EX-99.2 5 h84357ex99-2.txt SELECTED FINANCIAL DATA 1 EXHIBIT 99.2 ITEM 6. SELECTED FINANCIAL DATA (UNAUDITED) The following table sets forth, for the periods and the dates indicated, selected historical financial and operating data for us. 1 2
YEAR ENDED DECEMBER 31, 2000(7) 1999(8) 1998(9) 1997 1996 ---------- ---------- ---------- --------- -------- (IN THOUSANDS, EXCEPT PER UNIT AND OPERATING DATA) INCOME AND CASH FLOW DATA: Revenues $ 816,442 $ 428,749 $ 322,617 $ 73,932 $ 71,250 Cost of product sold 124,641 16,241 5,860 7,154 7,874 Operating expenses 190,329 111,275 77,162 17,982 22,347 Fuel and power 43,216 31,745 22,385 5,636 4,916 Depreciation and amortization 82,630 46,469 36,557 10,067 9,908 General and administrative 60,065 35,612 39,984 8,862 9,132 ---------- ---------- ---------- --------- -------- Operating income 315,561 187,407 140,669 24,231 17,073 Earnings from equity investments 71,603 42,918 25,732 5,724 5,675 Amortization of excess cost of equity investments (8,195) (4,254) (764) -- -- Interest (expense) (97,102) (54,336) (40,856) (12,605) (12,634) Interest income and other, net 10,415 22,988 (5,992) (353) 3,129 Income tax (provision) benefit (13,934) (9,826) (1,572) 740 (1,343) ---------- ---------- ---------- --------- -------- Net income before extraordinary charge 278,348 184,897 117,217 17,737 11,900 Extraordinary charge -- (2,595) (13,611) -- -- ---------- ---------- ---------- --------- -------- Net income $ 278,348 $ 182,302 $ 103,606 $ 17,737 $ 11,900 ========== ========== ========== ========= ======== Basic Limited Partners' net income per unit before extraordinary charge(1) $ 2.68 $ 2.63 $ 2.09 $ 1.02 $ 0.90 ========== ========== ========== ========= ======== Basic Limited Partners' income per unit $ 2.68 $ 2.57 $ 1.75 $ 1.02 $ 0.90 ========== ========== ========== ========= ======== Diluted Limited Partners' net income per unit(2) $ 2.67 $ 2.57 $ 1.75 $ 1.02 $ 0.90 ========== ========== ========== ========= ======== Per unit cash distribution paid $ 3.20 $ 2.78 $ 2.39 $ 1.63 $ 1.26 ========== ========== ========== ========= ======== Additions to property, plant and equipment $ 125,523 $ 82,725 $ 38,407 $ 6,884 $ 8,575 BALANCE SHEET DATA (AT END OF PERIOD): Net property, plant and equipment $3,306,305 $2,578,313 $1,763,386 $ 244,967 $235,994 Total assets $4,625,210 $3,228,738 $2,152,272 $ 312,906 $303,603 Long-term debt $1,255,453 $ 989,101 $ 611,571 $ 146,824 $160,211 Partners' capital $2,117,067 $1,774,798 $1,360,663 $ 150,224 $118,344 OPERATING DATA: Product Pipelines - Pacific - Mainline delivery volumes (MBbls)(3) 386,611 375,663 307,997 -- -- Pacific - Other delivery volumes (MBbls)(3) 14,243 10,025 17,957 -- -- Plantation - Delivery volumes (MBbls) 226,795 214,900 -- -- -- North System/Cypress - Delivery volumes (MBbls) 51,111 50,124 44,783 46,309 46,601 Natural Gas Pipelines - Transport volumes (Bcf)(4) 449.2 424.3 -- -- -- CO2 Pipelines - Delivery volumes (Bcf)(5) 386.5 379.3 -- -- -- Bulk Terminals - Transload tonnage (Mtons)(6) 41,529 39,190 24,016 9,087 6,090
(1) Represents net income before extraordinary charge per unit adjusted for the two-for-one split of units on October 1, 1997. Basic Limited Partners' net income per unit before extraordinary charge was computed by dividing the interest of our unitholders in net income before extraordinary charge by the weighted average number of units outstanding during the period. (2) Diluted Limited Partners' net income per unit reflects the potential dilution, by application of the treasury stock method, that could occur if options to issue units were exercised, which would result in the issuance of additional units that would then share in our net income. (3) We acquired our Pacific operations on March 6, 1998. (4) KMIGT and Trailblazer assets were acquired on December 31, 1999. 1999 volumes were shown for comparative purposes only. (5) Acquired remaining 80% interest in Kinder Morgan CO2 Company, L.P., effective April 1, 2000. YTD 2000 and 1999 volume information is adjusted to include properties acquired from Devon Energy effective June 1, 2000, and to correct volumes previously reported. YTD 2000 and 1999 volume information is shown for comparative purposes only. (6) Represents the volumes of the Cora Terminal, excluding ship or pay volumes of 252 Mtons for 1996, the Grand Rivers Terminal from September 1997, Kinder Morgan Bulk Terminals from July 1, 1998 and the Pier IX and Shipyard Terminals from December 18, 1998. (7) Includes results of operations for KMIGT, 66 2/3% interest in Trailblazer Pipeline Company, 49% interest in Red Cedar, Milwaukee Bulk Terminals, Dakota Bulk Terminal, remaining 80% interest in KMCO2, Devon Energy CO2 properties, Buckeye Refining Company, LLC, 32.5% interest in Cochin Pipeline System and Delta Terminal Services since dates of acquisition. (8) Includes results of operations for 51% interest in Plantation Pipe Line Company, Product Pipelines' transmix operations and 33 1/3% interest in Trailblazer Pipeline Company since dates of acquisition. (9) Includes results of operations for Pacific operations, Kinder Morgan Bulk Terminals and 24% interest in Plantation Pipe Line Company since dates of acquisition. 2