Duncan Energy Partners reports increase in Q4 net income

Published: 05-Feb-2009

By: Staff Writer Staff Writer Staff Writer

Total natural gas throughput volumes increased 17 percent to 4.9 trillion British thermal units per day ("TBtus/d") compared to 4.2 TBtus/d in the fourth quarter of 2007

Duncan Energy Partners has reported a net income of $10.8 million, or $0.39 per common unit on a fully diluted basis, for the fourth quarter of 2008, compared to $6.8 million, or $0.30 per common unit on a fully diluted basis, for the same quarter of 2007.

For the fourth quarter of 2008, Duncan Energy Partners has reported revenue of $323.4 million, compared to $301.51 million for the same period of 2007.

The company has reported a net income of $47.95 million, or $1.22 per common unit on a fully diluted basis, for 2008, compared to $3.63 million, or $0.93 per common unit on a fully diluted basis, for 2007.

Duncan Energy Partners has reported revenue of $1.59 billion for 2008, compared to $1.22 billion for 2007.

According to the company, distributable cash flow increased 63 percent to $15.4 million in the fourth quarter of 2008 compared to $9.4 million in the fourth quarter of 2007. Distributable cash flow for the fourth quarter of 2008 includes $5.6 million of cash distributed to DEP from the DEP II Midstream businesses for the 24-day period from the acquisition date to the end of 2008, which represents an annualized return on investment of approximately 12 percent.

Richard Bachmann, president and CEO of the general partner of Duncan Energy Partners, said: “We were excited to accomplish a goal for our partnership in the fourth quarter of 2008, the completion of the second acquisition from Enterprise.”

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