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Panhandle Eastern Pipe Line

PEPL and its subsidiaries primarily operate interstate pipelines that transport natural gas from the Gulf of Mexico, South Texas and the Panhandle region of Texas and Oklahoma to major United States markets in the Midwest and Great Lakes regions and natural gas storage assets and are subject to the rules and regulations of the FERC. The Company’s subsidiaries are Trunkline, Sea Robin and Southwest Gas. Southern Union Panhandle LLC, an indirect wholly-owned subsidiary of ETO, owns a 1% general partner interest in PEPL and ETO indirectly owns a 99% limited partner interest in PEPL.

Company profile

Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
PANHANDLE EASTERN PIPE LINE CO, PANHANDLE EASTERN PIPE LINE CO LLC, PANHANDLE EASTERN PIPE LINE CO LP
SEC CIK

Calendar

4 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial report summary

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Risks
  • Fluctuations in energy commodity prices could adversely affect the business of the Company.
  • The pipeline revenues of the Company are generated under contracts that must be renegotiated periodically.
  • The outbreak of COVID-19 could adversely impact our business, financial condition and results of operations.
  • The financial soundness of the Company’s customers could affect its business and operating results and the Company’s credit risk management may not be adequate to protect against customer risk.
  • The pipeline business of the Company is dependent on a small number of customers for a significant percentage of its sales.
  • The pipeline business of the Company is subject to competition.
  • The Company is subject to operating risks.
  • Terrorist attacks aimed at our facilities could adversely affect our business, results of operations, cash flows and financial condition.
  • Our business could be affected adversely by union disputes and strikes or work stoppages by unionized employees.
  • Cybersecurity attacks, data breaches and other disruptions affecting us, or our service providers, could materially and adversely affect our business, operations, reputation, and financial results.
  • Our operations could be disrupted if our information systems fail, causing increased expenses and loss of sales.
  • The inability to continue to access lands owned by third parties could adversely affect the Company’s ability to operate and/or expand its pipeline and gathering and processing businesses.
  • The expansion of the Company’s pipeline systems by constructing new facilities subjects the Company to construction and other risks that may adversely affect the financial results of the pipeline businesses.
  • The success of the Company depends on the continued development of additional natural gas reserves in the vicinity of its facilities and the ability to access additional reserves to offset the natural decline from existing sources connected to its system.
  • The costs of providing postretirement health care benefits and related funding requirements are subject to changes in other postretirement fund values and fluctuating actuarial assumptions and may have a material adverse effect on the Company’s financial results. In addition, the passage of the Health Care Reform Act in 2010 could significantly increase the cost of providing health care benefits for Company employees.
  • We compete with other businesses in our market with respect to attracting and retaining qualified employees.
  • Credit ratings downgrades could increase the Company’s financing costs.
  • The Company’s business is highly regulated.
  • Our interstate pipelines are subject to laws, regulations and policies governing the rates they are allowed to charge for their services, which may prevent us from fully recovering our costs.
  • Our interstate pipelines are subject to laws, regulations and policies governing terms and conditions of service, which could adversely affect our business and results of operations.
  • We may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs.
  • The Company is subject to extensive federal, state and local laws and regulations regulating the environmental aspects of its business that may increase its costs of operations, expose it to environmental liabilities and require it to make material unbudgeted expenditures.
  • Climate change legislation or regulations restricting emissions of greenhouse gases (“GHGs”) could result in increased operating costs and reduced demand for the services we provide.
  • A climate-related decrease in demand for natural gas could negatively affect our business.
  • Additional deepwater drilling laws and regulations, delays in the processing and approval of drilling permits and exploration, development, oil spill-response and decommissioning plans, and other related developments may have a material adverse effect on our business, financial condition, or results of operations.
  • The Company is controlled by Energy Transfer.
  • Some of our executive officers and directors face potential conflicts of interest in managing our business.
  • Our affiliates may compete with us.
  • CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
  • The information in Item 2 has been prepared pursuant to the reduced disclosure format permitted by General Instruction H to Form 10-Q. Accordingly, this Item 2 includes only management’s narrative analysis of the results of operations and should be read in conjunction with (i) our historical consolidated financial statements and accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q and (ii) our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 18, 2022.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: ad, postretirement, reduction, valorem
Proxies
No filings