Q4 2012 Earnings Call Transcript

Transcript Call Date 03/01/2013

Operator: Good day, ladies and gentlemen, and welcome to the Q4 Crosstex Energy Earnings Conference Call. My name is Matt and I'll be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session toward the end of this conference. As a reminder, this call is being recorded for replay purposes.

Now, I would like to turn the call over to Jill McMillan, Director of Public & Industry Affairs. Please proceed, ma'am.

Jill McMillan - Director, Public and Industry Affairs: Thank you, Matt, and good morning, everyone. Thank you for joining us today to discuss Crosstex's fourth quarter and full year 2012 results. On the call today are Barry Davis, President and Chief Executive Officer; Mike Garberding, Executive Vice President and Chief Financial Officer; and Bill Davis, Executive Vice President and Chief Operating Officer. We issued our fourth quarter and full year 2012 earnings release yesterday evening and the 10-K was filed this morning.

For those of you who didn't receive the release, it is available on our website at If you want to listen to a recording of today's call, you have 90 days to access the replay by phone or webcast on our website.

I will remind you that any statements that might include our expectations or predictions should be considered forward-looking statements within the meaning of the Federal Securities Laws. Forward-looking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements and we undertake no obligation to update or revise any forward-looking statements.

Today, we will also discuss reconciliations of certain non-GAAP items to their GAAP equivalents. We encourage you to review the cautionary statements and other disclosures made in our SEC filings, specifically those under the heading Risk Factors.

Before I hand off the call over to Barry, I want to mention that we hosted our Analyst Conference in January in Fort Worth. We had a great turnout. But for those of you who didn't or couldn't attend or for those of you who attended and would like a refresher, a replay of the conference is available either on our website or via phone until April, the 23rd. Please visit our website or contact me for additional information.

I will now turn the call over to Barry.

Barry E. Davis - President and CEO: Thank you, Jill. Good morning, everyone, and thank you for joining us on the call today. In 2012, we did what we said we would do, and executed our strategy and accomplished our primary objectives. We had solid financial performance from our existing asset base and maintained our strong balance sheet. We also significantly expanded our scale and diversity geographically and by product. We are in the middle of executing our $1 billion growth plan that we initiated in 2012 and will complete the defined projects in 2014, considerably expanding our platform. These projects when completed will contribute more than $150 million in new EBITDA, representing more than 70% of EBITDA before these investments. We're excited about what lies ahead. With this growth, Crosstex spans the energy value chain in a robust dynamic energy market environment. Development of the shale plays that began some 10 years ago was the catalyst for today's industry activity that is now concentrated in rich gas and crude oil plays.

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