Crosstex Energy Reports Fourth Quarter and Full Year 2013 Results

  Crosstex Energy Reports Fourth Quarter and Full Year 2013 Results

Business Wire

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 of the fourth quarter of 2012, and the
factors affecting those contributions, are described below:

  *The PNGL segment’s gross operating margin increased by $6.4 million
    primarily due to increased margins from NGL fractionation and marketing
    activities related to the start-up of phase one of the Cajun-Sibon
    pipeline expansion, which was partially offset by lower truck and rail NGL
    volumes and lower storage fee revenues.
  *The LIG segment’s gross operating margin decreased by $3.2 million
    primarily due to lower margins from the gathering and transmission assets
    from the expiration of certain contracts in north Louisiana and a
    reduction in north Louisiana treating and blending volumes, which was
    partially offset by increased processing margins in the fourth quarter of
    2013.
  *The ORV segment's gross operating margin decreased by $3.3 million
    primarily due to decreased brine disposal and handling activity along with
    reduced crude oil and condensate volumes and margins.
  *The NTX segment’s gross operating margin decreased by $7.8 million
    primarily due to decreased rich and lean gathered and processed volumes on
    the North Texas system and a decline in activity at the Mesquite
    fractionator and rail terminal from the fourth quarter of 2012.

The Partnership’s fourth quarter 2013 operating expenses were $37.1 million,
an increase of $0.1 million, or 0.3%, from the fourth quarter of 2012. General
and administrative expenses increased by $1.1 million, or 6.5%, versus the
fourth quarter of 2012 largely due to increased stock-based compensation.
Depreciation and amortization expense for the fourth quarter of 2013 decreased
by $13.6 million, or 26.1%, compared with the fourth quarter of 2012 primarily
due to accelerated depreciation of the Sabine Pass Plant recorded in the
fourth quarter of 2012 and decreased intangible amortization. Interest expense
for the fourth quarter of 2013 decreased by $1.3 million to $21.3 million
primarily due to lower capitalized interest in the fourth quarter of 2012.

The net loss per limited partner common unit for the fourth quarter of 2013
was $0.38 per common unit compared with a net loss of $0.51 per common unit
for the fourth quarter of 2012.

Full Year 2013 - Crosstex Energy, L.P. Financial Results

The Partnership realized adjusted EBITDA of $214.9 million and distributable
cash flow of $126.3 million for 2013, compared with adjusted EBITDA of $214.1
million and distributable cash flow of $112.8 million for 2012. The
Partnership’s net loss for 2013 was $113.1 million versus a net loss of $40.1
million for 2012. The increase in net loss in 2013 was primarily the result of
an impairment expense of $72.6 million in the third quarter of 2013 due to the
termination of customer contracts associated with the Eunice processing plant
which was shut down in August 2013.

The Partnership’s 2013 gross operating margin of $396.3 million increased by
$2.5 million compared to a gross operating margin of $393.8 million for 2012.
Each business segment’s contribution to 2013 gross operating margin compared
with 2012 gross operating margin, and the factors affecting those
contributions, are described below:

  *The PNGL segment’s gross operating margin increased by $20.4 million
    primarily due to increased margins from NGL fractionation and marketing
    activities, including the impact of the November 2013 start-up of phase
    one of the Cajun-Sibon pipeline expansion, and increased margins from
    crude oil terminal activity, which were partially offset by decreased
    south Louisiana processing activity.
  *The ORV segment's gross operating margin was $53.1 million in 2013, which
    included twelve months of operations, compared to $25.7 million in 2012,
    which only included six months of operations from the date of the
    acquisition. Gross operating margin from oil and condensate handling
    totaled $35.8 million and gross operating margin from brine disposal and
    handling totaled $17.3 million in 2013, as compared to gross operating
    margins from crude oil and condensate handling totaling $17.3 million and
    brine disposal and handling totaling $8.5 million in 2012.
  *The LIG segment’s gross operating margin decreased by $24.2 million
    primarily due to lower margins from the gathering, transmission and
    processing assets because of lost opportunity sales volumes from lower
    processing margins, a reduction in treating and blending volumes and sales
    volumes losses related to the Bayou Corne sinkhole.
  *The NTX segment’s gross operating margin decreased by $21.1 million
    primarily due to decreased transmission and gathering margins resulting
    from a decline in throughput volumes combined with a reduction in
    gathering rates under certain contracts, including a contract with a major
    producer in North Texas. This decrease was partially offset by additional
    margins from increased throughput in the Permian Basin system.

