þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 76-0568219 | |
(State or Other Jurisdiction of | (I.R.S. Employer Identification No.) | |
Incorporation or Organization) |
1
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 58,237 | $ | 22,619 | ||||
Restricted cash |
18,990 | 23,667 | ||||||
Accounts and notes receivable trade, net of allowance for doubtful accounts
of $22,489 at March 31, 2007 and $23,406 at December 31, 2006 |
1,267,196 | 1,306,290 | ||||||
Accounts receivable related parties |
32,481 | 16,738 | ||||||
Inventories |
460,915 | 423,844 | ||||||
Prepaid and other current assets |
135,266 | 129,000 | ||||||
Total current assets |
1,973,085 | 1,922,158 | ||||||
Property, plant and equipment, net |
10,210,898 | 9,832,547 | ||||||
Investments in and advances to unconsolidated affiliates |
598,638 | 564,559 | ||||||
Intangible assets, net of accumulated amortization of $274,855 at
March 31, 2007 and $251,876 at December 31, 2006 |
980,976 | 1,003,955 | ||||||
Goodwill |
590,639 | 590,541 | ||||||
Deferred tax asset |
2,544 | 1,855 | ||||||
Other assets |
71,208 | 74,103 | ||||||
Total assets |
$ | 14,427,988 | $ | 13,989,718 | ||||
LIABILITIES AND PARTNERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable trade |
$ | 206,390 | $ | 277,070 | ||||
Accounts payable related parties |
21,044 | 6,785 | ||||||
Accrued gas payables |
1,528,007 | 1,364,493 | ||||||
Accrued expenses |
37,190 | 35,763 | ||||||
Accrued interest |
80,051 | 90,865 | ||||||
Other current liabilities |
177,329 | 209,945 | ||||||
Total current liabilities |
2,050,011 | 1,984,921 | ||||||
Long-term debt: (See Note 9) |
||||||||
Senior debt obligations principal |
4,928,068 | 4,779,068 | ||||||
Junior Subordinated Notes A principal |
550,000 | 550,000 | ||||||
Other |
(29,383 | ) | (33,478 | ) | ||||
Total long-term debt |
5,448,685 | 5,295,590 | ||||||
Deferred tax liabilities |
16,028 | 13,723 | ||||||
Other long-term liabilities |
86,199 | 86,121 | ||||||
Minority interest |
433,575 | 129,130 | ||||||
Commitments and contingencie
|
||||||||
Partners equity: |
||||||||
Limited partners |
||||||||
Common units (431,879,824 units outstanding at March 31, 2007
and 431,303,193 units outstanding at December 31, 2006) |
6,219,937 | 6,320,577 | ||||||
Restricted common units (1,118,377 units outstanding at March 31, 2007
and 1,105,237 units outstanding at December 31, 2006) |
10,688 | 9,340 | ||||||
General partner |
127,149 | 129,175 | ||||||
Accumulated other comprehensive income |
35,716 | 21,141 | ||||||
Total partners equity |
6,393,490 | 6,480,233 | ||||||
Total liabilities and partners equity |
$ | 14,427,988 | $ | 13,989,718 | ||||
2
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues: |
||||||||
Third parties |
$ | 3,258,612 | $ | 3,159,999 | ||||
Related parties |
64,242 | 90,075 | ||||||
Total |
3,322,854 | 3,250,074 | ||||||
Costs and expenses: |
||||||||
Operating costs and expenses: |
||||||||
Third parties |
3,040,533 | 2,945,220 | ||||||
Related parties |
83,946 | 101,643 | ||||||
Total operating costs and expenses |
3,124,479 | 3,046,863 | ||||||
General and administrative costs: |
||||||||
Third parties |
3,575 | 2,732 | ||||||
Related parties |
13,055 | 11,008 | ||||||
Total general and administrative costs |
16,630 | 13,740 | ||||||
Total costs and expenses |
3,141,109 | 3,060,603 | ||||||
Equity in income of unconsolidated affiliates |
6,179 | 4,029 | ||||||
Operating income |
187,924 | 193,500 | ||||||
Other income (expense): |
||||||||
Interest expense |
(63,358 | ) | (58,077 | ) | ||||
Interest income |
2,035 | 1,661 | ||||||
Other, net |
(107 | ) | 308 | |||||
Other expense |
(61,430 | ) | (56,108 | ) | ||||
Income before provision for income taxes, minority interest and
the cumulative effect of change in accounting principle |
126,494 | 137,392 | ||||||
Provision for income taxes |
(8,788 | ) | (2,892 | ) | ||||
Income before minority interest and the cumulative effect
of change in accounting principle |
117,706 | 134,500 | ||||||
Minority interest |
(5,661 | ) | (2,198 | ) | ||||
Income before the cumulative effect of change in accounting principle |
112,045 | 132,302 | ||||||
Cumulative effect of change in accounting principle (see Note 2) |
| 1,475 | ||||||
Net income |
$ | 112,045 | $ | 133,777 | ||||
Net income allocation: (see Note 13) |
||||||||
Limited partners interest in net income |
$ | 85,049 | $ | 112,369 | ||||
General partner interest in net income |
$ | 26,996 | $ | 21,408 | ||||
Earning per unit: (see Note 13) |
||||||||
Basic and diluted income per unit before change in accounting principle |
$ | 0.20 | $ | 0.28 | ||||
Basic and diluted income per unit |
$ | 0.20 | $ | 0.28 | ||||
3
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Net income |
$ | 112,045 | $ | 133,777 | ||||
Other comprehensive income: |
||||||||
Cash flow hedges: |
||||||||
Net commodity financial instrument gains during period |
14,479 | 251 | ||||||
Less: Amortization of cash flow financing hedges |
(1,089 | ) | (1,041 | ) | ||||
Total cash flow hedges |
13,390 | (790 | ) | |||||
Foreign currency translation adjustment |
401 | | ||||||
Total other comprehensive income |
13,791 | (790 | ) | |||||
Comprehensive income |
$ | 125,836 | $ | 132,987 | ||||
4
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Operating activities: |
||||||||
Net income |
$ | 112,045 | $ | 133,777 | ||||
Adjustments to reconcile net income to net cash
flows provided by operating activities: |
||||||||
Depreciation, amortization and accretion in operating costs and expenses |
119,492 | 104,816 | ||||||
Depreciation and amortization in general and administrative costs |
1,597 | 1,501 | ||||||
Amortization in interest expense |
132 | 250 | ||||||
Equity in income of unconsolidated affiliates |
(6,179 | ) | (4,029 | ) | ||||
Distributions received from unconsolidated affiliates |
16,947 | 8,253 | ||||||
Cumulative effect of change in accounting principle |
| (1,475 | ) | |||||
Operating lease expense paid by EPCO, Inc. |
526 | 528 | ||||||
Minority interest |
5,661 | 2,198 | ||||||
Gain on sale of assets |
(73 | ) | (61 | ) | ||||
Deferred income tax expense |
1,596 | 1,487 | ||||||
Changes in fair market value of financial instruments |
104 | (53 | ) | |||||
Net effect of changes in operating accounts (see Note 16) |
168,903 | 247,084 | ||||||
Net cash flows provided by operating activities |
420,751 | 494,276 | ||||||
Investing activities: |
||||||||
Capital expenditures |
(614,035 | ) | (316,798 | ) | ||||
Contributions in aid of construction costs |
39,145 | 12,180 | ||||||
Proceeds from sale of assets |
91 | 75 | ||||||
Decrease in restricted cash |
4,677 | 9,045 | ||||||
Cash used for business combinations |
(312 | ) | | |||||
Investments in unconsolidated affiliates |
(38,973 | ) | (61,528 | ) | ||||
Advances (to) from unconsolidated affiliates |
(5,514 | ) | 8,381 | |||||
Net cash used in investing activities |
(614,921 | ) | (348,645 | ) | ||||
Financing activities: |
||||||||
Borrowings under debt agreements |
1,088,000 | 510,000 | ||||||
Repayments of debt |
(939,000 | ) | (920,000 | ) | ||||
Debt issuance costs |
(510 | ) | | |||||
Distributions paid to partners |
(233,145 | ) | (193,543 | ) | ||||
Distributions paid to minority interests |
(1,053 | ) | (1,495 | ) | ||||
Net proceeds from initial public offering of Duncan Energy Partners reflected
as a contribution from minority interests (see Notes 1 and 2) |
291,872 | | ||||||
Other contributions from minority interests |
7,965 | 11,372 | ||||||
Net proceeds from issuance of our common units |
16,997 | 440,928 | ||||||
Net cash provided by (used in) financing activities |
231,126 | (152,738 | ) | |||||
Effect of exchange rate changes on cash |
(1,338 | ) | | |||||
Net change in cash and cash equivalents |
36,956 | (7,107 | ) | |||||
Cash and cash equivalents, January 1 |
22,619 | 42,098 | ||||||
Cash and cash equivalents, March 31 |
$ | 58,237 | $ | 34,991 | ||||
5
Limited | General | |||||||||||||||
Partners | Partner | AOCI | Total | |||||||||||||
Balance, December 31, 2006 |
$ | 6,329,917 | $ | 129,175 | $ | 21,141 | $ | 6,480,233 | ||||||||
Net income |
85,049 | 26,996 | | 112,045 | ||||||||||||
Operating leases paid by EPCO, Inc. |
515 | 11 | | 526 | ||||||||||||
Cash distributions to partners |
(202,149 | ) | (29,387 | ) | | (231,536 | ) | |||||||||
Net proceeds from sales of common units |
12,495 | 255 | | 12,750 | ||||||||||||
Proceeds from exercise of unit options |
4,162 | 85 | | 4,247 | ||||||||||||
Unit option reimbursements to EPCO, Inc. |
(1,577 | ) | (32 | ) | | (1,609 | ) | |||||||||
Change in funded status of pension and
postretirement plans, net of tax |
| | 784 | 784 | ||||||||||||
Amortization of equity awards |
2,213 | 46 | | 2,259 | ||||||||||||
Foreign currency translation adjustment |
| | 401 | 401 | ||||||||||||
Cash flow hedges |
| | 13,390 | 13,390 | ||||||||||||
Balance, March 31, 2007 |
$ | 6,230,625 | $ | 127,149 | $ | 35,716 | $ | 6,393,490 | ||||||||
6
7
8
9
10
Weighted- | ||||||||||||||||
Weighted- | average | |||||||||||||||
average | remaining | Aggregate | ||||||||||||||
Number of | strike price | contractual | Intrinsic | |||||||||||||
Units | (dollars/unit) | term (in years) | Value (1) | |||||||||||||
Outstanding at December 31, 2006 |
2,416,000 | $ | 23.32 | |||||||||||||
Exercised |
(138,000 | ) | $ | 18.74 | ||||||||||||
Outstanding at March 31, 2007 |
2,278,000 | $ | 23.60 | 7.47 | $ | 4,672 | ||||||||||
Options exercisable at: |
||||||||||||||||
March 31, 2007 |
453,000 | $ | 21.49 | 4.67 | $ | 4,672 | ||||||||||
(1) | Aggregate intrinsic value reflects fully vested unit options at March 31, 2007. |
Weighted- | ||||||||
Average Grant | ||||||||
Number of | Date Fair Value | |||||||
Units | per Unit (1) | |||||||
Restricted units at December 31, 2006 |
1,105,237 | |||||||
Granted (2) |
15,140 | $ | 27.38 | |||||
Forfeited |
(2,000 | ) | $ | 22.91 | ||||
Restricted units at March 31, 2007 |
1,118,377 | |||||||
(1) | Determined by dividing the aggregate grant date fair value of awards (including an allowance for forfeitures) by the number of awards issued. | |
(2) | Aggregate grant date fair value of restricted common unit awards issued during 2007 was $0.4 million based on a grant date market price of our common units of $30.16 per unit and an estimated forfeiture rate of 9.2%. |
11
Number | Period Covered | Termination | Fixed to | Notional | ||||||||
Hedged Fixed Rate Debt | Of Swaps | by Swap | Date of Swap | Variable Rate (1) | Amount | |||||||
Senior Notes B, 7.50% fixed rate, due Feb. 2011
|
1 | Jan. 2004 to Feb. 2011 | Feb. 2011 | 7.50%to 8.74% | $ 50 million | |||||||
Senior Notes C, 6.375% fixed rate, due Feb. 2013
|
2 | Jan. 2004 to Feb. 2013 | Feb. 2013 | 6.38%to 7.28% | $200 million | |||||||
Senior Notes G, 5.6% fixed rate, due Oct. 2014
|
6 | 4th Qtr. 2004 to Oct. 2014 | Oct. 2014 | 5.60%to 6.33% | $600 million | |||||||
Senior Notes K, 4.95% fixed rate, due June 2010
|
2 | Aug. 2005 to June 2010 | June 2010 | 4.95%to 5.76% | $200 million |
(1) | The variable rate indicated is the all-in variable rate for the current settlement period. |
12
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
