Access Midstream Partners, L.P. Reports Financial Results for the 2013 Third Quarter

Partnership Reports 2013 Third Quarter Adjusted EBITDA of $227 Million, Distributable Cash Flow of $171 Million and Net Income of $78 Million

Partnership Increases Quarterly Distribution to $0.535 per Unit

OKLAHOMA CITY--()--Access Midstream Partners, L.P. (NYSE:ACMP) today announced financial results for the 2013 third quarter. The Partnership’s adjusted EBITDA for the 2013 third quarter totaled $227.0 million, an increase of $107.5 million, or 90.0%, from 2012 third quarter adjusted EBITDA of $119.5 million. Net income attributable to the Partnership totaled $78.2 million in the 2013 third quarter, an increase of $28.0 million, or 55.8%, from 2012 third quarter net income of $50.2 million. Distributable cash flow (DCF) for the 2013 third quarter totaled $171.5 million, an increase of $85.2 million, or 98.7%, from 2012 third quarter DCF of $86.3 million and resulted in a distribution coverage ratio of 1.51. Financial terms are defined on pages two through four of this release.

Throughput for the 2013 third quarter totaled 349.2 billion cubic feet (bcf) of natural gas, or 3.80 bcf per day, an increase of 34.3% from 2012 third quarter throughput of 2.83 bcf per day. The increase was driven primarily by throughput from the Eagle Ford and Haynesville assets acquired in December 2012, as well as an increase in Marcellus throughput. The Partnership’s revenues for the 2013 third quarter totaled $260.9 million, an increase of $104.8 million, or 67.1%, compared to 2012 third quarter revenues of $156.1 million. Revenues in both periods exclude revenues attributable to the Partnership’s equity investments as those revenues are accounted for as part of the Partnership’s investments in unconsolidated affiliates. If the Partnership’s proportional share of revenue from equity investments was included, revenue for the 2013 third quarter would have totaled $327.5 million, an increase of $136.3 million, or 71.3%, compared to the 2012 third quarter.

Capital expenditures during the 2013 third quarter totaled $398.9 million, including maintenance capital expenditures of $27.5 million. These capital expenditures included $180.3 million for the Partnership’s share of capital expenditures in entities accounted for as equity investments. Capital expenditures during the nine months ended September 30, 2013 totaled $1,232.9 million, including maintenance capital expenditures of $82.5 million. These capital expenditures included $536.0 million for the Partnership’s share of capital expenditures in entities accounted for as equity investments.

Partnership Increases Cash Distribution

On October 25, 2013, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.535 per unit for the 2013 third quarter, an increase of $0.10, or 23.0%, per unit over the 2012 third quarter distribution and an increase of $0.05, or 10.3%, per unit over the 2013 second quarter distribution. The distribution will be paid on November 14, 2013 to unitholders of record at the close of business on November 7, 2013. DCF of $171.5 million for the 2013 third quarter provided distribution coverage of 1.51 times the amount required for the Partnership to fund the distribution to the limited partners and the general partner.

Management Comments

J. Mike Stice, Access Midstream Partners’ Chief Executive Officer, commented, “I could not be more pleased with our execution this quarter. From our on-time delivery of gathering, processing and fractionation facilities in the Utica region by Access and its partners, to the record dry gas volumes in the Marcellus North, our execution of these world-class facilities and assets has been extraordinary. We have delivered another quarter of strong financial results consistent with our best-in-class fixed fee business model. As a result of continued outstanding operational and financial performance, the Board has elected to step-up the distribution this quarter by five cents per unit, returning strong, predictable cash flow back to our investors. From this new baseline, the Partnership expects to grow limited partner distributions at a sustained 15% rate consistent with previous guidance.”

Senior Notes Offering

On August 14, 2013, the Partnership closed the offering of $400 million of additional 5.875% senior notes due 2021. The notes were issued at a price of 101.5% of the principal amount. The notes form a single series with the Partnership’s existing 5.875% senior notes due 2021, which were initially issued on April 19, 2011. The Partnership received net proceeds of $400.8 million from the senior notes offering, which were used for general partnership purposes, including funding working capital, repayment of indebtedness and funding the Partnership’s capital expenditure program.

