Crosstex Energy L.P. Ltd. Partnership In (XTEX, Financial) filed Quarterly Report for the period ended 2009-06-30.
Crosstex Energy a mid-stream natural gas company operates over 1700 miles of pipeline two processing plants and 49 natural gas treating plants. Crosstex currently provides services for over 700 MMBtu/day of natural gas. Crosstex Energy L.P. Ltd. Partnership In has a market cap of $184.2 million; its shares were traded at around $3.76 . Crosstex Energy L.P. Ltd. Partnership In had an annual average earning growth of 15.7% over the past 5 years.
Treating gross margin was $13.9 million for the three months ended June 30, 2009 compared to $11.6 million for the three months ended June 30, 2008, an increase of $2.2 million, or 19.3%. Treating plants, dew point control plants, and related equipment in service totaled 180 plants at both June 30, 2009 and June 30, 2008. Timing, size and increased monthly fees on plants placed in service versus plants coming out of service and increased fees on existing month to month treating contracts make up $2.0 million of the increase. Field services provided to producers also contributed gross margin growth of $0.3 million for the comparable periods.
Depreciation and Amortization. Depreciation and amortization expenses were $33.7 million for the three months ended June 30, 2009 compared to $29.1 million for the three months ended June 30, 2008, an increase of $4.6 million, or 15.9%. Midstream depreciation and amortization increased $4.9 million primarily due to the north Texas expansion and depreciation acceleration resulting from the abandonment of certain planned projects.
The weaker processing environment contributed to a significant decline in the gross margin for the processing plants in Louisiana for the six months ended June 30, 2009. Total gross margin for the region associated with natural gas processing activity was down $27.8 million compared to the same period in 2008. The most significant contributors to this decrease were the Plaquemine, Gibson and Riverside facilities which reported margin declines of $8.0 million, $7.4 million and $4.9 million, respectively. A decrease in throughput volume on the east Texas system led to a gross margin decline of $2.1 million. The processing facilities in the north Texas region, which were also impacted by a weaker NGL market, realized a gross margin decline of $1.7 million. The Arkoma system, which was sold in April 2009, created a negative gross margin variance of $1.3 million when compared to the same period in 2008. Increased throughput on the north Texas gathering and transmission systems contributed $17.1 million of gross margin growth for the six months ended June 30, 2009. The LIG gathering and transmission system contributed margin growth of $0.8 million for the comparative periods due to north Louisiana expansions.
Treating gross margin was $28.2 million for the six months ended June 30, 2009 compared to $22.7 million for the same period in 2008, an increase of $5.5 million, or 24.1%. Treating plants, dew point control plants, and related equipment in service totaled 180 plants at both June 30, 2009 and June 30, 2008. Timing, size and increased monthly fees on plants placed in service versus plants coming out of service and increased fees on existing month to month treating contracts make up $5.1 million of the increase. Field services provided to producers also contributed gross margin growth of $0.4 million for the comparative periods.
Depreciation and Amortization. Depreciation and amortization expenses were $65.3 million for the six months ended June 30, 2009 compared to $58.0 million for the six months ended June 30, 2008, an increase of $7.3 million, or 12.6%. Midstream depreciation and amortization expense increased $7.8 million primarily due to the north Texas expansion and depreciation acceleration resulting from the abandonment of certain planned projects.
Read the The complete ReportXTEX is in the portfolios of Glenn Greenberg of Chieftain Capital Management Inc.
Crosstex Energy a mid-stream natural gas company operates over 1700 miles of pipeline two processing plants and 49 natural gas treating plants. Crosstex currently provides services for over 700 MMBtu/day of natural gas. Crosstex Energy L.P. Ltd. Partnership In has a market cap of $184.2 million; its shares were traded at around $3.76 . Crosstex Energy L.P. Ltd. Partnership In had an annual average earning growth of 15.7% over the past 5 years.
