Adjusted earnings before interest, income taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP measure, of $53.8 million(1), or $0.83 per common unit, for the second quarter 2013 pro forma for ARPs acquisition of natural gas producing assets from EP Energy E&P Company, L.P. (EP Energy). This compares to pro forma adjusted EBITDA of $31.4 million, or $0.64 per unit, in the first quarter 2013 and $16.6 million, or $0.50 per unit, for the prior year second quarter;
(1) A reconciliation of GAAP net loss to pro forma adjusted EBITDA and distributable cash flow is provided in the financial tables of this release.
One issue is they will do another deal, more equity issuance. Not sure the units move until market perceives that critical mass of assets is in place. Although they said the drill partnership business should exceed their guidance, they have some great prospects to sell. Seems the CRZO Barnett asset would be a good addition at the right price.