Access Midstream Partners, L.P. Reports Financial Results for the 2013 Second Quarter

Tue Jul 30, 2013 4:15pm EDT

* Reuters is not responsible for the content in this press release.

Access Midstream Partners, L.P. Reports Financial Results for the 2013 Second Quarter

Partnership Reports 2013 Second Quarter Adjusted EBITDA of $207 Million, Distributable Cash Flow of $153 Million and Net Income of $69 Million

Partnership Increases Quarterly Distribution to $0.485 per Unit

Access Midstream Partners, L.P. (NYSE:ACMP) today announced financial results for the 2013 second quarter. The Partnership’s adjusted EBITDA for the 2013 second quarter totaled $206.6 million, an increase of $85.7 million, or 70.9%, from 2012 second quarter adjusted EBITDA of $120.9 million. Net income attributable to the Partnership totaled $69.2 million in the 2013 second quarter, an increase of $17.6 million, or 34.1%, from the 2012 second quarter. Distributable cash flow (DCF) for the 2013 second quarter totaled $152.7 million, an increase of $65.4 million, or 74.9%, from 2012 second quarter DCF of $87.3 million and resulted in a distribution coverage ratio of 1.56. Financial terms are defined on pages two and three of this release.

Throughput for the 2013 second quarter totaled 333.5 billion cubic feet (bcf) of natural gas, or 3.67 bcf per day, an increase of 27.9% from 2012 second quarter throughput of 2.87 bcf per day. The increase was driven primarily by throughput from the Eagle Ford and Haynesville assets acquired in December 2012, as well as an increase in Marcellus throughput. The Partnership’s revenues for the 2013 second quarter totaled $247.2 million, an increase of $97.9 million, or 65.6%, compared to 2012 second quarter revenues of $149.3 million. Revenues in both periods exclude revenues attributable to the Partnership’s equity investments as those revenues are accounted for as part of the Partnership’s investments in unconsolidated affiliates. If the Partnership’s proportional share of revenue from equity investments was included, revenue for the 2013 second quarter would have totaled $306.6 million, an increase of $123.2 million, or 67.2%, compared to the 2012 second quarter.

Capital expenditures during the 2013 second quarter totaled $425.2 million, including maintenance capital expenditures of $27.5 million. These capital expenditures included $190.2 million for the Partnership’s share of capital expenditures in entities accounted for as equity investments.

Partnership Increases Cash Distribution

On July 24, 2013, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.485 per unit for the 2013 second quarter, a $0.065, or 15.5%, increase over the 2012 second quarter distribution and a $0.0175, or 3.7%, increase over the 2013 first quarter distribution. The distribution will be paid on August 14, 2013 to unitholders of record at the close of business on August 7, 2013. DCF of $152.7 million for the 2013 second quarter provided distribution coverage of 1.56 times the amount required for the Partnership to fund the distribution to the general partner and the limited partners.

Management Comments

J. Mike Stice, Access Midstream Partners’ Chief Executive Officer, commented, “Our strong financial performance in the second quarter is the result of tremendous execution by our operations teams. We recently set a daily throughput record in the Marcellus Shale with the Marcellus North assets generating more than two billion cubic feet per day of gross throughput. In addition, our team in the Eagle Ford Shale connected over 100 new receipt meters to our gathering systems in the second quarter. These achievements and the achievements of the teams in our other operating regions are contributing to industry leading growth for Access Midstream.”

Partnership Upsizes Credit Facility

On May 13, 2013, the Partnership amended its revolving credit facility to extend the maturity date to May 2018 and increase the facility’s aggregate revolving commitments from $1 billion to $1.75 billion.

Conference Call Information

A conference call to discuss this release of financial results has been scheduled for Wednesday, July 31, 2013 at 9:00 a.m. EDT. The telephone number to access the conference call is 719-457-2683 or toll-free 888-287-5530. The passcode for the call is 6882320. We encourage those who would like to participate in the call to dial the access number between 8:50 and 9:00 a.m. EDT. For those unable to participate in the conference call, a replay will be available for audio playback from 12:00 p.m. EDT on July 31, 2013 through 12:00 p.m. EDT on August 14, 2013. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 6882320. The conference call will also be webcast live on the Internet and can be accessed by going to the Partnership’s website at www.accessmidstream.com in the "Events" subsection of the "Investors" section of the website. An archive of the conference call webcast will also be available on the website.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of adjusted EBITDA and DCF. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered as an alternative to GAAP measures such as net income, net cash provided by operating activities or any other measure of liquidity or financial performance calculated and presented in accordance with GAAP. Investors should not consider adjusted EBITDA, DCF or adjusted DCF in isolation or as a substitute for analysis of the Partnership’s results as reported under GAAP. Because these non-GAAP financial measures may be defined differently by other companies in our industry, the Partnership’s definition of adjusted EBITDA, DCF and adjusted DCF may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Adjusted EBITDA. The Partnership agreement defines adjusted EBITDA as net income (loss) before income tax expense, interest expense, depreciation and amortization expense and certain other items management believes affect the comparability of operating results. Adjusted EBITDA is a non-GAAP financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • The Partnership’s operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to capital structure, historical cost basis or financing methods;
  • The Partnership’s ability to incur and service debt and fund capital expenditures;
  • The ability of the Partnership’s assets to generate sufficient cash flow to make distributions to unitholders; and
  • The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

