American Midstream Partners has recorded a net loss of $13.2 million in the first quarter compared to a loss of $13.9 million in the first quarter of 2018.
Adjusted EBITDA was $54.7 million for the three months ended March 31, 2019, compared to $52.4 million for 2018.
Total segment gross margin was $71.2 million in the first quarter, compared to $64.7 million for 2018. The increases in adjusted EBITDA and total segment gross margin were driven largely by increased throughput on Delta House, reduction in operating expenses resulting from decreases in the use of third-party services and reductions in corporate expenses, due to a decrease in acquisition activity compared to the prior period and general corporate cost reduction as the Partnership prepares for the completion of the pending merger and operating as a privately held company.
Upon closing of the merger, the Partnership will be a wholly owned subsidiary of an affiliate of ArcLight.
As of March 31, 2019, the Partnership had approximately $1 billion of total debt outstanding, comprising $534 million outstanding under its revolving credit facility, $425 million in outstanding 8.50 percent senior unsecured notes and $87 million in outstanding non-recourse senior secured notes.
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