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Last $6.74 USD
Change Today +0.04 / 0.60%
Volume 99.6K
SXE On Other Exchanges
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Berlin
As of 8:04 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

southcross energy partners l (SXE) Key Developments

Southcross Mulls Acquisitions

Southcross Energy Partners, L.P. (NYSE:SXE) and Southcross Holdings LP intends to pursue acquisitions. Southcross Energy and Southcross Holdings have received $175 million equity commitment. Of the total, $50 million is committed to Southcross and will be funded as needed to pursue significant growth opportunities that currently exist in the Eagle Ford, including both accretive organic capital projects and strategic acquisitions.

Southcross Energy Partners, L.P. Appoints G. Tracy Owens as Vice President and Chief Accounting Officer, Effective August 17, 2015

Effective August 17, 2015, the board of directors of Southcross Energy Partners GP, LLC, elected G. Tracy Owens as its Vice President and Chief Accounting Officer. Before joining the General Partner, Mr. Owens, has served as Controller for Alon USA Energy Inc. In his role at Alon, Mr. Owens oversaw the accounting department consisting of approximately 40 personnel, the filing of quarterly and yearly financial reports, internal controls over financial reporting, and coordinating with external and internal auditors. Prior to joining Alon, Mr. Owens served as Controller for Hunt Refining Company from 1996 to 2006 and as Senior Manager at KPMG LLP from 1986 to 1996.

Southcross Energy Partners, L.P. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Production Results for the Six Months Ended June 30, 2015; Reaffirms Adjusted Ebitda Guidance for the Fourth Quarter of 2015; Provides Capex Guidance for 2015

Southcross Energy Partners, L.P. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, the company reported revenue was $167,220,000 compared with $195,063,000 for the same period in the last year. Loss from operations was $3,938,000 compared with $1,134,000 for the same period in the last year. Loss before income tax was $15,442,000 compared with $2,905,000 for the same period in the last year. Net loss attributable to partners was $14,409,000 compared with $8,761,000 for the same period in the last year. Loss per common share was $0.26 compared with $0.34 for the same period in the last year. Adjusted EBITDA was $18,658,000 compared with $10,178,000 for the same period in the last year. For the six months, the company reported revenue was $353,158,000 compared with $408,654,000 for the same period in the last year. Loss from operations was $6,725,000 compared with income from operations was $559,000 for the same period in the last year. Loss before income tax was $29,278,000 compared with $4,185,000 for the same period in the last year. Net loss attributable to partners was $25,235,000 compared with $10,550,000 for the same period in the last year. Loss per common share was $0.47 compared with $0.42 for the same period in the last year. Net cash provided by operating activities was $4,503,000 compared with $23,701,000 for the same period in the last year. Capital expenditure was $64,959,000 compared with $55,891,000 for the same period in the last year. Adjusted EBITDA was $35,640,000 compared with $22,663,000 for the same period in the last year. During the three month period ended June 30, 2014, gas volumes during the quarter averaged 496,778 mmbtu/d, an increase of approximately 85% compared to 268,297 mmbtu/d for the same period in the prior year and a decrease of approximately 8% compared to volumes of 541,115 mmbtu/d for the three month period ended march 31, 2015. the decline in processed gas volumes on a sequential quarter basis was primarily due to temporary customer operating issues. fractionated ngls during the quarter averaged 17,525 bbls/d, an increase of 7% compared to 16,386 bbls/d for the same period in the prior year and a decrease of 15% compared to 20,596 bbls/d for the three month period ended march 31, 2015. the volume of ngls fractionated during the second quarter of 2015 decreased on a sequential quarter basis due primarily to declines in averaged processed volumes and temporary redirection of ngls to southcross holdings lp’s robstown fractionator and third party fractionators. The company expects its adjusted ebitda for the third quarter of 2015 will be approximately $19 million to $21 million reflecting the benefit of a full quarter of the may 2015 drop-down and modest growth in processed gas volumes as compared to the second quarter of 2015. For the full year, the company expects that growth capital expenditures for the full year 2015 will be between $70 million and $80 million, an increase of $20 million compared to prior guidance. the increase in the forecasted growth capital expenditures is primarily attributable to the addition of a new residue gas connection with an associated minimum transport agreement.

Southcross Energy Partners, L.P. Declares Second Quarter 2015 Distribution, Payable on August 14, 2015

Southcross Energy Partners, L.P. has declared a cash distribution for the second quarter of 2015 of $0.40 per common unit. The distribution will be paid on August 14, 2015 to unit holders of record on August 10, 2015.

Southcross Energy Partners, L.P. to Report Q2, 2015 Results on Aug 07, 2015

Southcross Energy Partners, L.P. announced that they will report Q2, 2015 results at 10:00 AM, Central Standard Time on Aug 07, 2015

 

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