Crosstex Energy, L.P. | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(In thousands, except per unit data) | ||||||||||||||||||||
Statement of Operations Data: |
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Revenues: |
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Midstream |
$ | 3,072,646 | $ | 2,380,224 | $ | 1,534,800 | $ | 1,212,864 | $ | 790,692 | ||||||||||
Profit on energy trading activities |
3,365 | 4,105 | 2,535 | 1,599 | 2,228 | |||||||||||||||
Total revenues |
3,076,011 | 2,384,329 | 1,537,335 | 1,214,463 | 792,920 | |||||||||||||||
Operating costs and expenses: |
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Purchased gas |
2,768,225 | 2,124,503 | 1,378,979 | 1,154,345 | 756,820 | |||||||||||||||
Operating expenses |
125,754 | 91,202 | 65,871 | 28,958 | 12,085 | |||||||||||||||
General and administrative |
68,864 | 59,493 | 43,710 | 30,693 | 19,724 | |||||||||||||||
Gain on sale of property |
(947 | ) | (1,024 | ) | (1,936 | ) | (8,289 | ) | (12 | ) | ||||||||||
(Gain) loss on derivatives |
(8,619 | ) | (4,147 | ) | (174 | ) | 10,399 | (206 | ) | |||||||||||
Impairments |
29,373 | | | | | |||||||||||||||
Depreciation and amortization |
107,521 | 83,315 | 56,349 | 15,122 | 6,520 | |||||||||||||||
Total operating costs and expenses |
3,090,171 | 2,353,342 | 1,542,799 | 1,231,228 | 794,931 | |||||||||||||||
Operating income (loss) |
(14,160 | ) | 30,987 | (5,464 | ) | (16,765 | ) | (2,011 | ) | |||||||||||
Other income (expense): |
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Interest expense, net |
(74,971 | ) | (48,059 | ) | (19,889 | ) | (12,407 | ) | (5,861 | ) | ||||||||||
Loss on extinguishment of debt |
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Other income |
27,770 | 538 | 212 | 392 | 786 | |||||||||||||||
Total other income (expense) |
(47,201 | ) | (47,521 | ) | (19,677 | ) | (12,015 | ) | (5,075 | ) | ||||||||||
Loss from continuing operations before non-controlling
interest and income taxes |
(61,361 | ) | (16,534 | ) | (25,141 | ) | (28,780 | ) | (7,086 | ) | ||||||||||
Income tax provision |
(2,369 | ) | (760 | ) | (222 | ) | (216 | ) | (162 | ) | ||||||||||
Loss from continuing operations, net of tax |
(63,730 | ) | (17,294 | ) | (25,363 | ) | (28,996 | ) | (7,248 | ) | ||||||||||
Income from discontinued operations, net of tax |
25,007 | 31,343 | 20,714 | 48,637 | 31,241 | |||||||||||||||
Gain from sale of discontinued operations, net of tax |
49,805 | | | | | |||||||||||||||
Discontinued operations |
74,812 | 31,343 | 20,714 | 48,637 | 31,241 | |||||||||||||||
Net income (loss) before cumulative effect of change
in accounting principle |
11,082 | 14,049 | (4,649 | ) | 19,641 | 23,993 | ||||||||||||||
Cumulative effect of change in accounting principle |
| | 689 | | | |||||||||||||||
Net income (loss) |
11,082 | 14,049 | (3,960 | ) | 19,641 | 23,993 | ||||||||||||||
Less: Net income from continuing operations
attributable to the non-controlling interest |
311 | 160 | 231 | 441 | 289 | |||||||||||||||
Net income (loss) attributable to Crosstex Energy, L.P. |
$ | 10,771 | $ | 13,889 | $ | (4,191 | ) | $ | 19,200 | $ | 23,704 | |||||||||
Net income (loss) per limited partner common unit |
$ | (3.19 | ) | $ | (0.20 | ) | $ | (1.09 | ) | $ | 0.56 | $ | 0.98 | |||||||
Net income per limited partner senior subordinated unit |
$ | 9.44 | $ | | $ | 5.31 | $ | | $ | | ||||||||||
Distributions declared per limited partner unit (1) |
$ | 2.00 | $ | 2.33 | $ | 2.18 | $ | 1.93 | $ | 1.70 | ||||||||||
Balance Sheet Data (end of period): |
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Working capital deficit |
$ | (32,910 | ) | $ | (46,888 | ) | $ | (79,936 | ) | $ | (11,681 | ) | $ | (34,724 | ) | |||||
Property and equipment, net |
1,527,280 | 1,425,162 | 1,105,813 | 667,142 | 324,730 | |||||||||||||||
Total assets |
2,533,266 | 2,592,874 | 2,194,474 | 1,425,158 | 586,771 | |||||||||||||||
Long-term debt |
1,263,706 | 1,223,118 | 987,130 | 522,650 | 148,700 | |||||||||||||||
Partners equity including non-controlling interest |
797,931 | 788,641 | 715,531 | 405,559 | 147,096 | |||||||||||||||
Cash Flow Data: |
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Net cash flow provided by (used in)(2): |
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Operating activities |
$ | 173,750 | $ | 114,818 | $ | 113,010 | $ | 14,010 | $ | 48,103 | ||||||||||
Investing activities |
(186,810 | ) | (411,382 | ) | (885,825 | ) | (615,017 | ) | (124,371 | ) | ||||||||||
Financing activities |
14,554 | 295,882 | 772,234 | 596,615 | 81,899 | |||||||||||||||
Other Financial Data: |
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Gross margin (3) |
$ | 307,786 | $ | 259,826 | $ | 158,356 | $ | 60,118 | $ | 36,100 | ||||||||||
Operating Data: |
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Pipeline throughput (MMBtu/d) |
1,991,000 | 1,555,000 | 845,000 | 582,000 | 667,000 | |||||||||||||||
Natural gas processed (MMBtu/d)(4) |
1,608,000 | 1,835,000 | 1,817,000 | 1,707,000 | 286,000 | |||||||||||||||
Producer Services (MMBtu/d) |
85,000 | 94,000 | 138,000 | 111,010 | 210,000 |
(1) | Distributions include fourth quarter 2008 distributions of $0.25 per unit paid in February 2009; fourth quarter 2007 distributions of $0.61 per unit paid in February 2008; fourth quarter 2006 distributions of $0.56 per unit paid in February 2007; fourth quarter 2005 distributions of $0.51 per unit paid in February 2006; fourth quarter 2004 distributions of $0.45 per unit paid in February 2005; and fourth quarter 2003 distributions of $0.375 per unit paid in February 2004. | |
(2) | Cash flow data includes cash flows from discontinued operations. | |
(3) | Gross margin is defined as revenue, including profit on energy trading activities, less related cost of purchased gas. | |
(4) | For the year ended 2005, processed volumes include a daily average for the south Louisiana processing plants for November 2005 and December 2005, the two-month period these assets were operated by us. |