Crosstex Energy L.P. Ltd. Partnership In (XTEX, Financial) filed Quarterly Report for the period ended 2011-03-31.
Crosstex Energy L.p. Ltd. Partnership Interest has a market cap of $892.6 million; its shares were traded at around $17.69 with and P/S ratio of 0.5. The dividend yield of Crosstex Energy L.p. Ltd. Partnership Interest stocks is 6.6%.
· The LIG segment contributed gross operating margin growth of $3.9 million for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. The gathering and transmission assets generated approximately $3.1 million of gross operating margin growth primarily due to improved pricing and higher volumes on the northern part of the system. The improved processing environment contributed to a gain in the gross operating margins for the LIG processing plants for the period. The Plaquemine and Gibson plants combined for a gross operating margin gain of $0.8 million.
· The NTX segment had gross operating margin improvement of $1.8 million for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. A gross operating margin increase of $3.9 million on the gathering and transmission assets in north Texas was offset by increased losses of $2.1 million on the Delivery Contract discussed previously.
· The improved processing and NGL marketing environment contributed to a $2.9 million increase in gross operating margin for the PNGL segment for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. Fractionation and marketing activity generated a gross operating margin increase of approximately $1.8 million. In addition to the improved marketing environment, the inlet volume supplied to the fractionators was significantly increased through deliveries from rail cars and trucks. The Blue Water processing plant contributed a gross operating margin increase of $1.1 million due to an increase in plant run time and inlet volumes.
Operating Expenses. Operating expenses were $25.0 million for the three months ended March 31, 2011 compared to $26.5 million for the three months ended March 31, 2010, a decrease of $1.4 million, or 5.4%. The decrease is primarily due to normal fluctuations of repair and maintenance work during the three months ended March 31, 2011 compared to three months ended March 31, 2010.
General and Administrative Expenses. General and administrative expenses were $11.8 million for the three months ended March 31, 2011 compared to $12.7 million for the three months ended March 31, 2010, a decrease of $0.9 million, or 7.1%. The decrease is primarily due to a decrease in professional fees and services.
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Crosstex Energy L.p. Ltd. Partnership Interest has a market cap of $892.6 million; its shares were traded at around $17.69 with and P/S ratio of 0.5. The dividend yield of Crosstex Energy L.p. Ltd. Partnership Interest stocks is 6.6%.
Highlight of Business Operations:
Gross Operating Margin. Gross operating margin was $89.8 million for the quarter ended March 31, 2011 compared to $81.2 million for the three months ended March 31, 2010, an increase of $8.6 million, or 10.6%. The increase was due to higher margins on our gathering and transmission throughput volume, as well as a favorable NGL market throughout the quarter. The following provides additional details regarding this change in gross operating margin:· The LIG segment contributed gross operating margin growth of $3.9 million for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. The gathering and transmission assets generated approximately $3.1 million of gross operating margin growth primarily due to improved pricing and higher volumes on the northern part of the system. The improved processing environment contributed to a gain in the gross operating margins for the LIG processing plants for the period. The Plaquemine and Gibson plants combined for a gross operating margin gain of $0.8 million.
· The NTX segment had gross operating margin improvement of $1.8 million for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. A gross operating margin increase of $3.9 million on the gathering and transmission assets in north Texas was offset by increased losses of $2.1 million on the Delivery Contract discussed previously.
· The improved processing and NGL marketing environment contributed to a $2.9 million increase in gross operating margin for the PNGL segment for the three months ended March 31, 2011 compared to the three months ended March 31, 2010. Fractionation and marketing activity generated a gross operating margin increase of approximately $1.8 million. In addition to the improved marketing environment, the inlet volume supplied to the fractionators was significantly increased through deliveries from rail cars and trucks. The Blue Water processing plant contributed a gross operating margin increase of $1.1 million due to an increase in plant run time and inlet volumes.
Operating Expenses. Operating expenses were $25.0 million for the three months ended March 31, 2011 compared to $26.5 million for the three months ended March 31, 2010, a decrease of $1.4 million, or 5.4%. The decrease is primarily due to normal fluctuations of repair and maintenance work during the three months ended March 31, 2011 compared to three months ended March 31, 2010.
General and Administrative Expenses. General and administrative expenses were $11.8 million for the three months ended March 31, 2011 compared to $12.7 million for the three months ended March 31, 2010, a decrease of $0.9 million, or 7.1%. The decrease is primarily due to a decrease in professional fees and services.
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