COST: 125 $MM
VOLUMES: 77.5 M Bbls/d
COST: 210 $MM
COST: 125.4 $MM
COST: 52 $MM
COST: 32 $MM
DALLAS, Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019, total products directly tied to and tracking the Alerian indices was $13.7 billion.
Exchange traded funds, exchange traded notes, return of capital notes, and variable insurance portfolios represent $12.7 billion of the total $13.7 billion. Below is a list of energy master limited partnership (MLP) positions, as of June 28, 2019, in the $12.7 billion of such assets tracking Alerian's indices.
Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | |
AM | 2,402,831 | 209,671 | HESM | 7,694,422 | 394,586 | |
AMID | 4,919,211 | 951,492 | MMLP | 5,598,671 | 784,128 | |
ANDX | 403,075,523 | 11,094,840 | MMP | 1,276,581,260 | 19,946,582 | |
BPL | 782,332,474 | 19,058,038 | MPLX | 1,273,711,451 | 39,568,545 | |
BPMP | 18,205,543 | 1,176,069 | NBLX | 89,522,800 | 2,691,606 | |
CEQP | 220,495,699 | 6,164,263 | NGL | 214,053,630 | 14,492,460 | |
CNXM | 14,513,491 | 1,032,989 | NS | 331,580,260 | 12,217,401 | |
CQP | 214,074,794 | 5,075,268 | OMP | 5,663,726 | 263,429 | |
DCP | 329,731,673 | 11,253,641 | PAA | 1,305,749,277 | 53,624,200 | |
DKL | 6,791,101 | 212,222 | PAGP | 7,638,294 | 305,899 | |
ENBL | 153,164,680 | 11,171,749 | PBFX | 16,284,545 | 770,319 | |
ENLC | 327,210,823 | 32,429,219 | PSXP | 342,743,828 | 6,945,164 | |
EPD | 1,277,755,891 | 44,258,950 | SHLX | 319,209,192 | 15,405,849 | |
EQM | 462,044,829 | 10,341,200 | SMLP | 7,589,588 | 1,020,106 | |
ET | 1,262,122,882 | 89,639,409 | TCP | 253,540,259 | 6,739,507 | |
GEL | 298,090,775 | 13,611,451 | TGE | 419,509,147 | 19,872,532 | |
GPP | 3,882,098 | 277,293 | USDP | 3,861,679 | 342,044 | |
HEP | 156,422,759 | 5,688,100 | WES | 773,416,245 | 25,135,400 |
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 28, 2019, nearly $14 billion of products, including exchange traded funds and notes, are directly tied to and tracking the Alerian Index Series. Visit alerian.com to learn more.
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SOURCE Alerian
HOUSTON, July 23, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced the completion of the previously announced merger transactions (the "Merger") contemplated by that certain Agreement and Plan of Merger, dated March 17, 2019, by and among the Partnership, American Midstream GP, LLC and affiliates of ArcLight Energy Partners Fund V, L.P. (the "Purchaser").
As a result of the Merger, the Partnership's common units will no longer be publicly traded on the New York Stock Exchange and will be deregistered under the Securities Exchange Act of 1934.
Following the deregistration of its common units, the Partnership plans to use a secure Donnelley Financial Solutions Venue data room to share reports and other documentation with holders of its 8.500% Senior Notes due 2021 (the "Notes"). Additional information regarding log-in and access to this data room will be communicated to such holders in accordance with the terms of the indenture governing the Notes.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. The Partnership's assets are located in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. The Partnership owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system and terminal sites with approximately 1.0 MMBbls of storage capacity.
For more information about the Partnership visit: www.americanmidstream.com. The content of our website is not part of this release.
Investor Contact
American Midstream Partners, LP
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-completion-of-merger-300889399.html
SOURCE American Midstream Partners, LP
DALLAS, July 17, 2019 /PRNewswire/ -- Alerian announced today that American Midstream Partners (NYSE: AMID) is expected to be removed from the Alerian Midstream Energy Index (AMNA), Alerian US Midstream Energy Index (AMUS), Alerian MLP Index (AMZ), and Alerian MLP Equal Weight Index (AMZE) in a special rebalancing.
Special rebalancings are triggered by corporate actions such as mergers, bankruptcies, and liquidations. American Midstream Partners will cease to trade due to its merger with an affiliate of ArcLight Energy Partners Fund V. The rebalancing will take place after market close on Monday, July 22.
Each index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from an index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2019, over $12 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. Visit alerian.com to learn more.
View original content:http://www.prnewswire.com/news-releases/american-midstream-partners-expected-to-be-removed-from-the-alerian-index-series-300886294.html
SOURCE Alerian
HOUSTON, July 15, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced that it has notified the New York Stock Exchange ("NYSE") of the anticipated closing date of the previously-announced merger transactions contemplated by that certain Agreement and Plan of Merger, dated March 17, 2019, by and among the Partnership, American Midstream GP, LLC and affiliates of ArcLight Energy Partners Fund V, L.P. (the "Purchaser"). The Partnership anticipates that the merger will close on July 23, 2019.
Upon the closing of the merger on the terms and conditions set forth in the merger agreement, the Partnership will be a wholly owned subsidiary of the Purchaser. Following completion of the merger, the common units of the Partnership will cease to be listed on the NYSE and will be deregistered under the Securities Exchange Act of 1934.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. The Partnership's assets are located in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. The Partnership owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system and terminal sites with approximately 1.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the delisting of the common units and the closing of the transactions under the Merger Agreement. We have used the words "expect," "intend," "may," "will," "would," "plan," "anticipate" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on April 1, 2019, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-anticipated-closing-date-of-merger-with-arclight-affiliate--and-intention-to-delist-its-common-units-300884512.html
SOURCE American Midstream Partners, LP
HOUSTON, June 5, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today announced the successful completion of the previously announced consent solicitation that it and American Midstream Finance Corporation (together with the Partnership, the "Issuers") conducted with respect to holders of their $425,000,000 aggregate principal amount of outstanding 8.500% Senior Notes due 2021 Notes (the "Notes") to amend (the "Proposed Amendments") certain provisions of the indenture governing the Notes (the "Consent Solicitation").
The Consent Solicitation expired at 5:00 p.m., New York City time, on June 5, 2019 (the "Expiration Date"). As of the Expiration Date, the Issuers had received consents from the holders of over 99% in aggregate principal amount of the outstanding Notes. Accordingly, having received the requisite consents to effect the Proposed Amendments to the indenture, the Issuers executed a supplemental indenture to the indenture effecting the Proposed Amendments today, which eliminates the requirement to file certain reports with the U.S. Securities and Exchange Commission (the "SEC") upon consummation of the pending merger (the "merger") with an affiliate of ArcLight Energy Partners Fund V, L.P. ("ArcLight"), removes certain other requirements that will no longer be applicable to the Partnership following the Partnership's expected conversion from a limited partnership into a member-managed limited liability company, which is expected to occur after consummation of the merger, and reduces the number of days of non-compliance by the Partnership with its obligations under the reporting covenant of the indenture that would constitute an event of default under the indenture. Upon consummation of the merger and payment of the consent fee, the Proposed Amendments will be operative and binding upon all holders of the Notes, regardless of whether such holders delivered consents in connection with the Consent Solicitation.
Substantially concurrently with and subject to the consummation of the merger, the Issuers will pay an aggregate consent payment of $2,125,000 for the benefit of holders of the Notes, on a pro rata basis, who delivered valid and unrevoked consents to the Proposed Amendments on or prior to the Expiration Date.
The Consent Solicitation was made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated May 20, 2019, as amended by Amendment No. 1 to the Consent Solicitation Statement, dated June 3, 2019 (as amended, the "Consent Solicitation Statement"). A more complete description of the Consent Solicitation and the Proposed Amendments can be found in the Consent Solicitation Statement. The effectiveness of the Proposed Amendments is subject to a number of conditions.
D.F. King & Co., Inc. served as information agent and tabulation agent for the Consent Solicitation and Wells Fargo Securities served as solicitation agent for the Consent Solicitation.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing, terms and results of the merger and SEC reporting following the merger. We have used the words "could," "expect," "intend," "may," "will," "potential," "would," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on April 1, 2019. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/american-midstream-announces-successful-completion-of-consent-solicitation-with-respect-to-8-500-senior-notes-due-2021--300862924.html
SOURCE American Midstream Partners, LP
HOUSTON, June 3, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today announced that it and American Midstream Finance Corporation (together with the Partnership, the "Issuers") have extended the expiration time for the previously announced consent solicitation (the "Consent Solicitation") to 5:00 p.m., New York City time, on June 5, 2019, unless extended or earlier terminated (the "Expiration Date") and amended certain terms of the Consent Solicitation. Holders of the Notes (as defined below) who have previously delivered consents in connection with the Consent Solicitation do not need to redeliver such consents or take any other action in response to this announcement in order to consent to the Consent Solicitation.
As previously announced, the Issuers are soliciting consents from holders of their $425,000,000 aggregate principal amount of outstanding 8.500% Senior Notes due 2021 Notes (the "Notes") to amend (the "Proposed Amendments") certain provisions of the indenture governing the Notes. The Proposed Amendments to the indenture will eliminate the requirement to file certain reports with the U.S. Securities and Exchange Commission (the "SEC") upon consummation of the pending merger (the "merger") with an affiliate of ArcLight Energy Partners Fund V, L.P. ("ArcLight"), remove certain other requirements that will no longer be applicable to the Partnership following the Partnership's expected conversion from a limited partnership into a member-managed limited liability company, which is expected to occur after consummation of the merger, and reduce the number of days of non-compliance by the Partnership with its obligations under the reporting covenant of the indenture that would constitute an event of default under the indenture.
Adoption of the Proposed Amendments requires the consent of holders of at least a majority in aggregate principal amount of the outstanding Notes (the "Requisite Consents"). Consents may be revoked at any time up to, but will become irrevocable upon, the earlier of the execution and delivery of the Proposed Amendments (which is expected to be promptly after receipt of the Requisite Consents) or the Expiration Date. If the Requisite Consents are received, then upon execution of the Proposed Amendments, consummation of the merger and payment of the consent fee, the Proposed Amendments will be operative and binding upon all holders of the Notes, regardless of whether such holders have delivered consents.
The Consent Solicitation will expire at 5:00 p.m., New York City time, on the Expiration Date, unless extended or earlier terminated. Only holders of record of the Notes as of 5:00 p.m., New York City time, on May 17, 2019, are eligible to deliver consents to the Proposed Amendments in the Consent Solicitation. Substantially concurrently with the consummation of the merger, the Issuers will pay an aggregate consent payment of $2,125,000 for the benefit of holders of the Notes, on a pro rata basis, who delivered valid and unrevoked consents to the Proposed Amendments on or prior to the Expiration Date.
The Consent Solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated May 20, 2019, as amended by Amendment No. 1 to the Consent Solicitation Statement, dated June 3, 2019 (as amended, the "Consent Solicitation Statement"). A more complete description of the Consent Solicitation and the Proposed Amendments can be found in the Consent Solicitation Statement. The effectiveness of the Proposed Amendments is subject to a number of conditions. The Issuers may, in their sole discretion, terminate, amend or extend the Consent Solicitation at any time as set forth in the Consent Solicitation Statement.
The Issuers have retained D.F. King & Co., Inc. to serve as information agent and tabulation agent for the Consent Solicitation. Questions concerning the terms of the Consent Solicitation and requests for copies of the Consent Solicitation Statement and the form of consent should be directed to D.F. King & Co., Inc. at (212) 269-5550 (collect) or (800) 870-0653 (toll free), or via email at amid@dfking.com. Wells Fargo Securities is serving as solicitation agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Wells Fargo Securities, at (704) 410-4756 (collect) or (866) 309-6316 (toll free).
This announcement does not constitute a solicitation of consents of holders of the Notes and shall not be deemed a solicitation of consents with respect to any other securities of Partnership or its subsidiaries. No recommendation is being made as to whether holders of the Notes should consent to the Proposed Amendments. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing, terms and results of the merger and SEC reporting following the merger. We have used the words "could," "expect," "intend," "may," "will," "potential," "would," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on April 1, 2019. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/american-midstream-announces-extension-of-consent-solicitation-with-respect-to-8-500-senior-notes-due-2021--300860567.html
SOURCE American Midstream Partners, LP
HOUSTON, May 28, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today announced that it and American Midstream Finance Corporation (together with the Partnership, the "Issuers") have extended the expiration time for the previously announced consent solicitation (the "Consent Solicitation") to 5:00 p.m., New York City time, on May 31, 2019, unless extended or earlier terminated (the "Expiration Date"). All other terms and conditions of the Consent Solicitation, as described in the Consent Solicitation Statement (as defined below) remain unchanged and in effect.
As previously announced, the Issuers are soliciting consents from holders of their $425,000,000 aggregate principal amount of outstanding 8.500% Senior Notes due 2021 (the "Notes") to amend (the "Proposed Amendments") certain provisions of the indenture governing the Notes. The Proposed Amendments to the indenture will eliminate the requirement to file certain reports with the U.S. Securities and Exchange Commission (the "SEC") upon consummation of the pending merger (the "merger") with an affiliate of ArcLight Energy Partners Fund V, L.P. ("ArcLight") and will remove certain other requirements that will no longer be applicable to the Partnership following the Partnership's expected conversion from a limited partnership into a member-managed limited liability company, which is expected to occur after consummation of the merger.
Adoption of the Proposed Amendments requires the consent of holders of at least a majority in aggregate principal amount of the outstanding Notes (the "Requisite Consents"). Consents may be revoked at any time up to, but will become irrevocable upon, the earlier of the execution and delivery of the Proposed Amendments (which is expected to be promptly after receipt of the Requisite Consents) or the Expiration Date. If the Requisite Consents are received, then upon execution of the Proposed Amendments, consummation of the merger and payment of the consent fee, the Proposed Amendments will be operative and binding upon all holders of the Notes, regardless of whether such holders have delivered consents.
The Consent Solicitation will expire at 5:00 p.m., New York City time, on the Expiration Date, unless extended or earlier terminated. Only holders of record of the Notes as of 5:00 p.m., New York City time, on May 17, 2019, are eligible to deliver consents to the Proposed Amendments in the Consent Solicitation. Substantially concurrently with the consummation of the merger, the Issuers will pay an aggregate consent payment of $1,062,500 for the benefit of holders of the Notes, on a pro rata basis, who delivered valid and unrevoked consents to the Proposed Amendments on or prior to the Expiration Date.
The Consent Solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated May 20, 2019 (the "Consent Solicitation Statement"). A more complete description of the Consent Solicitation and the Proposed Amendments can be found in the Consent Solicitation Statement. The effectiveness of the Proposed Amendments is subject to a number of conditions. The Issuers may, in their sole discretion, terminate, amend or extend the Consent Solicitation at any time as set forth in the Consent Solicitation Statement.
The Issuers have retained D.F. King & Co., Inc. to serve as information agent and tabulation agent for the Consent Solicitation. Questions concerning the terms of the Consent Solicitation and requests for copies of the Consent Solicitation Statement and the form of consent should be directed to D.F. King & Co., Inc. at (212) 269-5550 (collect) or (800) 870-0653 (toll free), or via email at amid@dfking.com. Wells Fargo Securities is serving as solicitation agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Wells Fargo Securities, at (704) 410-4756 (collect) or (866) 309-6316 (toll free).
This announcement does not constitute a solicitation of consents of holders of the Notes and shall not be deemed a solicitation of consents with respect to any other securities of the Partnership or its subsidiaries. No recommendation is being made as to whether holders of the Notes should consent to the Proposed Amendments. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing, terms and results of the merger and SEC reporting following the merger. We have used the words "could," "expect," "intend," "may," "will," "potential," "would," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on April 1, 2019. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-extension-of-consent-solicitation-with-respect-to-8-500-senior-notes-due-2021--300857088.html
SOURCE American Midstream Partners, LP
HOUSTON, May 20, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today announced that it and American Midstream Finance Corporation (together with the Partnership, the "Issuers") are soliciting consents from holders of their $425,000,000 aggregate principal amount of outstanding 8.500% Senior Notes due 2021 Notes (the "Notes") to amend (the "Proposed Amendments") certain provisions of the indenture governing the Notes (the "Consent Solicitation"). The Proposed Amendments to the indenture will eliminate the requirement to file certain reports with the U.S. Securities and Exchange Commission (the "SEC") upon consummation of the pending merger (the "merger") with an affiliate of ArcLight Energy Partners Fund V, L.P. ("ArcLight") and will remove certain other requirements that will no longer be applicable to the Partnership in connection with the Partnership's expected conversion from a limited partnership into a member-managed limited liability company in connection with the merger.
