Delaware
|
44-0382470
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
5444
Westheimer Road
|
77056-5306
|
Houston,
Texas
|
(Zip
Code)
|
(Address
of principal executive offices)
|
Title
of each Class
|
Name
of each exchange in which registered
|
|
4.80%
Senior Notes due 2008, Series B
|
New
York Stock Exchange
|
|
6.05%
Senior Notes due 2013, Series B
|
New
York Stock Exchange
|
PART
I. FINANCIAL INFORMATION:
|
Page(s)
|
||
ITEM
1. Financial Statements (Unaudited):
|
|||
2
|
|||
3-4
|
|||
5
|
|||
6
|
|||
7
|
|||
20
|
|||
22
|
|||
23
|
|||
PART
II. OTHER INFORMATION:
|
|||
24
|
|||
24
|
|||
24
|
|||
25
|
|||
25
|
|||
25
|
|||
25
|
|||
27
|
|||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
|
(In
thousands of dollars)
|
||||||
Operating
revenue
|
|||||||
Transportation
and storage of natural gas
|
$
|
133,705
|
$
|
121,332
|
|||
LNG
terminalling revenue
|
32,902
|
19,555
|
|||||
Other
revenue
|
2,423
|
3,756
|
|||||
Total
operating revenue
|
169,030
|
144,643
|
|||||
Operating
expenses
|
|||||||
Operation,
maintenance and general
|
56,280
|
46,098
|
|||||
Depreciation
and amortization
|
20,709
|
17,474
|
|||||
Taxes,
other than on income
|
7,795
|
7,350
|
|||||
Total
operating expenses
|
84,784
|
70,922
|
|||||
Operating
income
|
84,246
|
73,721
|
|||||
Other
income (expense)
|
|||||||
Interest
expense, net
|
(22,026
|
)
|
(12,875
|
)
|
|||
Other,
net
|
11,057
|
3,241
|
|||||
Total
other income (expense)
|
(10,969
|
)
|
(9,634
|
)
|
|||
Earnings
before income taxes
|
73,277
|
64,087
|
|||||
Income
taxes
|
28,796
|
25,022
|
|||||
Net
earnings
|
$
|
44,481
|
$
|
39,065
|
|||
March
31, 2007
|
December
31, 2006
|
|
|||||
Assets
|
(In
thousands of dollars)
|
||||||
Current
assets
|
|||||||
Cash
and cash equivalents
|
$
|
427
|
$
|
531
|
|||
Accounts
receivable, less allowances of $1,176 and $1,176, respectively
|
62,518
|
61,047
|
|||||
Accounts
receivable - related parties (Note 5)
|
7,658
|
17,994
|
|||||
Gas
imbalances - receivable
|
106,294
|
68,013
|
|||||
System
gas and operating supplies (Note 3)
|
126,024
|
127,303
|
|||||
Deferred
income taxes, net
|
3,410
|
3,117
|
|||||
Note
receivable - CrossCountry Citrus
|
11,806
|
6,664
|
|||||
Other
|
8,381
|
10,691
|
|||||
Total
current assets
|
326,518
|
295,360
|
|||||
Property,
plant and equipment
|
|||||||
Plant
in service
|
2,465,776
|
2,418,917
|
|||||
Construction
work-in-progress
|
163,446
|
166,085
|
|||||
2,629,222
|
2,585,002
|
||||||
Less
accumulated depreciation and amortization
|
225,700
|
207,606
|
|||||
Net
property, plant and equipment
|
2,403,522
|
2,377,396
|
|||||
Investment
in affiliate
|
1,604
|
1,457
|
|||||
Note
receivable - Southern Union
|
168,205
|
148,655
|
|||||
Note
receivable - CrossCountry Citrus
|
446,530
|
458,336
|
|||||
Intangibles,
net
|
7,532
|
7,618
|
|||||
Debt
issuance cost
|
3,651
|
2,376
|
|||||
Non-current
system gas (Note 3)
|
13,222
|
14,850
|
|||||
Other
|
2,306
|
2,472
|
|||||
Total
assets
|
$
|
3,373,090
|
$
|
3,308,520
|
|||
March
31, 2007
|
December
31, 2006
|
||||||
|
(In
thousands of dollars)
|
||||||
Partners'
Capital
|
|||||||
Partners'
capital
|
$
|
1,086,204
|
$
|
1,041,723
|
|||
Accumulated
other comprehensive income (Note 8)
|
14,570
|
15,477
|
|||||
Tax
sharing note receivable - Southern Union
|
(16,431
|
)
|
(16,431
|
)
|
|||
Total