Conference Call Information

A conference call to discuss this release of financial results has been scheduled for Wednesday, October 30, 2013 at 9:00 a.m. EDT. The telephone number to access the conference call is 719-325-2338 or toll-free 800-946-0713. The passcode for the call is 2116952. We encourage those who would like to participate in the call to dial the access number between 8:50 and 9:00 a.m. EDT. For those unable to participate in the conference call, a replay will be available for audio playback from 12:00 p.m. EDT on October 30, 2013 through 12:00 p.m. EDT on November 13, 2013. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 2116952. The conference call will also be webcast live on the Internet and can be accessed by going to the Partnership’s website at www.accessmidstream.com in the "Events" subsection of the "Investors" section of the website. An archive of the conference call webcast will also be available on the website.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of adjusted EBITDA and DCF. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered as an alternative to GAAP measures such as net income, net cash provided by operating activities or any other measure of liquidity or financial performance calculated and presented in accordance with GAAP. Investors should not consider adjusted EBITDA, DCF or adjusted DCF in isolation or as a substitute for analysis of the Partnership’s results as reported under GAAP. Because these non-GAAP financial measures may be defined differently by other companies in our industry, the Partnership’s definition of adjusted EBITDA, DCF and adjusted DCF may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Adjusted EBITDA. The Partnership agreement defines adjusted EBITDA as net income (loss) before income tax expense, interest expense, depreciation and amortization expense and certain other items management believes affect the comparability of operating results. Adjusted EBITDA is a non-GAAP financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • The Partnership’s operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to capital structure, historical cost basis or financing methods;
  • The Partnership’s ability to incur and service debt and fund capital expenditures;
  • The ability of the Partnership’s assets to generate sufficient cash flow to make distributions to unitholders; and
  • The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

Management believes it is appropriate to exclude certain items from EBITDA because management believes these items affect the comparability of operating results. The Partnership believes that the presentation of adjusted EBITDA in this press release provides information useful to investors in assessing its financial condition and results of operations. The GAAP measure most directly comparable to adjusted EBITDA is net income.

Distributable Cash Flow. The Partnership agreement defines DCF as adjusted EBITDA attributable to the Partnership adjusted for:

  • Addition of interest income;
  • Subtraction of net cash paid for interest expense;
  • Subtraction of maintenance capital expenditures; and
  • Subtraction of income taxes.

Management compares the DCF the Partnership generates to the cash distributions it expects to pay its partners. Using this metric, management computes a distribution coverage ratio. DCF is an important non-GAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flows at a level that can sustain or support an increase in its quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is in part measured by its yield, which is based on the amount of cash distributions a partnership can pay to a unitholder. The GAAP measure most directly comparable to DCF is net cash provided by operating activities.

Access Midstream Partners, L.P. (NYSE:ACMP) is the industry’s largest gathering and processing master limited partnership as measured by throughput volume. The Partnership owns, operates, develops and acquires natural gas gathering and processing systems and other midstream energy assets. Headquartered in Oklahoma City, the Partnership's operations are focused on the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica Shales and Mid-Continent region of the U.S. The Partnership’s common units are listed on the New York Stock Exchange under the symbol ACMP. Further information is available at www.accessmidstream.com where the Partnership routinely posts announcements, updates, events, investor information and presentations and all recent press releases.

This press release includes forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. They include but are not limited to our business strategy and plans and objectives for future operations. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this release, and we undertake no obligations to update this information. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under “Risk Factors” in our 2012 Annual Report on Form 10-K and our other SEC filings.

   
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per unit data)
(unaudited)
 
Three Months Ended
September 30,
2013 2012
Revenues(1) $ 260,943 $ 156,092
 
Operating Expenses
Operating expenses 83,533 49,805
Depreciation and amortization expense 77,086 41,163
General and administrative expense 24,470 15,283
Other operating income   (239 )   (628 )
 
Total operating expenses   184,850     105,623  
 
Operating income 76,093 50,469
 
Other income (expense)
Income from unconsolidated affiliates 32,835 15,724
Interest expense (28,600 ) (15,219 )
Other income   236     115  
 
Income before income tax expense 80,564 51,089
Income tax expense   1,353     861  
 
Net income 79,211 50,228
Net income attributable to noncontrolling interests   994      
 
Net income attributable to Access Midstream Partners, L.P. $ 78,217   $ 50,228  
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 78,217 $ 50,228
Less general partner interest in net income   (12,591 )   (2,364 )
 
Limited partner interest in net income $ 65,626   $ 47,864  
 
Net income per limited partner unit – basic and diluted
Common units $ 0.22 $ 0.32
Subordinated units $ 0.33 $ 0.32
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 144,248 79,434
Subordinated units 33,787 69,076
 
(1) Excludes revenues from equity investments of $66.5 million and $35.2 million for the three months ended September 30, 2013 and 2012, respectively that is included in Income from Unconsolidated Affiliates.
 
