This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Inergy Midstream Reports First Quarter Results

Stocks in this article: NRGM

Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) today reported results of operations for the quarter ended December 31, 2012, the first quarter of fiscal 2013.

Inergy Midstream reported Adjusted EBITDA of $33.0 million for the quarter ended December 31, 2012, an increase of $2.5 million, or approximately 8%, from $30.5 million for the quarter ended December 31, 2011. Net income was $6.5 million for the quarter ended December 31, 2012, and $17.6 million in the same quarter of last year.

Distributable cash flow was $29.5 million for the quarter ended December 31, 2012, compared to $25.9 million in the same quarter of last year, an increase of $3.6 million, or approximately 14%.

“Inergy Midstream achieved a number of important objectives in the December quarter, including the completion of the MARC I pipeline and the acquisition of the COLT Hub,” said John Sherman, Chairman and CEO of Inergy Midstream. “The MARC I pipeline expands our natural gas footprint and transport capability in the Northeast, while the COLT acquisition gives us a strong presence in the Bakken and is expected to lead to future opportunities for growth. With a strong balance sheet and our strategic portfolio of assets, we are well-positioned to create long-term value for investors.”

Recent Events

As previously announced, the Board of Directors of Inergy Midstream’s general partner declared a cash distribution of $0.39 per limited partner unit ($1.56 annually) for the quarter ended December 31, 2012. The distribution will be paid on February 14, 2013.

On December 7, 2012, Inergy Midstream completed the acquisition of Rangeland Energy, LLC, the owner and operator of the COLT crude oil rail loading terminal, storage, and pipeline facilities located in Williams County, North Dakota for $425 million. Concurrently with the closing of the acquisition, Inergy Midstream completed a private placement of approximately 10.7 million common units and $500 million of 6.0% senior unsecured notes due 2020.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs