Pacific Energy Partners, L.P. Announces Fourth Quarter 2003 Financial Results.Business Editors LONG BEACH, Calif.--(BUSINESS WIRE)--Jan. 27, 2004 Pacific Energy Partners, L.P. (NYSE NYSE See: New York Stock Exchange :PPX PPX Parallel Port Multiplexor PPX Popular Science Predictions eXchange (Popular Science magazine) PPX Point to Point Switching PPX Posture Planning Express ) announced net income for the three months ended December December: see month. 31, 2003, of $7.6 million, or $0.30 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. limited partner unit, compared to $6.4 million, or $0.30 per basic and diluted limited partner unit, in the corresponding period of 2002. The results of operations for the fourth quarter of 2003 reflect the operating results of the Pacific Terminals storage and terminaling system assets, which were acquired on July July: see month. 31, 2003, as well as improved financial performance of our Rocky Mountain pipelines. The income generated by Pacific Terminals was partially offset by lower volumes and revenue from our West Coast pipelines. For the twelve months ended December 31, 2003, net income was $26.2 million, or $1.15 per basic limited partner unit ($1.14 per diluted limited partner unit), compared to $33.6 million in the corresponding period of 2002. The Partnership completed its initial public offering in July 2002; therefore there is no comparable per unit calculation for 2002. The additional income generated by the Pacific Terminals storage and terminaling system assets and the Rocky Mountain pipeline assets acquired March 1, 2002 was more than offset by a combination of lower West Coast pipeline volumes, and increased expenses. The increased expenses include increased depreciation expense resulting from the acquisitions completed in 2002 and 2003, increased general and administrative expense reflecting our growth and becoming a public company in July 2002, and increased interest expense associated with our post-IPO capital structure. On January January: see month. 20, 2004, the Partnership declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash distribution for the fourth quarter of 2003 of $0.4875 per unit. The distribution will be paid on February February: see month. 13, 2003, to unitholders of record as of January 30, 2004. Distributable cash flow for the three months ended December 31, 2003 was $12.6 million; weighted average units outstanding were 24.9 million. "We are very pleased with our first full year as a public company, including the acquisition and successful integration of the Pacific Terminals storage and terminaling system assets. These assets, which were acquired in July 2003, have made a significant contribution to our revenue and income in the short time since we completed the acquisition," said Irvin Toole, Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "In December 2003, we completed the refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of a 450,000 barrel barrel: see English units of measurement. tank, increasing Pacific Terminals' leasable storage capacity to 6.7 million barrels, and we continue to work on other improvements including the refurbishment of a 76,000 barrel tank that will further increase our leasable capacity." Mr. Toole added, "We are also undertaking a $3 million expansion of our pipelines serving Salt Lake City by establishing a new delivery connection from Frontier frontier, in U.S. history, the border area of settlement of Europeans and their descendants; it was vital in the conquest of the land between the Atlantic and the Pacific. Pipeline to the partnership's Salt Lake City Core System. This connecting facility will increase delivery capacity to Salt Lake City refineries by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . Existing pipelines into Salt Lake City are currently prorated, or limited by capacity, during the summer season. We are committed to keeping pace with growing demand for crude oil in this region and believe this new connection will be placed in service in May 2004." Mr. Toole continued, "We expect net income for 2004 to be in the range of $1.30 to $1.40 per limited partner unit, and we are forecasting net income for the first quarter of 2004 to be in the range of $0.26 to $0.30 per unit. Revenue is typically lower in the first quarter due to reduced throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. on our West Coast and Rocky Mountain pipelines. The reduced throughput is a result of normal refinery maintenance at the Los Angeles Basin The Los Angeles Basin is the coastal sediment-filled plain located between the peninsular and transverse ranges in southern California in the United States containing the central part of the city of Los Angeles as well as its southern and southeastern suburbs (both in Los Angeles refineries and lower winter season refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar runs at Rocky Mountain area refineries. In addition, as previously reported, Shell Oil Company announced that it will close its Bakersfield, California “Bakersfield” redirects here. For other uses, see Bakersfield (disambiguation). Bakersfield (pop. 323,213GR2) is one of the fastest-growing, large-population cities in the United States. refinery by October October: see month. 