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PAA Natural Gas Storage Reports Second-Quarter 2013 Results

PAA Natural Gas Storage, L.P. (NYSE: PNG) reported second-quarter 2013 results as summarized below:
 

Summary Financial Information (1)
(in millions, except per unit data)
          Three Months Ended                 Six Months Ended        
June 30, June 30,
            2013         2012         % Change         2013         2012         % Change
Net income $ 16.6         $ 17.0 (2.5 )% $ 34.5         $ 33.0 4.6 %
 

Net income per diluted limited partner unit (2)
$ 0.22 $ 0.23 (4.3 )% $ 0.46 $ 0.45 2.2 %
 
EBITDA           $ 29.2         $ 28.0         4.0 %         $ 59.2         $ 54.8         8.0 %
 
 
Three Months Ended Six Months Ended
June 30, June 30,
            2013         2012         % Change         2013         2012         % Change
Adjusted net income $ 18.0 $ 18.6 (3.4 )% $ 37.5 $ 35.7 5.1 %
 
Adjusted net income per diluted limited partner unit (2) $ 0.24 $ 0.25 (4.0 )% $ 0.50 $ 0.48 4.2 %
 
Adjusted EBITDA           $ 30.6         $ 29.7         3.1 %         $ 62.1         $ 57.5         8.1 %
Distribution declared for the period (2)             0.3575           0.3575         -  
 
(1) The Partnership’s reported results include the impact of items that affect comparability between reporting periods. The impact of these items is excluded from adjusted results. See the section of this release entitled “Non-GAAP Financial Measures, Segment Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding selected items that the Partnership believes impact comparability between reporting periods, as well as for information regarding non-GAAP financial measures (such as adjusted EBITDA) and their reconciliation to the most directly comparable GAAP measures.
 
(2) Series B subordinated units are not entitled to cash distributions unless and until they convert to Series A subordinated units or common units, which conversion is contingent on our meeting both certain distribution levels and certain in-service operational tests at our Pine Prairie facility. As a result, the Series B subordinated units are not included in the calculation of basic or diluted net income per unit amounts.
 

“PNG reported second-quarter adjusted EBITDA that exceeded the high end of our guidance range,” said Dean Liollio, President of PAA Natural Gas Storage. “Our results were underpinned by our fee-based firm storage contracts, with over performance generated by merchant storage revenues previously expected to be realized later in the year and higher than forecasted oil revenues associated with liquids removal activities at our Bluewater facility.”

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