Access Midstream Partners, L.P. Reports Financial Results for the 2014 Second Quarter

Partnership Reports 2014 Second Quarter Adjusted EBITDA of $275 Million, Distributable Cash Flow of $200 Million and Net Income of $67 Million

Partnership Increases Quarterly Distribution to $0.595 per Unit

OKLAHOMA CITY--()--Access Midstream Partners, L.P. (NYSE:ACMP) today announced financial results for the 2014 second quarter. The Partnership’s adjusted EBITDA for the 2014 second quarter totaled $275.1 million, an increase of $68.5 million, or 33.2%, from 2013 second quarter adjusted EBITDA of $206.6 million. Net income attributable to the Partnership totaled $67.5 million in the 2014 second quarter, a decrease of $1.7 million, or 2.5%, from the 2013 second quarter net income of $69.2 million. Distributable cash flow (DCF) for the 2014 second quarter totaled $200.4 million, an increase of $47.7 million, or 31.2%, from 2013 second quarter DCF of $152.7 million and resulted in a distribution coverage ratio of 1.45. Financial terms are defined on pages two and three of this release.

Throughput for the 2014 second quarter totaled 356.6 billion cubic feet (bcf) of natural gas, or 3.92 bcf per day, an increase of 6.8% from 2013 second quarter throughput of 3.67 bcf per day. Throughput increased in the Partnership’s Marcellus, Utica, Eagle Ford and Niobrara Shale regions. Partnership revenue for the 2014 second quarter totaled $292.9 million, an increase of $45.7 million, or 18.5%, compared to 2013 second quarter revenue of $247.2 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 2014 second quarter would have totaled $378.0 million, an increase of $71.4 million, or 23.3%, compared to the 2013 second quarter.

Capital expenditures during the 2014 second quarter totaled $307.7 million, including maintenance capital expenditures of $32.5 million. These capital expenditures included $113.4 million for the Partnership’s share of capital expenditures in entities accounted for as equity investments.

Partnership Increases Cash Distribution

On July 24, 2014, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.595 per unit for the 2014 second quarter, a $0.11, or 22.7%, per unit increase over the 2013 second quarter distribution and a $0.02, or 3.5%, per unit increase over the 2014 first quarter distribution. The distribution will be paid on August 14, 2014 to unitholders of record at the close of business on August 7, 2014. DCF of $200.4 million for the 2014 second quarter provided distribution coverage of 1.45 times the amount required for the Partnership to fund the distribution to the general partner and the limited partners.

Management Comments

J. Mike Stice, Access Midstream Partners’ Chief Executive Officer, commented, “We are excited about joining the Williams family through the recently completed acquisition of our general partner by The Williams Companies, Inc. Meanwhile, our operating teams remain focused on executing our growth plan and serving our producer customers. As highlighted by another strong quarter, the business continues to perform well as producers maintain their focus on the highly prolific unconventional basins we serve. We expect focused execution of our business model to continue to deliver strong returns for our investors in 2014.”

Williams Acquisition

On July 1, 2014, Williams acquired all of the interests in ACMP and ACMP’s general partner that were previously held by entities affiliated with Global Infrastructure Partners. Williams now owns 100% of and controls ACMP’s general partner, and Global Infrastructure Partners no longer has any ownership interest in ACMP. Williams has proposed the merger of Williams Partners L.P. (NYSE:WPZ) with and into a subsidiary of ACMP. The proposed merger is subject to negotiation, review and approval by conflicts committees of each partnership’s board of directors as well as approval by each partnership’s board of directors. The conflicts committees, comprised solely of independent board members, have retained legal and financial advisors to consider the proposal.

