A difference of opinion within Comed-K is out in the open, with some member colleges saying they want to follow CET this time. Comed-K has, however, said they are not sure about the exact number of colleges wanting to go out of the forum.
For additional informationvisit Sunoco Logistics’ web site at of this document constitute forward-looking statements as defined byfederal law Although Sunoco Logistics Partners L.P. believes that theassumptions underlying these statements are reasonable, investors arecautioned that such forward-looking statements are inherently uncertain andnecessarily involve risks that may affect the Partnership’s business prospectsand performance causing actual results to differ from those discussed in theforegoing release. The Crude Oil Pipeline System consists ofapproximately 3,800 miles of crude oil pipelines, located principally inOklahoma and Texas, a 55.3 percent interest in Mid-Valley Pipeline Company, a43.8 percent interest in the West Texas Gulf Pipe Line Company and a 37.0percent interest in the Mesa Pipe Line System. The Terminal Facilities consist ofapproximately 9.7 million shell barrels of refined products terminal capacityand approximately 21.2 million shell barrels of crude oil terminal capacity(including approximately 17.8 million shell barrels of capacity at the TexasGulf Coast Nederland Terminal). The Refined ProductsPipeline System consists of approximately 2,200 miles of refined productpipelines located in the Northeastern and Midwestern United States, therecently acquired MagTex Pipeline System, and interests in four refinedproducts pipelines, consisting of a 9.4 percent interest in Explorer PipelineCompany, a 31.5 percent interest in Wolverine Pipe Line Company, a 12.3percent interest in West Shore Pipe Line Company and a 14.0 percent interestin Yellowstone Pipe Line Company. Please enter Conference ID #18196313.Sunoco Logistics Partners L.P. (NYSE: SXL), headquartered in Philadelphia, isa master limited partnership formed to acquire, own and operate refinedproduct and crude oil pipelines and terminal facilities.
Individuals wishing to listen to the call on the Partnership’s web site willneed Windows Media Player, which can be downloaded free of charge fromMicrosoft or from Sunoco Logistics Partners’ conference call page.Pleaseallow at least fifteen minutes to complete the download.Audio replays of the conference call will be available for two weeks after theconference call beginning approximately two hours following the completion ofthe call.To access the replay, dial 1-800-642-1687.International callersshould dial 1-706-645-9291. Those wishing tolisten can access the call by dialing (USA toll free) 1-877-297-3442;International (USA toll) 1-706-643-1335 and request “Sunoco Logistics PartnersEarnings Call, Conference Code 18196313″.This event may also be accessed bya webcast, which will be available at number ofpresentation slides will accompany the audio portion of the call and will beavailable to be viewed and printed shortly before the call begins. 128, Earnings per Share, to Master Limited Partnerships.”EITF 07-04requires undistributed earnings to be allocated to the limited partnerand general partner interests in accordance with the Partnershipagreement.Prior period amounts have been restated for comparativepurposes.This change resulted in an increase in net income per dilutedLP unit of $0.27 and $0.34 for the three and six months ended June 30,2008 respectively. Operating expenses increased by $6.8 million to $29.3 million due primarily tothe MagTex acquisition and a reduction in refined products operating gains. Capital ExpendituresMaintenance capital expenditures for the six months ended June 30, 2009 were$9.0 million. Sales and other operating revenue increased by $14.7million to $62.6 million due primarily to results from the MagTex acquisitiondescribed above, along with increased pipeline fees.Other income increased$1.1 million compared to the prior year period as a result of an increase inequity income associated with the Partnership’s joint venture interests. Terminal FacilitiesOperating income for the Terminal Facilities segment increased by $3.3 millionto $21.2 million for the second quarter ended June 30, 2009 compared to theprior year’s second quarter.Sales and other operating revenue increased by$7.6 million to $46.9 million due primarily to increased throughput, higherfees and additional tankage Nederland terminal facility, as well as resultsfrom the MagTex acquisition.
Operatingexpenses increased $4.5 million to $15.3 million for the second quarter 2009due primarily to the MagTex acquisition and a reduction in refined productoperating gains.Depreciation and amortization expense increased for thethree months ended June 30, 2009 primarily due to the MagTex acquisition. Sales and other operating revenueincreased by $7.6 million to $31.2 million due primarily to results from thePartnership’s acquisition of the MagTex refined products pipeline andterminals system in November 2008 and increased pipeline fees. All of these projects will contribute to future cash flow growth.Ourconservative balance sheet and access to liquidity have us well positioned tofurther expand our business platform.”Segmented Second Quarter ResultsRefined Products Pipeline SystemOperating income for the Refined Products Pipeline System increased $2.0million to $10.6 million for the second quarter ended June 30, 2009 comparedto the prior year’s second quarter. Sunoco Partners LLC, the general partner of Sunoco Logistics Partners L.P.,declared a cash distribution for the second quarter of 2009 of $1.04 percommon partnership unit ($4.16 annualized), which is an 11.2 percent increaseover the second quarter of 2008 and a 2.5 percent increase over the priorquarter.The distribution is payable August 14, 2009 to unit holders ofrecord on August 7, 2009.It is the twenty-fourth distribution increase inthe past twenty-five quarters.”Our strong second quarter performance is a combination of stable cash flowsin our base business along with crude oil market opportunities resulting froma contango market structure,” said Deborah M. Increasedinterest expense partially offset the increase in operating income, leading toan improvement of $58.7 million to net income.Distributable cash flow forthe first half of 2009 increased 49.5 percent to $161.6 million compared tothe prior year period. The increase was the result of significantimprovements in the lease acquisition business, contribution from the MagTexacquisition and increased crude oil pipeline and storage revenues.
For the six months ended June 30, 2009, net income increased to $147.5 millioncompared to $88.8 million for the first six months of 2008.Operating incomefor the first half of 2009 increased $64.2 million, or 61.4 percent, whencompared to the prior year period. Distributable cash flow for the quarter increased 24.8percent to $71.8 million compared to the second quarter of 2008. Theimprovement was driven by higher lease acquisition results, increased crudeoil pipeline and storage revenues and the November 2008 acquisition of theMagTex refined products pipeline and terminals system.The increase inoperating income was partially offset by a $3.6 million increase in interestexpense associated with higher borrowings for asset acquisitions and organicgrowth opportunities. Operating income for the second quarter ended June 30, 2009 increased by $18.9million, or 31.9 percent, from the prior year’s second quarter. Sunoco Logistics Partners L.P.
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