1, 2004. When the refinery shuts down, the crude oil it currently refines is expected to be redistributed re·dis·trib·ute tr.v. re·dis·trib·ut·ed, re·dis·trib·ut·ing, re·dis·trib·utes To distribute again in a different way; reallocate. Adj. 1. to refineries in the Los Angeles Basin as well as those in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Although there is no assurance as to how the volumes will be redistributed or the timing of the Bakersfield Bakersfield, city (1990 pop. 174,820), seat of Kern co., S central Calif., at the southern end of the San Joaquin valley; inc. 1898. It is an oil, mining, and agricultural center and one of the fastest-growing U.S. cities. refinery shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down , based on historical refinery crude oil demand and patterns of distribution, we believe that this closure will result in a net increase in volumes shipped on the Partnership's pipelines beginning in the fourth quarter of 2004." OPERATING RESULTS BY SEGMENT WEST COAST OPERATIONS Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $11.9 million for the three months ended December 31, 2003 compared to $9.1 million in the corresponding period in 2002. This 31% increase was primarily due to the income earned by Pacific Terminals, which acquired the EPTC EPTC S-ethyldipropylthiocarbamate; a thiocarbamate herbicide. storage and terminaling assets on July 31, 2003, but was partially offset by lower revenues due to reduced pipeline volumes. Pipeline volumes for the three months ended December 31, 2003 were nine percent lower compared to the corresponding period in 2002 due to increased light crude oil refinery runs at the Bakersfield area refineries, maintenance downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. on certain outer continental shelf In the federal United States, the Outer Continental Shelf (OCS) consists of the submerged lands, subsoil, and seabed, lying between the seaward extent of the States' jurisdiction and the seaward extent of Federal jurisdiction. ("OCS OCS - Object Compatibility Standard ") production facilities, and expected OCS and San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes ("SJV SJV St. John Vianney (high school) SJV San Juaquin Valley (California) ") production declines, all of which combined to reduce the volume of crude oil available for delivery to refineries in the Los Angeles Basin. Refinery maintenance downtime also reduced pipeline volumes. For the twelve months ended December 31, 2003, West Coast operating income was $42.7 million compared to $38.3 million in the corresponding period in 2002. Five months of income from our Pacific Terminals storage and terminaling assets contributed to this increase in operating income. Lower pipeline operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. also contributed to the improvement; however, volumes on the West Coast pipelines were seven percent lower for the year as a result of the reasons discussed above in addition to refinery maintenance during the early part of the year. ROCKY MOUNTAIN OPERATIONS Operating income was $3.5 million for the three months ended December 31, 2003, compared to $4.4 million in the corresponding period in 2002. During the fourth quarter of 2003, Frontier Pipeline Company, which is 22.22% owned by a subsidiary of the Partnership, settled two tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic rate related matters, reducing the Partnership's share of Frontier's income by $0.4 million. Refinery maintenance in the fourth quarter of 2003 impacted crude runs in the Salt Lake City area and resulted in lower volumes transported on AREPI and Frontier, but this impact was offset by increased Western Corridor volumes. Major maintenance expenses were greater in 2003's fourth quarter. For the twelve months ended December 31, 2003, operating income was $14.2 million compared to $13.5 million in the corresponding period in 2002. The 2002 period included only ten months of results for the Western Corridor and Salt Lake City Core systems, which were acquired on March 1, 2002. In addition, the 2002 period included significant transition costs that were partly offset in 2003 by higher major maintenance expense. Refinery maintenance, particularly in the first part of 2003, resulted in reduced throughput to Salt Lake City through our various systems. CAPITAL EXPENDITURES Capital expenditures were $10.8 million for the twelve months ended December 31, 2003, of which $2.1 million was for sustaining capital projects. Profit generating capital expenditures totaled $8.3 million, including $5.3 million for the Pier pier, in engineering, term applied