Working inventory |
$ | 451,641 | $ | 387,973 | ||||
Forward-sales inventory |
9,274 | 35,871 | ||||||
Inventory |
$ | 460,915 | $ | 423,844 | ||||
13
Estimated | ||||||||||||
Useful Life | March 31, | December 31, | ||||||||||
in Years | 2007 | 2006 | ||||||||||
Plants and
pipelines (1) |
3-35 | (5) | $ | 9,217,439 | $ | 8,774,683 | ||||||
Underground
and other storage facilities (2) |
5-35 | (6) | 605,102 | 596,649 | ||||||||
Platforms and facilities (3) |
20-31 | 549,896 | 161,839 | |||||||||
Transportation equipment (4) |
3-10 | 27,608 | 27,008 | |||||||||
Land |
40,010 | 40,010 | ||||||||||
Construction in progress |
1,367,264 | 1,734,083 | ||||||||||
Total |
11,807,319 | 11,334,272 | ||||||||||
Less accumulated depreciation |
1,596,421 | 1,501,725 | ||||||||||
Property, plant and equipment, net |
$ | 10,210,898 | $ | 9,832,547 | ||||||||
(1) | Plants and pipelines include processing plants; NGL, petrochemical, oil and natural gas pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment; and related assets. | |
(2) | Underground and other storage facilities include underground product storage caverns; storage tanks; water wells; and related assets. | |
(3) | Platforms and facilities include offshore platforms and related facilities and other associated assets. | |
(4) | Transportation equipment includes vehicles and similar assets used in our operations. | |
(5) | In general, the estimated useful lives of major components of this category are as follows: processing plants, 20-35 years; pipelines, 18-35 years (with some equipment at 5 years); terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings 20-35 years; and laboratory and shop equipment, 5-35 years. | |
(6) | In general, the estimated useful lives of major components of this category are as follows: underground storage facilities, 20-35 years (with some components at 5 years); storage tanks, 10-35 years; and water wells, 25-35 years (with some components at 5 years). |
14
Ownership | Investments in and advances to | |||||||||||
Percentage at | unconsolidated affiliates at | |||||||||||
March 31, | March 31, | December 31, | ||||||||||
2007 | 2007 | 2006 | ||||||||||
NGL Pipelines & Services: |
||||||||||||
Venice Energy Service Company L.L.C. (VESCO) |
13.1 | % | $ | 42,598 | $ | 39,618 | ||||||
K/D/S Promix, L.L.C. (Promix) |
50 | % | 52,103 | 46,140 | ||||||||
Baton Rouge Fractionators LLC (BRF) |
32.3 | % | 25,159 | 25,471 | ||||||||
Onshore Natural Gas Pipelines & Services: |
||||||||||||
Jonah Gas Gathering Company (Jonah) |
17.3 | % | 157,935 | 120,370 | ||||||||
Evangeline (1) |
49.5 | % | 3,514 | 4,221 | ||||||||
Offshore Pipelines & Services: |
||||||||||||
Poseidon Oil Pipeline Company, L.L.C. (Poseidon) |
36 | % | 61,153 | 62,324 | ||||||||
Cameron Highway Oil Pipeline Company (Cameron Highway) |
50 | % | 56,908 | 60,216 | ||||||||
Deepwater Gateway, L.L.C. (Deepwater Gateway) |
50 | % | 111,187 | 117,646 | ||||||||
Neptune Pipeline Company, L.L.C. (Neptune) |
25.7 | % | 58,778 | 58,789 | ||||||||
Nemo Gathering Company, LLC (Nemo) |
33.9 | % | 11,024 | 11,161 | ||||||||
Petrochemical Services: |
||||||||||||
Baton Rouge Propylene Concentrator, LLC (BRPC) |
30 | % | 13,894 | 13,912 | ||||||||
La Porte (2) |
50 | % | 4,385 | 4,691 | ||||||||
Total |
$ | 598,638 | $ | 564,559 | ||||||||
(1) | Refers to our ownership interests in Evangeline Gas Pipeline Company, L.P. and Evangeline Gas Corp., collectively. | |
(2) | Refers to our ownership interests in La Porte Pipeline Company, L.P. and La Porte GP, LLC, collectively. |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
NGL Pipelines & Services |
$ | 591 | $ | 1,518 | ||||
Onshore Natural Gas Pipelines & Services |
1,029 | 602 | ||||||
Offshore Pipelines & Services |
4,075 | 1,934 | ||||||
Petrochemical Services |
484 | (25 | ) | |||||
Total |
$ | 6,179 | $ | 4,029 | ||||
15
Summarized Income Statement Information for the Three Months Ended | ||||||||||||||||||||||||
March 31, 2007 | March 31, 2006 | |||||||||||||||||||||||
Operating | Net | Operating | Net | |||||||||||||||||||||
Revenues | Income | Income | Revenues | Income (Loss) | Income (Loss) | |||||||||||||||||||
NGL
Pipelines & Services (1) |
$ | 41,732 | $ | 3,260 | $ | 3,829 | $ | 20,286 | $ | (22,125 | ) | $ | (21,678 | ) | ||||||||||
Onshore Natural Gas Pipelines & Services |
108,898 | 21,615 | 20,313 | 108,788 | 38,896 | 34,444 | ||||||||||||||||||
Offshore Pipelines & Services |
37,193 | 19,718 | 12,336 | 31,696 | 10,930 | 3,680 | ||||||||||||||||||
Petrochemical Services |
5,553 | 1,887 | 1,911 | 3,868 | 186 | 210 |
(1) | During the three months ended March 31, 2006, VESCO incurred losses due to the effects of Hurricane Katrina. |
March 31, 2007 | December 31, 2006 | |||||||||||||||||||||||
Gross | Accum. | Carrying | Gross | Accum. | Carrying | |||||||||||||||||||
Value | Amort. | Value | Value | Amort. | Value | |||||||||||||||||||
NGL Pipelines & Services |
$ | 528,594 | $ | (119,888 | ) | $ | 408,706 | $ | 528,594 | $ | (110,644 | ) | $ | 417,950 | ||||||||||
Onshore Natural Gas Pipelines & Services |
463,551 | (85,557 | ) | 377,994 | 463,551 | (77,402 | ) | 386,149 | ||||||||||||||||
Offshore Pipelines & Services |
207,012 | (59,718 | ) | 147,294 | 207,012 | (54,636 | ) | 152,376 | ||||||||||||||||
Petrochemical Services |
56,674 | (9,692 | ) | 46,982 | 56,674 | (9,194 | ) | 47,480 | ||||||||||||||||
Total |
$ | 1,255,831 | $ | (274,855 | ) | $ | 980,976 | $ | 1,255,831 | $ | (251,876 | ) | $ | 1,003,955 | ||||||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
NGL Pipelines & Services |
$ | 9,244 | $ | 6,361 | ||||
Onshore Natural Gas Pipelines & Services |
8,155 | 8,458 | ||||||
Offshore Pipelines & Services |
5,082 | 5,834 | ||||||
Petrochemical Services |
498 | 499 | ||||||
Total |
$ | 22,979 | $ | 21,152 | ||||
16
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
NGL Pipelines & Services |
$ | 152,693 | $ | 152,595 | ||||
Onshore Natural Gas Pipelines & Services |
282,121 | 282,121 | ||||||
Offshore Pipelines & Services |
82,135 | 82,135 | ||||||
Petrochemical Services |
73,690 | 73,690 | ||||||
Totals |
$ | 590,639 | $ | 590,541 | ||||
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
Operating Partnership senior debt obligations: |
||||||||
Multi-Year Revolving Credit Facility, variable rate, due October 2011 |
$ | 390,000 | $ | 410,000 | ||||
Pascagoula MBFC Loan, 8.70% fixed-rate, due March 2010 |
54,000 | 54,000 | ||||||
Senior Notes B, 7.50% fixed-rate, due February 2011 |
450,000 | 450,000 | ||||||
Senior Notes C, 6.375% fixed-rate, due February 2013 |
350,000 | 350,000 | ||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 |
500,000 | 500,000 | ||||||
Senior Notes E, 4.00% fixed-rate, due October 2007 (1) |
500,000 | 500,000 | ||||||
Senior Notes F, 4.625% fixed-rate, due October 2009 |
500,000 | 500,000 | ||||||
Senior Notes G, 5.60% fixed-rate, due October 2014 |
650,000 | 650,000 | ||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 |
350,000 | 350,000 | ||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 |
250,000 | 250,000 | ||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 |
250,000 | 250,000 | ||||||
Senior Notes K, 4.950% fixed-rate, due June 2010 |
500,000 | 500,000 | ||||||
Duncan Energy Partners debt obligation: |
||||||||
$300 Million Revolving Credit Facility, variable rate, due February 2011 |
169,000 | | ||||||
Dixie Revolving Credit Facility, variable rate, due June 2010 |
10,000 | 10,000 | ||||||
Other, 8.75% fixed-rate, due June 2010(2) |
5,068 | 5,068 | ||||||
Total principal amount of senior debt obligations |
4,928,068 | 4,779,068 | ||||||
Operating Partnership Junior Subordinated Notes A, due August 2066 |
550,000 | 550,000 | ||||||
Total principal amount of senior and junior debt obligations |
5,478,068 | 5,329,068 | ||||||
Other,
including unamortized discounts and premiums and changes in fair value (3) |
(29,383 | ) | (33,478 | ) | ||||
Long-term debt |
$ | 5,448,685 | $ | 5,295,590 | ||||
Standby letters of credit outstanding |
$ | 36,758 | $ | 49,858 | ||||
(1) | In accordance with SFAS 6, Classification of Short-Term Obligations Expected to be Refinanced, long-term and current maturities of debt reflects the classification of such obligations at March 31, 2007 and December 31, 2006. With respect to Senior Notes E due in October 2007, the Operating Partnership has the ability to use available credit capacity under its Multi-Year Revolving Credit Facility to fund the repayment of this debt. | |
(2) | Represents remaining debt obligations assumed in connection with the GulfTerra Merger. | |
(3) | The March 31, 2007 amount includes $25.0 million related to fair value hedges and a net $4.4 million in unamortized discounts and premiums. The December 31, 2006 amount includes $29.1 million related to fair value hedges and a net $4.4 million in unamortized discounts and premiums. |
17
18
Range of | Weighted-average | |||
interest rates | interest rate | |||
paid | paid | |||
Operating Partnerships Multi-Year Revolving Credit Facility |
5.82% to 8.25% | 5.84% | ||
Duncan Energy Partners Revolving Credit Facility |
6.17% | 6.17% | ||
Dixie Revolving Credit Facility |
5.66% to 5.67% | 5.66% |
2007 |
$ | | ||
2008 |
| |||
2009 |
500,000 | |||
2010 |
569,068 | |||
2011 |
1,509,000 | |||
Thereafter |
2,900,000 | |||
Total scheduled principal payments |
$ | 5,478,068 | ||
Our | Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||
Ownership | After | |||||||||||||||||||||||||||||||
Interest | Total | 2007 | 2008 | 2009 | 2010 | 2011 | 2011 | |||||||||||||||||||||||||
Cameron Highway |
50 | % | $ | 415,000 | $ | | $ | 25,000 | $ | 25,000 | $ | 50,000 | $ | 55,000 | $ | 260,000 | ||||||||||||||||
Poseidon |
36 | % | 91,000 | | | | | 91,000 | | |||||||||||||||||||||||
Evangeline |
49.5 | % | 25,650 | 5,000 | 5,000 | 5,000 | 10,650 | | | |||||||||||||||||||||||
Total |
$ | 531,650 | $ | 5,000 | $ | 30,000 | $ | 30,000 | $ | 60,650 | $ | 146,000 | $ | 260,000 | ||||||||||||||||||
19
20
Net Proceeds from Sale of Common Units | ||||||||||||||||
Number of | Contributed | Contributed by | Total | |||||||||||||
common units | by Limited | General | Net | |||||||||||||
issued | Partners | Partner | Proceeds | |||||||||||||
DRIP and EUPP |
438,631 | $ | 12,495 | $ | 255 | $ | 12,750 | |||||||||
Total 2007 |
438,631 | $ | 12,495 | $ | 255 | $ | 12,750 | |||||||||
Restricted | ||||||||
Common | Common | |||||||
Units | Units | |||||||
Balance, December 31, 2006 |
431,303,193 | 1,105,237 | ||||||
Units issued in connection with DRIP and EUPP |
438,631 | | ||||||
Units issued in connection with equity-based awards |
138,000 | 15,140 | ||||||
Forfeiture of restricted units |
| (2,000 | ) | |||||
Balance, March 31, 2007 |
431,879,824 | 1,118,377 | ||||||
Restricted | ||||||||||||
Common | Common | |||||||||||
units | units | Total | ||||||||||
Balance, December 31, 2006 |
$ | 6,320,577 | $ | 9,340 | $ | 6,329,917 | ||||||
Net income |
84,830 | 219 | 85,049 | |||||||||
Operating leases paid by EPCO |
514 | 1 | 515 | |||||||||
Cash distributions to partners |
(201,633 | ) | (516 | ) | (202,149 | ) | ||||||
