PAA Natural Gas Storage, L.P. (NYSE:PNG) today reported net income of $15.4 million for the third quarter of 2011 as compared to net income for the third quarter of 2010 of $9.6 million. Net income per diluted limited partner unit for the third quarter of 2011 equaled $0.21. The Partnership reported earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $26.3 million for the third quarter of 2011, compared to EBITDA of $14.2 million for the third quarter of 2010.
The Partnership’s reported results include items that affect comparability between reporting periods. These items are excluded from adjusted results, as further described in the second table below. Accordingly, the Partnership’s third-quarter 2011 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA were $16.0 million, $0.22 and $26.9 million, respectively, as compared to respective measures for the third-quarter of 2010 of $10.3 million, $0.23 and $14.9 million. (See the section of this release entitled “Non-GAAP and Segment Financial Measures” and the tables included with this press release for discussion of adjusted EBITDA and other non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.)
"PNG reported solid third quarter results, with adjusted EBITDA coming in slightly ahead of our mid-point guidance," said Dean Liollio, President of PAA Natural Gas Storage. "This performance reflects the benefit of our fee-based business model underpinned by multi-year contracts, our strategically located asset base and our continued focus on managing costs and delivering on our commercial objectives."
"We are pleased to have increased our annualized quarterly distribution to $1.43 per unit, representing an approximate 5.9% increase over our November 2010 distribution," said Liollio. "Looking forward, the $120 million mid-point of our preliminary 2012 adjusted EBITDA guidance range reflects a 15% increase over the mid-point of our anticipated 2011 performance highlighting the benefit of the continued expansion of our existing facilities at very attractive costs."
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