Conference Call Information

A conference call to discuss this release of financial results has been scheduled for Wednesday, July 30, 2014 at 9:00 a.m. EDT. The telephone number to access the conference call is 719-325-4836 or toll-free 888-695-0614. The passcode for the call is 9620705. 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 July 30, 2014 through 12:00 p.m. EDT on August 13, 2014. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 9620705. 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 2013 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
June 30,
2014     2013
Revenues(1) $ 292,934 $ 247,242
 
Operating Expenses
Operating expenses 97,523 82,844
Depreciation and amortization expense 89,976 71,869
General and administrative expense 37,257 25,089
Other operating (income) expense   (317 )   1,892
 
Total operating expenses   224,439   181,694
 
Operating income 68,495 65,548
 
Other income (expense)
Income from unconsolidated affiliates 48,063 33,745
Interest expense (42,903 ) (27,732 )
Other income   198   126
 
Income before income tax expense 73,853 71,687
Income tax expense   1,385   1,260
 
Net income 72,468 70,427
Net income attributable to noncontrolling interests   5,014   1,214
 
Net income attributable to Access Midstream Partners, L.P. $ 67,454 $ 69,213
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 67,454 $ 69,213
Less general partner interest in net income   (23,526 )   (5,995 )
 
Limited partner interest in net income $ 43,928 $ 63,218
 
Net income per limited partner unit – basic and diluted
Common units $ 0.18 $ 0.18
Subordinated units $ $ 0.31
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 190,954 108,673
Subordinated units 69,076
 
(1)   Excludes revenue from equity investments of $85.1 million and $59.4 million for the three months ended June 30, 2014 and 2013, 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)

 
Six Months Ended
June 30,
2014     2013
Revenues(1) $ 570,012 $ 484,201
 
Operating Expenses
Operating expenses 190,436 165,607
Depreciation and amortization expense 175,520 138,519
General and administrative expense 71,437 48,823
Other operating expense   1,488   1,983
 
Total operating expenses   438,881   354,932
 
Operating income 131,131 129,269
 
Other income (expense)
Income from unconsolidated affiliates 90,941 58,753
Interest expense (81,476 ) (54,794 )
Other income   590   395
 
Income before income tax expense 141,186 133,623
Income tax expense   3,189   2,500
 
Net income 137,997 131,123
Net income attributable to noncontrolling interests   9,465   2,372
 
Net income attributable to Access Midstream Partners, L.P. $ 128,532 $ 128,751
 
Limited partner interest in net income
Net income attributable to Access Midstream Partners, L.P. $ 128,532 $ 128,751
Less general partner interest in net income   (43,142 )   (10,787 )
 
Limited partner interest in net income $ 85,390 $ 117,964
 
Net income per limited partner unit – basic and diluted
Common units $ 0.33 $ 0.32
Subordinated units $ $ 0.60
 
Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands)
Common units 187,609 103,576
Subordinated units 69,076
 

(1)

  Excludes revenue from equity investments of $164.0 million and $106.5 million for the six months ended June 30, 2014 and 2013, 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
June 30, December 31,
2014 2013
Assets
 
Total current assets $ 243,308 $ 257,931
 
Property, plant and equipment
Gathering systems 6,406,548 5,974,940
Other fixed assets 361,933 175,411
Less: Accumulated depreciation   (999,219 )   (859,551 )
 
Total property, plant and equipment, net   5,769,262   5,290,800
 
Investments in unconsolidated affiliates 2,103,530 1,936,603
Intangible customer relationships, net 360,502 372,391
Deferred loan costs, net   64,061   59,721
 
Total assets $ 8,540,663 $ 7,917,446
 
Liabilities and Partners’ Capital
 
Total current liabilities $ 336,204 $ 306,472
 
Long-term liabilities
Long-term debt 3,805,397 3,249,230
Other liabilities   9,269   8,954
 
Total long-term liabilities   3,814,666   3,258,184
 
Total partners’ capital   4,389,793   4,352,790
 
Total liabilities and partners’ capital $ 8,540,663 $ 7,917,446
 
     
Access Midstream Partners, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands)
(unaudited)
 
Six Months Ended
June 30,
2014     2013
Cash flows from operating activities
Net income $ 137,997 $ 131,123
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 175,520 138,519
Income from unconsolidated affiliates (90,941 ) (58,753 )
Other non-cash items 12,602 6,676
Distribution of earnings received from unconsolidated affiliates 155,358
Changes in assets and liabilities
Decrease (increase) in accounts receivable 46,309 (23,592 )
(Increase) decrease in other assets (5,312 ) 1,905
Increase (decrease) in accounts payable 25,733 (10,896 )
Increase in accrued liabilities   5,495   32,598
 