If either Chesapeake Energy Corporation (“Chesapeake”) or Total E&P USA, Inc. (“Total”) does not meet its minimum volume commitment to the Partnership in the Barnett Shale region or Chesapeake does not meet its minimum volume commitment in the Haynesville Shale region under the relevant gas gathering agreement for specified annual periods, Chesapeake or Total is obligated to pay the Partnership a fee equal to the applicable fee for each mcf by which the applicable party’s minimum volume commitment for the year exceeds the actual volumes gathered on the Partnership’s systems. Should payments be due under the minimum volume commitment with respect to any year, the Partnership recognizes the associated revenue in the fourth quarter of that year.
   
 

Access Midstream Partners, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per unit data)

(unaudited)

 
Nine Months Ended
September 30,
2013 2012
Revenues(1) $ 745,144 $ 460,098
 
Operating Expenses
Operating expenses 249,140 143,218
Depreciation and amortization expense 215,605 120,323
General and administrative expense 73,293 38,326
Other operating (income) expense   1,744     (433 )
 
Total operating expenses   539,782     301,434  
 
Operating income 205,362 158,664
 
Other income (expense)
Income from unconsolidated affiliates 91,588 44,682
Interest expense (83,394 ) (46,813 )
Other income   631     174  
 
Income before income tax expense 214,187 156,707
Income tax expense   3,853     2,507  
 
Net income 210,334 154,200
Net income attributable to noncontrolling interests   3,366      
 
Net income attributable to Access Midstream Partners, L.P. $ 206,968   $ 154,200  
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 206,968 $ 154,200
Less general partner interest in net income   (23,378 )   (5,545 )
 
Limited partner interest in net income $ 183,590   $ 148,655  
 
Net income per limited partner unit – basic and diluted
Common units $ 0.54 $ 1.00
Subordinated units $ 0.93 $ 1.00
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 117,282 79,330
Subordinated units 57,184 69,076
 
(1) Excludes revenues from equity investments of $173.0 million and $98.5 million for the nine months ended September 30, 2013 and 2012, respectively that is included in Income from Unconsolidated Affiliates.
 
If either Chesapeake Energy Corporation (“Chesapeake”) or Total E&P USA, Inc. (“Total”) does not meet its minimum volume commitment to the Partnership in the Barnett Shale region or Chesapeake does not meet its minimum volume commitment in the Haynesville Shale region under the relevant gas gathering agreement for specified annual periods, Chesapeake or Total is obligated to pay the Partnership a fee equal to the applicable fee for each mcf by which the applicable party’s minimum volume commitment for the year exceeds the actual volumes gathered on the Partnership’s systems. Should payments be due under the minimum volume commitment with respect to any year, the Partnership recognizes the associated revenue in the fourth quarter of that year.
   
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands)
(unaudited)
 
As of As of
September 30, December 31,
2013 2012
Assets
 
Total current assets $ 204,691   $ 219,766  
 
Property, plant and equipment
Gathering systems 5,745,115 5,125,746
Other fixed assets 139,468 96,916
Less: Accumulated depreciation   (785,354 )   (590,614 )
 
Total property, plant and equipment, net   5,099,229     4,632,048  
 
Investment in unconsolidated affiliates 1,827,448 1,297,811
Intangible customer relationships, net 379,258 355,217
Deferred loan costs, net   61,466     56,258  
 
Total assets $ 7,572,092   $ 6,561,100  
 
Liabilities and Partners’ Capital
 
Total current liabilities $ 302,374   $ 259,261  
 
Long-term liabilities
Long-term debt 3,010,693 2,500,000
Other liabilities   7,853     5,333  
 
Total long-term liabilities   3,018,546     2,505,333  
 
Total partners’ capital   4,251,172     3,796,506  
 
Total liabilities and partners’ capital $ 7,572,092   $ 6,561,100  
   
 
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(unaudited)
 
Nine Months Ended
September 30,
2013 2012
Cash flows from operating activities
Net income $ 210,334 $ 154,200
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 215,605 120,323
Income from unconsolidated affiliates (91,588 ) (44,682 )
Other non-cash items 8,781 5,661
Distribution of earnings received from unconsolidated affiliates 4,737
Changes in assets and liabilities
(Increase) decrease in accounts receivable (42,218 ) 12,547
(Increase) decrease in other assets 1,721 (15,289 )
Decrease in accounts payable (12,595 ) (6,579 )
Increase in accrued liabilities   63,229     16,492  
 
