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.
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