Adoption of the Proposed Amendments requires the consent of holders of at least a majority in aggregate principal amount of the outstanding Notes (the "Requisite Consents"). Consents may be revoked at any time up to, but will become irrevocable upon, the earlier of the execution and delivery of the Proposed Amendments (which is expected to be promptly after receipt of the Requisite Consents) or the Expiration Date (as defined below). If the Requisite Consents are received, then upon execution of the Proposed Amendments, consummation of the merger and payment of the consent fee, the Proposed Amendments will be operative and binding upon all holders of the Notes, regardless of whether such holders have delivered consents.
The Consent Solicitation will expire at 5:00 p.m., New York City time, on May 24, 2019, unless extended or earlier terminated (the "Expiration Date"). Only holders of record of the Notes as of 5:00 p.m., New York City time, on May 17, 2019, are eligible to deliver consents to the Proposed Amendments in the Consent Solicitation. Substantially concurrently with the consummation of the merger, the Issuers will pay an aggregate consent payment of $1,062,500 for the benefit of holders of the Notes, on a pro rata basis, who delivered valid and unrevoked consents to the Proposed Amendments on or prior to the Expiration Date.
The Consent Solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated May 20, 2019 (the "Consent Solicitation Statement"). A more complete description of the Consent Solicitation and the Proposed Amendments can be found in the Consent Solicitation Statement. The effectiveness of the Proposed Amendments is subject to a number of conditions. The Issuers may, in their sole discretion, terminate, amend or extend the Consent Solicitation at any time as set forth in the Consent Solicitation Statement.
The Issuers have retained D.F. King & Co., Inc. to serve as information agent and tabulation agent for the Consent Solicitation. Questions concerning the terms of the Consent Solicitation and requests for copies of the Consent Solicitation Statement and the form of consent should be directed to D.F. King & Co., Inc. at (212) 269-5550 (collect) or (800) 870-0653 (toll free), or via email at amid@dfking.com. Wells Fargo Securities is serving as solicitation agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Wells Fargo Securities, at (704) 410-4756 (collect) or (866) 309-6316 (toll free).
This announcement does not constitute a solicitation of consents of holders of the Notes and shall not be deemed a solicitation of consents with respect to any other securities of Partnership or its subsidiaries. No recommendation is being made as to whether holders of the Notes should consent to the Proposed Amendments. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing, terms and results of the merger and SEC reporting following the merger. We have used the words "could," "expect," "intend," "may," "will," "potential," "would," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on April 1, 2019. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
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SOURCE American Midstream Partners, LP
HOUSTON, May 10, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today reported financial and operational results for the three months ended March 31, 2019. Net loss attributable to the Partnership was $13.2 million for the three months ended March 31, 2019 compared to $13.9 million for 2018. Adjusted EBITDA (1) was $54.7 million for the three months ended March 31, 2019, compared to $52.4 million for 2018. Total segment gross margin (1) was $71.2 million for the three months ended March 31, 2019, compared to $64.7 million for 2018. The increases in adjusted EBITDA and total segment gross margin were driven largely by increased throughput on Delta House, reduction in operating expenses resulting from decreases in the use of third-party services and reductions in corporate expenses, due to a decrease in acquisition activity compared to the prior period and general corporate cost reduction as the Partnership prepares for the completion of the pending merger and operating as a privately held company.
SEGMENT PERFORMANCE
Segment Gross Margin | |||
(In thousands) | |||
Three months ended | |||
2019 | 2018 | ||
Offshore Pipelines and Services | $ 38,770 | $ 25,317 | |
Gas Gathering and Processing Services | 14,876 | 12,209 | |
Liquid Pipelines and Services | 8,104 | 9,154 | |
Natural Gas Transportation Services | 9,428 | 10,687 | |
Terminalling Services | - | 7,289 | |
Total Segment Gross Margin | $ 71,178 | $ 64,656 |
(1) Adjusted EBITDA and Total Segment Gross Margin are Non-GAAP supplemental financial measures. Please read "Non-GAAP Financial Measures" in this press release. |
PENDING MERGER
All customary conditions to the closing of the merger of the Partnership and an affiliate of ArcLight have been satisfied, with the exception of the expiration of the waiting period following filing of a definitive information statement with the United States Securities and Exchange Commission ("SEC"). The Partnership expects the merger to close by the outside date under the merger agreement of July 31, 2019.
As previously announced, the Partnership will not make any cash distributions on its common units or preferred units prior to the closing of the merger.
Upon closing of the merger, the Partnership will be a wholly owned subsidiary of an affiliate of ArcLight and the common units will cease to be publicly traded.
As a result of the pending merger, the Partnership will not hold a conference call in connection with the issuance of this earnings release.
CAPITAL MANAGEMENT
As of March 31, 2019, the Partnership had approximately $1.0 billion of total debt outstanding, comprising $534 million outstanding under its revolving credit facility, $425 million in outstanding 8.50% senior unsecured notes and $87 million in outstanding non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.8 times at March 31, 2019.
For the three months ended March 31, 2019, capital expenditures totaled approximately $19 million, including approximately $7 million of maintenance capital expenditures.
Non-GAAP Financial Measures
This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin" and "Operating Margin." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas, and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors and other information that will be included in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Report on From 10-Q for the quarter ended March 31, 2019. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
American Midstream Partners, LP and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(Unaudited, in thousands) | |||||||
March 31, | December 31, | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 12,273 | $ | 9,069 | |||
Restricted cash | 33,558 | 30,868 | |||||
Accounts receivable, net of allowance for doubtful accounts of $511 and $591 as of March 31, 2019 and December 31, 2018, respectively | 87,355 | 76,632 | |||||
Inventory | 8,924 | 1,186 | |||||
Other current assets | 21,728 | 26,236 | |||||
Total current assets | 163,838 | 143,991 | |||||
Property, plant and equipment, net | 995,755 | 997,708 | |||||
Goodwill | 51,723 | 51,723 | |||||
Restricted cash - long term | 5,281 | 5,083 | |||||
Intangible assets, net | 131,447 | 133,992 | |||||
Investment in unconsolidated affiliates | 321,760 | 337,796 | |||||
Other assets, net | 45,933 | 17,403 | |||||
Total assets | $ | 1,715,737 | $ | 1,687,696 | |||
Liabilities, Equity and Partners' Capital | |||||||
Total current liabilities (1) | $ | 664,817 | $ | 649,892 | |||
Asset retirement obligations | 68,338 | 67,451 | |||||
Other long-term liabilities | 41,876 | 18,491 | |||||
Long-term debt | 501,836 | 500,739 | |||||
Deferred tax liability | 1,421 | 1,421 | |||||
Total liabilities | 1,278,288 | 1,237,994 | |||||
Convertible preferred units | 331,964 | 324,624 | |||||
Total Equity and partners' capital | 105,485 | 125,078 | |||||
Total liabilities, equity and partners' capital | $ | 1,715,737 | $ | 1,687,696 |
_________________________ | ||||||||
(1) Total current liabilities include $534.3 million and $514.8 million for March 31, 2019 and December 31, 2018, respectively, outstanding under the Partnership's revolving credit facility, which matures in September 2019. |
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(Unaudited, in thousands, except for per unit amounts) | ||||||||
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Revenues | $ | 172,830 | $ | 205,829 | ||||
Operating expenses: | ||||||||
Cost of sales | 128,061 | 150,166 | ||||||
Direct operating expenses | 17,978 | 23,446 | ||||||
Corporate expenses | 19,401 | 22,692 | ||||||
Depreciation, amortization and accretion | 21,180 | 21,997 | ||||||
Loss (gain) on sale of assets, net | 55 | (95) | ||||||
Impairment of long-lived assets | 829 | — | ||||||
Total operating expenses | 187,504 | 218,206 | ||||||
Operating loss | (14,674) | (12,377) | ||||||
Other income (expense), net: | ||||||||
Interest expense, net of capitalized interest | (24,363) | (13,876) | ||||||
Other income, net | 8 | 22 | ||||||
Earnings in unconsolidated affiliates | 26,110 | 12,673 | ||||||
Loss before income taxes | (12,919) | (13,558) | ||||||
Income tax expense | (218) | (280) | ||||||
Net loss | (13,137) | (13,838) | ||||||
Net income attributable to noncontrolling interests | (77) | (45) | ||||||
Net loss attributable to the Partnership | $ | (13,214) | $ | (13,883) | ||||
Limited Partners' net loss per common unit: | ||||||||
Basic and diluted: | ||||||||
Net loss per common unit | $ | (0.38) | $ | (0.42) | ||||
Weighted average number of common units outstanding | ||||||||
Basic and diluted | 54,082 | 52,769 |
American Midstream Partners, LP and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(Unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
Net cash (used in) provided by operating activities | $ | (4,240) | $ | 14,847 | |||
Net cash used in investing activities | (6,481) | (15,744) | |||||
Net cash provided by (used in) financing activities | 16,813 | (1,774) | |||||
Net decrease in Cash, Cash equivalents, and Restricted cash | 6,092 | (2,671) | |||||
Cash, cash equivalents and restricted cash | |||||||
Beginning of period | 45,020 | 34,179 | |||||
End of period | $ | 51,112 | $ | 31,508 |
American Midstream Partners, LP and Subsidiaries | |||||||
Reconciliation of Net income (loss) attributable to the Partnership to | |||||||
Adjusted EBITDA and Distributable Cash Flow | |||||||
(Unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
Reconciliation of Net loss Attributable to the Partnership to Adjusted EBITDA: | |||||||
Net loss attributable to the Partnership | $ | (13,214) | $ | (13,883) | |||
Depreciation, amortization and accretion | 21,180 | 21,997 | |||||
Interest expense, net of capitalized interest | 24,363 | 13,876 | |||||
Amortization of deferred financing costs | (2,549) | (1,316) | |||||
Debt issuance costs paid | 61 | 1,085 | |||||
Unrealized loss (gain) on commodity derivatives, net | 254 | 59 | |||||
Non-cash equity compensation expense | 1,026 | 1,014 | |||||
Transaction expenses | 6,370 | 8,877 | |||||
Impairment of long-lived assets | 829 | — | |||||
Income tax expense | 218 | 280 | |||||
Distributions from unconsolidated affiliates | 42,146 | 23,853 | |||||
General Partner contribution | — | 9,417 | |||||
Earnings in unconsolidated affiliates | (26,110) | (12,673) | |||||
Other | 46 | (90) | |||||
Other post-employment benefits plan net periodic benefit | (19) | 15 | |||||
(Gain) loss on sale of assets, net | 55 | (95) | |||||
Adjusted EBITDA | $ | 54,656 | $ | 52,416 |
American Midstream Partners, LP and Subsidiaries | |||||||
Reconciliation of Total Gross Margin to Net loss attributable to the Partnership | |||||||
(Unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
Reconciliation of Total Segment Gross Margin and Operating Margin to Net Loss Attributable to the Partnership: | 2019 | 2018 | |||||
Total Segment Gross Margin | $ | 71,178 | $ | 64,656 | |||
Direct operating expenses | (17,978) | (19,799) | |||||
Operating margin | 53,200 | 44,857 | |||||
Gain (loss) on commodity derivatives, net | (1,521) | 60 | |||||
Corporate expenses | (19,401) | (22,692) | |||||
Depreciation, amortization and accretion expense | (21,180) | (21,997) | |||||
Gain (loss) on sale of assets, net | (55) | 95 | |||||
Impairment of long-lived assets | (829) | — | |||||
Interest expense, net of capitalized interest | (24,363) | (13,876) | |||||
Other income, net | 1,230 | (5) | |||||
Income tax expense | (218) | (280) | |||||
Net income attributable to noncontrolling interest | (77) | (45) | |||||
Net loss attributable to the Partnership | $ | (13,214) | $ | (13,883) |
American Midstream Partners, LP and Subsidiaries | ||||||||
Segment Financial and Operating Data | ||||||||
(Unaudited, in thousands, except for operating and pricing data) | ||||||||
Three months ended | ||||||||
2019 | 2018 | |||||||
Segment Financial and Operating Data: | ||||||||
Offshore Pipelines and Services Segment | ||||||||
Financial data: | ||||||||
Segment gross margin | $ | 38,770 | $ | 25,317 | ||||
Direct operating expenses | 5,939 | 7,795 | ||||||
Segment operating margin | $ | 32,831 | $ | 17,522 | ||||
Distributions: | ||||||||
Destin/Okeanos | $ | 15,373 | $ | 15,113 | ||||
Delta House | 21,817 | 6,524 | ||||||
Total | $ | 37,190 | $ | 21,637 | ||||
Operating data: | ||||||||
Average throughput (MMcfe/d) | 617.5 | 498.6 | ||||||
Average Destin/Okeanos throughput (MMcf/d) | 828.6 | 982.8 | ||||||
Average Delta House throughput (MBoe/d) | 102.9 | 57.8 | ||||||
Gas Gathering and Processing Services Segment | ||||||||
Financial data: | ||||||||
Segment gross margin | $ | 14,876 | $ | 12,209 | ||||
Direct operating expenses | 6,349 | 7,170 | ||||||
Segment operating margin | $ | 8,527 | $ | 5,039 | ||||
Operating data: | ||||||||
Average throughput (MMcf/d) | 200.9 | 160.5 | ||||||
Liquid Pipelines & Services | ||||||||
Financial data: | ||||||||
Segment gross margin | $ | 8,104 | $ | 9,154 | ||||
Direct operating expenses | 2,978 | 3,161 | ||||||
Segment operating margin | $ | 5,126 | $ | 5,993 | ||||
Distributions: | ||||||||
Distributions from unconsolidated affiliates | $ | 4,956 | $ | 2,217 | ||||
Operating data: | ||||||||
Average unconsolidated affiliate throughput (MBbls/d) | 127.4 | 104.4 | ||||||
Average other liquid pipelines throughput (MBbls/d) | 71.0 | 73.9 | ||||||
Natural Gas Transportation Services Segment | ||||||||
Financial data: | ||||||||
Segment gross margin | $ | 9,428 | $ | 10,687 | ||||
Direct operating expenses | 2,712 | 1,673 | ||||||
Segment operating margin | $ | 6,716 | $ | 9,014 | ||||
Operating data: | ||||||||
Average throughput (MMcf/d) | 640.3 | 810.1 | ||||||
Terminalling Services Segment | ||||||||
Financial data: | ||||||||
Segment revenue | $ | — | $ | 15,959 | ||||
Cost of sales | — | 5,023 | ||||||
Direct operating expenses | — | 3,647 | ||||||
Segment operating margin | $ | — | $ | 7,289 |
Note About Non-GAAP Financial Measures
Total segment gross margin, operating margin, Adjusted EBITDA and distributable cash flow are performance measures that are non-GAAP financial measures. Each has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. Management compensates for the limitations of these non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.
You should not consider total segment gross margin, operating margin or Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Total segment gross margin, operating margin and Adjusted EBITDA may be defined differently by other companies in our industry. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our equity holders; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus depreciation, amortization and accretion expense ("DAA") excluding non-controlling interest share of DAA, interest expense, net of capitalized interest excluding , debt issuance costs paid during the period, unrealized gains (losses) on commodity derivatives, non-cash charges such as non-cash equity compensation expense, charges that are unusual such as transaction expenses primarily associated with our acquisitions, income tax expense, distributions from unconsolidated affiliates and General Partner's contribution, less earnings in unconsolidated affiliates, discontinued operations, gains (losses) that are unusual, such as gain on revaluation of equity interest and gain (loss) on sale of assets, net, and other non-recurring items that impact our business, such as construction and operating management agreement income ("COMA") and other post-employment benefits plan net periodic benefit. The GAAP measure most directly comparable to our performance measure Adjusted EBITDA is Net income (loss) attributable to the Partnership.
Segment gross margin and total segment gross margin are metrics that we use to evaluate our performance. These metrics are useful for understanding our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment development managers, such as certain operating costs, general and administrative expenses, interest expense and income taxes. Operating margin is useful for similar reasons except that it also includes all direct operating expenses in order to assess the performance of our operating managers.
We define segment gross margin in our Gas Gathering and Processing Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives, construction and operating management agreement income and the cost of natural gas, and NGLs and condensate purchased.
We define segment gross margin in our Liquid Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives and the cost of crude oil purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Natural Gas Transportation Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Offshore Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Terminalling Services segment as total revenue less cost of sales and direct operating expense which includes direct labor, general materials and supplies and direct overhead.
