Lower Prices Hurt Crosstex Energy

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On March 2, 2009, Crosstex Energy LP(XTEX Quote) reported that it fell to a net loss in Q4 FY08, hurt by lower natural gas liquid prices and the adverse effects of Hurricanes Gustav and Ike on volumes and processing margins. Net loss was $9.44 million compared to a net income of $14.15 million a year ago. Limited partners' interest in net loss was $7.99 million, or $0.19 per unit, compared to a net income of $8.34 million, or $0.19 per unit, in Q4 FY07. The quarterly consensus estimate was a loss of $0.21 per unit.

Total revenues plunged 29.2% to $769.11 million from $1.09 billion, hurt by declining midstream revenues. Midstream revenues, constituting 97.7% of total revenues, decreased 29.8% to $751.25 million. Profit from energy trading activities plummeted 46.7% to $1.02 million. On the positive side, revenue from treating increased 22.6% to $16.85 million. ...