Highlight of Business Operations:
The weaker processing environment contributed to a significant decline in the gross margin for our processing plants in Louisiana for the quarter ended June 30, 2009. The Riverside facility reported a margin decline of $4.7 million primarily due to a decrease in processed volumes. The Plaquemine, Gibson and Sabine Pass plants all experienced an inlet volume decrease and reported gross margin declines of $2.6 million, $2.1 million and $1.8 million, respectively. The Blue Water plant, which has been shut down for several months due to a change in pipeline operations, realized a gross margin decline of $1.5 million. A decrease in throughput volume on the east Texas system led to a gross margin decline of $1.3 million. The Arkoma system, which was sold in April 2009, created a negative gross margin variance of $0.7 million when compared to the same period in 2008. Increased throughput on the north Texas gathering and transmission systems contributed $6.8 million of gross margin growth for the quarter ended June 30, 2009. The Eunice plant had a margin increase of $3.5 million for the three months ended June 30, 2009 primarily due to improved contract terms and operational efficiencies. The LIG gathering and transmission system contributed margin growth of $2.6 million for the comparative periods due to the north Louisiana expansion.Treating gross margin was $13.9 million for the three months ended June 30, 2009 compared to $11.6 million for the three months ended June 30, 2008, an increase of $2.2 million, or 19.3%. Treating plants, dew point control plants, and related equipment in service totaled 180 plants at both June 30, 2009 and June 30, 2008. Timing, size and increased monthly fees on plants placed in service versus plants coming out of service and increased fees on existing month to month treating contracts make up $2.0 million of the increase. Field services provided to producers also contributed gross margin growth of $0.3 million for the comparable periods.
Depreciation and Amortization. Depreciation and amortization expenses were $33.7 million for the three months ended June 30, 2009 compared to $29.1 million for the three months ended June 30, 2008, an increase of $4.6 million, or 15.9%. Midstream depreciation and amortization increased $4.9 million primarily due to the north Texas expansion and depreciation acceleration resulting from the abandonment of certain planned projects.
The weaker processing environment contributed to a significant decline in the gross margin for the processing plants in Louisiana for the six months ended June 30, 2009. Total gross margin for the region associated with natural gas processing activity was down $27.8 million compared to the same period in 2008. The most significant contributors to this decrease were the Plaquemine, Gibson and Riverside facilities which reported margin declines of $8.0 million, $7.4 million and $4.9 million, respectively. A decrease in throughput volume on the east Texas system led to a gross margin decline of $2.1 million. The processing facilities in the north Texas region, which were also impacted by a weaker NGL market, realized a gross margin decline of $1.7 million. The Arkoma system, which was sold in April 2009, created a negative gross margin variance of $1.3 million when compared to the same period in 2008. Increased throughput on the north Texas gathering and transmission systems contributed $17.1 million of gross margin growth for the six months ended June 30, 2009. The LIG gathering and transmission system contributed margin growth of $0.8 million for the comparative periods due to north Louisiana expansions.
Treating gross margin was $28.2 million for the six months ended June 30, 2009 compared to $22.7 million for the same period in 2008, an increase of $5.5 million, or 24.1%. Treating plants, dew point control plants, and related equipment in service totaled 180 plants at both June 30, 2009 and June 30, 2008. Timing, size and increased monthly fees on plants placed in service versus plants coming out of service and increased fees on existing month to month treating contracts make up $5.1 million of the increase. Field services provided to producers also contributed gross margin growth of $0.4 million for the comparative periods.
Depreciation and Amortization. Depreciation and amortization expenses were $65.3 million for the six months ended June 30, 2009 compared to $58.0 million for the six months ended June 30, 2008, an increase of $7.3 million, or 12.6%. Midstream depreciation and amortization expense increased $7.8 million primarily due to the north Texas expansion and depreciation acceleration resulting from the abandonment of certain planned projects.
Read the The complete ReportXTEX is in the portfolios of Glenn Greenberg of Chieftain Capital Management Inc.
