Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PVR PARTNERS, L. P. | d675294d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
PVR PARTNERS ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2013 RESULTS
RADNOR, PA - February 13, 2014 … PVR Partners, L.P. (NYSE: PVR) (“PVR”) today reported financial and operational results for the three months and the full year ended December 31, 2013.
Full Year 2013 Results
Full year 2013 highlights and results, with comparisons to full year 2012 results, included the following:
| • | Adjusted EBITDA of $314.5 million as compared to $239.0 million. |
| • | Distributable cash flow (“DCF”) of $199.5 million as compared to $146.0 million. |
| • | Average daily natural gas throughput volumes of 1.8 billion cubic feet per day (“Bcfd”) as compared to 1.0 Bcfd. |
| • | Coal royalty tons of 25.1 million as compared to 30.2 million. |
Adjusted EBITDA and distributable cash flow are not Generally Accepted Accounting Principles (“GAAP”) measures. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.
Fourth Quarter Results
Fourth quarter 2013 highlights and results, with comparisons to fourth quarter 2012 results (“last year”) and the third quarter of 2013 (“last quarter”), included the following:
| • | Adjusted EBITDA of $82.4 million as compared to $67.8 million last year and $79.9 million last quarter. |
| • | DCF of $51.1 million as compared to $40.7 million last year and $49.5 million last quarter. |
| • | Average daily natural gas throughput volumes of 2.0 Bcfd as compared to 1.4 Bcfd last year and 1.8 Bcfd last quarter. |
| • | Coal royalty tons of 6.1 million as compared to 6.6 million last year and 5.7 million last quarter. |
Quarterly Distribution
As previously announced, the Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on February 13, 2014 to common unitholders of record at the close of business on February 7, 2014.
| PVR Reports Fourth Quarter and Full Year 2013 Results | Page 2 |
Management Comment
“PVR’s fourth quarter financial and operating results were in line with our expectations,” said Bill Shea, President and CEO of PVR’s general partner. “Adjusted EBITDA for the quarter increased by 21.5% from the fourth quarter of 2012, with the gain driven by new business and additional well connections in our Eastern Midstream segment.”
Eastern Midstream Segment
The Eastern Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:
| • | Adjusted EBITDA of $49.9 million as compared to $33.1 million last year and $43.5 million last quarter. |
| • | Quarterly average throughput volumes of 1.6 Bcfd, as compared to 1.0 Bcfd last year and 1.4 Bcfd last quarter. The volume increase reflected the continuing growth of business on PVR’s gathering and trunkline systems and completion of internal growth projects. |
Midcontinent Midstream Segment
The Midcontinent Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:
| • | Adjusted EBITDA of $14.7 million as compared to $14.2 million last year and $17.1 million last quarter. |
| • | Quarterly average throughput volumes of 361 million cubic feet per day (“MMcfd”), as compared to 421 MMcfd last year and 381 MMcfd last quarter. Throughput volumes in the fourth quarter of 2013 were negatively impacted primarily by weather conditions. |
Coal and Natural Resource Management Segment
The Coal and Natural Resource Management Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and third quarter 2013 results, as follows:
| • | Adjusted EBITDA of $17.8 million as compared to $20.5 million last year and $19.3 million last quarter. The variances were due to both volume and realized prices received. |
| • | Coal royalty tons of 6.1 million tons, as compared to 6.6 million tons last year and 5.7 million tons last quarter. |
| • | Coal royalties revenue of $21.1 million, or $3.45 per ton, as compared to $23.0 million, or $3.47 per ton last year and $20.8 million or $3.66 per ton last quarter. |
Capital Investment and Resources
We invested $60.5 million on internal growth projects in our midstream businesses during the fourth quarter of 2013, of which $51.2 million was invested in the Eastern Midstream Segment. Full year 2013 internal growth project investment totaled $338.4 million, including $286.2 million in the Eastern Midstream Segment.
| PVR Reports Fourth Quarter and Full Year 2013 Results | Page 3 |
In September and October of 2013, we issued a total of 6.1 million common units, including the over allotment exercise by the underwriter, representing limited partner interests in PVR in a registered public offering. Total net proceeds were approximately $138.0 million, after deducting estimated fees and expenses and underwriting discounts and commissions. In December 2013, we redeemed $127.4 million of our 8.375% Senior Notes. As a result of this redemption, we incurred a charge of $13.7 million related to the call premium and the write-off of unamortized debt issuance costs.