The Partnership’s 2013 operating expenses were $150.3 million, an increase of
$19.5 million, or 14.9%, from 2012. The increase was primarily due to a higher
employee headcount for increased activity in the PNGL and ORV segments and
increased trucking expenses in the ORV segment. General and administrative
expenses increased $6.8 million, or 11.1%, versus 2012 largely due to
increased stock-based compensation. Depreciation and amortization expense for
2013 decreased $22.2 million, or 13.7%, compared with 2012 primarily due to
accelerated depreciation of the Sabine Pass Plant in the fourth quarter of
2012 and decreased intangible amortization. Interest expense for 2013
decreased by $10.3 million to $76.2 million primarily due to greater
capitalized interest in 2013.

The net loss per limited partner common unit for 2013 was $1.71 per common
unit compared with a net loss of $1.01 per limited partner common unit for
2012.

Fourth Quarter and Full Year 2013 - Crosstex Energy,Inc. Financial Results

The Corporation reported a net loss of $10.8 million for the fourth quarter of
2013 compared with a net loss of $5.7 million for the fourth quarter of 2012.
The net loss for 2013 was $29.6 million compared with a net loss of $12.5
million for 2012.

Excluding cash and debt held by the Partnership and E2, the compression and
stabilization company in which the Corporation has invested, the Corporation
had cash on hand of approximately $0.6 million and $65.0 million of borrowings
outstanding under the bank credit facility of the Corporation's subsidiary as
of December 31, 2013.

Crosstex to Hold Earnings Conference Call on February28, 2014

The Partnership and the Corporation will hold a conference call to discuss
fourth quarter and full year 2013 financial results on Friday, February 28,
2014, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The dial-in number
for the call is 1-888-713-4209. Callers outside the United States should dial
1-617-213-4863. The passcode is 26113812 for all callers. Investors are
advised to dial in to the call at least 10 minutes prior to the call time to
register. Participants may preregister for the call at
https://www.theconferencingservice.com/prereg/key.process?key=P48QCM3Q6.

Preregistrants will be issued a pin number to use when dialing in to the live
call, which will provide quick access to the conference by bypassing the
operator upon connection. Interested parties also can access the live webcast
of the call on the Investors page of Crosstex’s website at
www.crosstexenergy.com.

After the conference call, a replay can be accessed until May 28, 2014, by
dialing 1-888-286-8010. International callers should dial 1-617-801-6888 for a
replay. The passcode for all callers listening to the replay is 61433548.
Interested parties also can visit the Investors page of Crosstex’s website to
listen to a replay of the call.

About the Crosstex Energy Companies

Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream energy
partnership headquartered in Dallas that offers diversified, tailored customer
solutions spanning the energy value chain with services and infrastructure
that link energy production with consumption. XTEX operates approximately
3,500 miles of natural gas, natural gas liquids and oil pipelines, nine
natural gas processing plants and four fractionators, as well as barge and
rail terminals, product storage facilities, brine disposal wells and an
extensive truck fleet. XTEX has the right platform, the right opportunities
and the right people to pursue its growth-focused business strategy.

Crosstex Energy,Inc. (NASDAQ: XTXI) owns the general partner interest, the
incentive distribution rights and a portion of the limited partner interests
in Crosstex Energy, L.P. as well as the majority interest in a services
company focused on the Utica Shale play in the Ohio River Valley.

Additional information about the Crosstex companies can be found at
www.crosstexenergy.com.

