Southcross Energy Partners, L.P. (NYSE: SXE) (“Southcross” or the
“Partnership”) today announced second quarter financial and
operating results.
Southcross’ net loss was $17.9 million for the quarter ended
June 30, 2018, compared to $15.9 million for the same period in the
prior year and $16.8 million for the quarter ended March 31, 2018.
Adjusted EBITDA (as defined below) was $14.9 million for the
quarter ended June 30, 2018, compared to $17.1 million for the same
period in the prior year and $15.1 million for the quarter ended
March 31, 2018.
Processed gas volumes during the quarter
averaged 234 MMcf/d, a decrease of 12% compared to 267 MMcf/d for
the same period in the prior year and in-line with volumes of 234
MMcf/d for the quarter ended March 31, 2018.
On July 29, 2018, Southcross terminated the previously announced
Agreement and Plan of Merger, dated as of October 31, 2017,
with American Midstream Partners, LP (NYSE:AMID) (“AMID”) whereby
AMID had proposed to merge Southcross into a wholly owned
subsidiary of AMID. In addition, effective July 29, 2018,
Southcross Holdings LP (“Southcross Holdings”) terminated the
previously announced Contribution Agreement, dated as of October
31, 2017, with AMID as a result of a funding failure by AMID.
Pursuant to the terms of the Contribution Agreement, because of the
nature of the termination Southcross Holdings was entitled to
receive a termination fee of $17 million. On August 1, 2018, AMID
paid the $17 million termination fee, of which approximately $4
million will be used to reimburse the Partnership for transaction
costs.
“Following our termination of the merger agreement, our focus is
on restoring financial performance that was hampered during the
pendency of the transaction and on pursuing various strategic
options to improve our balance sheet,” said David Biegler, Acting
Chairman, President and Chief Executive Officer of Southcross’
general partner. “We remain diligent in our efforts to improve
liquidity through improvements in operating results. Additionally,
we are focused on taking advantage of the improving commercial
environments in our key operating areas.”
Capital Expenditures
For the quarter ended June 30, 2018, growth
and maintenance capital expenditures were $4.2 million and
were related primarily to various projects to connect new
production to our assets.
Capital and Liquidity
As of June 30, 2018, Southcross had total outstanding debt of
$529 million, including $83 million under its revolving credit
facility, as compared to total outstanding debt of $530 million as
of March 31, 2018. At August 10, 2018, Southcross had more
than $15 million in available liquidity.
Cash Distributions and Distributable Cash
Flow
Distributable cash flow (as defined below) for
the quarter ended June 30, 2018 was $4.7 million, compared to $8.0
million for the same period in the prior year and $5.0 million for
the quarter ended March 31, 2018. The Partnership did not make a
cash distribution for the quarter ended June 30, 2018 and is not
allowed to make any cash distributions until the Partnership’s
consolidated total leverage ratio, as defined under its credit
agreement, is at or below 5.0x to 1. At June 30, 2018, the
Partnership’s consolidated total leverage ratio was approximately
9.1x to 1 compared to approximately 8.6x to 1 for the quarter ended
March 31, 2018. (See the accompanying reconciliation of all
non-GAAP items at the end of this news release).
Conference Call Information
Southcross will hold a conference call on
Monday, August 20, 2018, at 10:00 a.m. Central Time (11:00 a.m.
Eastern Time) to discuss its second quarter 2018 financial and
operating results as well as its future outlook. The call can be
accessed live over the telephone by dialing (877) 705-6003 or, for
international callers, (201) 493-6725. The replay of the call will
be available shortly after the call and can be accessed by dialing
(844) 512-2921 or, for international callers, (412) 317-6671. The
passcode for the replay is 13682658. The replay of the call will be
available for approximately two weeks following the call.
Interested parties may also listen to a
simultaneous webcast of the call on Southcross’ website at
www.southcrossenergy.com under the “Investors” section. A replay of
the webcast will also be available for approximately two weeks
following the call.