Net cash provided by operating activities   462,761   217,580
 
Cash flows from investing activities
Additions to property, plant and equipment (521,170 ) (545,594 )
Purchase of compression assets (159,210 )
Investments in unconsolidated affiliates (220,378 ) (263,710 )
Proceeds from sale of assets   14,296   31,696
 
Net cash used in investing activities   (886,462 )   (777,608 )
 
Cash flows from financing activities
Proceeds from long-term borrowings 1,053,471 875,500
Payments on long-term borrowings (1,246,971 ) (659,300 )
Proceeds from issuance of common units 52,155 399,922
Proceeds from issuance of senior notes 750,000
Distribution to unitholders (252,145 ) (177,430 )
Capital contribution from noncontrolling interests 95,441 71,414
Payments on capital lease obligations (1,983 )
Debt issuance costs (8,777 ) (5,377 )
Other   1,956   8,328
 
Net cash provided by financing activities   443,147   513,057
 

Net increase (decrease) in cash and cash equivalents

19,446 (46,971 )
 
Cash and cash equivalents
Beginning of period   17,229   64,994
 
End of period $ 36,675 $ 18,023
 
     
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
Three Months Ended
June 30,
2014   2013
 
Net Income attributable to Access Midstream Partners, L.P. $ 67,454 $ 69,213
 
Adjusted for:
Interest expense 42,903 27,732
Income tax expense 1,385 1,260
Depreciation and amortization expense 89,976 71,869
Other (2,116 ) 320
Income from unconsolidated affiliates (48,063 ) (33,745 )
EBITDA from unconsolidated affiliates(1) (2) 73,042 49,751
Expense for non-cash equity awards 13,975 8,933
Implied minimum volume commitment   36,500   11,250
 
Adjusted EBITDA $ 275,056 $ 206,583
 
Adjusted for:
Maintenance capital expenditures (32,500 ) (27,500 )
Cash portion of interest expense (40,750 ) (25,115 )
Income tax expense   (1,385 )   (1,260 )
 
 
Distributable cash flow $ 200,421 $ 152,708
 
 
Cash provided by operating activities $ 192,937 $ 137,450
 
Adjusted for:
Change in assets and liabilities (28,252 ) (26,358 )
Distribution of earnings received from unconsolidated affiliates (43,316 )
Interest expense 42,903 27,732
Income tax expense 1,385 1,260
Other non-cash items (14,118 ) (3,435 )
EBITDA from unconsolidated affiliates(1) (2) 73,042 49,751
Expense for non-cash equity awards 13,975 8,933
Implied minimum volume commitment   36,500   11,250
 
Adjusted EBITDA $ 275,056 $ 206,583
 
Adjusted for:
Maintenance capital expenditures (32,500 ) (27,500 )
Cash portion of interest expense (40,750 ) (25,115 )
Income tax expense   (1,385 )   (1,260 )
 
Distributable cash flow $ 200,421 $ 152,708
 

 

Cash distribution
Limited partner units 2014: ($0.595 x 190,794,183 units) 2013: ($0.485 x 188,068,160 units) $ 113,522 $ 91,213
General partner interest   24,947   6,567
 
Total cash distribution $ 138,469 $ 97,780
 
Distribution coverage ratio   1.45   1.56
 
(1)

 

EBITDA from unconsolidated affiliates is calculated as follows:
Net Income $ 48,063 $ 33,745
 
Adjusted for:
Depreciation and amortization expense 24,857 16,007
Other   122   (1 )
 
EBITDA from unconsolidated affiliates $ 73,042 $ 49,751

 

(2)   The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, an equity investment in Utica East Ohio Midstream, LLC. and an equity investment in Ranch Westex JV, LLC.
 
     
Access Midstream Partners, L.P.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
(unaudited)
 
Six Months Ended
June 30,
2014   2013
 
Net Income attributable to Access Midstream Partners, L.P. $ 128,532 $ 128,751
 
Adjusted for:
Interest expense 81,476 54,794
Income tax expense 3,189 2,500
Depreciation and amortization expense 175,520 138,519
Other (2,897 ) (320 )
Income from unconsolidated affiliates (90,941 ) (58,753 )
EBITDA from unconsolidated affiliates(1) (2) 139,568 89,210
Expense for non-cash equity awards 23,789 16,323
Implied minimum volume commitment   67,000   20,000
 