As of December 31, 2013, we had borrowings of $562.5 million under our $1.0 billion revolving credit facility.
Fourth Quarter / Full Year 2013 Financial and Operational Results Conference Call
A conference call and webcast, during which management will discuss full year and fourth quarter 2013 financial and operational results, is scheduled for Thursday, February 13, 2014 at 11:00 a.m. Eastern Time. Prepared remarks by members of company management will be followed by a question and answer period. Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=98002 or by logging on using the link posted on our website, www.pvrpartners.com. Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international: 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners’ call). An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call. A telephonic replay of the call will be available through February 20 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10040867.
******
PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties. Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers. Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments. More information about PVR is available on our website at www.pvrpartners.com.
******
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
******
This press release includes “forward-looking statements” within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership’s ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the
| PVR Reports Fourth Quarter and Full Year 2013 Results | Page 4 |
year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
| Contact: | Stephen R. Milbourne | |
| Director - Investor Relations | ||
| Phone: 610-975-8204 | ||
| E-Mail: invest@pvrpartners.com |
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited
(in thousands, except per unit data)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues |
||||||||||||||||
| Natural gas |
$ | 91,396 | $ | 99,462 | $ | 374,226 | $ | 315,242 | ||||||||
| Natural gas liquids |
115,058 | 108,377 | 413,621 | 424,538 | ||||||||||||
| Gathering fees |
31,640 | 19,736 | 105,115 | 53,831 | ||||||||||||
| Trunkline fees |
28,704 | 18,609 | 98,847 | 47,002 | ||||||||||||
| Coal royalties |
21,085 | 22,983 | 88,075 | 114,133 | ||||||||||||
| Gain on sale of assets |
— | — | — | 31,292 | ||||||||||||
| Other |
3,763 | 411 | 37,602 | 21,716 | ||||||||||||
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|||||||||
| Total revenues |
291,646 | 269,578 | 1,117,486 | 1,007,754 | ||||||||||||
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| Expenses |
||||||||||||||||
| Cost of gas purchased |
177,133 | 176,802 | 666,239 | 630,345 | ||||||||||||
| Operating |
17,951 | 20,786 | 67,977 | 68,316 | ||||||||||||
| General and administrative |
14,149 | 12,878 | 54,508 | 47,452 | ||||||||||||
| Merger and acquisition costs |
8,138 | — | 8,138 | 14,049 | ||||||||||||
| Impairments |
— | — | — | 124,845 | ||||||||||||
| Depreciation, depletion and amortization |
49,909 | 43,043 | 187,941 | 127,344 | ||||||||||||
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|||||||||
| Total expenses |
267,280 | 253,509 | 984,803 | 1,012,351 | ||||||||||||
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| Operating income (loss) |
24,366 | 16,069 | 132,683 | (4,597 | ) | |||||||||||
| Other income (expense) |
||||||||||||||||
| Interest expense |
(27,886 | ) | (23,157 | ) | (106,248 | ) | (68,773 | ) | ||||||||
| Loss on extinguishment of debt |
(13,703 | ) | — | (13,703 | ) | — | ||||||||||
| Derivatives |
(510 | ) | 90 | (1,070 | ) | 2,291 | ||||||||||
| Interest income and other |
94 | 128 | 1,332 | 457 | ||||||||||||
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| Net income (loss) |
$ | (17,639 | ) | $ | (6,870 | ) | $ | 12,994 | $ | (70,622 | ) | |||||
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| Earnings (loss) per common unit, basic |
$ | (0.35 | ) | $ | (0.30 | ) | $ | (0.83 | ) | $ | (1.43 | ) | ||||
| Earnings (loss) per common unit, diluted |
$ | (0.37 | ) | $ | (0.30 | ) | $ | (0.83 | ) | $ | (1.43 | ) | ||||
| Weighted average number of common units outstanding, basic |
