PVR Partners Announces Third Quarter 2013 Results And Declares Cash Distribution

RADNOR, Pa., Oct. 24, 2013 /PRNewswire/ -- PVR Partners, L.P. (NYSE: PVR) ("PVR") today reported financial and operational results for the three months ended September 30, 2013.  In addition, PVR declared a quarterly distribution of $0.55 per unit.

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Third Quarter Results

Third quarter 2013 highlights and results, with comparisons to results for the third quarter of 2012 ("last year") and the second quarter of 2013 ("last quarter"), included the following:

  • Adjusted EBITDA of $79.9 million as compared to $61.2 million last year and $76.1 million last quarter.
  • Distributable Cash Flow ("DCF") of $49.5 million as compared to $36.6 million last year and $49.0 million last quarter.
  • Average daily natural gas throughput volumes of 1.8 billion cubic feet per day ("Bcfd") as compared with 1.0 Bcfd last year and 1.7 Bcfd last quarter.

In addition, on August 19 PVR sold its 25% membership interest in Thunder Creek Gas Services, L.L.C. for $58.6 million which resulted in a reported gain of $14.3 million.  The $14.3 million gain is included in Other Revenue and has been subtracted from the calculation of Adjusted EBITDA and DCF.

Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles ("GAAP") measures.  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

Quarterly Distribution

The Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on November 13, 2013 to common unitholders of record at the close of business on November 6, 2013.  This distribution equates to an annualized rate of $2.20 per unit, which is unchanged from the distribution paid with respect to the second quarter of 2013 and represents a 1.9% increase over the distribution paid with respect to the third quarter of 2012.

Management Comment

"We are pleased with our third quarter results," said Bill Shea, President and CEO of PVR's general partner.  "The Eastern Midstream Segment continues to show progress in volumes over last year and last quarter and we expect that progress to continue.  Our Midcontinent Midstream Segment benefitted from an improved commodity pricing environment, and our Coal and Natural Resource Management Segment has performed in-line with our expectations."

Eastern Midstream Segment Results

The Eastern Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $43.5 million as compared to $21.4 million last year and $38.1 million last quarter, primarily due to the continued development of internal growth projects and the acquisition of Chief Gathering LLC.
  • Quarterly average throughput volumes of 1.4 Bcfd as compared to 0.6 Bcfd last year and 1.3 Bcfd last quarter, reflecting growth on PVR's existing systems, as well as the acquisition and expansion of the Chief Gathering systems.

Midcontinent Midstream Segment Results

The Midcontinent Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $17.1 million as compared to $13.0 million last year and $14.9 million last quarter.
  • Quarterly average throughput volumes of 381 MMcfd as compared to 410 MMcfd last year and 382 MMcfd last quarter.

Coal and Natural Resource Management Segment Results

The Coal and Natural Resource Management Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $19.3 million as compared to $26.8 million last year and $23.1 million last quarter.  The year-over-year decline was primarily due to decreased coal production and pricing.
  • Coal royalty tons of 5.7 million tons as compared to 7.7 million tons last year and 6.9 million tons last quarter.
  • Coal royalties revenue of $20.8 million, or $3.66 per ton, as compared to $28.8 million, or $3.73 per ton last year and $23.2 million or $3.37 per ton last quarter.

Capital Investment and Resources

We invested $76.9 million on internal growth projects in our midstream businesses during the third quarter of 2013, of which $64.8 million was invested in the Eastern Midstream Segment.

In September PVR closed on a public offering of 5.5 million common units.  The terms of the offering granted the underwriter the option to purchase a maximum of 825,000 additional common units.  On October 16th, the underwriter purchased 600,000 units available under that option.  Net proceeds from the offering, including the option exercised, totaled approximately $138.1 million and were used to repay a portion of the borrowings outstanding under PVR's $1.0 billion revolving credit facility.  As of September 30, 2013, we had borrowings of $332.5 million under our revolving credit facility.

Expansion Projects Update

The development and build-out of important growth projects in the Marcellus, Utica, Cline and Mississippian Lime continued during the third quarter of 2013.

