029,619 units outstanding at each date) |
|
(45,900 |
) |
|
(38,891 |
) | ||
| General partner |
|
15,766 |
|
|
13,592 |
| ||
| |
|
|
|
|
| |||
| Total partners capital |
|
517,975 |
|
|
402,797 |
| ||
| |
|
|
|
|
| |||
| $ |
1,631,490 |
|
$ |
1,261,251 |
| |||
| |
|
|
|
|
| |||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| (unaudited) |
||||||||||||||||
| REVENUES |
$ |
2,344,089 |
|
$ |
2,191,310 |
|
$ |
5,874,759 |
|
$ |
5,298,051 |
| ||||
| COST OF SALES AND OPERATIONS |
|
2,299,823 |
|
|
2,151,666 |
|
|
5,750,398 |
|
|
5,189,288 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross Margin |
|
44,266 |
|
|
39,644 |
|
|
124,361 |
|
|
108,763 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| EXPENSES |
||||||||||||||||
| General and administrative |
|
11,512 |
|
|
10,297 |
|
|
33,389 |
|
|
34,327 |
| ||||
| Depreciation and amortization |
|
8,981 |
|
|
6,402 |
|
|
23,125 |
|
|
17,575 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total expenses |
|
20,493 |
|
|
16,699 |
|
|
56,514 |
|
|
51,902 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| OPERATING INCOME |
|
23,773 |
|
|
22,945 |
|
|
67,847 |
|
|
56,861 |
| ||||
| Interest expense |
|
(7,368 |
) |
|
(7,775 |
) |
|
(20,175 |
) |
|
(22,482 |
) | ||||
| Interest and other income (expense) |
|
(88 |
) |
|
(9 |
) |
|
(123 |
) |
|
356 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before cumulative effect of accounting change |
|
16,317 |
|
|
15,161 |
|
|
47,549 |
|
|
34,735 |
| ||||
| Cumulative effect of accounting change |
|
|
|
|
|
|
|
|
|
|
508 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| NET INCOME |
$ |
16,317 |
|
$ |
15,161 |
|
$ |
47,549 |
|
$ |
35,243 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| NET INCOMELIMITED PARTNERS |
$ |
15,159 |
|
$ |
14,536 |
|
$ |
44,515 |
|
$ |
34,019 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| NET INCOMEGENERAL PARTNER |
$ |
1,158 |
|
$ |
625 |
|
$ |
3,034 |
|
$ |
1,224 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| BASIC AND DILUTED NET INCOME PER LIMITED PARTNER UNIT |
||||||||||||||||
| Income before cumulative effect of accounting change |
$ |
0.33 |
|
$ |
0.38 |
|
$ |
1.01 |
|
$ |
0.93 |
| ||||
| Cumulative effect of accounting change |
|
|
|
|
|
|
|
|
|
|
0.01 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
0.33 |
|
$ |
0.38 |
|
$ |
1.01 |
|
$ |
0.94 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| WEIGHTED AVERAGE UNITS OUTSTANDING |
|
46,027 |
|
|
38,353 |
|
|
44,188 |
|
|
36,156 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Nine Months Ended September 30, |
||||||||
| 2002 |
2001 |
|||||||
| (unaudited) |
||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
| Net income |
$ |
47,549 |
|
$ |
35,243 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
|
23,125 |
|
|
17,575 |
| ||
| Cumulative effect of accounting change |
|
|
|
|
(508 |
) | ||
| Change in derivative fair value |
|
2,130 |
|
|
(774 |
) | ||
| Noncash compensation expense |
|
|
|
|
5,741 |
| ||
| Change in assets and liabilities, net of assets acquired and liabilities assumed: |
||||||||
| Accounts receivable and other current assets |
|
(129,930 |
) |
|
(189,490 |
) | ||
| Inventory |
|
104,664 |
|
|
(8,037 |
) | ||
| Accounts payable and other current liabilities |
|
67,954 |
|
|
149,408 |
| ||
| Due to re | ||||||||