Southcross Energy Partners, L.P. (NYSE: SXE, “Southcross”), today announced financial and operating results of Southcross Energy LLC, the predecessor of Southcross (the “Predecessor”) for the third quarter of 2012. Southcross closed its initial public offering of common units on November 7, 2012.
Third Quarter 2012 Highlights
- Processed natural gas volumes averaged 166,140 million BTU per day during the third quarter 2012, an increase of 42% from third quarter 2011,
- NGL production grew due to greater volumes of liquids-rich gas from Eagle Ford shale customers and averaged 8,337 barrels per day during the third quarter 2012, an increase of 101% from third quarter 2011,
- Adjusted EBITDA (as defined below) of $3.0 million during the third quarter 2012 was negatively impacted by approximately $3.6 million related primarily to previously-disclosed operating issues at Southcross’ third-party gas processor, and
- Key expansion capital expenditure projects continue to proceed well.
2013 Guidance Highlights
- For calendar year 2013, Southcross is providing guidance of $58 million to $65 million in Adjusted EBITDA and growth capital expenditures of $100 million to $125 million.
“We are pleased with the successful completion of our initial public offering in November and are encouraged by our progress on our key capital projects, our Bonnie View fractionation facility and our Bee Line gas pipeline,” said David W. Biegler, Southcross' Chairman, President and Chief Executive Officer. “We have achieved full operation of Bonnie View which, along with the on-going expansion of the facility expected to be completed in February 2013, will eliminate our partial dependence on the operating performance of our third-party gas processor. Completion of these key projects will enable us to realize the benefits of our Eagle Ford strategy and, we believe, drive incremental cash flow to benefit our unitholders."
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