Crosstex Energy Completes Construction of Phase I of the Cajun-Sibon Natural Gas Liquids Expansion Project
07 Novembre 2013 - 3:46PM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P.
(NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc.
(NASDAQ:XTXI) (the Corporation), today announced that the
Partnership has completed construction of Phase I of the
Cajun-Sibon natural gas liquids (NGL) expansion project. The
project connects the Partnership’s Eunice fractionator in South
Louisiana to Mt. Belvieu supply pipelines in East Texas. Pipeline
operations were completed in the first week of October and
commercial deliveries of NGL product to the Eunice, Riverside and
Plaquemine fractionators began shortly thereafter. The Eunice
fractionator began operations on November 6 at a rate of 15,000
barrels of NGL per day. The pipeline is currently delivering
approximately 25,000 to 30,000 barrels per day of product into
various Louisiana delivery points and is expected to be moving its
full volume of approximately 70,000 barrels per day by the end of
2013.
“The Cajun-Sibon expansion project allows us to capitalize on
the robust southeastern Louisiana NGL market,” said Barry E. Davis,
Crosstex President and Chief Executive Officer. “Our strategic
footprint in the region will allow us to benefit as market demand
continues to increase and we are well positioned to capitalize on
additional growth opportunities from our expanded NGL
platform."
The second phase of the expansion project is scheduled for
completion in the second-half of 2014 and includes expanding the
Cajun-Sibon pipeline capacity by an additional 50,000 barrels per
day to a total of 120,000 barrels per day; the installation of a
100,000 barrel per day fractionator adjacent to the Partnership’s
existing Plaquemine natural gas processing complex; the
modification of the Riverside fractionator facility; and the
construction of several natural gas and NGL pipelines to expand the
Partnership's capabilities and market connectivity.
The Partnership expects the combined contribution of both phases
of the Cajun-Sibon expansion project to be approximately $115 to
$130 million of annual run-rate adjusted EBITDA when completed,
which is expected to occur in the second-half of 2014. Adjusted
EBITDA is explained in greater detail under “Non-GAAP Financial
Information.”
The expansion projects are supported by a 10-year supply
agreement with Dow Hydrocarbons and Resources LLC and a 5-year
supply agreement with Williams Olefins, LLC.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream
energy partnership headquartered in Dallas that offers diversified,
tailored customer solutions spanning the energy value chain with
services and infrastructure that link energy production with
consumption. XTEX operates approximately 3,500 miles of natural
gas, natural gas liquids and oil pipelines, 10 natural gas
processing plants and four fractionators, as well as barge and rail
terminals, product storage facilities, brine disposal wells and an
extensive truck fleet. XTEX has the right platform, the right
opportunities and the right people to pursue its growth-focused
business strategy.
Crosstex Energy, Inc. (NASDAQ: XTXI) owns the general
partner interest, the incentive distribution rights and a portion
of the limited partner interests in Crosstex Energy, L.P. as well
as the majority interest in E2, a services company focused on the
Utica Shale play in the Ohio River Valley.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
Non-GAAP Financial Information
This press release contains a non-generally accepted accounting
principle financial measure that the Partnership refers to as
adjusted EBITDA. Adjusted EBITDA is defined as net income plus
interest expense, provision for income taxes, depreciation and
amortization expense, impairments, stock-based compensation, (gain)
loss on non-cash derivatives, distribution from a limited liability
company and non-controlling interest; less gain on sale of property
and equity in earnings of a limited liability company. The amounts
included in the calculation of this measure is computed in
accordance with generally accepted accounting principles
(GAAP).
The Partnership believes this measure is useful to investors
because it may provide users of this financial information with a
meaningful comparison between current results and prior-reported
results and a meaningful measure of the Partnership’s cash flow
after it has satisfied the capital and related requirements of its
operations.
Adjusted EBITDA, as defined above, is not a measure of financial
performance or liquidity under GAAP. It should not be considered in
isolation or as an indicator of the Partnership’s performance.
Furthermore, it should not be seen as a measure of liquidity or a
substitute for a metric prepared in accordance with GAAP.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management's experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to forecasts regarding
capacity, volumes delivered in the future, adjusted EBITDA
contributions and timing for completing the Cajun-Sibon expansion
project, as well as the Partnership's future growth and results of
operations. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
the Partnership and the Corporation, which may cause the
Partnership's and the Corporation's actual results to differ
materially from those implied or expressed by the forward-looking
statements. These risks include, but are not limited to, risks
discussed in the Partnership's and the Corporation's filings with
the Securities and Exchange Commission. The Partnership and the
Corporation have no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Crosstex EnergyJill McMillan,
214-721-9271Director, Public & Industry
AffairsJill.McMillan@CrosstexEnergy.com
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
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