P&A is committed to the uniform and accurate appraisal of all pipelines. Beginning tax year 2015 we’ve instituted a new policy regarding pipelines we appraise using the Cost Approach. Specifically, we’re amending the way we provide for Economic Obsolescence (a form of depreciation) based on “utilization” (throughput versus capacity of the pipeline). Although we’re not amending the formula itself we’ve used for many years now (a variation of the Chilton equation), we are striving for more clarity in the throughput and capacity figures required in the formula. Please see this throughput appraisal policy memo for details. Thank you for your understanding and cooperation. Please feel free to contact any of our utility appraisers if you have any questions.