First, let’s look at results for the second quarter. The dramatic downturn in the commodity environment has impacted our current and near term results. Adjusted EBITDA for the second quarter was $48.7 million compared with $55.4 million for the second quarter of 2011. Distributable cash flow was $23.4 million versus $32.9 million for the year-ago quarter. If commodity prices remain at current levels, we expect to end the year at the lower end of guidance. Adjusted for six months of Ohio River Valley operations or approximately $210 million to $215 million of EBITDA. The price impacts are in line with the sensitivity that we provided earlier this year, so there was really no surprise here.In this scenario, our ability to raise distribution and dividends for the rest of the year will be challenged. Nevertheless, our annual growth rate which still represent an approximate 7% annual increase in distribution and an approximate 23% annual increase in dividends over 2011.
Crosstex Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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