Net proceeds from sales of common units |
12,495 | | 12,495 | |||||||||
Proceeds from exercise of unit options |
4,162 | | 4,162 | |||||||||
Unit option reimbursements to EPCO |
(1,577 | ) | | (1,577 | ) | |||||||
Amortization of equity-based awards |
569 | 1,644 | 2,213 | |||||||||
Balance, March 31, 2007 |
$ | 6,219,937 | $ | 10,688 | $ | 6,230,625 | ||||||
§ | 2% of quarterly cash distributions up to $0.253 per unit; | ||
§ | 15% of quarterly cash distributions from $0.253 per unit up to $0.3085 per unit; and | ||
§ | 25% of quarterly cash distributions that exceed $0.3085 per unit. |
21
22
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues (1) |
$ | 3,322,854 | $ | 3,250,074 | ||||
Less: Operating costs and expenses (1) |
(3,124,479 | ) | (3,046,863 | ) | ||||
Add: Equity in income of unconsolidated affiliates (1) |
6,179 | 4,029 | ||||||
Depreciation, amortization and accretion in operating costs and expenses (2) |
119,492 | 104,816 | ||||||
Operating lease expense paid by EPCO (2) |
526 | 528 | ||||||
Gain on sale of assets in operating costs and expenses (2) |
(73 | ) | (61 | ) | ||||
Total segment gross operating margin |
$ | 324,499 | $ | 312,523 | ||||
(1) | These amounts are taken from our Unaudited Condensed Statements of Consolidated Operations. | |
(2) | These non-cash expenses are taken from the operating activities section of our Unaudited Condensed Statements of Consolidated Cash Flows. |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Total segment gross operating margin |
$ | 324,499 | $ | 312,523 | ||||
Adjustments to reconcile total segment gross operating margin
to operating income: |
||||||||
Depreciation, amortization and accretion in operating costs and expenses |
(119,492 | ) | (104,816 | ) | ||||
Operating lease expense paid by EPCO |
(526 | ) | (528 | ) | ||||
Gain on sale of assets in operating costs and expenses |
73 | 61 | ||||||
General and administrative costs |
(16,630 | ) | (13,740 | ) | ||||
Consolidated operating income |
187,924 | 193,500 | ||||||
Other expense, net |
(61,430 | ) | (56,108 | ) | ||||
Income before provision for income taxes, minority interest
and cumulative effect of change in accounting principle |
$ | 126,494 | $ | 137,392 | ||||
23
Reportable Segments | ||||||||||||||||||||||||
Onshore | ||||||||||||||||||||||||
NGL | Natural Gas | Offshore | Adjustments | |||||||||||||||||||||
Pipelines | Pipelines | Pipelines | Petrochemical | and | Consolidated | |||||||||||||||||||
& Services | & Services | & Services | Services | Eliminations | Totals | |||||||||||||||||||
Revenues from third parties: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
$ | 2,365,118 | $ | 416,230 | $ | 32,983 | $ | 444,281 | $ | | $ | 3,258,612 | ||||||||||||
Three months ended March 31, 2006 |
2,338,696 | 413,001 | 22,352 | 385,950 | | 3,159,999 | ||||||||||||||||||
Revenues from related parties: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
9,903 | 54,002 | 328 | 9 | | 64,242 | ||||||||||||||||||
Three months ended March 31, 2006 |
6,948 | 82,955 | 172 | | | 90,075 | ||||||||||||||||||
Intersegment and intrasegment revenues: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
1,122,847 | 18,569 | 548 | 104,997 | (1,246,961 | ) | | |||||||||||||||||
Three months ended March 31, 2006 |
896,245 | 28,141 | 313 | 82,817 | (1,007,516 | ) | | |||||||||||||||||
Total revenues: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
3,497,868 | 488,801 | 33,859 | 549,287 | (1,246,961 | ) | 3,322,854 | |||||||||||||||||
Three months ended March 31, 2006 |
3,241,889 | 524,097 | 22,837 | 468,767 | (1,007,516 | ) | 3,250,074 | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
591 | 1,029 | 4,075 | 484 | | 6,179 | ||||||||||||||||||
Three months ended March 31, 2006 |
1,518 | 602 | 1,934 | (25 | ) | | 4,029 | |||||||||||||||||
Gross operating margin by individual
business segment and in total: |
||||||||||||||||||||||||
Three months ended March 31, 2007 |
190,694 | 76,515 | 19,707 | 37,583 | | 324,499 | ||||||||||||||||||
Three months ended March 31, 2006 |
170,950 | 96,803 | 17,252 | 27,518 | | 312,523 | ||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||
At March 31, 2007 |
3,479,690 | 3,700,783 | 1,112,518 | 550,643 | 1,367,264 | 10,210,898 | ||||||||||||||||||
At December 31, 2006 |
3,249,486 | 3,611,974 | 734,659 | 502,345 | 1,734,083 | 9,832,547 | ||||||||||||||||||
Investments in and advances
to unconsolidated affiliates (see Note 7): |
||||||||||||||||||||||||
At March 31, 2007 |
119,860 | 161,449 | 299,050 | 18,279 | | 598,638 | ||||||||||||||||||
At December 31, 2006 |
111,229 | 124,591 | 310,136 | 18,603 | | 564,559 | ||||||||||||||||||
Intangible Assets (see Note 8): |
||||||||||||||||||||||||
At March 31, 2007 |
408,706 | 377,994 | 147,294 | 46,982 | | 980,976 | ||||||||||||||||||
At December 31, 2006 |
417,950 | 386,149 | 152,376 | 47,480 | | 1,003,955 | ||||||||||||||||||
Goodwill (see Note 8): |
||||||||||||||||||||||||
At March 31, 2007 |
152,693 | 282,121 | 82,135 | 73,690 | | 590,639 | ||||||||||||||||||
At December 31, 2006 |
152,595 | 282,121 | 82,135 | 73,690 | | 590,541 |
24
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
NGL Pipelines & Services: |
||||||||
Sale of NGL products |
$ | 2,191,624 | $ | 2,192,016 | ||||
Percent of consolidated revenues |
66 | % | 67 | % | ||||
Onshore Natural Gas Pipelines & Services: |
||||||||
Sale of natural gas |
$ | 361,031 | $ | 367,544 | ||||
Percent of consolidated revenues |
11 | % | 11 | % | ||||
Petrochemical Services: |
||||||||
Sale of petrochemical products |
$ | 387,752 | $ | 343,350 | ||||
Percent of consolidated revenues |
12 | % | 11 | % |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues from consolidated operations: |
||||||||
EPCO and affiliates |
$ | 8,542 | $ | 5,632 | ||||
Unconsolidated affiliates |
55,700 | 84,443 | ||||||
Total |
$ | 64,242 | $ | 90,075 | ||||
Operating costs and expenses: |
||||||||
EPCO and affiliates |
$ | 78,673 | $ | 94,957 | ||||
Unconsolidated affiliates |
5,273 | 6,686 | ||||||
Total |
$ | 83,946 | $ | 101,643 | ||||
General and administrative costs: |
||||||||
EPCO and affiliates |
$ | 13,055 | $ | 11,008 | ||||
§ | EPCO and its private company subsidiaries; | ||
§ | Enterprise Products GP, our sole general partner; | ||
§ | Enterprise GP Holdings, which owns and controls our general partner; | ||
§ | TEPPCO and TEPPCO GP, which are controlled by affiliates of EPCO; and | ||
§ | the Employee Partnerships. |
25
26
27
§ | Mont Belvieu Caverns, LLC (Mont Belvieu Caverns), a recently formed subsidiary, which owns salt dome storage caverns located in Mont Belvieu, Texas that receive, store and deliver NGLs and certain petrochemical products for industrial customers located along the upper Texas Gulf Coast, which has the largest concentration of petrochemical plants and refineries in the United States; | ||
§ | Acadian Gas, LLC (Acadian Gas), which owns an onshore natural gas pipeline system that gathers, transports, stores and markets natural gas in Louisiana. The Acadian Gas system links natural gas supplies from onshore and offshore Gulf of Mexico developments (including offshore pipelines, continental shelf and deepwater production) with local gas distribution companies, electric generation plants and industrial customers, including those in the Baton Rouge-New Orleans-Mississippi River corridor. A subsidiary of Acadian Gas owns our 49.5% equity interest in Evangeline; | ||
§ | Sabine Propylene Pipeline L.P. (Sabine Propylene), which transports polymer-grade propylene between Port Arthur, Texas and a pipeline interconnect located in Cameron Parish, Louisiana; | ||
§ | Enterprise Lou-Tex Propylene Pipeline L.P. (Lou-Tex Propylene), which transports chemical-grade propylene from Sorrento, Louisiana to Mont Belvieu, Texas; and | ||
§ | South Texas NGL Pipelines, LLC (South Texas NGL), a recently formed subsidiary, which began transporting NGLs from Corpus Christi, Texas to Mont Belvieu, Texas in January 2007. South Texas NGL owns the DEP South Texas NGL Pipeline System. |
§ | We utilize storage services provided by Mont Belvieu Caverns to support our Mont Belvieu fractionation and other businesses; |
28
§ | We buy natural gas from and sell natural gas to Acadian Gas in connection with its normal business activities; and | ||
§ | We are currently the sole shipper on the DEP South Texas NGL Pipeline System. |
29
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Net income |
$ | 112,045 | $ | 133,777 | ||||
Less incentive earnings allocations to Enterprise Products GP |
(25,260 | ) | (19,115 | ) | ||||
Net income available after incentive earnings allocation |
86,785 | 114,662 | ||||||
Multiplied by Enterprise Products GP ownership interest |
2.0 | % | 2.0 | % | ||||
Standard earnings allocation to Enterprise Products GP |
$ | 1,736 | $ | 2,293 | ||||
Incentive earnings allocation to Enterprise Products GP |
$ | 25,260 | $ | 19,115 | ||||
Standard earnings allocation to Enterprise Products GP |
1,736 | 2,293 | ||||||
Enterprise Products GP interest in net income |
$ | 26,996 | $ | 21,408 | ||||
30
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Income before change in accounting principle
and Enterprise Products GP interest |
$ | 112,045 | $ | 132,302 | ||||
Cumulative effect of change in accounting principle |
| 1,475 | ||||||
Net income |
112,045 | 133,777 | ||||||
Enterprise Products GP interest in net income |
(26,996 | ) | (21,408 | ) | ||||
Net income available to limited partners |
$ | 85,049 | $ | 112,369 | ||||
BASIC EARNINGS PER UNIT |
||||||||
Numerator |
||||||||
Income before change in accounting principle
and Enterprise Products GP interest |
$ | 112,045 | $ | 132,302 | ||||
Cumulative effect of change in accounting principle |
| 1,475 | ||||||
Enterprise Products GP interest in net income |
(26,996 | ) | (21,408 | ) | ||||
Limited partners interest in net income |
$ | 85,049 | $ | 112,369 | ||||
Denominator |
||||||||
Common units |
431,633 | 395,293 | ||||||
Time-vested restricted units |
1,110 | 755 | ||||||
Total |
432,743 | 396,048 | ||||||
Basic earnings per unit |
||||||||
Income before change in accounting principle
and Enterprise Products GP interest |
$ | 0.26 | $ | 0.33 | ||||
Cumulative effect of change in accounting principle |
| | ||||||
Enterprise Products GP interest in net income |
(0.06 | ) | (0.05 | ) | ||||
Limited partners interest in net income |
$ | 0.20 | $ | 0.28 | ||||
DILUTED EARNINGS PER UNIT |
||||||||
Numerator |
||||||||
Income before change in accounting principle
and Enterprise Products GP interest |
$ | 112,045 | $ | 132,302 | ||||
Cumulative effect of change in accounting principle |
| 1,475 | ||||||
Enterprise Products GP interest in net income |
(26,996 | ) | (21,408 | ) | ||||
Limited partners interest in net income |
$ | 85,049 | $ | 112,369 | ||||
Denominator |
||||||||
Common units |
431,633 | 395,293 | ||||||
Time-vested restricted units |
1,110 | 755 | ||||||
Performance-based restricted units |
9 | 27 | ||||||
Incremental option units |
520 | 248 | ||||||
Total |
433,272 | 396,323 | ||||||
Diluted earnings per unit |
||||||||
Income before change in accounting principle
