Crosstex Energy, Inc., through its partnership interests in Crosstex Energy, L.P., engages in the gathering, transmission, processing, and marketing of natural gas and natural gas liquids (NGLs), and crude oil in the United States. The company connects the wells of natural gas producers in its market areas to its gathering systems; processes natural gas for the removal of NGLs; fractionates NGLs; and markets and transports natural gas and NGLs. It also purchases natural gas from natural gas producers and other supply sources; and sells that natural gas to utilities, industrial consumers, other marketers, and pipelines, as well as provides crude oil, condensate, and brine water services to pr...
2501 Cedar Springs
Dallas, TX 75201
Founded in 1996
Crosstex Energy Inc. Announces Retirement of Management
Feb 28 14
Crosstex Energy Inc. expected that Bryan H. Lawrence, Cecil E. Martin, Robert F. Murchison, Dwight D. Scott and Rhys J. Best will retire from their positions on the company's boards of directors. William W. Davis, Crosstex's current Executive Vice President and Chief Operating Officer, will retire from Crosstex, upon the closing of the Transaction.
Crosstex Energy Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
Feb 27 14
Crosstex Energy Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue of $575,243,000 compared to $525,980,000 for the same period a year ago. Operating loss was $4,811,000 compared to $6,525,000 for the same period a year ago. Loss before non-controlling interest and income taxes was $25,136,000 compared to $26,783,000 for the same period a year ago. Net loss attributable to the company was $10,784,000 or $0.22 per basic and diluted share compared to $5,670,000 or $0.12 per basic and diluted share for the same period a year ago.
For the full year, the company reported revenue of $1,944,312,000 compared to $1,791,288,000 for the same period a year ago. Operating loss was $47,636,000 compared to operating income of $34,829,000 for the same period a year ago. Loss before non-controlling interest and income taxes was $122,849,000 compared to $43,382,000 for the same period a year ago. Net loss attributable to the company was $29,636,000 or $0.60 per basic and diluted share compared to $12,481,000 or $0.26 per basic and diluted share for the same period a year ago. 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 Energy, L.P. and Crosstex Energy, Inc. Announces Permian Pipeline Extension Project
Feb 6 14
Crosstex Energy, L.P. and Crosstex Energy Inc. announced that the partnership is continuing to expand its gas gathering and processing capabilities in the Permian Basin through a new long term, fee-based agreement with a major oil and gas producer in the region. This agreement builds upon the approximately $210 million in investments that Crosstex has already made in the Permian Basin to take advantage of growing production in the region, including its joint venture with Apache Corporation, the Mesquite fractionator and the Bearkat gathering and processing complex. In conjunction with the agreement, the partnership is constructing a new 35-mile, 12-inch diameter high-pressure pipeline that will provide critical gathering capacity for the previously announced Bearkat natural gas processing complex. The incremental investment for the new pipeline extension project is expected to be approximately $70 million. The new build pipeline, located in the eastern portion of the Wolfberry oil play, will originate at the partnership's Bearkat gas processing facility, currently under construction in Glasscock County. The pipeline will have a capacity of approximately 100 million cubic feet per day and will provide gas takeaway solutions for constrained producer customers in Howard, Martin and Glasscock counties. Right of way acquisition is underway and the pipeline is expected to be operational in the second half of 2014.