Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced its results for the second quarter ended June 30, 2013. Adjusted EBITDA for the three months ended June 30, 2013 increased $26 million to $244 million compared to the second quarter 2012. Net income attributable to partners for the second quarter 2013 was $143 million ($1.08 per limited partner unit diluted), compared with $152 million ($1.28 per limited partner unit diluted) for the second quarter 2012. Additional highlights include:
- Distributable cash flow of $184 million for the second quarter 2013
- Twenty-eight percent distribution increase compared to the second quarter 2012
- Ended the quarter with a Debt to Adjusted EBITDA ratio of 2.4x
- Completed a successful open season for the Eaglebine Express crude oil pipeline project
- Commenced an open season for the Granite Wash Extension crude oil pipeline project
“The second quarter was another excellent quarter as we reached new highs in quarterly EBITDA,” said Michael J. Hennigan, president and chief executive officer. “While market conditions remained relatively strong, the start-up of our crude projects increased our ratable earnings. We are pleased that our Longview Access project as well as the initial phase of our Permian Express 1 project commenced operations as scheduled in the second quarter. In addition, Permian Express 1 is expected to reach its full capacity by the end of 2013 or early 2014. These fee-based projects will generate ratable, long-term cash flow and help offset softening market conditions in our crude oil acquisition and marketing business.”
Hennigan added, “On the NGL side, we have begun filling our Mariner West pipeline with ethane as we are starting to convert that refined products system into ethane service to Sarnia.”
Regarding recently announced crude pipeline open seasons, Hennigan said, “We are happy to announce a successful Open Season for our Eaglebine Express pipeline. This pipeline will have the ability to help producers in the Eagleford and Woodbine Texas shale regions deliver their crude oil to our Nederland terminal on the Gulf Coast. We are also pleased to announce we have launched an Open Season for our Granite Wash Extension pipeline. This project will give Granite Wash shale producers in Texas and Oklahoma the ability to reach multiple markets and refineries in Texas, Oklahoma, the Mid-Continent and along the Gulf Coast.”
|DETAILS OF SECOND QUARTER SEGMENT ADJUSTED EBITDA|
|Three Months Ended June 30,|
|Crude Oil Pipelines||$||88||$||70||$||18|
|Crude Oil Acquisition and Marketing||70||57||13|
|Refined Products Pipelines||16||17||(1||)|
|Adjusted earnings before interest, taxes, depreciation and amortization expense (“Adjusted EBITDA”) (1)||$||244||$||218||$||26|
|(1)||The Partnership's definition of Adjusted EBITDA was revised beginning in the fourth quarter 2012. Prior period results have been recast to conform to the current presentation. For a detailed definition of the components included within Adjusted EBITDA, see the Non-GAAP Financial Measures table for a reconciliation to the applicable generally accepted accounting principle (“GAAP”) metric.|
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