partners' capital
|
1,084,343
|
1,040,769
|
|||||
Long-term
debt (Note 7)
|
1,627,905
|
1,185,391
|
|||||
Total
capitalization
|
2,712,248
|
2,226,160
|
|||||
Current
liabilities
|
|||||||
Current
portion of long-term debt (Note 7)
|
11,806
|
461,011
|
|||||
Accounts
payable
|
3,087
|
6,679
|
|||||
Accounts
payable - overdrafts
|
6,567
|
23,776
|
|||||
Accounts
payable - related parties (Note 5)
|
27,584
|
15,962
|
|||||
Gas
imbalances - payable
|
190,772
|
144,137
|
|||||
Accrued
taxes
|
37,111
|
12,030
|
|||||
Accrued
interest
|
8,516
|
19,669
|
|||||
Retained
fuel obligation
|
6,920
|
12,418
|
|||||
Labor
and benefit accruals
|
8,110
|
16,868
|
|||||
Other
operating expense accruals
|
7,030
|
9,832
|
|||||
Capital
accruals
|
20,121
|
26,929
|
|||||
Other
|
17,579
|
20,623
|
|||||
Total
current liabilities
|
345,203
|
769,934
|
|||||
Deferred
income taxes, net
|
248,932
|
243,697
|
|||||
Post-retirement
benefits
|
2,824
|
4,436
|
|||||
Other
|
63,883
|
64,293
|
|||||
Commitments
and contingencies (Note 11)
|
|||||||
Total
partners' capital and liabilities
|
$
|
3,373,090
|
$
|
3,308,520
|
|||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
|
(In
thousands of dollars)
|
||||||
Cash
flows provided by (used in) operating activities:
|
|||||||
Net
earnings
|
$
|
44,481
|
$
|
39,065
|
|||
Adjustments
to reconcile net earnings to net cash provided by operating
activities:
|
|||||||
Depreciation
and amortization
|
20,709
|
17,474
|
|||||
Deferred
income taxes
|
5,319
|
12,952
|
|||||
Gain
on sale of assets
|
-
|
(1,654
|
)
|
||||
Debt
premium and discount amortization, net
|
(109
|
)
|
(323
|
)
|
|||
Changes
in operating assets and liabilities
|
21,531
|
(4,107
|
)
|
||||
Net
cash flows provided by operating activities
|
91,931
|
63,407
|
|||||
Cash
flows provided by (used in) investing activities:
|
|||||||
Net
increase in note receivable - Southern Union
|
(19,550
|
)
|
(36,050
|
)
|
|||
Capital
and investment expenditures
|
(53,527
|
)
|
(30,469
|
)
|
|||
Sale
of assets
|
-
|
2,450
|
|||||
Decrease
in note receivable - CrossCountry Citrus
|
6,664
|
-
|
|||||
Other
|
(599
|
)
|
(229
|
)
|
|||
Net
cash flows used in investing activities
|
(67,012
|
)
|
(64,298
|
)
|
|||
Cash
flows provided by (used in) financing activities:
|
|||||||
Increase
(decrease) in bank overdrafts
|
(17,209
|
)
|
442
|
||||
Debt
issuance
|
455,000
|
-
|
|||||
Debt
retirements
|
(462,289
|
)
|
-
|
||||
Debt
issuance costs
|
(525
|
)
|
-
|
||||
Net
cash flows provided by (used in) financing activities
|
(25,023
|
)
|
442
|
||||
Change
in cash and cash equivalents
|
(104
|
)
|
(449
|
)
|
|||
Cash
and cash equivalents at beginning of period
|
531
|
585
|
|||||
Cash
and cash equivalents at end of period
|
$
|
427
|
$
|
136
|
|||
Partners'
Capital
|
Accumulated
Other Comprehensive Income
|
Tax
Sharing Note Receivable-Southern Union
|
Total
|
||||||||||
|
(In
thousands of dollars)
|
||||||||||||
Balance
January 1, 2007
|
$
|
1,041,723
|
$
|
15,477
|
$
|
(16,431
|
)
|
$
|
1,040,769
|
||||
Comprehensive
income:
|
|||||||||||||
Net
earnings
|
44,481
|
-
|
-
|
44,481
|
|||||||||
Recognized
prior service credit related to other
|
|
|
|
|
|
|
|||||||
postretirement
plan, net of tax
|
- | (678 | ) | - | (678 | ) | |||||||
Net
gain related to interest rate swaps, net of tax
|
-
|
(229
|
)
|
-
|