to a mass of reinforced concrete or masonry supporting a large structure, such as a bridge. When piers are built on ground of poor bearing value, it is often necessary to drive piles to obtain a firm base. 400 project. Pier 400 is a deep-water deep-wa·ter adj. Of, relating to, or carried on in waters of a relatively great depth: a deep-water port; deep-water drilling for oil. Adj. 1. petroleum import terminal at the Port of Los Angeles The Port of Los Angeles is located on San Pedro Bay in the San Pedro neighborhood of Los Angeles, approximately 20 miles (30 km) south of downtown. Also called Los Angeles Harbor and WORLDPORT LA that the Partnership is in the early stages of developing. Transition capital expenditures, principally for the Pacific Terminals storage and terminaling system assets, were $0.4 million. During 2004, we expect capital expenditures to total approximately $16 million, including up to $5 million for Pier 400, $7 million for other profit generating capital projects, $1 million for transition capital projects and $3 million for sustaining capital projects. We will host a conference call at 2:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on Wednesday Wednesday: see week. , January 28, 2004, to discuss the results of the fourth quarter and full year 2003, as well as our outlook for 2004. Please join us at www.PacificEnergyPartners.com for the live broadcast. The call, with questions and answers, will continue to be available on our web site following the live discussion. Pacific Energy Partners, L.P. is a Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). limited partnership headquartered in Long Beach, California Long Beach is a city located in southern Los Angeles County, California, USA, on the Pacific coast. It borders Orange County on its southeast edge. It is about 20 miles (30 km) south of downtown Los Angeles. . Pacific Energy Partners is engaged principally in the business of gathering, transporting, storing and distributing crude oil and other related products in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. . Pacific Energy Partners generates revenues primarily by charging tariff rates for transporting crude oil on its pipelines and by leasing capacity in its storage facilities. Pacific Energy Partners also buys, blends and sells crude oil, activities that are complimentary to its pipeline transportation and storage business. This news release may include "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included or incorporated herein may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although the Partnership believes that the forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect the Partnership's operations and financial performance. Among the factors that could cause results to differ materially are those risks discussed in the Partnership's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 and the Registration Statement on Form S-3 filed August 1, 2003.
PACIFIC ENERGY PARTNERS, L.P.
Successor to Pacific Energy (Predecessor)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands)
For the Three Months Year Ended
Ended December 31, December 31,
2003 2002 2003 2002(1)
---- ---- ---- ----
Operating revenues:
Pipeline transportation
revenue $25,559 $26,852 $102,279 $103,090
Storage and terminaling
revenue 7,674 -- 12,243 --
Crude oil sales, net of
purchases 4,777 4,953 21,293 21,104
Net revenues 38,010 31,805 135,815 124,194
Expenses:
Operating 17,021 14,545 60,649 55,184
Transition costs -- (42) 397 2,633
General and administrative 3,421 2,991 13,705 7,515
Depreciation and amortization 5,431 4,208 18,865 15,919
Total expenses 25,873 21,702 93,616 81,251
Share of net income (loss)
of Frontier (145) 381 996 1,347
Operating income 11,992 10,484 43,195 44,290
Net interest expense (4,531) (4,198) (17,331) (11,249)
Other income 93 118 323 533
Net income $7,554 $6,404 $26,187 $33,574
Weighted average units outstanding:
Basic 24,874 20,930 22,328
Diluted 25,095 20,930 22,540
Calculation of unitholders' interest in net income
for the three months ended December 31, 2003 and 2002
and for the year ended December 31, 2003:
Net income $7,554 $6,404 $26,187
Less: General Partner's
interest (151) (128) (524)
Unitholders' interest in
net income $7,403 $6,276 $25,663
Basic net income per unit $0.30 $0.30 $1.15
Diluted net income per unit $0.30 $0.30 $1.14
(1) On July 26, 2002, Pacific Energy Partners, L.P. completed an
initial public offering of common units. Net income for the period
January 1, through July 25, 2002 (period prior to closing of
initial public offering) was $21,757. Net income applicable to
July 26, through December 31, 2002 was $11,817 of which $236
relates to the general partner interest and $11,581 relates to the
limited partner interest. Net income per limited partner unit for
the period July 26, through December 31, 2002 was $0.55 based on
weighted average limited partner units outstanding of 20,930.
PACIFIC ENERGY PARTNERS, L.P.
