2014

Crestwood Announces Second Quarter 2013 Financial and Operating Results Completed capital projects in the Marcellus Shale expected to drive volume growth in the second half of 2013

HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood" or "CMLP") reported today its unaudited financial results for the three months ended June 30, 2013.  Key financial and operating results included the following:

Second Quarter 2013 Highlights

  • Adjusted earnings before interest, taxes, depreciation, amortization and accretion ("Adjusted EBITDA") was $38.9 million, 21% higher than second quarter 2012;
  • Adjusted distributable cash flow was $27.6 million, 16% higher than second quarter 2012;
  • Total gathering volumes averaged 993 million cubic feet per day ("MMcf/d"), 21% higher than second quarter 2012, with 65% of gathering volumes from rich gas areas; and
  • On May 6, 2013, we announced a series of definitive agreements whereby the owner of our general partner, Crestwood Holdings LLC ("Crestwood Holdings"), would acquire the general partner interest and approximately 29% of the outstanding limited partnership interest of Inergy, L.P. ("NRGY"), contribute its ownership of Crestwood's general partner to NRGY, and Crestwood would merge into Inergy Midstream, L.P. ("Inergy Midstream"). Crestwood Holdings completed the acquisition of its interest in NRGY and contribution of Crestwood's general partner in June 2013. The merger of CMLP into Inergy Midstream is currently expected to be finalized late third quarter or early fourth quarter 2013. Collectively, NRGY and Inergy Midstream are referred to herein as "Inergy."

"We are pleased to report another quarter of solid performance," stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood's general partner. "As expected, our Marcellus assets continued to drive the increase in our gathering volumes and offset natural production declines in the Barnett segment.  We continue to focus our growth capital spending on pipeline expansions and compression additions in the Marcellus region to keep up with Antero Resources' aggressive development program in the area.    

"We expect that Adjusted EBITDA and distributable cash flow will increase in the second half of 2013 due primarily to Marcellus growth.  Our significant expansion projects are expected to commence service in the next several weeks which should boost volumes. 

"In addition, we are pleased with the significant progress we have made to complete the transformational merger between Crestwood and Inergy Midstream. The combined partnership will have a diverse platform of midstream assets in virtually every premier shale play in the United States and will provide a full suite of services expanding across the midstream value chain. Now that NRGY owns the general partner of Crestwood, we are focused on an efficient integration of our assets and organizations to position our diverse midstream operating platform to provide 'best-in–class' customer service and leverage the capabilities of the combined organization. With the larger size and scale of the combined partnerships, we will be better positioned to provide a more comprehensive and competitive suite of customer services that expand margins and enhance returns.  We have an excellent foothold in all of the premier shale plays and continue to execute on new opportunities.

"We are excited about our new investment in the Powder River Basin Niobrara rich gas and crude oil focused shale play. As announced last month, Crestwood completed its acquisition of a 50% interest in the Jackalope system. The $108 million transaction is supported by a 20-year gathering and processing agreement and a 311,000 acre area of dedication from Chesapeake Energy Corporation and RKI Exploration & Production. The Jackalope transaction highlights the benefits of the merger with Inergy Midstream as the Niobrara play provides additional opportunities to extend value chain services such as crude oil storage, blending, truck and rail terminalling, transportation and marketing services that Inergy specializes in," added Phillips.

Second Quarter 2013 Financial and Operating Results

Our Adjusted EBITDA for the second quarter 2013 was $38.9 million, $6.9 million higher than the second quarter 2012.  Second quarter 2013 results included $12.9 million of EBITDA from our Marcellus segment, $26.6 million from our Barnett segment and $5.0 million from our other segments.

Second Quarter 2013 Segment Performance

Marcellus Segment

Marcellus segment revenues more than doubled to $15.4 million in the second quarter 2013, compared to $7.0 million in the second quarter 2012.  Gathering volumes increased 61% to 415 MMcf/d in the second quarter 2013, compared to 257 MMcf/d in the second quarter 2012. Compression revenues attributable to the compression assets acquired from Enerven Compression LLC in December 2012 were $3.9 million in the second quarter 2013.  Operating and maintenance expenses totaled $2.5 million during the second quarter 2013, an increase of approximately $2.0 million from the second quarter 2012, reflecting higher costs associated with the acquired assets and increased volumes.    

