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Regency Energy Partners LP's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our call is being recorded and is also being broadcast live on Regency's corporate website. An archive of the webcast and presentation will be available on the site following today's call.

Slide 2 of the presentation describes our use of forward-looking statements and lists some of the risk factors that may affect actual results. Also included in the appendix of the presentation today are various non-GAAP measures that have been reconciled to the comparable GAAP measure. Please note, we will file our 10-Q later this afternoon.

With that, I will turn the call over to our CEO, Mike Bradley.

Michael J. Bradley

Thanks, Shannon. And good morning, everyone, and thank you for joining us on our call today.

We're very pleased with our results for the first quarter of 2012, during which we continued to increase our adjusted EBITDA and saw volume growth in South and West Texas and in North Louisiana associated with liquids-rich production. Increased drilling in liquids-rich plays will continue to be our primary growth driver across all of our business segments due to the strategic location of our assets and our ability to provide a broad range of services for our customers. Current NGL fundamentals and producer activity in the liquids-rich plays continue to support our projects under construction while also providing new growth opportunities. And in fact, I'm excited to announce today that we will be constructing another expansion through our existing Tilden plant in South Texas.

This expansion will provide additional gathering, compression and treating capacity and will allow us to gather and treat an incremental 60 million a day of rich gas that also contains high levels of H2S. This project, which is supported by fee-based contracts in a large acreage dedication, will cost approximately $40 million and is expected to come online in the fourth quarter of 2012. These expenditures are included in Regency's revised 2012 organic growth capital forecast, which Tom will talk about later.

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