and Enterprise Products GP interest |
$ | 0.26 | $ | 0.33 | ||||
Cumulative effect of change in accounting principle |
| | ||||||
Enterprise Products GP interest in net income |
(0.06 | ) | (0.05 | ) | ||||
Limited partners interest in net income |
$ | 0.20 | $ | 0.28 | ||||
31
32
33
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Decrease (increase) in: |
||||||||
Accounts and notes receivable |
$ | 8,641 | $ | 355,049 | ||||
Inventories |
(35,298 | ) | 84,191 | |||||
Prepaid and other current assets |
5,969 | 12,482 | ||||||
Other assets |
2,314 | 7,866 | ||||||
Increase (decrease) in: |
||||||||
Accounts payable |
(57,289 | ) | (85,314 | ) | ||||
Accrued gas payable |
163,514 | (174,960 | ) | |||||
Accrued expenses |
119,918 | 44,029 | ||||||
Accrued interest |
(10,814 | ) | 40 | |||||
Other current liabilities |
(26,701 | ) | 2,615 | |||||
Other long-term liabilities |
(1,351 | ) | 1,086 | |||||
Net effect of changes in operating accounts |
$ | 168,903 | $ | 247,084 | ||||
34
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
ASSETS |
||||||||
Current assets |
$ | 1,968,896 | $ | 1,915,937 | ||||
Property, plant and equipment, net |
10,210,898 | 9,832,547 | ||||||
Investments in and advances to unconsolidated affiliates, net |
598,638 | 564,559 | ||||||
Intangible assets, net |
980,976 | 1,003,955 | ||||||
Goodwill |
590,639 | 590,541 | ||||||
Deferred tax asset |
2,301 | 1,632 | ||||||
Other assets |
71,208 | 74,103 | ||||||
Total |
$ | 14,423,556 | $ | 13,983,274 | ||||
LIABILITIES AND PARTNERS EQUITY |
||||||||
Current liabilities |
$ | 2,052,754 | $ | 1,986,444 | ||||
Long-term debt |
5,448,685 | 5,295,590 | ||||||
Other long-term liabilities |
102,228 | 99,845 | ||||||
Minority interest |
438,683 | 136,249 | ||||||
Partners equity |
6,381,206 | 6,465,146 | ||||||
Total |
$ | 14,423,556 | $ | 13,983,274 | ||||
Total Operating Partnership debt obligations guaranteed by us |
$ | 5,294,000 | $ | 5,314,000 | ||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues |
$ | 3,322,854 | $ | 3,250,074 | ||||
Costs and expenses |
3,139,730 | 3,058,646 | ||||||
Equity in income of unconsolidated affiliates |
6,179 | 4,029 | ||||||
Operating income |
189,303 | 195,457 | ||||||
Other expense |
(61,964 | ) | (56,512 | ) | ||||
Income before provision for income taxes, minority
interest and change in accounting principle |
127,339 | 138,945 | ||||||
Provision for income taxes |
(8,779 | ) | (2,892 | ) | ||||
Income before minority interest and change in
accounting principle |
118,560 | 136,053 | ||||||
Minority interest |
(5,743 | ) | (2,199 | ) | ||||
Income before change in accounting principle |
112,817 | 133,854 | ||||||
Cumulative effect of change in accounting principle |
| 1,475 | ||||||
Net income |
$ | 112,817 | $ | 135,329 | ||||
35
§ | Overview of Business. | ||
§ | Results of Operations Discusses material quarter-to-quarter variances in our Unaudited Condensed Statements of Consolidated Operations. | ||
§ | Liquidity and Capital Resources Addresses available sources of liquidity and analyzes cash flows. | ||
§ | Critical Accounting Policies Presents accounting policies that are among the most significant to the portrayal of our financial condition and results of operations. | ||
§ | Other Items Includes information related to contractual obligations, off-balance sheet arrangements, related party transactions, recent accounting pronouncements and similar disclosures. |
/d | = per day | |||
BBtus | = billion British thermal units | |||
Bcf | = billion cubic feet | |||
MBPD | = thousand barrels per day | |||
Mdth | = thousand decatherms | |||
MMBbls | = million barrels | |||
MMBtus | = million British thermal units | |||
MMcf | = million cubic feet | |||
Mcf | = thousand cubic feet | |||
TBtu | = trillion British thermal units |
36
§ | In March 2007, we announced the successful installation of our Independence Hub platform at its deepwater site in the Mississippi Canyon of the eastern Gulf of Mexico. As a result of this event, the Independence Hub platform has started earning demand revenues. | ||
§ | In March 2007, we announced the formation of a natural gas services and marketing businesses similar to our existing NGL and petrochemical marketing businesses. This new group will be the focal point for all of our existing natural gas supply and marketing activities, which currently include producer wellhead services, facility fuel procurement, pipeline and storage capacity optimization, and a full range of market customer delivery arrangements. This initiative is expected to broaden our role in the natural gas markets by linking our extensive U.S. natural gas pipeline and storage assets, thus providing customers with value-added solutions and reducing our operating costs through enhanced fuel procurement practices. | ||
§ | In February 2007, Duncan Energy Partners, a consolidated subsidiary of ours, completed an underwritten initial public offering of 14,950,000 of its common units. We formed Duncan Energy Partners as a Delaware limited partnership to acquire ownership interests in certain of our midstream energy businesses. For additional information regarding Duncan Energy Partners, see Other Items Initial Public Offering of Duncan Energy Partners included within this Item 2. |
37
For the Three Months Ended | ||||||||
March 31, | ||||||||
2007 | 2006 | |||||||
Capital spending for business combinations: |
||||||||
Additional ownership interests in Dixie Pipeline Company (Dixie) and other |
$ | 312 | $ | | ||||
Total |
312 | | ||||||
Capital spending for property, plant and equipment: |
||||||||
Growth capital projects, net |
567,406 | 279,994 | ||||||
Sustaining capital projects |
7,484 | 24,624 | ||||||
Total |
574,890 | 304,618 | ||||||
Capital spending attributable to unconsolidated affiliates: |
||||||||
Investments in and advances to unconsolidated affiliates |
(44,487 | ) | (53,148 | ) | ||||
Total |
(44,487 | ) | (53,148 | ) | ||||
Total capital spending |
$ | 530,715 | $ | 251,470 | ||||
38
39
Polymer | Refinery | |||||||||||||||||||||||||||||||||||||
Natural | Normal | Natural | Grade | Grade | ||||||||||||||||||||||||||||||||||
Gas, | Crude Oil, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | ||||||||||||||||||||||||||||||
$/MMBtu | $/barrel | $/gallon | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | ||||||||||||||||||||||||||||||
(1) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||||||||
2006 | ||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 9.01 | $ | 63.35 | $ | 0.57 | $ | 0.94 | $ | 1.20 | $ | 1.27 | $ | 1.38 | $ | 0.45 | $ | 0.40 | ||||||||||||||||||||
2nd Quarter | $ | 6.80 | $ | 70.53 | $ | 0.68 | $ | 1.05 | $ | 1.22 | $ | 1.26 | $ | 1.52 | $ | 0.50 | $ | 0.44 | ||||||||||||||||||||
3rd Quarter | $ | 6.58 | $ | 70.44 | $ | 0.76 | $ | 1.10 | $ | 1.28 | $ | 1.30 | $ | 1.53 | $ | 0.51 | $ | 0.46 | ||||||||||||||||||||
4th Quarter | $ | 6.56 | $ | 60.03 | $ | 0.62 | $ | 0.95 | $ | 1.11 | $ | 1.12 | $ | 1.31 | $ | 0.44 | $ | 0.35 | ||||||||||||||||||||
2006 Averages | $ | 7.24 | $ | 66.09 | $ | 0.66 | $ | 1.01 | $ | 1.20 | $ | 1.24 | $ | 1.44 | $ | 0.47 | $ | 0.41 | ||||||||||||||||||||
2007 | ||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 6.77 | $ | 58.02 | $ | 0.59 | $ | 0.97 | $ | 1.13 | $ | 1.22 | $ | 1.37 | $ | 0.45 | $ | 0.40 | ||||||||||||||||||||
(1) | Natural gas, NGL, polymer grade propylene and refinery grade propylene prices represent an average of various commercial index prices including Oil Price Information Service (OPIS) and Chemical Market Associates, Inc. (CMAI). Natural gas price is representative of Henry-Hub I-FERC. NGL prices are representative of Mont Belvieu Non-TET pricing. Refinery grade propylene represents an average of CMAI spot prices. Polymer-grade propylene represents average CMAI contract pricing. | |
(2) | Crude oil price is representative of an index price for West Texas Intermediate. |
40
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
NGL Pipelines & Services, net: |
||||||||
NGL transportation volumes (MBPD) |
1,607 | 1,443 | ||||||
NGL fractionation volumes (MBPD) |
351 | 255 | ||||||
Equity NGL production (MBPD) |
70 | 58 | ||||||
Fee-based natural gas processing (MMcf/d) |
2,401 | 1,807 | ||||||
Onshore Natural Gas Pipelines & Services, net: |
||||||||
Natural gas transportation volumes (BBtus/d) |
6,086 | 6,052 | ||||||
Offshore Pipelines & Services, net: |
||||||||
Natural gas transportation volumes (BBtus/d) |
1,384 | 1,476 | ||||||
Crude oil transportation volumes (MBPD) |
153 | 113 | ||||||
Platform gas processing (Mcf/d) |
162 | 157 | ||||||
Platform oil processing (MBPD) |
20 | 7 | ||||||
Petrochemical Services, net: |
||||||||
Butane isomerization volumes (MBPD) |
95 | 84 | ||||||
Propylene fractionation volumes (MBPD) |
61 | 52 | ||||||
Octane additive production volumes (MBPD) |
7 | 4 | ||||||
Petrochemical transportation volumes (MBPD) |
102 | 87 | ||||||
Total, net: |
||||||||
NGL, crude oil and petrochemical transportation volumes
(MBPD) |
1,862 | 1,643 | ||||||
Natural gas transportation volumes (BBtus/d) |
7,470 | 7,528 | ||||||
Equivalent transportation volumes (MBPD) (1) |
3,828 | 3,624 |
(1) | Reflects equivalent energy volumes where 3.8 MMBtus of natural gas are equivalent to one barrel of NGLs. |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues |
$ | 3,322,854 | $ | 3,250,074 | ||||
Operating costs and expenses |
3,124,479 | 3,046,863 | ||||||
General and administrative costs |
16,630 | 13,740 | ||||||
Equity in income of unconsolidated affiliates |
6,179 | 4,029 | ||||||
Operating income |
187,924 | 193,500 | ||||||
Interest expense |
63,358 | 58,077 | ||||||
Net income |
112,045 | 133,777 |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Gross operating margin by segment: |
||||||||
NGL Pipelines & Services |
$ | 190,694 | $ | 170,950 | ||||
Onshore Natural Gas Pipelines & Services |
76,515 | 96,803 | ||||||
Offshore Pipelines & Services |
19,707 | 17,252 | ||||||
Petrochemical Services |
37,583 | 27,518 | ||||||
Total segment gross operating margin |
$ | 324,499 | $ | 312,523 | ||||
41
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
NGL Pipelines & Services: |
||||||||
Sale of NGL products |
$ | 2,191,624 | $ | 2,192,016 | ||||
Percent of consolidated revenues |
66 | % | 67 | % | ||||
Onshore Natural Gas Pipelines & Services: |
||||||||
Sale of natural gas |
$ | 361,031 | $ | 367,544 | ||||
Percent of consolidated revenues |
11 | % | 11 | % | ||||
Petrochemical Services: |
||||||||
Sale of petrochemical products |
$ | 387,752 | $ | 343,350 | ||||
Percent of consolidated revenues |
12 | % | 11 | % |
42
43
44
45
46
March 31, | December 31, | |||||||
2007 | 2006 | |||||||
Operating Partnership senior debt obligations: |
||||||||
Multi-Year Revolving Credit Facility, variable rate, due October 2011 |
$ | 390,000 | $ | 410,000 | ||||
Pascagoula MBFC Loan, 8.70% fixed-rate, due March 2010 |
54,000 | 54,000 | ||||||
Senior Notes B, 7.50% fixed-rate, due February 2011 |
450,000 | 450,000 | ||||||
Senior Notes C, 6.375% fixed-rate, due February 2013 |
350,000 | 350,000 | ||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 |
500,000 | 500,000 | ||||||