Net cash provided by operating activities   358,006     242,673  
 
Cash flows from investing activities
Additions to property, plant and equipment (811,111 ) (231,632 )
Investments in unconsolidated affiliates (425,298 ) (139,216 )
Proceeds from sale of assets   72,408     9,316  
 
Net cash used in investing activities   (1,164,001 )   (361,532 )
 
Cash flows from financing activities
Proceeds from long-term borrowings 1,445,500 847,500
Payments on long-term borrowings (1,340,700 ) (1,285,900 )
Proceeds from issuance of common units 399,812
Proceeds from issuance of senior notes 414,094 750,000
Distribution to unitholders (275,199 ) (184,639 )
Capital contribution from noncontrolling interests 120,594
Debt issuance costs (11,735 ) (13,824 )
Other adjustments   8,598     5,720  
 
Net cash provided by financing activities   760,964     118,857  
 

Net decrease in cash and cash equivalents

(45,031 ) (2 )
 
Cash and cash equivalents
Beginning of period   64,994     22  
 
End of period $ 19,963   $ 20  
   
 
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
Three Months Ended
September 30,
2013 2012
 
Net Income attributable to Access Midstream Partners, L.P. $ 78,217 $ 50,228
 
Adjusted for:
Interest expense 28,600 15,219
Income tax expense 1,353 861
Depreciation and amortization expense 77,086 41,163
Other (1,257 ) (628 )
Income from unconsolidated affiliates (32,835 ) (15,724 )
EBITDA from unconsolidated affiliates(1) (2) 52,452 28,403
Expense for non-cash equity awards 5,847
Implied minimum volume commitment   17,500      
 
Adjusted EBITDA $ 226,963   $ 119,522  
 
Adjusted for:
Maintenance capital expenditures (27,500 ) (18,500 )
Cash portion of interest expense (26,645 ) (13,868 )
Income tax expense   (1,353 )   (861 )
 
 
Distributable cash flow $ 171,465   $ 86,293  
 
 
Cash provided by operating activities $ 140,426 $ 106,275
 
Adjusted for:
Change in assets and liabilities (10,122 ) (28,656 )
Distribution of earnings received from unconsolidated affiliates (4,737 )
Interest expense 28,600 15,219
Income tax expense 1,353 861
Other non-cash items (4,356 ) (2,580 )
EBITDA from unconsolidated affiliates(1) (2) 52,452 28,403
Expense for non-cash equity awards 5,847
Implied minimum volume commitment   17,500      
 
Adjusted EBITDA $ 226,963   $ 119,522  
 
Adjusted for:
Maintenance capital expenditures (27,500 ) (18,500 )
Cash portion of interest expense (26,645 ) (13,868 )
Income tax expense   (1,353 )   (861 )
 
Distributable cash flow $ 171,465   $ 86,293  
 

 

Cash distribution
Limited partner units 2013: ($0.535 x 188,047,721 units) 2012: ($0.435 x 147,998,610 units) $ 100,606 $ 64,380
General partner interest   13,304     2,701  
 
Total cash distribution $ 113,910   $ 67,081  
 
Distribution coverage ratio   1.51     1.29  
 

(1) EBITDA from unconsolidated affiliates is calculated as follows:

Net Income $ 32,835 $ 15,724
 
Adjusted for:
Depreciation and amortization expense 19,624 12,742
Other   (7 )   (63 )
 
EBITDA from unconsolidated affiliates $ 52,452   $ 28,403  
 
(2) The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, Utica East Ohio Midstream, LLC. and Ranch Westex JV, LLC.
   