Total segment gross margin is a supplemental non-GAAP financial measure that we use to evaluate our performance. We define total segment gross margin as the sum of the segment gross margins for our Gas Gathering and Processing Services, Liquid Pipelines and Services, Natural Gas Transportation Services, Offshore Pipelines and Services and Terminalling Services segments. The GAAP measure most directly comparable to total segment gross margin is Net Income (Loss) attributable to the Partnership.
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SOURCE American Midstream Partners, LP
HOUSTON, April 26, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced that Lynn Bourdon III, Chairman, President and Chief Executive Officer of American Midstream GP, LLC, the ("General Partner") of American Midstream Partners, LP, notified the Partnership of his decision to resign effective May 3, 2019.
Jake Erhard, Partner at ArcLight Capital Partners stated, "On behalf of ArcLight and the entire Board of the General Partner, I would like to thank Lynn for his leadership and numerous contributions to the Partnership during a difficult environment over the past four years. It has been a pleasure to work with Lynn and gain from his industry knowledge and management expertise. As the Partnership transitions to private operatorship, we understand Lynn's desire to move on and wish him success in his future endeavors."
Lynn Bourdon III stated, "With the impending transformation of AMID, I believe the timing is right for me to step aside and let ArcLight manage the company in a private setting. The past few years have been challenging for small capitalization MLPs, and the exceptional support ArcLight provided has been critical to the Partnership's successes during this time. I am grateful to have been involved in AMID's significant accomplishments and believe the management team, along with the men and women delivering exceptional service to AMID's customers, will continue to drive the Partnership's progress in achieving its goals."
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
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SOURCE American Midstream Partners, LP
HOUSTON, April 1, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today reported financial and operational results for the three and twelve months ended December 31, 2018. Net loss attributable to the Partnership was $7.8 million for the year ended December 31, 2018 compared to $223.0 million for 2017. Adjusted EBITDA (1) was $184.6 million for the year ended December 31, 2018, compared to $176.4 million for 2017. The Partnership's distributable cash flow was $69.8 million for the year ended December 31, 2018, compared to $91.1 million for 2017.
SEGMENT PERFORMANCE | |||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
Offshore Pipelines and Services | $45,636 | $22,871 | $134,106 | $103,970 | |||
Gas Gathering and Processing Services | 11,847 | 10,946 | 51,888 | 48,053 | |||
Liquid Pipelines and Services | 10,771 | 9,698 | 40,542 | 39,870 | |||
Natural Gas Transportation Services | 8,746 | 6,306 | 36,130 | 23,005 | |||
Terminalling Services | 3,172 | 6,869 | 22,814 | 29,956 | |||
Total Segment Gross Margin (1) | $80,172 | $56,690 | $285,480 | $244,854 | |||
(1) Adjusted EBITDA and Total Segment Gross Margin are Non-GAAP supplemental financial measures. Please read "Non-GAAP Financial Measures" in this press release. |
Offshore Pipelines and Services
Segment gross margin was $45.6 million for the three months ended December 31, 2018, an increase of 100% compared to the same period in 2017. The increase was primarily a result of a 32% increase in throughput volumes on the Partnership's offshore consolidated assets, as well as rate and imbalance adjustments on the Destin and Okeanos pipelines. Quarterly cash distributions from unconsolidated affiliates, Delta House, Destin and Okeanos, were $29.8 million for the three months ended December 31, 2018, compared to $29.6 million for the same period in 2017.
Gas Gathering and Processing Services
Segment gross margin was $11.8 million for the three months ended December 31, 2018, an increase of 8% compared to the same period in 2017. The increase reflected producer development activity across the Partnership's Gas Gathering and Processing Services segment, which contributed to a 20% increase in throughput volumes on the Partnership's Permian Basin assets compared to the same period in 2017.
Liquid Pipelines and Services
Segment gross margin was $10.8 million for the three months ended December 31, 2018, an increase of 11% as compared to the same period in 2017. The Partnership benefited from increased producer activity across the segment, which contributed to an 11% increase in throughput volumes on the Partnership's consolidated assets compared to the same period in 2017. Quarterly cash distributions from unconsolidated affiliates were $3.7 million, a 60% increase compared to the same period in 2017. The increase in distributions was driven by a 43% increase in throughput volumes, primarily attributable to the Partnership's interest in the Cayenne pipeline, which commenced operation in January of 2018.
Natural Gas Transportation Services
Segment gross margin was $8.7 million for the three months ended December 31, 2018, a 39% increase compared to the same period in 2017. The increase was primarily attributable to the acquisition of Trans-Union pipeline in November 2017. Throughput volumes grew 43% compared to the same period in 2017.
Terminalling Services
Segment gross margin was $3.2 million for the three months ended December 31, 2018, a decrease of 54% compared to the same period in 2017. The decrease in gross margin was primarily a result of the sale of the Partnership's Marine Products Terminals, on August 1, 2018, for approximately $210 million and the Partnership's Refined Products Terminals, on December 20, 2018, for approximately $125 million.
Pending Merger
On March 18, 2019, the Partnership announced it had entered into a definitive agreement and plan of merger with an affiliate (the "Purchaser") of ArcLight Energy Partners Fund V, L.P. ("ArcLight"). The Purchaser will acquire, for cash, in a merger transaction, all outstanding common units of the Partnership not already held by affiliates of ArcLight, at a price of $5.25 per common unit.
The merger is expected to close in the second quarter of 2019. The merger is subject to customary closing conditions, including an amendment to the Partnership's credit agreement. The Partnership will not make any cash distributions on its common units or preferred units prior to the closing of the merger.
Upon closing of the merger, the Partnership will be a wholly owned subsidiary of the Purchaser and its common units will cease to be publicly traded.
As a result of the pending merger, the Partnership will not hold a conference call in connection with the issuance of this earnings release.
CAPITAL MANAGEMENT
As of December 31, 2018, the Partnership had approximately $1.0 billion of total debt outstanding, comprising of $515 million outstanding under its revolving credit facility, $425 million in outstanding 8.50% senior unsecured notes and $88 million in outstanding non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.8 times at December 31, 2018.
For the three months ended December 31, 2018, capital expenditures totaled approximately $24 million, including approximately $6 million of maintenance capital expenditures. For the twelve months ended December 31, 2018, capital expenditures totaled approximately $97 million, including approximately $16 million of maintenance capital expenditures.
Non-GAAP Financial Measures
This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin," "Operating Margin," and "Distributable Cash Flow." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors and other information that will be included in our Annual Report on Form 10-K for the year ended 2018. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited, in thousands) | ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 9,069 | $ | 8,782 | ||||
Restricted cash | 30,868 | 20,352 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $591 and $225 as of | 76,632 | 98,132 | ||||||
Inventory and other current assets | 27,422 | 26,386 | ||||||
Total current assets | 143,991 | 153,652 | ||||||
Property, plant and equipment, net | 997,708 | 1,095,585 | ||||||
Goodwill | 51,723 | 128,866 | ||||||
Restricted cash - long term | 5,083 | 5,045 | ||||||
Intangible and other assets, net | 133,992 | 174,010 | ||||||
Investment in unconsolidated affiliates | 337,796 | 348,434 | ||||||
Other assets, net | 17,403 | 17,874 | ||||||
Total assets | $ | 1,687,696 | $ | 1,923,466 | ||||
Liabilities, Equity and Partners' Capital | ||||||||
Total current liabilities (1) | $ | 649,892 | $ | 137,493 | ||||
Asset retirement obligations | 67,451 | 66,194 | ||||||
Other long-term liabilities | 18,491 | 2,080 | ||||||
Long-term debt | 500,739 | 1,201,456 | ||||||
Deferred tax liability | 1,421 | 8,123 | ||||||
Total liabilities | 1,237,994 | 1,415,346 | ||||||
Convertible preferred units | 324,624 | 317,180 | ||||||
Total Equity and partners' capital | 125,078 | 190,940 | ||||||
Total liabilities, equity and partners' capital | $ | 1,687,696 | $ | 1,923,466 | ||||
__________________________ | ||||||||
(1) Total current liabilities include $514.8 million outstanding under the Partnership's revolving credit facility, which matures September 2019. |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited, in thousands, except for per unit amounts) | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 176,962 | $ | 163,037 | $ | 805,354 | $ | 651,435 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of sales | 130,092 | 114,485 | 592,040 | 457,371 | ||||||||||||
Direct operating expenses | 22,082 | 25,437 | 87,677 | 82,256 | ||||||||||||
Corporate expenses | 19,786 | 27,489 | 89,706 | 112,058 | ||||||||||||
Termination fee | — | — | 17,000 | — | ||||||||||||
Depreciation, amortization and accretion | 20,897 | 24,614 | 87,171 | 103,448 | ||||||||||||
Gain on sale of assets, net | 4,373 | — | (95,118) | (4,063) | ||||||||||||
Impairment of long-lived assets and intangible assets | 1,610 | 116,609 | 1,610 | 116,609 | ||||||||||||
Impairment of goodwill | — | 77,961 | — | 77,961 | ||||||||||||
Total operating expenses | 198,840 | 386,595 | 780,086 | 945,640 | ||||||||||||
Operating income (loss) | (21,878) | (223,558) | 25,268 | (294,205) | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Interest expense, net of capitalized interest | (26,576) | (15,428) | (82,410) | (66,465) | ||||||||||||
Other income (expense), net | 498 | 4,006 | 560 | 36,254 | ||||||||||||
Earnings in unconsolidated affiliates | 34,187 | 13,269 | 81,929 | 63,050 | ||||||||||||
Income (loss) from continuing operations before income taxes | (13,769) | (221,711) | 25,347 | (261,366) | ||||||||||||
Income tax expense | (950) | 1,376 | (32,995) | (1,235) | ||||||||||||
Income (loss) from continuing operations | (14,719) | (220,335) | (7,648) | (262,601) | ||||||||||||
Income from discontinued operations, including gain on sale | — | 1,910 | — | 44,095 | ||||||||||||
Net income (loss) | (14,719) | (218,425) | (7,648) | (218,506) | ||||||||||||
Net income attributable to noncontrolling interests | (33) | (1,087) | (116) | (4,473) | ||||||||||||
Net income (loss) attributable to the Partnership | $ | (14,752) | $ | (219,512) | $ | (7,764) | $ | (222,979) | ||||||||
Limited Partners' net income (loss) per common unit: | ||||||||||||||||
Basic and diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.41) | $ | (4.32) | $ | (0.75) | $ | (5.70) | ||||||||
Income from discontinued operations | — | 0.03 | — | 0.85 | ||||||||||||
Net income (loss) per common unit | $ | (0.41) | $ | (4.29) | $ | (0.75) | $ | (4.85) | ||||||||
Weighted average number of common units outstanding | ||||||||||||||||
Basic and diluted | 53,239 | 52,697 | 53,136 | 52,043 |
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited, in thousands) | ||||||||
Twelve months ended December 31, | ||||||||
2018 | 2017 | |||||||
Net cash provided by operating activities | $ | 5,175 | $ | 9,620 | ||||
Net cash provided by (used in) investing activities | 248,800 | (40,491) | ||||||
Net cash used in financing activities | (243,134) | (264,180) | ||||||
Net decrease in Cash, Cash equivalents, and Restricted cash | 10,841 | (295,051) | ||||||
Cash, cash equivalents and restricted cash | ||||||||
Beginning of period | 34,179 | 329,230 | ||||||
End of period | $ | 45,020 | $ | 34,179 |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Reconciliation of Net income (loss) attributable to the Partnership to | ||||||||||||||||
Adjusted EBITDA and Distributable Cash Flow | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Reconciliation of Net loss attributable to the Partnership to Adjusted EBITDA and DCF: | ||||||||||||||||
Net loss attributable to the Partnership | $ | (14,752) | $ | (219,512) | $ | (7,764) | $ | (222,979) | ||||||||
Depreciation, amortization and accretion | 20,897 | 24,593 | 87,171 | 102,766 | ||||||||||||
Interest expense, net of capitalized interest | 26,576 | 15,428 | 82,410 | 66,465 | ||||||||||||
Amortization of deferred financing costs | (2,343) | (1,507) | (7,485) | (5,117) | ||||||||||||
Gain on extinguishment of debt | — | — | — | (1,870) | ||||||||||||
Debt issuance costs paid | 2,276 | 3,470 | 6,977 | 5,705 | ||||||||||||
Unrealized loss (gain) on commodity derivatives, net | (350) | (498) | 2 | — | ||||||||||||
Non-cash equity compensation expense | 1,112 | 1,965 | 4,641 | 8,032 | ||||||||||||
Transaction expenses | 5,869 | 11,705 | 28,791 | 42,860 | ||||||||||||
Termination fee | — | — | 17,000 | — | ||||||||||||
Income tax expense | 950 | (1,376) | 32,995 | 1,235 | ||||||||||||
Impairment of long-lived assets and intangible assets | 1,610 | 116,609 | 1,610 | 116,609 | ||||||||||||
Impairment of goodwill | — | 77,961 | — | 77,961 | ||||||||||||
Discontinued operations | — | (965) | — | (37,212) | ||||||||||||
Distributions from unconsolidated affiliates | 33,453 | 31,870 | 97,713 | 90,846 | ||||||||||||
General Partner contribution | — | — | 17,732 | 34,614 | ||||||||||||
Earnings in unconsolidated affiliates | (34,187) | (13,269) | (81,929) | (63,050) | ||||||||||||
Other income | 257 | (153) | (132) | (409) | ||||||||||||
(Gain) loss on sale of assets, net | 4,373 | — | (95,118) | (4,063) | ||||||||||||
Gain on revaluation of equity interest | — | (3,616) | — | (35,999) | ||||||||||||
Adjusted EBITDA | $ | 45,741 | $ | 42,705 | $ | 184,614 | $ | 176,394 | ||||||||
Interest expense, net of capitalized interest | (26,576) | (15,428) | (82,410) | (66,465) | ||||||||||||
Amortization of deferred financing costs | 2,343 | 1,507 | 7,485 | 5,117 | ||||||||||||
Unrealized (loss) gain on interest rate swaps | 7,277 | (2,897) | 1,154 | (1,109) | ||||||||||||
Gain on extinguishment of debt | — | — | — | 1,870 | ||||||||||||
Letter of credit fees | — | 307 | 21 | 517 | ||||||||||||
Maintenance capital | (6,339) | (2,322) | (15,970) | (8,892) | ||||||||||||
Preferred unit distributions | — | — | (25,061) | (16,311) | ||||||||||||
Distributable cash flow | $ | 22,446 | $ | 23,872 | $ | 69,833 | $ | 91,121 | ||||||||
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Reconciliation of Total Gross Margin to Net loss attributable to the Partnership | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Total Segment Gross Margin | $ | 80,172 | $ | 56,690 | $ | 285,480 | $ | 244,854 | ||||||||
Direct operating expenses | (21,297) | (21,047) | (78,012) | (70,385) | ||||||||||||
Operating margin | 58,875 | 35,643 | 207,468 | 174,469 | ||||||||||||
Gains (losses) on commodity derivatives, net | 2,566 | (86) | 2,036 | (119) | ||||||||||||
Corporate expenses | (19,784) | (27,488) | (89,706) | (112,058) | ||||||||||||
Termination fee | — | — | (17,000) | — | ||||||||||||
Depreciation, amortization and accretion | (20,897) | (24,615) | (87,171) | (103,448) | ||||||||||||
Gain (loss) on sale of assets, net | (4,373) | — | 95,118 | 4,063 | ||||||||||||
Impairment of long-lived assets and intangible assets | (1,610) | (116,609) | (1,610) | (116,609) | ||||||||||||
Impairment of goodwill | — | (77,961) | — | (77,961) | ||||||||||||
Interest expense, net of capitalized interest | (26,576) | (15,428) | (82,410) | (66,465) | ||||||||||||
Other income, net | 498 | 4,005 | 560 | 36,254 | ||||||||||||
Other, net | (2,468) | 829 | (1,938) | 508 | ||||||||||||
Income tax expense | (950) | 1,375 | (32,995) | (1,235) | ||||||||||||
Income (loss) from discontinued operations, including gain on sale | — | 1,910 | — | 44,095 | ||||||||||||
Net income attributable to noncontrolling interest | (33) | (1,087) | (116) | (4,473) | ||||||||||||
Net income (loss) attributable to the Partnership | $ | (14,752) | $ | (219,512) | $ | (7,764) | $ | (222,979) |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Segment Financial and Operating Data | ||||||||||||||||
(Unaudited, in thousands, except for operating and pricing data) | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Segment Financial and Operating Data: | ||||||||||||||||
Offshore Pipelines and Services Segment | ||||||||||||||||
Financial data: | ||||||||||||||||
Segment gross margin | $ | 45,636 | $ | 22,871 | $ | 134,106 | $ | 103,970 | ||||||||
Direct operating expenses | 7,373 | 6,988 | 30,578 | 17,040 | ||||||||||||
Segment operating margin | $ | 38,263 | $ | 15,883 | $ | 103,528 | $ | 86,930 | ||||||||
Distributions: | ||||||||||||||||
Destin/Okeanos | $ | 12,726 | $ | 12,000 | $ | 46,205 | $ | 38,667 | ||||||||
Delta House | 17,053 | 17,572 | 40,385 | 43,746 | ||||||||||||
Total | $ | 29,779 | $ | 29,572 | $ | 86,590 | $ | 82,413 | ||||||||
Operating data: | ||||||||||||||||
Average throughput (MMcfe/d) | 557.2 | 422.8 | 498.1 | 497.1 | ||||||||||||
Average Destin/Okeanos throughput (MMcf/d) | 1,038.5 | 1,035.1 | 1,029.9 | 1,094.0 | ||||||||||||
Average Delta House throughput (MBoe/d) | 89.4 | 63.3 | 68.7 | 101.2 | ||||||||||||
Gas Gathering and Processing Services Segment | ||||||||||||||||
Financial data: | ||||||||||||||||
Segment gross margin | $ | 11,847 | $ | 10,946 | $ | 51,888 | $ | 48,053 | ||||||||
Direct operating expenses | 8,246 | 8,028 | 28,000 | 34,040 | ||||||||||||
Segment operating margin | $ | 3,601 | $ | 2,918 | $ | 23,888 | $ | 14,013 | ||||||||
Operating data: | ||||||||||||||||
Average throughput (MMcf/d) | 176.8 | 192.7 | 170.8 | 202.0 | ||||||||||||
Liquid Pipelines & Services | ||||||||||||||||
Financial data: | ||||||||||||||||
Segment gross margin | $ | 10,771 | $ | 9,698 | $ | 40,542 | $ | 39,870 | ||||||||
Direct operating expenses | 2,883 | 5,152 | 11,162 | 13,061 | ||||||||||||
Segment operating margin | $ | 7,888 | $ | 4,546 | $ | 29,380 | $ | 26,809 | ||||||||
Distributions: | ||||||||||||||||
Distributions from unconsolidated affiliates | $ | 3,675 | $ | 2,298 | $ | 11,123 | $ | 7,334 | ||||||||
Operating data: | ||||||||||||||||
Average unconsolidated affiliate throughput (MBbls/d) | 128.9 | 90.2 | 117.1 | 87.7 | ||||||||||||
Average other liquid pipelines throughput (MBbls/d) | 79.5 | 71.6 | 76.8 | 67.4 | ||||||||||||
Natural Gas Transportation Services Segment | ||||||||||||||||
Financial data: | ||||||||||||||||
Segment gross margin | $ | 8,746 | $ | 6,306 | $ | 36,130 | $ | 23,005 | ||||||||
Direct operating expenses | 2,795 | 883 | 8,272 | 6,244 | ||||||||||||
Segment operating margin | $ | 5,951 | $ | 5,423 | $ | 27,858 | $ | 16,761 | ||||||||
Operating data: | ||||||||||||||||
Average throughput (MMcf/d) | 612.4 | 429.4 | 678.9 | 394.7 | ||||||||||||
Terminalling Services Segment | ||||||||||||||||
Financial data: | ||||||||||||||||
Segment revenue | $ | 7,414 | $ | 16,497 | $ | 45,363 | $ | 54,541 | ||||||||
Cost of sales | 3,457 | 5,242 | 12,885 | 12,715 | ||||||||||||
Direct operating expenses | 785 | 4,386 | 9,664 | 11,870 | ||||||||||||
Segment operating margin | $ | 3,172 | $ | 6,869 | $ | 22,814 | $ | 29,956 |
Note About Non-GAAP Financial Measures
Total segment gross margin, operating margin, Adjusted EBITDA and distributable cash flow are performance measures that are non-GAAP financial measures. Each has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. Management compensates for the limitations of these non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.
