Exterran Partners, L.P. (NASDAQ: EXLP) today reported financial results for the second quarter 2012.
Exterran Partners reported EBITDA, as further adjusted (as defined below), of $45.0 million for the second quarter 2012, compared to $40.0 million for the first quarter 2012 and $32.0 million for the second quarter 2011. Distributable cash flow (as defined below) totaled $27.3 million for the second quarter 2012, compared to $26.9 million for the first quarter 2012 and $19.0 million for the second quarter 2011.
Revenue was $97.2 million for the second quarter 2012, compared to $88.7 million for the first quarter 2012 and $71.8 million for the second quarter 2011. Net income for the second quarter 2012 was $9.1 million, or $0.18 per diluted limited partner unit, excluding a $28.1 million non-cash long-lived asset impairment which did not impact our cash flows, liquidity position, or compliance with debt covenants.
Net loss was $19.1 million for the second quarter 2012, or $0.47 per diluted limited partner unit, compared to net income of $4.5 million, or $0.09 per diluted limited partner unit, for the first quarter 2012, and a net loss of $1.9 million, or $0.08 per diluted limited partner unit, for the second quarter 2011.“Exterran Partners’ performance benefitted from the startup of new compressor units primarily in liquids rich and shale plays and a full-quarter contribution from the March 2012 acquisition of compression and processing assets from Exterran Holdings,” said Brad Childers, Chairman, President and Chief Executive Officer of Exterran Partners’ managing general partner. “Relatively low natural gas prices continue to pose a challenge to activity levels although we are encouraged by the recent modest rebound in prices. We remain optimistic about intermediate and long-term growth opportunities as a result of the role of natural gas as a readily available and cost-effective source of energy.”
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