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Crosstex Energy Lp (ENLK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Enlink Midstream Partners, Lp

CIK: 1179060 Ticker: ENLK

Exhibit 99.1

 

 GRAPHIC

 

FOR IMMEDIATE RELEASE

February 27, 2014

 

Contact:

Jill McMillan, Director, Public & Industry Affairs

 

Phone: (214) 721-9271

 

Jill.McMillan@CrosstexEnergy.com

 

CROSSTEX ENERGY REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS

 

DALLAS, February 27, 2014 — The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation), today reported results for the fourth quarter and full year 2013.

 

Fourth Quarter 2013 - Crosstex Energy, L.P. Financial Results

 

The Partnership realized adjusted EBITDA of $53.9 million and distributable cash flow of $31.8 million for the fourth quarter of 2013, compared with adjusted EBITDA of $51.7 million and distributable cash flow of $26.7 million for the fourth quarter of 2012. The Partnership’s net loss for the fourth quarter of 2013 was $17.7 million versus a net loss of $24.5 million for the fourth quarter of 2012.

 

The Partnership’s fourth quarter 2013 gross operating margin of $96.1 million decreased $7.9 million compared to a gross operating margin of $104.0 million for the fourth quarter of 2012. Adjusted EBITDA, distributable cash flow and gross operating margin are non-GAAP financial measures and are explained in greater detail under “Non-GAAP Financial Information”, and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release.

 

“This was a transformational year for Crosstex as we continued to execute on our strategy to enhance our scale and diversification,” said Barry E. Davis, Crosstex President and Chief Executive Officer. “We completed phase one of our Cajun-Sibon expansion project and announced the agreement to combine with Devon’s midstream assets to create EnLink Midstream. The transaction provides us with greater operating leverage, a strong financial foundation and significant opportunities for growth.  We look forward to completing the transaction in the first quarter, which will create value for our equity holders, customers and employees.”

 

The Partnership reports results by operating segment principally based on regions served. Reportable segments consist of natural gas gathering, processing and transmission operations in the Barnett Shale in north Texas and in the Permian Basin in west Texas (NTX); gas pipelines and gas processing plants in Louisiana (LIG); gas processing and NGL assets, including NGL fractionation and marketing activities in south Louisiana (PNGL); and rail, truck, pipeline and barge facilities in the Ohio River Valley (ORV).

 

Each business segment’s contribution to the fourth quarter 2013 gross operating margin compared with that

 

-more-

 


The following information was filed by Enlink Midstream Partners, Lp (ENLK) on Friday, February 28, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Partners' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisitions, Disposition And Impairments
Acquisitions, Disposition And Impairments (table)
Acquisitions, Disposition And Impairments Acquisitions, Disposition And Impairments (intangible Asset Impairment) (details)
Asset Acquisitions (clearfield Ppa) (details)
Asset Acquisitions (details Textuals)
Asset Acquisitions (ppa Operating Expense) (details)
Asset Acquisitions (proforma) (details)
Commitments And Contingencies
Commitments And Contingencies (contingencies Related To Acquisition) (details)
Commitments And Contingencies (details Textuals)
Commitments And Contingencies (leases) (details)
Commitments And Contingencies (table)
Derivatives
Derivatives (derivatives Other Than Cash Flow Hedges Table) (details)
Derivatives (derivatives Outstanding) (details)
Derivatives (details Textuals)
Derivatives (impact Of Cash Flow Hedges Table) (details)
Derivatives (schedule Of Derivative Assets Liabilities) (details)
Derivatives (summary Of Derivative Income Expense) (details)
Derivatives (tables)
Employee Incentive Plan
Employee Incentive Plan (details)
Employee Incentive Plan (summary Of Partnership Unit Option) (details)
Employee Incentive Plan (tables)
Employee Incentive Plans (details)
Employee Incentive Plans (value Tables) (details)
Fair Value Measurement (details Textuals)
Fair Value Measurement (fair Measurement On A Recurring Nonrecurring Basis) (details)
Fair Value Measurement (fair Value Of Financial Instrument) (details)
Fair Value Measurements
Fair Value Measurements (tables)
Immaterial Correction To Prior Period Financial Statements Immaterial Correction (notes)
Immaterial Correction To Prior Period Financial Statements Immaterial Correction To Prior Period Financials (details)
Immaterial Correction To Prior Period Financial Statements Immaterial Correction To Prior Period Financials (tables)
Income Taxes
Income Taxes (deferred Tax Liabilities) (details)
Income Taxes (deferred Tax Tables) (details)
Income Taxes (details Textuals)
Income Taxes (table)
Income Taxes (tax Provision Tables) (details)
Income Taxes (unrecognized Tax Benefit) (details)
Long Lived Assets Impairment (detail Textuals)
Long-term Debt
Long-term Debt (guarantor Nonguarantor Bs) (details)
Long-term Debt (guarantor Nonguarantor Cfs) (details)
Long-term Debt (guarantor Nonguarantor Is) (details)
Long-term Debt (guarantors) (details Textuals)
Long-term Debt (indebtedness Table) (details)
Long-term Debt (issuance Of Debt Instrument) (details)
Long-term Debt (line Of Credit Amendments) (details)
Long-term Debt (long Term Debt Maturities Schedule) (details)
Long-term Debt (tables)
Organization And Summary Of Significant Agreement
Organization And Summary Of Significant Agreements (details Textuals)
Partners' Capital
Partners' Capital (details Textuals)
Partners' Capital (distribution) (details Textuals)
Partners' Capital (distribution) (sale Of Preferred Units) (details Textuals)
Partners' Capital (epu Computation Schedule) (details)
Partners' Capital (incentive Distributions) (details)
Partners' Capital (tables)
Partners' Capital (weighted Average Schedule) (details)
Quarterly Financial Data (details)
Quarterly Financial Data (table)
Quarterly Financial Data (unaudited)
Segment Information
Segment Information (details)
Segment Information (reconciliation Of Segment Profit To Operating Income) (details)
Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (concentraction Of Credit Risk) (details Textuals)
Significant Accounting Policies (intangible Amortization Expense Table) (details)
Significant Accounting Policies (intangible Assets Amortization) (details Textuals)
Significant Accounting Policies (intangible Assets Table) (details)
Significant Accounting Policies (investment In Llc) (details)
Significant Accounting Policies (other Policies) (details Textuals)
Significant Accounting Policies (property Plant And Equipment) (details Textuals)
Significant Accounting Policies (share-based Compensation Expense Schedule) (details Textuals)
Significant Accounting Policies Significant Accounting Policies (aoci) (details)
Significant Accounting Policy (policies)
Significant Accounting Policy (tables)
Subsequent Events
Subsequent Events Subsequent Events (credit Facility) (details)
Subsequent Events Subsequent Events (fixed Debt Obligations) (details)
Transaction With Related Parties (details)
Transcations With Related Parties
Ticker: ENLK
CIK: 1179060
Form Type: 10-K Annual Report
Accession Number: 0001179060-14-000006
Submitted to the SEC: Fri Feb 28 2014 1:13:31 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Natural Gas Transmission

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