FERC-6-QT, modifications to FERC-6-Q, due to Final Rule in Docket No. RM19-12

FERC-6-QT, modifications to FERC-6-Q, due to Final Rule in Docket No. RM19-12 (RIN 1902-AF58)-- 1 response & 1 hour burden are included in order to submit this timely to OMB. The number of responses and burden do not include the responses for Form No. 6-QT (6-Q) because the burden hours for tagging Form No. 6T (6) include the number of hours required to tag the associated quarterly responses. The quarterly filings are generally a subset of the annual filings. The Interstate Commerce Act (ICA) authorizes the Commission to make investigations, collect, and record data in order to carry out certain necessary and useful provisions. The information collected from oil pipeline companies under the requirements of the FERC Form No. 6-Q provide the Commission the ability to implement the statutory provisions of the ICA including the authority to prescribe rules, regulations concerning accounts, records, memoranda as necessary. The ICA also allows the Commission to prescribe a system of accounts for jurisdictional companies and (after notice) and opportunity for hearing to determine the accounts in which particular outlays and receipts can be entered, charged, or credited. The financial accounting and reporting provides needed information concerning a FERC Form No. 6-Q company’s past performance and its future prospects. Without reliable financial statements (prepared in accordance with the Commission’s Uniform Systems of Accounts), the Commission would be unable to accurately determine the costs that related to a particular time period, service, or line of business. Additionally, it would be more difficult for the Commission to determine if a certain entity was previously provided the opportunity to recover its costs via rates or to compare how the financial performance of one regulated entity relates to another. The FERC Form No. 6-Q assists the Commission in overseeing and policing the regulated oil pipeline markets to assist in enforcing the ICA.

The latest form for FERC-6-QT, modifications to FERC-6-Q, due to Final Rule in Docket No. RM19-12 expires 2022-08-31 and can be found here.