Interest and depreciation expenses and transaction costs from a recent acquisition dampened fourth quarter earnings for Access Midstream Partners LP, the company said Tuesday. Fourth-quarter net income attributable to the partnership was $24.3 million, down from $42 million in the fourth quarter of 2011. The partnership said fourth-quarter 2012 results include 12 days of operations from the recently closed acquisition of Chesapeake Midstream Operating LLC. That purchase gave Access Midstream natural gas gathering and processing assets in the Eagle Ford, Utica and Niobrara Shale regions. It also expanded the partnership's existing position in the Haynesville and Marcellus Shale regions. In late January, Access Midstream's board for its general partners declared a 45 cent distribution per unit for the fourth quarter of 2012, up from 39 cents per unit in the year-earlier quarter.
From Staff and Tulsa World Reports