Crosstex | Pro Forma | |||||||||||
Energy, L.P. | Adjustments | Pro Forma | ||||||||||
Revenues: |
||||||||||||
Midstream |
$ | 4,838,747 | $ | (1,766,101 | )(a) | $ | 3,072,646 | |||||
Treating |
64,953 | (16,338 | )(a) | 48,615 | ||||||||
Profit on energy trading activities |
3,349 | | 3,349 | |||||||||
Total revenues |
4,907,049 | (1,782,439 | ) | 3,124,610 | ||||||||
Operating costs and expenses: |
||||||||||||
Midstream purchased gas |
4,471,308 | (1,701,635 | )(a) | 2,769,673 | ||||||||
Treating purchased gas |
14,579 | (14,579 | )(a) | | ||||||||
Operating expenses |
169,048 | (21,662 | )(a) | 147,386 | ||||||||
General and administrative |
71,005 | (161 | )(a) | 70,844 | ||||||||
Gain on sale of property |
(1,519 | ) | 19 | (a) | (1,500 | ) | ||||||
Gain on derivatives |
(12,203 | ) | 3,584 | (a) | (8,619 | ) | ||||||
Impairment |
30,436 | | 30,436 | |||||||||
Depreciation and amortization |
131,187 | (12,349 | )(a) | 118,838 | ||||||||
Total operating costs and expenses |
4,873,841 | (1,746,783 | ) | 3,127,058 | ||||||||
Operating income |
33,208 | (35,656 | ) | (2,448 | ) | |||||||
Other income (expense): |
||||||||||||
Interest expense, net |
(102,675 | ) | 13,284 | (b) | (89,391 | ) | ||||||
Other income |
27,757 | (12 | )(a) | 27,745 | ||||||||
Total other income (expense) |
(74,918 | ) | 13,272 | (61,646 | ) | |||||||
Loss from continuing operations before
non-controlling interest and income taxes |
(41,710 | ) | (22,384 | ) | (64,094 | ) | ||||||
Income tax provision |
(2,765 | ) | | (2,765 | ) | |||||||
Net loss from continuing operations |
(44,475 | ) | (22,384 | ) | (66,859 | ) | ||||||
Less: Net income from continuing operations
attributable to the non-controlling interest |
311 | | 311 | |||||||||
Net loss from continuing operations attributable to
Crosstex Energy, L.P. |
$ | (44,786 | ) | $ | (22,384 | ) | $ | (67,170 | ) | |||
General partner interest in net income from
continuing operations including incentive
distribution rights |
$ | 25,304 | $ | 24,856 | ||||||||
Limited partners interest in net loss from
continuing operations attributable to Crosstex
Energy, L.P. |
$ | (70,090 | ) | $ | (92,026 | ) | ||||||
Net income (loss) from continuing operations per
limited partners unit: |
||||||||||||
Basic and diluted common unit |
$ | (4.46 | ) | $ | (4.97 | ) | ||||||
Basic and diluted senior subordinated series C unit |
$ | 9.44 | $ | 9.44 | ||||||||
Weighted-average units outstanding: |
||||||||||||
Basic and diluted common units |
42,330 | 42,330 | ||||||||||
Basic and
diluted senior subordinated series C units |
12,830 | 12,830 | ||||||||||
(a) | Adjustments to eliminate the revenues and expenses directly attributable to the
Mississippi, Alabama and south Texas assets sold. |
||
(b) | Adjustment to reflect the
interest savings from the debt repayment of $212.0 million using a 6.16% annual
rate which represents the weighted average interest rate for the year
ended December 31, 2008 attributable to the debt repaid. |