  • As previously announced, PVR executed a definitive agreement with Hess Corporation to provide trunkline, gathering and compression services in the Utica Shale.
  • Two new compressor facilities in the Eastern Midstream Segment were completed and began operation. These facilities will help maintain volumes on PVR's Susquehanna/Wyoming gathering system and increase the injection capacity into the Tennessee Gas Pipeline.
  • An additional phase of the Lycoming gathering system, for which Inflection Energy is the primary shipper, was completed and began service.
  • The PVR/Aqua joint venture water system put a new water truck loading facility into service, which will significantly expand the service territory reach for water service to natural gas producers.
  • The Eastern Midstream Segment connected 25 wells during the third quarter for a total of 68 for the nine months ending September 30th.  PVR currently anticipates connecting an additional 36 wells during the fourth quarter.
  • An additional 39 new wells were connected in the Midcontinent Midstream Segment during the third quarter for a total of 144 for the nine months ending September 30th.

Third Quarter 2013 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss third quarter 2013 financial and operational results, is scheduled for Thursday, October 24, 2013 at 11:00 a.m. Eastern Daylight Time.  Prepared remarks by members of company management will be followed by a question and answer period.  Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=96084 or by logging on using the link posted on our website, www.pvrpartners.com.  Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners call).  An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call.  A telephonic replay of the call will be available through October 30 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10034216.

******

PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties.  Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers.  Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments.  More information about PVR is available on our website at www.pvrpartners.com.

******

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).  Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business.  Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

******

This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties.  Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q.  Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:  

Stephen R. Milbourne


Director - Investor Relations


Phone: 610-975-8204


E-Mail: invest@pvrpartners.com

 

PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited

(in thousands, except per unit data)






























Three Months Ended


Nine Months Ended



September 30,


September 30,



2013


2012


2013


2012

Revenues







     Natural gas 


$      92,005


$      78,026


$    282,830


$    215,780

     Natural gas liquids


104,585


96,237


298,563


316,161

     Gathering fees


24,673


15,482


73,475


34,094

     Trunkline  fees


27,389


11,747


70,143


28,394

     Coal royalties


20,816


28,760


66,990


91,150

     Gain on sale of assets


-


31,292


-


31,292

     Other 


19,496


7,303


33,839


21,305

Total revenues


288,964


268,847


825,840


738,176










Expenses









     Cost of gas purchased


163,824


147,246


489,106


453,543

     Operating


17,506


17,587


50,026


47,530

     General and administrative


13,402


11,531


40,359


34,574

     Acquisition related costs


-


-


-


14,049

     Impairments


-


-


-


124,845

     Depreciation, depletion and amortization


47,133


31,992


138,032


84,301

Total expenses


241,865


208,356


717,523


758,842










Operating income


47,099


60,491


108,317


(20,666)










Other income (expense)









     Interest expense


(28,358)


(20,288)


(78,362)


(45,616)

     Derivatives


(965)


(1,524)


(560)


2,201

     Interest income and other


112


104


1,238


329

Net income (loss) 


$      17,888


$      38,783


$      30,633


$    (63,752)



















Earnings (loss) per common unit, basic and diluted


$        (0.09)


$          0.16


$        (0.47)


$        (1.14)










Weighted average number of common units outstanding, basic and diluted


96,983


88,366


96,283


83,834










Weighted average number of Class B units outstanding


23,621


21,620


23,129


10,770

Weighted average number of Special units outstanding


10,346


10,346


10,346


5,173



















Other data by segment:


















Eastern Midstream:









Gathered volumes (MMcfd)


622


444


606


330

Trunkline volumes (MMcfd) (1)


804


169


716


127

Midcontinent Midstream:









Daily throughput volumes (MMcfd) 


381


410


385


435

Coal and Natural Resource Management:









Coal royalty tons (in thousands)


5,684


7,703


19,023


23,584










(1) Trunkline volumes include a significant portion of gathered volumes.





PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)












September 30,


December 31,







2013


2012














Assets









     Cash and cash equivalents


$           7,901


$         14,713





     Accounts receivable


136,279


133,546





     Assets held for sale


-


11,450





     Derivative assets


229


-





     Other current assets


5,127


5,446





         Total current assets


149,536


165,155





     Property, plant and equipment, net


2,166,092


1,989,346





     Other long-term assets


784,652


844,208





          Total assets


$    3,100,280


$    2,998,709














Liabilities and Partners' Capital









     Accounts payable and accrued liabilities


$       159,225


$       197,034





     Deferred income


5,886


3,788





     Derivative liabilities


691


-





         Total current liabilities


165,802


200,822





     Other long-term liabilities


30,976


35,468





     Senior notes 


1,300,000


900,000





     Revolving credit facility


332,500


590,000





     Partners' capital


1,271,002


1,272,419





          Total liabilities and partners' capital


$    3,100,280


$    2,998,709

























CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2013


2012


2013


2012

Cash flows from operating activities





     Net income (loss)


