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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

PAA Natural Gas Storage Reports Fourth-Quarter And Full-Year 2012 Results

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.

Stock quotes in this article: PNG 

Select the service that is right for you!

COMPARE ALL SERVICES
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.
DOW 16,423.36 -1.49 -0.01%
S&P 500 1,868.80 +6.49 0.35%
NASDAQ 4,107.81 +21.5850 0.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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