(229
|
)
|
|||||||
Comprehensive
income
|
44,481
|
(907
|
)
|
-
|
43,574
|
||||||||
Balance
March 31, 2007
|
$
|
1,086,204
|
$
|
14,570
|
$
|
(16,431
|
)
|
$
|
1,084,343
|
||||
·
|
PEPL,
an indirect wholly-owned subsidiary of Southern Union Company
(Southern
Union Company
and together with its subsidiaries, Southern
Union);
|
·
|
Trunkline
Gas Company, LLC (Trunkline),
a direct wholly-owned subsidiary of
PEPL;
|
·
|
Sea
Robin Pipeline Company, LLC (Sea
Robin),
an indirect wholly-owned subsidiary of
PEPL;
|
·
|
Trunkline
LNG Holdings, LLC (LNG
Holdings),
an indirect wholly-owned subsidiary of
PEPL;
|
·
|
Trunkline
LNG Company, LLC (Trunkline
LNG),
a direct wholly-owned subsidiary of LNG Holdings;
and
|
·
|
Pan
Gas Storage, LLC (d.b.a. Southwest
Gas Storage),
a direct wholly-owned subsidiary of
PEPL.
|
Three
Months Ended
|
|||||||
March
31,
|
|||||||
Related
Party Transactions
|
2007
|
2006
|
|||||
|
(In
thousands)
|
||||||
Transportation
and storage of natural gas
|
$
|
1,393
|
$
|
1,456
|
|||
Operation
and maintenance:
|
|||||||
Management
and royalty fees
|
4,225
|
3,616
|
|||||
Other
expenses
|
7,912
|
4,565
|
|||||
Other
income, net
|
10,488
|
1,480
|
|||||
Related
Party
|
March
31, 2007
|
December
31, 2006
|
|||||
|
(In
thousands)
|
||||||
Accounts
receivable - related parties:
|
|||||||
Southern
Union (1)
|
$
|
-
|
$
|
14,448
|
|||
Other
(2)
|
7,658
|
3,546
|
|||||
7,658
|
17,994
|
||||||
Accounts
payable - related parties:
|
|||||||
Southern
Union (3)
|
$
|
24,198
|
$
|
14,978
|
|||
Other
(4)
|
3,386
|
984
|
|||||
$
|
27,584
|
$
|
15,962
|
||||
(1)
|
Primarily
related to expenditures made on behalf of Southern Union and interest
associated with the Note receivable - Southern
Union.
|
(2)
|
Primarily
related to interest from CrossCountry Citrus in 2007 and CrossCountry
Energy transition service costs in
2006.
|
(3)
|
Primarily
related to corporate services and payroll funding provided by Southern
Union and reimbursable medical and insurance costs paid by Southern
Union
on behalf of the Company.
|
(4)
|
Primarily
related to various administrative and operating costs paid by other
affiliate companies on behalf of the
Company.
|
Long-term
Debt Obligations
|
March
31, 2007
|
December
31, 2006
|
|||||
|
(In
thousands)
|
||||||
2.75%
Senior Notes due 2007
|
$
|
-
|
$
|
200,000
|
|||
4.80%
Senior Notes due 2008
|
300,000
|
300,000
|
|||||
6.05%
Senior Notes due 2013
|
250,000
|
250,000
|
|||||
6.50%
Senior Notes due 2009
|
60,623
|
60,623
|
|||||
8.25%
Senior Notes due 2010
|
40,500
|
40,500
|
|||||
7.00%
Senior Notes due 2029
|
66,305
|
66,305
|
|||||
Term
Loan due 2007
|
-
|
255,626
|
|||||
Term
Loan due 2008
|
458,336
|
465,000
|
|||||
Term
Loan due 2012
|
455,000
|
-
|
|||||
Net
premiums on long-term debt
|
8,947
|
9,613
|
|||||
Total
debt outstanding
|
1,639,711
|
1,647,667
|
|||||
Current
portion of long-term debt
|
(11,806
|
)
|
(461,011
|
)
|
|||
Interest
rate swaps (2.75% Senior Notes)
|
-
|
(1,265
|
)
|
||||
Total
long-term debt
|
$
|
1,627,905
|
$
|
1,185,391
|
|||
Three
Months
|
|||||||
Ended
March 31,
|
|||||||
2007
|
2006
|
||||||
|
(In
thousands)
|
||||||
Net
earnings
|
$
|
44,481
|
$
|
39,065
|
|||
Realized
(gain) loss on cash flow hedging
|
|||||||
activities,
net of taxes of $(155) and $(185), respectively
|
(229
|
)
|
(276
|
)
|
|||
