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Access Midstream Partners, L.P. (NYSE:ACMP) today announced financial results for the 2012 third quarter. The Partnership’s 2012 third quarter net income totaled $50.2 million, an increase of $2.0 million, or 4.1%, from the 2011 third quarter. Adjusted ebitda for the 2012 third quarter was $119.5 million, up $31.4 million, or 35.6%, from 2011 third quarter adjusted ebitda of $88.1 million. The Partnership’s distributable cash flow (DCF) for the 2012 third quarter totaled $86.3 million, an increase of $18.5 million, or 27.3%, compared to adjusted DCF for the 2011 third quarter and resulted in a coverage ratio of 1.29. Partnership revenue for the 2012 third quarter was $156.1 million, an increase of $16.0 million, or 11.4%, compared to 2011 third quarter revenue of $140.1 million. Revenue for the 2012 third 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 third quarter totaled 260.0 billion cubic feet (bcf) of natural gas, or 2.83 bcf per day, an increase of 26.9% from 2011 third quarter throughput of 2.23 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 186 new wells to its gathering systems during the 2012 third quarter, an increase of 27.4% compared to the 2011 third quarter.
Capital expenditures during the 2012 third quarter totaled $206.2 million, including maintenance capital expenditures of $18.5 million. Due to strong capital spending in Marcellus, the Partnership is on track to meet the current capital expenditure outlook of $734 million for 2012.
Partnership Increases Cash Distribution
On October 25, 2012, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.435 per unit for the 2012 third quarter, a $0.06, or 16.0%, increase over the 2011 third quarter distribution and a $0.015, or 3.6%, increase over the 2012 second quarter distribution. The distribution will be paid on November 14, 2012 to unitholders of record at the close of business on November 7, 2012. DCF for the 2012 third quarter of $86.3 million provided distribution coverage of 1.29 times the amount required for the Partnership to fund the distribution to both the general and limited partners.