108,268 | 93,333 | 99,304 | 86,222 | ||||||||||||
| Weighted average number of common units outstanding, diluted |
112,429 | 93,333 | 99,304 | 86,222 | ||||||||||||
| Weighted average number of Class B units outstanding |
24,094 | 22,149 | 23,372 | 13,630 | ||||||||||||
| Weighted average number of Special units outstanding
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4,161
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10,346
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8,787
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6,473
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| Other data by segment: |
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| Eastern Midstream: |
||||||||||||||||
| Gathered volumes (MMcfd) |
776 | 562 | 649 | 389 | ||||||||||||
| Trunkline volumes (MMcfd) (1) |
820 | 405 | 742 | 197 | ||||||||||||
| Midcontinent Midstream: |
||||||||||||||||
| Daily throughput volumes (MMcfd) |
361 | 421 | 379 | 432 | ||||||||||||
| Coal and Natural Resource Management: |
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| Coal royalty tons (in thousands) |
6,119 | 6,630 | 25,142 | 30,214 | ||||||||||||
| (1) | Trunkline volumes include a significant portion of gathered volumes. |
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited
(in thousands)
| December 31, 2013 |
December 31, 2012 |
|||||||
| Assets |
||||||||
| Cash and cash equivalents |
$ | 7,298 | $ | 14,713 | ||||
| Accounts receivable |
147,978 | 133,546 | ||||||
| Assets held for sale |
— | 11,450 | ||||||
| Other current assets |
6,821 | 5,446 | ||||||
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| Total current assets |
162,097 | 165,155 | ||||||
| Property, plant and equipment, net |
2,189,278 | 1,989,346 | ||||||
| Other long-term assets |
774,295 | 844,208 | ||||||
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| Total assets |
$ | 3,125,670 | $ | 2,998,709 | ||||
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| Liabilities and Partners’ Capital |
||||||||
| Accounts payable and accrued liabilities |
$ | 142,225 | $ | 197,034 | ||||
| Deferred income |
6,214 | 3,788 | ||||||
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| Total current liabilities |
148,439 | 200,822 | ||||||
| Other long-term liabilities |
30,595 | 35,468 | ||||||
| Senior notes |
1,172,600 | 900,000 | ||||||
| Revolving credit facility |
562,500 | 590,000 | ||||||
| Partners’ capital |
1,211,536 | 1,272,419 | ||||||
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| Total liabilities and partners’ capital |
$ | 3,125,670 | $ | 2,998,709 | ||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited
(in thousands)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Cash flows from operating activities |
||||||||||||||||
| Net income (loss) |
$ | (17,639 | ) | $ | (6,870 | ) | $ | 12,994 | $ | (70,622 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||||||||||
| Loss on extinguishment of debt |
13,703 | — | 13,703 | — | ||||||||||||
| Gain on sale of assets |
— | — | (14,302 | ) | (31,292 | ) | ||||||||||
| Depreciation, depletion and amortization |
49,909 | 43,043 | 187,941 | 127,344 | ||||||||||||
| Impairments |
— | — | — | 124,845 | ||||||||||||
| Commodity derivative contracts: |
||||||||||||||||
| Total derivative losses (gains) included in net income |
510 | (90 | ) | 1,070 | (2,291 | ) | ||||||||||
| Cash receipts (payments) to settle derivatives for the period |
(453 | ) | (1,701 | ) | (766 | ) | (10,279 | ) | ||||||||
| Non-cash interest expense |
1,907 | 1,607 | 7,306 | 5,824 | ||||||||||||
| Non-cash unit-based compensation |
803 | (215 | ) | 4,159 | 4,428 | |||||||||||
| Equity earnings, net of distributions received |
2,007 | 11,166 | 7,642 | 11,308 | ||||||||||||
| Other |
(101 | ) | (103 | ) | (3,460 | ) | (1,032 | ) | ||||||||
| Changes in operating assets and liabilities |
(26,313 | ) | (36,368 | ) | (12,841 | ) | (12,972 | ) | ||||||||
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| Net cash provided by operating activities |
24,333 | 10,469 | 203,446 | 145,261 | ||||||||||||