Senior Notes E, 4.00% fixed-rate, due October 2007(1) |
500,000 | 500,000 | ||||||
Senior Notes F, 4.625% fixed-rate, due October 2009 |
500,000 | 500,000 | ||||||
Senior Notes G, 5.60% fixed-rate, due October 2014 |
650,000 | 650,000 | ||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 |
350,000 | 350,000 | ||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 |
250,000 | 250,000 | ||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 |
250,000 | 250,000 | ||||||
Senior Notes K, 4.950% fixed-rate, due June 2010 |
500,000 | 500,000 | ||||||
Duncan Energy Partners debt obligation: |
||||||||
$300 Million Revolving Credit Facility, variable rate, due February 2011 |
169,000 | |||||||
Dixie Revolving Credit Facility, variable rate, due June 2010 |
10,000 | 10,000 | ||||||
Other, 8.75% fixed-rate, due June 2010 (2) |
5,068 | 5,068 | ||||||
Total principal amount of senior debt obligations |
4,928,068 | 4,779,068 | ||||||
Operating Partnership Junior Subordinated Notes A, due August 2066 |
550,000 | 550,000 | ||||||
Total principal amount of senior and junior debt obligations |
5,478,068 | 5,329,068 | ||||||
Other, including unamortized discounts and premiums and changes in fair value (3) |
(29,383 | ) | (33,478 | ) | ||||
Long-term debt |
$ | 5,448,685 | $ | 5,295,590 | ||||
Standby letters of credit outstanding |
$ | 36,758 | $ | 49,858 | ||||
(1) | In accordance with Statement of Financial Accounting Standards (SFAS) 6, Classification of Short-Term Obligations Expected to be Refinanced, long-term and current maturities of debt reflects the classification of such obligations at March 31, 2007 and December 31, 2006. With respect to Senior Notes E due in October 2007, the Operating Partnership has the ability to use available credit capacity under its Multi-Year Revolving Credit Facility to fund the repayment of this debt. | |
(2) | Represents remaining debt obligations assumed in connection with the GulfTerra Merger. | |
(3) | The March 31, 2007 amount includes $25.0 million related to fair value hedges and a net $4.4 million in unamortized discounts and premiums. The December 31, 2006 amount includes $29.1 million related to fair value hedges and a net $4.4 million in unamortized discounts and premiums. |
47
Our | ||||||||
Ownership | ||||||||
Interest | Total | |||||||
Cameron Highway |
50.0 | % | $ | 415,000 | ||||
Poseidon |
36.0 | % | 91,000 | |||||
Evangeline |
49.5 | % | 25,650 | |||||
Total |
$ | 531,650 | ||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Net cash flows provided by operating activities |
$ | 420,751 | $ | 494,276 | ||||
Net cash used in investing activities |
614,921 | 348,645 | ||||||
Net cash provided by (used in) financing activities |
231,126 | (152,738 | ) |
48
§ | Cash flows from operating activities are influenced by the timing of cash receipts and disbursements. Our accounts receivable and accounts payable liquidity metrics for the three months ended March 31, 2007 continue to evidence the strength of our underlying cash flows and approximate our liquidity metrics for the year ended December 31, 2006. However, metrics for the first quarter of 2007 were slightly weaker than those of the first quarter of 2006, which were influenced by the timing of cash receipts and payments following the initial stages of the GulfTerra Merger. Specifically, as to cash receipts, the average collection period for accounts receivable for the three months ended March 31, 2007 was five days slower when compared to the same period in 2006, with the related turnover rate decreasing 14% quarter-to-quarter. In addition, as to cash disbursements, our payable turnover rate decreased 19% quarter-to-quarter. These timing-related factors contributed to an approximate $60.1 million decrease in net cash receipts quarter-to-quarter. | ||
§ | Gross operating margin for the three months ended March 31, 2007 increased $12.0 million over that recorded for the three months ended March 31, 2006. The increase in gross operating margin is discussed under Results of Operations within this Item 2. | ||
§ | Net cash disbursements for interest and other expense items increased $16.3 million quarter-to-quarter. On a weighted-average basis, average debt outstanding increased approximately $0.7 billion quarter-over-quarter primarily due to our capital spending program. | ||
§ | Cash distributions from unconsolidated affiliates increased $8.7 million quarter-to-quarter primarily due to higher distributions paid by Deepwater Gateway and Poseidon. In general, distributions from our offshore projects were negatively affected during the first quarter of 2006 due to the lingering effects of Hurricanes Katrina and Rita on production volumes. |
§ | Net borrowings under our consolidated debt agreements were $149 million during the first quarter of 2007. We made net repayments of $410 million under our consolidated debt agreements during the first quarter of 2006 primarily due to the application of $430 million in net proceeds from our March 2006 equity offering to temporarily reduce amounts outstanding under the Multi-Year Revolving Credit Facility. Our borrowing amounts during both quarterly periods were significantly influenced by our capital spending program. |
49
§ | Contributions from minority interests increased $288.5 million quarter-to-quarter primarily due to the net proceeds received from Duncan Energy Partners initial public offering. On February 5, 2007, Duncan Energy Partners completed its initial public offering of 14,950,000 common units (including an overallotment amount of 1,950,000 common units) at $21.00 per unit, which generated net proceeds to Duncan Energy Partners of $291.9 million. As consideration for assets contributed and reimbursement for capital expenditures related to these assets, Duncan Energy Partners distributed $260.6 million of these net proceeds to us along with $198.9 million in borrowings under its credit facility and a final amount of 5,351,571 common units of Duncan Energy Partners. We used the cash received from Duncan Energy Partners to temporarily reduce amounts outstanding under our Operating Partnerships Multi-Year Revolving Credit Facility. | ||
We consolidate the debt of Duncan Energy Partners with that of our own; however, we do not have the obligation to make interest payments or debt payments with respects to the debt of Duncan Energy Partners. Duncan Energy Partners has entered into a $300.0 million revolving credit facility. At the closing of its initial public offering, Duncan Energy Partners made an initial drawing of $200.0 million under this facility to fund the $198.9 million cash distribution to the Operating Partnership and the remainder to pay debt issuance costs. | |||
§ | Net proceeds from the issuance of our limited partner interests were $17.0 million for the three months ended March 31, 2007 compared to $440.9 million for the three months ended March 31, 2006. Net proceeds from underwritten equity offerings were $430.0 million during the first quarter of 2006 reflecting the sale of 18,400,000 units. | ||
§ | Cash distributions to partners increased $39.6 million quarter-to-quarter due to an increase in our common units outstanding and quarterly cash distribution rates. |
50
51
52
§ | Mont Belvieu Caverns, LLC (Mont Belvieu Caverns), a recently formed subsidiary, which owns salt dome storage caverns located in Mont Belvieu, Texas that receive, store and deliver NGLs and certain petrochemical products for industrial customers located along the upper Texas Gulf Coast, which has the largest concentration of petrochemical plants and refineries in the United States; | ||
§ | Acadian Gas, LLC (Acadian Gas), which owns an onshore natural gas pipeline system that gathers, transports, stores and markets natural gas in Louisiana. The Acadian Gas system links natural gas supplies from onshore and offshore Gulf of Mexico developments (including offshore pipelines, continental shelf and deepwater production) with local gas distribution companies, electric generation plants and industrial customers, including those in the Baton Rouge-New Orleans-Mississippi River corridor. A subsidiary of Acadian Gas owns a 49.5% equity interest in Evangeline Gas Pipeline, L.P. (Evangeline); | ||
§ | Sabine Propylene Pipeline L.P. (Sabine Propylene), which transports polymer-grade propylene between Port Arthur, Texas and a pipeline interconnect located in Cameron Parish, Louisiana; | ||
§ | Enterprise Lou-Tex Propylene Pipeline L.P. (Lou-Tex Propylene), which transports chemical-grade propylene from Sorrento, Louisiana to Mont Belvieu, Texas; and | ||
§ | South Texas NGL Pipelines, LLC (South Texas NGL), a recently formed subsidiary, which began transporting NGLs from Corpus Christi, Texas to Mont Belvieu, Texas in January 2007. South Texas NGL owns the DEP South Texas NGL Pipeline System. |
§ | We utilize storage services provided by Mont Belvieu Caverns to support our Mont Belvieu fractionation and other businesses; | ||
§ | We buy natural gas from and sell natural gas to Acadian Gas in connection with its normal business activities; and | ||
§ | We are currently the sole shipper on the DEP South Texas NGL Pipeline System. |
53
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Revenues from consolidated operations: |
||||||||
EPCO and affiliates |
$ | 8,542 | $ | 5,632 | ||||
Unconsolidated affiliates |
55,700 | 84,443 | ||||||
Total |
$ | 64,242 | $ | 90,075 | ||||
Operating costs and expenses: |
||||||||
EPCO and affiliates |
$ | 78,673 | $ | 94,957 | ||||
Unconsolidated affiliates |
5,273 | 6,686 | ||||||
Total |
$ | 83,946 | $ | 101,643 | ||||
General and administrative costs: |
||||||||
EPCO and affiliates |
$ | 13,055 | $ | 11,008 | ||||
54
For the Three Months | ||||||||
Ended March 31, | ||||||||
2007 | 2006 | |||||||
Total non-GAAP segment gross operating margin |
$ | 324,499 | $ | 312,523 | ||||
Adjustments to reconcile total non-GAAP gross operating margin
to GAAP operating income: |
||||||||
Depreciation, amortization and accretion in
operating costs and expenses |
(119,492 | ) | (104,816 | ) | ||||
Retained lease expense, net in operating costs and expenses |
(526 | ) | (528 | ) | ||||
Gain on sale of assets in operating costs and expenses |
73 | 61 | ||||||
General and administrative costs |
(16,630 | ) | (13,740 | ) | ||||
GAAP consolidated operating income |
187,924 | 193,500 | ||||||
Other net expense, primarily interest expense |
(61,430 | ) | (56,108 | ) | ||||
GAAP income before provision for income taxes, minority interest
and the cumulative effect of change in accounting principle |
$ | 126,494 | $ | 137,392 | ||||
§ | SFAS 157, Fair Value Measurements, and | ||
§ | SFAS 159, Fair Value Option for Financial Assets and Financial Liabilities Including an amendment of FASB Statement No. 115. |
55
Number | Period Covered | Termination | Fixed to | Notional | ||||||
Hedged Fixed Rate Debt | Of Swaps | by Swap | Date of Swap | Variable Rate (1) | Amount | |||||
Senior Notes B, 7.50% fixed rate, due Feb. 2011 |
1 | Jan. 2004 to Feb. 2011 | Feb. 2011 | 7.50% to 8.74% | $ 50 million | |||||
Senior Notes C, 6.375% fixed rate, due Feb.
