ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization Sample Clauses

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization. The Partnership is a publicly held Delaware master limited partnership that provides energy services, including natural gas and oil gathering, transportation, midstream and other related services, primarily in the Gulf. In August 1998, El Paso Energy acquired, through a series of transactions, DeepTech International Inc., or DeepTech. As a result, El Paso Energy acquired 100 percent of the General Partner's interest in the Partnership and an overall 27.3 percent effective interest in the Partnership. In June 1999, additional common units were issued to El Paso Energy in connection with the sale of a portion of the Viosca Xxxxx system to the Partnership, bringing El Paso Energy's overall effective interest in the Partnership to 34.5 percent. See Note 2 for further discussion of this transaction. In December 1999, the Partnership changed its name to El Paso Energy Partners, L.P. At that date, the Partnership's trading symbol for common units was changed to "EPN" and the symbol for preference units was changed to "EPN.P" on the NYSE. Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Partnership include the accounts of all majority-owned, controlled subsidiaries after the elimination of all significant intercompany accounts and transactions. Investments in companies where the Partnership has the ability to exert significant influence over, but not control operating and financial policies, are accounted for using the equity method. The General Partner's approximate one percent non-managing interest in certain subsidiaries of the Partnership represents the minority interest in the Partnership's consolidated financial statements. The consolidated financial statements for previous periods include certain reclassifications that were made to conform to the current year presentation. Such reclassifications have no impact on reported net income or partners' capital. Cash and cash equivalents Short-term investments with an original maturity of three months or less are considered cash equivalents. Property and equipment Gathering pipelines, platforms and related facilities are recorded at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets which generally range from 5 to 30 years for the gathering pipelines and from 18 to 30 years for platforms and related facilities. Repair and maintenance costs are expensed as incurred, while additions, improvements and replacements are capita...
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Related to ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization

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