Management believes it is appropriate to exclude certain items from EBITDA because management believes these items affect the comparability of operating results. The Partnership believes that the presentation of adjusted EBITDA in this press release provides information useful to investors in assessing its financial condition and results of operations. The GAAP measure most directly comparable to adjusted EBITDA is net income.

Distributable Cash Flow. The Partnership agreement defines DCF as adjusted EBITDA attributable to the Partnership adjusted for:

  • Addition of interest income;
  • Subtraction of net cash paid for interest expense;
  • Subtraction of maintenance capital expenditures; and
  • Subtraction of income taxes.

Management compares the DCF the Partnership generates to the cash distributions it expects to pay its partners. Using this metric, management computes a distribution coverage ratio. DCF is an important non-GAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flows at a level that can sustain or support an increase in its quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is in part measured by its yield, which is based on the amount of cash distributions a partnership can pay to a unitholder. The GAAP measure most directly comparable to DCF is net cash provided by operating activities.

Access Midstream Partners, L.P. (NYSE:ACMP) is the industry’s largest gathering and processing master limited partnership as measured by throughput volume. The Partnership owns, operates, develops and acquires natural gas gathering and processing systems and other midstream energy assets. Headquartered in Oklahoma City, the Partnership's operations are focused on the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica Shales and Mid-Continent region of the U.S. The Partnership’s common units are listed on the New York Stock Exchange under the symbol ACMP. Further information is available at www.accessmidstream.com where the Partnership routinely posts announcements, updates, events, investor information and presentations and all recent press releases.

This press release includes forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. They include but are not limited to our business strategy and plans and objectives for future operations. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this release, and we undertake no obligations to update this information. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under “Risk Factors” in our 2012 Annual Report on Form 10-K and our other SEC filings.

 
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per unit data)
(unaudited)
 
    Three Months Ended

June 30,

  2013         2012  
Revenues(1) $ 247,242 $ 149,332
 
Operating Expenses
Operating expenses 82,844 44,731
Depreciation and amortization expense 71,869 40,722
General and administrative expense 25,089 11,565
Other operating expense   1,892     240  
 
Total operating expenses   181,694     97,258  
 
Operating income 65,548 52,074
 
Other income (expense)
Income from unconsolidated affiliates 33,745 15,971
Interest expense (27,732 ) (15,636 )
Other income   126     4  
 
Income before income tax expense 71,687 52,413
Income tax expense   1,260     807  
 
Net income 70,427 51,606
Net income attributable to noncontrolling interests   1,214      
 
Net income attributable to Access Midstream Partners, L.P. $ 69,213   $ 51,606  
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 69,213 $ 51,606
Less general partner interest in net income   (5,995 )   (1,752 )
 
Limited partner interest in net income $ 63,218   $ 49,854  
 
Net income per limited partner unit – basic and diluted
Common units $ 0.18 $ 0.34
Subordinated units $ 0.31 $ 0.34
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 108,673 79,278
Subordinated units 69,076 69,076

(1)

 

Excludes revenue from equity investments of $59.4 million and $34.1 million for the three months ended June 30, 2013 and 2012, respectively that is included in Income from Unconsolidated Affiliates.

 

If either Chesapeake Energy Corporation (“Chesapeake”) or Total E&P USA, Inc. (“Total”) does not meet its minimum volume commitment to the Partnership in the Barnett Shale region or Chesapeake does not meet its minimum volume commitment in the Haynesville Shale region under the relevant gas gathering agreement for specified annual periods, Chesapeake or Total is obligated to pay the Partnership a fee equal to the applicable fee for each mcf by which the applicable party’s minimum volume commitment for the year exceeds the actual volumes gathered on the Partnership’s systems. Should payments be due under the minimum volume commitment with respect to any year, the Partnership recognizes the associated revenue in the fourth quarter of that year.
 
