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Press release from PR Newswire

PVR Partners Announces Third Quarter 2013 Results And Declares Cash Distribution

Thursday, October 24, 2013

PVR Partners Announces Third Quarter 2013 Results And Declares Cash Distribution

08:12 EDT Thursday, October 24, 2013

RADNOR, Pa., Oct. 24, 2013 /PRNewswire/ -- PVR Partners, L.P. (NYSE: PVR) ("PVR") today reported financial and operational results for the three months ended September 30, 2013.  In addition, PVR declared a quarterly distribution of $0.55 per unit.

(Logo: http://photos.prnewswire.com/prnh/20110224/PH54022LOGO)

Third Quarter Results

Third quarter 2013 highlights and results, with comparisons to results for the third quarter of 2012 ("last year") and the second quarter of 2013 ("last quarter"), included the following:

  • Adjusted EBITDA of $79.9 million as compared to $61.2 million last year and $76.1 million last quarter.
  • Distributable Cash Flow ("DCF") of $49.5 million as compared to $36.6 million last year and $49.0 million last quarter.
  • Average daily natural gas throughput volumes of 1.8 billion cubic feet per day ("Bcfd") as compared with 1.0 Bcfd last year and 1.7 Bcfd last quarter.

In addition, on August 19 PVR sold its 25% membership interest in Thunder Creek Gas Services, L.L.C. for $58.6 million which resulted in a reported gain of $14.3 million.  The $14.3 million gain is included in Other Revenue and has been subtracted from the calculation of Adjusted EBITDA and DCF.

Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles ("GAAP") measures.  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

Quarterly Distribution

The Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on November 13, 2013 to common unitholders of record at the close of business on November 6, 2013.  This distribution equates to an annualized rate of $2.20 per unit, which is unchanged from the distribution paid with respect to the second quarter of 2013 and represents a 1.9% increase over the distribution paid with respect to the third quarter of 2012.

Management Comment

"We are pleased with our third quarter results," said Bill Shea, President and CEO of PVR's general partner.  "The Eastern Midstream Segment continues to show progress in volumes over last year and last quarter and we expect that progress to continue.  Our Midcontinent Midstream Segment benefitted from an improved commodity pricing environment, and our Coal and Natural Resource Management Segment has performed in-line with our expectations."

Eastern Midstream Segment Results

The Eastern Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $43.5 million as compared to $21.4 million last year and $38.1 million last quarter, primarily due to the continued development of internal growth projects and the acquisition of Chief Gathering LLC.
  • Quarterly average throughput volumes of 1.4 Bcfd as compared to 0.6 Bcfd last year and 1.3 Bcfd last quarter, reflecting growth on PVR's existing systems, as well as the acquisition and expansion of the Chief Gathering systems.

Midcontinent Midstream Segment Results

The Midcontinent Midstream Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $17.1 million as compared to $13.0 million last year and $14.9 million last quarter.
  • Quarterly average throughput volumes of 381 MMcfd as compared to 410 MMcfd last year and 382 MMcfd last quarter.

Coal and Natural Resource Management Segment Results

The Coal and Natural Resource Management Segment reported third quarter 2013 results, with comparisons to third quarter 2012 results and the second quarter of 2013, as follows:

  • Adjusted EBITDA of $19.3 million as compared to $26.8 million last year and $23.1 million last quarter.  The year-over-year decline was primarily due to decreased coal production and pricing.
  • Coal royalty tons of 5.7 million tons as compared to 7.7 million tons last year and 6.9 million tons last quarter.
  • Coal royalties revenue of $20.8 million, or $3.66 per ton, as compared to $28.8 million, or $3.73 per ton last year and $23.2 million or $3.37 per ton last quarter.

Capital Investment and Resources

We invested $76.9 million on internal growth projects in our midstream businesses during the third quarter of 2013, of which $64.8 million was invested in the Eastern Midstream Segment.

In September PVR closed on a public offering of 5.5 million common units.  The terms of the offering granted the underwriter the option to purchase a maximum of 825,000 additional common units.  On October 16th, the underwriter purchased 600,000 units available under that option.  Net proceeds from the offering, including the option exercised, totaled approximately $138.1 million and were used to repay a portion of the borrowings outstanding under PVR's $1.0 billion revolving credit facility.  As of September 30, 2013, we had borrowings of $332.5 million under our revolving credit facility.

Expansion Projects Update

The development and build-out of important growth projects in the Marcellus, Utica, Cline and Mississippian Lime continued during the third quarter of 2013.

