Attached files
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8-K/A - FORM 8-K/A - American Midstream Partners, LP | d297495d8ka.htm |
EX-99.2 - AUDITED STATEMENTS - American Midstream Partners, LP | d297495dex992.htm |
EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS LLP. - American Midstream Partners, LP | d297495dex231.htm |
Exhibit 99.3
American Midstream Partners, LP
50% Undivided Interest in the Burns Point Plant Acquired from Marathon Oil Company
Pro Forma Consolidated Balance Sheet
(in thousands)
September 30, 2011 | ||||||||||||
(unaudited) | ||||||||||||
American Midstream Partners, LP as previously reported |
Pro forma adjustments |
American Midstream Partners, LP pro forma |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ | 530 | $ | 530 | ||||||||
Accounts receivable |
1,192 | 1,192 | ||||||||||
Unbilled revenue |
18,086 | 18,086 | ||||||||||
Risk management assets |
906 | 906 | ||||||||||
Other current assets |
1,696 | 1,696 | ||||||||||
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Total current assets |
22,410 | 22,410 | ||||||||||
Property, plant and equipment, net |
137,590 | 36,065 | (a) | 173,655 | ||||||||
Risk management assetslong term |
247 | 247 | ||||||||||
Other assets, net |
3,170 | 166 | (g) | 3,336 | ||||||||
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Total assets |
$ | 163,417 | $ | 36,231 | $ | 199,648 | ||||||
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Liabilities and Partners Capital |
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Current liabilities |
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Accounts payable |
$ | 1,225 | $ | 1,225 | ||||||||
Accrued gas purchases |
15,309 | 15,309 | ||||||||||
Current portion of long-term debt |
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Other loans |
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Risk management liabilities |
502 | 502 | ||||||||||
Accrued expenses and other current liabilities |
5,393 | 5,393 | ||||||||||
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Total current liabilities |
22,429 | 22,429 | ||||||||||
Risk management liabilitieslong term |
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Other liabilities |
8,352 | 8,352 | ||||||||||
Long-term debt |
29,350 | 35,666 | (a)(g) | 65,016 | ||||||||
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Total liabilities |
60,131 | 95,797 | ||||||||||
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Commitments and contingencies |
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Partners capital |
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General partner interest (0.2 and 0.1 million units outstanding as of September 30, 2011 and December 31, 2010, respectively) |
1,771 | 11 | (f) | 1,782 | ||||||||
Limited partner interest (9.1 and 5.4 million units outstanding as of September 30, 2011 and December 31, 2010, respectively) |
101,376 | 554 | (f) | 101,930 | ||||||||
Accumulated other comprehensive income |
139 | 139 | ||||||||||
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Total partners capital |
103,286 | 103,851 | ||||||||||
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Total liabilities and partners capital |
$ | 163,417 | $ | 36,231 | $ | 199,648 | ||||||
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American Midstream Partners, LP
50% Undivided Interest in the Burns Point Plant Acquired from Marathon Oil Company
Pro Forma Consolidated Statements of Operations
(in thousands)
Nine Months Ended September 30, 2011 | Year Ended December 31, 2010 | |||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
American Midstream Partners, LP as previously reported |
Pro forma adjustments |
American Midstream Partners, LP pro forma |
American Midstream Partners, LP as previously reported |
Pro forma adjustments |
American Midstream Partners, LP pro forma |
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Revenue |
$ | 190,374 | $ | 4,632 | (b) | $ | 195,006 | $ | 212,248 | $ | 4,645 | (b) | $ | 216,893 | ||||||||||
Realized gain (loss) on early termination of commodity derivatives |
(2,998 | ) | (2,998 | ) | | | ||||||||||||||||||
Unrealized gain (loss) on commodity derivatives |
(19 | ) | (19 | ) | (308 | ) | (308 | ) | ||||||||||||||||
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Total revenue |
187,357 | 4,632 | 191,989 | 211,940 | 4,645 | 216,585 | ||||||||||||||||||
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Operating expenses: |
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Purchases of natural gas, NGLs and condensate |
157,725 | 157,725 | 173,821 | 173,821 | ||||||||||||||||||||
Direct operating expenses |
9,548 | 1,195 | (c) | 10,743 | 12,187 | 1,805 | (c) | 13,992 | ||||||||||||||||
Selling, general and administrative expenses |
7,367 | 7,367 | 7,120 | 7,120 | ||||||||||||||||||||
Advisory services agreement termination fee |
2,500 | 2,500 | | | ||||||||||||||||||||
Transaction expenses |
282 | 282 | 303 | 303 | ||||||||||||||||||||
Equity compensation expense |
2,989 | 2,989 | 1,734 | 1,734 | ||||||||||||||||||||
Depreciation expense |
15,468 | 676 | (d) | 16,144 | 20,013 | 902 | (d) | 20,915 | ||||||||||||||||
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Total operating expenses |
195,879 | 1,871 | 197,750 | 215,178 | 2,707 | 217,885 | ||||||||||||||||||
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Operating income (loss) |
(8,522 | ) | 2,761 | (5,761 | ) | (3,238 | ) | 1,938 | (1,300 | ) | ||||||||||||||
Other income (expenses): |
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Interest expense |
(3,923 | ) | (1,997 | )(e)(h) | (5,920 | ) | (5,406 | ) | (2,703 | )(e)(h) | (8,109 | ) | ||||||||||||
Gain purchase of assets |
| | | 565 | (f) | 565 | ||||||||||||||||||
Gain (loss) on sale of assets, net |
586 | 586 | | | ||||||||||||||||||||
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Net income (loss) |
$ | (11,859 | ) | $ | 764 | $ | (11,095 | ) | $ | (8,644 | ) | $ | (200 | ) | $ | (8,844 | ) | |||||||
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General partners interest in net income (loss) |
(237 | ) | 15 | (222 | ) | (173 | ) | (4 | ) | (177 | ) | |||||||||||||
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Limited partners interest in net income (loss) |
$ | (11,622 | ) | $ | 749 | $ | (10,873 | ) | $ | (8,471 | ) | $ | (196 | ) | $ | (8,667 | ) | |||||||
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Limited partners net income (loss) per unit |
$ | (1.85 | ) | $ | 0.12 | $ | (1.73 | ) | $ | (1.66 | ) | $ | (0.04 | ) | $ | (1.70 | ) | |||||||
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Weighted average number of units used in computation of limited partnersnet income (loss) per unit |
6,296 | 6,296 | 6,296 | 5,099 | 5,099 | 5,099 | ||||||||||||||||||
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Pro forma adjustments:
(a) | Assumes the acquisition of the Interest with a fair value of $36.1 million and a purchase price of $35.5 million, financed entirely with long term debt. |
(b) | Assumes the value of allocated in-kind revenues from the beginning of the period. |
(c) | Assumes allocated Plant direct operating costs and administrative fees from the beginning of the period. |
(d) | Assumes depreciation expense from the beginning of the period, calculated on a straight-line basis over a 40 year useful life. |
(e) | Assumes interest expense from the beginning of the period at the Partnerships weighted average interest rate of 7.37% for the 9 months ended September 30, 2011 and 7.48% for the year ended December 31, 2010. |
(f) | Assumes a gain on purchase resulting from the difference between the cash consideration paid of $35.5 million and the fair value of the Interest of $36.1 million. |
(g) | Assumes additional deferred debt issuance costs of $0.2 million associated with an amendment to the credit facility required for the purchase of the Interest. |
(h) | Assumes the straight-line amortization additional debt issuance costs over the remaining life of the credit facility, or 57 months, from the beginning of the period. |