 

Access Midstream Partners, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per unit data)

(unaudited)

 
    Six Months Ended

June 30,

  2013         2012  
Revenues(1) $ 484,201 $ 304,006
 
Operating Expenses
Operating expenses 165,607 93,413
Depreciation and amortization expense 138,519 79,160
General and administrative expense 48,823 23,043
Other operating expense   1,983     195  
 
Total operating expenses   354,932     195,811  
 
Operating income 129,269 108,195
 
Other income (expense)
Income from unconsolidated affiliates 58,753 28,958
Interest expense (54,794 ) (31,594 )
Other income   395     59  
 
Income before income tax expense 133,623 105,618
Income tax expense   2,500     1,646  
 
Net income 131,123 103,972
Net income attributable to noncontrolling interests   2,372      
 
Net income attributable to Access Midstream Partners, L.P. $ 128,751   $ 103,972  
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 128,751 $ 103,972
Less general partner interest in net income   (10,787 )   (3,181 )
 
Limited partner interest in net income $ 117,964   $ 100,791  
 
Net income per limited partner unit – basic and diluted
Common units $ 0.32 $ 0.68
Subordinated units $ 0.60 $ 0.68
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 103,576 79,277
Subordinated units 69,076 69,076

(1)

 

Excludes revenue from equity investments of $106.5 million and $63.3 million for the six months ended June 30, 2013 and 2012, respectively that is included in Income from Unconsolidated Affiliates.

 

If either Chesapeake Energy Corporation (“Chesapeake”) or Total E&P USA, Inc. (“Total”) does not meet its minimum volume commitment to the Partnership in the Barnett Shale region or Chesapeake does not meet its minimum volume commitment in the Haynesville Shale region under the relevant gas gathering agreement for specified annual periods, Chesapeake or Total is obligated to pay the Partnership a fee equal to the applicable fee for each mcf by which the applicable party’s minimum volume commitment for the year exceeds the actual volumes gathered on the Partnership’s systems. Should payments be due under the minimum volume commitment with respect to any year, the Partnership recognizes the associated revenue in the fourth quarter of that year.
 
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands)
(unaudited)
 
   

As of

June 30,

2013

    As of

December 31,

2012

Assets
 
Total current assets $ 188,138   $ 219,766  
 
Property, plant and equipment
Gathering systems 5,586,723 5,125,746
Other fixed assets 122,489 96,916
Less: Accumulated depreciation   (716,980 )   (590,614 )
 
Total property, plant and equipment, net   4,992,232     4,632,048  
 
Investment in unconsolidated affiliates 1,635,296 1,297,811
Intangible customer relationships, net 343,751 355,217
Deferred loan costs, net   57,153     56,258  
 
Total assets $ 7,216,570   $ 6,561,100  
 
Liabilities and Partners’ Capital
 
Total current liabilities $ 259,810   $ 259,261  
 
Long-term liabilities
Long-term debt 2,716,200 2,500,000
Other liabilities   5,636     5,333  
 
Total long-term liabilities   2,721,836     2,505,333  
 
Total partners’ capital   4,234,924     3,796,506  
 
Total liabilities and partners’ capital $ 7,216,570   $ 6,561,100  
 
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(unaudited)
 
    Six Months Ended

June 30,

  2013         2012  
Cash flows from operating activities
Net income $ 131,123 $ 103,972
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 138,519 79,160
Income from unconsolidated affiliates (58,753 ) (28,958 )
Other non-cash items 6,676 3,709
Changes in assets and liabilities
Increase in accounts receivable (23,592 ) (27,017 )
(Increase) decrease in other assets 1,905 (1,649 )
Decrease in accounts payable (10,896 ) (11,742 )
Increase in accrued liabilities   32,598     18,923  
 
Net cash provided by operating activities   217,580     136,398  
 
Cash flows from investing activities
Additions to property, plant and equipment (545,594 ) (140,921 )
Investments in unconsolidated affiliates (263,710 ) (43,153 )
Proceeds from sale of assets   31,696     5,599  
 
Net cash used in investing activities   (777,608 )   (178,475 )
 
Cash flows from financing activities
Proceeds from long-term borrowings 875,500 519,900
Payments on long-term borrowings (659,300 ) (1,084,100 )
Proceeds from issuance of common units 399,922
Proceeds from issuance of senior notes 750,000
Distribution to unitholders (177,430 ) (120,475 )
Capital contribution from noncontrolling interests 71,414
Debt issuance costs (5,377 ) (13,874 )
Other adjustments   8,328     5,722  
 
Net cash provided by financing activities   513,057     57,173  
 

Net increase (decrease) in cash and cash equivalents

 