  • As previously announced, PVR executed a definitive agreement with Hess Corporation to provide trunkline, gathering and compression services in the Utica Shale.
  • Two new compressor facilities in the Eastern Midstream Segment were completed and began operation. These facilities will help maintain volumes on PVR's Susquehanna/Wyoming gathering system and increase the injection capacity into the Tennessee Gas Pipeline.
  • An additional phase of the Lycoming gathering system, for which Inflection Energy is the primary shipper, was completed and began service.
  • The PVR/Aqua joint venture water system put a new water truck loading facility into service, which will significantly expand the service territory reach for water service to natural gas producers.
  • The Eastern Midstream Segment connected 25 wells during the third quarter for a total of 68 for the nine months ending September 30th.  PVR currently anticipates connecting an additional 36 wells during the fourth quarter.
  • An additional 39 new wells were connected in the Midcontinent Midstream Segment during the third quarter for a total of 144 for the nine months ending September 30th.

Third Quarter 2013 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss third quarter 2013 financial and operational results, is scheduled for Thursday, October 24, 2013 at 11:00 a.m. Eastern Daylight Time.  Prepared remarks by members of company management will be followed by a question and answer period.  Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=96084 or by logging on using the link posted on our website, www.pvrpartners.com.  Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners call).  An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call.  A telephonic replay of the call will be available through October 30 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10034216.

******

PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties.  Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers.  Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments.  More information about PVR is available on our website at www.pvrpartners.com.

******

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).  Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business.  Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

******

This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties.  Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q.  Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:  

Stephen R. Milbourne

Director - Investor Relations

Phone: 610-975-8204

E-Mail: invest@pvrpartners.com

 

PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited

(in thousands, except per unit data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Revenues

     Natural gas 

$      92,005

$      78,026

$    282,830

$    215,780

     Natural gas liquids

104,585

96,237

298,563

316,161

     Gathering fees

24,673

15,482

73,475

34,094

     Trunkline  fees

27,389

11,747

70,143

28,394

     Coal royalties

20,816

28,760

66,990

91,150

     Gain on sale of assets

-

31,292

-

31,292

     Other 

19,496

7,303

33,839

21,305

Total revenues

288,964

268,847

825,840

738,176

Expenses

     Cost of gas purchased

163,824

147,246

489,106

453,543

     Operating

17,506

17,587

50,026

47,530

     General and administrative

13,402

11,531

40,359

34,574

     Acquisition related costs

-

-

-

14,049

     Impairments

-

-

-

124,845

     Depreciation, depletion and amortization

47,133

31,992

138,032

84,301

Total expenses

241,865

208,356

717,523

758,842

Operating income

47,099

60,491

108,317

(20,666)

Other income (expense)

     Interest expense

(28,358)

(20,288)

(78,362)

(45,616)

     Derivatives

(965)

(1,524)

(560)

2,201

     Interest income and other

112

104

1,238

329

Net income (loss) 

$      17,888

$      38,783

$      30,633

$    (63,752)

Earnings (loss) per common unit, basic and diluted

$        (0.09)

$          0.16

$        (0.47)

$        (1.14)

Weighted average number of common units outstanding, basic and diluted

96,983

88,366

96,283

83,834

Weighted average number of Class B units outstanding

23,621

21,620

23,129

10,770

Weighted average number of Special units outstanding

10,346

10,346

10,346

5,173

Other data by segment:

Eastern Midstream:

Gathered volumes (MMcfd)

622

444

606

330

Trunkline volumes (MMcfd) (1)

804

169

716

127

Midcontinent Midstream:

Daily throughput volumes (MMcfd) 

381

410

385

435

Coal and Natural Resource Management:

Coal royalty tons (in thousands)

5,684

7,703

19,023

23,584

(1) Trunkline volumes include a significant portion of gathered volumes.

PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

September 30,

December 31,

2013

2012

Assets

     Cash and cash equivalents

$           7,901

$         14,713

     Accounts receivable

136,279

133,546

     Assets held for sale

-

11,450

     Derivative assets

229

-

     Other current assets

5,127

5,446

         Total current assets

149,536

165,155

     Property, plant and equipment, net

2,166,092

1,989,346

     Other long-term assets

784,652

844,208

          Total assets

$    3,100,280

$    2,998,709

Liabilities and Partners' Capital

     Accounts payable and accrued liabilities

$       159,225

$       197,034

     Deferred income

5,886

3,788

     Derivative liabilities

691

-

         Total current liabilities

165,802

200,822

     Other long-term liabilities

30,976

35,468

     Senior notes 

1,300,000

900,000

     Revolving credit facility

332,500

590,000

     Partners' capital

1,271,002

1,272,419

          Total liabilities and partners' capital

$    3,100,280

$    2,998,709

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Cash flows from operating activities

     Net income (loss)

$         17,888

$         38,783

$         30,633

$        (63,752)

     Adjustments to reconcile net income (loss) to

          net cash provided by operating activities:

     Gain on sale of assets

(14,302)

(31,292)

(14,302)

(31,292)

     Depreciation, depletion and amortization

47,133

31,992

138,032

84,301

     Impairments

-

-

-

124,845

     Commodity derivative contracts:

        Total derivative losses (gains) included in net income

965

1,524

560

(2,201)

        Cash receipts (payments) to settle derivatives for the period

(123)

(1,332)

(313)

(8,578)

     Non-cash interest expense

1,917

1,589

5,399

4,217

     Non-cash unit-based compensation

1,248

1,086

3,356

4,643

     Equity earnings, net of distributions received

1,961

697

5,635

142

     Other

(291)

(231)

(3,359)

(929)

     Changes in operating assets and liabilities

17,695

23,334

13,472

23,396

Net cash provided by operating activities

74,091

66,150

179,113

134,792

Cash flows from investing activities

Acquisitions

-

787

(2,334)

(850,156)

Additions to property, plant and equipment

(84,754)

(173,455)

(344,103)

(348,449)

Joint venture capital contributions

(500)

(10,200)

(10,700)

(21,900)

Proceeds from sale of assets

58,628

62,271

70,592

62,271

Other

246

268

2,118

908

Net cash used in investing activities

(26,380)

(120,329)

(284,427)

(1,157,326)

Cash flows from financing activities

Distributions to partners

(52,781)

(46,833)

(158,302)

(128,516)

Net proceeds (costs) from equity offering

124,643

(219)

124,643

577,743

Proceeds from issuance of senior notes

-

-

400,000

600,000

Repayments (proceeds) from borrowings, net

(125,000)

103,000

(257,500)

(6,000)

Cash paid for debt issuance costs

(158)

(617)

(9,695)

(19,206)

Other

(437)

-

(644)

-

Net cash provided by (used in) financing activities

(53,733)

55,331

98,502

1,024,021

Net increase (decrease) in cash and cash equivalents

(6,022)

1,152

(6,812)

1,487

Cash and cash equivalents - beginning of period

13,923

8,975

14,713

8,640

Cash and cash equivalents - end of period

$           7,901

$         10,127

$           7,901

$         10,127

 

PVR PARTNERS, L.P.

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Reconciliation of Non-GAAP "Total Segment Adjusted EBITDA" to GAAP "Net income (loss)":

Segment Adjusted EBITDA (a):

Eastern Midstream

$      43,515

$      21,440

$    119,296

$      49,060

Midcontinent Midstream

17,103

12,994

47,733

38,001

Coal and Natural Resource Management

19,312

26,757

65,018

84,176

Total segment adjusted EBITDA

$      79,930

$      61,191

$    232,047

$    171,237

Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss)

Depreciation, depletion and amortization

(47,133)

(31,992)

(138,032)

(84,301)

Impairments on PP&E

-

-

-

(124,845)

Acquisition related costs

-

-

-

(14,049)

Gain on sale of assets

14,302

31,292

14,302

31,292

Interest expense

(28,358)

(20,288)

(78,362)

(45,616)

Derivatives

(965)

(1,524)

(560)

2,201

Other

112

104

1,238

329

Net income (loss)

$      17,888

$      38,783

$      30,633

$    (63,752)

Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Distributable cash flow":

Net income (loss)

$      17,888

$      38,783

$      30,633

$    (63,752)

Depreciation, depletion and amortization

47,133

31,992

138,032

84,301

Impairments on PP&E 

-

-

-

124,845

Acquisition related costs

-

-

-

14,049

Gain on sale of assets

(14,302)

(31,292)

(14,302)

(31,292)

Derivative contracts:

  Derivative (gains) losses included in net income

965

1,524

560

(2,201)

  Cash receipts (payments) to settle derivatives for the period

(123)

(1,332)

(313)

(8,578)

Equity earnings from joint ventures, net of distributions 

1,961

697

5,635

142

Maintenance capital expenditures

(4,044)

(3,749)

