PVR PARTNERS LP 
By RADNOR, Pa., Oct. 24, 2013 /PRNewswire/ -- PVR Partners, L.P. (NYSE: PVR) ("PVR") today reported financial and operational results for the three months ended September 30, 2013. In addition, PVR declared a quarterly distribution of $0.55 per unit.
(Logo: http://photos.prnewswire.com/prnh/20110224/PH54022LOGO)
Third Quarter Results
Third quarter 2013 highlights and results, with comparisons to results for the third quarter of 2012 ("last year") and the second quarter of 2013 ("last quarter"), included the following:
-- Adjusted EBITDA of $79.9 million as compared to $61.2 million last year
and $76.1 million last quarter.
-- Distributable Cash Flow ("DCF") of $49.5 million as compared to $36.6
million last year and $49.0 million last quarter.
-- Average daily natural gas throughput volumes of 1.8 billion cubic feet
per day ("Bcfd") as compared with 1.0 Bcfd last year and 1.7 Bcfd last
quarter.
In addition, on August 19 PVR sold its 25% membership interest in Thunder Creek Gas Services, L.L.C. for $58.6 million which resulted in a reported gain of $14.3 million. The $14.3 million gain is included in Other Revenue and has been subtracted from the calculation of Adjusted EBITDA and DCF.
Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles ("GAAP") measures. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.
Quarterly Distribution
The Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on November 13, 2013 to common unitholders of record at the close of business on November 6, 2013. This distribution equates to an annualized rate of $2.20 per unit, which is unchanged from the distribution paid with respect to the second quarter of 2013 and represents a 1.9% increase over the distribution paid with respect to the third quarter of 2012.
Management Comment
"We are pleased with our third quarter results," said Bill Shea, President and CEO of PVR's general partner. "The Eastern Midstream Segment continues to show progress in volumes over last year and last quarter and we expect that progress to continue. Our Midcontinent Midstream Segment benefitted from an improved commodity pricing environment, and our Coal and Natural Resource Management Segment has performed in-line with our expectations."
Eastern Midstream Segment Results
The Eastern Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:
-- Adjusted EBITDA of $43.5 million as compared to $21.4 million last year
and $38.1 million last quarter, primarily due to the continued
development of internal growth projects and the acquisition of Chief
Gathering LLC.
-- Quarterly average throughput volumes of 1.4 Bcfd as compared to 0.6 Bcfd
last year and 1.3 Bcfd last quarter, reflecting growth on PVR's existing
systems, as well as the acquisition and expansion of the Chief Gathering
systems.
Midcontinent Midstream Segment Results
The Midcontinent Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:
-- Adjusted EBITDA of $17.1 million as compared to $13.0 million last year
and $14.9 million last quarter.
-- Quarterly average throughput volumes of 381 MMcfd as compared to 410
MMcfd last year and 382 MMcfd last quarter.
Coal and Natural Resource Management Segment Results
The Coal and Natural Resource Management Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:
-- Adjusted EBITDA of $19.3 million as compared to $26.8 million last year
and $23.1 million last quarter. The year-over-year decline was
primarily due to decreased coal production and pricing.
-- Coal royalty tons of 5.7 million tons as compared to 7.7 million tons
last year and 6.9 million tons last quarter.
-- Coal royalties revenue of $20.8 million, or $3.66 per ton, as compared
to $28.8 million, or $3.73 per ton last year and $23.2 million or $3.37
per ton last quarter.
Capital Investment and Resources
We invested $76.9 million on internal growth projects in our midstream businesses during the third quarter of 2013, of which $64.8 million was invested in the Eastern Midstream Segment.
In September PVR closed on a public offering of 5.5 million common units. The terms of the offering granted the underwriter the option to purchase a maximum of 825,000 additional common units. On October 16(th), the underwriter purchased 600,000 units available under that option. Net proceeds from the offering, including the option exercised, totaled approximately $138.1 million and were used to repay a portion of the borrowings outstanding under PVR's $1.0 billion revolving credit facility. As of September 30, 2013, we had borrowings of $332.5 million under our revolving credit facility.
