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This excerpt taken from the TPP 8-K filed Feb 7, 2007. 2007 OUTLOOK
The partnership currently anticipates that total capital expenditures for 2007 will be approximately $292 million, which includes about $254 million for organic growth (more)
projects and system upgrades. Maintenance capital expenditures for 2007 are expected to be $38 million, including $12 million for pipeline integrity. Additionally, TEPPCO expects to invest approximately $151 million in 2007 for its share of capital expenditures related to the Jonah Phase V expansion. Completion of the Phase V expansion, which is projected during the fourth quarter, is expected to generate incremental gathering fees for the partnership during 2007. The Upstream segment should benefit from the start of service on new crude oil storage tanks in 2007. Among the projects scheduled to come online in the Downstream segment are the Genco system expansion and completion of a new refined products pipeline serving Memphis International Airport.
This excerpt taken from the TPP 8-K filed Nov 7, 2006. 2006 OUTLOOK Based on results during the nine months ended Sept. 30, 2006, and projections for the fourth quarter, the partnership expects EBITDA for the full year of 2006, excluding the results from discontinued operations, to remain in the range of $400 million to $420 million. Net income per unit is expected to remain in the range of $1.65 to $1.85 per unit, excluding the results of discontinued operations, which reflect the increase in the weighted average number of units outstanding resulting from the new units issued in July 2006. TEPPCO currently anticipates that total capital expenditures for 2006 will be approximately $195 million, which will include approximately $160 million for organic growth projects and system upgrades. Maintenance capital expenditures for 2006 are expected to be $35 million, which includes $19 million for pipeline integrity. Additionally, TEPPCO expects to invest approximately $125 million in 2006 for its share of capital expenditures related to the Jonah Phase V expansion. (more) 6
This excerpt taken from the TPP 8-K filed Aug 2, 2006. 2006 OUTLOOK Based on our performance during the six months ended June 30, 2006, and projections for the remainder of the year, we expect EBITDA for the full year of 2006, excluding the results from discontinued operations, to remain in the range of $400 million to $420 million. We expect net income per unit to be in the range of $1.65 to $1.85 per unit, excluding the results of discontinued operations, which is a $0.05 decrease from the forecast provided earlier in the year. The decrease in net income per unit reflects the increase in the weighted average number of units outstanding resulting from the new units issued in July 2006, as noted above. We currently anticipate that total capital expenditures for 2006 will be approximately $265 million, which will include approximately $195 million for organic growth projects and $40 million for maintenance capital expenditures, which includes $19 million for pipeline integrity. We estimate $30 million in expenditures for system upgrades. Additionally, we expect to contribute for the remainder of 2006 approximately $119 million to the new Jonah joint venture for our share of the Phase V expansion. In April 2006, EPCO, Inc. made a proposal to the Audit and Conflicts Committee of the general partner’s board of directors to reduce the general partner’s maximum percentage interest in our quarterly distributions from 50 percent to 25 percent with respect to that portion of our quarterly cash distribution to partners that exceeds $0.325 per unit. In exchange for the agreement to reduce its maximum percentage interest in our quarterly distributions, our general partner would receive a number of newly-issued units that, based on the distribution rate and the number of units outstanding at the time of issuance, would result in our general partner receiving cash distributions from the 6
newly-issued units and from its reduced maximum percentage interest in our quarterly distributions that would approximately equal the cash distributions our general partner would have received from its maximum percentage interest in our quarterly distributions without reduction. Based on our current distribution rate and outstanding units, the number of newly-issued TEPPCO units issued to the general partner would be approximately 14.1 million. On June 26, 2006, TEPPCO filed a preliminary proxy statement with the Securities and Exchange Commission that outlines the EPCO proposal and other proposals for which TEPPCO plans to solicit approval from its unitholders at a special meeting. This excerpt taken from the TPP 8-K filed May 3, 2006. 2006 OUTLOOK
Based on our first quarter performance and projections for the remainder of the year, we expect EBITDA for the full year of 2006 to remain in the range of $400 million to $420 million, and net income per unit to remain in the range of $1.70 to $1.90 per unit, excluding the results from discontinued operations. Although the performance of our downstream segment was below our expectations, primarily due to warmer winter weather and lower refined products demand, the performance of our upstream and midstream segments largely offset the lower volumes in our downstream segment. The Jonah Phase IV expansion was completed in the first quarter of 2006 and we expect a continuing trend of increased volumes on this system due to strong drilling activity in the Jonah and Pinedale fields. In addition, we expect strong performance in our upstream segment and growth in demand for Gulf Coast-sourced refined products in the Midwest markets. Expected results also include expenses attributable to higher pipeline integrity and power costs, and the termination of our cash balance pension plans.
