American Midstream Reports Fourth Quarter and Full Year 2018 Results

HOUSTON, April 1, 2019

SEGMENT PERFORMANCE
	Three months ended December 31,				Twelve months ended December 31,
	2018 ARIVA.DE Börsen-Geflüster Kurse American Midstream Partners -   0,00%		2017		2018		2017
Offshore Pipelines and Services	$45,636		$22,871		$134,106		$103,970
Gas Gathering and Processing Services	11,847		10,946		51,888		48,053
Liquid Pipelines and Services	10,771		9,698		40,542		39,870
Natural Gas Transportation Services	8,746		6,306		36,130		23,005
Terminalling Services	3,172		6,869		22,814		29,956
Total Segment Gross Margin (1)	$80,172		$56,690		$285,480		$244,854
(1) Adjusted EBITDA and Total Segment Gross Margin are Non-GAAP supplemental financial measures.  Please read "Non-GAAP Financial Measures" in this press release.

Offshore Pipelines and Services

Segment gross margin was $45.6 million for the three months ended December 31, 2018, an increase of 100% compared to the same period in 2017.  The increase was primarily a result of a 32% increase in throughput volumes on the Partnership's offshore consolidated assets, as well as rate and imbalance adjustments on the Destin and Okeanos pipelines.  Quarterly cash distributions from unconsolidated affiliates, Delta House, Destin and Okeanos, were $29.8 million for the three months ended December 31, 2018, compared to $29.6 million for the same period in 2017. 

Gas Gathering and Processing Services

Segment gross margin was $11.8 million for the three months ended December 31, 2018, an increase of 8% compared to the same period in 2017.  The increase reflected producer development activity across the Partnership's Gas Gathering and Processing Services segment, which contributed to a 20% increase in throughput volumes on the Partnership's Permian Basin assets compared to the same period in 2017. 

Liquid Pipelines and Services

Segment gross margin was $10.8 million for the three months ended December 31, 2018, an increase of 11% as compared to the same period in 2017.  The Partnership benefited from increased producer activity across the segment, which contributed to an 11% increase in throughput volumes on the Partnership's consolidated assets compared to the same period in 2017.  Quarterly cash distributions from unconsolidated affiliates were $3.7 million, a 60% increase compared to the same period in 2017.  The increase in distributions was driven by a 43% increase in throughput volumes, primarily attributable to the Partnership's interest in the Cayenne pipeline, which commenced operation in January of 2018.

Natural Gas Transportation Services

Segment gross margin was $8.7 million for the three months ended December 31, 2018, a 39% increase compared to the same period in 2017.  The increase was primarily attributable to the acquisition of Trans-Union pipeline in November 2017.  Throughput volumes grew 43% compared to the same period in 2017.

Terminalling Services

Segment gross margin was $3.2 million for the three months ended December 31, 2018, a decrease of 54% compared to the same period in 2017.  The decrease in gross margin was primarily a result of the sale of the Partnership's Marine Products Terminals, on August 1, 2018, for approximately $210 million and the Partnership's Refined Products Terminals, on December 20, 2018, for approximately $125 million. 

Pending Merger

On March 18, 2019, the Partnership announced it had entered into a definitive agreement and plan of merger with an affiliate (the "Purchaser") of ArcLight Energy Partners Fund V, L.P. ("ArcLight"). The Purchaser will acquire, for cash, in a merger transaction, all outstanding common units of the Partnership not already held by affiliates of ArcLight, at a price of $5.25 per common unit.

The merger is expected to close in the second quarter of 2019.  The merger is subject to customary closing conditions, including an amendment to the Partnership's credit agreement.  The Partnership will not make any cash distributions on its common units or preferred units prior to the closing of the merger.

Upon closing of the merger, the Partnership will be a wholly owned subsidiary of the Purchaser and its common units will cease to be publicly traded.

As a result of the pending merger, the Partnership will not hold a conference call in connection with the issuance of this earnings release.

CAPITAL MANAGEMENT

As of December 31, 2018, the Partnership had approximately $1.0 billion of total debt outstanding, comprising of $515 million outstanding under its revolving credit facility, $425 million in outstanding 8.50% senior unsecured notes and $88 million in outstanding non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.8 times at December 31, 2018. 

For the three months ended December 31, 2018, capital expenditures totaled approximately $24 million, including approximately $6 million of maintenance capital expenditures.  For the twelve months ended December 31, 2018, capital expenditures totaled approximately $97 million, including approximately $16 million of maintenance capital expenditures.

Non-GAAP Financial Measures

This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin," "Operating Margin," and "Distributable Cash Flow." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.

About American Midstream Partners, LP

American Midstream Partners, LP is a limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 3.0 MMBbls of storage capacity.

For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include actions by ArcLight, lenders, regulatory agencies, and other third parties, changes in market conditions, and information described in our public disclosure and filings with the SEC, including the risk factors and other information that will be included in our Annual Report on Form 10-K for the year ended 2018. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.

Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com

American Midstream Partners, LP and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
		December 31,  2018				December 31,  2017
Assets
Cash and cash equivalents		$	9,069			$	8,782
Restricted cash		30,868				20,352
Accounts receivable, net of allowance for doubtful accounts of $591 and $225 as of        December 31, 2018 and December 31, 2017, respectively		76,632				98,132
Inventory and other current assets		27,422				26,386
Total current assets		143,991				153,652
Property, plant and equipment, net		997,708				1,095,585
Goodwill		51,723				128,866
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