DALLAS, Sep 09, 2008 (BUSINESS WIRE) -- Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) announced today
that its assets in Louisiana sustained no significant physical damage as
a result of Hurricane Gustav. Currently, most of the Partnership's
facilities along the Gulf Coast are operational; however, limited
electrical power availability has delayed operations at the Plaquemine
processing plant and the Riverside fractionation plant. The financial
impact of Hurricane Gustav remains uncertain, but it is expected the
storm could have a $7-8 million negative impact on the Partnership's
financial results for the third quarter of 2008, assuming resumption of
normal operations by the end of next week.
"The safety and security of our employees and
their families are our top priorities," said
Barry E. Davis, Crosstex Chairman, President and Chief Executive
Officer. "We are extremely fortunate that our
employees made it through Hurricane Gustav safely and our property
incurred only minor damage."
Hurricane Ike is expected to enter the Gulf of Mexico tomorrow,
Wednesday, September 10, and its projected path is currently along the
southeast coast of Texas. In response to the storm, the Partnership has
initiated its hurricane preparedness plan and is in the process of
securing its facilities and making plans to ensure the safety of its
employees and contractors. If the storm continues on its current path,
it could further disrupt gas production but should not slow down
Louisiana infrastructure repair.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates approximately 5,700 miles of pipeline, 12 processing
plants, four fractionators, and approximately 190 natural gas
amine-treating plants and dew point control plants. Crosstex currently
provides services for over 4.0 Bcf/day of natural gas, or approximately
eight percent of marketed U.S. daily production.
Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) owns the two
percent general partner interest, a 34 percent limited partner interest,
and the incentive distribution rights of Crosstex Energy, L.P.
Additional information about the Partnership can be found at www.crosstexenergy.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. These statements are based on
certain assumptions made by the Partnership and the Corporation based
upon management's experience and perception of historical trends,
current conditions, expected future developments and other factors the
Partnership and the Corporation believe are appropriate in the
circumstances. These statements include, but are not limited to,
statements with respect to the impact of Hurricanes Gustav and Ike on
the Corporation's and Partnership's
operations, financial condition and results of operations. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Partnership
and the Corporation, which may cause the Partnership's and the
Corporation's actual results to differ materially from those implied or
expressed by the forward-looking statements. These risks include the
following: (1) the amount of natural gas transported in the
Partnership's gathering and transmission lines may decline as a result
of competition for supplies, reserve declines and reduction in demand
from key customers and markets; (2) the level of the Partnership's
processing and treating operations may decline for similar reasons; (3)
fluctuations in natural gas and NGL prices may occur due to weather and
other natural and economic forces; (4) there may be a failure to
successfully integrate new acquisitions; (5) the Partnership's credit
risk management efforts may fail to adequately protect against customer
nonpayment; (6) the Partnership may not adequately address construction
and operating risks; and (7) other factors discussed in the
Partnership's and the Corporation's Annual Reports on Form 10-K for the
year ended December 31, 2007, and other filings with the Securities and
Exchange Commission. The Partnership and the Corporation have no
obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future events, or otherwise.
SOURCE: Crosstex Energy, L.P.
Crosstex Energy, L.P.
Crystal C. Bell, 214-721-9407
Investor Relations Specialist
Jill McMillan, 214-721-9271
Manager, Public & Industry Affairs