Additional Information and Where to Find It

This press release contains information about the proposed merger involving a
Devon Energy Corporation (“Devon”) entity and a Crosstex Energy entity. In
connection with the proposed merger, EnLink Midstream, LLC (formerly known as
New Public Rangers, L.L.C.) filed with the United States Securities Exchange
Commission (“SEC”) a registration statement on FormS-4 that includes a proxy
statement/prospectus for the Corporation’s stockholders. The Corporation
commenced the mailing of the final proxy statement/prospectus to its
stockholders on February6, 2014. Investors and stockholders are urged to read
the proxy statement/prospectus and other relevant documents filed or to be
filed with the SEC. These documents and any other documents filed by Crosstex
Energy or Devon with the SEC may be obtained free of charge at the SEC’s
website, at www.sec.gov. In addition, stockholders will be able to obtain free
copies of the proxy statement/prospectus from the Corporation by contacting
Investor Relations by mail at Attention: Investor Relations, 2501 Cedar
Springs, Dallas, Texas 75201.

Participants in the Solicitation

Devon, Crosstex Energy and their respective directors and officers may be
deemed to be participants in the solicitation of proxies from the stockholders
of the Corporation in respect of the proposed transaction.

Information regarding the persons who may, under the rulesof the SEC, be
deemed participants in the solicitation of the stockholders of the Corporation
in connection with the proposed transaction, including a description of their
direct or indirect interests, by security holdings or otherwise, is set forth
in the preliminary proxy statement/prospectus filed with the SEC. Information
regarding the Corporation’s directors and executive officers is contained in
its Annual Report on Form10-K for the year ended December31, 2012, which is
filed with the SEC, and in its Annual Report on Form 10-K for the year ended
December 31, 2013, which is to be filed with the SEC. Information regarding
Devon’s directors and executive officers is contained in its Annual Report on
Form10-K for the year ended December31, 2013, which is filed with the SEC.

Non-GAAP Financial Information

This press release contains non-generally accepted accounting principle
financial measures that the Partnership refers to as gross operating margin,
adjusted EBITDA and distributable cash flow. Gross operating margin is defined
as revenue less the cost of purchased gas, NGL and crude oil. Adjusted EBITDA
is defined as net income plus interest expense, provision for income taxes,
depreciation and amortization expense, impairments, stock-based compensation,
(gain) loss on non-cash derivatives, distribution from a limited liability
company and non-controlling interest; less gain on sale of property and equity
in income (loss) of a limited liability company. Distributable cash flow is
defined as earnings before certain noncash charges and the gain on the sale of
assets less maintenance capital expenditures.

The amounts included in the calculation of these measures are computed in
accordance with generally accepted accounting principles (GAAP) with the
exception of maintenance capital expenditures. Maintenance capital
expenditures are capital expenditures made to replace partially or fully
depreciated assets in order to maintain the existing operating capacity of the
assets and to extend their useful lives.

The Partnership believes these measures are useful to investors because they
may provide users of this financial information with meaningful comparisons
between current results and prior-reported results and a meaningful measure of
the Partnership’s cash flow after it has satisfied the capital and related
requirements of its operations.