Barnett Segment

Barnett segment revenues increased 5% to $33.1 million in the second quarter 2013, compared to $31.5 million in the second quarter 2012. Gathering volumes increased 9% to 438 MMcf/d in the second quarter 2013, compared to 401 MMcf/d in the second quarter 2012.  Processing volumes increased 53% to 197 MMcf/d in the second quarter 2013, compared with 129 MMcf/d in the second quarter 2012.  The increase in gathering and processing volumes was driven by the West Johnson County assets acquired from Devon Energy Corporation in August 2012, which contributed approximately $6.6 million of revenue in the second quarter 2013. The increase was partially offset by natural production declines on existing wells as Quicksilver Resources has not connected any additional wells during 2013.

Operating and maintenance expenses totaled $6.3 million during the second quarter 2013, an increase of $1.0 million from the second quarter 2012, due primarily to the operation of the West Johnson County assets.      

Other Segments

The EBITDA contribution from our Fayetteville, Granite Wash and Other segments totaled approximately $5.0 million for the second quarter 2013, a decline of 12% from $5.7 million in the second quarter 2012.  The decrease in EBITDA was primarily attributable to the expiration of a minimum throughout agreement on the Haynesville gathering system.   

General and Administrative Expenses

General and administrative expenses totaled $10.4 million in the second quarter 2013, $1.7 million higher than the second quarter 2012.  During the second quarter 2013, $4.8 million of our general and administrative expense related to transaction and due diligence activities, compared to $2.3 million in the second quarter 2012. The increase in transaction related expenses was primarily due to our anticipated merger with Inergy Midstream.          

Capital Investment and Resources

At June 30, 2013, Crestwood had approximately $777.6 million of debt outstanding, comprised of $350.0 million of 7.75% fixed-rate senior notes due 2019, $300.2 million under the CMLP revolving credit facility and $127.4 million under the Crestwood Marcellus Midstream LLC ("CMM") revolving credit facility, which is used to fund our Marcellus capital projects. The CMLP and CMM credit facilities have total committed capacity of $550 million and $200 million, respectively.  

Crestwood's capital spending for the six months ended June 30, 2013, totaled approximately $80.3 million.  The majority of capital spending related to construction of pipeline laterals and compression equipment in the Marcellus segment.  

Basis of Presentation and Non-GAAP Financial Measures

Pursuant to U.S. generally accepted accounting principles ("GAAP"), the acquisition of CMM in January 2013 was accounted for as a reorganization of entities under common control.  As such, the historic operations of CMM were retroactively adjusted to reflect Crestwood's results as if Crestwood owned 100% of CMM since CMM's formation and commencement of operations at the end of March 2012.  Full year 2012 results were recast in a Form 8-K filed with the Securities and Exchange Commission on May 10, 2013.  Information related to 2012 reflected in this news release reflects the recast nature of these amounts. 

Adjusted EBITDA and adjusted distributable cash flow are non-GAAP financial measures.  The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.

Conference Call

Crestwood will host a conference call and internet webcast for investors and analysts today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss the second quarter 2013 performance. The call will be jointly hosted with Inergy.  To participate by phone, dial 1-480-629-9723, and ask for the Crestwood/Inergy call. A replay of the call will be available for one week by dialing 1-303-590-3030 and using access code 4631393. A webcast of the conference call will also be available live and by replay and can be accessed via the "Presentations" page of Crestwood's Investor Relations website at www.crestwoodlp.com.

Additional Information and Where to Find It

This communication contains information about the proposed merger transaction involving Crestwood and Inergy Midstream. In connection with the proposed merger transaction, Inergy Midstream has filed with the SEC a preliminary registration statement on Form S-4 that includes a proxy statement/prospectus for the unitholders of Crestwood. Crestwood will mail the final proxy statement/prospectus to its unitholders. INVESTORS AND UNITHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CRESTWOOD, INERGY MIDSTREAM, THE PROPOSED MERGER TRANSACTION AND RELATED MATTERS. Investors and unitholders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by Inergy Midstream and Crestwood through the website maintained by the SEC at www.sec.gov. In addition, investors and unitholders are able to obtain free copies of documents filed by Crestwood with the SEC from Crestwood's website, www.crestwoodlp.com, under the heading "SEC Filings" in the "Investor Relations" tab and free copies of documents filed by Inergy Midstream with the SEC from Inergy Midstream's website, www.inergylp.com/midstream, under the heading "SEC Filings" in the "Investor Relations" tab.