$         17,888


$         38,783


$         30,633


$        (63,752)

     Adjustments to reconcile net income (loss) to









          net cash provided by operating activities:









     Gain on sale of assets


(14,302)


(31,292)


(14,302)


(31,292)

     Depreciation, depletion and amortization


47,133


31,992


138,032


84,301

     Impairments


-


-


-


124,845

     Commodity derivative contracts:









        Total derivative losses (gains) included in net income


965


1,524


560


(2,201)

        Cash receipts (payments) to settle derivatives for the period


(123)


(1,332)


(313)


(8,578)

     Non-cash interest expense


1,917


1,589


5,399


4,217

     Non-cash unit-based compensation


1,248


1,086


3,356


4,643

     Equity earnings, net of distributions received


1,961


697


5,635


142

     Other


(291)


(231)


(3,359)


(929)

     Changes in operating assets and liabilities


17,695


23,334


13,472


23,396

Net cash provided by operating activities


74,091


66,150


179,113


134,792










Cash flows from investing activities









Acquisitions


-


787


(2,334)


(850,156)

Additions to property, plant and equipment


(84,754)


(173,455)


(344,103)


(348,449)

Joint venture capital contributions


(500)


(10,200)


(10,700)


(21,900)

Proceeds from sale of assets


58,628


62,271


70,592


62,271

Other


246


268


2,118


908

Net cash used in investing activities


(26,380)


(120,329)


(284,427)


(1,157,326)










Cash flows from financing activities









Distributions to partners


(52,781)


(46,833)


(158,302)


(128,516)

Net proceeds (costs) from equity offering


124,643


(219)


124,643


577,743

Proceeds from issuance of senior notes


-


-


400,000


600,000

Repayments (proceeds) from borrowings, net


(125,000)


103,000


(257,500)


(6,000)

Cash paid for debt issuance costs


(158)


(617)


(9,695)


(19,206)

Other


(437)


-


(644)


-

Net cash provided by (used in) financing activities


(53,733)


55,331


98,502


1,024,021










Net increase (decrease) in cash and cash equivalents


(6,022)


1,152


(6,812)


1,487

Cash and cash equivalents - beginning of period


13,923


8,975


14,713


8,640

Cash and cash equivalents - end of period


$           7,901


$         10,127


$           7,901


$         10,127

 














PVR PARTNERS, L.P.


CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited


(in thousands)















Three Months Ended


Nine Months Ended





September 30,


September 30,





2013


2012


2013


2012



Reconciliation of Non-GAAP "Total Segment Adjusted EBITDA" to GAAP "Net income (loss)":




















Segment Adjusted EBITDA (a):











Eastern Midstream


$      43,515


$      21,440


$    119,296


$      49,060



Midcontinent Midstream


17,103


12,994


47,733


38,001



Coal and Natural Resource Management


19,312


26,757


65,018


84,176



Total segment adjusted EBITDA


$      79,930


$      61,191


$    232,047


$    171,237



Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss)











Depreciation, depletion and amortization


(47,133)


(31,992)


(138,032)


(84,301)



Impairments on PP&E


-


-


-


(124,845)



Acquisition related costs


-


-


-


(14,049)



Gain on sale of assets


14,302


31,292


14,302


31,292



Interest expense


(28,358)


(20,288)


(78,362)


(45,616)



Derivatives


(965)


(1,524)


(560)


2,201



Other


112


104


1,238


329



Net income (loss)


$      17,888


$      38,783


$      30,633


$    (63,752)














Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Distributable cash flow":











Net income (loss)


$      17,888


$      38,783


$      30,633


$    (63,752)



Depreciation, depletion and amortization


47,133


31,992


138,032


84,301



Impairments on PP&E 


-


-


-


124,845



Acquisition related costs


-


-


-


14,049



Gain on sale of assets


(14,302)


(31,292)


(14,302)


(31,292)



Derivative contracts:











  Derivative (gains) losses included in net income


965


1,524


560


(2,201)



  Cash receipts (payments) to settle derivatives for the period


(123)


(1,332)


(313)


(8,578)



Equity earnings from joint ventures, net of distributions 


1,961


697


5,635


142



Maintenance capital expenditures


(4,044)


(3,749)


(11,858)


(12,197)














Distributable cash flow (b)


$      49,478


$      36,623


$    148,387


$    105,317














Distribution to Partners:






















Total cash distribution paid during the period


$      52,781


$      46,833


$    158,302


$    128,516














Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Net income as adjusted":











Net income (loss)


