The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation), today reported results for the third quarter of 2012.
Third-Quarter 2012 Compared with Third-Quarter 2011 – Crosstex Energy, L.P. Financial Results
The Partnership realized adjusted EBITDA of $55.2 million and distributable cash flow of $27.0 million for the third quarter of 2012, compared with adjusted EBITDA of $50.1 million and distributable cash flow of $25.8 million for the third quarter of 2011. Adjusted EBITDA and distributable cash flow are non-GAAP financial measures and are explained in greater detail under “Non-GAAP Financial Information.” There is a reconciliation of these non-GAAP measures to net loss in the tables at the end of this news release.
The Partnership reported a net loss of $16.1 million for the third quarter of 2012 versus a net loss of $2.7 million for the third quarter of 2011.
“We are pleased to report solid third-quarter results despite the continued low commodity price environment. Consistent with our expectations, the Ohio River Valley assets made a significant contribution during the quarter,” said Barry E. Davis, Crosstex President and Chief Executive Officer. “We continue to focus on fee-based initiatives and have strengthened our balance sheet with completion of the equity funding for our committed growth projects during the quarter.”
The Partnership’s third-quarter 2012 gross operating margin of $99.8 million increased $8.8 million from the gross operating margin of $91.0 million for the third quarter of 2011. The improvement was primarily due to the Partnership’s July 2012 acquisition of assets in the Ohio River Valley, throughput on the Partnership’s Permian Basin systems, increased NGL fractionation and marketing activity and growth in south Louisiana crude oil terminal activity. Gross operating margin is a non-GAAP financial measure and is explained in greater detail under “Non-GAAP Financial Information.” There is a reconciliation of this non-GAAP measure to operating income in the selected financial data table at the end of this news release.