southcross energy partners l (SXE) Key Developments
Natural Gas Company Southcross Energy Partners Appoints Nicholas J. Caruso Jr as a Board of Directors
Jul 21 15
Natural gas company Southcross Energy Partners appointed Nicholas J. Caruso Jr to its board of directors. Caruso was reportedly elected to the board of directors of the company's general partner Southcross Energy Partners GP. The company announced that Caruso was appointed to serve on the company's board audit committee and the conflicts committee. With Caruso's appointment, the size of the company's board was increased from seven directors to eight directors. He is an independent director within the rules of the New York Stock Exchange and Rule 10A-3 of the Securities Exchange Act of 1934 and is an audit committee financial expert under applicable rules.
Southcross Energy Partners Names Joel Moxley as Senior Vice President and Chief Commercial Officer
Jun 15 15
Southcross Energy Partners named Joel Moxley as senior vice president and chief commercial officer of the company. Moxley worked most recently at Crestwood companies where he expanded commercial efforts and worked on multiple acquisitions. Before that, he was a senior vice president of Crosstex Energy's gas processing operations in South Louisiana.
Southcross Energy Partners LP Sets Up New Houston Office Near CityCentre
May 11 15
Southcross Energy Partners LP which has an office in Houston and Conroe, is setting up another office near CityCentre Houston. The new office, currently being remodeled by Trademark Construction, will be located at 700 Town and Country Blvd. in the Town Centre 1 mixed-use development. The company’s new office has roughly 15,000 square feet of space and is slated for completion by Aug. 1, 2015.
Southcross Energy Partners, L.P. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Earnings and Production Guidance for the Second Quarter and Earnings Guidance for the Full Year 2015
May 8 15
Southcross Energy Partners, L.P. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, total revenues of $180.55 million compared to $213.6 million, income from operations of $0.4 million compared to $1.7 million, loss before income tax expense of $10.8 million compared to $1.3 million, loss allocated to limited partner of $10.83 million or $0.21 per basic and diluted share compared to $1.8 million or $0.06 per basic and diluted share for the last year. Net cash provided by operating activities of $3.43 million compared to $14.2 million a year ago. Adjusted EBITDA was $17.0 million for the three month period ended March 31, 2015, compared to $12.5 million for the same period in the prior year, and $20.6 million for the three month period ended December 31, 2014. Adjusted EBITDA for the first quarter was negatively impacted by approximately $2.0 million related to the previously-announced January fire at Southcross' Gregory processing plant. For the three month period ended March 31, 2015, growth capital additions to property, plant and equipment were $18.6 million. Capital expenditures on the consolidated cash flow statement for the quarter were $27.8 million, which included growth and maintenance expenditures and cash paid for capital additions incurred in 2014. Growth capital additions during the quarter were largely attributable to expenditures to interconnect the Southcross system with assets acquired in the August 2014 TexStar combination.
Processed gas volumes during the quarter averaged 541,115 MMBtu/d, an increase of approximately 120% compared to 246,422 MMBtu/d for the same period in the prior year, and an increase of approximately 5% compared to volumes of 515,046 MMBtu/d for the three month period ended December 31, 2014.
The company anticipated that its growth capital expenditures for the full year 2015 will be in the range of $25 million to $30 million. The company expects that growth capital additions for the full year 2015 will be between $50 million and $60 million compared to prior guidance of $25 million to $30 million. The company expects its Adjusted EBITDA for the second quarter of 2015 will be approximately $17 million to $20 million reflecting some continuing financial impact from restoring the Gregory facility to full capacity and relatively flat rich gas volumes on its system compared to first quarter 2015 volumes.
For the second quarter of 2015, the company expected adjusted EBITDA to be in the range of $17 million to $20 million.
The company expected second quarter processed gas volumes will be relatively consistent with first quarter volumes.
Southcross Energy Partners Seeks Acquisitions
May 8 15
Southcross Energy Partners, L.P. (NYSE:SXE) is seeking acquisitions. John Bonn, President and Chief Executive Officer, said, "When I look at Southcross today, I am very excited about our premier strategic footprint in the Eagle Ford, our fully integrated midstream platform, and the significant opportunities ahead of us. These opportunities include filling our existing processing capacity, executing on our organic growth opportunities that leverage our platform in the Eagle Ford, delivering further dropdowns, and other strategic opportunities, including acquisitions."