In the Midcon Midstream segment, adjusted EBITDA was down $4.7 million from 2011. The decrease is almost entirely NGL price related as volumes were up on average 31 million cubic feet a day from 2011. What we're finding in the Midcon area is that activity levels are still high, producers are not backing off from the drilling plans but current NGL pricing especially the S.A. [ph] and the Conway [ph] is very low.In the Eastern Midstream segment, adjusted EBITDA was up $12.5 million from 2011 to $17.2 million as a result of a Chief acquisition as well as what we're calling our legacy Lycoming County system. Volumes were 344 million cubic feet a day versus 38 million cubic feet a day last year, a substantial increase in activity. We closed the Chief acquisition on May 17, and we're very pleased with the integration of the operations and with the prospects in front of us as a result of this acquisition and the continued development of our Lycoming County system, the system that we entered the Marcellus with anchored by Range Resources. Today we're looking at 50-plus wells in both Lycoming and Wyoming County that has been drilled, completed and frac-ed waiting on us to hook them up, and we're diligently working on doing just that. As importantly, drilling activity continues to exceed our expectations in the Marcellus. And we're very, very thankful for that of course.
Penn Virginia Resource Partners LP Management Discusses Q2 2012 Results - Earnings Call Transcript
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