2002 Achievements
Substantial midstream segment growth
- Successful completion of Jonah Gas Gathering System Phase I & II expansions, increasing deliveries to 850 MMcf/d in December
- Chaparral Pipeline and Val Verde Gas Gathering acquisitions expanded scope of NGL and gas gathering activity
Record earnings and EBITDA
- $118 million Net Income and $282 million EBITDA
- Completed $380 million in equity offerings, reducing debt/capitalization to 57%
- Restructured debt, issuing $500 million in senior notes and renewing $700 million credit facility
- Increased annualized distribution by 4.2% to $2.40 per unit