Reclassification
of prior service credit relating to other postretirement
|
|
|
|
||||
benefits
into earnings, net of taxes of $(222) and $0, respectively
|
(678 | ) | - | ||||
Unrealized
gain (loss) on cash flow hedging
|
|||||||
activities
net of taxes of $0 and $0, respectively
|
-
|
(2
|
)
|
||||
Total
other comprehensive income (loss)
|
(907
|
)
|
(278
|
)
|
|||
Total
comprehensive income
|
$
|
43,574
|
$
|
38,787
|
|||
March
31,
|
December
31,
|
||||||
Components
in Accumulated Other Comprehensive Income (loss)
|
2007
|
2006
|
|||||
|
(In
thousands)
|
||||||
Other
postretirement plan - net actuarial loss and prior service credit,
net of
tax
|
$
|
14,570
|
$
|
15,248
|
|||
Interest
rate hedges, net of tax
|
-
|
229
|
|||||
Total
Accumulated other comprehensive income, net of tax
|
$
|
14,570
|
$
|
15,477
|
|||
Postretirement
Benefits
|
|||||||
Three
Months Ended
|
|||||||
March
31,
|
|||||||
2007
|
2006
|
||||||
|
(In
thousands)
|
||||||
Service
cost
|
$
|
336
|
$
|
440
|
|||
Interest
cost
|
511
|
544
|
|||||
Expected
return on plan assets
|
(483
|
)
|
(344
|
)
|
|||
Prior
service credit amortization
|
(900
|
)
|
(911
|
)
|
|||
Recognized
actuarial loss
|
-
|
127
|
|||||
Net
periodic benefit cost
|
$
|
(536
|
)
|
$
|
(144
|
)
|
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
|
(In
thousands)
|
||||||
Current
|
$
|
1,962
|
$
|
1,962
|
|||
Noncurrent
|
6,845
|
6,760
|
|||||
Total
Environmental Liabilities
|
$
|
8,807
|
$
|
8,722
|
|||
Three
Months Ended March 31,
|
||||||||||
2007
|
2006
|
Change
|
||||||||
|
(In
thousands)
|
|||||||||
Operating
revenue:
|
||||||||||
Transportation
and storage of natural gas
|
$
|
133,705
|
$
|
121,332
|
$
|
12,373
|
||||
LNG
terminalling revenue
|
32,902
|
19,555
|
13,347
|
|||||||
Other
revenue
|
2,423
|
3,756
|
(1,333
|
)
|
||||||
Total
operating revenue
|
169,030
|
144,643
|
24,387
|
|||||||
Operating
expenses:
|
||||||||||
Operation,
maintenance and general
|
56,280
|
46,098
|
10,182
|
|||||||
Depreciation
and amortization
|
20,709
|
17,474
|
3,235
|
|||||||
Taxes,
other than on income
|
7,795
|
7,350
|
445
|
|||||||
Total
operating expenses
|
84,784
|
70,922
|
13,862
|
|||||||
Operating
income
|
84,246
|
73,721
|
10,525
|
|||||||
Other
income (expense):
|
||||||||||
Interest
expense, net
|
(22,026
|
)
|
(12,875
|
)
|
(9,151
|
)
|
||||
Other,
net
|
11,057
|
3,241
|
7,816
|
|||||||
Total
other expense, net
|
(10,969
|
)
|
(9,634
|
)
|
(1,335
|
)
|
||||
Earnings
before income taxes
|
73,277
|
64,087
|
9,190
|
|||||||
Income
taxes
|
28,796
|
25,022
|
3,774
|
|||||||
Net
earnings
|
$
|
44,481
|
$
|
39,065
|
$
|
5,416
|
||||
·
|
A
$13.3 million increase in LNG terminalling revenue due to a capacity
increase on the BG LNG Services contract as a result of the Trunkline
LNG
Phase I and Phase II expansions, which were placed in service in
April,
2006 and July, 2006, respectively, as well as higher volumes resulting
from an increase in LNG cargoes;
and
|
·
|
Increased
transportation and storage revenue of $12.4 million due to higher
parking
revenues of $4.7 million, higher reservation revenues of $4.3 million,
which were primarily driven by higher average rates on contracts,
higher
storage revenues of $2.3 million due to increased contracted capacity
and
higher commodity revenues of $1.1 million due to higher
volumes.
