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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.
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August 18, 2014
16:49 EDTAMIDAmerican Midstream Partners revises private placement to $120M from $200M
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August 11, 2014
17:07 EDTAMIDAmerican Midstream Partners closes acquisition of assets from DCP Midstream
American Midstream Partners announced that it completed the acquisition of entities holding offshore oil gathering assets from an affiliate of DCP Midstream. Subsequent to execution of the purchase and sale agreement, or PSA, with DCP announced July 14, DCP notified the partnership that a material customer would be moving its production from Dauphin Island gathering and transmission system, or DIGP, and Mobile Bay. The loss of such customerís production constituted a material adverse effect with respect to such entities. As a result, on August 11, the PSA was amended to exclude the Mobile Bay and DIGP assets and to include only the acquisition of DCPís interest in main pass oil gathering system, or MPOG. In addition, the purchase price was amended to $13.5M. The acquisition closed on August 11 and was funded through borrowings on the partnershipís revolving credit facility. Total consideration for the MPOG assets equates to an adjusted EBITDA multiple of approximately 5.0x to 6.0x for the next twelve months and FY15.
17:03 EDTAMIDAmerican Midstream Partners raises FY14 adjusted EBITDA guidance to $42M-$45M
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17:00 EDTAMIDAmerican Midstream reports Q2 EPS (59c), may not compare to consensus (12c)
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August 7, 2014
17:19 EDTAMIDAmerican Midstream executes agreements to expand Eagle Ford Midstream assets
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