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Article Excerpt
Reported Earnings Unchanged
DENVER, Aug. 7 -- DCP Midstream Partners, LP (NYSE: DPM), or the Partnership, is reissuing its earnings release announcing its financial results for the second quarter of 2009 to correct the "adjusted net income per unit" calculation for the three and six months ended June 30, 2009. No other amounts in the earnings release were affected. For the three months ended June 30, 2009, "adjusted net income per unit," a non-GAAP financial measure, was incorrectly reflected as $0.31 and the correct "adjusted net income per unit" should have been $0.27. For the six months ended June 30, 2009, the "adjusted net income per unit" was incorrectly reflected as $0.86 and the correct "adjusted net income per unit" should have been $0.91.
The complete corrected text of the earnings release is shown below: DCP Midstream Partners Reports Second Quarter 2009 Results Delivers 1.0x distribution coverage in the second quarter and 1.2x year to date
DENVER, Aug. 6 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP , or the Partnership, today reported financial results for the three and six months ended June 30, 2009. The table below reflects 2009 and 2008 results on a consolidated basis and 2008 results as originally reported.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080805/LATU124LOGO-b) SECOND QUARTER AND YEAR TO DATE HIGHLIGHTS Three Months Ended Six Months Ended June 30, June 30, ----------------------- ----------------------- As As Reported Reported in in 2009 2008 2008 2009 2008 2008 ---- ---- ---- ---- ---- ------ (Unaudited) (Millions, except per unit amounts) Net loss attributable to partners $(42.1) $(153.1) $(159.3) $(21.0) $(153.0) $(165.8) Net loss per unit $(1.41) $(5.67) $(5.67) $(0.86) $(6.36) $(6.36) Adjusted EBITDA* $32.4 $34.0 $25.9 $72.6 $79.4 $62.5 Adjusted net income attributable to partners* $12.1 $17.2 $11.0 $33.0 $45.9 $33.1 Adjusted net income per unit* $0.27 $0.28 $0.28 $0.91 $1.02 $1.02 Distributable cash flow* $23.2 $29.0 $23.2 $50.6 $68.0 $55.1 * Denotes a financial measure not presented in accordance with U.S. generally accepted accounting principles, or GAAP. Each such non-GAAP financial measure is defined below under "Non-GAAP Financial Information", and each is reconciled to its most directly comparable GAAP financial measures under "Reconciliation of Non-GAAP Financial Measures" below.
In April 2009, the Partnership completed the acquisition of an additional 25.1 percent interest in DCP East Texas Holdings, LLC, or East Texas, from DCP Midstream, LLC, which results in the Partnership owning a 50.1 percent interest in East Texas. Prior to this transaction the Partnership accounted for its interest in East Texas under the equity method. As a result of our owning in excess of 50 percent, and because the transaction was between entities under common control, we are required to present results of operations, including all historical periods, on a consolidated basis. In addition, results are presented as originally reported in 2008 for comparative purposes.
Additionally, note that while the Partnership hedges the majority of its commodity risk, the portion of East Texas owned by DCP Midstream is unhedged. As such, the Partnership's consolidated results depict 75 percent of East Texas unhedged in all periods prior to the second quarter of 2009 and 49.9 percent of East Texas unhedged for all periods subsequent to the first quarter of 2009.
Adjusted EBITDA of $32.4 million for the three months ended June 30, 2009, as compared to $34.0 million for the three months ended June 30, 2008, reflects the addition of our Michigan system, reduced operating costs, continued strong results from our wholesale propane logistics segment, and favorable cash settlements from commodity derivatives, more than offset by the impacts of lower commodity prices as well as lower processing margins and gas throughput volumes at certain of our natural gas assets. Adjusted EBITDA of $72.6 million for the six months ended June 30, 2009, as compared to $79.4 million for the six months ended June 30, 2008, also includes the impact from operational downtime at our Discovery, Wyoming and East Texas assets in the first quarter of 2009.
DISTRIBUTION AND DISTRIBUTABLE CASH FLOW
On July 28, 2009, the Partnership announced a quarterly distribution of $0.60 per limited partner unit, consistent with the prior quarter. Our distributable cash flow of $23.2 million for the three months ended June 30, 2009 provided a...
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