You should not consider total segment gross margin, operating margin, Adjusted EBITDA or distributable cash flow in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Total segment gross margin, operating margin, Adjusted EBITDA or distributable cash flow may be defined differently by other companies in our industry. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our General Partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus depreciation, amortization and accretion expense ("DAA") excluding non-controlling interest share of DAA, interest expense, net of capitalized interest excluding , debt issuance costs paid during the period, unrealized gains (losses) on commodity derivatives, non-cash charges such as non-cash equity compensation expense, charges that are unusual such as transaction expenses primarily associated with our acquisitions, income tax expense, distributions from unconsolidated affiliates and General Partner's contribution, less earnings in unconsolidated affiliates, discontinued operations, gains (losses) that are unusual, such as gain on revaluation of equity interest and gain (loss) on sale of assets, net, and other non-recurring items that impact our business, such as construction and operating management agreement income ("COMA") and other post-employment benefits plan net periodic benefit. The GAAP measure most directly comparable to our performance measure Adjusted EBITDA is Net income (loss) attributable to the Partnership.
DCF is a significant performance metric used by us and by external users of the Partnership's financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay the Partnership's unitholders. Using this metric, management and external users of the Partnership's financial statements can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. DCF is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure may indicate to investors whether we are generating cash flow at a level that can sustain or support an increase in the Partnership's quarterly distribution rates. DCF is also a quantitative standard used throughout the investment community with respect to publicly traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit's yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). DCF will not reflect changes in working capital balances.
We define DCF as Adjusted EBITDA, less interest expense, net of capitalized interest excluding realized gain/(loss) on interest rate swaps and letter of credit fees, maintenance capital expenditures, and distributions related to the Series A and Series C convertible preferred units. The GAAP financial measure most comparable to DCF is Net income (loss) attributable to the Partnership.
Segment gross margin and total segment gross margin are metrics that we use to evaluate our performance. These metrics are useful for understanding our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment development managers, such as certain operating costs, general and administrative expenses, interest expense and income taxes. Operating margin is useful for similar reasons except that it also includes all direct operating expenses in order to assess the performance of our operating managers.
We define segment gross margin in our Gas Gathering and Processing Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives, construction and operating management agreement income and the cost of natural gas, and NGLs and condensate purchased.
We define segment gross margin in our Liquid Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives and the cost of crude oil purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Natural Gas Transportation Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Offshore Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Terminalling Services segment as total revenue less cost of sales and direct operating expense which includes direct labor, general materials and supplies and direct overhead.
Total segment gross margin is a supplemental non-GAAP financial measure that we use to evaluate our performance. We define total segment gross margin as the sum of the segment gross margins for our Gas Gathering and Processing Services, Liquid Pipelines and Services, Natural Gas Transportation Services, Offshore Pipelines and Services and Terminalling Services segments. The GAAP measure most directly comparable to total segment gross margin is Net Income (Loss) attributable to the Partnership.
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SOURCE American Midstream Partners, LP
HOUSTON, March 18, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced that it has entered into a definitive agreement and plan of merger ("Merger Agreement") with an affiliate (the "Purchaser") of ArcLight Energy Partners Fund V, L.P. ("ArcLight"). The Purchaser will acquire, for cash, in a merger transaction, all outstanding common units of the Partnership not already held by affiliates of ArcLight, at a price of $5.25 per common unit.
The merger is expected to close in the second quarter of 2019. The Partnership does not expect to make any cash distributions on its common units or preferred units prior to the closing of the merger.
The conflicts committee of the board of directors of the Partnership's general partner, after consultation with its independent legal and financial advisors, unanimously approved the Merger Agreement and determined it to be in the best interests of the Partnership and its unitholders unaffiliated with ArcLight. Subsequently, the board of directors of the Partnership's general partner approved the Merger Agreement and determined it to be fair and reasonable and in the best interests of the Partnership.
The closing of the merger is subject to satisfaction of customary conditions, including receipt by the Partnership of a consent and waiver from the Partnership's lenders. Under the partnership agreement, the merger is required to be approved by a majority of the outstanding common units and preferred units, voting as a class, and each class of preferred units. Affiliates of ArcLight own approximately 51% of such voting power and prior to the execution of the Merger Agreement, affiliates of ArcLight delivered to the Partnership a written consent approving the Merger. As such, the merger has been approved by the limited partners of the Partnership, and the Partnership will not hold a meeting of its unitholders to approve the merger. Upon closing of the merger, the Partnership will be a wholly owned subsidiary of the Purchaser and its common units will cease to be publicly traded.
Gibson, Dunn & Crutcher LLP acted as legal counsel to the Partnership. Evercore acted as financial advisor and Thompson & Knight LLP acted as legal counsel to the Partnership's conflicts committee. BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal counsel to ArcLight.
The Partnership plans to file with the Securities and Exchange Commission a Current Report on Form 8-K containing additional information regarding the terms of the transaction, including a copy of the merger agreement.
About American Midstream Partners, LP
American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of the website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing and terms and results of the merger. We have used the words "could," "expect," "intend," "may," "will," "potential," "would," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-agreement-for-the-purchase-of-its-outstanding-common-units-by-an-affiliate-of-arclight-energy-partners-300813713.html
SOURCE American Midstream Partners, LP
HOUSTON, Jan. 3, 2019 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced that the Board of Directors of American Midstream GP, LLC ("GP Board") has received a revised non-binding proposal from an affiliate of ArcLight Energy Partners Fund V, L.P. ("ArcLight"), directed to members of the Conflicts Committee of the GP Board, pursuant to which ArcLight would acquire all common units of the Partnership that ArcLight and its affiliates do not already own in exchange for a revised offer price of $4.50 per common unit. The other proposed terms of the potential transaction remain as set forth in the original non-binding proposal announced on September 28, 2018.
The proposed transaction remains subject to a number of contingencies, including the approval of the Conflicts Committee of the GP Board, the approval by holders of a majority of the outstanding common units of the Partnership, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the negotiation and execution of definitive agreements relating to the proposed transaction, the ability of the parties to consummate any transaction, the failure to achieve approval of the unitholders, the timing of any transaction, costs associated with consideration and execution of any proposed transaction, and changes in market and industry conditions, as well as the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-receives-revised-buyout-offer-from-arclight-300772683.html
SOURCE American Midstream Partners, LP
HOUSTON, Dec. 20, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced the closing of its previously announced sale of its refined products terminalling business (the "Refined Products Terminals") to Sunoco LP, for approximately $125 million in cash.
The divestiture of the Refined Products Terminals, located in Caddo Mills, Texas and North Little Rock, Arkansas, is a continuation of the Partnership's previously announced non-core asset divestiture program. The proceeds of this sale will go toward reducing indebtedness under the Partnership's revolving credit facility.
Barclays acted as exclusive financial advisor and Sidley Austin LLP served as legal counsel to American Midstream for the Refined Products transaction.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "poised," "potential," "promote," "would," "designed," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/american-midstream-closes-sale-of-refined-products-terminals-300769846.html
SOURCE American Midstream Partners, LP
DALLAS, Dec. 20, 2018 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("Sunoco") announced today the completion of the previously announced acquisition of the refined products terminalling business from American Midstream Partners, LP (NYSE: AMID) for approximately $125 million plus working capital adjustments.
Sunoco funded the transaction with cash on hand and amounts available under its revolving credit facility, while continuing to maintain its targeted leverage ratio. The acquisition is expected to be accretive to Sunoco with respect to distributable cash flow in the first year.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that distributes motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states. Sunoco's general partner is owned by Energy Transfer Operating, L.P., a subsidiary of Energy Transfer LP (NYSE: ET).
Cautionary Statement Relevant to Forward-Looking Information
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in Sunoco's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. Sunoco undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.SunocoLP.com
Contacts
Investors:
Scott Grischow
Senior Director – Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA
Manager – Investor Relations, Growth and Strategy
(214) 840-5553, derek.rabe@sunoco.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/sunoco-lp-completes-the-acquisition-of-the-refined-products-terminalling-business-from-american-midstream-partners-lp-300769495.html
SOURCE Sunoco LP
DALLAS, Dec. 14, 2018 /PRNewswire/ -- Alerian announced the results of the December quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, December 21, 2018.
AmeriGas Partners (NYSE: APU), Alliance Resource Partners (NASDAQ: ARLP), GasLog Partners (NYSE: GLOP), Golar LNG Partners (NASDAQ: GMLP), Hi-Crush Partners (NYSE: HCLP), Suburban Propane Partners (NYSE: SPH), Sunoco (NYSE: SUN), Teekay LNG Partners (NYSE: TGP), USA Compression Partners (NYSE: USAC), and Viper Energy Partners (NASDAQ: VNOM) will be removed.
There are no constituent changes to the Alerian MLP Infrastructure Index (AMZI) or the Alerian Natural Gas MLP Index (ANGI).
In addition, each index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from an index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of November 30, 2018, over $13 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. Visit alerian.com to learn more.
View original content:http://www.prnewswire.com/news-releases/alerian-index-series-december-2018-index-review-300765593.html
SOURCE Alerian
DALLAS, Nov. 15, 2018 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("Sunoco") announced today the execution of a definitive agreement to purchase the refined products terminalling business from American Midstream Partners, LP (NYSE: AMID) for approximately $125 million plus working capital adjustments.
The refined products terminalling business consists of terminals located in Caddo Mills, Texas and North Little Rock, Arkansas with a combined 21 tanks, approximately 1.3 million barrels of storage capacity and approximately 77,500 barrels per day of total throughput capacity.
The acquisition builds on Sunoco's strategy of adding fee-based refined product terminals into the overall portfolio. The acquisition is subject to customary closing conditions including clearance under the Hart-Scott-Rodino Act and is expected to close in the fourth quarter of 2018. The transaction is expected to be accretive to Sunoco with respect to distributable cash flow in the first year.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that distributes motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states. SUN's general partner is owned by Energy Transfer Operating, L.P., a subsidiary of Energy Transfer LP (NYSE: ET).
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.SunocoLP.com
Contacts
Scott Grischow, Senior Director – Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA, Manager – Investor Relations, Growth and Strategy
(214) 840-5553, derek.rabe@sunoco.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/sunoco-lp-announces-definitive-agreement-to-acquire-refined-products-terminals-from-american-midstream-partners-lp-300750934.html
SOURCE Sunoco LP
HOUSTON, Nov. 15, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced it has entered into a definitive agreement for the sale of its refined products terminalling business (the "Refined Products Terminals") to Sunoco LP, for approximately $125 million in cash, subject to working capital adjustments. The transaction is expected to close in the fourth quarter of 2018.
The divestiture of the Refined Products Terminals, located in Caddo Mills, Texas and North Little Rock, Arkansas, represents continued progress towards American Midstream's capital allocation strategy designed to reduce leverage and strengthen the Partnership. In addition, the divestiture of the Refined Products Terminals simplifies AMID's business profile while creating capital flexibility.
Closing of the sale of the Refined Products Terminals is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.
Barclays acted as exclusive financial advisor and Sidley Austin LLP served as legal counsel to American Midstream for the Refined Products transaction.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "poised," "potential," "promote," "would," "designed," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-enters-definitive-agreement-to-sell-refined-products-terminals-300751133.html
SOURCE American Midstream Partners, LP
HOUSTON, Nov. 1, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced that its third quarter 2018 results will be released before the market opens on Thursday, November 8, 2018. The Partnership will host a conference call at 10:00 AM ET / 9:00 AM CT on Thursday, November 8, 2018 to discuss results. The call will also be webcast via the Partnership's website.
Third Quarter 2018 Earnings Call Information
Date: | Thursday, November 8, 2018 |
Time: | 10:00 AM ET / 9:00 AM CT |
Dial-In: | (888) 317-6003 (Domestic toll-free) |
(412) 317-6061 (International) | |
Conference ID: | 5192905 |
Webcast: | www.americanmidstream.com |
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
IR@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-third-quarter-2018-earnings-call-300742633.html
SOURCE American Midstream Partners, LP
HOUSTON, Oct. 25, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.1031 per common unit, or $0.4125 per unit annually. The distribution will be paid November 14, 2018 to unitholders of record as of the close of business on November 6, 2018.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
This notice serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of American Midstream Partners, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all American Midstream Partners, LP 's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not American Midstream Partners, LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/american-midstream-announces-third-quarter-distribution-300738286.html
SOURCE American Midstream Partners, LP
HOUSTON, Sept. 28, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced the Board of Directors of American Midstream GP, LLC ("GP Board") has received an unsolicited non-binding proposal from affiliates of ArcLight Energy Partners Fund V, L.P. ("ArcLight"), directed to members of the GP Board, pursuant to which ArcLight would acquire all common units of the Partnership that ArcLight and its affiliates do not already own in exchange for $6.10 per common unit. If approved, it is currently expected that the transaction would be consummated through a merger of the Partnership with a subsidiary of ArcLight.