(46,971 ) 15,096
 
Cash and cash equivalents
Beginning of period   64,994     22  
 
End of period $ 18,023   $ 15,118  
 
 

Access Midstream Partners, L.P.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

(unaudited)

 
    Three Months Ended

June 30,

  2013         2012  
 
Net Income attributable to Access Midstream Partners, L.P. $ 69,213 $ 51,606
 
Adjusted for:
Interest expense 27,732 15,636
Income tax expense 1,260 807
Depreciation and amortization expense 71,869 40,722
Other 320 240
Income from unconsolidated affiliates (33,745 ) (15,971 )
EBITDA from unconsolidated affiliates(1) (2) 49,751 27,858
Expense for non-cash equity awards 8,933
Implied minimum volume commitment   11,250      
 
Adjusted EBITDA $ 206,583   $ 120,898  
 
Adjusted for:
Maintenance capital expenditures (27,500 ) (18,500 )
Cash portion of interest expense (25,115 ) (14,312 )
Income tax expense   (1,260 )   (807 )
 
 
Distributable cash flow $ 152,708   $ 87,279  
 
 
Cash provided by operating activities $ 137,450 $ 69,183
 
Adjusted for:
Change in assets and liabilities (26,358 ) 8,951
Interest expense 27,732 15,636
Income tax expense 1,260 807
Other non-cash items (3,435 ) (1,537 )
EBITDA from unconsolidated affiliates(1) (2) 49,751 27,858
Expense for non-cash equity awards 8,933
Implied minimum volume commitment   11,250      
 
Adjusted EBITDA $ 206,583   $ 120,898  
 
Adjusted for:
Maintenance capital expenditures (27,500 ) (18,500 )
Cash portion of interest expense (25,115 ) (14,312 )
Income tax expense   (1,260 )   (807 )
 
Distributable cash flow $ 152,708   $ 87,279  
 

 

Cash distribution
Limited partner units 2013: ($0.485 x 188,068,160 units) 2012: ($0.42 x 147,998,610 units) $ 91,213 $ 62,159
General partner interest   6,567     2,005  
 
Total cash distribution $ 97,780   $ 64,164  
 
Distribution coverage ratio   1.56     1.36  
 
 
(1) EBITDA from unconsolidated affiliates is calculated as follows:
Net Income $ 33,745 $ 15,971
 
Adjusted for:
Depreciation and amortization expense 16,007 11,887
Other   (1 )    
 
EBITDA from unconsolidated affiliates $ 49,751   $ 27,858  

(2) The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, Utica East Ohio Midstream, LLC. and Ranch Westex JV, LLC.

 
 
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
    Six Months Ended

June 30,

  2013         2012  
 
Net Income attributable to Access Midstream Partners, L.P. $ 128,751 $ 103,972
 
Adjusted for:
Interest expense 54,794 31,594
Income tax expense 2,500 1,646
Depreciation and amortization expense 138,519 79,160
Other (320 ) 195
Income from unconsolidated affiliates (58,753 ) (28,958 )
EBITDA from unconsolidated affiliates(1) (2) 89,210 51,718
Expense for non-cash equity awards 16,323
Implied minimum volume commitment   20,000      
 
Adjusted EBITDA $ 391,024   $ 239,327  
 
Adjusted for:
Maintenance capital expenditures (55,000 ) (37,000 )
Cash portion of interest expense (50,207 ) (28,967 )
Income tax expense   (2,500 )   (1,646 )
 
 
Distributable cash flow $ 283,317   $ 171,714  
 
 
Cash provided by operating activities $ 217,580 $ 136,398
 
Adjusted for:
Change in assets and liabilities (15 ) 21,485
Interest expense 54,794 31,594
Income tax expense 2,500 1,646
Other non-cash items (9,368 ) (3,514 )
EBITDA from unconsolidated affiliates(1) (2) 89,210 51,718
Expense for non-cash equity awards 16,323
Implied minimum volume commitment   20,000      
 
Adjusted EBITDA $ 391,024   $ 239,327  
 
Adjusted for:
Maintenance capital expenditures (55,000 ) (37,000 )
Cash portion of interest expense (50,207 ) (28,967 )
Income tax expense   (2,500 )   (1,646 )
 
Distributable cash flow $ 283,317   $ 171,714  
 

(1) EBITDA from unconsolidated affiliates is calculated as follows:

Net Income $ 58,753 $ 28,958
 
Adjusted for:
Depreciation and amortization expense 30,473 22,788
Other   (16 )   (28 )
 
EBITDA from unconsolidated affiliates $ 89,210   $ 51,718  

(2) The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, Utica East Ohio Midstream, LLC. and Ranch Westex JV, LLC.