Gross operating margin, adjusted EBITDA and distributable cash flow, as
defined above, are not measures of financial performance or liquidity under
GAAP. They should not be considered in isolation or as an indicator of the
Partnership’s performance. Furthermore, they should not be seen as measures of
liquidity or a substitute for metrics prepared in accordance with GAAP.
Reconciliations of these measures to their most directly comparable GAAP
measures are included in the following tables.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the federal securities laws. These statements are based on certain assumptions
made by the Partnership and the Corporation based upon management’s experience
and perception of historical trends, current conditions, expected future
developments and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are not
limited to, statements with respect to the Partnership’s and the Corporation’s
guidance and future outlook, distribution and dividend guidelines and future
estimates and results of operations. Such statements are subject to a number
of assumptions, risk and uncertainties, many of which are beyond the control
of the Partnership and the Corporation, which may cause the Partnership’s and
the Corporation’s actual results to differ materially from those implied or
expressed by the forward-looking statements. These risks include the
following: (1)the Partnership’s profitability is dependent upon prices and
market demand for natural gas, NGL, condensate and crude oil; (2)the
Partnership’s substantial indebtedness could limit its flexibility and
adversely affect its financial health; (3)the Partnership may not be able to
obtain funding, which would impair its ability to grow; (4)the Partnership
and the Corporation do not have diversified assets; (5)the Partnership may
not be successful in balancing its purchases and sales; (6)drilling levels
may decrease due to deterioration in the credit and commodity markets; (7)the
Partnership’s credit risk management efforts may fail to adequately protect
against customer non-payment; (8)the amount of natural gas, NGL, condensate
and crude oil transported may decline as a result of reduced drilling by
producers, competition for supplies, reserve declines and reduction in demand
from key customers and markets; (9)the level of the Partnership’s processing,
fractionation, crude oil handling and brine disposal operations may decline
for similar reasons; (10)the successful execution of major projects is
subject to factors beyond the control of the Partnership; (11) operational,
regulatory and other asset-related risks, including weather conditions, exist
because a significant portion of the Partnership’s assets are located in
southern Louisiana and the Ohio River Valley; (12) the Partnership’s use of
derivative financial instruments does not eliminate its exposure to
fluctuations in commodity prices and interest rates; (13) failure to satisfy
closing conditions with respect to the combination with Devon; (14) the risks
that the Partnership’s, the Corporation’s and Devon’s businesses will not be
integrated successfully or that such integration may take longer than
anticipated; (15) the possibility that expected synergies of the combination
with Devon will not be realized or will not be realized within the expected
time frame; and (16) other factors discussed in the Partnership’s and the
Corporation’s Annual Reports on Form 10-K for the years ended December 31,
2012 and December 31, 2013 (when they are available), the Quarterly Reports on
Form10-Q for the quarters ended March 31, 2013, June30, 2013 and
September30, 2013 and other filings with the Securities and Exchange
Commission. The Partnership and the Corporation have no obligation to publicly
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

                                             
                                                 
CROSSTEX ENERGY, L.P.

Selected Financial Data

(All amounts in thousands except per unit amounts)
                                                 
                     Three Months Ended          Years Ended
                     December 31,                December 31,
                     2013         2012          2013           2012
                     (Unaudited)
Revenues             $ 574,599     $ 525,980     $ 1,943,239     $ 1,791,288
Purchased gas,
NGLs and crude        478,523     422,023     1,546,987     1,397,530 
oil
Gross operating        96,076        103,957       396,252         393,758
margin
Operating costs      
and expenses:
Operating              37,142        36,954        150,346         130,882
expenses
General and            18,008        16,910        68,061          61,308
administrative
(Gain) loss on         (880    )     53            (1,055    )     (342      )
sale of property
Loss on                642           2,983         2,304           1,006
derivatives
Depreciation and       38,460        52,120        140,026         162,226
amortization
Impairment            —           —           72,576        —         
Total operating
costs and              93,372        109,020       432,258         355,080
expenses
Operating income       2,704         (5,063  )     (36,006   )     38,678
(loss)
Interest
expense, net of        (21,345 )     (22,589 )     (76,219   )     (86,521   )
interest income
Equity in income
of limited             152           1,740         46              3,250
liability
company
Other income          999         589         1,367         5,053     
Total other            (20,194 )     (20,260 )     (74,806   )     (78,218   )
expense
Loss before
non-controlling        (17,490 )     (25,323 )     (110,812  )     (39,540   )
interest and
income taxes
Income tax            (240    )    782         (2,337    )    (725      )
provision
Net Loss               (17,730 )     (24,541 )     (113,149  )     (40,265   )
Less: Net loss
attributable to
the                   —          —           —            (163      )
non-controlling
interest
Net Loss
attributable to      $ (17,730 )  $ (24,541 )   $ (113,149  )  $ (40,102   )
Crosstex Energy,
L.P.
Preferred
interest in net
loss                 $ 12,481     $ 5,433      $ 35,977       $ 20,779    
attributable to
Crosstex Energy,
L.P.
General partner
interest in net      $ 286        $ (114    )   $ (2,721    )   $ (534      )
income (loss)
Limited
partners’
interest in net
loss                 $ (30,497 )   $ (29,860 )   $ (146,405  )   $ (60,347   )
attributable to
Crosstex Energy,
L.P.
Net loss
attributable to
Crosstex Energy,
L.P. per limited
partner unit:
Basic and
diluted common       $ (0.38   )   $ (0.51   )   $ (1.71     )   $ (1.01     )
units
Weighted average
limited
partners’ units
outstanding:
Basic and
diluted common        90,425      65,300      84,589        58,935    
units

                                                
                                                    
CROSSTEX ENERGY, L.P.

