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News Breaks | | | | August 31, 2012 | | 17:03 EDT |  | XTEX, XTXI | Crosstex Energy LP provides update on impact of Louisiana Slurry
The Crosstex Energy companies, Crosstex Energy, L.P. (XTEX) and Crosstex Energy (XTXI), are providing this update on the impact and expected impacts of the slurry near Bayou Corne, Assumption Parish, Louisiana, on the Partnership's facilities and operations. In early August, a slurry-filled sinkhole developed in Assumption Parish near Bayou Corne, Louisiana. The cause of the slurry is currently under investigation by Louisiana state and local officials. Consequently, the Partnership took a section of its 36-inch-diameter natural gas pipeline located near the sinkhole out of service. Service to certain markets, primarily in the Mississippi River area, has been curtailed or interrupted, and the Partnership has worked with its customers to secure alternative natural gas supplies so that disruptions are minimized. The Partnership expects that the ongoing overall business impact on the services provided by the pipeline, which include gathering, processing, transportation and end-user sales, will be approximately $250,000- $300,000 per month while the pipeline section is out of service. The Partnership will relocate the portion of the pipeline affected and certain services will not resume until the relocation has been completed. The Partnership is evaluating potential rerouting alternatives, timing and expected costs. Based on the current alternatives being considered, the Partnership estimates the cost of the relocation to be $20M-25M and expects to complete the relocation by summer 2013. The Partnership is assessing the potential for recovering its losses from responsible parties and insurance coverage. The Partnership plans to write-off its investment in the section of the impacted existing pipeline and capitalize the costs of the replacement pipeline. The write-off is a non-cash impairment charge and estimated to be less than $0.5M. | |
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News For XTEX;XTXI From The Last 14 Days Check below for free stories on XTEX;XTXI the last two weeks. |
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| May 8, 2013 | | 18:00 EDT |  | XTEX | Crosstex Energy LP reports Q1 EPS (15c), consensus (25c)
Reports Q1 revenue $445.7M, consensus $486.43M. | | | 17:04 EDT | | XTEX, XTXI | Crosstex Energy to invest $25M in E2
Crosstex Energy (XTEX) and Crosstex Energy (XTXI) announced that the corporation has agreed to invest approximately $25M in a third natural gas compression and condensate stabilization facility in the Ohio River Valley. The corporation will make the investment in E2, a company formed in March 2013 with the former management of Enerven Compression Services to provide services for producers in the liquids-rich window of the Utica Shale play. The Corporation’s initial investment commitment in E2 of approximately $50M is funding the construction of two similar facilities. The E2 investment complements the Partnership’s assets in the Ohio River Valley, which encompass crude oil, condensate and logistics operations in the Utica and Marcellus Shale plays. | |
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