About Southcross Energy Partners,
L.P.Southcross Energy Partners, L.P. is a master limited
partnership that provides natural gas gathering, processing,
treating, compression and transportation services and NGL
fractionation and transportation services. It also sources,
purchases, transports and sells natural gas and NGLs. Its assets
are located in South Texas, Mississippi and Alabama and include two
gas processing plants, one fractionation plant and approximately
3,100 miles of pipeline. The South Texas assets are located in or
near the Eagle Ford shale region. Southcross is headquartered in
Dallas, Texas. Visit www.southcrossenergy.com for more
information.
Cautionary Statement Regarding
Forward-Looking Statements
This news release and accompanying statements may contain
forward-looking statements. All statements that are not statements
of historical facts, including statements regarding our future
financial position, results, business strategy, guidance,
distribution growth and plans and objectives of management for
future operations, are forward-looking statements. We have used the
words “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “should,” “will,”
“would”, “potential,” and similar terms and phrases to identify
forward-looking statements in this news release. Although we
believe that the assumptions underlying our forward-looking
statements are reasonable, any of these assumptions could be
inaccurate, and, therefore, we cannot assure you that the
forward-looking statements included herein will prove to be
accurate. These forward-looking statements reflect our intentions,
plans, expectations, assumptions and beliefs about future events
and are subject to risks, uncertainties and other factors, many of
which are outside our control. Actual results and trends in the
future may differ materially from those suggested or implied by the
forward-looking statements depending on a variety of factors which
are described in greater detail in our filings with
the Securities and Exchange Commission (“SEC”). Please
see our “Risk Factors” and other disclosures included in their
Annual Report on Form 10-K for the year ended
December 31, 2017 and in subsequently filed Forms 10-Q and
8-K. All future written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the previous statements. The
forward-looking statements herein speak as of the date of this news
release. Southcross undertakes no obligation to update any
information contained herein or to publicly release the results of
any revisions to any forward-looking statements that may be made to
reflect events or circumstances that occur, or that we become aware
of, after the date of this news release.
Use of Non-GAAP Financial Measures
We report our financial results in accordance
with accounting principles generally accepted in the United States,
or GAAP. We also present the non-GAAP financial measures of
Adjusted EBITDA and distributable cash flow.
We define Adjusted EBITDA as net income/loss,
plus interest expense, income tax expense, depreciation and
amortization expense, equity in losses of joint venture
investments, certain non-cash charges (such as non-cash unit-based
compensation, impairments, loss on extinguishment of debt and
unrealized losses on derivative contracts), major litigation costs
net of recoveries, transaction-related costs, revenue deferral
adjustment, loss on sale of assets, severance expense and selected
charges that are unusual or non-recurring; less interest income,
income tax benefit, unrealized gains on derivative contracts,
equity in earnings of joint venture investments, gain on sale of
assets and selected gains that are unusual or non-recurring.
Adjusted EBITDA should not be considered an alternative to net
income, operating cash flow or any other measure of financial
performance presented in accordance with GAAP.
Adjusted EBITDA is a key metric used in
measuring our compliance with our financial covenants under our
debt agreements and is used as a supplemental measure by our
management and by external users of our financial statements, such
as investors, commercial banks, research analysts and others, to
assess the ability of our assets to generate cash sufficient to
support our indebtedness and make future cash distributions;
operating performance and return on capital as compared to those of
other companies in the midstream energy sector, without regard to
financing or capital structure; and the attractiveness of capital
projects and acquisitions and the overall rates of return on
investment opportunities.
We define distributable cash flow as Adjusted
EBITDA, plus interest income and income tax benefit, less cash paid
for interest, income tax expense and maintenance capital
expenditures. We use distributable cash flow to analyze our
liquidity. Distributable cash flow does not reflect changes in
working capital balances. Distributable cash flow is used to assess
the ability of our assets to generate cash sufficient to support
our indebtedness and make future cash distributions to our
unitholders; and the attractiveness of capital projects and
acquisitions and the overall rates of return on alternative
investment opportunities.