Participants in the Solicitation

Crestwood, Inergy Midtream and Inergy and their respective general partners' directors and executive officers may be deemed to be participants in the solicitation of proxies from the unitholders of Crestwood in respect of the proposed merger transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the unitholders of Crestwood in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus when it is filed with the SEC. Information regarding Crestwood's directors and executive officers is contained in Crestwood's Annual Report on Form 10-K for the year ended December 31, 2012, which is filed with the SEC. Information regarding Inergy's directors and executive officers is contained in Inergy's Annual Report on Form 10-K for the year ended September 30, 2012, which is filed with the SEC. Free copies of these documents may be obtained from the sources described above.

Forward-Looking Statements

The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood and Inergy management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood's or Inergy's financial condition, results of operations and cash flows include , without limitation, failure to satisfy closing conditions with respect to the merger; the risks that the Crestwood and Inergy businesses will not be integrated successfully or may take longer than anticipated; the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of Crestwood or Inergy assets; failure or delays by customers in achieving expected production in their natural gas projects; competitive conditions in the industry and their impact on the ability of Crestwood or Inergy to connect natural gas supplies to Crestwood or Inergy gathering and processing assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood or Inergy to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond Crestwood or Inergy's control; timely receipt of necessary government approvals and permits, the ability of Crestwood or Inergy to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact either company's ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to the substantial indebtedness, of either company, as well as other factors disclosed in Crestwood and Inergy's filings with the U.S. Securities and Exchange Commission. You should read  filings made by Crestwood and Inergy with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K for the year ended December 31, 2012 and September 30, 2012, respectively, and the most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Crestwood and Inergy do not assume any obligation to update these forward-looking statements.

About Crestwood Midstream Partners LP

Houston, Texas-based Crestwood is a growth-oriented, midstream master limited partnership that owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Marcellus Shale in northern West Virginia, the Fayetteville Shale in northwest Arkansas, the Granite Wash in the Texas Panhandle, the Avalon Shale/Bone Spring in southeastern New Mexico and the Haynesville/Bossier Shale in western Louisiana. For more information about Crestwood, visit www.crestwoodlp.com. The general partner of Crestwood is owned by Inergy, L.P. (NYSE: NRGY). 

About Inergy, L.P.

Inergy, L.P. is a publicly traded master limited partnership that controls, owns, and operates energy midstream businesses. Inergy's operations include a natural gas storage business in Texas and an NGL and crude oil supply and logistics business that serves customers in the United States and Canada. Through its general partner interest in Inergy Midstream, L.P. and Crestwood Midstream Partners LP, Inergy is also engaged in the development and operation of natural gas, NGL and crude oil gathering, processing, storage, and transportation assets in multiple unconventional shale plays across the United States. For more information about Inergy, L.P., visit www.inergylp.com.

About Inergy Midstream, L.P.

Inergy Midstream, L.P. is a publicly traded master limited partnership that develops, owns, and operates predominantly fee-based natural gas, NGL and crude oil storage and transportation businesses in the Northeast region of the United States and in North Dakota.

Investor Contact:

Mark Stockard
832-519-2207
mstockard@crestwoodlp.com

 


CRESTWOOD MIDSTREAM PARTNERS LP

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for per unit data)

(Unaudited)














Three Months Ended


Six Months Ended


Three Months Ended 



June 30,


June 30,


March 31,



2013


2012(1) 


2013


2012(1) 


