Atlas Pipeline Partners (APL -1.6%) opens lower even as Q2 earnings rise nearly sixfold Y/Y, mainly due to a $48.5M gain recognized on the sale of its subsidiaries that held a 20% interest in West Texas LPG Pipeline Limited Partnership.
Adjusted EBITDA for Q2 was $92.9M, up 8% Y/Y.
Q2 processed gas volumes of ~1.5B cf/day was an all-time APL record.
Expanded company-wide processing capacity by 21% with the addition of Stonewall and Silver Oak II plants to serve increasing producer activities.
Gross margin from operations was $136.8M vs. $108.7M for the prior-year period, a result of increasing producer activity in APL's areas of operations and the start-up of the Stonewall plant in May.