Adjusted EBITDA and distributable cash flow are
not financial measures presented in accordance with GAAP. We
believe that the presentation of these non-GAAP financial measures
provides useful information to investors in assessing our financial
condition, results of operations and cash flows from operations.
Reconciliations of Adjusted EBITDA and distributable cash flow to
their most directly comparable GAAP measure are included in this
press release. Net income and net cash provided by operating
activities are the GAAP measures most directly comparable to
Adjusted EBITDA. The GAAP measure most directly comparable to
distributable cash flow is net cash provided by operating
activities. Our non-GAAP financial measures should not be
considered as alternatives to the most directly comparable GAAP
financial measure. Each of these non-GAAP financial measures has
important limitations as an analytical tool because each excludes
some but not all items that affect the most directly comparable
GAAP financial measure. You should not consider Adjusted EBITDA or
distributable cash flow in isolation or as a substitute for
analysis of our results as reported under GAAP. Because Adjusted
EBITDA and distributable cash flow may be defined differently by
other companies in our industry, our definitions of these non-GAAP
financial measures may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility
across industry lines.
A reconciliation of these financial measures to
the most comparable GAAP financial measures is contained in the
accompanying schedule.
Contact:
Southcross Energy Partners,
L.P.
Mallory Biegler, 214-979-3720Investor
Relationsinvestorrelations@southcrossenergy.com
SOUTHCROSS ENERGY PARTNERS,
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except for per unit
data)(Unaudited)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
Revenues |
$ |
78,343 |
|
|
$ |
127,970 |
|
|
$ |
182,204 |
|
|
$ |
242,357 |
|
Revenues
- affiliates |
59,077 |
|
|
40,308 |
|
|
111,846 |
|
|
81,079 |
|
Total
revenues |
137,420 |
|
|
168,278 |
|
|
294,050 |
|
|
323,436 |
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Cost of
natural gas and liquids sold |
104,411 |
|
|
132,948 |
|
|
227,928 |
|
|
251,639 |
|
Operations and maintenance |
14,376 |
|
|
15,195 |
|
|
28,349 |
|
|
29,501 |
|
Depreciation and amortization |
17,906 |
|
|
18,302 |
|
|
35,762 |
|
|
36,152 |
|
General
and administrative |
4,941 |
|
|
4,863 |
|
|
9,916 |
|
|
13,059 |
|
Impairment of assets |
— |
|
|
— |
|
|
— |
|
|
649 |
|
Gain on
sale of assets |
(553 |
) |
|
(129 |
) |
|
(553 |
) |
|
(191 |
) |
Total
expenses |
141,081 |
|
|
171,179 |
|
|
301,402 |
|
|
330,809 |
|
|
|
|
|
|
|
|
|
Loss from
operations |
(3,661 |
) |
|
(2,901 |
) |
|
(7,352 |
) |
|
(7,373 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Equity in
losses of joint venture investments |
(3,152 |
) |
|
(3,331 |
) |
|
(6,288 |
) |
|
(6,647 |
) |
Interest
expense |
(11,095 |
) |
|
(9,636 |
) |
|
(21,105 |
) |
|
(18,739 |
) |
Gain on
insurance proceeds |
— |
|
|
— |
|
|
— |
|
|
1,508 |
|
Total
other expense |
(14,247 |
) |
|
(12,967 |
) |
|
(27,393 |
) |
|
(23,878 |
) |
Loss before income tax
expense |
(17,908 |
) |
|
(15,868 |