(11,858)

(12,197)

Distributable cash flow (b)

$      49,478

$      36,623

$    148,387

$    105,317

Distribution to Partners:

Total cash distribution paid during the period

$      52,781

$      46,833

$    158,302

$    128,516

Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Net income as adjusted":

Net income (loss)

$      17,888

$      38,783

$      30,633

$    (63,752)

Impairments on PP&E and equity investments 

-

-

-

124,845

Acquisition related costs

-

-

-

14,049

Gain on sale of assets

(14,302)

(31,292)

(14,302)

(31,292)

Adjustments for derivatives:

Derivative (gains) losses included in net income

965

1,524

560

(2,201)

Cash receipts (payments) to settle derivatives for the period

(123)

(1,332)

(313)

(8,578)

Net income, as adjusted (c)

$        4,428

$        7,683

$      16,578

$      33,071

(a)  Segment Adjusted EBITDA, or earnings before interest, tax and depreciation, depletion and amortization ("DD&A"), represents net income plus DD&A, plus impairments, plus acquisition related costs, minus gain on sale of assets, plus interest expense, plus or minus derivative losses or gains and minus other items included in net income.  We believe EBITDA or a version of Adjusted EBITDA is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream and coal industries. We use this information for comparative purposes within the industry.  Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.

(b)  Distributable cash flow represents net income plus DD&A, plus impairments, plus acquisition related costs, minus gain on sale of assets, plus (minus) derivative losses (gains) included in net income, plus (minus) cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital expenditures.  At management's discretion, a fixed amount of $1.8 million per quarter in 2013 and $1.3 million per quarter in 2012 has been included in maintenance capital for well connects. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income. For comparative purposes, prior year amounts exclude replacement capital expenditures.

(c)  Net income, as adjusted, represents net income adjusted to exclude the effects of non-cash  impairment charges, one-time charges related to acquisitions and changes in the fair value of derivatives, minus gain on sale of assets. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream industry. We use this information for comparative purposes within the industry. Net income, as adjusted, is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.

PVR PARTNERS, L.P.

QUARTERLY SEGMENT INFORMATION - unaudited

(in thousands)

Eastern Midstream

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Revenues

     Gathering fees

$          24,021

$          14,012

$         71,162

$         28,316

     Trunkline fees

27,389

11,747

70,143

28,394

     Other

309

1,041

(251)

2,687

        Total revenues

51,719

26,800

141,054

59,397

Expenses

     Operating 

3,190

2,124

8,045

4,211

     General and administrative

5,014

3,236

13,713

6,126

     Acquisition related costs

-

-

-

14,049

     Depreciation, depletion and amortization

25,355

11,867

71,461

22,322

       Total expenses

33,559

17,227

93,219

46,708

Operating income

$          18,160

$            9,573

$         47,835

$         12,689

Midcontinent Midstream

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Revenues

     Natural gas

$          92,005

$          78,026

$       282,830

$       215,780

     Natural gas liquids

104,585

96,237

298,563

316,161

     Gathering fees

652

1,470

2,313

5,778

     Gain on sale of plant

-

31,292

-

31,292

     Other 

14,637

497

16,183

2,042

        Total revenues

211,879

207,522

599,889

571,053

Expenses

     Cost of gas purchased

163,824

147,246

489,106

453,543

     Operating 

11,591

11,164

32,519

31,642

     General and administrative

5,059

4,826

16,229

16,575

     Impairments

-

-

-

124,845

     Depreciation, depletion and amortization

15,719

11,913

45,679

37,220

       Total expenses

196,193

175,149

583,533

663,825

Operating income (loss) 

$          15,686

$          32,373

$         16,356

$        (92,772)

Coal and Natural Resource Management

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Revenues

     Coal royalties

$          20,816

$          28,760

$         66,990

$         91,150

     Coal services

543

1,953

2,552

4,583

     Timber

1,350

1,411

4,468

4,284

     Oil and gas royalties

898

977

2,245

2,165

     Other

1,759

1,424

8,642

5,544

        Total revenues

25,366

34,525

84,897

107,726

Expenses

     Operating 

2,725

4,299

9,462

11,677

     General and administrative

3,329

3,469

10,417

11,873

     Depreciation, depletion and amortization

6,059

8,212

20,892

24,759

       Total expenses

12,113

15,980

40,771

48,309

Operating income

$          13,253

$          18,545

$         44,126

$         59,417

 

PVR PARTNERS, L.P.

