General | Capital Markets | Private Equity Activity
Southcross Touts Growth of Gas Volumes, NGL Sales
Print
|
Southcross Energy Partners, L.P. has reported financial and operating updates as part of its recently announced transaction to acquire TexStar Midstream Services, LP’s Rich Gas System.
During the second quarter of 2014, Southcross’ processed gas volumes and natural gas liquids sales volumes in South Texas continued to grow, with increases over the first quarter of 2014 volumes of approximately 10% and 14%, respectively. Downtime at certain of our facilities due to upgrades and maintenance activities partially offset those increases and negatively affected Adjusted EBITDA during the quarter by approximately $1 million.
Southcross is also issuing an Adjusted EBITDA guidance range of $22 to $28 million for the fourth quarter of 2014. This guidance reflects the addition of TexStar’s Rich Gas System upon the expected closing of its acquisition in the third quarter of 2014, the initiation of contracted processed gas volumes upon commissioning of Southcross’ Webb Pipeline, and increased processed gas volumes.