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The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation), today reported results for the third quarter of 2013.
Third Quarter 2013 Compared with Third Quarter 2012 — Crosstex Energy, L.P. Financial Results
The Partnership realized adjusted EBITDA of $52.5 million and distributable cash flow of $32.8 million for the third quarter of 2013, compared with adjusted EBITDA of $55.2 million and distributable cash flow of $27.0 million for the third quarter of 2012. The Partnership’s net loss for the third quarter of 2013 was $78.8 million versus a net loss of $16.1 million for the third quarter of 2012. The net loss for the third quarter of 2013 was primarily the result of an impairment expense on the Eunice processing plant.
The Partnership’s third quarter 2013 gross operating margin of $100.0 million increased $0.2 million compared to a gross operating margin of $99.8 million for the third quarter of 2012. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under “Non-GAAP Financial Information,” and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release.
“We are pleased with our solid financial performance in the third quarter,” said Barry E. Davis, Crosstex President and Chief Executive Officer. “With the announced combination with Devon’s midstream assets, the completion of phase one of the Cajun-Sibon expansion project and our newly announced natural gas gathering and processing complex in the Permian basin, we are achieving our objective for greater scale and diversity, and we believe the prospects for growth at Crosstex are stronger than ever.”
The Partnership reports results by operating segment principally based on regions served. Reportable segments consist of natural gas gathering, processing and transmission operations in the Barnett Shale in north Texas and in the Permian Basin in west Texas (NTX); gas pipelines and gas processing plants in Louisiana (LIG); gas processing and NGL assets, including NGL fractionation and marketing activities in south Louisiana (PNGL); and rail, truck, pipeline and barge facilities in the Ohio River Valley (ORV).