The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts Committee of the GP Board, the approval by holders of a majority of the outstanding common units of the Partnership, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "strive," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the negotiation and execution of definitive agreements relating to the proposed transaction, the ability of the parties to consummate any transaction, the failure to achieve approval of the unitholders, the timing of any transaction, and the costs associated with consideration and execution of any proposed transaction, as well as the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-receives-buyout-offer-from-arclight-300720894.html
SOURCE American Midstream Partners, LP
HOUSTON, Aug. 9, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today reported financial results for the three and six months ended June 30, 2018.
Highlights
Financial
Operational
EXECUTIVE COMMENTARY
"Our core business continues to perform well, and we are pleased with the strong operating results we generated in the second quarter. Our momentum through the first half of year, along with significant organic growth opportunities will continue to drive American Midstream as we move into the second half of 2018 and into 2019. As we focus on organically growing the Partnership through a self-funding model, we will strategically redeploy capital towards high growth assets which will inherently accelerate the accretion of the Partnership. Coupled with our debt reduction initiatives, we expect this model to strengthen both the operational and financial posture of the Partnership, while simultaneously rapidly deleveraging the balance sheet. We have a tremendous set of assets and we will continue to execute and benefit from the increase in producer activity and need for midstream infrastructure across our footprint," stated Lynn Bordon III, President and Chief Executive Officer.
SEGMENT PERFORMANCE
Segment Gross Margin | |||||||
(In thousands) | |||||||
Three months ended |
Six months ended | ||||||
2018 |
2017 |
2018 |
2017 | ||||
Offshore Pipelines and Services |
$24,330 |
$25,623 |
$49,647 |
$51,426 | |||
Gas Gathering and Processing Services |
14,539 |
12,651 |
27,193 |
23,902 | |||
Liquid Pipelines and Services |
7,744 |
6,765 |
15,014 |
13,401 | |||
Natural Gas Transportation Services |
9,653 |
5,631 |
20,340 |
11,750 | |||
Terminalling Services |
8,851 |
10,760 |
16,904 |
21,920 | |||
Total Segment Gross Margin (1) |
$65,117 |
$61,430 |
$129,098 |
$122,399 |
(1) Non-GAAP supplemental financial measure. Please read "Note About Non-GAAP Financial Measures" in Appendix A. |
Offshore Pipelines and Services
Segment gross margin was $24.3 million for the three months ended June 30, 2018, a decrease of 5% compared to the same period in 2017. Quarterly cash distributions from unconsolidated affiliates were $18.5 million for the three months ended June 30, 2018, a 30% increase compared to the same period in 2017 primarily related to additional equity ownership interests in Delta House to 35.7% and Destin to 66.7%. The Partnership also benefited from the acquisition and consolidation of Main Pass Oil Gathering and Panther Operating in the third quarter of 2017.
In the fourth quarter of 2017, the Partnership was notified by the operator of the Delta House FPS that certain third-party owned upstream infrastructure would require remedial work, resulting in a temporary delay of production volumes flowing into Delta House. All planned work has been completed and the corresponding wells have returned to production. To offset the impact to cash distributions from Delta House resulting from the delay in volumes, the Partnership and an affiliate of ArcLight entered into an agreement providing for the contribution of additional capital to the Partnership. For the second quarter of 2018, the Partnership received a $8.3 million contribution to offset the reduced Delta House distributions.
Delta House throughput continues to increase to pre-maintenance levels and along with five new well tie backs planned for connection to Delta House in the second half of 2018 and 2019, the Partnership anticipates Delta House to run near nameplate capacity into 2019 and beyond. The Partnership continues to witness increased activity in and around its offshore assets through the first half of the year and has benefited from 13 wells being brought online, adding volumes across the Partnership's offshore systems.
Gas Gathering and Processing Services
Segment gross margin was $14.5 million for the three months ended June 30, 2018, an increase of 15% compared to the same period in 2017. The increase reflected additional NGL volumes and higher prices on the Partnership's East Texas and Eagle Ford assets from continued increases in producer development activity throughout the segment. The increased activity across these assets contributed to a 19% increase in throughput volumes compared to the second quarter of 2017. Further, in the second quarter of 2018, the Partnership's anchor producer in the Eagle Ford brought on line 17 new wells, with plans to bring on line an additional 20 - 30 wells through the remainder of 2018. The Partnership anticipates further growth across its entire Gas Gathering and Processing Services segment through the second half of 2018 as producer activity is expected to continue increasing and the Partnership has identified additional growth opportunities that will expand its reach in the East Texas producing areas.
Liquid Pipelines and Services
Segment gross margin was $7.7 million for the three months ended June 30, 2018, an increase of 14% as compared to the same period in 2017. Quarterly cash distributions from unconsolidated affiliates were $2.2 million, a 32% increase compared to the same period in 2017. The increase was driven by distribution from the Partnership's interest in the Cayenne pipeline, which commenced operation in January of 2018 and is currently operating at nameplate capacity of 40,000 Bbls/d. The Cayenne pipeline, along with the Tri-States and Wilprise pipelines, continue to benefit from increased producer activity in the deep-water Gulf of Mexico and should continue to see growth in 2018 and beyond. In addition, the Partnership is benefiting from higher average prices compared to the second quarter of 2017. Producer activity continues to increase around the Partnership's Permian Basin assets with significant exploratory drilling within the Wolfcamp C formation adjacent to the Silver Dollar crude pipeline. As such, the Partnership is evaluating growth projects which would add incremental volumes to the Silver Dollar pipeline, as well as the Bakken pipeline system, and make the Partnership a provider of choice for additional producer flow.
Natural Gas Transportation Services
Segment gross margin was $9.7 million for the three months ended June 30, 2018, a 71% increase compared to the same period in 2017. The increase was primarily attributable to the acquisition of Trans-Union pipeline in November 2017 that further strengthened the Partnership's growing Southeast gas transmission asset footprint. Throughput volumes grew 51% compared to the same period in 2017, supported by the acquisition of Trans-Union and continued strong industrial demand within the rapidly growing Southeast markets. The Partnership continues to identify additional growth opportunities across these assets and has secured additional long-term fixed fee agreement which will continue to provide growth across the segment.
Terminalling Services
Segment gross margin was $8.9 million for the three months ended June 30, 2018, a decrease of 18% compared to the same period in 2017. The decrease in gross margin was primarily attributable to reduced market rates for storage and utilization at the Partnership's Cushing terminal, as well as required tank maintenance. This decline was partially offset by an increase in throughput revenue at the Partnership's refined products terminals as a result of facility enhancements and higher prices.
On August 1, 2018, the Partnership announced the successful completion of the sale of its marine products terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Brunswick terminal located in the Port of Brunswick in Georgia, for approximately $210 million. Proceeds from the sale were used to reduce indebtedness under the Partnership's revolving credit facility. The completion of this transaction strengthens the Partnership's balance sheet, while meaningfully enhancing liquidity.
Segment Growth Opportunities
The Partnership has identified meaningful commercial opportunities, primarily representing bolt-on and organic growth projects, in excess of $200 million, which it intends to execute on during the remainder of 2018 and into 2019. While these opportunities do encompass all the Partnership's core areas, they are likely to be concentrated in and around the Partnership's existing offshore and onshore East Texas, Southeast transmission and deep-water Gulf of Mexico assets.
CAPITAL MANAGEMENT
As of June 30, 2018, the Partnership had approximately $1.3 billion of total debt outstanding, comprising of $776 million outstanding under its revolving credit facility, $425 million outstanding under its 8.50% senior unsecured notes and $89 million outstanding in non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.4 times at June 30, 2018. The Partnership has taken deliberate steps towards deleveraging its balance sheet through the evaluation of additional non-core asset sales and the previously announced reduction in the distribution on its common units.
Pro-forma for the effect of the sale of the marine products terminals, as of June 30, 2018, the Partnership would have approximately $568 million in outstanding borrowings under its revolving credit facility and a consolidated total leverage ratio of approximately 4.8 times.
To mitigate the potential negative impact of rising interest rates and promote more predictable and stable cash flows, the Partnership has a series of interest rate swap agreements for approximately $550 million at an average rate of LIBOR plus 130 basis points extending through 2022.
For the three months ended June 30, 2018, capital expenditures totaled approximately $30.6 million, including approximately $2.6 million of maintenance capital expenditures.
CONFERENCE CALL INFORMATION
The Partnership will host a conference call at 10:00 AM Eastern Time on Thursday, August 9, 2018 to discuss these results. The call will be webcast and archived on the Partnership's website for a limited time.
Date: |
Thursday, August 9, 2018 |
Time: |
10:00 AM ET / 9:00 AM CT |
Dial-In Numbers: |
(888) 317 - 6003 (Domestic toll-free) |
(412) 317 - 6061 (International) | |
Conference ID: |
5118432 |
Webcast URL: |
www.AmericanMidstream.com/investor-relations |
Non-GAAP Financial Measures
This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin," "Operating Margin," and "Distributable Cash Flow." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read a "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "poised," "potential," "promote," "would," "designed," "plan" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
The preliminary financial results for the Partnership's second quarter ended June 30, 2018 included in this press release represent the most current information available to management. The Partnership's actual results when disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 may differ from these preliminary results as a result of the completion of the Partnership's financial statements closing procedures, final adjustments, completion of the independent registered public accounting firm's review, and other developments that may arise between now and the disclosure of the final results and audited financials.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited, in thousands) | ||||||||
June 30, |
December 31, | |||||||
Assets |
||||||||
Cash and cash equivalents |
$ |
17,037 |
$ |
8,782 |
||||
Restricted cash |
24,541 |
20,352 |
||||||
Accounts receivable, net of allowance for doubtful accounts of $372 and $225 as of June 30, 2018 and December 31, 2017, respectively |
88,352 |
98,132 |
||||||
Inventory and other current assets |
33,231 |
26,386 |
||||||
Total current assets |
163,161 |
153,652 |
||||||
Property, plant and equipment, net |
992,659 |
1,095,585 |
||||||
Goodwill |
51,723 |
128,866 |
||||||
Restricted cash - long term |
5,058 |
5,045 |
||||||
Intangible and other assets, net |
167,067 |
191,884 |
||||||
Investment in unconsolidated affiliates |
331,530 |
348,434 |
||||||
Assets held for sale |
230,129 |
— |
||||||
Total assets |
$ |
1,941,327 |
$ |
1,923,466 |
||||
Liabilities, Equity and Partners' Capital |
||||||||
Total current liabilities |
$ |
139,974 |
$ |
137,493 |
||||
Asset retirement obligations |
67,358 |
66,194 |
||||||
Other long-term liabilities |
15,426 |
2,080 |
||||||
Long-term debt |
1,278,062 |
1,201,456 |
||||||
Deferred tax liability |
8,628 |
8,123 |
||||||
Liabilities held for sale |
2,237 |
— |
||||||
Total liabilities |
1,511,685 |
1,415,346 |
||||||
Convertible preferred units |
317,180 |
317,180 |
||||||
Total Equity and partners' capital |
112,462 |
190,940 |
||||||
Total liabilities, equity and partners' capital |
$ |
1,941,327 |
$ |
1,923,466 |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited, in thousands, except for per unit amounts) | ||||||||||||||||
Three Months ended June 30, |
Six Months ended June 30, | |||||||||||||||
2018 |
2017 |
2018 |
2017 | |||||||||||||
Revenues |
$ |
220,217 |
$ |
162,030 |
$ |
426,044 |
$ |
326,108 |
||||||||
Operating expenses: |
||||||||||||||||
Cost of sales |
161,508 |
115,020 |
311,674 |
230,488 |
||||||||||||
Direct operating expenses |
21,742 |
18,709 |
45,189 |
36,114 |
||||||||||||
Corporate expenses |
23,372 |
27,374 |
46,064 |
57,487 |
||||||||||||
Depreciation, amortization and accretion |
21,236 |
26,483 |
43,234 |
52,053 |
||||||||||||
Gain on sale of assets, net |
— |
18 |
(95) |
(3) |
||||||||||||
Total operating expenses |
227,858 |
187,604 |
446,066 |
376,139 |
||||||||||||
Operating Loss |
(7,641) |
(25,574) |
(20,022) |
(50,031) |
||||||||||||
Other income (expense), net: |
||||||||||||||||
Interest expense, net of capitalized interest |
(19,691) |
(17,122) |
(33,567) |
(35,078) |
||||||||||||
Other income (expense), net |
169 |
— |
191 |
(37) |
||||||||||||
Earnings in unconsolidated affiliates |
10,446 |
17,552 |
23,119 |
32,954 |
||||||||||||
Loss from continuing operations before income taxes |
(16,717) |
(25,144) |
(30,279) |
(52,192) |
||||||||||||
Income tax expense |
(557) |
(757) |
(837) |
(1,880) |
||||||||||||
Loss from continuing operations |
(17,274) |
(25,901) |
(31,116) |
(54,072) |
||||||||||||
Loss from discontinued operations |
— |
(1,801) |
— |
(2,511) |
||||||||||||
Net loss |
(17,274) |
(27,702) |
(31,116) |
(56,583) |
||||||||||||
Less: Net income attributable to noncontrolling interests |
13 |
1,462 |
57 |
$ |
2,765 |
|||||||||||
Net loss attributable to the Partnership |
$ |
(17,287) |
$ |
(29,164) |
$ |
(31,173) |
$ |
(59,348) |
||||||||
Distribution declared per common unit |
$ |
0.1031 |
$ |
0.4125 |
$ |
0.5156 |
$ |
0.8250 |
||||||||
Basic and diluted: |
||||||||||||||||
Loss from continuing operations |
$ |
(0.48) |
$ |
(0.69) |
$ |
(0.89) |
$ |
(1.41) |
||||||||
Loss from discontinued operations |
— |
(0.03) |
— |
(0.05) |
||||||||||||
Net loss per common unit |
$ |
(0.48) |
$ |
(0.72) |
$ |
(0.89) |
$ |
(1.46) |
||||||||
Weighted average number of common units outstanding |
||||||||||||||||
Basic and diluted |
52,969 |
51,870 |
52,869 |
51,870 |
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited, in thousands) | ||||||||
Six Months ended June 30, | ||||||||
2018 |
2017 | |||||||
Net cash provided by operating activities |
$ |
8,960 |
$ |
28,358 |
||||
Net cash used in investing activities |
(36,321) |
(70,328) |
||||||
Net cash used in financing activities |
40,182 |
(257,354) |
||||||
Net decrease in Cash, Cash equivalents, and Restricted cash |
12,821 |
(299,324) |
||||||
Cash, Cash equivalents and Restricted cash |
||||||||
Beginning of period |
34,179 |
329,230 |
||||||
End of period |
$ |
47,000 |
$ |
29,906 |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Reconciliation of Net income (loss) attributable to the Partnership to | ||||||||||||||||
Adjusted EBITDA and Distributable Cash Flow | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months ended June 30, |
Six Months ended June 30, | |||||||||||||||
2018 |
2017 |
2018 |
2017 | |||||||||||||
Reconciliation of Net loss attributable to the Partnership to Adjusted EBITDA and DCF: |
||||||||||||||||
Net loss attributable to the Partnership |
$ |
(17,287) |
$ |
(29,164) |
$ |
(31,173) |
$ |
(59,348) |
||||||||
Add: |
||||||||||||||||
Depreciation, amortization and accretion expense excluding non-controlling interest share |
21,236 |
26,198 |
43,234 |
51,488 |
||||||||||||
Interest expense, net of capitalized interest excluding realized gain/(loss) on interest rate swaps and amortization of deferred financing costs |
19,277 |
13,870 |
37,009 |
30,611 |
||||||||||||
Debt issuance costs paid |
1,657 |
714 |
2,742 |
2,116 |
||||||||||||
Unrealized (gain) loss on derivatives, net |
(739) |
1,686 |
(5,851) |
2,059 |
||||||||||||
Non-cash equity compensation expense |
1,180 |
1,195 |
2,194 |
5,233 |
||||||||||||
Transaction expenses |
6,938 |
12,067 |
15,816 |
20,685 |
||||||||||||
Income tax expense |
557 |
757 |
837 |
1,880 |
||||||||||||
Discontinued operations |
— |
3,789 |
— |
8,687 |
||||||||||||
Distributions from unconsolidated affiliates |
20,700 |
15,900 |
44,554 |
38,394 |
||||||||||||
General Partner contribution for cost reimbursement |
8,315 |
15,130 |
17,732 |
24,744 |
||||||||||||
Deduct: |
||||||||||||||||
Earnings in unconsolidated affiliates |
10,446 |
17,552 |
23,119 |
32,954 |
||||||||||||