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| Cash flows from investing activities |
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| Acquisitions |
— | — | (2,334 | ) | (850,156 | ) | ||||||||||
| Additions to property, plant and equipment |
(69,348 | ) | (163,926 | ) | (413,451 | ) | (512,375 | ) | ||||||||
| Joint venture capital contributions |
(5,100 | ) | (15,300 | ) | (15,800 | ) | (37,200 | ) | ||||||||
| Proceeds from sale of assets |
— | — | 70,592 | 62,271 | ||||||||||||
| Other |
412 | 378 | 2,530 | 1,286 | ||||||||||||
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| Net cash used in investing activities |
(74,036 | ) | (178,848 | ) | (358,463 | ) | (1,336,174 | ) | ||||||||
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| Cash flows from financing activities |
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| Distributions to partners |
(56,140 | ) | (47,740 | ) | (214,442 | ) | (176,256 | ) | ||||||||
| Net proceeds from equity offering |
13,401 | 165,705 | 138,044 | 743,448 | ||||||||||||
| Proceeds from issuance of senior notes |
— | — | 400,000 | 600,000 | ||||||||||||
| Payment to extinguish debt |
(138,070 | ) | — | (138,070 | ) | — | ||||||||||
| Repayments (proceeds) from borrowings, net |
230,000 | 55,000 | (27,500 | ) | 49,000 | |||||||||||
| Cash paid for debt issuance costs |
(77 | ) | — | (9,772 | ) | (19,206 | ) | |||||||||
| Other |
(14 | ) | — | (658 | ) | — | ||||||||||
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| Net cash provided by financing activities |
49,100 | 172,965 | 147,602 | 1,196,986 | ||||||||||||
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| Net increase (decrease) in cash and cash equivalents |
(603 | ) | 4,586 | (7,415 | ) | 6,073 | ||||||||||
| Cash and cash equivalents - beginning of period |
7,901 | 10,127 | 14,713 | 8,640 | ||||||||||||
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| Cash and cash equivalents - end of period |
$ | 7,298 | $ | 14,713 | $ | 7,298 | $ | 14,713 | ||||||||
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PVR PARTNERS, L.P.
CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited
(in thousands)
| Three Months Ended December 31, |
Year Ended December 31, |
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Reconciliation of Non-GAAP “Total Segment Adjusted EBITDA” to GAAP “Net income (loss)”: |
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| Segment Adjusted EBITDA (a): |
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| Eastern Midstream |
$ | 49,931 | $ | 33,104 | $ | 169,227 | $ | 82,164 | ||||||||
| Midcontinent Midstream |
14,650 | 14,167 | 62,383 | 52,168 | ||||||||||||
| Coal and Natural Resource Management |
17,832 | 20,541 | 82,850 | 104,717 | ||||||||||||
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| Total segment adjusted EBITDA |
$ | 82,413 | $ | 67,812 | $ | 314,460 | $ | 239,049 | ||||||||
| Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss) |
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| Depreciation, depletion and amortization |
(49,909 | ) | (43,043 | ) | (187,941 | ) | (127,344 | ) | ||||||||
| Impairments on PP&E and equity investments |
— | (8,700 | ) | — | (133,545 | ) | ||||||||||
| Merger and acquisition costs |
(8,138 | ) | — | (8,138 | ) | (14,049 | ) | |||||||||
| Gain on sale of assets |
— | — | 14,302 | 31,292 | ||||||||||||
| Interest expense |
(27,886 | ) | (23,157 | ) | (106,248 | ) | (68,773 | ) | ||||||||
| Loss on extinguishment of debt |
(13,703 | ) | — | (13,703 | ) | — | ||||||||||
| Derivatives |
(510 | ) | 90 | (1,070 | ) | 2,291 | ||||||||||
| Other |
94 | 128 | 1,332 | 457 | ||||||||||||
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| Net income (loss) |
$ | (17,639 | ) | $ | (6,870 | ) | $ | 12,994 | $ | (70,622 | ) | |||||
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| Reconciliation of GAAP “Net income (loss)” to Non-GAAP “Distributable cash flow”: |
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| Net income (loss) |
$ | (17,639 | ) | $ | (6,870 | ) | $ | 12,994 | $ | (70,622 | ) | |||||
| Depreciation, depletion and amortization |
