Access Midstream Partners, announced financial results for the 2013 fourth quarter and full year.
In a release on February 18, the Partnership noted that its adjusted EBITDA for the 2013 fourth quarter totaled $240.6 million, an increase of $121.6 million, or 102.2 percent, from 2012 fourth quarter adjusted EBITDA of $119.0 million. Net income attributable to the Partnership totaled $129.1 million in the 2013 fourth quarter, an increase of $104.8 million from 2012 fourth quarter net income of $24.3 million. Distributable cash flow (DCF) for the 2013 fourth quarter totaled $180.3 million, an increase of $98.2 million, or 119.6 percent, from 2012 fourth quarter DCF of $82.1 million and resulted in a distribution coverage ratio of 1.48.
The Partnership's 2013 full year adjusted EBITDA was $858.6 million, an increase of $380.7 million, or 79.7 percent, compared to 2012 full year adjusted EBITDA of $477.9 million. Net income attributable to the Partnership for the 2013 full year was $336.0 million, up $157.5 million, or 88.2 percent, compared to 2012 full year net income of $178.5 million. DCF for the 2013 full year was $635.1 million, an increase of 86.7 percent over the 2012 full year, and resulted in a full year coverage ratio of 1.49. Financial terms are defined on pages three and four of this release.
Capital expenditures for the 2013 fourth quarter totaled $345.5 million, including maintenance capital expenditures of $27.5 million. These capital expenditures included $135.4 million for the Partnership's share of capital expenditures in entities accounted for as equity investments. Capital expenditures for the 2013 full year totaled $1.6 billion, including maintenance capital expenditures of $110.0 million. These capital expenditures included $671.4 million for the Partnership's share of capital expenditures in entities accounted for as equity investments.
Throughput for the 2013 fourth quarter totaled 348.3 billion cubic feet (bcf) of natural gas, or 3.79 bcf per day, an increase of 31.1 percent from 2012 fourth quarter throughput of 2.89 bcf per day. The increase was driven primarily by well connect activity in the Marcellus Shale and throughput from the Eagle Ford assets acquired in 2012. Partnership revenue for the 2013 fourth quarter totaled $328.1 million, an increase of $179.8 million, or 121.2 percent, compared to 2012 fourth quarter revenue of $148.3 million. The 2013 fourth quarter results include $64.9 million of revenue associated with minimum volume commitments (MVC). No revenue associated with MVC was included in the 2012 fourth quarter. After excluding revenue attributable to MVC, 2013 fourth quarter revenue was up 77.5 percent. Revenue for the 2013 fourth quarter excludes revenue attributable to the Partnership's equity investments as those revenues are accounted for as part of the Partnership's investments in unconsolidated affiliates. If the Partnership's proportional share of revenue from equity investments was included, revenue for the 2013 fourth quarter would have totaled $401.8 million, an increase of $211.4 million, or 111.0 percent, compared to the 2012 fourth quarter.
Partnership Increases Cash Distribution
On January 24, the Board of Directors of the Partnership's general partner declared a quarterly cash distribution of $0.555 per unit for the 2013 fourth quarter, an increase of $0.105, or 23.3 percent, per unit over the 2012 fourth quarter distribution and an increase of $0.02, or 3.7 percent, per unit over the 2013 third quarter distribution. The distribution was paid on February 14, to unitholders of record at the close of business on February 7. DCF of $180.3 million for the 2013 fourth quarter provided distribution coverage of 1.48 times the amount required for the Partnership to fund the distribution to the limited partners and the general partner.
J. Mike Stice, Access Midstream Partners' Chief Executive Officer, commented, "Access Midstream had a tremendous year in 2013. We delivered strong returns for our investors as we exceeded the consensus EBITDA estimate in each quarter of 2013. That financial success was driven by our operations teams which executed a capital program of $1.6 billion in 2013 that will contribute to our continued growth for many years to come. We also completed the enormous task of creating our own back office infrastructure over the last 18 months. In just three and a half years since our IPO in 2010, we have increased our enterprise value from $2.6 billion to $14.8 billion and I'm excited about continuing that growth profile as we execute on our many opportunities in 2014 and beyond. Our growth story is just beginning as our anchor positions in the most prolific unconventional plays in America will continue to be the source of long-term, predictable growth."
Outlook for 2014 and 2015 Updated
Based on 2013 year end results and analysis, the Partnership has made two updates to its previously published financial outlook. First, the Partnership's outlook for growth capital expenditures in 2014 has increased by $100 million to a range of $1.1 billion to $1.2 billion due to the cash impact of 2013 construction activity being pushed to 2014. In addition, the Partnership's outlook for maintenance capital expenditures in 2014 has increased from $110 million to $130 million based on the Partnership's annual review of long range capital requirements. All other aspects of the Partnership's financial outlook for 2014 and 2015 remain unchanged.
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