 
 
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
    Three Months Ended

June 30,

    Six Months Ended

June 30,

2013     2012 2013     2012
($ in thousands)
 
GAAP Capital Expenditures $ 274,640 $ 60,328 $ 545,594 $ 140,921
 
Adjusted for:
Capital expenditures included in unconsolidated affiliates 190,172 93,827 355,678 175,181
Capital expenditures attributable to noncontrolling interest   (39,594 )     (67,346 )  
 
Net Capital Expenditures $ 425,218   $ 154,155 $ 833,926   $ 316,102
 
 
Three Months Ended

June 30,

Six Months Ended

June 30,

2013 2012 2013 2012
($ in thousands)
 
Revenues $ 247,242 $ 149,332 $ 484,201 $ 304,006
 
Adjusted for:
Revenues included in investments in unconsolidated affiliates   59,363     34,086   106,510     63,345
 
Total revenues including revenues from equity investments $ 306,605   $ 183,418 $ 590,711   $ 367,351
 
 
Access Midstream Partners, L.P.
OPERATING STATISTICS
(unaudited)
 

 

    Three Months Ended

June 30,

2013     2012
 
Barnett Shale
Throughput, bcf per day 1.024 1.261
Approximate miles of pipe at end of period 851 843
Gas compression (horsepower) at end of period 153,115 161,115
 
Eagle Ford Shale
Throughput, bcf per day 0.258
Approximate miles of pipe at end of period 751
Gas compression (horsepower) at end of period 70,812
 
Haynesville Shale
Throughput, bcf per day 0.695 0.349
Approximate miles of pipe at end of period 581 261
Gas compression (horsepower) at end of period 20,195 23,745
 
Marcellus Shale
Throughput, bcf per day(1) 0.996 0.679
Approximate miles of pipe at end of period 1,332 364
Gas compression (horsepower) at end of period 89,850 50,950
 
Niobrara Shale
Throughput, bcf per day(1) 0.010
Approximate miles of pipe at end of period 113
Gas compression (horsepower) at end of period 13,595
 
Utica Shale
Throughput, bcf per day(1) 0.074
Approximate miles of pipe at end of period 149
Gas compression (horsepower) at end of period 16,880
 
Mid-Continent
Throughput, bcf per day 0.608 0.579
Approximate miles of pipe at end of period 2,602 2,528
Gas compression (horsepower) at end of period 108,370 93,404
 
Total
Throughput, bcf per day(1) 3.665 2.868
Approximate miles of pipe at end of period 6,379 3,996
Gas compression (horsepower) at end of period 472,817 329,214

(1) Throughput in all regions represents the net throughput allocated to the Partnership’s interest.

 
 
Access Midstream Partners, L.P.
OPERATING STATISTICS
(unaudited)
 
    Six Months Ended

June 30,

2013     2012
 
Barnett Shale
Throughput, bcf per day 1.045 1.270
Approximate miles of pipe at end of period 851 843
Gas compression (horsepower) at end of period 153,115 161,115
 
Eagle Ford Shale
Throughput, bcf per day 0.243
Approximate miles of pipe at end of period 751
Gas compression (horsepower) at end of period 70,812
 
Haynesville Shale
Throughput, bcf per day 0.732 0.383
Approximate miles of pipe at end of period 581 261
Gas compression (horsepower) at end of period 20,195 23,745
 
Marcellus Shale
Throughput, bcf per day(1) 0.930 0.626
Approximate miles of pipe at end of period 1,332 364
Gas compression (horsepower) at end of period 89,850 50,950
 
Niobrara Shale
Throughput, bcf per day(1) 0.010
Approximate miles of pipe at end of period 113
Gas compression (horsepower) at end of period 13,595
 
Utica Shale
Throughput, bcf per day(1) 0.064
Approximate miles of pipe at end of period 149
Gas compression (horsepower) at end of period 16,880
 
Mid-Continent
Throughput, bcf per day 0.583 0.557
Approximate miles of pipe at end of period 2,602 2,528
Gas compression (horsepower) at end of period 108,370 93,404
 
Total
Throughput, bcf per day(1) 3.607 2.836
Approximate miles of pipe at end of period 6,379 3,996
Gas compression (horsepower) at end of period 472,817 329,214

(1) Throughput in all regions represents the net throughput allocated to the Partnership’s interest.

Access Midstream Partners, L.P.
Investor Contact:
Dave Shiels, CFO, 405-727-1740
dave.shiels@accessmidstream.com
or
Media Contacts:
Debbie Nauser, 405-727-1612
debbie.nauser@accessmidstream.com
or
Tom Johnson, 212-371-5999
tbj@abmac.com

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