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Exterran Partners Reports Fourth-Quarter And Full-Year 2013 Results

Stocks in this article: EXLP

Exterran Partners, L.P. (NASDAQ: EXLP) today reported EBITDA, as further adjusted (as defined below), of $58.8 million for the fourth quarter 2013, compared to $55.7 million for the third quarter 2013 and $48.9 million for the fourth quarter 2012. Distributable cash flow (as defined below) was $37.8 million for the fourth quarter 2013, compared to $33.3 million for the third quarter 2013 and $34.2 million for the fourth quarter 2012.

Revenue was $118.9 million for the fourth quarter 2013, compared to $115.8 million for the third quarter 2013 and $102.3 million for the fourth quarter 2012.

Net income was $11.4 million, or $0.19 per diluted limited partner unit, for the fourth quarter 2013, compared to net income of $10.0 million, or $0.16 per diluted limited partner unit, for the third quarter 2013, and net income of $14.7 million, or $0.31 per diluted limited partner unit, for the fourth quarter 2012.

EBITDA, as further adjusted, was $238.0 million for 2013, compared to $180.0 million for 2012. Distributable cash flow totaled $153.0 million for 2013, compared to $118.0 million in 2012.

Revenue was $466.2 million for 2013, compared to $387.5 million for 2012. Net income for 2013 was $64.0 million, or $1.18 per diluted limited partner unit, compared to net income of $10.5 million, or $0.14 per diluted limited partner unit, for 2012.

“Fourth quarter highlights included a solid level of organic growth, as operating horsepower increased by 43,000. Distributable cash flow increased by 14% as compared to third quarter 2013,” said Brad Childers, Chairman, President and Chief Executive Officer of Exterran Partners’ managing general partner. “Looking ahead, we are excited about opportunities to leverage our leading market position in our fee-based business to take advantage of the continued development of natural gas infrastructure in the United States.”

“In 2014, we will continue implementing our strategy to increase distributable cash flow at the Partnership through investment in new fleet units to modernize and position our fleet for growth, the implementation of performance improvement initiatives, and acquisitions including our drop-down strategy with Exterran Holdings,” said Mr. Childers.

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