Expansion Projects Update
The development and build-out of important growth projects in the Marcellus, Utica, Cline and Mississippian Lime continued during the third quarter of 2013.
-- As previously announced, PVR executed a definitive agreement with Hess
Corporation to provide trunkline, gathering and compression services in
the Utica Shale.
-- Two new compressor facilities in the Eastern Midstream Segment were
completed and began operation. These facilities will help maintain
volumes on PVR's Susquehanna/Wyoming gathering system and increase the
injection capacity into the Tennessee Gas Pipeline.
-- An additional phase of the Lycoming gathering system, for which
Inflection Energy is the primary shipper, was completed and began
service.
-- The PVR/Aqua joint venture water system put a new water truck loading
facility into service, which will significantly expand the service
territory reach for water service to natural gas producers.
-- The Eastern Midstream Segment connected 25 wells during the third
quarter for a total of 68 for the nine months ending September 30(th).
PVR currently anticipates connecting an additional 36 wells during the
fourth quarter.
-- An additional 39 new wells were connected in the Midcontinent Midstream
Segment during the third quarter for a total of 144 for the nine months
ending September 30(th).
Third Quarter 2013 Financial and Operational Results Conference Call
A conference call and webcast, during which management will discuss third quarter 2013 financial and operational results, is scheduled for Thursday, October 24, 2013 at 11:00 a.m. Eastern Daylight Time. Prepared remarks by members of company management will be followed by a question and answer period. Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=96084 or by logging on using the link posted on our website, www.pvrpartners.com. Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners call). An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call. A telephonic replay of the call will be available through October 30 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10034216.
******
PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties. Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers. Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments. More information about PVR is available on our website at www.pvrpartners.com.
******
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
******
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Stephen R. Milbourne
Director - Investor Relations
Phone: 610-975-8204
E-Mail: invest@pvrpartners.com
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited
(in thousands, except per unit data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Natural gas $92,005 $78,026 $282,830 $215,780
Natural gas liquids 104,585 96,237 298,563 316,161
Gathering fees 24,673 15,482 73,475 34,094
Trunkline fees 27,389 11,747 70,143 28,394
Coal royalties 20,816 28,760 66,990 91,150
Gain on sale of assets - 31,292 - 31,292
Other 19,496 7,303 33,839 21,305
Total revenues 288,964 268,847 825,840 738,176
------- ------- ------- -------
Expenses
Cost of gas purchased 163,824 147,246 489,106 453,543
Operating 17,506 17,587 50,026 47,530
General and administrative 13,402 11,531 40,359 34,574
Acquisition related costs - - - 14,049
Impairments - - - 124,845
Depreciation, depletion and amortization 47,133 31,992 138,032 84,301
Total expenses 241,865 208,356 717,523 758,842
------- ------- ------- -------
Operating income 47,099 60,491 108,317 (20,666)
Other income (expense)
Interest expense (28,358) (20,288) (78,362) (45,616)
Derivatives (965) (1,524) (560) 2,201
Interest income and other 112 104 1,238 329
--- --- ----- ---
Net income (loss) $17,888 $38,783 $30,633 $(63,752)
======= ======= ======= ========
Earnings (loss) per common unit, basic and diluted $(0.09) $0.16 $(0.47) $(1.14)
Weighted average number of common units outstanding, basic and diluted 96,983 88,366 96,283 83,834
Weighted average number of Class B units outstanding 23,621 21,620 23,129 10,770
Weighted average number of Special units outstanding 10,346 10,346 10,346 5,173
Other data by segment:
Eastern Midstream:
Gathered volumes (MMcfd) 622 444 606 330
Trunkline volumes (MMcfd) (1) 804 169 716 127
Midcontinent Midstream:
Daily throughput volumes (MMcfd) 381 410 385 435
Coal and Natural Resource Management:
Coal royalty tons (in thousands) 5,684 7,703 19,023 23,584
(1) Trunkline volumes include a significant portion of gathered volumes.
