What are best practices for parsing and handling data from text files in PHP?

When parsing and handling data from text files in PHP, it is important to properly read the file, extract the relevant information, and handle any errors that may occur during the process. One common approach is to use functions like `file_get_contents()` or `fopen()` to read the file, then use string manipulation functions like `explode()` or regular expressions to extract the desired data.

// Read the text file
$file = 'data.txt';
$data = file_get_contents($file);

// Parse the data using explode
$lines = explode("\n", $data);

// Loop through each line and process the data
foreach ($lines as $line) {
    // Handle each line of data here
}