NYSE: APL) today reported adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA"), of $67.7 million for the first quarter of 2013, driven primarily by a continued increase in volumes across the Partnership's gathering and processing systems. Processed natural gas volumes averaged 1,033 million cubic feet per day ("MMCFD"), a 63% increase over the first quarter of 2012.
Distributable Cash Flow was $43.5 million for the first quarter of 2013, or $0.67 per average common limited partner unit, compared to $35.2 million for the prior year's first quarter. The Partnership recognized a net loss of $27.5 million for the first quarter of 2013, which included a $26.6 million loss on the early retirement of the Partnership's 8.75% Senior Notes due 2018, compared with net income of $6.5 million for the prior year first quarter.
Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures, which are reconciled to their most directly comparable GAAP measures in the tables included at the end of this news release. The Partnership believes these measures provide a more accurate comparison of the operating results for the periods presented......Read the entire Atlas Pipeline Partners earnings report.
NYSE: ESV) reported diluted earnings per share from continuing operations of $1.36 in first quarter 2013, compared to $1.20 per share in first quarter 2012. Discontinued operations primarily related to rigs and other assets no longer on the Company’s balance sheet resulted in a loss of $0.05 per share a year ago. Diluted earnings per share increased 18% year to year to $1.36 from $1.15 in first quarter 2012.
Earnings increased $52 million to $317 million and operating income grew 17% to $402 million on record revenues of $1.150 billion in first quarter 2013. These increases were driven by a $28,000 increase in the average day rate and a 6% increase in floater rig days as new rigs were added to the active fleet......Read the entire Ensco earnings report.
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