Southcross Energy Partners, L.P.

CIK:0001547638|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018
Revenues	$ 85,134		$ 78,343		$ 195,338	$ 182,204
Revenue from Related Parties	11,401		58,429		23,125	109,805
Total revenues	96,535		136,772		218,463	292,009
Cost of Goods and Services Sold	67,275		104,411		159,807	227,928
Expenses:
Operations and maintenance	16,239		14,376		31,057	28,349
Depreciation and amortization	8,512		17,906		20,750	35,762
General and administrative	12,392		4,941		28,312	9,916
Asset Impairment Charges	26,619		0		26,619	0
Loss (gain) on sale of assets, net	0		(553)		0	(553)
Total expenses	131,037		141,081		266,545	301,402
Loss from operations	(34,502)		(4,309)		(48,082)	(9,393)
Income (Loss) from Equity Method Investments	(2,514)		(3,152)		(5,171)	(6,288)
Interest expense	(15,933)		(11,095)		(27,402)	(21,105)
Reorganization Items	(18,490)		0		(18,490)	0
Other Cost and Expense, Operating	(18,447)		(14,247)		(32,573)	(27,393)
Income (loss) before reorganization items	(52,949)		(18,556)		(80,655)	(36,786)
Loss before income tax expense		$ (71,439)		$ (18,556)	(99,145)	(36,786)
Income tax expense		$ (4)		$ 0	(4)	0
Net loss	(71,443)		(18,556)		(99,149)	(36,786)
General partner unit in-kind distribution						22
Net loss attributable to partners	(71,443)		(18,567)		(99,149)	(36,808)
Earnings per unit and distributions declared
Net loss allocated to limited partner, basic and diluted	(71,443)		(18,556)
General Partner [Member]
Expenses:
Net loss	(71,443)		(381)		(89,756)
General partner unit in-kind distribution	0		11		0	22
Earnings per unit and distributions declared
Net loss allocated to limited partner, basic and diluted			(370)
Common Limited Partners [Member]
Earnings per unit and distributions declared
Net loss allocated to limited partner, basic and diluted	$ 0		$ (11,101)		$ 0	$ (22,050)
Weighted average number of limited partner units outstanding, basic and diluted	48,682		48,637		48,682	48,632
Basic and diluted loss per unit (in dollars per unit)	$ 0.00		$ (0.23)		$ 0.00	$ (0.45)
Subordinated Limited Partners [Member]
Earnings per unit and distributions declared
Net loss allocated to limited partner, basic and diluted	$ 0		$ (1,369)		$ 0	$ (4,118)
Weighted average number of limited partner units outstanding, basic and diluted	12,214		12,214		12,214	12,214
Basic and diluted loss per unit (in dollars per unit)	$ 0.00		$ (0.11)		$ 0.00	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 84,557	$ 84,557		$ 11,707
Proceeds from Issuance of Unsecured Debt		0	$ 15,000
Proceeds from issuance of debtor in possession financing		127,500	0
Proceeds from issuance of Debtor in Possession Roll-up Loans		127,500	0
Cash flows from operating activities:
Net loss	(71,443)	(99,149)	(36,786)
Depreciation and amortization		20,750	35,762
Unit-based compensation		0	170
Other Noncash Expense		2,902	2,770
Gain (Loss) on Sale of Assets and Asset Impairment Charges	0	0	(553)
Unrealized gain on financial instruments		11	(1)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions		5,171	6,288
Asset Impairment Charges	26,619	26,619	0	430,313
Non-cash reorganization items		8,893	0
Other Operating Activities, Cash Flow Statement		(126)	(126)
Changes in operating assets and liabilities:		19,641	7,545
Increase (Decrease) in Prepaid Expense and Other Assets		(19,020)	(7,123)
Increase (Decrease) in Other Noncurrent Assets		3	535
Increase (Decrease) in Accounts Payable and Accrued Liabilities		(17,258)	(10,352)
Increase (Decrease) in Other Operating Liabilities		4,386	4,664
Net Cash Provided by (Used in) Operating Activities		(47,177)	2,793
Net cash provided by operating activities
Capital expenditures		(4,546)	(7,619)
Proceeds from Contribution in Aid of Construction		(1,475)	(7)
Net proceeds from sales of assets		1,065	108
Investment contributions to joint venture investments		(428)	(222)
Net Cash Provided by (Used in) Investing Activities		(2,434)	(7,740)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Repayments of Long-term Lines of Credit		0	(11,431)
Repayments of Long-term Debt		(127,500)	(2,128)
Repayments from debtor in possession financing		(938)	0
Borrowings under our credit facility		(342)	(293)
Financing costs		(3,758)	(256)
Payments Related to Tax Withholding for Share-based Compensation		(1)	(8)
Net Cash Provided by (Used in) Financing Activities		122,461	884
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		72,850
Net decrease in cash and cash equivalents			(4,063)
Cash and cash equivalents — Beginning of period		11,707	5,218	5,218
Cash and cash equivalents — End of period	$ 29,557	$ 29,557	$ 1,155	$ 11,707

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 29,557,000	$ 11,707,000
Restricted Cash	55,000,000	0
Trade accounts receivable	40,279,000	53,941,000
Due from Affiliate, Current	0	5,980,000
Prepaid expenses	3,183,000	3,521,000
Other current assets	22,278,000	8,212,000
Total current assets	150,297,000	83,361,000
Property, plant and equipment, net	381,162,000	427,021,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	92,237,000	96,980,000
Other assets	8,128,000	3,090,000
Total assets	631,824,000	610,452,000
Current liabilities:
Accounts payable and accrued liabilities	32,367,000	60,825,000
Due to Affiliate, Current	1,010,000	288,000
Other Long-term Debt, Current	254,231,000	521,123,000
Other current liabilities	3,902,000	15,309,000
Total current liabilities	291,510,000	597,545,000
Long-term Debt, Excluding Current Maturities	0	0
Other non-current liabilities	153,000	16,715,000
Liabilities not subject to compromise	291,663,000	614,260,000
Total liabilities	735,000	614,000
Liabilities Subject to Compromise	443,118,000	0
Partners' capital:
Total partners' capital	(102,957,000)	(3,808,000)
Liabilities, preferred units, and partners' capital:
Total liabilities, preferred units and partners' capital	631,824,000	610,452,000
Limited Partner, units authorized
Partners' capital:
Total partners' capital	0	0
Class B Convertible Units [Member]
Partners' capital:
Total partners' capital	0	9,393,000
Subordinated Units [Member]
Partners' capital:
Total partners' capital	0	0
General Partner interest [Member]
Partners' capital:
General Partner interest	(102,957,000)	(13,201,000)
Total partners' capital	$ (102,957,000)	$ (13,201,000)