Southcross Energy Partners, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Capital Expenditures Guidance for the Full Year 2017
For the six months, the company reported revenue was $323,436,000 compared with $244,428,000 for the same period in the last year. Loss from operations was $7,373,000 compared with income from operations of $2,048,000 for the same period in the last year. Loss before income tax was $31,251,000 compared with $22,918,000 for the same period in the last year. Net loss attributable to partners was $31,283,000 compared with $22,941,000 for the same period in the last year. Basic and diluted loss per common unit was $0.39 compared with $0.38 for the same period in the last year. Net cash provided by operating activities was $11,284,000 compared with $29,948,000 for the same period in the last year. Capital expenditure was $12,936,000 compared with $12,479,000 for the same period in the last year. Adjusted EBITDA was $35,088,000 compared with $36,295,000 for the same period in the last year.
For the quarter, the company reported average volume of processed gas was 267 MMcf/d compared to 319 MMcf/d a year ago. Average volume of NGLs produced was 32,945 Bbls/d compared to 35,912 Bbls/d a year ago.
For the six months, the company reported average volume of processed gas was 262 MMcf/d compared to 331 MMcf/d a year ago. Average volume of NGLs produced was 32,092 Bbls/d compared to 37,771 Bbls/d a year ago.
Southcross continues to expect that net capital expenditures for full-year 2017, including growth and maintenance expenditures, will be in the range of $15 million to $20 million and will be limited to projects with contractually committed volumes, along with recurring maintenance spending.