Penn Virginia GP Holdings, L.P. (NYSE:PVG) today reported financial results for the three months ended June 30, 2010.
Distributable cash, a non-GAAP (generally accepted accounting principles) measure, was $15.2 million for the three months ended June 30, 2010, an increase of $0.4 million, or three percent, from the prior year quarter. Adjusted net income attributable to PVG, a non-GAAP measure that excludes the effects of the non-cash change in derivatives fair value that affects comparability to prior periods, was $5.9 million, or $0.15 per limited partner unit, as compared to $10.7 million, or $0.27 per limited partner unit, in the prior year quarter. Net income attributable to PVG was $11.6 million, or $0.30 per limited partner unit, as compared to $8.3 million, or $0.21 per limited partner unit, in the prior year quarter.
Reconciliations of distributable cash and adjusted net income to GAAP-based measures appear in the financial tables later in this release.
The Board of Directors of PVG GP, LLC, the general partner of PVG, today declared a second quarter cash distribution of $0.39 per limited partner unit, payable on August 24, 2010 to unitholders of record as of August 18, 2010. The distribution equates to an annualized rate of $1.56 per unit, and represents a $0.01 per unit, or 2.6 percent, increase over the $0.38 per unit distribution paid in the same quarter of 2009.We own the general partner, including the incentive distribution rights, and are the largest limited partner unitholder of Penn Virginia Resource Partners, L.P. (NYSE:PVR), and we report our financial results on a consolidated basis with the financial results of PVR. We currently have no separate operating activities other than those conducted by PVR and derive our cash flow solely from cash distributions received from PVR. Financial and operational updates, as well as full-year 2010 guidance for PVR and its coal and natural resource management and natural gas midstream segments, are discussed in more detail in PVR’s news release dated July 27, 2010 (please visit PVR’s website, www.pvresource.com, under “For Investors” for a copy of the release). Guidance for Full-Year 2010 See the Guidance Table included in PVR’s July 27, 2010 release for guidance estimates for full-year 2010.