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02.08.2017 13:35
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Dominion Energy Midstream Partners Announces Second-Quarter 2017 Earnings
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PR Newswire
RICHMOND, Va., Aug. 2, 2017
RICHMOND, Va., Aug. 2, 2017 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $42.0 million for the three months ended June 30, 2017. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $68.6 million, which includes $4.0 million of Dominion Energy Questar Pipeline integration costs that were reimbursed by its general partner. Distributable cash flow was $40.7 million for the quarter.
Dominion Energy Midstream uses Adjusted EBITDA and distributable cash flow as the primary performance measurements of its earnings and results for public communications with analysts and investors. Dominion Energy Midstream also uses Adjusted EBITDA and distributable cash flow internally for budgeting, reporting to the Board of Directors and other purposes. Management believes Adjusted EBITDA and distributable cash flow provide a more meaningful representation of the partnership's financial performance and liquidity. Schedules B and D of this press release include reconciliations to the most directly comparable GAAP measures.
QUARTERLY DISTRIBUTION
On July 21, 2017, the Board of Directors declared a quarterly distribution of $0.2880 per common and subordinated unit, payable on Aug. 15, 2017, to such unitholders of record at the close of business Aug. 4, 2017. This distribution represents a 5 percent increase over last quarter and supports our 22 percent annual distribution growth rate plan.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a second-quarter earnings conference call at 9 a.m. ET on Wednesday, Aug. 2, 2017. Management will discuss its second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, will be available on the partnership's investor information page at www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 2, 2017 and lasting until 11 p.m. ET Aug. 9, 2017. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89026239. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 2, 2017.
ABOUT DOMINION ENERGY MIDSTREAM
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
| Dominion Energy Midstream Partners, LP | |||||||
| Schedule A- Consolidated Statements of Income* | |||||||
| (Unaudited) | |||||||
| | | | | | | | |
| | Three Months Ended | | Six Months Ended | ||||
| | June 30, | | June 30, | ||||
| | 2017 | | 2016 | | 2017 | | 2016 |
| (millions, except per unit data) | | | | | | | |
| Operating Revenue | $ 115.7 | | $ 85.6 | | $ 245.9 | | $ 168.6 |
| Operating Expenses | | | | | | | |
| Purchased gas | 9.8 | | 4.0 | | 22.0 | | 4.9 |
| Other operations and maintenance | 38.1 | | 16.1 | | 69.2 | | 36.1 |
| Depreciation and amortization | 25.4 | | 10.2 | | 50.3 | | 20.2 |
| Other taxes | 9.2 | | 6.8 | | 18.5 | | 14.1 |
| Total operating expenses | 82.5 | | 37.1 | | 160.0 | | 75.3 |
| Income from operations | 33.2 | | 48.5 | | 85.9 | | 93.3 |
| Earnings from equity method investees | 5.2 | | 3.7 | | 13.2 | | 10.1 |
| Other income | 1.3 | | 0.9 | | 2.6 | | 1.4 |
| Interest and related charges (benefit) | 8.1 | | - | | 15.8 | | (0.1) |
| Net income including noncontrolling interest and predecessors | $ 31.6 | | $ 53.1 | | $ 85.9 | | $ 104.9 |
| Less: Net income (loss) attributable to noncontrolling interest | (10.4) | | 30.6 | | (8.3) | | 59.3 |
| Net income attributable to partners | $ 42.0 | | $ 22.5 | | $ 94.2 | | $ 45.6 |
| | | | | | | | |
| Net income attributable to partners' ownership interest | | | | | | | |
| Preferred unitholders' interest in net income | $ 9.5 | | $ - | | $ 19.0 | | $ - |
| General partner's interest in net income | 0.3 | | 0.6 | | 3.0 | | 1.0 Werbung Mehr Nachrichten zur The Dolan Aktie kostenlos abonnieren
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