 
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
Nine Months Ended
September 30,
2013 2012
 
Net Income attributable to Access Midstream Partners, L.P. $ 206,968 $ 154,200
 
Adjusted for:
Interest expense 83,394 46,813
Income tax expense 3,853 2,507
Depreciation and amortization expense 215,605 120,323
Other (1,577 ) (433 )
Income from unconsolidated affiliates (91,588 ) (44,682 )
EBITDA from unconsolidated affiliates(1) (2) 141,662 80,121
Expense for non-cash equity awards 22,170
Implied minimum volume commitment   37,500      
 
Adjusted EBITDA $ 617,987   $ 358,849  
 
Adjusted for:
Maintenance capital expenditures (82,500 ) (55,500 )
Cash portion of interest expense (76,852 ) (42,835 )
Income tax expense   (3,853 )   (2,507 )
 
 
Distributable cash flow $ 454,782   $ 258,007  
 
 
Cash provided by operating activities $ 358,006 $ 242,673
 
Adjusted for:
Change in assets and liabilities (10,137 ) (7,171 )
Distribution of earnings received from unconsolidated affiliates (4,737 )
Interest expense 83,394 46,813
Income tax expense 3,853 2,507
Other non-cash items (13,724 ) (6,094 )
EBITDA from unconsolidated affiliates(1) (2) 141,662 80,121
Expense for non-cash equity awards 22,170
Implied minimum volume commitment   37,500      
 
Adjusted EBITDA $ 617,987   $ 358,849  
 
Adjusted for:
Maintenance capital expenditures (82,500 ) (55,500 )
Cash portion of interest expense (76,852 ) (42,835 )
Income tax expense   (3,853 )   (2,507 )
 
Distributable cash flow $ 454,782   $ 258,007  
 

(1) EBITDA from unconsolidated affiliates is calculated as follows:

Net Income $ 91,588 $ 44,682
 
Adjusted for:
Depreciation and amortization expense 50,097 35,530
Other   (23 )   (91 )
 
EBITDA from unconsolidated affiliates $ 141,662   $ 80,121  
 

(2)

The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, Utica East Ohio Midstream, LLC. and Ranch Westex JV, LLC.
       
 
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
($ in thousands)
 
GAAP capital expenditures $ 265,517 $ 90,711 $ 811,111 $ 231,632
 
Adjusted for:
Capital expenditures included in unconsolidated affiliates 180,286 115,536 535,964 290,717
Capital expenditures attributable to noncontrolling interest   (46,862 )     (114,208 )  
 
Net capital expenditures $ 398,941   $ 206,247 $ 1,232,867   $ 522,349
 
 
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
($ in thousands)
 
Revenues $ 260,943 $ 156,092 $ 745,144 $ 460,098
 
Adjusted for:
Revenues included in investments in unconsolidated affiliates   66,525     35,112   173,035     98,457
 
Total revenues including revenues from equity investments $ 327,468   $ 191,204 $ 918,179   $ 558,555
   
 
Access Midstream Partners, L.P.
OPERATING STATISTICS
(unaudited)
 
Three Months Ended
September 30,
2013 2012
Barnett Shale
Operating income 45,806 54,790
Income from unconsolidated affiliates
Capital expenditures(1) 11,337 21,619
Throughput, bcf per day 1.064 1.236
Approximate miles of pipe at end of period 858 845
Gas compression (horsepower) at end of period 154,495 161,115
 
Eagle Ford Shale
Operating income 46,405
Income from unconsolidated affiliates
Capital expenditures(1) 80,794
Throughput, bcf per day 0.295
Approximate miles of pipe at end of period 804
Gas compression (horsepower) at end of period 77,672
 
Haynesville Shale
Operating income (2,251 ) 3,990
Income from unconsolidated affiliates
Capital expenditures(1) 2,947 5,625
Throughput, bcf per day 0.632 0.325
Approximate miles of pipe at end of period 581 263
Gas compression (horsepower) at end of period 20,195 23,745
 
Marcellus Shale
Operating income 434
Income from unconsolidated affiliates 33,925 15,724
Capital expenditures(1) 75,310 115,536
Throughput, bcf per day(2) 1.065 0.691
Approximate miles of pipe at end of period 1,389 458
Gas compression (horsepower) at end of period 99,905 50,950
 
Niobrara Shale
Operating income (478 )
Income from unconsolidated affiliates
Capital expenditures(1) 10,419
Throughput, bcf per day(2) 0.016
Approximate miles of pipe at end of period 123
Gas compression (horsepower) at end of period 15,665
 
Utica Shale
Operating income 8,435
Income from unconsolidated affiliates (1,453 )
Capital expenditures(1) 169,317
Throughput, bcf per day(2) 0.140
Approximate miles of pipe at end of period 220
Gas compression (horsepower) at end of period 57,730
 
Mid-Continent
Operating income 12,880 12,842
Income from unconsolidated affiliates 363
Capital expenditures(1) 21,838 58,352
Throughput, bcf per day 0.584 0.573
Approximate miles of pipe at end of period 2,791 2,589
Gas compression (horsepower) at end of period 108,410 99,394
 
