August 09, 2013 [WSJ] - Sunoco Logistics Partners L.P. announced its results for the second quarter ended June 30, 2013. Adjusted EBITDA for the three months ended June 30, 2013 increased $26 million to $244 million compared to the second quarter 2012.
Net income attributable to partners for the second quarter 2013 was $143 million, compared with $152 million for the second quarter 2012.
“The second quarter was another excellent quarter as we reached new highs in quarterly EBITDA,” said Michael J. Hennigan, president and chief executive officer.
“While market conditions remained relatively strong, the start-up of our crude projects increased our ratable earnings.
We are pleased that our Longview Access project as well as the initial phase of our Permian Express 1 project commenced operations as scheduled in the second quarter.
Terminal Facilities
Adjusted EBITDA for the Terminal Facilities segment decreased $4 million. Results for the second quarter 2012 included a $10 million non-recurring gain due to the reversal of regulatory obligations that were recorded in 2011.
Excluding this item, Adjusted EBITDA increased $6 million due primarily to improved results from the Partnership’s Eagle Point and Nederland terminals and increased operating results from the Partnership’s refined products acquisition and marketing activities.
Partially offsetting these improvements were volume reductions at the Partnership’s refined products terminals and higher selling, general and administrative expenses.
In addition, Permian Express 1 is expected to reach its full capacity by the end of 2013 or early 2014. These fee-based projects will generate ratable, long-term cash flow and help offset softening market conditions in our crude oil acquisition and marketing business.”
Regarding recently announced crude pipeline open seasons, Hennigan said, “We are happy to announce a successful Open Season for our Eaglebine Express pipeline.
This pipeline will have the ability to help producers in the Eagleford and Woodbine Texas shale regions deliver their crude oil to our Nederland terminal on the Gulf Coast.
This project will give Granite Wash shale producers in Texas and Oklahoma the ability to reach multiple markets and refineries in Texas, Oklahoma, the Mid-Continent and along the Gulf Coast.”