) |
|
(34,745 |
) |
|
(31,251 |
) |
Income tax expense |
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
Net loss |
$ |
(17,908 |
) |
|
$ |
(15,870 |
) |
|
$ |
(34,745 |
) |
|
$ |
(31,253 |
) |
General partner unit
in-kind distribution |
(11 |
) |
|
(22 |
) |
|
(22 |
) |
|
(30 |
) |
Net loss attributable
to partners |
$ |
(17,919 |
) |
|
$ |
(15,892 |
) |
|
$ |
(34,767 |
) |
|
$ |
(31,283 |
) |
|
|
|
|
|
|
|
|
Earnings per unit: |
|
|
|
|
|
|
|
Net loss allocated to
limited partner common units |
$ |
(10,714 |
) |
|
$ |
(9,648 |
) |
|
$ |
(20,826 |
) |
|
$ |
(19,020 |
) |
Weighted average number
of limited partner common units outstanding |
48,637 |
|
|
48,538 |
|
|
48,632 |
|
|
48,530 |
|
Basic and diluted loss
per common unit |
$ |
(0.22 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
Net loss allocated to
limited partner subordinated units |
$ |
(2,539 |
) |
|
$ |
(2,426 |
) |
|
$ |
(5,229 |
) |
|
$ |
(4,786 |
) |
Weighted average number
of limited partner subordinated units outstanding |
12,214 |
|
|
12,214 |
|
|
12,214 |
|
|
12,214 |
|
Basic and diluted loss
per subordinated unit |
$ |
(0.22 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHCROSS ENERGY PARTNERS,
L.P.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands, except for unit
data)(Unaudited)
|
June 30, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
1,155 |
|
$ |
5,218 |
Trade
accounts receivable |
27,924 |
|
33,920 |
Accounts
receivable - affiliates |
33,656 |
|
33,163 |
Prepaid
expenses |
1,722 |
|
2,592 |
Other
current assets |
8,493 |
|
497 |
Total
current assets |
72,950 |
|
75,390 |
|
|
|
|
Property, plant and
equipment, net |
886,043 |
|
914,547 |
Investments in joint
ventures |
105,681 |
|
111,747 |
Other assets |
2,508 |
|
2,519 |
Total
assets |
$ |
1,067,182 |
|
$ |
1,104,203 |
|
|
|
|
LIABILITIES AND
PARTNERS' CAPITAL |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
49,331 |
|
$ |
57,782 |
Accounts
payable - affiliates |
94 |
|
378 |
Current
portion of long-term debt |
522,479 |
|
4,256 |
Other
current liabilities |
12,519 |
|
12,976 |
Total
current liabilities |
584,423 |
|
75,392 |
|
|
|
|
Long-term debt |
— |
|
514,266 |
Other non-current
liabilities |
17,774 |
|
14,979 |
Total
liabilities |
602,197 |
|
604,637 |
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Partners' capital: |
|
|
|
Common
units (48,636,517 and 48,614,187 units outstanding as of June 30,
2018 and December 31, 2017, respectively) |
193,632 |
|
215,146 |
Class B
Convertible units (18,982,577 and 18,335,181 units issued and
outstanding as of June 30, 2018 and December 31, 2017,
respectively) |
259,798 |
|
266,725 |
Subordinated units (12,213,713 units issued and outstanding as of
June 30, 2018 and December 31, 2017, respectively) |
2,860 |
|
8,302 |
General
partner interest |
8,695 |
|
9,393 |
Total
partners' capital |
464,985 |
|
499,566 |
Total
liabilities and partners' capital |
$ |
1,067,182 |
|
$ |
1,104,203 |
|
|
|
SOUTHCROSS ENERGY PARTNERS,
L.P.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In
thousands)(Unaudited)
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(34,745 |
) |
|
$ |
(31,253 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
