- At September 30, 2012, the Partnership had $411.5 million of cash and cash equivalents in wholly owned subsidiaries and $1.18 billion available for borrowing under its $1.2 billion revolving credit facility after consideration of $21.6 million of outstanding letters of credit.
- Operating income before items not allocated to segments for the three months ended September 30, 2012, was $145.5 million, a decrease of $2.3 million when compared to segment operating income of $147.8 million over the same period in 2011. This decrease was primarily attributable to lower commodity prices compared to the prior year quarter. Processed volumes continued to remain strong, growing over 20 percent when compared to the third quarter of 2011, primarily due to the Partnership’s Liberty and Southwest segments.A reconciliation of operating income before items not allocated to segments to income (loss) before provision for income tax, the most directly comparable GAAP financial measure, is provided within the financial tables of this press release.
- Operating income before items not allocated to segments does not include loss on commodity derivative instruments. Realized losses on commodity derivative instruments were $8.4 million in the third quarter of 2012 and $15.8 million in the third quarter of 2011.
- For the three and nine months ended September 30, 2012, the Partnership’s portion of capital expenditures was $603.7 million and $1,185.9 million, respectively. These expenditures do not include the Keystone purchase price of $509.6 million.
2012 DCF AND GROWTH CAPITAL EXPENDITURE FORECASTFor 2012, the Partnership forecasts DCF in a range of $410 million to $430 million based on its current forecast of operational volumes and prices for crude oil, natural gas and natural gas liquids; derivative instruments currently outstanding; and the Keystone acquisition, as mentioned above. The midpoint of this range results in approximately 117 percent coverage of the Partnership’s full-year distribution based on current quarterly distributions and common units outstanding.
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