2013 |
2 | Jan. 2004 to Feb. 2013 | Feb. 2013 | 6.38% to 7.28% | $200 million | |||||
Senior Notes G, 5.6% fixed rate, due Oct. 2014 |
6 | 4th Qtr. 2004 to Oct. 2014 | Oct. 2014 | 5.60% to 6.33% | $600 million | |||||
Senior Notes K, 4.95% fixed rate, due June 2010 |
2 | Aug. 2005 to June 2010 | June 2010 | 4.95% to 5.76% | $200 million | |||||
(1) | The variable rate indicated is the all-in variable rate for the current settlement period. |
Resulting | Swap Fair Value at | |||||||||
Scenario | Classification | March 31, 2007 | April 25, 2007 | |||||||
FV assuming no change in underlying interest rates
|
Asset (Liability) | $ | (24,991 | ) | $ | (25,202 | ) | |||
FV assuming 10% increase in underlying interest rates
|
Asset (Liability) | (51,622 | ) | (52,036 | ) | |||||
FV assuming 10% decrease in underlying interest rates
|
Asset (Liability) | 1,640 | 1,631 |
56
Commodity Financial Instrument | ||||||||||||
Resulting | Portfolio FV | |||||||||||
Scenario | Classification | March 31, 2007 | April 30, 2007 | |||||||||
FV assuming no change in underlying commodity prices |
Asset (Liability) | $ | 241 | $ | (109 | ) | ||||||
FV assuming 10% increase in underlying commodity prices |
Asset (Liability) | 171 | (1,912 | ) | ||||||||
FV assuming 10% decrease in underlying commodity prices |
Asset (Liability) | 311 | 1,693 |
57
58
Exhibit | ||
Number | Exhibit* | |
2.1
|
Purchase and Sale Agreement between Coral Energy, LLC and Enterprise Products Operating L.P. dated September 22, 2000 (incorporated by reference to Exhibit 10.1 to Form 8-K filed September 26, 2000). | |
2.2
|
Purchase and Sale Agreement dated January 16, 2002 by and between Diamond-Koch, L.P. and Diamond-Koch III, L.P. and Enterprise Products Texas Operating L.P. (incorporated by reference to Exhibit 10.1 to Form 8-K filed February 8, 2002). | |
2.3
|
Purchase and Sale Agreement dated January 31, 2002 by and between D-K Diamond-Koch, L.L.C., Diamond-Koch, L.P. and Diamond-Koch III, L.P. as Sellers and Enterprise Products Operating L.P. as Buyer (incorporated by reference to Exhibit 10.2 to Form 8-K filed February 8, 2002). | |
2.4
|
Purchase Agreement by and between E-Birchtree, LLC and Enterprise Products Operating L.P. dated July 31, 2002 (incorporated by reference to Exhibit 2.2 to Form 8-K filed August 12, 2002). | |
2.5
|
Purchase Agreement by and between E-Birchtree, LLC and E-Cypress, LLC dated July 31, 2002 (incorporated by reference to Exhibit 2.1 to Form 8-K filed August 12, 2002). | |
2.6
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003). | |
2.7
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004). | |
2.8
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003). | |
2.9
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to the Form 8-K filed April 21, 2004). | |
2.10
|
Second Amended and Restated Limited Liability Company Agreement of GulfTerra Energy Company, L.L.C., adopted by GulfTerra GP Holding Company, a Delaware corporation, and Enterprise Products GTM, LLC, a Delaware limited liability company, as of December 15, 2003, (incorporated by reference to Exhibit 2.3 to Form 8-K filed December 15, 2003). | |
2.11
|
Amendment No. 1 to Second Amended and Restated Limited Liability Company Agreement of GulfTerra Energy Company, L.L.C. adopted by Enterprise Products GTM, LLC as of September 30, 2004 (incorporated by reference to Exhibit 2.11 to Registration Statement on Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). |
59
Exhibit | ||
Number | Exhibit* | |
2.12
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003). | |
3.1
|
Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 8, 2005 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 10, 2005). | |
3.2
|
Fourth Amended and Restated Limited Liability Company Agreement of Enterprise Products GP, LLC, dated as of February 13, 2006 (incorporated by reference to Exhibit 3.1 to Form 8-K filed February 16, 2006). | |
3.3
|
Amended and Restated Agreement of Limited Partnership of Enterprise Products Operating L.P. dated as of July 31, 1998 (restated to include all agreements through December 10, 2003)(incorporated by reference to Exhibit 3.1 to Form 8-K filed July 1, 2005). | |
3.4
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). | |
3.5
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). | |
3.6
|
Certificate of Limited Partnership of Duncan Energy Partners L.P. (incorporated by reference to Exhibit 3.1 to Duncan Energy Partners L.P. Form S-1 Registration Statement, Reg. No. 333-138371, filed November 2, 2006). | |
4.1
|
Indenture dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000). | |
4.2
|
First Supplemental Indenture dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003). | |
4.3
|
Global Note representing $350 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003). | |
4.4
|
Second Supplemental Indenture dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003). | |
4.5
|
Global Note representing $500 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003). | |
4.6
|
Global Notes representing $450 million principal amount of 7.50% Senior Notes due 2011 (incorporated by reference to Exhibit 4.1 to Form 8-K filed January 25, 2001). | |
4.7
|
Form of Common Unit certificate (incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-1/A; File No. 333-52537, filed July 21, 1998). | |
4.8
|
Contribution Agreement dated September 17, 1999 (incorporated by reference to Exhibit B to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.9
|
Registration Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit E to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.10
|
Unitholder Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit C to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.11
|
Amendment No. 1, dated September 12, 2003, to Unitholder Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit 4.1 to Form 8-K filed September 15, 2003). | |
4.12
|
Agreement dated as of March 4, 2005 among Enterprise Products Partners L.P., Shell US Gas & Power LLC and Kayne Anderson MLP Investment Company (incorporated by reference to Exhibit 4.31 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005). | |
4.13
|
$750 Million Multi-Year Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co- |
60
Exhibit | ||
Number | Exhibit* | |
Syndication Agents, and Mizuho Corporate Bank, Ltd., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.1 to Form 8-K filed on August 30, 2004). | ||
4.14
|
Guaranty Agreement dated as of August 25, 2004, by Enterprise Products Partners L.P. in favor of Wachovia Bank, National Association, as Administrative Agent for the several lenders that are or become parties to the Credit Agreement included as Exhibit 4.13, above (incorporated by reference to Exhibit 4.2 to Form 8-K filed on August 30, 2004). | |
4.15
|
First Amendment dated October 5, 2005, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as CO-Syndication Agents, and Mizuho Corporate Bank, Ltd., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.3 to Form 8-K filed on October 7, 2005). | |
4.16
|
$2.25 Billion 364-Day Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citicorp North America, Inc. and Lehman Commercial Paper Inc., as Co-Syndication Agents, JPMorgan Chase Bank, UBS Loan Finance LLC and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Lehman Brothers Inc., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 4.3 to Form 8-K filed on August 30, 2004). | |
4.17
|
Guaranty Agreement dated as of August 25, 2004, by Enterprise Products Partners L.P. in favor of Wachovia Bank, National Association, as Administrative Agent for the several lenders that are or become parties to the Credit Agreement included as Exhibit 4.16, above (incorporated by reference to Exhibit 4.4 to Form 8-K filed on August 30, 2004). | |
4.18
|
Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 6, 2004). | |
4.19
|
First Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed on October 6, 2004). | |
4.20
|
Second Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed on October 6, 2004). | |
4.21
|
Third Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed on October 6, 2004). | |
4.22
|
Fourth Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed on October 6, 2004). | |
4.23
|
Global Note representing $500 million principal amount of 4.000% Series B Senior Notes due 2007 with attached Guarantee (incorporated by reference to Exhibit 4.14 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.24
|
Global Note representing $500 million principal amount of 5.600% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.25
|
Global Note representing $150 million principal amount of 5.600% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.26
|
Global Note representing $350 million principal amount of 6.650% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). |
61
Exhibit | ||
Number | Exhibit* | |
4.27
|
Global Note representing $500 million principal amount of 4.625% Series B Senior Notes due 2009 with attached Guarantee (incorporated by reference to Exhibit 4.27 to Form 10-K for the year ended December 31, 2004 filed on March 15, 2005). | |
4.28
|
Fifth Supplemental Indenture dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed on March 3, 2005). | |
4.29
|
Sixth Supplemental Indenture dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed on March 3, 2005). | |
4.30
|
Global Note representing $250,000,000 principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed on November 4, 2005). | |
4.31
|
Global Note representing $250,000,000 principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed on November 4, 2005). | |
4.32
|
Registration Rights Agreement dated as of March 2, 2005, among Enterprise Products Partners, L.P., Enterprise Products Operating L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 4.6 to Form 8-K filed on March 3, 2005). | |
4.33
|
Assumption Agreement dated as of September 30, 2004 between Enterprise Products Partners L.P. and GulfTerra Energy Partners, L.P. relating to the assumption by Enterprise of GulfTerras obligations under the GulfTerra Series F2 Convertible Units (incorporated by reference to Exhibit 4.4 to Form 8-K/A-1 filed on October 5, 2004). | |
4.34
|
Statement of Rights, Privileges and Limitations of Series F Convertible Units, included as Annex A to Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of GulfTerra Energy Partners, L.P., dated May 16, 2003 (incorporated by reference to Exhibit 3.B.3 to Current Report on Form 8-K of GulfTerra Energy Partners, L.P., file no. 001-11680, filed with the Commission on May 19, 2003). | |
4.35
|
Unitholder Agreement between GulfTerra Energy Partners, L.P. and Fletcher International, Inc. dated May 16, 2003 (incorporated by reference to Exhibit 4.L to Current Report on Form 8-K of GulfTerra Energy Partners, L.P., file no. 001-11680, filed with the Commission on May 19, 2003). | |
4.36
|
Indenture dated as of May 17, 2001 among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and the Chase Manhattan Bank, as Trustee (filed as Exhibit 4.1 to GulfTerras Registration Statement on Form S-4 filed June 25, 2001, Registration Nos. 333-63800 through 333-63800-20); First Supplemental Indenture dated as of April 18, 2002 (filed as Exhibit 4.E.1 to GulfTerras 2002 First Quarter Form 10-Q); Second Supplemental Indenture dated as of April 18, 2002 (filed as Exhibit 4.E.2 to GulfTerras 2002 First Quarter Form 10-Q); Third Supplemental Indenture dated as of October 10, 2002 (filed as Exhibit 4.E.3 to GulfTerras 2002 Third Quarter Form 10-Q); Fourth Supplemental Indenture dated as of November 27, 2002 (filed as Exhibit 4.E.1 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Fifth Supplemental Indenture dated as of January 1, 2003 (filed as Exhibit 4.E.2 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Sixth Supplemental Indenture dated as of June 20, 2003 (filed as Exhibit 4.E.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.37
