Attached files
file | filename |
---|---|
8-K - FORM 8-K - EnLink Midstream Partners, LP | d70781e8vk.htm |
EX-99.4 - EX-99.4 - EnLink Midstream Partners, LP | d70781exv99w4.htm |
EX-99.3 - EX-99.3 - EnLink Midstream Partners, LP | d70781exv99w3.htm |
EX-99.2 - EX-99.2 - EnLink Midstream Partners, LP | d70781exv99w2.htm |
EX-23.1 - EX-23.1 - EnLink Midstream Partners, LP | d70781exv23w1.htm |
Exhibit 99.1
Item 6. Selected Financial Data
The following table sets forth selected historical financial and operating data of Crosstex
Energy, L.P. as of and for the dates and periods indicated. The selected historical financial data
are derived from the audited financial statements of Crosstex Energy, L.P. In addition, our summary
historical financial and operating data include the results of operations of the LIG assets
beginning in April 2004, the south Louisiana processing assets beginning November 2005, the NTP
beginning April 2006 and the Chief midstream assets beginning June 2006 and other smaller
acquisitions completed in 2006.
The table should be read together with Managements Discussion and Analysis of Financial
Condition and Results of Operations.
Crosstex Energy, L.P. | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(In thousands, except per unit data) | ||||||||||||||||||||
Statement of Operations Data: |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Midstream |
$ | 3,072,646 | $ | 2,380,224 | $ | 1,534,800 | $ | 1,212,864 | $ | 790,692 | ||||||||||
Profit on energy trading activities |
3,365 | 4,105 | 2,535 | 1,599 | 2,228 | |||||||||||||||
Total revenues |
3,076,011 | 2,384,329 | 1,537,335 | 1,214,463 | 792,920 | |||||||||||||||
Operating costs and expenses: |
||||||||||||||||||||
Purchased gas |
2,768,225 | 2,124,503 | 1,378,979 | 1,154,345 | 756,820 | |||||||||||||||
Operating expenses |
125,754 | 91,202 | 65,871 | 28,958 | 12,085 | |||||||||||||||
General and administrative |
68,864 | 59,493 | 43,710 | 30,693 | 19,724 | |||||||||||||||
Gain on sale of property |
(947 | ) | (1,024 | ) | (1,936 | ) | (8,289 | ) | (12 | ) | ||||||||||
(Gain) loss on derivatives |
(8,619 | ) | (4,147 | ) | (174 | ) | 10,399 | (206 | ) | |||||||||||
Impairments |
29,373 | | | | | |||||||||||||||
Depreciation and amortization |
107,521 | 83,315 | 56,349 | 15,122 | 6,520 | |||||||||||||||
Total operating costs and expenses |
3,090,171 | 2,353,342 | 1,542,799 | 1,231,228 | 794,931 | |||||||||||||||
Operating income (loss) |
(14,160 | ) | 30,987 | (5,464 | ) | (16,765 | ) | (2,011 | ) | |||||||||||
Other income (expense): |
||||||||||||||||||||
Interest expense, net |
(74,971 | ) | (48,059 | ) | (19,889 | ) | (12,407 | ) | (5,861 | ) | ||||||||||
Loss on extinguishment of debt |
| | | | | |||||||||||||||
Other income |
27,770 | 538 | 212 | 392 | 786 | |||||||||||||||
Total other income (expense) |
(47,201 | ) | (47,521 | ) | (19,677 | ) | (12,015 | ) | (5,075 | ) | ||||||||||
Loss from continuing operations before non-controlling
interest and income taxes |
(61,361 | ) | (16,534 | ) | (25,141 | ) | (28,780 | ) | (7,086 | ) | ||||||||||
Income tax provision |
(2,369 | ) | (760 | ) | (222 | ) | (216 | ) | (162 | ) | ||||||||||
Loss from continuing operations, net of tax |
(63,730 | ) | (17,294 | ) | (25,363 | ) | (28,996 | ) | (7,248 | ) | ||||||||||
Income from discontinued operations, net of tax |
25,007 | 31,343 | 20,714 | 48,637 | 31,241 | |||||||||||||||
Gain from sale of discontinued operations, net of tax |