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited
(in thousands)
September 30, December 31,
2013 2012
---- ----
Assets
Cash and cash equivalents $7,901 $14,713
Accounts receivable 136,279 133,546
Assets held for sale - 11,450
Derivative assets 229 -
Other current assets 5,127 5,446
----- -----
Total current assets 149,536 165,155
Property, plant and equipment, net 2,166,092 1,989,346
Other long-term assets 784,652 844,208
Total assets $3,100,280 $2,998,709
========== ==========
Liabilities and Partners' Capital
Accounts payable and accrued liabilities $159,225 $197,034
Deferred income 5,886 3,788
Derivative liabilities 691 -
--- ---
Total current liabilities 165,802 200,822
Other long-term liabilities 30,976 35,468
Senior notes 1,300,000 900,000
Revolving credit facility 332,500 590,000
Partners' capital 1,271,002 1,272,419
Total liabilities and partners' capital $3,100,280 $2,998,709
========== ==========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Cash flows from operating activities
Net income (loss) $17,888 $38,783 $30,633 $(63,752)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Gain on sale of assets (14,302) (31,292) (14,302) (31,292)
Depreciation, depletion and amortization 47,133 31,992 138,032 84,301
Impairments - - - 124,845
Commodity derivative contracts:
Total derivative losses (gains) included in net income 965 1,524 560 (2,201)
Cash receipts (payments) to settle derivatives for the period (123) (1,332) (313) (8,578)
Non-cash interest expense 1,917 1,589 5,399 4,217
Non-cash unit-based compensation 1,248 1,086 3,356 4,643
Equity earnings, net of distributions received 1,961 697 5,635 142
Other (291) (231) (3,359) (929)
Changes in operating assets and liabilities 17,695 23,334 13,472 23,396
------ ------ ------ ------
Net cash provided by operating activities 74,091 66,150 179,113 134,792
------ ------ ------- -------
Cash flows from investing activities
Acquisitions - 787 (2,334) (850,156)
Additions to property, plant and equipment (84,754) (173,455) (344,103) (348,449)
Joint venture capital contributions (500) (10,200) (10,700) (21,900)
Proceeds from sale of assets 58,628 62,271 70,592 62,271
Other 246 268 2,118 908
Net cash used in investing activities (26,380) (120,329) (284,427) (1,157,326)
------- -------- -------- ----------
Cash flows from financing activities
Distributions to partners (52,781) (46,833) (158,302) (128,516)
Net proceeds (costs) from equity offering 124,643 (219) 124,643 577,743
Proceeds from issuance of senior notes - - 400,000 600,000
Repayments (proceeds) from borrowings, net (125,000) 103,000 (257,500) (6,000)
Cash paid for debt issuance costs (158) (617) (9,695) (19,206)
Other (437) - (644) -
Net cash provided by (used in) financing activities (53,733) 55,331 98,502 1,024,021
------- ------ ------ ---------
Net increase (decrease) in cash and cash equivalents (6,022) 1,152 (6,812) 1,487
Cash and cash equivalents - beginning of period 13,923 8,975 14,713 8,640
Cash and cash equivalents - end of period $7,901 $10,127 $7,901 $10,127
====== ======= ====== =======
PVR PARTNERS, L.P.
CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Reconciliation of Non-GAAP "Total Segment Adjusted EBITDA" to GAAP "Net income
(loss)":
------------------------------------------------------------------------------
Segment Adjusted EBITDA (a):
Eastern Midstream $43,515 $21,440 $119,296 $49,060
Midcontinent Midstream 17,103 12,994 47,733 38,001
Coal and Natural Resource Management 19,312 26,757 65,018 84,176
Total segment adjusted EBITDA $79,930 $61,191 $232,047 $171,237
Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss)
Depreciation, depletion and amortization (47,133) (31,992) (138,032) (84,301)
Impairments on PP&E - - - (124,845)
Acquisition related costs - - - (14,049)
Gain on sale of assets 14,302 31,292 14,302 31,292
Interest expense (28,358) (20,288) (78,362) (45,616)
Derivatives (965) (1,524) (560) 2,201
Other 112 104 1,238 329
Net income (loss) $17,888 $38,783 $30,633 $(63,752)
======= ======= ======= ========
Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Distributable cash flow":
---------------------------------------------------------------------------------
Net income (loss) $17,888 $38,783 $30,633 $(63,752)
Depreciation, depletion and amortization 47,133 31,992 138,032 84,301
Impairments on PP&E - - - 124,845
Acquisition related costs - - - 14,049
Gain on sale of assets (14,302) (31,292) (14,302) (31,292)
Derivative contracts:
Derivative (gains) losses included in net income 965 1,524 560 (2,201)
Cash receipts (payments) to settle derivatives for the period (123) (1,332) (313) (8,578)
Equity earnings from joint ventures, net of distributions 1,961 697 5,635 142
Maintenance capital expenditures (4,044) (3,749) (11,858) (12,197)
------ ------
Distributable cash flow (b) $49,478 $36,623 $148,387 $105,317
======= ======= ======== ========
Distribution to Partners:
-------------------------
Total cash distribution paid during the period $52,781 $46,833 $158,302 $128,516
======= ======= ======== ========
Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Net income as adjusted":
--------------------------------------------------------------------------------
Net income (loss) $17,888 $38,783 $30,633 $(63,752)
Impairments on PP&E and equity investments - - - 124,845
Acquisition related costs - - - 14,049
Gain on sale of assets (14,302) (31,292) (14,302) (31,292)
Adjustments for derivatives:
Derivative (gains) losses included in net income 965 1,524 560 (2,201)
Cash receipts (payments) to settle derivatives for the period (123) (1,332) (313) (8,578)
Net income, as adjusted (c) $4,428 $7,683 $16,578 $33,071
====== ====== ======= =======
(a) Segment Adjusted EBITDA, or earnings
before interest, tax and depreciation,
depletion and amortization ("DD&A"),
represents net income plus DD&A, plus
impairments, plus acquisition related
costs, minus gain on sale of assets, plus
interest expense, plus or minus
derivative losses or gains and minus
other items included in net income. We
believe EBITDA or a version of Adjusted
EBITDA is commonly used by investors and
professional research analysts in the
valuation, comparison, rating and
investment recommendations of companies
in the natural gas midstream and coal
industries. We use this information for
comparative purposes within the industry.
Adjusted EBITDA is not a measure of
financial performance under GAAP and
should not be considered as a measure of
liquidity or as an alternative to net
income.
(b) Distributable cash flow represents
net income plus DD&A, plus impairments,
plus acquisition related costs, minus
gain on sale of assets, plus (minus)
derivative losses (gains) included in net
income, plus (minus) cash received (paid)
for derivative settlements, minus equity
earnings in joint ventures, plus cash
distributions from joint ventures, minus
maintenance capital expenditures. At
management's discretion, a fixed amount
of $1.8 million per quarter in 2013 and
$1.3 million per quarter in 2012 has been
included in maintenance capital for well
connects. Distributable cash flow is also
the quantitative standard used by
investors and professional research
analysts in the valuation, comparison,
rating and investment recommendations of
publicly traded partnerships.
Distributable cash flow is presented
because we believe it is a useful adjunct
to net cash provided by operating
activities under GAAP. Distributable cash
flow is not a measure of financial
performance under GAAP and should not be
considered as an alternative to cash
flows from operating, investing or
financing activities, as an indicator of
cash flows, as a measure of liquidity or
as an alternative to net income. For
comparative purposes, prior year amounts
exclude replacement capital expenditures.
