Inergy Midstream Reports First Quarter Results
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.
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