American Midstream Partners, LP and Subsidiaries
Consolidated Statements of Operations
(Unaudited, in thousands, except for per unit amounts)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended December 31, | | Year Ended December 31, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| Revenue | | $ | 76,014 |
| | $ | 56,420 |
| | $ | 292,626 |
| | $ | 194,843 |
|
| Gain (loss) on commodity derivatives | | 94 |
| | 243 |
| | 28 |
| | 3,400 |
|
| Total revenue | | 76,108 |
| | 56,663 |
| | 292,654 |
| | 198,243 |
|
| Operating expenses: | | | | | | | | |
| Purchases of natural gas, NGLs and condensate | | 51,479 |
| | 45,097 |
| | 214,149 |
| | 145,172 |
|
| Direct operating expenses | | 8,654 |
| | 5,248 |
| | 29,553 |
| | 16,798 |
|
| Selling, general and administrative expenses | | 7,654 |
| | 4,208 |
| | 21,402 |
| | 14,309 |
|
| Equity compensation expense | | 217 |
| | 511 |
| | 2,094 |
| | 1,783 |
|
| Depreciation, amortization and accretion expense | | 7,728 |
| | 5,562 |
| | 29,999 |
| | 21,284 |
|
| Total operating expense | | 75,732 |
| | 60,626 |
| | 297,197 |
| | 199,346 |
|
| Gain (loss) on involuntary conversion of property, plant and equipment | | (78 | ) | | (1,021 | ) | | 343 |
| | (1,021 | ) |
| Gain on sale of assets, net | | — |
| | 2 |
| | — |
| | 123 |
|
| Loss on impairment of property, plant and equipment | | (2,923 | ) | | — |
| | (18,155 | ) | | — |
|
| Operating loss | | (2,625 | ) | | (4,982 | ) | | (22,355 | ) | | (2,001 | ) |
| Other expense: | | | | | | | | |
| Interest expense | | (2,333 | ) | | (1,487 | ) | | (9,291 | ) | | (4,570 | ) |
| Net loss before income tax benefit | | (4,958 | ) | | (6,469 | ) | | (31,646 | ) | | (6,571 | ) |
| Income tax benefit | | (94 | ) | | — |
| | 495 |
| | — |
|
| Net loss from continuing operations | | (5,052 | ) | | (6,469 | ) | | (31,151 | ) | | (6,571 | ) |
| Discontinued operations | | | | | | | | |
| (Loss) income from operations of disposal groups, net of tax | | (489 | ) | | 225 |
| | (2,255 | ) | | 319 |
|
| Net loss | | (5,541 | ) | | (6,244 | ) | | (33,406 | ) | | (6,252 | ) |
| Net income attributable to noncontrolling interests | | 100 |
| | 7 |
| | 633 |
| | 256 |
|
| Net loss attributable to the Partnership | | $ | (5,641 | ) | | $ | (6,251 | ) | | $ | (34,039 | ) | | $ | (6,508 | ) |
| | | | | | | | | |
| General partner's interest in net loss | | $ | (209 | ) | | $ | (124 | ) | | $ | (1,405 | ) | | $ | (129 | ) |
| Limited partners’ interest in net loss | | $ | (5,432 | ) | | $ | (6,127 | ) | | $ | (32,634 | ) | | $ | (6,379 | ) |
| | | | | | | | | |
| Limited partners' net loss per common unit: | | | |
| Basic and diluted: | | | | | | | | |
| Loss from continuing operations | | $ | (1.55 | ) | | $ | (0.69 | ) | | $ | (6.76 | ) | | $ | (0.73 | ) |
| (Loss) income from operations of disposal groups | | (0.07 | ) | | 0.02 |
| | (0.24 | ) | | 0.03 |
|
| Net loss | | $ | (1.62 | ) | | $ | (0.67 | ) | | $ | (7.00 | ) | | $ | (0.70 | ) |
| Weighted average number of common units outstanding: | | | | | | | | |
| Basic and diluted | | 6,935 |
| | 9,145 |
| | 7,981 |
| | 9,113 |
|
American Midstream Partners, LP and Subsidiaries
Reconciliation of Net (loss) income attributable to the Partnership
to Adjusted EBITDA to Distributable Cash Flow
(Unaudited, in thousands)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Year Ended December 31, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| Reconciliation of Adjusted EBITDA to Net loss attributable to the Partnership | | | | | | | | |
| Net loss attributable to the Partnership | | $ | (5,641 | ) | | $ | (6,251 | ) | | $ | (34,039 | ) | | $ | (6,508 | ) |
| Add: | | | | | | | | |
| Depreciation, amortization and accretion expense | 7,728 |
| | 5,595 |
| | 29,999 |
| | 21,284 |
|
| Interest expense | 2,149 |
| | 1,270 |
| | 7,850 |
| | 4,570 |
|
| Debt issuance costs | 518 |
| | 424 |
| | 2,113 |
| | 1,564 |
|
| Unrealized (gain) loss on derivatives, net | 337 |
| | 740 |
| | 1,495 |
| | (992 | ) |
| Non-cash equity compensation expense | 217 |
| | 511 |
| | 2,094 |
| | 1,783 |
|
| Transaction expenses | 2,139 |
| | — |
| | 3,987 |
| | — |
|
| Impairment on property, plant and equipment | 2,923 |
| | — |
| | 18,155 |
| | — |
|
| Loss on impairment of noncurrent assets held for sale | 593 |
| | — |
| | 2,400 |
| | — |
|
| Deduct: | | | | | | | | |
| Income tax benefit | | 185 |
| | — |
| | 847 |
| | — |
|
| COMA income | 299 |
| | 393 |
| | 843 |
| | 3,373 |
|
| Straight-line amortization of put costs (a) | 30 |
| | 22 |
| | 119 |
| | 291 |
|
| OPEB plan net periodic benefit (cost) | 19 |
| | 24 |
| | 73 |
| | 88 |
|
| Gain (loss) on involuntary conversion of property, plant and equipment | — |
| | (1,021 | ) | | 343 |
| | (1,021 | ) |
| Gain (loss) on sale of assets, net | (75 | ) | | 2 |
| | (75 | ) | | 123 |
|
| Adjusted EBITDA | | $ | 10,505 |
| | $ | 2,869 |
| | $ | 31,904 |
| | $ | 18,847 |
|
| Deduct: | | | | | | | | |
| Cash interest expense (b) | | $ | 1,713 |
| | $ | 1,264 |
| | $ | 7,295 |
| | $ | 3,854 |
|
| Normalized maintenance capital | | 1,196 |
| | 1,037 |
| | 4,685 |
| | 3,828 |
|
| Normalized integrity management (c) | | — |
| | 315 |
| | — |
| | 1,007 |
|
| Series A Convertible Preferred payment | | 1,321 |
| | — |
| | 3,696 |
| | — |
|
| Distributable Cash Flow | | $ | 6,275 |
| | $ | 253 |
| | $ | 16,228 |
| | $ | 10,158 |
|
| |
| (a) | Amounts noted represent the straight-line amortization of the cost of commodity put contracts over the life of the contract. |
| |
| (b) | Excludes amortization of debt issuance costs and mark-to-market adjustments related to interest rate derivatives. |
| |
| (c) | Amounts noted represent average estimated integrity management costs over the seven-year mandatory testing cycle, net of integrity management costs that are expensed in direct operating expenses. Following a recent re-evaluation of the integrity management program, management determined that integrity management expenses will continue to be expensed as incurred in direct operating expenses consistent with past practice. However, beginning with the third quarter of 2013, integrity management expenses are no longer normalized in the calculation of distributable cash flow. |
