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First Quarter Adjusted EBITDA Increased 66% Over Previous Quarter
TULSA, Okla., May 8, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P. (NYSE:RRMS) today announced its financial results for the three months ended March 31, 2013.
"The year is off to a tremendous start and we are pleased to report a strong quarter which positions us to deliver on our full-year expectations," said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. "Demand for our assets and services remains strong and we have good visibility for continued growth."
Rose Rock Midstream reported first quarter 2013 Adjusted EBITDA of $16.4 million, up 66% from the fourth quarter 2012 of $9.9 million, and up 43% from the first quarter 2012 of $11.4 million.
First Quarter Highlights
As previously announced, on January 11, 2013, Rose Rock Midstream acquired a 33.3% interest in SemCrude Pipeline, L.L.C., which owns 51% of White Cliffs Pipeline, L.L.C.;
Received $2.9 million in cash distributions from ownership in White Cliffs pipeline; and
Crude marketing margins increased due to improved crude oil market conditions.
Adjusted gross margin was $22.3 million for the first quarter 2013, up 16% from the fourth quarter 2012 of $19.2 million and 15% above first quarter 2012 Adjusted gross margin of $19.4 million. Adjusted gross margin and Adjusted EBITDA, which are non-GAAP measures, are reconciled to their most directly comparable GAAP measures below.
First quarter 2013 net income totaled $12.0 million, compared to $4.6 million for the fourth quarter 2012 and $7.8 million for the first quarter 2012.
Rose Rock Midstream's distributable cash flow for the three months ended March 31, 2013 was $12.7 million. On April 25, 2013, Rose Rock Midstream increased the partnership's quarterly cash distribution to $0.43 per unit from $0.4025 per unit, effective for the first quarter 2013, resulting in an annualized distribution of $1.72 per unit. This is a 7% increase over the fourth quarter 2012 and marks the fifth consecutive increase in the quarterly cash distribution to RRMS limited partner unitholders. The distribution will be paid on May 15, 2013 to all unitholders of record on May 6, 2013. Distributable cash flow, which is a non-GAAP measure, is reconciled to its most directly comparable GAAP measure below.