December 19, 2013 [OPIS] - Arc Logistics Partners LP said on Wednesday that its storage capacity as of Sept. 30, 2013 was 4.9 million bbl, compared to 3.2 million bbl for the corresponding date in 2012.
This 53% capacity growth is attributable to the acquisition of the Mobile, Ala., and Brooklyn, N.Y., facilities and the completion of the construction of 150,000 bbl of new storage capacity for a customer in Mobile, Ala., which went into service in November 2013.
Arc Logistics is a fee-based, growth-oriented limited partnership that owns, operates, develops and acquires a diversified portfolio of complementary energy logistics assets. Arc Logistics is principally engaged in the terminaling, storage, throughput and transloading of crude oil and petroleum products.
The partnership has a total of 17 terminals and storage facilities east of the Rockies. The terminals are involved in storage of asphalt, aviation gas, biodiesel, crude oil, distillates, ethanol, fuel oil, gasoline, LNG and methanol.
Throughput activity for the three months ended September 2013 was 76,500 b/d, compared to 38,100 b/d for the corresponding period in 2012. This increase was due to the acquisition of the Mobile, Saraland and Brooklyn facilities and increased customer activity in the Gulf Coast and East Coast terminals.
Net income for the third quarter 2013 was $1.3 million compared to $0.9 million in the corresponding period in 2012. The increase in net income is related to the higher revenue offset by incremental operating expenses, costs related to the offering, and one-time acquisition-related expenses.
Total revenue for the three months ended Sept. 30, 2013 was $12.6 million compared to $5.0 million in the corresponding period in 2012.
Adjusted EBITDA was $5.9 million for the third quarter 2013, compared to $2.2 million for the third quarter 2012.
On Nov. 12, 2013, Arc Logistics completed its IPO by selling 6,000,000 common units to the public at an issue price of $19.00 per unit. On Nov. 18, 2013, the partnership sold 786,869 additional common units pursuant to the partial exercise of the underwriters’ over-allotment option.
In connection with the closing of the IPO, the partnership acquired a 10.3% limited liability company interest in Gulf LNG Holdings Group LLC, which owns a fully contracted liquefied natural gas regasification and storage facility in Pascagoula, Miss.
On Wednesday, Arc Logistics share price was up 15cts or 0.77% to $19.65, with the 52-week range at $18.69-$20.17.
