Increasing 2013 Capital Expenditures by 78%
TULSA, Okla., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream ® , L.P. (NYSE:RRMS) today announced its financial results for the three months ended June 30, 2013.
Rose Rock Midstream reported second quarter 2013 Adjusted EBITDA of $15.4 million, down 6% from the first quarter 2013 of $16.4 million, and up 77% from the second quarter 2012 of $8.7 million. Crude marketing margins decreased by $2.2 million due to lower crude oil market conditions compared to the strong first quarter 2013 margins, partially offset by receiving a full quarter of cash distributions from White Cliffs Pipeline compared to the prior quarter's distribution."We are pleased with the partnership's performance and consistent returns. Its existing and planned expansion of assets in key growth areas puts Rose Rock Midstream in a strong position to deliver growth in earnings, cash distributions and value for our investors," said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. Adjusted gross margin was $20.1 million for the second quarter 2013, down 10% from the first quarter 2013 of $22.3 million and 19% above second quarter 2012 Adjusted gross margin of $16.8 million. Adjusted gross margin and Adjusted EBITDA, which are non-GAAP measures, are reconciled to their most directly comparable GAAP measures below. Second quarter 2013 net income totaled $9.1 million, compared to $12.0 million for the first quarter 2013 and $5.1 million for the second quarter 2012. Rose Rock Midstream's distributable cash flow for the three months ended June 30, 2013 was $12.6 million. On July 25, 2013, Rose Rock Midstream increased the partnership's quarterly cash distribution to $0.44 per unit from $0.43 per unit, effective for the second quarter 2013, resulting in an annualized distribution of $1.76 per unit. This is a 2.3% increase over the first quarter 2013 and marks the sixth consecutive increase in the quarterly cash distribution to RRMS limited partner unitholders. The distribution will be paid on August 14, 2013 to all unitholders of record on August 5, 2013. Distributable cash flow, which is a non-GAAP measure, is reconciled to its most directly comparable GAAP measure below.