|
·
|
Increased
depreciation and amortization expense of $3.2 million due to an
increase in property, plant and equipment placed in service, including
the
Trunkline LNG Phase I and Phase II
expansions;
|
·
|
An
increase in operation, maintenance and general expenses of $10.2
million
primarily due to:
|
o
|
a
$3.8
million increase in corporate costs due to Southern Union’s disposition of
certain assets during 2006 resulting in a larger allocation of corporate
costs to the remaining business
units;
|
o
|
a
$2.1
million increase in LNG power costs resulting from increased
cargoes;
|
o
|
a
$1.2
million increase in Sea Robin fuel tracker costs due to an under
recovery
in the first quarter of 2007;
|
o
|
a
$1
million increase in labor and
benefits;
|
o
|
a
$500,000
increase in legal costs;
|
o
|
a
$600,000
increase in insurance expense due to higher premiums and higher workers’
compensation losses; and
|
o
|
a
$500,000
increase in contract storage costs primarily due to an increase in
leased
capacity and overrun charges.
|
·
|
changes
in demand for natural gas by the Company’s customers, in the composition
of the Company’s customer base and in the sources of natural gas available
to the Company;
|
·
|
additional
level of competition potentially increasing the number of discounted
revenue transactions;
|
·
|
the
effects of inflation and the timing and extent of changes in the
prices
and overall demand for and availability of natural gas as well as
electricity, oil, coal and other bulk materials and
chemicals;
|
·
|
adverse
weather conditions, such as warmer than normal weather in the Company’s
service territories, and the operational impact of disasters such
as
Hurricanes Katrina and Rita;
|
·
|
changes
in laws or regulations, third-party relations and approvals, decisions
of
courts, regulators and governmental bodies affecting or involving
the
Company, including deregulation initiatives and the impact of rate
and
tariff proceedings before FERC and various state regulatory
commissions;
|
·
|
the
speed and degree to which additional competition is introduced to
the
Company’s business and the resulting effect on
revenues;
|
·
|
the
outcome of pending and future
litigation;
|
·
|
the
Company’s ability to comply with or to challenge successfully existing or
new environmental regulations;
|
·
|
unanticipated
environmental liabilities;
|
·
|
the
Company’s ability to acquire new businesses and assets and integrate those
operations into its existing operations, as well as its ability to
expand
its existing businesses and
facilities;
|
·
|
the
Company’s ability to control costs successfully and achieve operating
efficiencies, including the purchase and implementation of new
technologies for achieving such
efficiencies;
|
·
|
the
impact of factors affecting operations such as maintenance or repairs,
environmental incidents, gas pipeline system constraints and relations
with labor unions representing bargaining-unit
employees;
|
·
|
exposure
to customer concentration with a significant portion of revenues
realized
from a relatively small number of customers and any credit risks
associated with the financial position of those
customers;
|
·
|
changes
in the ratings of the Company’s debt securities or any of its
subsidiaries;
|
·
|
changes
in interest rates and other general capital markets conditions, and
in the
Company’s ability to continue to access the capital
markets;
|
·
|
acts
of nature, sabotage, terrorism or other acts causing damage greater
than
the Company’s insurance coverage
limits;
|
·
|
market
risks beyond the Company’s control affecting its risk management
activities including market liquidity, commodity price volatility
and
counterparty creditworthiness; and
|
·
|
other
risks and unforeseen events.
|
Exhibit No.
|
Description
|
3(a)
|
Certificate
of Formation of Panhandle Eastern Pipe Line Company,
LP. (Filed as Exhibit 3.A to the Form 10-K for the year ended December
31,
2004 and incorporated herein by reference.)
|
3(b)
|
Limited
Partnership Agreement of Panhandle Eastern Pipe Line Company, LP,
dated as
of June 29, 2004, between Southern Union Company and Southern Union
Panhandle LLC. (Filed as Exhibit 3.B to the Form 10-K for the year
ended
December 31, 2004 and incorporated herein by
reference.)
