Analyst Actions: Access Midstream Partners Keeps Outperform at Credit Suisse; Shares Down 1% From Near 52 Week Highs
Credit Suisse says "4Q12 In-Line: Stage Set for 2013 - Reiterate Outperform"
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 divest assets."