Regency Energy Partners reports increases in financial results

Regency Energy Partners LP (NYSE: RGP) on Feb. 15 announced its financial results for the fourth quarter and full year ended Dec.31, 2011.

For full-year 2011, adjusted EBITDA increased 29 percent to $422 million, compared to $327 million in 2010. Adjusted EBITDA increased by 13 percent for the fourth quarter of 2011, compared to the fourth quarter of 2010. The increases were primarily attributable to RGP’s acquisition of a 30 percent interest in the Lone Star Joint Venture in May 2011 and an increase in the adjusted segment margin in the Gathering and Processing segment due to increased volumes in south and west Texas. The full-year increase was also partly due to a full-year contribution from the MEP Joint Venture in 2011, compared to a partial-year contribution in 2010.

For full-year 2011, net income increased to $74 million, compared to a net loss of $11 million in 2010. Net income increased to $14 million for the fourth quarter of 2011, compared to a net loss of $9 million for the fourth quarter of 2010.

"Our acquisition of an interest in the Lone Star Joint Venture added a predominantly fee-based natural gas liquids platform to Regency's portfolio which when combined with increased volumes in south and west Texas, led to solid year-over-year adjusted EBITDA growth," said Mike Bradley, president and chief executive officer of Regency. 

Magellan Midstream 4th quarter profit rises 25 percent on sales growth

Fourth-quarter earnings at Magellan Midstream Partners LP (NYSE: MMP) rose 25 percent as revenue benefited from high commodity prices and growth projects.

For the year, the company projected per-unit earnings of $3.75, above recent estimates of analysts polled by Thomson Reuters for $3.66.

For the current first quarter 2012, the company forecast per-unit earnings of 98 cents, above analysts' estimates of 90 cents.

Chief Executive Michael Mears said the company expects "the favorable momentum of 2011 to continue with another record year projected for 2012 as additional expansion projects come on line."

For the fourth quarter, Magellan Midstream reported a profit of $110.3 million, or 97 cents a unit, up from $88 million, or 78 cents a unit, a year earlier. Excluding mark-to-market impacts, earnings were $1.02 a share. The company in November forecast 93 cents a share, which was slightly below analysts' views at the time.

Revenue increased 22 percent to $486.9 million. Analysts most recently projected $434 million.

Operating margin eased to 28.7 percent from 28.9 percent amid higher operating and product purchases costs.

Based on progress of expansion programs under way, the company raised its 2012 capital spending forecast to $430 million from its November view for $270 million.

Magellan also raised its 2013 estimate to $90 million to complete the projects, from $65 million as it continues to pursue expansion opportunities.

Genesis Energy, L.P. Reports record third quarter results

HOUSTON, Texas - Genesis Energy, L.P. (NYSE: GEL) on Nov. 8 announced its results for the third quarter ended Sept. 30, including the following:

- For the third quarter of 2011, GEL generated total available cash before reserves of $37.0 million. Available cash before reserves for the same period in 2010 was $28.1 million. Net cash provided by operating activities was $29.7 million and $23.4 million for the third quarter of 2011 and 2010, respectively.

- Net income attributable to the partnership for the third quarter of 2011 was $19.1 million as compared to net income attributable to the partnership of $5.1 million for the third quarter of 2010. For the third quarter of 2011, net income per common unit was $0.27. For the third quarter of 2010, the common unitholders' share of net income was $0.12 per unit.

- On Nov. 14, GEL paid a quarterly distribution of $0.4275 per unit for the third quarter of 2011. Based on the number of units outstanding during the third quarter, GEL’s available cash before reserves provided 1.2 times coverage for the quarterly distribution.

Grant Sims, CEO said "Once again, the partnership generated solid financial results. During the quarter, we successfully completed two financing transactions as well as the acquisition of additional assets to expand our black oil service capabilities."