Southcross Energy Partners, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2016; Provides Growth Capital Expenditures Guidance for the Full Year 2016
May 10, 2016 at 11:00 am
Share
Southcross Energy Partners, L.P. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenues of $119,726,000 compared to $185,938,000 a year ago. Loss from operations was $2,926,000 compared to $2,786,000 a year ago. Loss before income tax expense was $15,525,000 compared to $13,836,000 a year ago. Net loss was $15,520,000 compared to $13,905,000 a year ago. Net loss attributable to partners was $15,520,000 compared to $10,827,000 a year ago. Net loss allocated to limited partner common units was $7,643,000 compared to $4,936,000 a year ago. Basic and diluted loss per common unit was $0.27 compared to $0.21 a year ago. Net cash used in operating activities was $17,172,000 compared to net cash provided by operating activities of $2,048,000 a year ago. Capital expenditures were $5,474,000 compared to $41,002,000 a year ago. Results for the quarter were negatively impacted by a previously announced outage at a Southcross Holdings LP treatment facility that feeds gas to the Partnership's processing plants. For the quarter ended March 31, 2016, growth capital expenditures were $3.1 million and were related primarily to work to enhance system efficiency and reliability. Adjusted EBITDA was $20.7 million, which was within its guidance range of $20 million to $22 million and down 17% from the prior quarter.
Processed gas volumes during the quarter averaged 343 MMcf/d, a decrease of approximately 23% compared to 447 MMcf/d for the same period in the prior year and a decrease of 22% compared to 437 MMcf/d for the quarter ended December 31, 2015.
The company anticipates that growth capital expenditures for full year 2016 will be in the range of $20 million to $30 million.
Southcross Energy Partners LLC is a United States-based company. The Company owns, operates, develops and acquires midstream energy assets. The Company provides natural gas gathering, processing, treating, compression and transportation services and natural gas liquids, fractionation services to it's producer customers, primarily under fixed-fee and fixed-spread contracts.
Southcross Energy Partners, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2016; Provides Growth Capital Expenditures Guidance for the Full Year 2016