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Regency Energy Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our call is being recorded and is also being broadcast live on our website. An archive of the webcast and presentation will also be available on the site following this call. Please note, we plan to file our 10-Q this afternoon.

Slide 2 of the presentation describes our use of forward-looking statements and lists some of the risk factors that may affect actual results. You are reminded that actual results may differ materially from any forward-looking statements. You should refer to our SEC filings for a more complete discussion of the risks involved in our business and the ownership of our Limited Partnership unit. Included in the appendix of today’s presentation are various non-GAAP measures that have been reconciled to the comparable GAAP measure.

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

Michael Bradley

Thanks Lyndsay, and good morning, everyone, and thank you for joining our call. I’ll start, we had a good quarter, during which our adjusted EBITDA increased 12%, over the second quarter of last year as volumes continued to increase in South and West Texas and in North Louisiana. Cotton Valley drilling has picked up around our Dubach facility.

Overall, gathering and processing volumes were up nearly 30% over the second quarter of last year. We also continue to benefit from the addition of the Lone Star joint venture assets, which delivered solid results for the second quarter.

Drilling activity in the liquids-rich plays continues to be the primary growth driver for our business and remains active around our assets in West and South Texas and in North Louisiana.

Given the strong activity around our assets, we now expect to be expanding our processing capacity in West Texas and in North Louisiana in 2013. Now provide an update on the progress of our organic projects. In South Texas, rig counts have continued to increase, rising about 30% from the second quarter of 2011 to the second quarter of 2012.

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