Adjusted EBITDA $ 525,236 $ 391,024
 
Adjusted for:
Maintenance capital expenditures (65,000 ) (55,000 )
Cash portion of interest expense (77,374 ) (50,207 )
Income tax expense   (3,189 )   (2,500 )
 
Distributable cash flow $ 379,673 $ 283,317
 
 
Cash provided by operating activities $ 462,761 $ 217,580
 
Adjusted for:
Change in assets and liabilities (72,225 ) (15 )
Distribution of earnings received from unconsolidated affiliates (155,358 )
Interest expense 81,476 54,794
Income tax expense 3,189 2,500
Other non-cash items (24,964 ) (9,368 )
EBITDA from unconsolidated affiliates(1) (2) 139,568 89,210
Expense for non-cash equity awards 23,789 16,323
Implied minimum volume commitment   67,000   20,000
 
Adjusted EBITDA $ 525,236 $ 391,024
 
Adjusted for:
Maintenance capital expenditures (65,000 ) (55,000 )
Cash portion of interest expense (77,374 ) (50,207 )
Income tax expense   (3,189 )   (2,500 )
 
Distributable cash flow $ 379,673 $ 283,317
 
(1)   EBITDA from unconsolidated affiliates is calculated as follows:
Net Income $ 90,941 $ 58,753
 
Adjusted for:
Depreciation and amortization expense 48,507 30,473
Other   120   (16 )
 
EBITDA from unconsolidated affiliates $ 139,568 $ 89,210
 
(2)   The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, an equity investment in Utica East Ohio Midstream, LLC. and an equity investment in Ranch Westex JV, LLC.
 
         

Access Midstream Partners, L.P.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

(unaudited)

 
Three Months Ended Six Months Ended
June 30, June 30,
2014   2013 2014   2013
($ in thousands)
 
GAAP Capital Expenditures $ 251,539 $ 274,640 $ 521,170 $ 545,594
 
Adjusted for:
Capital expenditures included in unconsolidated affiliates 113,454 190,172 222,844 355,678
Capital expenditures attributable to noncontrolling interest   (57,315 )   (39,594 )   (104,262 )   (67,346 )
 
Net Capital Expenditures $ 307,678 $ 425,218 $ 639,752 $ 833,926
 
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
($ in thousands)
 
Revenues $ 292,934 $ 247,242 $ 570,012 $ 484,201
 
Adjusted for:
Revenues included in investments in unconsolidated affiliates   85,088   59,363   163,968   106,510
 
Total revenues including revenues from equity investments $ 378,022 $ 306,605 $ 733,980 $ 590,711
 
 
Access Midstream Partners, L.P.
SEGMENT INFORMATION AND OPERATING STATISTICS
(unaudited)
 
Three Months Ended
June 30,
2014   2013
Barnett Shale    
Operating income 36,170 42,421
Income from unconsolidated affiliates
Capital expenditures 2,777 13,395
Throughput, bcf per day 0.925 1.024
Approximate miles of pipe at end of period 860 851
Gas compression (horsepower) at end of period 144,045 153,115
 
Eagle Ford Shale
Operating income 52,780 39,439
Income from unconsolidated affiliates
Capital expenditures 46,090 83,443
Throughput, bcf per day 0.293 0.258
Approximate miles of pipe at end of period 911 751
Gas compression (horsepower) at end of period 111,117 70,812
 
Haynesville Shale
Operating income (loss) (2,534 ) 2,041
Income from unconsolidated affiliates
Capital expenditures 2,596 2,777
Throughput, bcf per day 0.608 0.695
Approximate miles of pipe at end of period 581 581
Gas compression (horsepower) at end of period 21,970 20,195
 
Marcellus Shale
Operating income (loss) (597 ) 3,776
Income from unconsolidated affiliates 40,671 34,492
Capital expenditures(1) 47,028 75,946
Throughput, bcf per day(2) 1.186 0.996
Approximate miles of pipe at end of period 855 1,332
Gas compression (horsepower) at end of period 136,780 89,850
 
Niobrara Shale
Operating income (loss) 1,094 (671 )
Income from unconsolidated affiliates
Capital expenditures(1) 28,930 5,835
Throughput, bcf per day(2) 0.022 0.010
Approximate miles of pipe at end of period 150 113
Gas compression (horsepower) at end of period 15,865 13,595
 