49,805 | | | | | |||||||||||||||
Discontinued operations |
74,812 | 31,343 | 20,714 | 48,637 | 31,241 | |||||||||||||||
Net income (loss) before cumulative effect of change
in accounting principle |
11,082 | 14,049 | (4,649 | ) | 19,641 | 23,993 | ||||||||||||||
Cumulative effect of change in accounting principle |
| | 689 | | | |||||||||||||||
Net income (loss) |
11,082 | 14,049 | (3,960 | ) | 19,641 | 23,993 | ||||||||||||||
Less: Net income from continuing operations
attributable to the non-controlling interest |
311 | 160 | 231 | 441 | 289 | |||||||||||||||
Net income (loss) attributable to Crosstex Energy, L.P. |
$ | 10,771 | $ | 13,889 | $ | (4,191 | ) | $ | 19,200 | $ | 23,704 | |||||||||
Net income (loss) per limited partner common unit |
$ | (3.19 | ) | $ | (0.20 | ) | $ | (1.09 | ) | $ | 0.56 | $ | 0.98 | |||||||
Net income per limited partner senior subordinated unit |
$ | 9.44 | $ | | $ | 5.31 | $ | | $ | | ||||||||||
Distributions declared per limited partner unit (1) |
$ | 2.00 | $ | 2.33 | $ | 2.18 | $ | 1.93 | $ | 1.70 | ||||||||||
Balance Sheet Data (end of period): |
||||||||||||||||||||
Working capital deficit |
$ | (32,910 | ) | $ | (46,888 | ) | $ | (79,936 | ) | $ | (11,681 | ) | $ | (34,724 | ) | |||||
Property and equipment, net |
1,527,280 | 1,425,162 | 1,105,813 | 667,142 | 324,730 | |||||||||||||||
Total assets |
2,533,266 | 2,592,874 | 2,194,474 | 1,425,158 | 586,771 | |||||||||||||||
Long-term debt |
1,263,706 | 1,223,118 | 987,130 | 522,650 | 148,700 | |||||||||||||||
Partners equity including non-controlling interest |
797,931 | 788,641 | 715,531 | 405,559 | 147,096 | |||||||||||||||
Cash Flow Data: |
||||||||||||||||||||
Net cash flow provided by (used in)(2): |
||||||||||||||||||||
Operating activities |
$ | 173,750 | $ | 114,818 | $ | 113,010 | $ | 14,010 | $ | 48,103 | ||||||||||
Investing activities |
(186,810 | ) | (411,382 | ) | (885,825 | ) | (615,017 | ) | (124,371 | ) | ||||||||||
Financing activities |
14,554 | 295,882 | 772,234 | 596,615 | 81,899 | |||||||||||||||
Other Financial Data: |
||||||||||||||||||||
Gross margin (3) |
$ | 307,786 | $ | 259,826 | $ | 158,356 | $ | 60,118 | $ | 36,100 | ||||||||||
Operating Data: |
||||||||||||||||||||
Pipeline throughput (MMBtu/d) |
1,991,000 | 1,555,000 | 845,000 | 582,000 | 667,000 | |||||||||||||||
Natural gas processed (MMBtu/d)(4) |
1,608,000 | 1,835,000 | 1,817,000 | 1,707,000 | 286,000 | |||||||||||||||
Producer Services (MMBtu/d) |
85,000 | 94,000 | 138,000 | 111,010 | 210,000 |
(1) | Distributions include fourth quarter 2008 distributions of $0.25 per unit paid in February 2009; fourth quarter 2007 distributions of $0.61 per unit paid in February 2008; fourth quarter 2006 distributions of $0.56 per unit paid in February 2007; fourth quarter 2005 distributions of $0.51 per unit paid in February 2006; fourth quarter 2004 distributions of $0.45 per unit paid in February 2005; and fourth quarter 2003 distributions of $0.375 per unit paid in February 2004. | |
(2) | Cash flow data includes cash flows from discontinued operations. | |
(3) | Gross margin is defined as revenue, including profit on energy trading activities, less related cost of purchased gas. | |
(4) | For the year ended 2005, processed volumes include a daily average for the south Louisiana processing plants for November 2005 and December 2005, the two-month period these assets were operated by us. |