Successor to Pacific Energy (Predecessor)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND OPERATING HIGHLIGHTS BY SEGMENT
Three Months Ended December 31, 2003 and 2002
(Unaudited)
(In thousands)
Intersegment
Rocky and
West Coast Mountain Intrasegment
Operations Operations Eliminations Total
(1)
Three Months Ended Dec. 31, 2003:
Segment revenue:
Pipeline transportation
revenue $16,723 $10,571 $(1,735) $25,559
Storage and terminaling
revenue 7,674 -- 7,674
Crude oil sales,
net of purchases 4,777 -- 4,777
Net revenue 29,174 10,571 38,010
Segment expenses:
Operating expense 13,488 5,268 (1,735) 17,021
Transition costs -- -- --
Depreciation and amortization 3,790 1,641 5,431
Total expenses 17,278 6,909 22,452
Share of net income
(loss) of Frontier -- (145) (145)
Operating income $11,896 $3,517 $15,413
Operating Data (barrels per day, in thousands)
Line 2000 and Line 63
pipeline volume 142.1
Salt Lake City Core system volume 64.3
Western Corridor system volume 19.6
AREPI pipeline volume 42.4
Frontier pipeline volume 42.5
Three Months Ended December 31, 2002:
Segment revenue:
Pipeline transportation
revenue $17,511 $10,868 $(1,527) $26,852
Storage and terminaling
revenue -- -- --
Crude oil sales,
net of purchases 4,953 -- 4,953
Net revenue 22,464 10,868 31,805
Segment expenses:
Operating expense 10,526 5,546 (1,527) 14,545
Transition costs 15 (57) (42)
Depreciation and amortization 2,843 1,365 4,208
Total expenses 13,384 6,854 18,711
Share of net income
(loss) of Frontier -- 381 381
Operating income $9,080 $4,395 $13,475
Operating Data (barrels per day, in thousands)
Line 2000 and Line 63
pipeline volume 155.9
Salt Lake City Core system volume 66.4
Western Corridor system volume 13.5
AREPI pipeline volume 45.1
Frontier pipeline volume 45.3
(1) Eliminations are required to account for revenue on services
provided by one subsidiary to another.
PACIFIC ENERGY PARTNERS, L.P.
Successor to Pacific Energy (Predecessor)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND OPERATING HIGHLIGHTS BY SEGMENT
Year Ended December 31, 2003 and 2002
(Unaudited)
(In thousands)
Intersegment
Rocky and
West Coast Mountain Intrasegment
Operations Operations Eliminations Total
(1)
Year Ended December 31, 2003:
Segment revenue:
Pipeline transportation
revenue $68,414 $41,298 $(7,433) $102,279
Storage and terminaling
revenue 12,243 -- 12,243
Crude oil sales, net
of purchases 21,293 -- 21,293
Net revenue 101,950 41,298 135,815
Segment expenses:
Operating expense 46,287 21,795 (7,433) 60,649
Transition costs -- 397 397
Depreciation and amortization 12,999 5,866 18,865
Total expenses 59,286 28,058 79,911
Share of net income
of Frontier -- 996 996
Operating income $42,664 $14,236 $56,900
Operating Data (barrels per day, in thousands)
Line 2000 and Line 63
pipeline volume 151.0
Salt Lake City Core system volume(2) 65.7
Western Corridor system volume(2) 16.7
AREPI pipeline volume 41.8
Frontier pipeline volume 41.7
Year Ended December 31, 2002:
Segment revenue:
Pipeline transportation
revenue $71,126 $37,960 $(5,996) $103,090
Storage and terminaling
revenue -- -- --
Crude oil sales, net
of purchases 21,104 -- 21,104
Net revenue 92,230 37,960 124,194
Segment expenses:
Operating expense 42,536 18,644 (5,996) 55,184
Transition costs 141 2,492 2,633
Depreciation and amortization 11,230 4,689 15,919
Total expenses 53,907 25,825 73,736
Share of net income
of Frontier -- 1,347 1,347
Operating income $38,323 $13,482 $51,805
Operating Data (barrels per day, in thousands)
Line 2000 and Line 63
pipeline volume 162.8
Salt Lake City Core system volume(2) 70.0
Western Corridor system volume(2) 15.0
AREPI pipeline volume 45.6
Frontier pipeline volume 44.4
(1) Eliminations are required to account for revenue on services
provided by one subsidiary to another.
(2) Volumes for 2002 represent ten months from the acquisition
date of March 1, 2002.
PACIFIC ENERGY PARTNERS, L.P.