Utica Shale
Operating income 16,725 2,704
Income (loss) from unconsolidated affiliates 4,584 (929 )
Capital expenditures(1) 132,911 172,227
Throughput, bcf per day(2) 0.320 0.074
Approximate miles of pipe at end of period 323 149
Gas compression (horsepower) at end of period 88,330 16,880
 
Mid-Continent
Operating income 22,390 19,621
Income from unconsolidated affiliates 2,808 182
Capital expenditures(1) 22,452 31,403
Throughput, bcf per day 0.564 0.608
Approximate miles of pipe at end of period 2,815 2,602
Gas compression (horsepower) at end of period 105,789 108,370
 
Corporate
Operating loss (57,533 ) (43,783 )
Capital expenditures 24,894 40,192
 
Total
Operating income 68,495 65,548
Income from unconsolidated affiliates 48,063 33,745
Capital expenditures(1) 307,678 425,218
Throughput, bcf per day(2) 3.918 3.665
Approximate miles of pipe at end of period 6,495 6,379
Gas compression (horsepower) at end of period 623,896 472,817
 
(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.
SEGMENT INFORMATION AND OPERATING STATISTICS
(unaudited)
     
Six Months Ended
June 30,
2014     2013
Barnett Shale    
Operating income 73,466 87,651
Income from unconsolidated affiliates
Capital expenditures 8,792 34,399
Throughput, bcf per day 0.949 1.045
Approximate miles of pipe at end of period 860 851
Gas compression (horsepower) at end of period 144,045 153,115
 
Eagle Ford Shale
Operating income 99,996 72,911
Income from unconsolidated affiliates
Capital expenditures 123,573 165,359
Throughput, bcf per day 0.280 0.243
Approximate miles of pipe at end of period 911 751
Gas compression (horsepower) at end of period 111,117 70,812
 
Haynesville Shale
Operating income (loss) (5,474 ) 4,914
Income from unconsolidated affiliates
Capital expenditures 6,246 10,562
Throughput, bcf per day 0.583 0.732
Approximate miles of pipe at end of period 581 581
Gas compression (horsepower) at end of period 21,970 20,195
 
Marcellus Shale
Operating income (loss) (1,049 ) 4,785
Income from unconsolidated affiliates 81,203 59,738
Capital expenditures(1) 86,682 169,376
Throughput, bcf per day(2) 1.196 0.930
Approximate miles of pipe at end of period 855 1,332
Gas compression (horsepower) at end of period 136,780 89,850
 
Niobrara Shale
Operating income (loss) 3,921 (632 )
Income from unconsolidated affiliates
Capital expenditures(1) 43,564 11,598
Throughput, bcf per day(2) 0.024 0.010
Approximate miles of pipe at end of period 150 113
Gas compression (horsepower) at end of period 15,865 13,595
 
Utica Shale
Operating income 28,847 4,454
Income (loss) from unconsolidated affiliates 5,110 (1,090 )
Capital expenditures(1) 273,817 287,975
Throughput, bcf per day(2) 0.277 0.064
Approximate miles of pipe at end of period 323 149
Gas compression (horsepower) at end of period 88,330 16,880
 
Mid-Continent
Operating income 45,136 33,734
Income from unconsolidated affiliates 4,628 105
Capital expenditures(1) 39,474 70,678
Throughput, bcf per day 0.564 0.583
Approximate miles of pipe at end of period 2,815 2,602
Gas compression (horsepower) at end of period 105,789 108,370
 
Corporate
Operating loss (113,712 ) (78,548 )
Capital expenditures 57,604 83,979
 
Total
Operating income 131,131 129,269
Income from unconsolidated affiliates 90,941 58,753
Capital expenditures(1) 639,752 833,926
Throughput, bcf per day(2) 3.873 3.607
Approximate miles of pipe at end of period 6,495 6,379
Gas compression (horsepower) at end of period 623,896 472,817
 
(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
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
Chris Callahan, 405-727-1186
chris.callahan@accessmidstream.com

Sharing

Contacts

Access Midstream
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
Chris Callahan, 405-727-1186
chris.callahan@accessmidstream.com