10.05.16. In the first quarter, American Midstream Partners reported adjusted EBITDA 30 percent up on Q1 2015. Distributable cash flow (DCF) saw 20 percent growth with distribution coverage of approximately 1.1 times.
The increase in EBITDA to US$20.3 million was primarily related to incremental earnings from Delta House, a fee-based, semi-submersible floating production system and pipelines in the Gulf of Mexico.
In September 2015, the partnership acquired a 12.9 percent interest in Delta House from ArcLight Capital, which controls American Midstream’s general partner. It then bought a further 1 percent interest from an ArcLight affiliate in April 2016.
Gross margin for the terminals business was $3.1 million for the quarter, compared with $2.7 million for the same period in 2015. The increase in gross margin was primarily attributable to increases in utilised storage capacity at the Harvey terminal and contractual storage rate escalations.
Gross margin in the gathering and processing, natural gas and transmission divisions were all down on lower throughput in the quarter.
10th May 2016
