Credit Suisse says "4Q12 In-Line: Stage Set for 2013 - Reiterate
It said: "4Q12 In-Line; ~15% Distribution Growth Guidance
Reiterated: ACMP reported 4Q12 EBITDA and DCF of $119mm and $82mm,
respectively in-line with our estimates of $121mm and $84mm,
respectively. Management reiterated 2013 and 2014 guidance
including distribution growth of ~15% for the next two years.
"Momentum Accelerates in the Marcellus: Marcellus throughput
increased 25% (q/q) to 0.86Bcf/d on the back of 47 wells connected
during the quarter. With 269 wells waiting on pipeline as of 3Q12
and additional processing capacity coming on-line in the near-term,
we expect this strength to continue throughout 2013.
"Offsetting Declines in the Barnett: Strong growth in the
Marcellus offset declines in the Barnett resulting in relatively
flat overall throughput Q/Q. While Barnett volumes are expected to
remain pressured, ACMP's minimum volume commitment protects the
partnership from this headwind.
"Stage is Set for 2013: We expect ACMP to deliver
transformational growth throughout 2013. As the company integrates
the $2.16b CMO acquisition and executes a $1.65b growth capex
program, DCF/unit is forecast to grow each quarter in 2013 from
$0.54/unit in 4Q12 to $0.72/unit in 4Q13 (+33% y/y). Furthermore,
ACMP's exposure to CHK should gradually decline as CHK continues to
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