2013

Operating revenues











Gathering revenues


$   24,103


$   17,761


$   48,099


$   29,598


$                             23,996

Gathering revenues - related party


19,066


21,616


38,973


45,462


19,907

Processing revenues


3,926


1,198


7,974


2,394


4,048

Processing revenues - related party


5,515


6,550


11,197


13,321


5,682

Compression revenues


3,873


-


7,799


-


3,926

Product sales


14,616


8,104


29,473


18,187


14,857

        Total operating revenues


71,099


55,229


143,515


108,962


72,416












Operating expenses











Product purchases


6,154


7,441


12,902


16,414


6,748

Product purchases - related party


7,878


-


14,635


-


6,757

Operations and maintenance


12,592


9,400


25,608


19,111


13,016

General and administrative 


10,380


8,657


18,169


15,395


7,789

Depreciation, amortization and accretion


17,701


13,695


35,061


24,341


17,360

        Total operating expenses


54,705


39,193


106,375


75,261


51,670












Operating income


16,394


16,036


37,140


33,701


20,746












Interest and debt expense


(11,185)


(8,963)


(22,635)


(16,520)


(11,450)












Income before income taxes


5,209


7,073


14,505


17,181


9,296












Income tax expense


339


275


677


578


338












Net income


$     4,870


$     6,798


$   13,828


$   16,603


$                              8,958












General partner's interest in net income 


$     5,192


$     4,154


$   10,393


$     7,522


$                              5,201

Limited partners' interest in net income 


$      (322)


$     2,644


$     3,435


$     9,081


$                              3,757












Basic earnings (loss) per unit: 











    Net income (loss) per limited partner unit


$     (0.01)


$       0.06


$       0.06


$       0.21


$                                0.07












Diluted earnings (loss) per unit:











    Net income (loss) per limited partner unit


$     (0.01)


$       0.06


$       0.06


$       0.21


$                                0.07












Weighted-average number of limited partner units: 











   Basic


60,004


43,333


57,400


43,014


54,766

   Diluted


60,004


43,534


57,673


43,204


55,042

Distributions declared per limited partner unit (attributable to the period ended)


$       0.51


$       0.50


$       1.02


$       1.00


$                                0.51

(1) Financial information has been revised to include the results of Crestwood Marcellus Midstream LLC.

 

CRESTWOOD MIDSTREAM PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(In thousands, except for unit data)

(Unaudited)












June 30,


December 31,





2013


2012

ASSETS




Current assets





Cash and cash equivalents

$              110


$                 111


Accounts receivable

21,772


21,636


Accounts receivable - related party

20,851


23,755


Insurance receivable

3,496


2,920


Prepaid expenses and other 

1,476


1,941


Assets held for sale

6,680


-




Total current assets

54,385


50,363








Property, plant and equipment, net of accumulated depreciation of 

1,016,770


939,846


$153,421 in 2013 and $130,030 in 2012




Intangible assets, net of accumulated amortization of

490,503


501,380


$23,821 in 2013 and $12,814 in 2012




Goodwill


95,031


95,031

Deferred financing costs, net

21,134


22,528

Other assets 

2,107


1,321




Total assets

$    1,679,930


$       1,610,469








LIABILITIES AND PARTNERS' CAPITAL




Current liabilities





Accrued additions to property, plant and equipment

$         36,173


$              9,213


Capital leases

3,408


3,862


Deferred revenue

2,426


2,634


Accounts payable - related party

2,997


3,088


Accounts payable, accrued expenses and other liabilities

34,056


29,717




Total current liabilities

79,060


48,514








Long-term debt

778,944


685,161

Long-term capital leases

1,509


3,161

Asset retirement obligations

14,425


14,024








Partners' capital





Common unitholders (53,766,588 and 41,164,737 units issued and 





     outstanding at June 30, 2013 and December 31, 2012)

676,214


442,348


Class C unitholders (7,165,819 units issued and 





    outstanding at December 31, 2012)

-


159,908


Class D unitholder (6,341,707 units issued and 





    outstanding at June 30, 2013)

126,644


-


General partner (1,112,674 and 979,614 units issued and





    outstanding at June 30, 2013 and December 31, 2012)

3,134


257,353




Total partners' capital

805,992


859,609




Total liabilities and partners' capital

$    1,679,930


$       1,610,469








 


CRESTWOOD MIDSTREAM PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) 

(Unaudited)










Six Months Ended June 30,


2013


2012(1) 

Cash flows from operating activities




Net income

$    13,828


$    16,603

    Adjustments to reconcile net income to net cash provided by  




operating activities:




        Depreciation, amortization and accretion

35,061


24,341

        Equity-based compensation

1,378


994

        Other non-cash income items

2,067


2,546

    Changes in assets and liabilities:




