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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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