(c) Net income, as adjusted, represents
net income adjusted to exclude the
effects of non-cash impairment charges,
one-time charges related to acquisitions
and changes in the fair value of
derivatives, minus gain on sale of
assets. We believe this presentation is
commonly used by investors and
professional research analysts in the
valuation, comparison, rating and
investment recommendations of companies
in the natural gas midstream industry. We
use this information for comparative
purposes within the industry. Net income,
as adjusted, is not a measure of
financial performance under GAAP and
should not be considered as a measure of
liquidity or as an alternative to net
income.
PVR PARTNERS, L.P.
QUARTERLY SEGMENT INFORMATION - unaudited
(in thousands)
Eastern Midstream
-----------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Gathering fees $24,021 $14,012 $71,162 $28,316
Trunkline fees 27,389 11,747 70,143 28,394
Other 309 1,041 (251) 2,687
Total revenues 51,719 26,800 141,054 59,397
------ ------ ------- ------
Expenses
Operating 3,190 2,124 8,045 4,211
General and administrative 5,014 3,236 13,713 6,126
Acquisition related costs - - - 14,049
Depreciation, depletion and amortization 25,355 11,867 71,461 22,322
Total expenses 33,559 17,227 93,219 46,708
------ ------ ------ ------
Operating income $18,160 $9,573 $47,835 $12,689
======= ====== ======= =======
Midcontinent Midstream
----------------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Natural gas $92,005 $78,026 $282,830 $215,780
Natural gas liquids 104,585 96,237 298,563 316,161
Gathering fees 652 1,470 2,313 5,778
Gain on sale of plant - 31,292 - 31,292
Other 14,637 497 16,183 2,042
Total revenues 211,879 207,522 599,889 571,053
------- ------- ------- -------
Expenses
Cost of gas purchased 163,824 147,246 489,106 453,543
Operating 11,591 11,164 32,519 31,642
General and administrative 5,059 4,826 16,229 16,575
Impairments - - - 124,845
Depreciation, depletion and amortization 15,719 11,913 45,679 37,220
Total expenses 196,193 175,149 583,533 663,825
------- ------- ------- -------
Operating income (loss) $15,686 $32,373 $16,356 $(92,772)
======= ======= ======= ========
Coal and Natural Resource Management
------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Coal royalties $20,816 $28,760 $66,990 $91,150
Coal services 543 1,953 2,552 4,583
Timber 1,350 1,411 4,468 4,284
Oil and gas royalties 898 977 2,245 2,165
Other 1,759 1,424 8,642 5,544
Total revenues 25,366 34,525 84,897 107,726
------ ------ ------ -------
Expenses
Operating 2,725 4,299 9,462 11,677
General and administrative 3,329 3,469 10,417 11,873
Depreciation, depletion and amortization 6,059 8,212 20,892 24,759
Total expenses 12,113 15,980 40,771 48,309
------ ------ ------ ------
Operating income $13,253 $18,545 $44,126 $59,417
======= ======= ======= =======
PVR PARTNERS, L.P.
DERIVATIVE CONTRACT SUMMARY - unaudited
As of September 30, 2013
Average Volume Per Day
Swap Price
----------
Crude oil swap
(WTI) (barrels) (per barrel)
Fourth quarter
2013 500 $94.80
Natural gas swaps
(1) (MMBtu) (per MMBtu)
Fourth quarter
2013 5,500 $3.823
Propane swap -
OPIS Conway (gallons) (per gallon)
Fourth quarter
2013 42,000 $1.00875
Our exposure profile with
respect to commodity prices
depends on many factors,
including inlet volumes, plant
operational efficiencies,
contractual terms, and the
price relationship between
ethane and natural gas.
We anticipate operating our
plants in "ethane rejection"
for the remainder of 2013.
