Insert in Condensed Consolidated Statements of Operations three months ended and full year ended tables the line item for Cost of Sales.
The corrected release reads:
Regency Energy Partners Reports Increased Full-Year 2013 Adjusted EBITDA
Regency Energy Partners LP (
), (“Regency” or the “Partnership”), announced today its financial results for the fourth-quarter and full-year ended December 31, 2013.
The results presented herein have been retrospectively adjusted to combine Regency’s results with the results of Southern Union Gathering Company (“SUGS”) beginning March 26, 2012, due to the as-if pooling accounting treatment required for an acquisition between commonly controlled entities.
For full-year 2013, adjusted EBITDA increased 18 percent to $608 million compared to $517 million in 2012, primarily due to volume growth in the gathering and processing segment, and in the Lone Star JV, as well as an increase in revenue generating horsepower in the contract services segment.
For the year-ended December 31, 2013, Regency generated $411 million in cash available for distribution, compared to $310 million for full-year 2012. Distributable cash flow excludes any impact related to the historical SUGS results.
Net income decreased to $19 million for the year ended December 31, 2013, compared to $32 million for the year ended December 31, 2012. This decrease was primarily due to an increase in depreciation and amortization, an increase in operations and maintenance expense, and an increase in interest expense, partially offset by an increase in total segment margin, all related to our organic growth projects and a full year of the SUGS operations.
“In 2013, we completed the acquisition and integration of the SUGS assets, and brought online a significant amount of organic growth projects which, along with increased drilling activity, contributed to strong growth in our gathering and processing and NGL logistics businesses,” said Mike Bradley, president and chief executive officer of Regency. “In addition, improved demand for compression services led to a nearly 20 percent increase in revenue generating horsepower.”