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Access Midstream Partners, L.P. Reports Financial Results For The 2013 Second Quarter

Stocks in this article: ACMP

Access Midstream Partners, L.P. (NYSE:ACMP) today announced financial results for the 2013 second quarter. The Partnership’s adjusted EBITDA for the 2013 second quarter totaled $206.6 million, an increase of $85.7 million, or 70.9%, from 2012 second quarter adjusted EBITDA of $120.9 million. Net income attributable to the Partnership totaled $69.2 million in the 2013 second quarter, an increase of $17.6 million, or 34.1%, from the 2012 second quarter. Distributable cash flow (DCF) for the 2013 second quarter totaled $152.7 million, an increase of $65.4 million, or 74.9%, from 2012 second quarter DCF of $87.3 million and resulted in a distribution coverage ratio of 1.56. Financial terms are defined on pages two and three of this release.

Throughput for the 2013 second quarter totaled 333.5 billion cubic feet (bcf) of natural gas, or 3.67 bcf per day, an increase of 27.9% from 2012 second quarter throughput of 2.87 bcf per day. The increase was driven primarily by throughput from the Eagle Ford and Haynesville assets acquired in December 2012, as well as an increase in Marcellus throughput. The Partnership’s revenues for the 2013 second quarter totaled $247.2 million, an increase of $97.9 million, or 65.6%, compared to 2012 second quarter revenues of $149.3 million. Revenues in both periods exclude revenues attributable to the Partnership’s equity investments as those revenues are accounted for as part of the Partnership’s investments in unconsolidated affiliates. If the Partnership’s proportional share of revenue from equity investments was included, revenue for the 2013 second quarter would have totaled $306.6 million, an increase of $123.2 million, or 67.2%, compared to the 2012 second quarter.

Capital expenditures during the 2013 second quarter totaled $425.2 million, including maintenance capital expenditures of $27.5 million. These capital expenditures included $190.2 million for the Partnership’s share of capital expenditures in entities accounted for as equity investments.

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