New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
October 4, 2012
09:11 EDTAMIDAmerican Midstream Gulf Coast volumes returned to pre-hurricane Isaac levels
American Midstream Partners announced that repairs are nearly complete on the Partnership's Gulf Coast assets that were damaged during Hurricane Isaac, and gathering and processing volumes have returned to pre-hurricane levels. Final repairs to restore all systems affected by the storm are expected to be completed by the end of October. American Midstream suspended operations on all gathering and processing systems in Hurricane Isaac's projected path before the hurricane reached the Gulf Coast. The hurricane caused direct damage to the Gloria and Lafitte systems. In addition, the Quivira, Burns Point, and Chalmette systems were indirectly impacted due to customers' production shut-ins. Following the hurricane, the Partnership restored operations as quickly as reasonably possible given the magnitude of the storm surge, dependence on third parties to restore power, the availability of construction equipment and crews, and the impact to producer customers' oil and gas production. The partnership currently estimates capital expenditures to repair the Gloria and Lafitte systems totaled approximately $2M, which will be incurred in the third and fourth quarters, and operating income was impacted by approximately $800,000, which will affect financial results primarily in Q3. The damaged systems are insured for named windstorms and business interruption after meeting a $1M deductible.
News For AMID From The Last 14 Days
Check below for free stories on AMID the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 14, 2014
19:09 EDTAMIDAmerican Midstream Partners agrees to sell $20M of common units
Subscribe for More Information
19:08 EDTAMIDAmerican Midstream to acquire DCP Midstream assets for $115M
American Midstream Partners announced the execution of a Purchase and Sale Agreement with an affiliate of DCP Midstream to acquire entities holding onshore natural gas processing and offshore natural gas gathering and transportation and oil gathering assets for consideration of approximately $115M. The acquisition is expected to be funded through the private placement of American Midstream common units. The acquisition is expected to close in August, subject to approval under Hart-Scott-Rodino and other customary closing conditions. The assets to be acquired include the Mobile Bay gas processing plant, Dauphin Island gathering and transmission system, and DCPs interest in the Main Pass Oil Gathering System. American Midstream updated its forecast for 2014 adjusted EBITDA to a range of $44M-$47M and distributable cash flow to a range of $24M-$27M. The updated 2014 forecast includes the assets to be acquired from DCP, including assumptions for costs associated with acquisition integration and company growth, and does not include other acquisitions, drop downs, or asset development projects the partnership is pursuing. Forecasted growth capital expenditures in 2014, which exclude capital for maintenance, were updated to a range of $65M-$70M to account for accelerated capital costs to accommodate faster drilling and higher throughput for the producer customer on the Lavaca natural gas gathering system that is under construction.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use