UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File No. 1-10403
TEPPCO Partners, L.P.
(Exact name of Registrant as specified in its charter)
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Delaware |
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76-0291058 |
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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 ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Limited Partner Units outstanding as of October 28, 2004: 62,998,554.
TEPPCO PARTNERS, L.P.
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
TEPPCO PARTNERS, L.P.
(in thousands)
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September 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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$ |
9,625 |
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$ |
29,469 |
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Accounts receivable, trade (net of allowance for doubtful accounts of $125 and $4,700) |
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511,746 |
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371,938 |
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Accounts receivable, related parties |
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18,271 |
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3,143 |
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Inventories |
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29,184 |
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16,060 |
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Other |
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35,063 |
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32,208 |
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Total current assets |
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603,889 |
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452,818 |
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Property, plant and equipment, at cost (net of accumulated |
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depreciation and amortization of $390,921 and $345,357) |
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1,668,997 |
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1,619,163 |
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Equity investments |
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375,188 |
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365,286 |
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Intangible assets |
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414,520 |
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438,565 |
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Goodwill |
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16,944 |
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16,944 |
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Other assets |
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53,425 |
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48,216 |
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Total assets |
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$ |
3,132,963 |
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$ |
2,940,992 |
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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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$ |
531,428 |
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$ |
359,660 |
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Accounts payable, related parties |
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18,150 |
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16,269 |
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Accrued interest |
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12,659 |
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35,111 |
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Other accrued taxes |
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12,795 |
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9,941 |
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Other |
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46,022 |
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54,610 |
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Total current liabilities |
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621,054 |
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475,591 |
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Senior Notes |
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1,128,620 |
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1,129,650 |
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Other long-term debt |
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325,500 |
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210,000 |
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Other liabilities and deferred credits |
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16,017 |
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16,430 |
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Commitments and contingencies |
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Partners’ capital: |
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Accumulated other comprehensive loss |
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— |
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(2,902 |
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General partner’s interest |
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(27,143 |
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(7,181 |
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Limited partners’ interests |
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1,068,915 |
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1,119,404 |
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Total partners’ capital |
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1,041,772 |
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1,109,321 |
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Total liabilities and partners’ capital |
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$ |
3,132,963 |
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$ |
2,940,992 |
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See accompanying Notes to Consolidated Financial Statements.
1
TEPPCO PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per Unit amounts)
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Three Months Ended |
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Nine 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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Sales of petroleum products |
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$ |
1,359,954 |
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$ |
946,402 |
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$ |
3,774,874 |
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$ |
2,849,594 |
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Transportation – Refined products |
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43,386 |
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37,992 |
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113,294 |
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102,688 |
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Transportation – LPGs |
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16,071 |
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18,498 |
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58,572 |
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62,676 |
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Transportation – Crude oil |
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9,288 |
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6,813 |
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28,164 |
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20,777 |
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Transportation – NGLs |
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10,430 |
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9,996 |
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31,022 |
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29,335 |
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Gathering – Natural gas |
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35,515 |
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34,081 |
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104,444 |
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100,627 |
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Other |
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15,366 |
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13,107 |
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52,265 |
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41,231 |
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Total operating revenues |
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1,490,010 |
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1,066,889 |
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4,162,635 |
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3,206,928 |
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Costs and expenses: |
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