Our fourth quarter and full year 2011 earnings release was issued early this morning. For those of you who didn't receive a copy, it is available on our website at crosstexenergy.com. If you want to listen to a recording of today's call, you have 90 days to access the replay by phone or webcast on our website.I will remind you that any statements that might include our expectations or predictions should be considered forward-looking statements within the meeting -- meaning of the federal securities laws. Forward-looking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements, and we undertake no obligation to update or revise any forward-looking statements. We encourage you to review the cautionary statements and other disclosures made in our SEC filings, specifically those under the heading Risk Factors. Before I hand off the call, I want to announce that Crosstex will host an analyst event in Dallas on Tuesday, March 27. The event will include a half-day presentation with breakout sessions, followed by an evening of entertainment. We'll provide an overview of our corporate strategy and update on our guidance and an in-depth operational review of our assets. If you're interested in attending, we've posted the invitation on the homepage of our website. You can also go to www.crosstexinvestorevent.com for more information. Also, if you want more detail, please feel free to contact me as well and we hope you're able to join us. I will now turn the call over to Barry Davis. Barry E. Davis Thank you, Jill. Good morning, everyone, and thank you all for joining us on the call today to discuss our fourth quarter and full year 2011 results. I will start today by quickly reviewing our financial results and outlook for 2012, and then I will briefly run through our 2011 accomplishments. Bill Davis will then provide some more detail on our growth projects and provide an operational update, and Mike Garberding will discuss our financial results and 2012 guidance.
Looking briefly at our 2011 financial results, we had strong year-over-year growth with adjusted EBITDA of $214 million for the year, a 15% increase over 2010. Distributable cash flow was $121.3 million, up 33% from 2010. These solid results allowed us to increase our distributions 23%, and our dividends 38%, comparing the fourth quarter of 2011 to the fourth quarter of 2010. In 2012, our core assets and growth projects will continue to provide us with a strong cash flow platform. We are forecasting adjusted EBITDA to be in the range of $205 million to $245 million. We anticipate continued strong distribution and dividend growth in 2012 with fourth quarter distributions projected to increase more than 10% and dividends to increase more than 20% over the fourth quarter of 2011. Mike Garberding will provide more details about our fourth quarter and full year 2011 results and 2012 guidance later in the call.Now I want to take a minute and review what we accomplished in 2011. We began the year by outlining our objectives and I'm proud to say that we achieved those goals by successfully executing our plan. Operationally, our first objective was to maximize the earnings and growth of our existing businesses, and we accomplished that. In the Barnett Shale, we completed 2 gathering system expansion projects that we expect will contribute average throughput of over 100 million cubic feet a day in 2012. We anticipate these projects will generate average annual cash flow of approximately $18 million. Our aggregate cost for these 2 projects was approximately $35 million. We've optimized and expanded our strategically-positioned LIG system in Louisiana to link LIG assets with our processing and NGL assets in Southern Louisiana. As a result, we continue to see increasing volumes in our plants. In North Louisiana, we continue to benefit from our solid contracts in the Haynesville. Our north LIG system has a weighted average contract life remaining of about 5 years, which insulates us from drilling fluctuations in the near term. In Southern Louisiana, we restarted the Eunice fractionator which plays a key role in the success of our Cajun Sibon pipeline extension project. We also expanded our rail and truck deliveries, significantly increasing the volume of NGLs fractionated. We expect this business to grow further in 2012 with more producer activity. Read the rest of this transcript for free on seekingalpha.com