ACCESS MIDSTREAM PARTNERS, L.P., (NYSE:ACMP), formerly Chesapeake Midstream Partners, L.P., today announced financial results for the 2012 second quarter. The Partnership’s 2012 second quarter net income totaled $51.6 million, an increase of $10.5 million, or 25.5%, from the 2011 second quarter. Adjusted ebitda for the 2012 second quarter was $120.9 million, up $41.6 million, or 52.5%, from 2011 second quarter adjusted ebitda of $79.3 million. The Partnership’s distributable cash flow (DCF) for the 2012 second quarter totaled $87.3 million, an increase of $29.3 million, or 50.5%, compared to the 2011 second quarter and resulted in a coverage ratio of 1.36. Partnership revenue for the 2012 second quarter was $149.3 million, an increase of $16.1 million, or 12.1%, compared to 2011 second quarter revenue of $133.2 million. Revenue for the 2012 second quarter excludes the Partnership’s Marcellus revenue as this ownership interest is accounted for as an unconsolidated equity investment. Financial terms are defined on pages two and three of this release.
Throughput for the 2012 second quarter totaled 261.0 billion cubic feet (bcf) of natural gas, or 2.87 bcf per day, an increase of 33.5% from 2011 second quarter throughput of 2.15 bcf per day. The increase was driven by throughput from gas gathering systems in the Marcellus Shale acquired in December 2011 as well as increased throughput in the Barnett Shale. The Partnership connected 179 new wells to its gathering systems during the 2012 second quarter, an increase of 25.2% compared to the 2011 second quarter.
Capital expenditures during the 2012 second quarter totaled $154.2 million, including maintenance capital expenditures of $18.5 million. With the expected increase in Marcellus capital spending, the Partnership is on track to meet the current capital expenditure outlook of $734 million for 2012.
Partnership Increases Cash Distribution
On July 27, 2012, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.42 per unit for the 2012 second quarter, a $0.0575, or 15.9%, increase over the 2011 second quarter distribution and a $0.015, or 3.7%, increase over the 2012 first quarter distribution. The distribution will be paid on August 14, 2012 to unitholders of record at the close of business on August 7, 2012. DCF for the 2012 second quarter of $87.3 million provided distribution coverage of 1.36 times the amount required for the Partnership to fund the distribution to both the general and limited partners.