Gain on revaluation of equity interest |
— |
— |
95 |
— |
||||||||||||
Construction and operating management agreement income |
148 |
50 |
223 |
513 |
||||||||||||
Adjusted EBITDA |
$ |
51,240 |
$ |
44,540 |
$ |
103,657 |
$ |
93,082 |
||||||||
Deduct: |
||||||||||||||||
Interest expense, net of capitalized interest excluding realized gain/(loss) on interest rate swaps and letter of credit fees |
(19,298) |
(13,937) |
(36,987) |
(30,651) |
||||||||||||
Maintenance capital |
(2,576) |
(2,113) |
(7,079) |
(4,121) |
||||||||||||
Preferred distribution |
(8,354) |
(6,734) |
(16,708) |
(13,441) |
||||||||||||
Distributable Cash Flow |
$ |
21,012 |
$ |
21,756 |
$ |
42,883 |
$ |
44,869 |
||||||||
Limited Partner Distributions |
$ |
5,463 |
$ |
21,390 |
$ |
27,319 |
$ |
46,303 |
||||||||
Distribution Coverage |
3.8 |
x |
1.0 |
x |
1.6 |
x |
1.0 |
x |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Reconciliation of Total Gross Margin to Net loss attributable to the Partnership | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months ended June 30, |
Six Months ended June 30, | |||||||||||||||
2018 |
2017 |
2018 |
2017 | |||||||||||||
Total Segment Gross Margin |
$ |
65,117 |
$ |
61,430 |
$ |
129,098 |
$ |
122,399 |
||||||||
Less: |
||||||||||||||||
Direct operating expenses |
17,611 |
15,711 |
36,736 |
30,043 |
||||||||||||
Operating Margin |
47,506 |
45,719 |
92,362 |
92,356 |
||||||||||||
Add: |
||||||||||||||||
Gains on commodity derivatives, net |
(355) |
199 |
(296) |
564 |
||||||||||||
Less: |
||||||||||||||||
Corporate expenses |
23,372 |
27,374 |
46,064 |
57,487 |
||||||||||||
Depreciation, amortization and accretion |
21,236 |
26,483 |
43,234 |
52,053 |
||||||||||||
Gain on sale of assets, net |
— |
18 |
(95) |
(3) |
||||||||||||
Interest expense |
19,691 |
17,122 |
33,567 |
35,078 |
||||||||||||
Other (income) expense |
(169) |
— |
(191) |
(37) |
||||||||||||
Construction and operating management income |
(262) |
65 |
(234) |
534 |
||||||||||||
Income tax expense |
557 |
757 |
837 |
1,880 |
||||||||||||
Loss from discontinued operations, net of tax |
— |
1,801 |
— |
2,511 |
||||||||||||
Net income attributable to noncontrolling interest |
13 |
1,462 |
57 |
2,765 |
||||||||||||
Net loss attributable to the Partnership |
$ |
(17,287) |
$ |
(29,164) |
$ |
(31,173) |
$ |
(59,348) |
American Midstream Partners, LP and Subsidiaries | ||||||||||||||||
Segment Financial and Operating Data | ||||||||||||||||
(Unaudited, in thousands, except for operating and pricing data) | ||||||||||||||||
Three Months ended June 30, |
Six Months ended June 30, | |||||||||||||||
2018 |
2017 |
2018 |
2017 | |||||||||||||
Segment Financial and Operating Data: |
||||||||||||||||
Offshore Pipelines and Services Segment |
||||||||||||||||
Financial data: |
||||||||||||||||
Segment gross margin |
$ |
24,330 |
$ |
25,623 |
$ |
49,647 |
$ |
51,426 |
||||||||
Less: Direct operating expenses |
7,711 |
3,490 |
15,507 |
6,070 |
||||||||||||
Segment operating margin |
$ |
16,619 |
$ |
22,133 |
$ |
34,140 |
$ |
45,356 |
||||||||
Distributions: |
||||||||||||||||
Destin/Okeanos |
$ |
10,769 |
$ |
8,861 |
$ |
25,882 |
$ |
18,785 |
||||||||
Delta House |
7,693 |
5,349 |
14,218 |
15,890 |
||||||||||||
Total |
$ |
18,462 |
$ |
14,210 |
$ |
40,100 |
$ |
34,675 |
||||||||
Operating data: |
||||||||||||||||
Average throughput (MMcf/d) |
326.7 |
322.3 |
314.8 |
363.0 |
||||||||||||
Average Destin/Okeanos throughput (MMcf/d) |
988.6 |
1,171.9 |
985.7 |
1,118.0 |
||||||||||||
Average Delta House throughput (MBoe/d) |
41.2 |
111.3 |
49.5 |
109.3 |
||||||||||||
Average Other throughput (MBbls/d) |
24.9 |
18.5 |
48.9 |
45.2 |
||||||||||||
Gas Gathering and Processing Services Segment |
||||||||||||||||
Financial data: |
||||||||||||||||
Segment gross margin |
$ |
14,539 |
$ |
12,651 |
$ |
27,193 |
$ |
23,902 |
||||||||
Less: Direct operating expenses |
5,736 |
8,045 |
12,606 |
16,110 |
||||||||||||
Segment operating margin |
$ |
8,803 |
$ |
4,606 |
$ |
14,587 |
$ |
7,792 |
||||||||
Operating data: |
||||||||||||||||
Average throughput (MMcf/d) |
174.6 |
209.0 |
167.6 |
208.3 |
||||||||||||
Liquid Pipelines & Services |
||||||||||||||||
Financial data: |
||||||||||||||||
Segment gross margin |
$ |
7,744 |
$ |
6,765 |
$ |
15,014 |
$ |
13,401 |
||||||||
Less: Direct operating expenses |
2,352 |
2,248 |
5,138 |
4,700 |
||||||||||||
Segment operating margin |
$ |
5,392 |
$ |
4,517 |
$ |
9,876 |
$ |
8,701 |
||||||||
Distributions: |
||||||||||||||||
Distributions from unconsolidated affiliates |
$ |
2,238 |
$ |
1,690 |
$ |
4,455 |
$ |
3,018 |
||||||||
Operating data: |
||||||||||||||||
Average unconsolidated affiliate throughput (MBbls/d) |
116.4 |
94.8 |
110.3 |
87.5 |
||||||||||||
Average Other Liquid Pipelines throughput (MBbls/d) |
37.2 |
33.0 |
73.4 |
66.0 |
||||||||||||
Natural Gas Transportation Services Segment |
||||||||||||||||
Financial data: |
||||||||||||||||
Segment gross margin |
$ |
9,653 |
$ |
5,631 |
$ |
20,340 |
$ |
11,750 |
||||||||
Less: Direct operating expenses |
1,812 |
1,928 |
3,485 |
3,163 |
||||||||||||
Segment operating margin |
$ |
7,841 |
$ |
3,703 |
$ |
16,855 |
$ |
8,587 |
||||||||
Operating data: |
||||||||||||||||
Average throughput (MMcf/d) |
614.1 |
407.3 |
711.7 |
398.5 |
||||||||||||
Terminalling Services Segment |
||||||||||||||||
Financial data: |
||||||||||||||||
Segment revenue |
$ |
16,360 |
$ |
15,831 |
$ |
33,758 |
$ |
34,457 |
||||||||
Less: Cost of sales |
3,378 |
2,073 |
8,401 |
6,466 |
||||||||||||
Direct operating expenses |
4,131 |
2,998 |
8,453 |
6,071 |
||||||||||||
Segment operating margin |
$ |
8,851 |
$ |
10,760 |
$ |
16,904 |
$ |
21,920 |
||||||||
Operating data: |
||||||||||||||||
Contracted Capacity (Bbls) |
4,574,767 |
5,139,367 |
4,574,767 |
5,219,517 |
||||||||||||
Design Capacity (Bbls) |
5,417,467 |
5,400,800 |
5,409,133 |
5,400,800 |
||||||||||||
Storage Utilization |
84.4 |
% |
95.2 |
% |
84.6 |
% |
96.6 |
% | ||||||||
Terminalling and storage throughput (Bbls/d) |
61,405 |
60,711 |
59,100 |
116,990 |
Appendix A
Note About Non-GAAP Financial Measures
Total segment gross margin, operating margin, distributable cash flow and Adjusted EBITDA are performance measures that are non-GAAP financial measures. Each has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. Management compensates for the limitations of these non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.
You should not consider total segment gross margin, operating margin, distributable cash flow or Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Total segment gross margin, operating margin, distributable cash flow and Adjusted EBITDA may be defined differently by other companies in our industry. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our General Partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus depreciation, amortization and accretion expense ("DAA") excluding non-controlling interest share of DAA, interest expense, net of capitalized interest excluding realized gain/(loss) on interest rate swaps, debt issuance costs paid during the period, unrealized gains (losses) on derivatives, non-cash charges such as non-cash equity compensation expense, charges that are unusual such as transaction expenses primarily associated with our acquisitions, income tax expense, distributions from unconsolidated affiliates and General Partner's contribution, less earnings in unconsolidated affiliates, discontinued operations, gains (losses) that are unusual, such as gain on revaluation of equity interest and gain (loss) on sale of assets, net, and other non-recurring items that impact our business, such as construction and operating management agreement income ("COMA") and other post-employment benefits plan net periodic benefit. The GAAP measure most directly comparable to our performance measure Adjusted EBITDA is net loss attributable to the Partnership.
Distributable cash flow ("DCF") is a significant performance metric used by us and by external users of the Partnership's financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay the Partnership's unitholders. Using this metric, management and external users of the Partnership's financial statements can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. DCF is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure may indicate to investors whether we are generating cash flow at a level that can sustain or support an increase in the Partnership's quarterly distribution rates. DCF is also a quantitative standard used throughout the investment community with respect to publicly traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit's yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). DCF will not reflect changes in working capital balances.
We define DCF as Adjusted EBITDA, less interest expense, net of capitalized interest excluding realized gain/(loss) on interest rate swaps and letter of credit fees, maintenance capital expenditures, and distributions related to the Series A and Series C convertible preferred units. The GAAP financial measure most comparable to DCF is Net income (loss) attributable to the Partnership.
Segment gross margin and total segment gross margin are metrics that we use to evaluate our performance. These metrics are useful for understanding our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment development managers, such as certain operating costs, general and administrative expenses, interest expense and income taxes. Operating margin is useful for similar reasons except that it also includes all direct operating expenses in order to assess the performance of our operating managers.
We define segment gross margin in our Gas Gathering and Processing Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives, construction and operating management agreement income and the cost of natural gas, and NGLs and condensate purchased.
We define segment gross margin in our Liquid Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives and the cost of crude oil purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Natural Gas Transportation Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Offshore Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Terminalling Services segment as total revenue less direct operating expense which includes direct labor, general materials and supplies and direct overhead.
Total segment gross margin is a supplemental non-GAAP financial measure that we use to evaluate our performance. We define total segment gross margin as the sum of the segment gross margins for our Gas Gathering and Processing Services, Liquid Pipelines and Services, Natural Gas Transportation Services, Offshore Pipelines and Services and Terminalling Services segments. The GAAP measure most directly comparable to total segment gross margin is Net Income (Loss) attributable to the Partnership.
View original content:http://www.prnewswire.com/news-releases/american-midstream-reports-second-quarter-2018-results-300694547.html
SOURCE American Midstream Partners, LP
HOUSTON, Aug. 8, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced that its second quarter 2018 results will be released before the market opens on Thursday, August 9, 2018. The Partnership will host a conference call at 10:00 AM ET / 9:00 AM CT on Thursday, August 9, 2018 to discuss results. The call will be webcast via the Partnership's website.
Second Quarter 2018 Earnings Call Information
Date: |
Thursday, August 9, 2018 |
Time: |
10:00 AM ET / 9:00 AM CT |
Dial-In: |
(888) 317-6003 (Domestic toll-free) |
(412) 317-6061 (International) | |
Conference ID: |
5118432 |
Webcast: |
www.americanmidstream.com |
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "strive," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
IR@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-second-quarter-2018-earnings-call-300694270.html
SOURCE American Midstream Partners, LP
HOUSTON, Aug. 1, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced the closing of its previously announced sale of its marine products terminalling business (the "Marine Products Terminals") to institutional investors advised by J.P. Morgan Asset Management for approximately $210 million in cash.
The divestiture of the Marine Products Terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Brunswick terminal located in the Port of Brunswick in Georgia, is a continuation of the Partnership's previously announced non-core asset divestiture program.
The successful completion of this transaction strengthens the Partnership's balance sheet and supports its deleveraging plan, while demonstrating the Partnership's ability to execute on its revised capital allocation strategy. The proceeds of this sale will initially go toward reducing indebtedness under the Partnership's revolving credit facility, while meaningfully enhancing liquidity.
Bank of America Merrill Lynch acted as exclusive financial advisor and Sidley Austin LLP served as legal counsel to AMID for the Marine Products Terminals transaction.
REFINED PRODUCTS TERMINALS
The Partnership and DKGP Energy Terminals LLC, a joint venture between Delek Logistics Partners, LP and Green Plains Partners LP, terminated the previously announced agreement for the sale of the Partnership's refined products terminalling business (the "Refined Products Terminals"). The termination was due to extensive federal regulatory approval delays as a result of the highly strategic nature of these assets. The assets continue to perform well, with strong demand and high utilization rates. The Partnership will begin actively remarketing the Refined Products Terminals.
SOUTHCROSS TRANSACTION
The Partnership received notice, on July 29, 2018, of termination of the Agreement and Plan of Merger, dated October 31, 2017 from Southcross Energy Partners, L.P. and notice of termination of the Contribution Agreement, dated October 31, 2017 from Southcross Holdings LP. While the Southcross combination provided compelling growth opportunities, the Partnership was unable to arrange a prudent financing plan to consummate the transaction. The Partnership has continually identified additional commercial opportunities and the termination of the combination allows the Partnership to focus on these attractive organic growth projects without the financial strain that the Southcross transaction would have created. These identified opportunities are not relegated to a single segment and encompass all of the Partnership's core areas, providing the opportunity to create greater scale and density as well as expanding market reach.
Absent a significant amount of new low-cost equity capital, the Southcross combination would have inherently stressed the Partnership's liquidity, while significantly limiting the pursuit of additional growth opportunities and restricting the desired pace of debt reduction. In recognition of those considerations, following Southcross's notice of termination, Moody's Investors Services confirmed the Partnership's corporate family rating and upgraded its liquidity rating. The closing of the Partnership's Marine Products Terminals divestiture further strengthens the Partnership's liquidity position.
The Partnership's core business continues to perform strongly and is expected to continue generating meaningful cash flow. The Partnership is encouraged by continued growth across its asset base and the increase in producer activity in and around the Partnership's core asset footprint provides additional opportunities for continued growth. The Partnership anticipates releasing its second quarter 2018 results on August 9, 2018 and will provide additional earnings call details prior to the release.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "strive," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
SOURCE American Midstream Partners, LP
HOUSTON, July 27, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today announced a revised capital allocation strategy that is intended to significantly reduce leverage, provide capital for strategic growth opportunities, and create long-term value.
As part of the revised capital allocation strategy the Partnership has determined the most prudent sources of accretive growth capital are proceeds from the sale of non-core assets and the retention of an increased portion of operating cash flow through the reduction of its common unit distribution.
Exclusive of the potential combination with Southcross Energy Partners, L.P. and Southcross Holdings LP, the Partnership has identified attractive organic growth projects across all core segments. These opportunities will enable the Partnership to continue building an integrated midstream company with greater scale and density in its core operating areas as well as expanding its reach across growing resource developments. The identified projects will focus on the continued development of infrastructure along the Gulf Coast, which would further the Partnership's ability to participate in the growing export market offshore and to Mexico. The aggregate of non-acquisition related growth opportunities ranges from $200 to $300 million through 2020 at a blended multiple near 5-times expected EBITDA.
The Partnership's management team and Board evaluated and continue to evaluate numerous strategies to maximize long-term value. Equity capital market constraints for master limited partnerships and the availability of equity capital at acceptable costs and in sufficient quantities, warrants retaining an increased portion of operating cash flow to support growth of the Partnership. Additionally, the Partnership anticipates materially increasing proceeds from non-core asset sales, including previously announced terminal divestitures. Together, cash flow retention and asset sales will enable the Partnership to reallocate capital to meaningful growth opportunities, while promoting balance sheet flexibility, substantially reducing indebtedness and minimizing the need to raise external equity capital.
