PetroLogistics reports sales of $191mn for Q4'13

06 Feb '14

3 min read

PetroLogistics LP (the "Partnership") announced its financial and operating results and cash distribution for the fourth quarter of 2013. The distribution for the quarter ended December 31, 2013, is 30 cents per common unit. This brings the aggregate distributions for the year ended December 31, 2013 to $1.72 per common unit.

Total sales in the fourth quarter were $191.0 million and net income was $21.5 million. The Partnership's reported results include certain items that impact comparability of financial results between reporting periods. Excluding the impact of these items, the Partnership's Adjusted EBITDA was $40.1 million and Adjusted net income was $22.1 million.

Cash available for distribution was $42.1 million for the fourth quarter of 2013. Adjusted net income, Adjusted EBITDA and cash available for distribution are non-GAAP financial measures. Please see "Non-GAAP Financial Measures" included later in this release for reconciliations of these Non-GAAP Financial Measures to the most directly comparable GAAP measures.

"The Partnership successfully completed its first planned triennial turnaround during the fourth quarter," said David Lumpkins, Executive Chairman. "The turnaround went extremely well and our reserves were adequate to fund the entire cost of the turnaround as well as maintain distributions during the downtime. In addition, since restart we have seen improved plant performance and look forward to continued improvements in reliability. "

"Since June 2013, excluding the planned turnaround, we have achieved an on-stream rate of over ninety-seven percent. Further, during January 2014 we produced 123.2 million pounds of propylene, a monthly production record," said Nathan Ticatch, President and Chief Executive Officer.

"Although the plant is running well, we have identified an issue that will require the replacement of two heat exchangers. The repairs will require an estimated seven day outage upon the arrival of the replacement exchangers which we anticipate to occur by April. However, the conditions that need to be addressed do not currently adversely affect production"

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