El Paso Pipeline Partners, L.P.

CIK:0001410838|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$ 352	$ 369	$ 1,087	$ 1,114
Operating Costs and Expenses
Operations and maintenance	61	68	166	177
Depreciation and amortization	53	49	160	144
General and administrative	20	21	59	63
Taxes, other than income taxes	20	19	64	63
Total Operating Costs and Expenses	154	157	449	447
Operating Income	198	212	638	667
Other Income (Expense)
Earnings from equity investments	18	3	35	9
Amortization of excess cost of equity investments	(8)	0	(14)	0
Interest expense, net	(78)	(75)	(227)	(226)
Other, net	0	1	2	1
Total Other Income (Expense)	(68)	(71)	(204)	(216)
Net Income	130	141	434	451
Calculation of Limited Partners' Interest in Net Income:
Net Income	130	141	434	451
Plus: Severance Costs Allocated to General Partner	0	0	0	1
Income Subject to 2% Allocation of General Partner Interest	130	141	434	452
Less: General Partner's 2% Interest Allocation	(3)	(3)	(9)	(9)
Less: General Partner’s Incentive Distribution	(55)	(52)	(162)	(144)
Limited Partners' Interest in Net Income	$ 72	$ 86	$ 263	$ 299
Limited Partners’ Net Income per Unit - Basic and Diluted	$ 0.31	$ 0.40	$ 1.17	$ 1.38
Weighted Average Number of Units Used in Computation of Limited Partners’ Net Income per Unit - Basic and Diluted	231	218	225	217
Per Unit Cash Distribution Declared for the Period	$ 0.65	$ 0.65	$ 1.95	$ 1.90

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities
Net Income	$ 434	$ 451
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	160	144
Amortization of excess cost of equity investments	14	0
Earnings from equity investments	(35)	(9)
Distributions from equity investment earnings	37	10
Other non-cash items	10	8
Changes in components of working capital:
Accounts receivable	20	24
Regulatory assets	(5)	11
Other current assets, including inventories	10	(5)
Accounts payable	(7)	(20)
Accrued interest	48	36
Accrued taxes, other than income	21	30
Regulatory liabilities	1	3
Other current liabilities	(3)	(3)
Other long-term assets and liabilities	(23)	(7)
Net Cash Provided by Operating Activities	682	673
Cash Flows From Investing Activities
Capital expenditures	(57)	(89)
Proceeds from sale of assets	0	12
Payment to KMI to acquire interests in Ruby, Gulf LNG and Young	(875)
Contributions to investments	(22)	(8)
Distributions from equity investments in excess of cumulative earnings	20	0
Other, net	4	(3)
Net Cash Used in Investing Activities	(930)	(88)
Cash Flows From Financing Activities
Issuance of debt	872	0
Payments of debt	(347)	(92)
Debt issue costs	(4)	0
Proceeds from issuance of common and general partner units	401	87
Cash distributions to unitholders and general partner	(604)	(549)
Net Cash Provided by (Used in) Financing Activities	318	(554)
Net increase in Cash and Cash Equivalents	70	31
Cash and Cash Equivalents, beginning of period	78	114
Cash and Cash Equivalents, end of period	148	145
Non-Cash Investing and Financing Activities
(Decrease) increase in property, plant and equipment accruals and contractor retainage	(2)	8
Assets acquired by the issuance of common units (Note 4)	97	0
Capital contribution related to the Drop-Down Transaction (Note 4)	$ 766

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 148	$ 78
Accounts receivable, net	127	147
Inventories	34	34
Regulatory assets	31	26
Other current assets	10	19
Total current assets	350	304
Property, plant and equipment, net	5,797	5,879
Investments	1,807	87
Deferred charges and other assets	217	225
Total Assets	8,171	6,495
Current liabilities
Current portion of debt	41	77
Accounts payable	66	73
Accrued interest	99	51
Accrued taxes, other than income	59	37
Regulatory liabilities	24	17
Other current liabilities	27	22
Total current liabilities	316	277
Long-term liabilities and deferred credits
Long-term debt	4,741	4,171
Other long-term liabilities and deferred credits	90	108
Total Liabilities	5,147	4,556
Commitments and contingencies (Note 8)
Partners' Capital
Common units	4,514	4,197
General partner units	(1,493)	(2,268)
Accumulated other comprehensive income	3	10
Total Partners' Capital	3,024	1,939
Total Liabilities and Partners' Capital	$ 8,171	$ 6,495