The Partnership has elected not to adopt the detailed hedging match requirements of FAS 133 and to treat any of its forward purchase, commodity hedge or inventory positions as hedges under this pronouncement. As such any increases or decreases in inventory and contract values, compared to quarter end market prices, are reported as gains or losses in the Partnership's financial statements. The increased operating loss for the current quarter was directly related to the cumulative effect of the adoption of FAS 133, combined with higher depreciation, amortization and interest expenses associated with acquisitions consummated this past year. Over the last several heating seasons Cornerstone has faced some very difficult weather related challenges. Our team members have responded positively in these difficult challenges by reducing costs, increasing non-weather sensitive business and increasing net new customers.
Figures are in thousands of dollars and gallons, except per unit figures.
Cornerstone Propane Partners, L.P. is a master limited partnership. The Partnership is the nation's fifth largest retail propane marketer serving over 480,000 customers with annualized sales of about 335 million retail gallons, doing business in 34 states through approximately 270 customer service centers. Through its North American energy solutions service team, Coast Energy Group, the Partnership also supplies, purchases, processes and markets over 48,000 barrels per day of natural gas liquids to resellers and major end users, an average of approximately 1.0 Bcf per day in natural gas sales and 100,000 barrels per day in crude oil sales in the United States and Canada. The Partnership's actual future performance will be affected by a number of factors, risks and uncertainties, including without limitation, weather conditions, regulatory changes, competitive factors, the Partnership's success in dealing with the Year 2000 issues and the operations of vendors, suppliers and customers, many of which are beyond the Partnership's control. Future events and results may vary substantially from what the Partnership currently foresees, and there can be no assurance that the Partnership's actual results will not differ materially from its expectations.