Item 1A.
Risk Factors
Limited partner interests are inherently different from capital stock of a corporation, although many of the
business risks to which we are subject are similar to those that would be faced by a corporation engaged in
similar businesses. You should consider carefully the following risk factors together with all of the other
information included in this annual report in evaluating an investment in our common units.
If any of the following risks were actually to occur, our business, financial condition or results of
operations could be materially affected. In that case, we might not be able to pay the minimum quarterly
distribution on our common units, the trading price of our common units could decline and you could lose all or
part of your investment.
Risks Related to Our Business
We may not have sufficient cash from operations following the establishment of cash reserves and
payment of fees and expenses, including cost reimbursements to our general partner, to enable us to
continue to make cash distributions to holders of our common units at our current distribution rate.
The amount of cash we can distribute on our units principally depends upon the amount of cash we
generate from our operations, which will fluctuate from quarter to quarter based on, among other things:
• the fees we charge and the margins we realize for our services;
• the prices of, level of production of, and demand for natural gas, propane, condensate and NGLs;
• the success of our commodity and interest rate hedging programs in mitigating fluctuations in
commodity prices and interest rates;
• the volume and quality of natural gas we gather, compress, treat, process, transport and sell, and the
volume of propane and NGLs we transport, sell, and store;
• the relationship between natural gas, NGL and crude oil prices;
• the level of competition from other energy companies;
• the impact of weather conditions on the demand for natural gas and propane;
• the level of our operating and maintenance and general and administrative costs; and
• prevailing economic conditions.
In addition, the actual amount of cash we will have available for distribution will depend on other factors,
some of which are beyond our control, including:
• the level of capital expenditures we make;
• the cost and form of payment for acquisitions;
• our debt service requirements and other liabilities;
• fluctuations in our working capital needs;
• our ability to borrow funds and access capital markets at reasonable rates;
• restrictions contained in our debt agreements;
• the amount of cash distributions we receive from our equity interests;
• the amount of cash reserves established by our general partner; and
• new, additions to and changes in laws and regulations.
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