Consistent with the revised capital allocation strategy, the Partnership today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.1031 per common unit, or $0.4125 per common unit annualized, with respect to the second quarter of 2018. The distribution will be paid on August 14, 2018 to unitholders of record as of the close of business on August 6, 2018. The Partnership and the Board of Directors of its general partner will continue to evaluate its distribution policy as it executes its plans for growth, deleveraging, and capital access.
Based on the first-half of 2018, the Partnership's assets are expected to generate annualized EBITDA between $190 and $200 million. The Partnership anticipates providing 2019 guidance upon the completion of the customary budget cycle in late 2018.
BALANCE SHEET DELEVERAGING PLAN
The Partnership continues to progress its deleveraging plan with the previously announced sale of its marine products terminals for $210 million and refined products terminals for $138.5 million. The sale of the marine products terminals is expected to close in early August of 2018. Due to delays in obtaining federal regulatory approval, the Partnership is evaluating options as it relates to the sale of the refined products terminals.
Further, the Partnership has engaged in a review of additional non-core assets and has identified approximately $350 - $400 million of other high value non-core assets that are geographically peripheral to the Partnership's core footprint or could offer greater strategic value to third parties. The Partnership expects potential asset sales to close between the third quarter of 2018 and the third quarter of 2019.
Completion of the asset sale program is expected to provide the Partnership with a more flexible capital structure and enable the Partnership to target a long-term leverage ratio near 4-times by mid-2019. These improved financial metrics should provide the Partnership an improved credit rating, which would further reduce borrowing costs. In addition, the reduction in common unit distributions is expected to generate approximately $65 million of additional, non-dilutive capital per year that the Partnership can deploy towards accretive growth projects and reduce debt.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "anticipate," "could," "designed," "expect," "intend," "may," "opportunity" "plan," "should," "strategy," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
This notice serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of American Midstream Partners, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all American Midstream Partners, LP 's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not American Midstream Partners, LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Non-GAAP Measures
This news release includes supplemental non-GAAP financial measures "Adjusted EBITDA" You should not consider Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Adjusted EBITDA may be defined differently by other companies in our industry. Our definitions of this non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our general partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to AMID, plus interest expense, income tax expense, depreciation, amortization and accretion expense attributable to AMID, debt issuance costs paid during the period, distributions from investments in unconsolidated affiliates, transaction expenses, certain non-cash charges such as non-cash equity compensation expense, unrealized (gains) losses on derivatives and selected charges that are unusual, less construction and operating management agreement income, other post-employment benefits plan net periodic benefit, earnings in unconsolidated affiliates, gains (losses) on the sale of assets, net, and selected gains that are unusual. The GAAP measure most directly comparable to our performance measure Adjusted EBITDA is net income (loss) attributable to the AMID.
We are unable to project net income (loss) attributable to AMID to provide the related reconciliations of pro forma annual Adjusted EBITDA to the most comparable financial measure calculated in accordance with GAAP, because the impact of changes in distributions from unconsolidated affiliates, operating assets and liabilities, the volume and timing of payments received and utilized from our customers are out of our control and cannot be reasonably predicted. Therefore, the reconciliation of Adjusted EBITDA to projected net income (loss) attributable to AMID is not available without unreasonable effort.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-revised-capital-allocation-strategy-and-second-quarter-common-unit-distribution-300687596.html
SOURCE American Midstream Partners, LP
HOUSTON, May 15, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today reported financial results for the three months ended March 31, 2018.
In the first quarter of 2018, American Midstream produced strong results, driven by meaningful growth across its core segments. The Partnership continues to focus on simplifying the business while providing a platform to participate in future growth projects across the midstream value chain.
Highlights
Financial
Operational
EXECUTIVE COMMENTARY
"We had a tremendous first quarter, with strong Adjusted EBITDA and meaningful gross margin growth across our core operating segments, which will provide positive momentum as we progress through 2018. We continue to witness significant increases in producer activity across our systems and combined with the Southcross assets, have identified numerous commercial opportunities that we expect to further drive both volume and EBITDA growth in 2018 and 2019. Positive drilling trends in our key Eagle Ford and Permian Basins translates directly into growth for our demand driven position along the Gulf Coast and specifically Corpus Christi. We remain focused on prudently growing the business by redeploying capital and aligning assets that connect supply with demand, allowing us to focus on developing higher return projects that will create additional scale along the Gulf Coast," stated Lynn Bordon III, President and Chief Executive Officer.
SEGMENT PERFORMANCE
Segment Gross Margin | |||||||
(In thousands) | |||||||
Three months ended March 31, | |||||||
2018 |
2017 | ||||||
Offshore Pipelines and Services |
$ |
25,316 |
$ |
25,802 |
|||
Gas Gathering and Processing Services |
12,652 |
11,251 |
|||||
Liquid Pipelines and Services |
7,271 |
6,634 |
|||||
Natural Gas Transportation Services |
10,688 |
6,119 |
|||||
Terminalling Services |
8,053 |
11,160 |
|||||
Total (1) |
$ |
63,980 |
$ |
60,966 |
|||
(1) Non-GAAP supplemental financial measure. Please read "Note About Non-GAAP Financial Measures" in Appendix A. |
Offshore Pipelines and Services
Segment gross margin was $25.3 million for the three months ended March 31, 2018, a decrease of 2% compared to the same period in 2017. Quarterly cash distributions were $21.6 million for the three months ended March 31, 2018, a 6% increase compared to the same period in 2017 primarily related to additional equity ownership interests in Delta House to 35.7% and Destin to 66.7%. The Partnership also benefited from the acquisition and consolidation of Main Pass Oil Gathering and Panther Operating in the third quarter of 2017.
In the fourth quarter of 2017, the Partnership was notified by the operator of the Delta House FPS that certain third-party owned upstream infrastructure would require remedial work, resulting in a temporary delay of production volumes flowing into Delta House. This work is progressing ahead of schedule and is expected to be completed in the coming weeks, at which time full production is anticipated to resume flowing into Delta House. To offset the impact to cash distributions from Delta House resulting from the delay in volumes, the Partnership and an affiliate of ArcLight entered into an agreement providing for the contribution of additional capital to the Partnership. For the first quarter of 2018, the Partnership received a $9.4 million contribution to offset the reduced Delta House distributions.
Once full production resumes, along with four new well tie backs planned for connection to Delta House in the second half of 2018, the Partnership anticipates Delta House to run near nameplate capacity into 2019 and beyond.
Gas Gathering and Processing Services
Segment gross margin was $12.7 million for the three months ended March 31, 2018, an increase of 12% compared to the same period in 2017. The increase reflected additional NGL volumes and higher prices on the Partnership's East Texas and Permian Basin assets, continued increase in producer development activity and improved operational efficiencies across the segment. In the first quarter the Partnership's anchor producer in the Eagle Ford brought on line 13 new wells, with plans to bring on line an additional 40-45 wells in the remainder of 2018, which is expected to drive volume growth by 125% over 2017. The Partnership anticipates further growth across its entire Gas Gathering and Processing Services segment throughout 2018 as producer activity is forecast to continue increasing, primarily in the Permian and Eagle Ford Basins.
Liquid Pipelines and Services
Segment gross margin was $7.3 million for the three months ended March 31, 2018, an increase of 10% as compared to the same period in 2017. Quarterly cash distributions were $2.2 million, a 67% increase compared to the same period in 2017. The increase was driven by increased distribution from the Partnership's Tri-States and Wilprise equity investments, along with slightly higher volumes on these assets. The Partnership's interest in the Cayenne pipeline, which commenced operation in January of 2018, will provide additional growth for this segment in 2018 and beyond. Producer activity continues to increase around the Partnership's Permian Basin and Bakken assets and the Partnership is currently evaluating organic growth projects which would add incremental volumes across these assets.
Natural Gas Transportation Services
Segment gross margin was $10.7 million for the three months ended March 31, 2018, a 75% increase compared to the same period in 2017. The increase was primarily attributable to the acquisition of Trans-Union pipeline in November 2017 that further strengthened the Partnership's growing Southeast gas transmission assets. First quarter throughput volumes grew 115% to set a record, surpassing 835 MMcf/d, supported by the acquisition of Trans-Union, continued strong industrial and residential demand within the rapidly growing Southeast markets as well as significantly colder weather driving regional demand.
Terminalling Services
Segment gross margin was $8.1 million for the three months ended March 31, 2018, a decrease of 28% compared to the same period in 2017. The decrease in gross margin was primarily attributable to reduced market rates for storage and utilization at the Partnership's Cushing terminal, as well as required tank inspections. This decline was partially offset by an increase in throughput revenue at the Partnership's refined products terminals as a result of facility enhancements.
CAPITAL MANAGEMENT
As of March 31, 2018, the Partnership had approximately $1.2 billion of total debt outstanding, comprising of $713 million outstanding under its revolving credit facility, $418 million outstanding under its 8.50% senior unsecured notes and $85 million outstanding in non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.2 times at March 31, 2018. The Partnership is focused on long-term deleveraging by prudently managing the balance sheet through the evaluation of additional non-core asset sales. The Partnership expects to deploy proceeds from these asset sales towards accretive capital projects.
To mitigate the potential negative impact of rising interest rates and promote more predictable and stable cash flow, the Partnership has a series of interest rate swap agreements for approximately $550 million at an average rate of LIBOR plus 130 basis points extending through 2022.
For the three months ended March 31, 2018, capital expenditures totaled approximately $25.9 million, including approximately $4.5 million of maintenance capital expenditures.
CONFERENCE CALL INFORMATION
The Partnership will host a conference call at 10:00 AM Eastern Time on Tuesday, May 15, 2018 to discuss these results. The call will be webcast and archived on the Partnership's website for a limited time.
Date: |
Tuesday, May 15, 2018 |
Time: |
10:00 AM ET / 9:00 AM CT |
Dial-In Numbers: |
(888) 317-6003 (Domestic toll-free) |
(412) 317-6061 (International) | |
Conference ID: |
9574074 |
Webcast URL: |
Non-GAAP Financial Measures
This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin," "Operating Margin," and "Distributable Cash Flow." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read a "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "poised," "potential," "promote," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
The preliminary financial results for the Partnership's first quarter ended March 31, 2018 included in this press release represent the most current information available to management. The Partnership's actual results when disclosed in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 may differ from these preliminary results as a result of the completion of the Partnership's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's review, and other developments that may arise between now and the disclosure of the final results and audited financials.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
American Midstream Partners, LP and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(Unaudited, in thousands) | |||||||
March 31, |
December 31, | ||||||
Assets |
|||||||
Cash and cash equivalents |
$ |
8,191 |
$ |
8,782 |
|||
Restricted cash |
18,269 |
20,352 |
|||||
Accounts receivable, net of allowance for doubtful accounts of $312 and $225 as of March 31, 2018 and December 31, 2017, respectively |
87,418 |
98,132 |
|||||
Inventory and other current assets |
30,060 |
26,386 |
|||||
Assets held for sale |
129,247 |
— |
|||||
Total current assets |
273,185 |
153,652 |
|||||
Property, plant and equipment, net |
1,080,897 |
1,095,585 |
|||||
Restricted cash - long term |
5,048 |
5,045 |
|||||
Other assets, net |
25,249 |
17,874 |
|||||
Investment in unconsolidated affiliates |
339,271 |
348,434 |
|||||
Intangible and other assets, net |
141,627 |
174,010 |
|||||
Goodwill |
67,985 |
128,866 |
|||||
Total assets |
$ |
1,933,262 |
$ |
1,923,466 |
|||
Liabilities, Equity and Partners' Capital |
|||||||
Total current liabilities |
164,128 |
137,493 |
|||||
Revolving credit facility |
712,600 |
697,900 |
|||||
3.77% Senior notes (non-recourse) |
54,682 |
55,198 |
|||||
3.97% Senior notes (non-recourse) |
29,486 |
29,937 |
|||||
8.50% Senior notes |
418,078 |
418,421 |
|||||
Asset retirement obligations |
66,894 |
66,194 |
|||||
Other liabilities |
15,542 |
2,080 |
|||||
Deferred tax liability |
8,274 |
8,123 |
|||||
Total liabilities |
1,469,684 |
1,415,346 |
|||||
Convertible preferred units |
317,180 |
317,180 |
|||||
Equity and partners' capital |
146,398 |
190,940 |
|||||
Total liabilities, equity and partners' capital |
$ |
1,933,262 |
$ |
1,923,466 |
American Midstream Partners, LP and Subsidiaries | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(Unaudited, in thousands, except for per unit amounts) | ||||||||
Three Months ended March 31, | ||||||||
2018 |
2017 | |||||||
Revenues |
$ |
205,829 |
$ |
164,078 |
||||
Operating expenses: |
||||||||
Cost of sales |
150,166 |
115,468 |
||||||
Direct operating expenses |
23,446 |
17,405 |
||||||
Corporate expenses |
22,692 |
30,113 |
||||||
Depreciation, amortization and accretion expense |
21,997 |
25,570 |
||||||
Gain on sale of assets, net |
(95) |
(21) |
||||||
Total operating expenses |
218,206 |
188,535 |
||||||
Operating Loss |
(12,377) |
(24,457) |
||||||
Other income (expense): |
||||||||
Interest expense |
(13,876) |
(17,956) |
||||||
Other income (expense), net |
22 |
(37) |
||||||
Earnings in unconsolidated affiliates |
12,673 |
15,402 |
||||||
Loss from continuing operations before income taxes |
(13,558) |
(27,048) |
||||||
Income tax expense |
(280) |
(1,123) |
||||||
Loss from continuing operations |
(13,838) |
(28,171) |
||||||
Discontinued operations: |
||||||||
Loss from discontinued operations, net of tax |
— |
(710) |
||||||
Net loss |
(13,838) |
(28,881) |
||||||
Net income attributable to noncontrolling interests |
45 |
1,303 |
||||||
Net loss attributable to the Partnership |
$ |
(13,883) |
$ |
(30,184) |
||||
Distribution declared per common unit |
$ |
0.4125 |
$ |
0.4125 |
||||
Basic and diluted: |
||||||||
Loss from continuing operations |
$ |
(0.42) |
$ |
(0.74) |
||||
Income (loss) from discontinued operations |
— |
(0.01) |
||||||
Net loss |
$ |
(0.42) |
$ |
(0.75) |
||||
Weighted average number of common units outstanding |
||||||||
Basic and diluted |
52,769 |
51,451 |
American Midstream Partners, LP and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(Unaudited, in thousands) | |||||||
Three Months ended March 31, | |||||||
2018 |
2017 | ||||||
Net cash provided by operating activities |
$ |
14,847 |
$ |
8,847 |
|||
Net cash used in investing activities |
(15,744) |
(12,928) |
|||||
Net cash used in financing activities |
(1,774) |
(280,899) |
|||||
Net decrease in Cash, Cash equivalents, and Restricted cash |
(2,671) |
(284,980) |
|||||
Cash, Cash equivalents and Restricted cash |
|||||||
Beginning of period |
34,179 |
329,230 |
|||||
End of period |
$ |
31,508 |
$ |
44,250 |
American Midstream Partners, LP and Subsidiaries | ||||||||
Reconciliation of Net income (loss) attributable to the Partnership to | ||||||||
Adjusted EBITDA and Distributable Cash Flow | ||||||||
(Unaudited, in thousands) | ||||||||
Three Months ended March 31, | ||||||||
2018 |
2017 | |||||||
Reconciliation of Net loss attributable to the Partnership to Adjusted EBITDA: |
||||||||
Net loss attributable to the Partnership |
$ |
(13,883) |
$ |
(30,184) |
||||
Add backs and net impact of discontinued operations |
||||||||
Depreciation, amortization and accretion |
21,997 |
25,290 |
||||||
Interest expense |
17,731 |
14,925 |
||||||
Debt issuance costs paid |
1,085 |
1,402 |
||||||
Unrealized (gain) loss on derivatives, net |
(5,112) |
372 |
||||||
Non-cash equity compensation expense |
1,014 |
4,038 |
||||||
Transaction expenses |
8,877 |
8,614 |
||||||
Income tax expense |
280 |
1,123 |
||||||
Discontinued operations |
— |
4,489 |
||||||
Distributions from unconsolidated affiliates |
23,853 |
22,494 |
||||||
General Partner contribution |
9,417 |
9,614 |
||||||
Deductions |
||||||||
Earnings in unconsolidated affiliates |
12,673 |
15,402 |
||||||
Other |
170 |
49 |
||||||
Adjusted EBITDA |
$ |
52,416 |
$ |
46,726 |
||||
Deduct: |
||||||||
Cash interest expense |
17,689 |
14,898 |
||||||
Maintenance capital |
4,502 |
2,008 |
||||||
Preferred distribution |
8,354 |
6,707 |
||||||
Distributable Cash Flow |
$ |
21,871 |
$ |
23,113 |
||||
Limited Partner Distributions |
$ |
21,745 |
$ |
21,339 |
||||
Distribution Coverage |
1.0 |
x |
1.1 |
x |
American Midstream Partners, LP and Subsidiaries | ||||||||
Reconciliation of Total Gross Margin to Net loss attributable to the Partnership | ||||||||