35,762 |
|
|
36,152 |
|
Unit-based compensation |
170 |
|
|
414 |
|
Amortization of deferred financing costs, original issuance
discount and PIK interest |
2,770 |
|
|
1,830 |
|
Gain on
sale of assets |
(553 |
) |
|
(191 |
) |
Unrealized gain on financial instruments |
(1 |
) |
|
(19 |
) |
Equity in
losses of joint venture investments |
6,288 |
|
|
6,647 |
|
Impairment of assets |
— |
|
|
649 |
|
Gain on
insurance proceeds |
— |
|
|
(1,508 |
) |
Other,
net |
(126 |
) |
|
(348 |
) |
Changes
in operating assets and liabilities: |
|
|
|
Trade
accounts receivable, including affiliates |
5,504 |
|
|
638 |
|
Prepaid
expenses and other current assets |
(7,123 |
) |
|
1,459 |
|
Other
non-current assets |
535 |
|
|
65 |
|
Accounts
payable and accrued expenses, including affiliates |
(10,352 |
) |
|
(684 |
) |
Other
liabilities |
4,664 |
|
|
(2,567 |
) |
Net cash
provided by operating activities |
2,793 |
|
|
11,284 |
|
Cash flows from
investing activities: |
|
|
|
Capital
expenditures |
(7,619 |
) |
|
(12,936 |
) |
Aid in
construction receipts (payments) |
(7 |
) |
|
6,644 |
|
Insurance
proceeds from property damage claims, net of expenditures |
— |
|
|
2,000 |
|
Net
proceeds from sales of assets |
108 |
|
|
2,794 |
|
Investment contributions to joint venture investments |
(222 |
) |
|
(230 |
) |
Net cash
used in investing activities |
(7,740 |
) |
|
(1,728 |
) |
Cash flows from
financing activities: |
|
|
|
Borrowings under our senior unsecured note |
15,000 |
|
|
— |
|
Repayments under our credit facility |
(11,431 |
) |
|
(10,000 |
) |
Repayments under our term loan agreement |
(2,128 |
) |
|
(3,225 |
) |
Payments
on capital lease obligations |
(293 |
) |
|
(247 |
) |
Financing
costs |
(256 |
) |
|
(44 |
) |
Tax
withholdings on unit-based compensation vested units |
(8 |
) |
|
(45 |
) |
Net cash
provided by (used in) financing activities |
884 |
|
|
(13,561 |
) |
|
|
|
|
Net decrease in cash
and cash equivalents |
(4,063 |
) |
|
(4,005 |
) |
Cash and cash
equivalents — Beginning of period |
5,218 |
|
|
21,226 |
|
Cash and cash
equivalents — End of period |
$ |
1,155 |
|
|
$ |
17,221 |
|
|
|
|
SOUTHCROSS ENERGY PARTNERS,
L.P.SELECTED FINANCIAL AND OPERATIONAL
DATA(In thousands, except for operating
data)(Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Financial
data: |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
14,905 |
|
$ |
17,070 |
|
$ |
29,982 |
|
$ |
35,088 |
|
|
|
|
|
|
|
|
Maintenance capital
expenditures |
$ |
866 |
|
$ |
248 |
|
$ |
1,751 |
|
$ |
928 |
Growth capital
expenditures |
3,330 |
|
5,823 |
|
5,868 |
|
12,008 |
|
|
|
|
|
|
|
|
Distributable cash
flow |
$ |
4,714 |
|
$ |
7,993 |
|
$ |
9,747 |
|
$ |
16,912 |
|
|
|
|
|
|
|
|
Operating
data: |
|
|
|
|
|
|
|
Average volume of
processed gas (MMcf/d) |
234 |
|
267 |
|
234 |
|
262 |
Average volume of NGLs
produced (Bbls/d) |
29,665 |
|
32,945 |
|
29,097 |
|
32,092 |
Average daily
throughput Mississippi/Alabama (MMcf/d) |
163 |
|
166 |
|
180 |
|
167 |
|
|
|
|
|
|
|
|
Realized prices on
natural gas volumes ($/Mcf) |
$ |
3.12 |
|
$ |
3.22 |
|
$ |
3.20 |
|
$ |
3.28 |
Realized prices on NGL
volumes ($/gal) |
0.61 |
|
0.65 |
|
0.57 |
|
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHCROSS ENERGY PARTNERS,
