Southcross Energy Partners, L.P. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Impairment of Assets for the Third Quarter of 2017; Provides Capital Expenditure Guidance for the Full Year of 2017
For the nine months, the company reported total revenues of $493,914,000 compared to $389,091,000 a year ago. Loss from operations was $13,280,000 compared to $18,218,000 a year ago. Loss before income tax benefit was $50,307,000 compared to $55,475,000 a year ago. Net loss attributable to partners was $50,361,000 compared to $55,511,000 a year ago. Net loss allocated to limited partner common units was $30,590,000 or $0.63 per basic and diluted unit compared to $29,235,000 or $0.88 per basic and diluted unit a year ago. Net loss allocated to limited partner subordinated units outstanding was $7,694,000 or $0.63 per basic and diluted unit compared to $10,777,000 or $0.88 per basic and diluted unit a year ago. Net cash provided by operating activities was $25,836,000 compared to $41,203,000 a year ago. Capital expenditures were $17,027,000 compared to $17,329,000 a year ago. Adjusted EBITDA was $51,851,000 compared to $51,129,000 a year ago. Maintenance capital expenditures were $2,063,000 compared to $4,081,000 a year ago. Growth capital expenditures were $14,964,000 compared to $13,248,000 a year ago.
For the quarter, the company reported average volume of processed gas was 222 MMcf/d against 299 MMcf/d a year ago. Average volume of NGLs produced was 27,840 Bbls/d against 29,675 Bbls/d a year ago. Average daily throughput Mississippi/Alabama was 167 MMcf/d against 136 MMcf/d a year ago. Realized prices on natural gas volumes were $3.18 Mcf against $2.76 Mcf a year ago. Realized prices on NGL volumes were $0.53 gal against $0.41 gal a year ago.
For the nine months, the company reported average volume of processed gas was 248 MMcf/d against 320 MMcf/d a year ago. Average volume of NGLs produced was 30,659 Bbls/d against 35,043 Bbls/d a year ago. Average daily throughput Mississippi/Alabama was 167 MMcf/d against 146 MMcf/d a year ago. Realized prices on natural gas volumes were $3.20 Mcf against $2.15 Mcf a year ago. Realized prices on NGL volumes were $0.52 gal against $0.34 gal a year ago.
For the third quarter of 2017, the company reported impairment of assets of $1,120,000 against $476,000 a year ago.
The company continues to expect that net capital expenditures for full-year 2017, including growth and maintenance expenditures, will be in the range of $18 million to $20 million and will be limited to projects with contractually committed volumes, along with recurring maintenance spending.