49,909 | 43,043 | 187,941 | 127,344 | ||||||||||||
| Impairments on PP&E and equity investments |
— | 8,700 | — | 133,545 | ||||||||||||
| Merger and acquisition costs |
8,138 | — | 8,138 | 14,049 | ||||||||||||
| Gain on sale of assets |
— | — | (14,302 | ) | (31,292 | ) | ||||||||||
| Loss on extinguishment of debt |
13,703 | — | 13,703 | — | ||||||||||||
| Derivative contracts: |
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| Derivative (gains) losses included in net income |
510 | (90 | ) | 1,070 | (2,291 | ) | ||||||||||
| Cash payments to settle derivatives for the period |
(453 | ) | (1,701 | ) | (766 | ) | (10,279 | ) | ||||||||
| Equity earnings from joint ventures, net of distributions |
2,007 | 2,466 | 7,642 | 2,608 | ||||||||||||
| Maintenance capital expenditures |
(5,047 | ) | (4,821 | ) | (16,905 | ) | (17,018 | ) | ||||||||
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| Distributable cash flow (b) |
$ | 51,128 | $ | 40,727 | $ | 199,515 | $ | 146,044 | ||||||||
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| Distribution to Partners: |
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| Total cash distribution paid during the period |
$ | 56,140 | $ | 47,740 | $ | 214,442 | $ | 176,256 | ||||||||
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| Reconciliation of GAAP “Net income (loss)” to Non-GAAP “Net income as adjusted”: |
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| Net income (loss) |
$ | (17,639 | ) | $ | (6,870 | ) | $ | 12,994 | $ | (70,622 | ) | |||||
| Impairments on PP&E and equity investments |
— | 8,700 | — | 133,545 | ||||||||||||
| Acquisition related costs |
8,138 | — | 8,138 | 14,049 | ||||||||||||
| Gain on sale of assets |
— | — | (14,302 | ) | (31,292 | ) | ||||||||||
| Loss from extinguishment of debt |
13,703 | — | 13,703 | — | ||||||||||||
| Adjustments for derivatives: |
||||||||||||||||
| Derivative (gains) losses included in net income |
510 | (90 | ) | 1,070 | (2,291 | ) | ||||||||||
| Cash payments to settle derivatives for the period |
(453 | ) | (1,701 | ) | (766 | ) | (10,279 | ) | ||||||||
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| Net income, as adjusted (c) |
$ | 4,259 | $ | 39 | $ | 20,837 | $ | 33,110 | ||||||||
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| (a) | Segment Adjusted EBITDA, or earnings before interest, tax and depreciation, depletion and amortization (“DD&A”), represents net income plus DD&A, plus impairments, plus merger and acquisition costs, minus gain on sale of assets, plus interest expense, plus loss on extinguishment of debt, (plus) minus derivative (losses) gains and minus other items included in net income. We believe EBITDA or a version of Adjusted EBITDA is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream and coal industries. We use this information for comparative purposes within the industry. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income. |
| (b) | Distributable cash flow represents net income (loss) plus DD&A, plus impairments, plus merger and acquisition costs, minus gain on sale of assets, plus loss on extinguishment of debt, plus (minus) derivative losses (gains) included in net income, plus (minus) cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital expenditures. At management’s discretion, a fixed amount of $1.8 million per quarter in 2013 and $1.3 million per quarter in 2012 has been included in maintenance capital for well connects. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income. For comparative purposes, prior year amounts exclude replacement capital expenditures. |
| (c) | Net income, as adjusted, represents net income adjusted to exclude the effects of non-cash impairment charges, one-time charges related to merger and acquisition costs, minus gain on sale of assets, plus loss from extinguishment of debt, and changes in the fair value of derivatives. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream industry. We use this information for comparative purposes within the industry. Net income, as adjusted, is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income. |
PVR PARTNERS, L.P.
