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

  • SIGNIFICANT ACCOUNTING POLICIES The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2019, except the changes in accounting policies as follows.

  • Project Organization Chart As part of the Mini-Bid, the Authorized User may require the Contractor to develop and submit a proposed project organization chart. The project organization chart should identify all the proposed key personnel of each team component and how the team will be managed. If required, the project organization chart must include both Contractor and State staff roles as identified in the Mini-Bid.

  • Project Organization A summary organization chart showing the interrelationships between Owner, Construction Contractor and Design Professional, and other supporting organizations and permitting review agencies. Detailed charts, one each for Construction Contractor and Design Professional, showing organizational elements participating in the Project shall be included.

  • Change in Form of Business Organization If, during the term of this Agreement, the form of CONTRACTOR’s business organization changes, or the ownership of CONTRACTOR changes, or when changes occur between CONTRACTOR and other businesses that could impact services provided through this Agreement, CONTRACTOR shall promptly notify ADMINISTRATOR, in writing, detailing such changes. A change in the form of business organization may, at COUNTY’s sole discretion, be treated as an attempted assignment of rights or delegation of duties of this Agreement.

  • CERTIFICATION REGARDING BOYCOTTING CERTAIN ENERGY COMPANIES (Texas law as of September 1, 2021) By submitting a proposal to this Solicitation, you certify that you agree, when it is applicable, to the following required by Texas law as of September 1, 2021: If (a) company is not a sole proprietorship; (b) company has ten (10) or more full-time employees; and (c) this contract has a value of $100,000 or more that is to be paid wholly or partly from public funds, the following certification shall apply; otherwise, this certification is not required. Pursuant to Tex. Gov’t Code Ch. 2274 of SB 13 (87th session), the company hereby certifies and verifies that the company, or any wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of these entities or business associations, if any, does not boycott energy companies and will not boycott energy companies during the term of the contract. For purposes of this contract, the term “company” shall mean an organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, that exists to make a profit. The term “boycott energy company” shall mean “without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company (a) engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law, or (b) does business with a company described by paragraph (a).” See Tex. Gov’t Code § 809.001(1).

  • Accounting and Financial Reporting 6.1. The Bank shall maintain separate records and ledger accounts in respect of the Contributions deposited in the Trust Fund account and disbursements made therefrom.

  • Formation of Company The Company was formed on February 23, 2017 pursuant to the provisions of the Delaware Act. The filing of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware are hereby ratified and confirmed in all respects.

  • Accounting Policies There has been no material change in accounting policies or practices of the Corporation or its Subsidiaries since December 31, 2019;

  • Management and Financial Controls At all times, the School shall maintain appropriate governance and management procedures and financial controls which shall include, but not be limited to: (a) budgets, (b) accounting policies and procedures, (c) payroll procedures,

  • Certification Regarding Business with Certain Countries and Organizations Pursuant to Subchapter F, Chapter 2252, Texas Government Code, PROVIDER certifies it is not engaged in business with Iran, Sudan, or a foreign terrorist organization. PROVIDER acknowledges this Purchase Order may be terminated if this certification is or becomes inaccurate.

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