• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Hiland Partners to Present at the Wachovia Pipeline & Energy MLP Symposium in New York and Announces Fiscal Year 2008 Guidance

Posted on: Wednesday, 5 December 2007, 09:00 CST

ENID, Okla., Dec. 5 /PRNewswire-FirstCall/ -- Hiland Partners, LP (the "Partnership") announced today that Joe Griffin, Chief Executive Officer and President, will speak at the Wachovia Pipeline & Energy MLP Symposium, to be held on December 6th, at the Jumeirah Essex House in New York, New York.

The presentation will begin at 3:30 p.m. Eastern time and is expected to last approximately 20 minutes followed by a question and answer session. The presentation will not be webcast, however, the presented materials will be available the day of the presentation on the Partnership's website at http://www.hilandpartners.com/ under "Investor Relations -- Presentations".

The Partnership is also announcing today fiscal year 2008 guidance of $75-$83 million for EBITDA and $5-$6 million for Maintenance Capital Expenditures. "Our EBITDA guidance, which reflects an increase of approximately 53 to 69 percent over our trailing twelve month EBITDA of $49 million, is a conservative estimate of our expectations for our existing assets and does not include any contributions from potential organic growth opportunities that are currently under consideration," stated Mr. Griffin. "Furthermore, based on the current outlook for drilling activity along our systems and the gathering, processing and treating capacity established during 2007, I expect the Partnership to have ample opportunity to exceed these estimates."

Use of Non-GAAP Financial Measures

This press release includes the non-generally accepted accounting principles ("non-GAAP") financial measure of EBITDA. We define EBITDA as net income plus interest expense, provisions for income taxes and depreciation, amortization and accretion expense. EBITDA is used as a supplemental financial measure by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others to assess: (1) the financial performance of our assets without regard to financial methods, capital structure or historical cost basis; (2) the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; (3) our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or structure; and (4) the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities. EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our banks and is used as a gauge for compliance with our financial covenants under our credit facility. EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our EBITDA may not be comparable to EBITDA of similarly titled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do. This press release does not include a reconciliation for our expected EBITDA for 2008 because it is impracticable, in this situation, to reconcile EBITDA to net income for the forecasted period.

About the Hiland Companies

Hiland Partners, LP is a publicly traded midstream energy partnership engaged in gathering, compressing, dehydrating, treating, processing and marketing natural gas, and fractionating, or separating, natural gas liquids, or NGLs. The Partnership also provides air compression and water injection services for use in oil and gas secondary recovery operations. The Partnership's operations are primarily located in the Mid-Continent and Rocky Mountain regions of the United States. Hiland Partners, LP's midstream assets consist of 13 natural gas gathering systems with approximately 1,934 miles of gathering pipelines, five natural gas processing plants, seven natural gas treating facilities and four NGL fractionation facilities. The Partnership's compression assets consist of two air compression facilities and a water injection plant.

Hiland Holdings GP, LP owns the two percent general partner interest, 1,301,471 common units and 4,080,000 subordinated units in Hiland Partners, LP, and the incentive distribution rights of Hiland Partners, LP.

This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

Hiland Partners, LP

CONTACT: Ken Maples, Vice President and CFO of Hiland Partners, LP,+1-580-242-6040

Web site: http://www.hilandpartners.com/

Source: PRNewswire-FirstCall

More News in this Category