QUARTERLY SEGMENT INFORMATION - unaudited
(in thousands)
| Eastern Midstream | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues |
||||||||||||||||
| Gathering fees |
$ | 30,999 | $ | 18,659 | $ | 102,161 | $ | 46,975 | ||||||||
| Trunkline fees |
28,704 | 18,608 | 98,847 | 47,002 | ||||||||||||
| Other |
(540 | ) | 2,686 | (791 | ) | 5,373 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
59,163 | 39,953 | 200,217 | 99,350 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Operating |
3,128 | 3,121 | 11,173 | 7,332 | ||||||||||||
| General and administrative |
6,104 | 3,728 | 19,817 | 9,854 | ||||||||||||
| Merger and acquisition costs |
2,713 | — | 2,713 | 14,049 | ||||||||||||
| Depreciation, depletion and amortization |
26,512 | 20,391 | 97,973 | 42,713 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
38,457 | 27,240 | 131,676 | 73,948 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
$ | 20,706 | $ | 12,713 | $ | 68,541 | $ | 25,402 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Midcontinent Midstream | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues |
||||||||||||||||
| Natural gas |
$ | 91,396 | $ | 99,462 | $ | 374,226 | $ | 315,242 | ||||||||
| Natural gas liquids |
115,058 | 108,377 | 413,621 | 424,538 | ||||||||||||
| Gathering fees |
641 | 1,078 | 2,954 | 6,856 | ||||||||||||
| Gain on sale of plant |
— | — | — | 31,292 | ||||||||||||
| Other (1) |
181 | (8,247 | ) | 16,364 | (6,205 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
207,276 | 200,670 | 807,165 | 771,723 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Cost of gas purchased |
177,133 | 176,802 | 666,239 | 630,345 | ||||||||||||
| Operating |
10,922 | 12,567 | 43,441 | 44,209 | ||||||||||||
| General and administrative |
4,571 | 5,834 | 20,800 | 22,409 | ||||||||||||
| Merger and acquisition costs |
2,713 | — | 2,713 | — | ||||||||||||
| Impairments |
— | — | — | 124,845 | ||||||||||||
| Depreciation, depletion and amortization |
16,130 | 14,609 | 61,809 | 51,829 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
211,469 | 209,812 | 795,002 | 873,637 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income (loss) |
$ | (4,193 | ) | $ | (9,142 | ) | $ | 12,163 | $ | (101,914 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| Coal and Natural Resource Management | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues |
||||||||||||||||
| Coal royalties |
$ | 21,085 | $ | 22,983 | $ | 88,075 | $ | 114,133 | ||||||||
| Coal services |
146 | 1,038 | 2,698 | 5,621 | ||||||||||||
| Timber |
1,176 | 1,620 | 5,644 | 5,904 | ||||||||||||
| Oil and gas royalties |
1,165 | 691 | 3,410 | 2,856 | ||||||||||||
| Other |
1,635 | 2,623 | 10,277 | 8,167 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
25,207 | 28,955 | 110,104 | 136,681 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Operating |
3,901 | 5,098 | 13,363 | 16,775 | ||||||||||||
| General and administrative |
3,474 | 3,316 | 13,891 | 15,189 | ||||||||||||
| Merger and acquisition costs |
2,712 | — | 2,712 | — | ||||||||||||
| Depreciation, depletion and amortization |
7,267 | 8,043 | 28,159 | 32,802 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
17,354 | 16,457 | 58,125 | 64,766 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
$ | 7,853 | $ | 12,498 | $ | 51,979 | $ | 71,915 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Includes a $14.3 million third quarter 2013 gain on sale of assets and a $8.7 million impairment charge related to an equity investment in the fourth quarter of 2012. |
PVR PARTNERS, L.P.