        Accounts receivable

(136)


245

        Accounts receivable - related party

2,904


4,010

        Insurance receivable

(576)


-

        Prepaid expenses and other assets

(321)


(560)

        Accounts payable - related party

(91)


(1,046)

        Accounts payable, accrued expenses and other liabilities

3,415


(4,919)

Net cash provided by operating activities

57,529


42,214





Cash flows from investing activities




        Capital expenditures

(80,297)


(22,373)

        Acquisitions, net of cash acquired

-


(376,805)

        Other

20


-

Net cash used in investing activities

(80,277)


(399,178)





Cash flows from financing activities




        Proceeds from credit facilities

316,900


244,700

        Repayments of credit facilities

(223,000)


(176,250)

        Payments on capital leases

(2,248)


(1,375)

        Deferred financing costs paid

(82)


(6,486)

        Proceeds from issuance of common units, net

118,562


103,034

        Contributions from partners

-


247,163

        Distribution to General Partner for additional interest in CMM

(129,000)


-

        Distributions to partners

(57,709)


(45,471)

        Taxes paid for equity-based compensation vesting

(676)


(402)

Net cash provided by financing activities

22,747


364,913





Change in cash and cash equivalents

(1)


7,949





Cash and cash equivalents at beginning of period

111


797





Cash and cash equivalents at end of period

$         110


$      8,746









Supplemental cash flow information:




        Interest paid, net of amounts capitalized

$    20,270


$    14,903





(1) Financial information has been revised to include the results of Crestwood Marcellus Midstream LLC.

 


CRESTWOOD MIDSTREAM PARTNERS LP


OPERATING STATISTICS


(In thousands)


(Unaudited)















Three Months Ended


Six Months Ended


Three Months Ended 



June 30,


June 30,


March 31,



2013


2012(1) 


2013


2012(1) 


2013

Marcellus:











Gathering revenues


$ 11,524


$   7,027


$ 21,872


$   7,027


$                        10,348

Compression revenues


3,873


-


7,799


-


3,926

Total operating revenues


$ 15,397


$   7,027


$ 29,671


$   7,027


$                        14,274

Product purchases


-


-


-


-


-

Operations and maintenance expense


2,545


513


4,942


513


2,397

EBITDA


$ 12,852


$   6,514


$ 24,729


$   6,514


$                        11,877












Gathering volumes (in MMcf)


37,765


23,424


71,674


23,424


33,909

Compression volumes (in MMcf)


25,882


-


50,157


-


24,275












Barnett:











Gathering revenues


$ 23,568


$ 23,771


$ 47,910


$ 49,830


$                        24,342

Processing revenues


9,440


7,732


19,168


15,616


9,728

Product sales


64


-


544


-


480

Total operating revenues


$ 33,072


$ 31,503


$ 67,622


$ 65,446


$                        34,550

Product purchases


146


-


401


-


255

Operations and maintenance expense


6,312


5,345


13,567


11,475


7,255

EBITDA


$ 26,614


$ 26,158


$ 53,654


$ 53,971


$                        27,040












Gathering volumes (in MMcf)


39,833


36,529


80,206


77,182


40,373

Processing volumes (in MMcf)


17,913


11,765


36,235


23,822


18,322












Fayetteville:











Gathering revenues


$   6,140


$   6,228


$ 13,099


$ 12,994


$                          6,959

Product sales


191


102


485


200


294

Total operating revenues


$   6,331


$   6,330


$ 13,584


$ 13,194


$                          7,253

Product purchases


190


124


483


206


293

Operations and maintenance expense


2,310


2,231


4,444


4,544


2,134

EBITDA


$   3,831


$   3,975


$   8,657


$   8,444


$                          4,826












Gathering volumes (in MMcf)


7,696


7,112


15,141


14,647


7,445












Granite Wash:











Gathering revenues


$      478


$      270


$      992


$      409


$                             514

Processing revenues


1


16


3


99


2

Product sales


13,157


7,436


26,490


16,811


13,333

Total operating revenues


$ 13,636


$   7,722


$ 27,485


$ 17,319


$                        13,849

Product purchases


12,492


6,732


24,699


15,033


12,207

Operations and maintenance expense


685


541


1,293


1,059


608

EBITDA


$      459


$      449


$   1,493


$   1,227


$                          1,034












Gathering volumes (in MMcf)