|
4(a)
|
Indenture
dated as of March 29, 1999, among CMS Panhandle Holding
Company,
Panhandle
Eastern Pipe Line Company and NBD Bank, as Trustee. (Filed as Exhibit
4(a)
to the Form 10-Q for the quarter ended March 31, 1999, and incorporated
herein by reference.)
|
4(b)
|
1st
Supplemental Indenture dated as of March 29, 1999, among CMS Panhandle
Holding Company, Panhandle Eastern Pipe Line Company and NBD Bank,
as
Trustee, including a form of Guarantee by Panhandle Eastern Pipe
Line
Company of the obligations of CMS Panhandle Holding Company. (Filed
as
Exhibit 4(b) to the Form 10-Q for the quarter ended March 31, 1999,
and
incorporated herein by reference.)
|
4(c)
|
2nd
Supplemental Indenture dated as of March 27, 2000, between Panhandle,
as
Issuer and Bank One Trust Company, National Association, as Trustee.
(Filed as Exhibit 4(e) to the Form S-4 filed on June 22, 2000, and
incorporated herein by reference.)
|
4(d)
|
3rd
Supplemental Indenture dated as of August 18, 2003, between Panhandle,
as
Issuer and Bank One Trust Company, National Association, as Trustee
(Filed
as Exhibit 4(d) to the Form 10-Q for the quarter ended September
30, 2003,
and incorporated herein by reference.)
|
4(e)
|
4th
Supplemental Indenture dated as of March 12, 2004, between Panhandle,
as
Issuer and J.P. Morgan Trust Company, National Association, as Trustee.
(Filed as Exhibit 4.E to the Form 10-K for the year ended December
31,
2004 and incorporated herein by reference.)
|
4(f)
|
Indenture
dated as of February 1, 1993, between Panhandle and Morgan Guaranty
Trust
Company effective January 1, 1982, as amended December 3, 1999. (Filed
as
Exhibit 4 to the Form S-3 filed February 19, 1993, and incorporated
herein
by reference.)
|
10
(a)
|
Credit
Agreement between Trunkline LNG Holdings, LLC, as borrower, Panhandle
Eastern Pipe Line Company, LP and Trunkline LNG Company, LLC, as
guarantors, the financial institutions listed therein and Bayerische
Hypo-
Und Vereinsbank AG, New York Branch, as administrative agent, dated
as of
March 15, 2007. (Filed as Exhibit 10.1 to Panhandle’s Current Report on
Form 8-K filed on March 21, 2007 and incorporated herein by
reference.)
|
10(b)
|
Credit
Agreement between Trunkline LNG Holdings, LLC, as borrower, Panhandle
Eastern Pipe Line Company, LP and CrossCountry Citrus, LLC, as guarantors,
the financial institutions listed therein and Bayerische Hypo- Und
Vereinsbank AG, New York Branch, as administrative agent, dated as
of
December 1, 2006. (Filed as Exhibit 10.1 to Panhandle’s Current Report on
Form 8-K filed on December 7, 2006 and incorporated herein by
reference.)
|
10(c)
|
$465,000,000
Promissory Note made by CrossCountry Citrus, LLC, as borrower, in
favor of
Trunkline LNG Holdings LLC, as holder, dated as of December 1, 2006.
(Filed as Exhibit 10.2 to Panhandle’s Current Report on Form 8-K filed on
December 7, 2006 and incorporated herein by reference.)
|
Certificate
by President and Chief Operating Officer pursuant to Rule 13a - 14(a)
or
15d - 14(a) promulgated under the Securities Exchange Act of 1934,
as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
Certificate
by Senior Vice President and Chief Financial Officer pursuant to
Rule 13a
- 14(a) or 15d - 14(a) promulgated under the Securities Exchange
Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of
2002.
|
|
Certificate
by President and Chief Operating Officer pursuant to Rule 13a - 14(b)
or
15d - 14(b) promulgated under the Securities Exchange Act of 1934
and
Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section
1350.
|
|
Certificate
by Senior Vice President and Chief Financial Officer pursuant to
Rule 13a
- 14(b) or 15d - 14(b) promulgated under the Securities Exchange
Act of
1934 and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section
1350.
|
PANHANDLE
EASTERN PIPE LINE COMPANY, LP
|
|
Date:
May 10, 2007
|
By:
/s/
ROBERT O. BOND
|
Robert
O. Bond
President
and Chief Operating Officer
(authorized
officer)
/s/
GARY W. LEFELAR
Gary
W. Lefelar
Senior
Vice President and Chief Accounting Officer
(principal
accounting officer)
|
|