OPERATING STATISTICS
($ Amounts in 000s)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| EASTERN MIDSTREAM |
||||||||||||||||
| Volumes (MMcfd) |
||||||||||||||||
| Lycoming Trunkline |
303 | 200 | 318 | 146 | ||||||||||||
| Wyoming Trunkline |
517 | 205 | 424 | 51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Trunkline Volume |
820 | 405 | 742 | 197 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Lycoming Gathering |
286 | 246 | 249 | 170 | ||||||||||||
| Wyoming Gathering |
308 | 205 | 225 | 154 | ||||||||||||
| East Lycoming Gathering |
122 | 92 | 117 | 53 | ||||||||||||
| Bradford Gathering |
52 | 15 | 50 | 9 | ||||||||||||
| Preston Gathering |
1 | — | — | — | ||||||||||||
| Greene Gathering |
7 | 4 | 8 | 3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Gathering |
776 | 562 | 649 | 389 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Throughput |
1,596 | 967 | 1,391 | 586 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Trunkline Fees |
$ | 28,704 | $ | 18,608 | $ | 98,847 | $ | 47,002 | ||||||||
| Total Gathering Fees |
$ | 30,999 | $ | 18,659 | $ | 102,161 | $ | 46,975 | ||||||||
| Trunkline Fees / Mcf |
$ | 0.38 | $ | 0.50 | $ | 0.36 | $ | 0.65 | ||||||||
| Gathering Fees / Mcf |
$ | 0.43 | $ | 0.36 | $ | 0.43 | $ | 0.33 | ||||||||
| MIDCONTINENT MIDSTREAM |
||||||||||||||||
| Volumes (MMcfd) |
||||||||||||||||
| Panhandle System |
310 | 369 | 327 | 354 | ||||||||||||
| Crossroads System (1) |
— | — | — | 27 | ||||||||||||
| Crescent System |
29 | 28 | 29 | 25 | ||||||||||||
| Hamlin System |
6 | 6 | 6 | 7 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Processing Systems |
345 | 403 | 362 | 413 | ||||||||||||
| Arkoma System |
8 | 9 | 9 | 9 | ||||||||||||
| North Texas System |
8 | 9 | 8 | 10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Gathering Only Systems |
16 | 18 | 17 | 19 | ||||||||||||
| Total All Systems |
361 | 421 | 379 | 432 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Gathering and Processing Fees, Net (2) |
$ | 29,962 | $ | 32,115 | $ | 124,562 | $ | 116,291 | ||||||||
| Fees Per Mcf |
$ | 0.90 | $ | 0.83 | $ | 0.90 | $ | 0.74 | ||||||||
| (1) | Crossroads System was sold July 3, 2012 |
| (2) | Processing fees include revenues from natural gas, natural gas liquids and gathering fees less cost of gas purchased |
| COAL PRODUCTION |
||||||||||||||||
| Coal royalty tons by region (000s) |
||||||||||||||||
| Central Appalachia |
2,251 | 2,830 | 10,261 | 13,920 | ||||||||||||
| Northern Appalachia |
938 | 1,093 | 3,320 | 4,004 | ||||||||||||
| Illinois Basin |
629 | 782 | 2,382 | 3,682 | ||||||||||||
| San Juan Basin |
2,301 | 1,925 | 9,179 | 8,608 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Tons |
6,119 | 6,630 | 25,142 | 30,214 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Coal Royalties |
$ | 21,085 | $ | 22,983 | $ | 88,075 | $ | 114,133 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Average Coal Royalty per ton |
$ | 3.45 | $ | 3.47 | $ | 3.50 | $ | 3.78 | ||||||||