Successor to Pacific Energy (Predecessor)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2003 2002
(Unaudited)
----------- -----------
Assets
Current assets $68,796 $66,071
Property and equipment, net 567,954 404,842
Investment in Frontier Pipeline Company 8,044 9,175
Other assets 6,567 6,950
Total assets $651,361 $487,038
Liabilities and Partners' Capital
Current liabilities $49,991 $41,571
Long-term debt 298,000 225,000
Other long term liabilities 7,145 5,200
Undistributed employee long-term incentive plan 738 72
Accumulated other comprehensive loss (5,608) (7,375)
Partners' capital 301,095 222,570
Total liabilities and partners' capital $651,361 $487,038
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Year Ended
Ended December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
Cash flows from operating
activities:
Net income $7,554 $6,404 $26,187 $33,574
Depreciation, amortization,
non-cash employee compensation
under long-term incentive
plan and share of net
income (loss) of Frontier 6,102 4,152 21,096 15,115
Working capital adjustments (4,675) 6,522 (4,901) (2,896)
Net cash provided by
operating activities 8,981 17,078 42,382 45,793
Cash flows from investing
activities:
Acquisition of pipeline
and storage assets (9,801) (473) (169,740) (95,669)
Net additions to
property and equipment
and other (8,409) (1,688) (10,592) (5,642)
Net cash used in
investing activities (18,210) (2,161) (180,332) (101,311)
Cash flows from financing
activities:
Proceeds from issuance
of common units, net -- 498 131,716 151,139
Capital contribution
from the general partner -- -- 1,955 --
Redemption of common units -- -- (40,780) --
Net proceeds
(repayments) of debt 14,000 (5,300) 73,000 38,367
Capital contributions
of members -- -- -- 8,770
Distributions to
partners and members (12,458) (7,193) (42,115) (23,193)
Distributions to general
partner in connection
with the initial
public offering -- -- -- (105,081)
Due from related party -- -- -- (122)
Net cash provided by
(used in) financing
activities 1,542 (11,995) 123,776 69,880
Net increase (decrease) in cash
and cash equivalents (7,687) 2,922 (14,174) 14,362
Cash and cash equivalents,
beginning of period 17,386 20,951 23,873 9,511
Cash and cash equivalents, end
of period $9,699 $23,873 $9,699 $23,873
PACIFIC ENERGY PARTNERS, L.P.
Successor to Pacific Energy (Predecessor)
RECONCILIATION OF OPERATING INCOME BY SEGMENT TO CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands)
For the Three Months Year Ended
Ended December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
Operating income by segment:
West Coast $11,896 $9,080 $42,664 $38,323
Rocky Mountain 3,517 4,395 14,236 13,482
15,413 13,475 56,900 51,805
General expenses and other
income/(expense):(1)
General and administrative
expense (3,421) (2,991) (13,705) (7,515)
Net interest expense (4,531) (4,198) (17,331) (11,249)
Other income 93 118 323 533
Net income $7,554 $6,404 $26,187 $33,574
CALCULATION OF DISTRIBUTABLE CASH FLOW(2)
(Unaudited)
(In thousands)
For the Three Months Year Ended
Ended December 31, December 31,
2003 2002 2003(3)
---- ---- ----
Net income $7,554 $6,404 $26,187
Plus: depreciation and amortization 5,431 4,208 18,865
Plus: amortization of debt issue costs 284 253 1,029
Plus: non-cash employee compensation
under long-term incentive plan 194 72 2,199
Less: sustaining capital expenditures (867) (753) (2,149)
Distributable Cash Flow 12,596 10,184 46,131
Less: General Partner's interest (252) (202) (923)
Unitholders' interest
in Distributable Cash Flow $12,344 $9,982 $45,208
(1) General and administrative expenses, net interest expense and
other income are not allocated among the West Coast and Rocky
Mountain operations.
(2) Distributable Cash Flow provides additional information for
evaluating our ability to make the minimum quarterly distribution
and is presented solely as a supplemental measure. You should not
consider Distributable Cash Flow as an alternative to net income,
income before taxes, cash flow from operations, or any other
measure of financial performance presented in accordance with
accounting principles generally accepted in the United States. Our
Distributable Cash Flow may not be comparable to similarly titled
measures of other entities. Additional information regarding
distributable cash flow is included in our current report on Form
8-K filed on January 28, 2004.
(3) On July 26, 2002, Pacific Energy Partners, L.P. completed an
initial public offering of common units. Accordingly,
distributable cash flow is not presented for the year ended
December 31, 2002.
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