|
Seventh Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.E.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). | |
4.38
|
Indenture dated as of November 27, 2002 by and among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and JPMorgan Chase Bank, as Trustee (filed as Exhibit 4.1 to GulfTerras Current Report of Form 8-K dated December 11, 2002); First Supplemental Indenture dated as of January 1, 2003 (filed as Exhibit 4.1.1 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Second Supplemental Indenture dated as of June 20, 2003 (filed as Exhibit 4.1.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.39
|
Third Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.1.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). |
62
Exhibit | ||
Number | Exhibit* | |
4.40
|
Indenture dated as of March 24, 2003 by and among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and JPMorgan Chase Bank, as Trustee dated as of March 24, 2003 (filed as Exhibit 4.K to GulfTerras Quarterly Report on Form 10-Q dated May 15, 2003); First Supplemental Indenture dated as of June 30, 2003 (filed as Exhibit 4.K.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.41
|
Second Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.K.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). | |
4.42
|
Amended and Restated Credit Agreement dated as of June 29, 2005, among Cameron Highway Oil Pipeline Company, the Lenders party thereto, and SunTrust Bank, as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 4.1 to Form 8-K filed on July 1, 2005). | |
4.43
|
Seventh Supplemental Indenture dated as of June 1, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.46 to Form 10-Q filed November 4, 2005). | |
4.44
|
Global Note representing $500,000,000 principal amount of 4.95% Senior Notes due 2010 with attached Guarantee (incorporated by reference to Exhibit 4.47 to Form 10-Q filed November 4, 2005). | |
4.45
|
Note Purchase Agreement dated as of December 15, 2005 among Cameron Highway Oil Pipeline Company and the Note Purchasers listed therein (incorporated by reference to Exhibit 4.1 to Form 8-K filed December 21, 2005.) | |
4.46
|
Second Amendment dated June 22,2006, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004 among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co-Syndication Agents and Mizuho Corporate Bank, LTD., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
4.47
|
Third Amendment dated January 5, 2007, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004 among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co-Syndication Agents and Mizuho Corporate Bank, LTD, SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents. (incorporated by reference to Exhibit 4.47 to Form 10-K filed February 28, 2006). | |
4.48
|
Eighth Supplemental Indenture dated as of July 18, 2006 to Indenture dated October 4, 2004 among Enterprise Products Operating L.P., as issuer, Enterprise Products Partners L.P., as parent guarantor, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to exhibit 4.2 to Form 8-K filed July 19, 2006). | |
4.49
|
Form of Junior Note, including Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K file July 19, 2006). | |
4.50
|
Purchase Agreement, dated as of July 12, 2006 between Cerrito Gathering Company, Ltd., Cerrito Gas Marketing, Ltd., Encinal Gathering, Ltd., as Sellers, Lewis Energy Group, L.P. as Guarantor, and Enterprise Products Partners L.P., as buyer (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
4.51
|
Purchase Agreement dated as of July 12, 2006 between Cerrito Gathering Company, Ltd., Cerrito Gas Marketing, Ltd., Encinal Gathering, Ltd., as Sellers, Lewis Energy Group, L.P., as Guarantor, and Enterprise Products Partners L.P., as Buyer (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
10.1
|
Fourth Amended and Restated Administrative Services Agreement by and among EPCO, Inc., Enterprise Products Partners L.P., Enterprise Products Operating L.P., Enterprise Products GP, LLC, Enterprise Products OLPGP, Inc., Enterprise GP Holdings L.P., EPE Holdings, LLC, DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership L.P., TEPPCO Partners, L.P., Texas Eastern Products Pipeline Company, LLC, TE Products Pipeline Company, Limited Partnership, TEPPCO Midstream Companies, L.P., TCTM, L.P. and TEPPCO GP, Inc. dated January 30, 2007, but effective as of February 5, 2007 (incorporated by reference to Exhibit 10 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
10.2
|
Amendment No. 1 to the Fourth Amended and Restated Administrative Services Agreement dated February 28, 2007 (incorporated by reference to Exhibit 10.8 to Form 10-K filed February 28, 2006). |
63
Exhibit | ||
Number | Exhibit* | |
10.3
|
Omnibus Agreement, dated as of February 5, 2007 by and among Enterprise Products Operating L.P., DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership, L.P., Enterprise Lou-Tex Propylene Pipeline L.P., Sabine Propylene Pipeline L.P., Acadian Gas, LLC, Mont Belvieu Caverns, LLC, South Texas NGL Pipelines, LLC (incorporated by reference to Exhibit 10.19 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
10.4
|
Contribution, Conveyance And Assumption Agreement dated as of February 5, 2007, by and among Enterprise Products Operating L.P., DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC and DEP Operating Partnership, L.P. (incorporated by reference to Exhibit 1.1 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
31.1#
|
Sarbanes-Oxley Section 302 certification of Robert G. Phillips for Enterprise Products Partners L.P. for the March 31, 2007 quarterly report on Form 10-Q. | |
31.2#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P. for the March 31, 2007 quarterly report on Form 10-Q. | |
32.1#
|
Section 1350 certification of Robert G. Phillips for the March 31, 2007 quarterly report on Form 10-Q. | |
32.2#
|
Section 1350 certification of Michael A. Creel for the March 31, 2007 quarterly report on Form 10-Q. |
* | With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file number for Enterprise Products Partners L.P. is 1-14323. | |
*** | Identifies management contract and compensatory plan arrangements. |
|
# | Filed with this report. |
64
ENTERPRISE PRODUCTS PARTNERS L.P. | ||||||
(A Delaware Limited Partnership) | ||||||
By: | Enterprise Products GP, LLC, as General Partner |
|||||
By: | /s/ Michael J. Knesek | |||||
Name: | ||||||
Title: | Senior Vice President, Controller and Principal Accounting Officer of the general partner |
65
Exhibit | ||
Number | Exhibit* | |
2.1
|
Purchase and Sale Agreement between Coral Energy, LLC and Enterprise Products Operating L.P. dated September 22, 2000 (incorporated by reference to Exhibit 10.1 to Form 8-K filed September 26, 2000). | |
2.2
|
Purchase and Sale Agreement dated January 16, 2002 by and between Diamond-Koch, L.P. and Diamond-Koch III, L.P. and Enterprise Products Texas Operating L.P. (incorporated by reference to Exhibit 10.1 to Form 8-K filed February 8, 2002). | |
2.3
|
Purchase and Sale Agreement dated January 31, 2002 by and between D-K Diamond-Koch, L.L.C., Diamond-Koch, L.P. and Diamond-Koch III, L.P. as Sellers and Enterprise Products Operating L.P. as Buyer (incorporated by reference to Exhibit 10.2 to Form 8-K filed February 8, 2002). | |
2.4
|
Purchase Agreement by and between E-Birchtree, LLC and Enterprise Products Operating L.P. dated July 31, 2002 (incorporated by reference to Exhibit 2.2 to Form 8-K filed August 12, 2002). | |
2.5
|
Purchase Agreement by and between E-Birchtree, LLC and E-Cypress, LLC dated July 31, 2002 (incorporated by reference to Exhibit 2.1 to Form 8-K filed August 12, 2002). | |
2.6
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003). | |
2.7
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004). | |
2.8
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003). | |
2.9
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to the Form 8-K filed April 21, 2004). | |
2.10
|
Second Amended and Restated Limited Liability Company Agreement of GulfTerra Energy Company, L.L.C., adopted by GulfTerra GP Holding Company, a Delaware corporation, and Enterprise Products GTM, LLC, a Delaware limited liability company, as of December 15, 2003, (incorporated by reference to Exhibit 2.3 to Form 8-K filed December 15, 2003). | |
2.11
|
Amendment No. 1 to Second Amended and Restated Limited Liability Company Agreement of GulfTerra Energy Company, L.L.C. adopted by Enterprise Products GTM, LLC as of September 30, 2004 (incorporated by reference to Exhibit 2.11 to Registration Statement on Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). |
66
Exhibit | ||
Number | Exhibit* | |
2.12
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003). | |
3.1
|
Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 8, 2005 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 10, 2005). | |
3.2
|
Third Amended and Restated Limited Liability Company Agreement of Enterprise Products GP, LLC, dated as of August 29, 2005 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 1, 2005). | |
3.3
|
Amended and Restated Agreement of Limited Partnership of Enterprise Products Operating L.P. dated as of July 31, 1998 (restated to include all agreements through December 10, 2003)(incorporated by reference to Exhibit 3.1 to Form 8-K filed July 1, 2005). | |
3.4
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). | |
3.5
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004). | |
3.6
|
Certificate of Limited Partnership of Duncan Energy Partners L.P. (incorporated by reference to Exhibit 3.1 to Duncan Energy Partners L.P. Form S-1 Registration Statement, Reg. No. 333-138371, filed November 2, 2006). | |
4.1
|
Indenture dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000). | |
4.2
|
First Supplemental Indenture dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003). | |
4.3
|
Global Note representing $350 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003). | |
4.4
|
Second Supplemental Indenture dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003). | |
4.5
|
Global Note representing $500 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003). | |
4.6
|
Global Notes representing $450 million principal amount of 7.50% Senior Notes due 2011 (incorporated by reference to Exhibit 4.1 to Form 8-K filed January 25, 2001). | |
4.7
|
Form of Common Unit certificate (incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-1/A; File No. 333-52537, filed July 21, 1998). | |
4.8
|
Contribution Agreement dated September 17, 1999 (incorporated by reference to Exhibit B to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.9
|
Registration Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit E to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.10
|
Unitholder Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit C to Schedule 13D filed September 27, 1999 by Tejas Energy, LLC). | |
4.11
|
Amendment No. 1, dated September 12, 2003, to Unitholder Rights Agreement dated September 17, 1999 (incorporated by reference to Exhibit 4.1 to Form 8-K filed September 15, 2003). | |
4.12
|
Agreement dated as of March 4, 2005 among Enterprise Products Partners L.P., Shell US Gas & Power LLC and Kayne Anderson MLP Investment Company (incorporated by reference to Exhibit 4.31 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005). | |
4.13
|
$750 Million Multi-Year Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co- |
67
Exhibit | ||
Number | Exhibit* | |
Syndication Agents, and Mizuho Corporate Bank, Ltd., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.1 to Form 8-K filed on August 30, 2004). | ||
4.14
|
Guaranty Agreement dated as of August 25, 2004, by Enterprise Products Partners L.P. in favor of Wachovia Bank, National Association, as Administrative Agent for the several lenders that are or become parties to the Credit Agreement included as Exhibit 4.13, above (incorporated by reference to Exhibit 4.2 to Form 8-K filed on August 30, 2004). | |