1,870


1,367


3,905


2,720


2,035

Processing volumes (in MMcf)


1,864


1,362


3,709


2,707


1,845












Other:











Gathering revenues


$   1,459


$   2,081


$   3,199


$   4,800


$                          1,740

Product sales


1,204


566


1,954


1,176


750

Total operating revenues


$   2,663


$   2,647


$   5,153


$   5,976


$                          2,490

Product purchases


1,204


585


1,954


1,175


750

Operations and maintenance expense


740


770


1,362


1,520


622

EBITDA


$      719


$   1,292


$   1,837


$   3,281


$                          1,118












Gathering volumes (in MMcf)


3,176


6,044


7,115


12,107


3,939

(1) Financial information has been revised to include the results of Crestwood Marcellus Midstream LLC.

 


CRESTWOOD MIDSTREAM PARTNERS LP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except for per unit data)

(Unaudited)














Three Months Ended


Six Months Ended


Three Months Ended 



June 30,


June 30,


March 31,



2013


2012(1) 


2013


2012(1) 


2013












Net income 


$   4,870


$   6,798


$   13,828


$   16,603


$                          8,958

Items impacting net income:











    Significant transaction-related expenses


4,799


2,295


5,517


2,346


718

    Non-cash interest expense (write-off of deferred financing costs)


-


-


-


370


-

Adjusted net income 


$   9,669


$   9,093


$   19,345


$   19,319


$                          9,676












Net income (loss) per limited partner unit (diluted basis)


$   (0.01)


$     0.06


$       0.06


$       0.21


$                            0.07

Items impacting net income


$     0.08


$     0.05


$       0.10


$       0.06


0.01

Adjusted net income per limited partner unit (diluted basis)


$     0.07


$     0.11


$       0.16


$       0.27


$                            0.08














Three Months Ended


Six Months Ended


Three Months Ended 



June 30,


June 30,


March 31,



2013


2012(1) 


2013


2012(1) 


2013












Net income


$   4,870


$   6,798


$   13,828


$   16,603


$                          8,958

Depreciation, amortization and accretion expense


17,701


13,695


35,061


24,341


17,360

Income tax expense


339


275


677


578


338

Amortization of deferred financing fees


1,125


1,339


2,253


2,641


1,128

Amortization of debt premium


(59)


-


(117)


-


(58)

Non-cash equity compensation


781


500


1,378


994


597

Maintenance capital expenditures


(2,002)


(1,079)


(2,923)


(1,593)


(921)

Distributable cash flow


22,755


21,528


50,157


43,564


27,402

Add:  Significant transaction-related expenses


4,799


2,295


5,688


2,346


889

Adjusted distributable cash flow


$ 27,554


$ 23,823


$   55,845


$   45,910


$                        28,291














Three Months Ended


Six Months Ended


Three Months Ended 



June 30,


June 30,


March 31,



2013


2012(1) 


2013


2012(1) 


2013












Total operating revenues


$ 71,099


$ 55,229


$ 143,515


$ 108,962


$                        72,416

Product purchases


14,032


7,441


27,537


16,414


13,505

Operations and maintenance expense


12,592


9,400


25,608


19,111


13,016

General and administrative expense


10,380


8,657


18,169


15,395


7,789

EBITDA


34,095


29,731


72,201


58,042


38,106

Items impacting EBITDA:











Add:  Significant transaction-related expenses


4,799


2,295


5,517


2,346


718

Adjusted EBITDA


38,894


32,026


77,718


60,388


38,824

Less:











Interest and debt expense


11,185


8,963


22,635


16,520


11,450

Income tax expense


339


275


677


578


338

Depreciation, amortization and accretion expense


17,701


13,695


35,061


24,341


17,360

Items impacting EBITDA


4,799


2,295


5,517


2,346


718

    Net income


$   4,870


$   6,798


$   13,828


$   16,603


$                          8,958

(1) Financial information has been revised to include the results of Crestwood Marcellus Midstream LLC.

 

 

SOURCE Crestwood Midstream Partners LP; Inergy, L.P.



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