DERIVATIVE CONTRACT SUMMARY - unaudited

As of September 30, 2013

Average Volume Per Day

Swap Price

Crude oil swap (WTI)

 (barrels) 

(per barrel)

Fourth quarter 2013

500

$94.80

Natural gas swaps (1)

 (MMBtu) 

(per MMBtu)

Fourth quarter 2013

5,500

$3.823

Propane swap - OPIS Conway

 (gallons) 

(per gallon)

Fourth quarter 2013

42,000

$1.00875

Our exposure profile with respect to commodity prices depends on many factors, including inlet volumes, plant operational efficiencies, contractual terms, and the price relationship between ethane and natural gas.

We anticipate operating our plants in "ethane rejection" for the remainder of 2013. Under this operational mode, we estimate that for every $1.00 per MMBtu change in the natural gas price, our natural gas midstream gross margin and operating income for the remainder of 2013 would change by $4.7 million, excluding the effect of the natural gas hedges described above, and all other factors remaining constant. The natural gas hedges described above would reduce the net impact to $4.2 million.

Similarly, for every $5.00 per barrel change in crude oil prices, with all other factors remaining constant, and excluding the effect of the 2013 crude oil derivative described above, we estimate that our natural gas midstream gross margin and operating income would change by $0.5 million. The crude oil hedge described above would reduce the net impact to $0.2 million.

For every $0.05 per gallon increase in the price of ethane with all other factors remaining constant, we estimate that our gross margin and operating income will decrease by $0.7 million while operating in ethane rejection. Finally, for every $0.05 per gallon increase in the price of other NGLs with all other factors remaining constant, we estimate that our gross margin and operating income will increase by $0.4 million. The propane hedge described above would reduce the net impact to $0.2 million.

(1) The natural gas swaps settle against the monthly index price reported in Inside FERC's Natural Gas Market Report for Southern Star Central Gas Pipeline (Texas, Oklahoma, Kansas), which has historically tended to be settled at a lower price than the Henry Hub national benchmark. A significant portion of our physical gas sales are also priced using this reported monthly index.

PVR PARTNERS, L.P.

OPERATING STATISTICS

($ Amounts in 000s)

Three Months Ended

 Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

EASTERN MIDSTREAM

Volumes (MMcfd)

Lycoming Trunkline

293

169

323

127

Wyoming Trunkline

511

-

393

-

Total Trunkline Volume

804

169

716

127

Lycoming Gathering

248

203

236

144

Wyoming Gathering

210

149

197

137

East Lycoming Gathering

106

75

115

40

Bradford Gathering

50

13

50

7

Preston Gathering

-

-

-

-

Greene Gathering

8

4

8

2

Total Gathering

622

444

606

330

Total Throughput

1,426

613

1,322

457

Total Trunkline Fees

$         27,389

$         11,747

$         70,143

$         28,394

Total Gathering Fees

$         24,021

$         14,012

$         71,162

$         28,316

Trunkline Fees / Mcf

$            0.37

$            0.76

$            0.36

$            0.82

Gathering Fees / Mcf

$            0.42

$            0.34

$            0.43

$            0.31

MIDCONTINENT MIDSTREAM

Volumes (MMcfd)

Panhandle System

329

360

332

349

Crossroads System (1)

-

-

-

36

Crescent System

29

26

29

24

Hamlin System

6

6

6

7

Total Processing Systems

364

392

367

416

Arkoma System

9

9

9

9

North Texas System

8

9

8

10

Total Gathering Only Systems

17

18

18

19

Total All Systems

381

410

385

435

Total Gathering and Processing Fees, Net(2)

$         33,418

$         28,487

$         94,600

$         84,176

Fees Per Mcf

$             0.95

$             0.75

$             0.90

$             0.71

(1) Crossroads System was sold July 3, 2012

(2) Processing fees include revenues from natural gas,  natural gas liquids and gathering fees less cost of gas purchased

COAL PRODUCTION

Coal royalty tons by region (000s)

Central Appalachia

2,609

3,546

8,010

11,090

Northern Appalachia

375

1,013

2,382

2,911

Illinois Basin

424

801

1,753

2,900

San Juan Basin

2,276

2,343

6,878

6,683

Total Tons

5,684

7,703

19,023

23,584

Total Coal Royalties

$         20,816

$         28,760

$         66,990

$         91,150

Average Coal Royalty per ton

$             3.66

$             3.73

$             3.52

$             3.86

SOURCE PVR Partners, L.P.

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