The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) today reported results for the fourth-quarter and full-year 2012.
Fourth-Quarter 2012 – Crosstex Energy, L.P. Financial Results
The Partnership realized adjusted EBITDA of $51.7 million and distributable cash flow of $26.7 million for the fourth quarter of 2012, compared with adjusted EBITDA of $54.6 million and distributable cash flow of $31.7 million for the fourth quarter of 2011. Adjusted EBITDA and distributable cash flow are non-GAAP financial measures and are explained in greater detail under “Non-GAAP Financial Information.” There is a reconciliation of these non-GAAP measures to net loss in the tables at the end of this news release.
The Partnership posted a net loss of $24.5 million for the fourth quarter of 2012 compared with a net loss of $1.4 million for the fourth quarter of 2011. The increase in the net loss for the fourth quarter of 2012 was primarily the result of increased depreciation and amortization expense.“We successfully executed our business plan in 2012. We accomplished our three primary objectives by achieving solid financial performance, enhancing scale and diversification with the acquisition of the Ohio River Valley assets, beginning construction of the Cajun Sibon I project, announcing the Cajun Sibon II project and exiting 2012 with strong year-over-year increases in our distribution and dividend rates,” said Barry E. Davis, Crosstex President and Chief Executive Officer. “We have evolved into an integrated midstream energy solutions provider with $1 billion of major projects underway that will continue to increase our fee-based business and diversify our business across the natural gas, natural gas liquids and crude oil sectors. Looking ahead, I’m confident we have the right platform, the right opportunities and the right people to deliver growth and create value for our investors and customers.”