Reconciliation of Net Loss to Adjusted EBITDA and Distributable Cash Flow

(All amounts in thousands except ratios and per unit amounts)
                                                    
                        Three Months Ended          Years Ended
                        December 31,                December 31,
                        2013         2012          2013          2012
                                                    
Net loss
attributable to         $ (17,730 )   $ (24,541 )   $ (113,149 )   $ (40,102 )
Crosstex Energy,
L.P.
Interest expense,         21,345        22,589        76,219         86,521
net
Depreciation and          38,460        52,120        140,026        162,226
amortization
Impairment                —             —             72,576         —
Equity in income of
limited liability         (152    )     (1,739  )     (46      )     (3,250  )
company
(Gain) loss on sale       (880    )     53            (1,055   )     (342    )
of property
Stock-based               3,092         1,710         14,170         9,207
compensation
Distribution
received from             4,373         —             17,468         —
Howard Energy
Partners
Other (1)                5,433      1,496      8,667       (171    )
Adjusted EBITDA           53,941        51,688        214,876        214,089
Interest expense          (21,183 )     (22,267 )     (75,499  )     (86,244 )
Cash taxes and            338           141           (1,581   )     (1,373  )
other
Maintenance capital      (1,329  )   (2,845  )   (11,479  )   (13,645 )
expenditures
Distributable cash      $ 31,767    $ 26,717    $ 126,317    $ 112,827 
flow
Actual declared
distribution            $ 35,867      $ 27,805      $ 127,929      $ 102,036
(common units and
preferred units)
Distribution            0.89x         0.96x         0.99x          1.11x
coverage
Distributions
declared per            $ 0.36       $ 0.33       $ 1.36        $ 1.32    
limited partner
unit

        Includes financial derivatives marked-to-market; income taxes;
(1)   transaction costs associated with successful transactions; and
        non-controlling interest (as allowed for adjustment under our credit
        facility).

                                                 
                                                     
CROSSTEX ENERGY, L.P.

Operating Data
                                                     
                         Three Months Ended          Years Ended
                         December 31,                December 31,
                         2013         2012          2013         2012
Pipeline Throughput
(MMBtu/d)
LIG                      412,000       690,000       473,000       783,000
NTX – Gathering          635,000       773,000       700,000       810,000
NTX – Transmission       355,000      342,000      342,000      350,000   
Total Gathering and      1,402,000     1,805,000     1,515,000     1,943,000
Transmission Volume
                                                                   
Natural Gas
Processed (MMBtu/d)
PNGL                     354,000       659,000       399,000       738,000
LIG                      256,000       269,000       255,000       248,000
NTX                      360,000      398,000      382,000      364,000   
Total Gas Volumes        970,000       1,326,000     1,036,000     1,350,000
Processed
                                                                   
Crude Oil Handling       11,200        11,500        12,000        11,800
(Bbls/d) (1)
Brine Disposal           5,100         8,000         7,000         7,800
(Bbls/d) (2)
                                                                   
NGLs Fractionated        2,280,000     1,584,000     1,473,000     1,359,000
(Gal/d)
Realized weighted
average
Natural Gas Liquids      0.99          1.02          0.99          1.07
price ($/gallon) (3)
Actual weighted
average
Natural Gas
Liquids-to-Gas price     291       %   309       %   280       %   383       %
ratio
                                                                   
North Texas
Gathering (4)
Wells connected          11            17            62            118

(1)   Crude oil handling includes barrels handled by both the ORV and PNGL
        segments.
        Crude oil handling and brine disposal volumes for ORV for the year
(2)     ended December 31, 2012 include a daily average for July 2012 through
        December 31, 2012, which was the six month period these assets were
        operated by the Partnership.
        Ethane represents 41 percent and 37 percent of NGL gallons sold at
        realized prices of $0.27/gal for both the three and twelve months
(3)     ended December 31, 2013, and 34 percent and 38 percent of NGL gallons
        sold at realized prices of $0.29/gal and $0.40/gal for the three and
        twelve months ended December 31, 2012.
        North Texas Gathering wells connected are as of the last day of the
(4)     period and include centralized delivery point connections where the
        Partnership connects multiple wells at a single meter station.

