Exhibit 99.1
FOR IMMEDIATE RELEASE
SEPTEMBER 9, 2008
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Investor Contact:
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Crystal C. Bell, Investor Relations Specialist |
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Phone: (214) 721-9407 |
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Chris.Bell@CrosstexEnergy.com |
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Media Contact:
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Jill McMillan, Manager, Public & Industry Affairs |
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Phone: (214) 721-9271 |
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Jill.McMillan@CrosstexEnergy.com |
CROSSTEX ENERGY REPORTS NO SIGNIFICANT HURRICANE DAMAGE
TO FACILITIES IN LOUISIANA
DALLAS, September 9, 2008 Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) announced
today that its assets in Louisiana sustained no significant physical damage as a result of
Hurricane Gustav. Currently, most of the Partnerships facilities along the Gulf Coast are
operational; however, limited electrical power availability has delayed operations at the
Plaquemine processing plant and the Riverside fractionation plant. The financial impact of
Hurricane Gustav remains uncertain, but it is expected the storm could have a $7-8 million negative
impact on the Partnerships financial results for the third quarter of 2008, assuming resumption of
normal operations by the end of next week.
The safety and security of our employees and their families are our top priorities, said Barry E.
Davis, Crosstex Chairman, President and Chief Executive Officer. We are extremely fortunate that
our employees made it through Hurricane Gustav safely and our property incurred only minor damage.
Hurricane Ike is expected to enter the Gulf of Mexico tomorrow, Wednesday, September 10, and its
projected path is currently along the southeast coast of Texas. In response to the storm, the
Partnership has initiated its hurricane preparedness plan and is in the process of securing its
facilities and making plans to ensure the safety of its employees and contractors. If the storm
continues on its current path, it could further disrupt gas production but should not slow down
Louisiana infrastructure repair.
-more-
Crosstex Energy Reports No Significant Hurricane Damage to Facilities in Louisiana
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About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates
approximately 5,700 miles of pipeline, 12 processing plants, four fractionators, and approximately
190 natural gas amine-treating plants and dew point control plants. Crosstex currently provides
services for over 4.0 Bcf/day of natural gas, or approximately eight percent of marketed U.S. daily
production.
Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) owns the two percent general partner
interest, a 34 percent limited partner interest, and the incentive distribution rights of Crosstex
Energy, L.P.
Additional information about the Partnership can be found at www.crosstexenergy.com.
This press release contains forward-looking statements within the meaning of the federal securities
laws. These statements are based on certain assumptions made by the Partnership and the Corporation
based upon managements experience and perception of historical trends, current conditions,
expected future developments and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are not limited to, statements with
respect to the impact of Hurricanes Gustav and Ike on the Corporations and Partnerships
operations, financial condition and results of operations. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership
and the Corporation, which may cause the Partnerships and the Corporations actual results to
differ materially from those implied or expressed by the forward-looking statements. These risks
include the following: (1) the amount of natural gas transported in the Partnerships gathering and
transmission lines may decline as a result of competition for supplies, reserve declines and
reduction in demand from key customers and markets; (2) the level of the Partnerships processing
and treating operations may decline for similar reasons; (3) fluctuations in natural gas and NGL
prices may occur due to weather and other natural and economic forces; (4) there may be a failure
to successfully integrate new acquisitions; (5) the Partnerships credit risk management efforts
may fail to adequately protect against customer nonpayment; (6) the Partnership may not adequately
address construction and operating risks; and (7) other factors discussed in the Partnerships and
the Corporations Annual Reports on Form 10-K for the year ended December 31, 2007, and other
filings with the Securities and Exchange Commission. The Partnership and the Corporation have no
obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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