American Midstream Partners, LP

CIK:0001513965|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
(Loss) gain on commodity derivatives, net	$ (1,521)	$ 60
Total revenue	172,830	205,829
Operating expenses:
Costs of sales	128,061	150,166
Direct operating expenses	17,978	23,446
Corporate expenses	19,401	22,692
Depreciation, amortization and accretion	21,180	21,997
Loss (gain) on sale of assets, net	55	(95)
Impairment of long-lived assets	829	0
Total operating expenses	187,504	218,206
Operating loss	(14,674)	(12,377)
Other income (expense), net
Interest expense, net of capitalized interest	(24,363)	(13,876)
Other income, net	8	22
Earnings in unconsolidated affiliates	26,110	12,673
Loss before income taxes	(12,919)	(13,558)
Income tax expense	(218)	(280)
Net loss	(13,137)	(13,838)
Net income attributable to noncontrolling interests	(77)	(45)
Net loss attributable to the Partnership	(13,214)	(13,883)
General Partner’s interest in net loss	(170)	(181)
Limited Partners’ interest in net loss	$ (13,044)	$ (13,702)
Basic and diluted:
Net loss per common unit (in usd per share)	$ (0.38)	$ (0.42)
Weighted average number of common units outstanding:
Basic and diluted (shares)	54,082	52,769
Commodity sales
Revenue:
Total revenue	$ 137,529	$ 158,863
Services
Revenue:
Total revenue	$ 36,822	$ 46,906

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (13,137)	$ (13,838)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, amortization and accretion	21,180	21,997
Amortization of operating leases	1,407
Amortization of debt issuance costs	2,549	1,316
Amortization of weather derivative premium	247	278
Unrealized (gain) loss on derivatives contracts, net	3,037	(5,112)
Non-cash compensation expense	1,026	1,014
Loss (gain) on sale of assets	55	(95)
Other non-cash items	7	(15)
Impairment of long-lived assets	829	0
Earnings in unconsolidated affiliates	(26,110)	(12,673)
Distributions from unconsolidated affiliates	29,866	12,673
Bad debt (recovery) expense	(80)	87
Deferred tax benefit	0	151
Changes in operating assets and liabilities:
Accounts receivable	(11,918)	7,251
Inventory	(7,738)	(3,399)
Other current assets	1,312	(4,174)
Other assets, net	(2,546)	0
Accounts payable	8,170	11,200
Accrued gas and crude oil purchases	(2,278)	(4,431)
Accrued expenses and other current liabilities	(4,096)	2,623
Asset retirement obligations	(569)	(6)
Other liabilities	(5,453)	0
Net cash (used in) provided by operating activities	(4,240)	14,847
Cash flows from investing activities
Contributions to unconsolidated affiliates	0	(987)
Additions to property, plant and equipment and other	(18,761)	(25,946)
Proceeds from disposals of assets and business	0	8
Distributions from unconsolidated affiliates, return of capital	12,280	11,181
Net cash used in investing activities	(6,481)	(15,744)
Cash flows from financing activities
Contributions	0	9,870
Distributions	0	(22,035)
Contribution from noncontrolling interest owners	3	0
Distributions to noncontrolling interests owners	(33)	(20)
LTIP tax netting unit repurchase	(148)	(703)
Payments of financing leases	(268)
Payment of debt issuance costs	(61)	(1,085)
Payments of other debt	(1,576)	(1,893)
Payments of credit agreement	(33,000)	(119,700)
Borrowings on credit agreement	52,500	134,400
Other	406	338
Net cash provided by (used in) financing activities	16,813	(1,774)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,092	(2,671)
Cash, cash equivalents and restricted cash, beginning of period	45,020	34,179
Cash, cash equivalents and restricted cash, end of period	51,112	31,508
Cash, Cash equivalents and Restricted cash
Cash and cash equivalents (beginning balance)	9,069	8,782
Restricted cash - current (beginning balance)	30,868	20,352
Restricted cash - non-current (beginning balance)	5,083	5,045
Cash and cash equivalents (ending balance)	12,273	8,191
Restricted cash - current (ending balance)	33,558	18,269
Restricted cash - non-current (ending balance)	5,281	5,048
Long-term Debt \| Senior Notes
Cash flows from financing activities
Payment of long-term debt and 3.97% Senior Notes	(559)	(507)
3.97% Trans-Union Secured Senior notes \| Senior Notes
Cash flows from financing activities
Payment of long-term debt and 3.97% Senior Notes	$ (451)	$ (439)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 12,273	$ 9,069
Restricted cash	33,558	30,868
Accounts receivable, net of allowance for doubtful accounts of $511 and $591 as of March 31, 2019 and December 31, 2018, respectively	87,355	76,632
Inventory	8,924	1,186
Other current assets	21,728	26,236
Total current assets	163,838	143,991
Property, plant and equipment, net	995,755	997,708
Goodwill	51,723	51,723
Restricted cash-long term	5,281	5,083
Intangible assets, net	131,447	133,992
Investments in unconsolidated affiliates	321,760	337,796
Other assets, net	45,933	17,403
Total assets	1,715,737	1,687,696
Current liabilities
Accounts payable	44,789	36,619
Accrued gas purchases	9,417	11,695
Accrued expenses and other current liabilities	68,448	78,612
Current portion of long-term debt	542,163	522,966
Total current liabilities	664,817	649,892
Asset retirement obligations	68,338	67,451
Other long-term liabilities	41,876	18,491
Long-term debt	501,836	500,739
Deferred tax liability	1,421	1,421
Total liabilities	1,278,288	1,237,994
Commitments and contingencies
Convertible preferred units	331,964	324,624
Equity and partners’ capital
General Partner interests (981 units issued and outstanding as of March 31, 2019 and December 31, 2018)	(66,528)	(66,591)
Limited Partner interests (54,212 and 54,017 units issued and outstanding as of March 31, 2019 and December 31, 2018, respectively)	158,122	177,861
Accumulated other comprehensive income	68	32
Total partners’ capital	91,662	111,302
Noncontrolling interests	13,823	13,776
Total equity and partners’ capital	105,485	125,078
Total liabilities, equity and partners’ capital	$ 1,715,737	$ 1,687,696