$      17,888


$      38,783


$      30,633


$    (63,752)



Impairments on PP&E and equity investments 


-


-


-


124,845



Acquisition related costs


-


-


-


14,049



Gain on sale of assets


(14,302)


(31,292)


(14,302)


(31,292)



Adjustments for derivatives:











Derivative (gains) losses included in net income


965


1,524


560


(2,201)



Cash receipts (payments) to settle derivatives for the period


(123)


(1,332)


(313)


(8,578)














Net income, as adjusted (c)


$        4,428


$        7,683


$      16,578


$      33,071
























(a)  Segment Adjusted EBITDA, or earnings before interest, tax and depreciation, depletion and amortization ("DD&A"), represents net income plus DD&A, plus impairments, plus acquisition related costs, minus gain on sale of assets, plus interest expense, plus or minus derivative losses or gains and minus other items included in net income.  We believe EBITDA or a version of Adjusted EBITDA is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream and coal industries. We use this information for comparative purposes within the industry.  Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.


(b)  Distributable cash flow represents net income plus DD&A, plus impairments, plus acquisition related costs, minus gain on sale of assets, plus (minus) derivative losses (gains) included in net income, plus (minus) cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital expenditures.  At management's discretion, a fixed amount of $1.8 million per quarter in 2013 and $1.3 million per quarter in 2012 has been included in maintenance capital for well connects. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income. For comparative purposes, prior year amounts exclude replacement capital expenditures.


(c)  Net income, as adjusted, represents net income adjusted to exclude the effects of non-cash  impairment charges, one-time charges related to acquisitions and changes in the fair value of derivatives, minus gain on sale of assets. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream industry. We use this information for comparative purposes within the industry. Net income, as adjusted, is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.

PVR PARTNERS, L.P.

QUARTERLY SEGMENT INFORMATION - unaudited

(in thousands)












Eastern Midstream



Three Months Ended


Nine Months Ended



September 30,


September 30,



2013


2012


2013


2012

Revenues









     Gathering fees


$          24,021


$          14,012


$         71,162


$         28,316

     Trunkline fees


27,389


11,747


70,143


28,394

     Other


309


1,041


(251)


2,687

        Total revenues


51,719


26,800


141,054


59,397

Expenses









     Operating 


3,190


2,124


8,045


4,211

     General and administrative


5,014


3,236


13,713


6,126

     Acquisition related costs


-


-


-


14,049

     Depreciation, depletion and amortization


25,355


11,867


71,461


22,322

       Total expenses


33,559


17,227


93,219


46,708










Operating income


$          18,160


$            9,573


$         47,835


$         12,689





















Midcontinent Midstream



Three Months Ended


Nine Months Ended



September 30,


September 30,



2013


2012


2013


2012

Revenues









     Natural gas


$          92,005


$          78,026


$       282,830


$       215,780

     Natural gas liquids


104,585


96,237


298,563


316,161

     Gathering fees


652


1,470


2,313


5,778

     Gain on sale of plant


-


31,292


-


31,292

     Other 


14,637


497


16,183


2,042

        Total revenues


211,879


207,522


599,889


571,053

Expenses









     Cost of gas purchased


163,824


147,246


489,106


453,543

     Operating 


11,591


11,164


32,519


31,642

     General and administrative


5,059


4,826


16,229


16,575

     Impairments


-


-


-


124,845

     Depreciation, depletion and amortization


15,719


11,913


45,679


37,220

       Total expenses


196,193


175,149


583,533


663,825










Operating income (loss) 


$          15,686


$          32,373


$         16,356


$        (92,772)





























Coal and Natural Resource Management



Three Months Ended


Nine Months Ended



September 30,


September 30,



2013


2012


2013


2012

Revenues









     Coal royalties


$          20,816


$          28,760


$         66,990


$         91,150

     Coal services


543


1,953


2,552


4,583

     Timber


1,350


1,411


4,468


4,284

     Oil and gas royalties


898


977


2,245


2,165

     Other


1,759


1,424


8,642


5,544

        Total revenues


25,366


34,525


84,897


107,726

Expenses









     Operating 


2,725


4,299


9,462


11,677

     General and administrative


3,329


3,469


10,417


11,873

     Depreciation, depletion and amortization


6,059


8,212


20,892


24,759

       Total expenses


12,113


15,980


40,771


48,309










Operating income


$          13,253


$          18,545


$         44,126


$         59,417











 


PVR PARTNERS, L.P.