(Unaudited, in thousands) | ||||||||
Three Months ended March 31, | ||||||||
2018 |
2017 | |||||||
Reconciliation of Gross Margin to Net loss attributable to the Partnership |
||||||||
Total Segment Gross Margin |
$ |
63,980 |
$ |
60,966 |
||||
Less: |
||||||||
Direct operating expenses |
19,124 |
14,332 |
||||||
Add backs |
||||||||
Gains on commodity derivatives, net |
60 |
365 |
||||||
Deducts |
||||||||
Corporate expenses |
22,692 |
30,113 |
||||||
Depreciation, amortization and accretion |
21,997 |
25,570 |
||||||
Gain on sale of assets, net |
(95) |
(21) |
||||||
Interest expense |
13,876 |
17,956 |
||||||
Other (income) expense |
(22) |
37 |
||||||
Other, net |
26 |
392 |
||||||
Income tax expense |
280 |
1,123 |
||||||
Loss from discontinued operations, net of tax |
— |
710 |
||||||
Net income attributable to noncontrolling interest |
45 |
1,303 |
||||||
Net loss attributable to the Partnership |
$ |
(13,883) |
$ |
(30,184) |
American Midstream Partners, LP and Subsidiaries | ||||||||
Segment Financial and Operating Data | ||||||||
(Unaudited, in thousands, except for operating and pricing data) | ||||||||
Three Months ended March 31, | ||||||||
2018 |
2017 | |||||||
Segment Financial and Operating Data: |
||||||||
Offshore Pipelines and Services Segment |
||||||||
Financial data: |
||||||||
Segment gross margin |
$ |
25,316 |
$ |
25,802 |
||||
Less: Direct operating expenses |
7,795 |
2,579 |
||||||
Segment operating margin |
17,521 |
23,223 |
||||||
Distributions: |
||||||||
Destin/Okeanos |
$ |
15,113 |
$ |
9,925 |
||||
Delta House |
6,524 |
10,541 |
||||||
Total |
21,637 |
20,466 |
||||||
Operating data: |
||||||||
Average throughput (MMcf/d) |
274.0 |
404.0 |
||||||
Average Destin/Okeanos throughput (MMcf/d) |
982.8 |
1,082.0 |
||||||
Average Delta House throughput (MBoe/d) |
60.1 |
107.0 |
||||||
Average Other throughput (MBbls/d) |
24.0 |
26.6 |
||||||
Gas Gathering and Processing Services Segment |
||||||||
Financial data: |
||||||||
Segment gross margin |
$ |
12,652 |
$ |
11,251 |
||||
Less: Direct operating expenses |
6,680 |
8,065 |
||||||
Segment operating margin |
5,972 |
3,186 |
||||||
Operating data: |
||||||||
Average throughput (MMcf/d) |
160.5 |
207.6 |
||||||
Liquid Pipelines & Services |
||||||||
Financial data: |
||||||||
Segment gross margin |
$ |
7,271 |
$ |
6,634 |
||||
Less: Direct operating expenses |
2,976 |
2,453 |
||||||
Segment operating margin |
4,295 |
4,181 |
||||||
Distributions: |
||||||||
Tri-States/Wilprise |
$ |
2,217 |
$ |
1,328 |
||||
Operating data: |
||||||||
Average Tri-States/Wilprise throughput (MBbls/d) |
83.6 |
80.8 |
||||||
Average Cayenne throughput (MBbls/d) |
20.4 |
— |
||||||
Average Other Liquid Pipelines throughput (MBbls/d) |
35.1 |
33.1 |
||||||
Natural Gas Transportation Services Segment |
||||||||
Financial data: |
||||||||
Segment gross margin |
$ |
10,688 |
$ |
6,119 |
||||
Less: Direct operating expenses |
1,673 |
1,235 |
||||||
Segment operating margin |
9,015 |
4,884 |
||||||
Operating data: |
||||||||
Average throughput (MMcf/d) |
839.0 |
390.0 |
||||||
Terminalling Services Segment |
||||||||
Financial data: |
||||||||
Segment revenue |
$ |
8,053 |
$ |
11,160 |
||||
Less: Cost of sales |
5,023 |
4,393 |
||||||
Direct operating expenses |
4,322 |
3,073 |
||||||
Segment operating margin |
(1,292) |
3,694 |
||||||
Operating data: |
||||||||
Contracted Capacity (Bbls) |
4,574,767 |
5,299,667 |
||||||
Design Capacity (Bbls) |
5,400,800 |
5,400,800 |
||||||
Storage Utilization |
84.7 |
% |
98.1 |
% | ||||
Terminalling and storage throughput (Bbls/d) |
56,768 |
56,279 |
Appendix A
Note About Non-GAAP Financial Measures
Total segment gross margin, operating margin and Adjusted EBITDA are performance measures that are non-GAAP financial measures. Each has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. Management compensates for the limitations of these non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.
You should not consider total segment gross margin, operating margin, or Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Total segment gross margin, operating margin and Adjusted EBITDA may be defined differently by other companies in our industry. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our General Partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus depreciation, amortization and accretion expense, interest expense, debt issuance costs, unrealized (gains) losses on derivatives, non-cash charges such as non-cash equity compensation expense, and charges that are unusual such as transaction expenses primarily associated with our acquisitions, income tax expense, distributions from unconsolidated affiliates and general partner's contribution, less earnings in unconsolidated affiliates, gains (losses) that are unusual such as gain on revaluation of equity interest, and gain on sale of the Propane Business, other, net, and gain (loss) on sale of assets, net.
Distributable cash flow ("DCF") is a significant performance metric used by us and by external users of the Partnership's financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay the Partnership's unitholders. Using this metric, management and external users of the Partnership's financial statements can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. DCF is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure may indicate to investors whether we are generating cash flow at a level that can sustain or support an increase in the Partnership's quarterly distribution rates. DCF is also a quantitative standard used throughout the investment community with respect to publicly traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit's yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). DCF will not reflect changes in working capital balances.
We define DCF as Adjusted EBITDA, less interest expense, normalized maintenance capital expenditures, and distributions related to the Series A and Series C convertible preferred units. The GAAP financial measure most comparable to DCF is Net income (loss) attributable to the Partnership.
Segment gross margin and total segment gross margin are metrics that we use to evaluate our performance.
We define segment gross margin in our Gas Gathering and Processing Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives, construction and operating management agreement income and the cost of natural gas, and NGLs and condensate purchased.
We define segment gross margin in our Liquid Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives and the cost of crude oil purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Natural Gas Transportation Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Offshore Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Terminalling Services segment as total revenue less direct operating expense which includes direct labor, general materials and supplies and direct overhead.
Total segment gross margin is a supplemental non-GAAP financial measure that we use to evaluate our performance. We define total segment gross margin as the sum of the segment gross margins for our Gas Gathering and Processing Services, Liquid Pipelines and Services, Natural Gas Transportation Services, Offshore Pipelines and Services and Terminalling Services segments. The GAAP measure most directly comparable to total segment gross margin is Net income (loss) attributable to the Partnership.
View original content:http://www.prnewswire.com/news-releases/american-midstream-reports-first-quarter-2018-results-300648439.html
SOURCE American Midstream Partners, LP
HOUSTON, May 10, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced that its first quarter 2018 results will be released before the market opens on Tuesday, May 15, 2018. The Partnership will host a conference call at 10:00 AM ET / 9:00 AM CT on Tuesday, May 15 to discuss results. The call will be webcast via the Partnership's website.
First Quarter 2018 Earnings Call Information |
|
Date: |
Tuesday, May 15, 2018 |
Time: |
10:00 AM ET / 9:00 AM CT |
Dial-In: |
(888) 317-6003 (Domestic toll-free) |
(412) 317-6061 (International) | |
Conference ID: |
9574074 |
Webcast: |
www.americanmidstream.com |
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content with multimedia:http://www.prnewswire.com/news-releases/american-midstream-announces-first-quarter-2018-earnings-call-300645988.html
SOURCE American Midstream Partners, LP
HOUSTON, April 26, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("Partnership") today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.4125 per common unit, or $1.65 per unit annually. The first quarter 2018 distribution represents the twenty-seventh consecutive quarterly distribution since the Partnership's initial public offering in 2011.
The distribution will be paid May 15, 2018 to unitholders of record as of the close of business on May 7, 2018.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
This notice serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of American Midstream Partners, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all American Midstream Partners, LP 's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not American Midstream Partners, LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-twenty-seventh-consecutive-distribution-300637401.html
SOURCE American Midstream Partners, LP
HOUSTON, April 16, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") announced today that the general partner of the Partnership has hired industry veteran Karen S. Acree as Vice President and Chief Accounting Officer to further strengthen its veteran management team and help steward continued growth.
Ms. Acree has over 35 years of extensive knowledge in accounting, financial reporting and tax through her leadership with multiple publicly traded energy companies. Karen is the former Chief Accounting Officer for Jones Energy, Inc. Prior to joining Jones, Karen was the Vice President, Controller and Chief Accounting Officer of W&T Offshore, Inc. Karen holds a Bachelor of Business Administration in Accounting from Texas Tech University and is a Certified Public Accountant in the State of Texas.
"We are delighted to add Karen to American Midstream's already talented management team. Karen is a proven leader with extensive knowledge and experience that will be a tremendous benefit to the Partnership as we execute our growth plan. Karen's experience within the energy industry; coupled with her offshore knowledge makes her a great fit as we continue to build American Midstream into a leading midstream company," stated Eric T. Kalamaras, Senior Vice President and Chief Financial Officer.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-strengthens-management-team-with-veteran-chief-accounting-officer-karen-acree-300630252.html
SOURCE American Midstream Partners, LP
HOUSTON, March 28, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") announced that on March 27, 2018, a majority of the Southcross Energy Partners, L.P. ("Southcross") unitholders voted to approve the previously announced proposed merger with American Midstream.
During a special meeting, unitholders voted on merger-related proposals, which included the merger and a non-binding advisory vote on merger compensation. The merger proposal passed with a vote of more than 95 percent of votes cast by non-affiliated unitholders, representing approximately 64 percent of all outstanding units held by such unitholders. A majority of the non-affiliated unitholders also approved the advisory merger compensation proposal.
The closing of the merger remains subject to certain state level regulatory approvals and the closing conditions described in the definitive proxy statement filed with the Securities and Exchange Commission on February 13, 2018. The merger is expected to close later in the second quarter of 2018.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, our Registration Statement on Form S-4 related to the Southcross acquisition, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-southcross-unitholder-approval-of-merger-300620665.html
SOURCE American Midstream Partners, LP
DALLAS, March 26, 2018 /PRNewswire/ -- Alerian announced today that Southcross Energy Partners (NYSE: SXE) is expected to be removed from the Alerian Small Cap MLP Index (AMSI) in a special rebalancing.
Special rebalancings are triggered by corporate actions such as mergers, bankruptcies, and liquidations. Pending unit holder approval, SXE will cease to trade due to its acquisition by American Midstream Partners (NYSE: AMID). If approved, the rebalancing will take place one full trading day after the issuance of a press release indicating all needed merger votes have passed.
The index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from the index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About the Alerian Small Cap MLP Index
The Alerian Small Cap MLP Index is a composite of small-cap energy Master Limited Partnerships (MLPs). The capitalization-weighted index, which represents approximately 10% of total market capitalization, is disseminated real-time on a price-return basis (AMSI) and on a total-return basis (AMSIX).
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of February 28, 2018, over $14 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/southcross-energy-partners-to-be-removed-from-the-alerian-small-cap-mlp-index-300619772.html
SOURCE Alerian
HOUSTON, March 19, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") announced that the proposed revisions outlined by the Federal Energy Regulatory Commission ("FERC") regarding its 2005 Policy Statement for Recovery of Income Tax Costs, are expected to have a negligible impact on the financial results of the Partnership. The FERC announced, on March 15, 2018, that it plans to revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow interstate pipelines owned by Master Limited Partnerships to recover an income tax allowance in the cost of service.
After consideration of the proposed policy changes by the FERC, American Midstream has determined, that based on the current rate structure on the Partnership's FERC regulated pipelines, the proposed changes are expected to have a negligible impact on the earnings and cash flow of the Partnership. Further, any proposed FERC policy revisions will have limited application to American Midstream, as a substantial majority of the Partnership's operations are not FERC regulated.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, our Registration Statement on Form S-4 related to the Southcross acquisition, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-expects-no-material-impact-to-financial-results-from-proposed-ferc-policy-revisions-300615696.html
SOURCE American Midstream Partners, LP
HOUSTON, March 6, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) (the "Partnership") today announced that its fourth quarter and full year 2017 results will be released before the market opens on Monday, March 12, 2018. The Partnership will host a conference call at 10:00 AM ET / 9:00 AM CT on Monday, March 12 to discuss results. The call will be webcast via the Partnership's website.
Fourth Quarter and Full Year 2017 Earnings Call Information | |
Date: |
Monday, March 12, 2018 |
Time: |
10:00 AM ET / 9:00 AM CT |
Dial-In: |
(888) 317-6003 (Domestic toll-free) |
(412) 317-6061 (International) | |
Conference ID: |
5290943 |
Webcast: |
www.americanmidstream.com/investor-relations/ |
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, our Registration Statement on Form S-4 related to the Southcross acquisition, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-announces-fourth-quarter-and-full-year-2017-earnings-call-300609427.html
SOURCE American Midstream Partners, LP
HOUSTON, Jan. 22, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID") today announced that the general partner of the Partnership appointed Christopher B. Dial as Senior Vice President and General Counsel effective today.
Mr. Dial has extensive legal experience in both private and public practice, including publicly traded master limited partnerships. Chris brings substantial knowledge in partnership formation, complex financings, corporate and capital market transactions. Chris is the former General Counsel of Susser Holding II, LP. Prior to joining Susser, Chris was Associate General Counsel of Susser Holdings Corporation and Sunoco, LP. Chris began his career as an Associate Attorney for Andrews Kurth, LLP where he primarily represented energy clients on a variety of general corporate and securities matters. Chris holds a Juris Doctor from the University of Houston Law Center and a Bachelor of Arts in Economics from Southwestern University.
"We are excited to welcome Chris to American Midstream. With his extensive legal experience, including several years with a public master limited partnership, he will be a great asset to the management team and the company. Chris's vast knowledge and expertise across energy related matters makes him a great fit for this role and enables him to help position AMID as a leading midstream partnership as we continue our transformation," stated Lynn Bourdon III, President and Chief Executive Officer.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
mschuck@americanmidstream.com
View original content:http://www.prnewswire.com/news-releases/american-midstream-appoints-dial-as-senior-vice-president-and-general-counsel-300585663.html
SOURCE American Midstream Partners, LP
HOUSTON, Jan. 3, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID") announced today the completion and commencement of deliveries on the previously announced Cayenne Pipeline joint venture ("Cayenne") between AMID and Targa Resources Corp. (NYSE: TRGP) ("Targa"). Cayenne will initially have 40,000 barrels per day of Y-grade NGL transport capacity with the ability to expand to more than 50,000 barrels per day. Cayenne will originate from the Targa-operated Venice gas processing plant and deliver to fractionation in Southern Louisiana.
The commencement of Cayenne provides AMID with strategic transport capabilities for the majority of all NGL volume out of Gulf of Mexico's deep-water Mississippi Canyon region where AMID has developed an integrated gathering and transportation network. Cayenne is supported by a 15-year dedication for all NGL production from Targa's 750 MMcf/d Venice plant with inlet from six offshore Gulf of Mexico pipelines.
"The commencement of Cayenne demonstrates AMID's ability to react to market demand and simultaneously execute on highly attractive commercial opportunities. Cayenne not only benefits offshore producers with a substantial increase in NGL take away capacity, but also creates meaningful value to AMID by taking an underutilized pipeline and altering its services into a strategic project," stated Lynn Bourdon III, President and Chief Executive Officer.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to Cayenne's benefits, operating results and any capacity expansion. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
mschuck@americanmidstream.com
View original content with multimedia:http://www.prnewswire.com/news-releases/american-midstream-commences-full-operation-of-cayenne-pipeline-300576795.html
SOURCE American Midstream Partners, LP
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