Under this operational mode,
we estimate that for every
$1.00 per MMBtu change in the
natural gas price, our natural
gas midstream gross margin and
operating income for the
remainder of 2013 would change
by $4.7 million, excluding the
effect of the natural gas
hedges described above, and
all other factors remaining
constant. The natural gas
hedges described above would
reduce the net impact to $4.2
million.
Similarly, for every $5.00 per
barrel change in crude oil
prices, with all other factors
remaining constant, and
excluding the effect of the
2013 crude oil derivative
described above, we estimate
that our natural gas midstream
gross margin and operating
income would change by $0.5
million. The crude oil hedge
described above would reduce
the net impact to $0.2
million.
For every $0.05 per gallon
increase in the price of
ethane with all other factors
remaining constant, we
estimate that our gross margin
and operating income will
decrease by $0.7 million while
operating in ethane rejection.
Finally, for every $0.05 per
gallon increase in the price
of other NGLs with all other
factors remaining constant, we
estimate that our gross margin
and operating income will
increase by $0.4 million. The
propane hedge described above
would reduce the net impact to
$0.2 million.
(1) The natural gas swaps
settle against the monthly
index price reported in Inside
FERC's Natural Gas Market
Report for Southern Star
Central Gas Pipeline (Texas,
Oklahoma, Kansas), which has
historically tended to be
settled at a lower price than
the Henry Hub national
benchmark. A significant
portion of our physical gas
sales are also priced using
this reported monthly index.
PVR PARTNERS, L.P.
OPERATING STATISTICS
($ Amounts in 000s)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
EASTERN MIDSTREAM
-----------------
Volumes (MMcfd)
Lycoming Trunkline 293 169 323 127
Wyoming Trunkline 511 - 393 -
--- --- --- ---
Total Trunkline Volume 804 169 716 127
--- --- --- ---
Lycoming Gathering 248 203 236 144
Wyoming Gathering 210 149 197 137
East Lycoming Gathering 106 75 115 40
Bradford Gathering 50 13 50 7
Preston Gathering - - - -
Greene Gathering 8 4 8 2
--- --- --- ---
Total Gathering 622 444 606 330
--- --- --- ---
Total Throughput 1,426 613 1,322 457
===== === ===== ===
Total Trunkline Fees $27,389 $11,747 $70,143 $28,394
Total Gathering Fees $24,021 $14,012 $71,162 $28,316
Trunkline Fees / Mcf $0.37 $0.76 $0.36 $0.82
Gathering Fees / Mcf $0.42 $0.34 $0.43 $0.31
MIDCONTINENT MIDSTREAM
----------------------
Volumes (MMcfd)
Panhandle System 329 360 332 349
Crossroads System (1) - - - 36
Crescent System 29 26 29 24
Hamlin System 6 6 6 7
--- --- --- ---
Total Processing Systems 364 392 367 416
Arkoma System 9 9 9 9
North Texas System 8 9 8 10
--- --- --- ---
Total Gathering Only Systems 17 18 18 19
Total All Systems 381 410 385 435
=== === === ===
Total Gathering and Processing Fees, Net(2) $33,418 $28,487 $94,600 $84,176
Fees Per Mcf $0.95 $0.75 $0.90 $0.71
(1) Crossroads System was sold July 3, 2012
(2) Processing fees include revenues from natural gas, natural gas liquids and gathering fees less cost of gas purchased
COAL PRODUCTION
---------------
Coal royalty tons by region (000s)
Central Appalachia 2,609 3,546 8,010 11,090
Northern Appalachia 375 1,013 2,382 2,911
Illinois Basin 424 801 1,753 2,900
San Juan Basin 2,276 2,343 6,878 6,683
----- ----- ----- -----
Total Tons 5,684 7,703 19,023 23,584
===== ===== ====== ======
Total Coal Royalties $20,816 $28,760 $66,990 $91,150
======= ======= ======= =======
Average Coal Royalty per ton $3.66 $3.73 $3.52 $3.86
SOURCE PVR Partners, L.P.
