Quicksilver Gas Services LP (KGS, Financial) filed Quarterly Report for the period ended 2012-06-30.
Crestwood Midstream Partners Lp has a market cap of $229.93 million; its shares were traded at around $0 with a P/E ratio of 37.1. The dividend yield of Crestwood Midstream Partners Lp stocks is 6.9%.
The results of our operations are significantly influenced by the volumes of natural gas gathered and processed through our systems. We gather, process, treat, compress, transport and sell natural gas pursuant to fee-based and percent-of-proceeds contracts. Under our fixed fee contracts, we do not take title to the natural gas or associated NGLs. For the six months ended June 30, 2012, approximately 98% of our gross margin, which we define as total revenue less product purchases, is derived from fee-based service contracts, which minimizes our commodity price exposure and provides us with less volatile operating performance and cash flows. Under our percent-of-proceeds contracts, we take title to the residue gas, NGLs and condensate and remit a portion of the sale proceeds to the producer based on prevailing commodity prices. For the six months ended June 30, 2012, the net revenues from percent-of-proceeds contracts accounted for approximately 2% of gross margin.
EBITDA and Adjusted EBITDA EBITDA decreased $3.4 million for the three months ended June 30, 2012 compared to same period during 2011. However, EBITDA increased by $6.3 million for the six months ended June 30, 2012 compared to the respective period in 2011. In the same manner, Adjusted EBITDA decreased $1.3 million and increased by $6.5 million for the three and six months ended June 30, 2012 compared to the respective periods in 2011. Adjusted EBITDA considers expenses related to legal and other consulting services related to evaluating certain transaction opportunities and other non-recurring matters. For the three and six months ended June 30, 2012, $1.7 million and $1.8 million represented our adjustments to EBITDA for those items that met the criteria noted previously. Additionally, Adjusted EBITDA includes $1.4 million of the net earnings adjustments related to adding back our proportionate share of our unconsolidated affiliates depreciation, interest expense and non-recurring expenses for the three and six months ended June 30, 2012.
For the three and six months ended June 30, 2012, our other operations EBITDA increased approximately $1.3 million and $3.2 million from the same period in 2011, which primarily relates to the operations of our Sabine System which was acquired in November 2011. The Sabine System had 57 MMcfd in gathered volumes for the three and six months ended June 30, 2012 which equated to $1.9 million and $4.5 million in revenue for the three and six months ended June 30, 2012. EBITDA related to our Las Animas Systems remained relatively unchanged for the three and six months ended June 30, 2012, compared to the same periods in 2011.
In March 2012, we invested $131 million in cash into CMM in exchange for a 35% ownership interest, which is held by our wholly-owned subsidiary. At the same time, CMM purchased assets in the Marcellus Shale from Antero. This investment in CMM, which is an unconsolidated affiliate, represents our Marcellus segment. For the three months ended June 30, 2012, we had $0.4 million in equity earnings related to this investment. Our proportionate share of CMMs depreciation expense, interest expense and non-recurring expenses was $1.0 million, $0.2 million and $0.2 million, respectively, during the three and six months ended June 30, 2012.
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Crestwood Midstream Partners Lp has a market cap of $229.93 million; its shares were traded at around $0 with a P/E ratio of 37.1. The dividend yield of Crestwood Midstream Partners Lp stocks is 6.9%.
Highlight of Business Operations:
We are a growth-oriented publicly traded Delaware master limited partnership engaged in the gathering, processing, treating, compression, transportation and sales of natural gas and the delivery of NGLs produced from the geological formations of the Barnett Shale in north Texas, the Fayetteville Shale in northwestern Arkansas, the Granite Wash in the Texas Panhandle, the Marcellus Shale in northern West Virginia, the emerging Avalon Shale in southeastern New Mexico, and the Haynesville/Bossier Shale in western Louisiana. We began operations in 2004 to provide midstream services primarily to Quicksilver Resources Inc. (Quicksilver) as well as to other natural gas producers in the Barnett Shale. For the six months ended June 30, 2012, Quicksilver accounted for 58% of our total consolidated revenue, including approximately 9% that is comprised of natural gas purchased by Quicksilver from Eni SpA and gathered under an agreement with Quicksilver.The results of our operations are significantly influenced by the volumes of natural gas gathered and processed through our systems. We gather, process, treat, compress, transport and sell natural gas pursuant to fee-based and percent-of-proceeds contracts. Under our fixed fee contracts, we do not take title to the natural gas or associated NGLs. For the six months ended June 30, 2012, approximately 98% of our gross margin, which we define as total revenue less product purchases, is derived from fee-based service contracts, which minimizes our commodity price exposure and provides us with less volatile operating performance and cash flows. Under our percent-of-proceeds contracts, we take title to the residue gas, NGLs and condensate and remit a portion of the sale proceeds to the producer based on prevailing commodity prices. For the six months ended June 30, 2012, the net revenues from percent-of-proceeds contracts accounted for approximately 2% of gross margin.
EBITDA and Adjusted EBITDA EBITDA decreased $3.4 million for the three months ended June 30, 2012 compared to same period during 2011. However, EBITDA increased by $6.3 million for the six months ended June 30, 2012 compared to the respective period in 2011. In the same manner, Adjusted EBITDA decreased $1.3 million and increased by $6.5 million for the three and six months ended June 30, 2012 compared to the respective periods in 2011. Adjusted EBITDA considers expenses related to legal and other consulting services related to evaluating certain transaction opportunities and other non-recurring matters. For the three and six months ended June 30, 2012, $1.7 million and $1.8 million represented our adjustments to EBITDA for those items that met the criteria noted previously. Additionally, Adjusted EBITDA includes $1.4 million of the net earnings adjustments related to adding back our proportionate share of our unconsolidated affiliates depreciation, interest expense and non-recurring expenses for the three and six months ended June 30, 2012.
For the three and six months ended June 30, 2012, our other operations EBITDA increased approximately $1.3 million and $3.2 million from the same period in 2011, which primarily relates to the operations of our Sabine System which was acquired in November 2011. The Sabine System had 57 MMcfd in gathered volumes for the three and six months ended June 30, 2012 which equated to $1.9 million and $4.5 million in revenue for the three and six months ended June 30, 2012. EBITDA related to our Las Animas Systems remained relatively unchanged for the three and six months ended June 30, 2012, compared to the same periods in 2011.
In March 2012, we invested $131 million in cash into CMM in exchange for a 35% ownership interest, which is held by our wholly-owned subsidiary. At the same time, CMM purchased assets in the Marcellus Shale from Antero. This investment in CMM, which is an unconsolidated affiliate, represents our Marcellus segment. For the three months ended June 30, 2012, we had $0.4 million in equity earnings related to this investment. Our proportionate share of CMMs depreciation expense, interest expense and non-recurring expenses was $1.0 million, $0.2 million and $0.2 million, respectively, during the three and six months ended June 30, 2012.
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