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Before we turn to today's presentation, we would like to say a brief word about Regency's 2012 Annual Investor Day. It will be held at the Crescent Hotel in Dallas on March 28. At this event, we will provide an in-depth look at our operations and discuss our growth opportunities. We hope that you'll be able to join us. If you're interested in attending, the invitation is posted to the homepage of our website. Please RSVP by e-mailing firstname.lastname@example.org or call us at (214) 840-5477.With that, I'll turn the call over to Mike. Michael J. Bradley Thanks, Shannon, and good morning, and thank you for joining us today. I'm very pleased to say that Regency generated strong results for both the fourth quarter and the full year during, which we continue to grow our adjusted EBITDA, saw a significant increase in volumes in our Gathering and Processing segment and increased our distribution from an annualized rate of $1.78 in 2010 to $1.84 in 2011. 2011 was a significant and transformational year for Regency during which, we added a major NGL logistics platform with our acquisition of a 30% interest in the Lone Star Joint Venture. And as a result, we have a much larger scale and more diverse platform of services to offer our customers going forward. Additionally, our footprint within the major liquid-rich plays like the Eagle Ford Shale in South Texas and the Permian Bone Spring formation in West Texas have created tremendous growth opportunities. This footprint, coupled with the addition of the Lone Star assets, enables us to provide producers with a complete range of services from wellhead all the way to fractionation and NGL storage in Mont Belvieu, one of the largest NGL storage, distribution and trading complexes in North America. We have announced and plan to spend over $1 billion in organic growth capital over the next 18 months primarily in liquid-rich regions. These large-scale growth projects as well as the strategic location of our assets and active and emerging plays position Regency for additional growth over the next several years. We are very excited about the potential we see for Regency. I would like to briefly discuss our opportunities by business segment.
Starting with Gathering and Processing, in 2012, we expect a total Gathering and Processing throughput to increase 25% to 30% over year-end 2011, primarily driven by growth in the Eagle Ford Shale and the Permian Bone Springs regions. In West Texas, it produces our targeting the liquids-rich plays and we have seen rig counts increase 35% from the fourth quarter of 2010 to the fourth quarter of 2011.We recently announced the Ranch Joint Venture for which Regency will construct and operate a new "100 million cubic feet a day cryogenic processing" facility and a new refrigeration plant in the Bone Spring and Avalon Shale formations. Our 2 partners are subsidiaries of Chesapeake and Anadarko. The refrigeration plant is expected to go into service in the second quarter of 2012 and the cryogenic processing plant is expected to go into service by the end of 2012. This joint venture increases Regency's footprint in the Bone Spring area, while also creating expansion opportunities around our Waha facility. In South Texas, we continue to see increasing producer activity in the Eagle Ford Shale, where rig counts have increased 47% from year-end 2010 to year-end 2011. Construction on our $450 million Eagle Ford expansion is underway and approximately 185 million cubic feet a day flowed in the fourth quarter versus approximately 110 million cubic feet a day in the third quarter. Additional volumes will be phased in as the project is completed with all capital expected to be deployed by early 2014. Read the rest of this transcript for free on seekingalpha.com