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Exterran Partners Reports Third-Quarter 2013 Results

Exterran Partners, L.P. (NASDAQ:EXLP) today reported EBITDA, as further adjusted (as defined below), of $55.7 million for the third quarter 2013, compared to $71.1 million for the second quarter 2013 and $46.2 million for the third quarter 2012. Distributable cash flow (as defined below) was $33.3 million for the third quarter 2013, compared to $44.7 million for the second quarter 2013 and $29.5 million for the third quarter 2012.

In the second quarter 2013, a customer’s exercise of purchase options on two natural gas processing plants increased our revenue by $6.5 million (with no incremental costs), other income by $6.8 million, EBITDA, as further adjusted, by $13.3 million and our distributable cash flow by $6.5 million. In addition, the operation of these plants generated revenue of $2.3 million in the second quarter 2013 that did not reoccur in the third quarter 2013. The exercise of the purchase options and the operation of the plants increased our gross margin percentage by 3% in the second quarter 2013.

Revenue was $115.8 million for the third quarter 2013, compared to $125.5 million for the second quarter 2013 and $99.3 million for the third quarter 2012.

Net income was $10.0 million, or $0.16 per diluted limited partner unit, for the third quarter 2013, compared to net income of $27.9 million, or $0.52 per diluted limited partner unit, for the second quarter 2013, and net income of $10.4 million, or $0.21 per diluted limited partner unit, for the third quarter 2012.

“Third quarter highlights included increased overall operating levels and cash flow as compared to the prior-year period,” said Brad Childers, Chairman, President and Chief Executive Officer of Exterran Partners’ managing general partner. “Looking ahead, we will continue to target growth of our fee-based business through organic growth opportunities associated with industry development of shale and liquids rich plays and acquisitions, including further execution of our drop-down strategy with Exterran Holdings. In addition, we expect to benefit from performance improvement initiatives being implemented in our business.”

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