PAA Natural Gas Storage, L.P. (NYSE: PNG) today reported net income of $22.4 million, or $0.30 per diluted limited partner unit, for the fourth quarter of 2012 and net income of $73.3 million, or $0.99 per diluted limited partner unit, for the full year of 2012. Net income for the fourth quarter of 2011 was $22.0 million, or $0.30 per diluted limited partner unit, and net income for the full year of 2011 was $59.7 million, or $0.85 per diluted limited partner unit.
The Partnership reported earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) of $34.4 million and $118.6 million for the fourth quarter and full year of 2012, respectively. EBITDA for the fourth quarter and full year of 2011 was $32.6 million and $98.8 million, respectively.
The Partnership’s reported results include items that affect comparability between reporting periods. These items are excluded from adjusted results, as further described in the following tables. Accordingly, the Partnership’s fourth-quarter 2012 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA were $23.2 million, $0.31 and $35.2 million, respectively. The comparable amounts for the fourth quarter of 2011 were $22.8 million, $0.31 and $33.4 million, respectively. The Partnership’s adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA for the full year of 2012 were $77.2 million, $1.04 and $122.4 million, respectively. The comparable amounts for the full year of 2011 were $68.2 million, $0.97 and $107.2 million, respectively. (See the section of this release entitled “Non-GAAP and Segment Financial Measures” and the tables included with this press release for a presentation of adjusted EBITDA, other non-GAAP financial measures and reconciliations of such measures to the comparable GAAP measures.)
“PNG delivered solid fourth-quarter and full-year results reporting adjusted EBITDA above the midpoint of our guidance, marking the tenth consecutive quarter since our IPO in May 2010 of delivering results in line with or ahead of guidance. This performance, particularly during challenging market conditions, highlights our disciplined business strategy, strategically located assets, and high percentage of contracted fee-based storage revenue, in addition to solid execution by PNG’s employees,” said Dean Liollio, President of PAA Natural Gas Storage.
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