SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
x 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
for the transition period from to
Commission file number: 000-50067
CROSSTEX ENERGY, L.P.
(Exact name of registrant as specified in its charter)
|
Delaware |
16-1616605 |
|
(State of organization) |
(I.R.S. Employer Identification No.) |
2501 CEDAR SPRINGS, SUITE
600
DALLAS, TEXAS 75201
(Address of principal
executive offices)
(Zip Code)
(214) 953-9500
(Registrant’s telephone number, including area code)
Indicate by check mark whether 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 x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No x
As of July 30, 2004, the Registrant had 8,747,326 common units and 9,334,000 subordinated units outstanding.
TABLE OF CONTENTS
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Item |
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DESCRIPTION |
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Page |
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PART I—FINANCIAL INFORMATION |
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3 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
20 |
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27 |
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30 |
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31 |
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GLOSSARY OF TERMS
As generally used in the energy industry and in this document, the following terms have the following meanings:
/d—per day
MMBtu—million British thermal units
2
CROSSTEX ENERGY, L.P.
Consolidated Balance Sheets
(dollars in thousands)
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June 30, |
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December 31, |
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(Unaudited) |
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(Restated) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
738 |
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$ |
166 |
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Accounts receivable: |
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Trade |
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15,090 |
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10,238 |
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Accrued revenues |
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201,401 |
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124,517 |
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Imbalances |
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494 |
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447 |
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Related party |
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448 |
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1,618 |
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Note receivable |
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677 |
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535 |
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Other |
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2,445 |
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2,588 |
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Fair value of derivative assets |
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7,569 |
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4,080 |
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Prepaid expenses and other |
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4,926 |
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1,979 |
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Total current assets |
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233,788 |
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146,168 |
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Property and equipment: |
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Property and equipment |
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338,798 |
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228,386 |
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Accumulated depreciation |
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(33,374 |
) |
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(24,477 |
) |
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Property and equipment, net |
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305,424 |
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203,909 |
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Intangible assets, net |
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5,886 |
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5,366 |
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Goodwill, net |
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4,873 |
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4,873 |
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Investment in limited partnerships |
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410 |
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2,560 |
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Other assets, net |
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3,920 |
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3,174 |
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Total assets |
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$ |
554,301 |
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$ |
366,050 |
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Liabilities and Partners’ Equity |
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Current liabilities: |
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Drafts payable |
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$ |
26,983 |
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$ |
10,446 |
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Accounts payable |
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4,589 |
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6,325 |
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Accrued gas purchases |
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202,185 |
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119,900 |
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Accounts payable—related party |
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213 |
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448 |
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Accrued imbalances payable |
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1,558 |
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212 |
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Fair value of derivative liabilities |
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3,369 |
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2,487 |
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Current portion of long-term debt |
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50 |
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50 |
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Other current liabilities |
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21,021 |
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10,872 |
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Total current liabilities |
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259,968 |
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150,740 |
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Long-term debt |
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124,650 |
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60,700 |
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Deferred tax liability |
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13,224 |
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— |
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Minority interest in subsidiary |
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2,419 |
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— |
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Fair value of derivative liabilities |
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25 |
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— |
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Partners’ equity: |
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Common unit-holders (8,747,326 and 8,716,000 units issued and outstanding at June 30, 2004 and December 31, 2003, respectively) |
|
|
114,957 |
|
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116,780 |
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Subordinated unit-holders (9,334,000 units issued and outstanding at June 30, 2004 and December 31, 2003) |
|
|
31,323 |
|
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33,593 |
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General partner interest (2% interest with 369,007 and 368,000 equivalent units outstanding at June 30, 2004 and December 31, 2003, respectively) |
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3,580 |
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2,854 |
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Accumulated other comprehensive income |
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|
4,155 |
|
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|
1,383 |
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Total partners’ equity |
|
|
154,015 |
|
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|
154,610 |
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