American Midstream Partners, LP and Subsidiaries
Segment Operating Data
(Unaudited, in thousands, except for operating and pricing data)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended December 31, | | Year Ended December 31, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| Segment Financial and Operating Data: | | | | | | | | |
| Gathering and Processing segment | | | | | | | | |
| Financial data: | | | | | | | | |
| Revenue | | $ | 49,146 |
| | $ | 44,407 |
| | $ | 192,446 |
| | $ | 145,714 |
|
| Gain (loss) on commodity derivatives, net | | 94 |
| | 243 |
| | 28 |
| | 3,400 |
|
| Total revenue | | 49,240 |
| | 44,650 |
| | 192,474 |
| | 149,114 |
|
| Purchases of natural gas, NGLs and condensate | | 41,106 |
| | 33,880 |
| | 156,334 |
| | 108,656 |
|
| Direct operating expenses | | 3,525 |
| | 4,236 |
| | 14,214 |
| | 11,767 |
|
| Other financial data: | | | | | | | | |
| Segment gross margin | | $ | 7,955 |
| | $ | 8,072 |
| | $ | 36,464 |
| | $ | 35,393 |
|
| Operating data: | | | | | | | | |
| Average throughput (MMcf/d) | | 298.2 |
| | 209.7 |
| | 277.2 |
| | 291.2 |
|
| Average plant inlet volume (MMcf/d) (a) | | 125.8 |
| | 73.6 |
| | 117.3 |
| | 116.1 |
|
| Average gross NGL production (Mgal/d) (a) | | 49.6 |
| | 38.5 |
| | 52.0 |
| | 49.9 |
|
| Average gross condensate production (Mgal/d) (a) | | 47.2 |
| | 32.7 |
| | 46.2 |
| | 22.6 |
|
| Average realized prices: | | | | | | | | |
| Natural gas ($/MMcf) | | $ | 4.24 |
| | $ | 3.62 |
| | $ | 4.03 |
| | $ | 2.98 |
|
| NGLs ($/gal) | | $ | 1.01 |
| | $ | 0.97 |
| | $ | 0.90 |
| | $ | 1.08 |
|
| Condensate ($/gal) | | $ | 2.14 |
| | $ | 2.25 |
| | $ | 2.29 |
| | $ | 2.30 |
|
| Transmission segment | | | | | | | | |
| Financial data: | | | | | | | | |
| Total revenue | | $ | 23,361 |
| | $ | 15,413 |
| | $ | 90,377 |
| | $ | 52,529 |
|
| Purchases of natural gas, NGLs and condensate | | 10,373 |
| | 11,216 |
| | 57,815 |
| | 36,516 |
|
| Direct operating expenses | | 4,310 |
| | 1,012 |
| | 13,259 |
| | 5,031 |
|
| Other financial data: | | | | | | | | |
| Segment gross margin | | $ | 12,966 |
| | $ | 3,841 |
| | $ | 32,408 |
| | $ | 13,313 |
|
| Operating data: | | | | | | | | |
| Average throughput (MMcf/d) | | 743.8 |
| | 365.2 |
| | 644.7 |
| | 398.5 |
|
| Average firm transportation - capacity reservation (MMcf/d) | | 587.6 |
| | 736.4 |
| | 640.7 |
| | 703.6 |
|
| Average interruptible transportation - throughput (MMcf/d) | | 497.0 |
| | 113.3 |
| | 389.2 |
| | 86.6 |
|
| Terminals segment (b) | | | | | | | | |
| Financial data: | | | | | | | | |
| Total revenue | | $ | 3,507 |
| | $ | — |
| | $ | 9,831 |
| | $ | — |
|
| Direct operating expenses | | 819 |
| | — |
| | 2,080 |
| | — |
|
| Other financial data: | | | | | | | | |
| Segment gross margin | | $ | 2,688 |
| | $ | — |
| | $ | 7,751 |
| | $ | — |
|
| Operating data: | | | | | | | | |
| Storage utilization | | 96 | % | | — |
| | 96 | % | | — |
|
(a) Excludes volumes and gross production under our elective processing arrangements.
(b) Terminals segment amounts are for the period from April 15, 2013 to December 31, 2013.