Corporate
Operating income (35,138 ) (21,153 )
Capital expenditures(1) 26,979 5,115
 
Total
Operating income 76,093 50,469
Income from unconsolidated affiliates 32,835 15,724
Capital expenditures(1) 398,941 206,247
Throughput, bcf per day(2) 3.796 2.825
Approximate miles of pipe at end of period 6,766 4,155
Gas compression (horsepower) at end of period 534,072 335,204
 
(1) Includes capital expenditures accounted for as part of the Partnership’s equity investments and excludes capital expenditures attributable to noncontrolling interests. See page 11 of this release for required reconciliation to GAAP capital expenditures.
 
(2) Throughput in all regions represents the net throughput allocated to the Partnership’s interest.
   
 
Access Midstream Partners, L.P.
OPERATING STATISTICS
(unaudited)
 
Nine Months Ended
September 30,
2013 2012
Barnett Shale
Operating income 133,457 161,844
Income from unconsolidated affiliates
Capital expenditures(1) 45,736 80,613
Throughput, bcf per day 1.051 1.259
Approximate miles of pipe at end of period 858 845
Gas compression (horsepower) at end of period 154,495 161,115
 
Eagle Ford Shale
Operating income 119,316
Income from unconsolidated affiliates
Capital expenditures(1) 246,153
Throughput, bcf per day 0.260
Approximate miles of pipe at end of period 804
Gas compression (horsepower) at end of period 77,672
 
Haynesville Shale
Operating income 2,663 15,948
Income from unconsolidated affiliates
Capital expenditures(1) 13,509 17,481
Throughput, bcf per day 0.698 0.363
Approximate miles of pipe at end of period 581 263
Gas compression (horsepower) at end of period 20,195 23,745
 
Marcellus Shale
Operating income 5,219
Income from unconsolidated affiliates 93,663 44,682
Capital expenditures(1) 244,686 290,717
Throughput, bcf per day(2) 0.976 0.648
Approximate miles of pipe at end of period 1,389 458
Gas compression (horsepower) at end of period 99,905 50,950
 
Niobrara Shale
Operating income (1,110 )
Income from unconsolidated affiliates
Capital expenditures(1) 22,018
Throughput, bcf per day(2) 0.012
Approximate miles of pipe at end of period 123
Gas compression (horsepower) at end of period 15,665
 
Utica Shale
Operating income 12,889
Income from unconsolidated affiliates (2,543 )
Capital expenditures(1) 457,291
Throughput, bcf per day(2) 0.090
Approximate miles of pipe at end of period 220
Gas compression (horsepower) at end of period 57,730
 
Mid-Continent
Operating income 46,614 38,549
Income from unconsolidated affiliates 468
Capital expenditures(1) 92,516 113,048
Throughput, bcf per day 0.584 0.562
Approximate miles of pipe at end of period 2,791 2,589
Gas compression (horsepower) at end of period 108,410 99,394
 
Corporate
Operating income (113,686 ) (57,677 )
Capital expenditures(1) 110,958 20,490
 
Total
Operating income 205,362 158,664
Income from unconsolidated affiliates 91,588 44,682
Capital expenditures(1) 1,232,867 522,349
Throughput, bcf per day(2) 3.671 2.832
Approximate miles of pipe at end of period 6,766 4,155
Gas compression (horsepower) at end of period 534,072 335,204
 
(1) Includes capital expenditures accounted for as part of the Partnership’s equity investments and excludes capital expenditures attributable to noncontrolling interests. See page 11 of this release for required reconciliation to GAAP capital expenditures.
 
(2) Throughput in all regions represents the net throughput allocated to the Partnership’s interest.

Contacts

Access Midstream Partners, L.P.
Investor Contact:
Dave Shiels, CFO, 405-727-1740
dave.shiels@accessmidstream.com
or
Media Contacts:
Debbie Nauser, 405-727-1612
debbie.nauser@accessmidstream.com
or
Tom Johnson, 212-371-5999
tbj@abmac.com

Sharing

Contacts

Access Midstream Partners, L.P.
Investor Contact:
Dave Shiels, CFO, 405-727-1740
dave.shiels@accessmidstream.com
or
Media Contacts:
Debbie Nauser, 405-727-1612
debbie.nauser@accessmidstream.com
or
Tom Johnson, 212-371-5999
tbj@abmac.com