DERIVATIVE CONTRACT SUMMARY - unaudited

As of September 30, 2013




Average Volume Per Day


Swap Price








Crude oil swap (WTI)


 (barrels) 


(per barrel)


Fourth quarter 2013


500


$94.80








Natural gas swaps (1)


 (MMBtu) 


(per MMBtu)


Fourth quarter 2013


5,500


$3.823








Propane swap - OPIS Conway


 (gallons) 


(per gallon)


Fourth quarter 2013


42,000


$1.00875














Our exposure profile with respect to commodity prices depends on many factors, including inlet volumes, plant operational efficiencies, contractual terms, and the price relationship between ethane and natural gas.


We anticipate operating our plants in "ethane rejection" for the remainder of 2013. Under this operational mode, we estimate that for every $1.00 per MMBtu change in the natural gas price, our natural gas midstream gross margin and operating income for the remainder of 2013 would change by $4.7 million, excluding the effect of the natural gas hedges described above, and all other factors remaining constant. The natural gas hedges described above would reduce the net impact to $4.2 million.


Similarly, for every $5.00 per barrel change in crude oil prices, with all other factors remaining constant, and excluding the effect of the 2013 crude oil derivative described above, we estimate that our natural gas midstream gross margin and operating income would change by $0.5 million. The crude oil hedge described above would reduce the net impact to $0.2 million.


For every $0.05 per gallon increase in the price of ethane with all other factors remaining constant, we estimate that our gross margin and operating income will decrease by $0.7 million while operating in ethane rejection. Finally, for every $0.05 per gallon increase in the price of other NGLs with all other factors remaining constant, we estimate that our gross margin and operating income will increase by $0.4 million. The propane hedge described above would reduce the net impact to $0.2 million.


(1) The natural gas swaps settle against the monthly index price reported in Inside FERC's Natural Gas Market Report for Southern Star Central Gas Pipeline (Texas, Oklahoma, Kansas), which has historically tended to be settled at a lower price than the Henry Hub national benchmark. A significant portion of our physical gas sales are also priced using this reported monthly index.

PVR PARTNERS, L.P.



OPERATING STATISTICS



($ Amounts in 000s)












Three Months Ended


 Nine Months Ended


September 30,


September 30,


2013


2012


2013


2012

EASTERN MIDSTREAM
















Volumes (MMcfd)








Lycoming Trunkline

293


169


323


127

Wyoming Trunkline

511


-


393


-

Total Trunkline Volume

804


169


716


127









Lycoming Gathering

248


203


236


144

Wyoming Gathering

210


149


197


137

East Lycoming Gathering

106


75


115


40

Bradford Gathering

50


13


50


7

Preston Gathering

-


-


-


-

Greene Gathering

8


4


8


2

Total Gathering

622


444


606


330

Total Throughput

1,426


613


1,322


457









Total Trunkline Fees

$         27,389


$         11,747


$         70,143


$         28,394

Total Gathering Fees

$         24,021


$         14,012


$         71,162


$         28,316









Trunkline Fees / Mcf

$            0.37


$            0.76


$            0.36


$            0.82

Gathering Fees / Mcf

$            0.42


$            0.34


$            0.43


$            0.31









MIDCONTINENT MIDSTREAM
















Volumes (MMcfd)








Panhandle System

329


360


332


349

Crossroads System (1)

-


-


-


36

Crescent System

29


26


29


24

Hamlin System

6


6


6


7

Total Processing Systems

364


392


367


416









Arkoma System

9


9


9


9

North Texas System

8


9


8


10

Total Gathering Only Systems

17


18


18


19









Total All Systems

381


410


385


435









Total Gathering and Processing Fees, Net(2)

$         33,418


$         28,487


$         94,600


$         84,176









Fees Per Mcf

$             0.95


$             0.75


$             0.90


$             0.71









(1) Crossroads System was sold July 3, 2012








(2) Processing fees include revenues from natural gas,  natural gas liquids and gathering fees less cost of gas purchased









COAL PRODUCTION
















Coal royalty tons by region (000s)








Central Appalachia

2,609


3,546


8,010


11,090

Northern Appalachia

375


1,013


2,382


2,911

Illinois Basin

424


801


1,753


2,900

San Juan Basin

2,276


2,343


6,878


6,683

Total Tons

5,684


7,703


19,023


23,584









Total Coal Royalties

$         20,816


$         28,760


$         66,990


$         91,150









Average Coal Royalty per ton

$             3.66


$             3.73


$             3.52


$             3.86

SOURCE PVR Partners, L.P.



RELATED LINKS
http://www.pvrpartners.com

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