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Announces Intent to Acquire Additional Interest in White Cliffs Pipeline From SemGroup Corporation
TULSA, Okla., Nov. 11, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream
®, L.P. (NYSE:RRMS) today announced its financial results for the three months ended September 30, 2013.
Rose Rock Midstream reported third quarter 2013 Adjusted EBITDA of $15.7 million, up 2% from the second quarter 2013 of $15.4 million, and up 65% from the third quarter 2012 of $9.5 million. Rose Rock's results improved slightly over the second quarter of 2013 due to an increase in marketing volumes combined with a one month impact of the Barcas Field Services acquisition, partly offset by a decrease in pipeline transportation margins.
"Rose Rock Midstream has performed well this year and we are on track to meet and exceed our 2013 goals. Our distribution payable this week represents a 15% increase over our distribution paid in November 2012, which is consistent with our 2013 guidance of 15% year-over-year distribution growth," said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. "We continue to execute on our strategic plans including the completion of our organic growth projects and growth-oriented acquisitions which are reflected in our increased guidance. As the demand for midstream services continues, Rose Rock Midstream is well suited to meet those needs with a strong balance sheet and a highly motivated and experienced workforce."
Adjusted gross margin was $23.8 million for the third quarter 2013, up 19% from the second quarter 2013 of $20.1 million and 24% above third quarter 2012 Adjusted gross margin of $19.2 million. Adjusted gross margin and Adjusted EBITDA, which are non-GAAP measures, are reconciled to their most directly comparable GAAP measures below.
Third quarter 2013 net income totaled $9.4 million, compared to $9.1 million for the second quarter 2013 and $6.5 million for the third quarter 2012.