                                             
                                                 
CROSSTEX ENERGY,INC.

Selected Financial Data

(All amounts in thousands except per share amounts)
                                                 
                     Three Months Ended          Years Ended
                     December 31,                December 31,
                     2013         2012          2013           2012
                     (Unaudited)
Revenues             $ 575,243     $ 525,980     $ 1,944,312     $ 1,791,288
Purchased gas,
NGLs and crude        478,522     422,023     1,546,987     1,397,530 
oil
Gross operating        96,721        103,957       397,325         393,758
margin
Operating costs
and expenses:
Operating              37,250        36,954        150,858         130,882
expenses
General and            26,063        18,354        79,993          65,083
administrative
(Gain) loss on         (880    )     53            (1,055    )     (342      )
sale of property
Loss on                642           2,983         2,304           1,006
derivatives
Impairments            —             —             72,576          —
Depreciation and      38,457      52,138      140,285       162,300   
amortization
Total operating
costs and              101,532       110,482       444,961         358,929
expenses
Operating income       (4,811  )     (6,525  )     (47,636   )     34,829
(loss)
Interest
expense, net of        (21,710 )     (22,588 )     (76,859   )     (86,515   )
interest income
Equity in income
of limited             152           1,740         46              3,250
liability
company
Other income          1,233       590         1,600         5,054     
Total other            (20,325 )     (20,258 )     (75,213   )     (78,211   )
expense
Loss before
non-controlling        (25,136 )     (26,783 )     (122,849  )     (43,382   )
interest and
income taxes
Income tax            1,882       4,030       10,214        6,642     
benefit
Net loss               (23,254 )     (22,753 )     (112,635  )     (36,740   )
Less: Net loss
attributable to
the                   (12,470 )   (17,083 )   (82,999   )   (24,259   )
non-controlling
Interest
Net loss
attributable to      $ (10,784 )  $ (5,670  )  $ (29,636   )  $ (12,481   )
Crosstex Energy,
Inc.
Net loss per
common share:
Basic and            $ (0.22   )   $ (0.12   )   $ (0.60     )   $ (0.26     )
diluted
Weighted average
shares
outstanding:
Basic and             47,752      47,414      47,664        47,384    
diluted

                                                   
                                                       
CROSSTEX ENERGY,INC.

Calculation of Cash Available for Dividends

(All amounts in thousands except per share amounts)
                                                       
                              Three Months Ended       Years Ended
                              December 31,             December 31,
                              2013       2012         2013        2012
Distributions declared by
Crosstex Energy, L.P.
associated with:
General Partner Interest      $ 483       $ 427        $ 1,838      $ 1,796
Incentive Distribution          2,214       1,215        6,356        4,391
Rights
L.P. Units Owned               5,909    5,417     22,324    21,668 
Total share of                $ 8,606     $ 7,059      $ 30,518     $ 27,855
distributions declared
Other non-partnership
uses:
General and                     (652  )     (1,938 )     (1,928 )     (3,732 )
administrative expenses
Cash reserved *                (795  )   (512   )   (2,859 )   (2,412 )
Cash available for            $ 7,159   $ 4,609    $ 25,731   $ 21,711 
dividends
Dividend declared per         $ 0.15     $ 0.12      $ 0.52      $ 0.48   
share

* Cash reserved represents a cash holdback by the Corporation to cover tax
payments, equity-matching investments in the Partnership and other
miscellaneous cash expenditures. The amount is currently estimated at 10
percent of the Corporation’s share of Partnership distributions declared, net
of non-partnership general and administrative expenses.

Contact:

Crosstex Energy
Jill McMillan, 214-721-9271
Director, Public & Industry Affairs
Jill.McMillan@CrosstexEnergy.com
 
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