UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 1-13603
TE Products Pipeline Company, Limited Partnership
(Exact name of Registrant as specified in its charter)
|
Delaware |
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76-0329620 |
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(State of Incorporation |
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(I.R.S. Employer |
2929 Allen Parkway
P.O. Box 2521
Houston, Texas 77252-2521
(Address of principal executive offices, including zip code)
(713) 759-3636
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
TABLE OF CONTENTS
i
TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
(in thousands)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
— |
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$ |
188 |
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Accounts receivable, trade (net of allowance for doubtful accounts of $374) |
|
16,045 |
|
25,377 |
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||
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Accounts receivable, related parties |
|
2,763 |
|
154 |
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||
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Inventories |
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9,643 |
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11,186 |
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Other |
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8,347 |
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10,230 |
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||
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Total current assets |
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36,798 |
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47,135 |
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Property, plant and equipment, at cost (net of accumulated depreciation and amortization of $295,707 and $279,395) |
|
691,887 |
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682,385 |
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||
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Equity investments |
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169,644 |
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155,861 |
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Other assets |
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17,739 |
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15,267 |
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Total assets |
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$ |
916,068 |
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$ |
900,648 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ |
13,939 |
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$ |
11,518 |
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Accounts payable, related parties |
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31,866 |
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12,277 |
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Accrued interest |
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16,645 |
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15,877 |
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Other accrued taxes |
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6,360 |
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5,732 |
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Other |
|
7,608 |
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13,983 |
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Total current liabilities |
|
76,418 |
|
59,387 |
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Senior Notes |
|
386,995 |
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392,164 |
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Note Payable, Parent Partnership |
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246,768 |
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211,314 |
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Other liabilities and deferred credits |
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17,526 |
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14,995 |
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Commitments and contingencies |
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Partners’ capital: |
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|
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General partner’s interest |
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2 |
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2 |
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||
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Limited partner’s interest |
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188,359 |
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222,786 |
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Total partners’ capital |
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188,361 |
|
222,788 |
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|
Total liabilities and partners’ capital |
|
$ |
916,068 |
|
$ |
900,648 |
|
See accompanying Notes to Consolidated Financial Statements.
1
TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands)
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Three
Months Ended |
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Six Months
Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Operating revenues: |
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Transportation – Refined products |
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$ |
38,937 |
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$ |
37,802 |
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$ |
69,908 |
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$ |
64,696 |
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Transportation – LPGs |
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13,721 |
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13,357 |
|
42,501 |
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44,178 |
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Other |
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8,559 |
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7,646 |
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22,470 |
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16,900 |
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Total operating revenues |
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61,217 |
|
58,805 |
|
134,879 |
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125,774 |
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Costs and expenses: |
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Operating, general and administrative |
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28,714 |
|
25,825 |
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57,762 |
|
46,326 |
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Operating fuel and power |
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7,192 |
|
7,724 |
|
15,241 |
|
15,902 |
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Depreciation and amortization |
|
8,998 |
|
6,929 |
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17,636 |
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13,937 |
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Taxes – other than income taxes |
|
2,492 |
|
2,428 |
|
5,335 |
|
5,076 |
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Total costs and expenses |
|
47,396 |
|
42,906 |
|
95,974 |
|
81,241 |
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Operating income |
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13,821 |
|
15,899 |
|
38,905 |
|
44,533 |
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Interest expense – net |
|
(6,581 |
) |
(7,245 |
) |
(13,490 |
) |
(14,047 |
) |
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Equity earnings (losses) |
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(509 |
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