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Crosstex Energy Lp (ENLK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Enlink Midstream Partners, Lp

CIK: 1179060 Ticker: ENLK
Exhibit 99.1
(CROSSTEX LOGO)
FOR IMMEDIATE RELEASE
MARCH 2, 2009
Contact:        Jill McMillan, Manager, Public & Industry Affairs
     Phone: (214) 721-9271
     Jill.McMillan@CrosstexEnergy.com
CROSSTEX ENERGY REPORTS FOURTH-QUARTER AND FULL-YEAR 2008 RESULTS
Amends Debt Agreements;
Suspends Distributions and Dividends;
Provides Preliminary 2009 Guidance
DALLAS, March 2, 2009 — The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation), today reported earnings for the fourth-quarter and full-year 2008. The Partnership also announced that it has successfully amended its bank credit facility and senior note agreement, which will provide additional operating flexibility during the next two years. Consistent with the amendments to the agreements, the Partnership is suspending quarterly distributions until certain financial measures are met. The Corporation will suspend payment of quarterly dividends until such time as Partnership distributions resume.
Fourth-Quarter 2008 — Crosstex Energy, L.P. Financial Results
The Partnership realized distributable cash flow of $68.7 million in the fourth quarter of 2008, compared with $41.1 million in the fourth quarter of 2007. Distributable cash flow is a non-GAAP financial measure and is explained in greater detail under “Non-GAAP Financial Information.” There is a reconciliation of this non-GAAP measure to net income in the tables at the end of this news release. Distributable cash flow in the fourth quarter includes $38.2 million of proceeds in excess of invested capital on the sale of the Partnership’s interest in the Seminole gas processing plant (the gain on the sale was $49.8 million with only the portion in excess of invested capital included in distributable cash flow) and other income of $20 million associated with the assignment of certain contract rights to a nonaffiliated third party.
The Partnership reported a net loss of $9.4 million in the fourth quarter of 2008 compared with net income of $14.1 million in the fourth quarter of 2007. Net loss per limited partner unit in the fourth quarter of 2008 was $0.19 per unit versus net income of $0.31 per unit in the fourth quarter of 2007.
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The following information was filed by Enlink Midstream Partners, Lp (ENLK) on Monday, March 2, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ENLK
CIK: 1179060
Form Type: 10-K Annual Report
Accession Number: 0000950134-09-004253
Submitted to the SEC: Mon Mar 02 2009 5:06:32 PM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: Natural Gas Transmission

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