April 16, 2014 2:00 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Access Midstream Partners, L.P.

Company Overview

Access Midstream Partners, L.P. owns, operates, develops, and acquires natural gas, natural gas liquids (NGLs) and oil gathering systems, and other midstream energy assets in the United States. It focuses on natural gas and NGL gathering operations. The company provides gathering, processing, treating, and compression services to producers under long-term fixed-fee contracts. It operates gathering systems and pipelines in its Barnett Shale region in north-central Texas; Eagle Ford Shale region in South Texas; Haynesville Shale region in northwest Louisiana; Marcellus Shale region primarily in Pennsylvania and West Virginia; Niobrara Shale region in eastern Wyoming; and Utica Shale region in ...

525 Central Park Drive

Oklahoma City, OK 73105

United States

Founded in 2010

Phone:

877-413-1023

Key Executives for Access Midstream Partners, L.P.

Chief Executive Officer of Access Midstream Partners GP
Age: 54
Total Annual Compensation: $1.6M
Chief Financial Officer of Access Midstream Partners GP
Age: 47
Total Annual Compensation: $624.9K
Chief Operating Officer of Access Midstream Partners GP
Age: 56
Total Annual Compensation: $1.0M
Senior Vice President of Eastern Operations - Access Midstream Partners GP
Age: 48
Total Annual Compensation: $722.7K
Senior Vice President of Western Operations - Access Midstream Partners GP
Age: 43
Total Annual Compensation: $523.8K
Compensation as of Fiscal Year 2013.

Access Midstream Partners, L.P. Key Developments

Access Midstream Partners Seeks Acquisitions

Access Midstream Partners, L.P. (NYSE:ACMP) is looking for acquisitions. Access Midstream Partners announced the commencement of a public offering of $600 million of senior notes due 2024. The partnership intends to use the net proceeds from the offering to repay borrowings under the partnership's revolving credit facility and for general partnership purposes, including funding working capital, the partnership's capital expenditure program and acquisitions.

Access Midstream Partners, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Fiscal Years Ending December 31, 2014 and December 31, 2015

Access Midstream Partners, L.P. announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company announced revenues were $328,078,000 compared to $148,349,000 for the same period a year ago. Operating income was $126,541,000 compared to $19,814,000 for the same period a year ago. Income before income tax expense was $132,185,000 compared to $24,894,000 for the same period a year ago. Net income was $130,815,000 compared to $24,187,000 for the same period a year ago. Net income attributable to the company was $129,057,000 compared to $24,255,000 for the same period a year ago. Limited partner interest in net income was $111,754,000 compared to $21,321,000 for the same period a year ago. Net income per limited partner unit, basic and diluted common units were $0.47 compared to $0.11 for the same period a year ago. Adjusted EBITDA was $240,646,000 compared to $119,033,000 for the same period a year ago. Distributable cash flow was $180,343,000 compared to $82,066,000 for the same period a year ago. Cash provided by operating activities was $205,956,000 compared to $75,457,000 for the same period a year ago. GAAP capital expenditures were $247,488,000 compared to $118,868,000 for the same period a year ago. Net capital expenditures were $345,542,000 compared to $212,554,000 for the same period a year ago. For the full year, the company announced revenues of $1,073,222,000 compared to $608,447,000 for the same period a year ago. Operating income was $331,903,000 compared to $178,478,000 for the same period a year ago. Income before income tax expense was $346,372,000 compared to $181,601,000 for the same period a year ago. Net income was $341,149,000 compared to $178,387,000 for the same period a year ago. Net income attributable to the company was $336,025,000 compared to $178,455,000 for the same period a year ago. Limited partner interest in net income was $295,344,000 compared to $169,974,000 for the same period a year ago. Net income per limited partner unit, basic and diluted common units were $1.01 compared to $1.11 for the same period a year ago. Net cash provided by operating activities was $563,962,000 compared to $318,130,000 for the same period a year ago. Additions to property, plant and equipment was $1,058,599,000 compared to $350,500,000 for the same period a year ago. Adjusted EBITDA was $858,633,000 compared to $477,882,000 for the same period a year ago. Distributable cash flow was $635,125,000 compared to $340,073,000 for the same period a year ago. Net capital expenditures were $1,578,409,000 compared to $734,903,000 for the same period a year ago. The company provided earnings guidance for the fiscal years ending December 31, 2014 and December 31, 2015. For the fiscal year ending December 3, 2014, the company expects to report GAAP capital expenditures between $1,030,000,000 and $1,130,000,000. Net capital expenditures expected to be between $1,230,000,000 and $1,330,000,000. Net income attributable to the company expected to be between $420,000,000 and $595,000,000. Interest expense expected to be between $200,000,000 and $150,000,000. Income tax expense expected to be $5,000,000. Depreciation and amortization expense expected to be between $375,000,000 and $350,000,000. Adjusted EBITDA expected to be between $1,000,000,000 and $1,100,000,000. For the fiscal year ending December 3, 2015, the company expects to report GAAP capital expenditures between $855,000,000 and $955,000,000. Net capital expenditures expected to be between $930,000,000 and $1,030,000,000. Net income attributable to the company expected to be between $545,000,000 and $720,000,000. Interest expense expected to be between $225,000,000 and $175,000,000. Income tax expense expected to be $5,000,000. Depreciation and amortization expense expected to be between $425,000,000 and $400,000,000. Adjusted EBITDA expected to be between $1,200,000,000 and $1,300,000,000. For the quarter, throughput was 3.787 bcf per day compared to 2.885 bcf per day for the same period a year ago. Throughput for the 2013 fourth quarter totaled 348.3 billion cubic feet (bcf) of natural gas, an increase of 31.1% from 2012 fourth quarter throughput and was driven primarily by well connect activity in the Marcellus Shale and throughput from the Eagle Ford assets acquired in 2012. For the full year, throughput was 3.699 bcf per day compared to 2.845 bcf per day for the same period a year ago.

Access Midstream Partners, L.P. Declares Distributions for the Fourth Quarter of 2013, Payable on February 14, 2014

Access Midstream Partners, L.P. announced that the Board of Directors of its general partner declared a cash distribution of $0.555 per common and class C unit for the 2013 fourth quarter. The fourth quarter cash distribution represents an increase of $0.105, or 23.3%, compared to the 2012 fourth quarter and represents an increase of $0.02, or 3.7%, compared to the 2013 third quarter. The distributions will be payable on February 14, 2014 to all unit holders of record at the close of business on February 7, 2014, together with the distribution to the general partner. 100% of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the higher applicable effective tax rate.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 28, 2014
MidCon Compression, LLC, 103 Compression Units
 

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