L.P.RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In
thousands)(Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net cash
provided by operating activities |
$ |
3,708 |
|
|
$ |
11,094 |
|
|
$ |
2,793 |
|
|
$ |
11,284 |
|
Add (deduct): |
|
|
|
|
|
|
|
Depreciation and amortization |
(17,906 |
) |
|
(18,302 |
) |
|
(35,762 |
) |
|
(36,152 |
) |
Unit-based compensation |
(105 |
) |
|
(157 |
) |
|
(170 |
) |
|
(414 |
) |
Amortization of deferred financing costs, original issuance
discount and PIK interest |
(1,495 |
) |
|
(879 |
) |
|
(2,770 |
) |
|
(1,830 |
) |
Gain on
sale of assets |
553 |
|
|
129 |
|
|
553 |
|
|
191 |
|
Unrealized gain (loss) on financial instruments |
(4 |
) |
|
2 |
|
|
1 |
|
|
19 |
|
Equity in
losses of joint venture investments |
(3,152 |
) |
|
(3,331 |
) |
|
(6,288 |
) |
|
(6,647 |
) |
Impairment of assets |
— |
|
|
— |
|
|
— |
|
|
(649 |
) |
Gain on
insurance proceeds |
— |
|
|
— |
|
|
— |
|
|
1,508 |
|
Other,
net |
63 |
|
|
63 |
|
|
126 |
|
|
348 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
Trade
accounts receivable, including affiliates |
1,332 |
|
|
10,619 |
|
|
(5,504 |
) |
|
(638 |
) |
Prepaid
expenses and other current assets |
(102 |
) |
|
(2,089 |
) |
|
7,123 |
|
|
(1,459 |
) |
Other
non-current assets |
(600 |
) |
|
(4 |
) |
|
(535 |
) |
|
(65 |
) |
Accounts
payable and accrued liabilities, including affiliates |
(922 |
) |
|
(11,415 |
) |
|
10,352 |
|
|
684 |
|
Other
liabilities |
722 |
|
|
(1,600 |
) |
|
(4,664 |
) |
|
2,567 |
|
Net
loss |
$ |
(17,908 |
) |
|
$ |
(15,870 |
) |
|
$ |
(34,745 |
) |
|
$ |
(31,253 |
) |
Add (deduct): |
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
17,906 |
|
|
$ |
18,302 |
|
|
$ |
35,762 |
|
|
$ |
36,152 |
|
Interest
expense |
11,095 |
|
|
9,636 |
|
|
21,105 |
|
|
18,739 |
|
Income
tax expense |
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Gain on
insurance proceeds |
— |
|
|
— |
|
|
— |
|
|
(1,508 |
) |
Impairment of assets |
— |
|
|
— |
|
|
— |
|
|
649 |
|
Gain on
sale of assets |
(553 |
) |
|
(129 |
) |
|
(553 |
) |
|
(191 |
) |
Revenue
deferral adjustment |
(104 |
) |
|
754 |
|
|
(208 |
) |
|
1,508 |
|
Unit-based compensation |
105 |
|
|
157 |
|
|
170 |
|
|
414 |
|
Major
litigation costs, net of recoveries |
— |
|
|
116 |
|
|
— |
|
|
149 |
|
Transaction-related costs |
197 |
|
|
— |
|
|
818 |
|
|
— |
|
Equity in
losses of joint venture investments |
3,152 |
|
|
3,331 |
|
|
6,288 |
|
|
6,647 |
|
Severance
expense |
— |
|
|
414 |
|
|
— |
|
|
2,748 |
|
Expenses
related to shut-down of Conroe processing plant and conversion of
Gregory processing plant |
— |
|
|
313 |
|
|
— |
|
|
607 |
|
Other,
net |
1,015 |
|
|
44 |
|
|
1,345 |
|
|
425 |
|
Adjusted
EBITDA |
$ |
14,905 |
|
|
$ |
17,070 |
|
|
$ |
29,982 |
|
|
$ |
35,088 |
|
Cash
interest, net of capitalized costs |
(9,326 |
) |
|
(8,827 |
) |
|
(18,484 |
) |
|
(17,246 |
) |
Income
tax expense |
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
Maintenance capital expenditures |
(866 |
) |
|
(248 |
) |
|
(1,751 |
) |
|
(928 |
) |
Distributable
cash flow |
$ |
4,714 |
|
|
$ |
7,993 |
|
|
$ |
9,747 |
|
|
$ |
16,912 |
|
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