We currently anticipate that total capital expenditures for 2006 will be approximately $226 million, which will include approximately $162 million for organic growth projects and $40 million for maintenance capital expenditures, which includes $19 million for pipeline integrity. Additionally, we estimate $24 million in expenditures for system upgrades. These expenditures do not include any capital associated with the 2006 Jonah expansion. TEPPCO has the option to fund any portion of the capital spending associated with the 2006 Jonah expansion.
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In addition, EPCO, Inc. recently made a proposal to the Audit and Conflicts Committee of the general partner’s board of directors to eliminate the general partner’s incentive distribution right to receive 50 percent of total cash distribution increases. Under terms of the proposal, the incentive distribution rights of TEPPCO’s general partner would be capped at 25 percent of the total cash distributions to partners that exceed 32.5 cents per unit. In exchange for the agreement to eliminate the 50 percent incentive distribution right, TEPPCO’s general partner would receive a number of newly-issued TEPPCO common units whose distributions would approximate the amount of actual cash distributions foregone by the general partner from eliminating the 50 percent incentive distribution right at the time such change, if any, in the incentive distribution right is instituted. Based on the current amount of cash distributions being received by the general partner, the number of newly-issued TEPPCO common units issued to the general partner would be approximately 13 million.
This excerpt taken from the TPP 8-K filed Feb 8, 2006. 2006 OUTLOOK
The Phase 4 expansion of the Jonah Gas Gathering system is expected to be completed in February 2006. We expect increased volumes on this system with the continuation of strong drilling activity in the Jonah and Pinedale fields. Based on this, and our expectation of the continued strong performance of our upstream segment, growth in demand for Gulf Coast-sourced refined products in the Midwest markets and a normal pattern of LPG deliveries to the Midwest and Northeast markets in our
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downstream segment, we expect EBITDA in 2006 to be in the range of $400 million to $420 million, and net income per unit in the range of $1.70 to $1.90 per unit. Expected results for 2006 include the effect of a decrease in TEPPCO’s participation ratio in the cash flow of Seaway Crude Pipeline from 60 percent to 40 percent, effective May 13, 2006; an increase in pipeline integrity expenses; higher power expenses and expenses associated with the termination of a cash balance pension plan associated with the change in ownership of our general partner.
We currently anticipate that total capital expenditures for 2006 will be approximately $210 million, which will include approximately $147 million for organic growth projects and $38 million for maintenance capital expenditures, which includes $19 million for pipeline integrity. Additionally, we estimate $19 million in expenditures for system upgrades.
This excerpt taken from the TPP 8-K filed Dec 6, 2005. 2005 Outlook
• Expected 2005 EBITDA in range of $370 MM to $385 MM
• Hurricanes impacted 3rd and 4th quarters 2005
• Continued revenue growth across all business segments
• Key factors impacting 2005 performance include:
• Continuation of upstream performance trend
• Refined products supply and demand
• Demand for LPG volumes in Midwest and Northeast markets
• Continued strong Jonah and Pinedale drilling activity
• Pace of Val Verde infill development
• Moderation of compliance costs
• Costs associated with transition from DEFS
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