4.15
|
First Amendment dated October 5, 2005, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as CO-Syndication Agents, and Mizuho Corporate Bank, Ltd., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.3 to Form 8-K filed on October 7, 2005). | |
4.16
|
$2.25 Billion 364-Day Revolving Credit Agreement dated as of August 25, 2004, among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citicorp North America, Inc. and Lehman Commercial Paper Inc., as Co-Syndication Agents, JPMorgan Chase Bank, UBS Loan Finance LLC and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Lehman Brothers Inc., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 4.3 to Form 8-K filed on August 30, 2004). | |
4.17
|
Guaranty Agreement dated as of August 25, 2004, by Enterprise Products Partners L.P. in favor of Wachovia Bank, National Association, as Administrative Agent for the several lenders that are or become parties to the Credit Agreement included as Exhibit 4.16, above (incorporated by reference to Exhibit 4.4 to Form 8-K filed on August 30, 2004). | |
4.18
|
Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 6, 2004). | |
4.19
|
First Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed on October 6, 2004). | |
4.20
|
Second Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed on October 6, 2004). | |
4.21
|
Third Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed on October 6, 2004). | |
4.22
|
Fourth Supplemental Indenture dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed on October 6, 2004). | |
4.23
|
Global Note representing $500 million principal amount of 4.000% Series B Senior Notes due 2007 with attached Guarantee (incorporated by reference to Exhibit 4.14 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.24
|
Global Note representing $500 million principal amount of 5.600% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.25
|
Global Note representing $150 million principal amount of 5.600% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). | |
4.26
|
Global Note representing $350 million principal amount of 6.650% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement Reg. No. 333-123150 filed on March 4, 2005). |
68
Exhibit | ||
Number | Exhibit* | |
4.27
|
Global Note representing $500 million principal amount of 4.625% Series B Senior Notes due 2009 with attached Guarantee (incorporated by reference to Exhibit 4.27 to Form 10-K for the year ended December 31, 2004 filed on March 15, 2005). | |
4.28
|
Fifth Supplemental Indenture dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed on March 3, 2005). | |
4.29
|
Sixth Supplemental Indenture dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed on March 3, 2005). | |
4.30
|
Global Note representing $250,000,000 principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed on November 4, 2005). | |
4.31
|
Global Note representing $250,000,000 principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed on November 4, 2005). | |
4.32
|
Registration Rights Agreement dated as of March 2, 2005, among Enterprise Products Partners, L.P., Enterprise Products Operating L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 4.6 to Form 8-K filed on March 3, 2005). | |
4.33
|
Assumption Agreement dated as of September 30, 2004 between Enterprise Products Partners L.P. and GulfTerra Energy Partners, L.P. relating to the assumption by Enterprise of GulfTerras obligations under the GulfTerra Series F2 Convertible Units (incorporated by reference to Exhibit 4.4 to Form 8-K/A-1 filed on October 5, 2004). | |
4.34
|
Statement of Rights, Privileges and Limitations of Series F Convertible Units, included as Annex A to Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of GulfTerra Energy Partners, L.P., dated May 16, 2003 (incorporated by reference to Exhibit 3.B.3 to Current Report on Form 8-K of GulfTerra Energy Partners, L.P., file no. 001-11680, filed with the Commission on May 19, 2003). | |
4.35
|
Unitholder Agreement between GulfTerra Energy Partners, L.P. and Fletcher International, Inc. dated May 16, 2003 (incorporated by reference to Exhibit 4.L to Current Report on Form 8-K of GulfTerra Energy Partners, L.P., file no. 001-11680, filed with the Commission on May 19, 2003). | |
4.36
|
Indenture dated as of May 17, 2001 among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and the Chase Manhattan Bank, as Trustee (filed as Exhibit 4.1 to GulfTerras Registration Statement on Form S-4 filed June 25, 2001, Registration Nos. 333-63800 through 333-63800-20); First Supplemental Indenture dated as of April 18, 2002 (filed as Exhibit 4.E.1 to GulfTerras 2002 First Quarter Form 10-Q); Second Supplemental Indenture dated as of April 18, 2002 (filed as Exhibit 4.E.2 to GulfTerras 2002 First Quarter Form 10-Q); Third Supplemental Indenture dated as of October 10, 2002 (filed as Exhibit 4.E.3 to GulfTerras 2002 Third Quarter Form 10-Q); Fourth Supplemental Indenture dated as of November 27, 2002 (filed as Exhibit 4.E.1 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Fifth Supplemental Indenture dated as of January 1, 2003 (filed as Exhibit 4.E.2 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Sixth Supplemental Indenture dated as of June 20, 2003 (filed as Exhibit 4.E.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.37
|
Seventh Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.E.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). | |
4.38
|
Indenture dated as of November 27, 2002 by and among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and JPMorgan Chase Bank, as Trustee (filed as Exhibit 4.1 to GulfTerras Current Report of Form 8-K dated December 11, 2002); First Supplemental Indenture dated as of January 1, 2003 (filed as Exhibit 4.1.1 to GulfTerras Current Report on Form 8-K dated March 19, 2003); Second Supplemental Indenture dated as of June 20, 2003 (filed as Exhibit 4.1.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.39
|
Third Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.1.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). |
69
Exhibit | ||
Number | Exhibit* | |
4.40
|
Indenture dated as of March 24, 2003 by and among GulfTerra Energy Partners, L.P., GulfTerra Energy Finance Corporation, the Subsidiary Guarantors named therein and JPMorgan Chase Bank, as Trustee dated as of March 24, 2003 (filed as Exhibit 4.K to GulfTerras Quarterly Report on Form 10-Q dated May 15, 2003); First Supplemental Indenture dated as of June 30, 2003 (filed as Exhibit 4.K.1 to GulfTerras 2003 Second Quarter Form 10-Q, file no. 001-11680). | |
4.41
|
Second Supplemental Indenture dated as of August 17, 2004 (filed as Exhibit 4.K.1 to GulfTerras Current Report on Form 8-K filed on August 19, 2004, file no. 001-11680). | |
4.42
|
Amended and Restated Credit Agreement dated as of June 29, 2005, among Cameron Highway Oil Pipeline Company, the Lenders party thereto, and SunTrust Bank, as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 4.1 to Form 8-K filed on July 1, 2005). | |
4.43
|
Seventh Supplemental Indenture dated as of June 1, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.46 to Form 10-Q filed November 4, 2005). | |
4.44
|
Global Note representing $500,000,000 principal amount of 4.95% Senior Notes due 2010 with attached Guarantee (incorporated by reference to Exhibit 4.47 to Form 10-Q filed November 4, 2005). | |
4.45
|
Note Purchase Agreement dated as of December 15, 2005 among Cameron Highway Oil Pipeline Company and the Note Purchasers listed therein (incorporated by reference to Exhibit 4.1 to Form 8-K filed December 21, 2005.) | |
4.46
|
Second Amendment dated June 22,2006, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004 among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co-Syndication Agents and Mizuho Corporate Bank, LTD., SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
4.47
|
Third Amendment dated January 5, 2007, to Multi-Year Revolving Credit Agreement dated as of August 25, 2004 among Enterprise Products Operating L.P., the Lenders party thereto, Wachovia Bank, National Association, as Administrative Agent, Citibank, N.A. and JPMorgan Chase Bank, as Co-Syndication Agents and Mizuho Corporate Bank, LTD, SunTrust Bank and The Bank of Nova Scotia, as Co-Documentation Agents. (incorporated by reference to Exhibit 4.47 to Form 10-K filed February 28, 2006). | |
4.48
|
Eighth Supplemental Indenture dated as of July 18, 2006 to Indenture dated October 4, 2004 among Enterprise Products Operating L.P., as issuer, Enterprise Products Partners L.P., as parent guarantor, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to exhibit 4.2 to Form 8-K filed July 19, 2006). | |
4.49
|
Form of Junior Note, including Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K file July 19, 2006). | |
4.50
|
Purchase Agreement, dated as of July 12, 2006 between Cerrito Gathering Company, Ltd., Cerrito Gas Marketing, Ltd., Encinal Gathering, Ltd., as Sellers, Lewis Energy Group, L.P. as Guarantor, and Enterprise Products Partners L.P., as buyer (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
4.51
|
Purchase Agreement dated as of July 12, 2006 between Cerrito Gathering Company, Ltd., Cerrito Gas Marketing, Ltd., Encinal Gathering, Ltd., as Sellers, Lewis Energy Group, L.P., as Guarantor, and Enterprise Products Partners L.P., as Buyer (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006). | |
10.1
|
Fourth Amended and Restated Administrative Services Agreement by and among EPCO, Inc., Enterprise Products Partners L.P., Enterprise Products Operating L.P., Enterprise Products GP, LLC, Enterprise Products OLPGP, Inc., Enterprise GP Holdings L.P., EPE Holdings, LLC, DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership L.P., TEPPCO Partners, L.P., Texas Eastern Products Pipeline Company, LLC, TE Products Pipeline Company, Limited Partnership, TEPPCO Midstream Companies, L.P., TCTM, L.P. and TEPPCO GP, Inc. dated January 30, 2007, but effective as of February 5, 2007 (incorporated by reference to Exhibit 10 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
10.2
|
Amendment No. 1 to the Fourth Amended and Restated Administrative Services Agreement dated February 28, 2007 (incorporated by reference to Exhibit 10.8 to Form 10-K filed February 28, 2006). |
70
Exhibit | ||
Number | Exhibit* | |
10.3
|
Omnibus Agreement, dated as of February 5, 2007 by and among Enterprise Products Operating L.P., DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership, L.P., Enterprise Lou-Tex Propylene Pipeline L.P., Sabine Propylene Pipeline L.P., Acadian Gas, LLC, Mont Belvieu Caverns, LLC, South Texas NGL Pipelines, LLC (incorporated by reference to Exhibit 10.19 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
10.4
|
Contribution, Conveyance And Assumption Agreement dated as of February 5, 2007, by and among Enterprise Products Operating L.P., DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC and DEP Operating Partnership, L.P. (incorporated by reference to Exhibit 1.1 to Form 8-K filed February 5, 2007 by Duncan Energy Partners). | |
31.1#
|
Sarbanes-Oxley Section 302 certification of Robert G. Phillips for Enterprise Products Partners L.P. for the March 31, 2007 quarterly report on Form 10-Q. | |
31.2#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P. for the March 31, 2007 quarterly report on Form 10-Q. | |
32.1#
|
Section 1350 certification of Robert G. Phillips for the March 31, 2007 quarterly report on Form 10-Q. | |
32.2#
|
Section 1350 certification of Michael A. Creel for the March 31, 2007 quarterly report on Form 10-Q. |
* | With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file number for Enterprise Products Partners L.P. is 1-14323. | |
*** | Identifies management contract and compensatory plan arrangements. |
|
# | Filed with this report. |
71