Crosstex Energy, LP (the partnership) reported net income of $14.1 million in the fourth quarter of 2007, compared with a net loss of $4.9 million in the fourth quarter of 2006. Crosstex Energy, Inc (the corporation) reported net income of $7.7 million for the fourth quarter of 2007, compared with net income of $0.5 million for the comparable period in 2006.
In 2007, the partnership reported net income of $13.9 million, compared with a net loss of $4.2 million in 2006. The corporation reported net income of $12.2 million for 2007, compared with net income of $16.5 million for 2006.
The partnership’s gross margin in the fourth quarter of 2007 increased 66% to $121.4 million, compared with $73.3 million in the same period of 2006. The partnership’s gross margin in 2007 rose 41% to $383.6 million from $272.5 million in 2006.
Barry Davis, president and CEO of Crosstex Energy, said: In early 2007, we said the year would be a building one for Crosstex. Our dedicated employees did an outstanding job to execute our growth plan during the year. North Texas gathering volumes rose 240%, the result of our work to develop our gathering footprint in the Barnett Shale gas play.
