Dominion Midstream Partners, LP
Company Summary
Financial Data:
NYSE:DM from Google FinanceTickers:
-
DM - New York Stock Exchange
Related Entities
Recent news
- 12/2/2016 - Dominion Closes on the... (subscriber access)
- 11/1/2016 - Dominion Prices &... (subscriber access)
- 10/31/2016 - Dominion Midstream... (subscriber access)
- 10/31/2016 - Dominion Midstream Acquiring Questar Pipeline from Dominion Resources
- 2/1/2016 - Dominion Midstream Partners Q4 Earnings: EPS of $0.32,
Investor Presentations
Company Transactions
Date: 12/1/2016
Type: Acquisition
BUYERS:
Dominion Midstream Partners, LP
DETAILS:
COST: 1.725 $B
NOTES:
Dominion Midstream paid Dominion Resources $823 million in cash, issued $167 million in common units and $300 million in convertible preferred units as well as assuming Questar's $435 million in indebtedness.
Dominion Midstream paid Dominion Resources $823 million in cash, issued $167 million in common units and $300 million in convertible preferred units as well as assuming Questar's $435 million in indebtedness.
News & Press Releases
Criterion News
- 12/2/2016 - Dominion Closes on the... (subscriber access)
- 11/1/2016 - Dominion Prices &... (subscriber access)
- 10/31/2016 - Dominion Midstream... (subscriber access)
- 10/31/2016 - Dominion Midstream Acquiring Questar Pipeline from Dominion Resources
- 2/1/2016 - Dominion Midstream Partners Q4 Earnings: EPS of $0.32,
Press Releases
- Intends to recommend 5 percent quarterly increases in distributions to limited partners subject to maintaining an approximately 1.0 times coverage ratio;
- Plans to recommend a restructuring of Dominion Energy Midstream's incentive distribution rights in advance of any future DM equity issuances; and
- Plans to retain Cove Point at Dominion Energy through 2018 as compared to previous plans to contribute a portion of Cove Point to Dominion Energy Midstream during the second half of 2018.
- Dominion Midstream's assumption of Questar Pipeline's $435 million of outstanding indebtedness;
- Equity offerings, including:
- An underwritten public offering of Dominion Midstream common units representing limited partner interests in the partnership,
- Commitments received from a group of institutional investors led by Stonepeak Infrastructure Partners for $137.5 million of common limited partner units and up to $600 million of convertible preferred units representing limited partner interests in the partnership that are to be issued privately, and
- Common units and preferred units that are to be issued to Dominion; and
- A $300 million term loan provided by a group of banks, allowing Dominion Midstream to repay an existing term loan currently provided by Dominion.
- 2.5 million electric utility customer accounts in Virginia and North Carolina;
- 2.3 million natural gas utility customer accounts in Idaho, Ohio, Utah, West Virginia and Wyoming;
- 1.3 million retail energy and related services customer accounts in 13 states;
- 14,400 miles of natural gas gathering, storage and transmission pipeline and nearly 51,000 miles of gas distribution pipeline;
- 6,500 miles of electric transmission lines and 57,300 miles of electric distribution lines;
- 25,700 megawatts of electric production in 11 states; and
- More than a trillion cubic feet of natural gas storage.
- A $75 million contribution to Questar employee retirement plans, at Dominion shareholder expense;
- Withdrawal of a $22 million rate increase request in Utah, thereby stabilizing base rates until 2020;
- An agreement in Wyoming to freeze base rates at current levels until at least Jan. 1, 2020;
- A commitment to maintain Questar Gas' excellent customer service levels, with frequent reporting to state public service commissions;
- A $1 million per year increase in charitable giving in Dominion Questar's service area for at least the next five years, at Dominion shareholder expense;
- Establishment of a new Western region operating headquarters in Salt Lake City; and
- Maintaining environmental monitoring and maintenance programs at Questar Gas at or above current levels.
Dominion Energy, Dominion Energy Midstream Complete Merger
Source: PR Newswire
RICHMOND, Va., Jan. 28, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), announced today that they have completed their proposed merger pursuant to the definitive merger agreement announced on Nov. 26, 2018. The merger resulted in Dominion Energy acquiring all the outstanding public common units of Dominion Energy Midstream Partners in exchange for Dominion Energy common shares and Dominion Energy Midstream Partners becoming an indirect, wholly owned subsidiary of Dominion Energy.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-complete-merger-300784962.html
SOURCE Dominion Energy
Article Date
1/28/2019Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® Energy Index
Source: PR Newswire
DALLAS, Jan. 8, 2019 /PRNewswire/ -- Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® Energy Index (the "Index"). The Cushing® 30 MLP Index (the "Sub-Index") announced today that after the market closes on January 14, 2019, and effective on January 15, 2019, Index constituent Dominion Energy Midstream Partners, LP (NYSE: DM) will be removed from the Sub-Index and replaced with Western Gas Equity Partners, LP (NYSE: WGP). Consequently, per the Index's Methodology Guide, after the market closes on January 14, 2019, and effective on January 15, 2019, WGP will replace DM in the Index at DM's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® ENERGY INDEX
The Cushing® Energy Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, and storage and transportation of oil, natural gas, coal and consumable fuels, as well as oil and natural gas equipment and services companies. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CENI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CENI
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-a-constituent-change-to-the-cushing-energy-index-300774542.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
1/8/2019Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® Utility Index
Source: PR Newswire
DALLAS, Jan. 8, 2019 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to the constituents of The Cushing® Utility Index (the "Index"). The Cushing® 30 MLP Index (the "Sub-Index") announced today that after the market closes on January 14, 2019, and effective on January 15, 2019, Index constituent Dominion Energy Midstream Partners, LP (NYSE: DM) will be removed from the Sub-Index and replaced with Western Gas Equity Partners, LP (NYSE: WGP). Consequently, per the Index's Methodology Guide, after the market closes on January 14, 2019, and effective on January 15, 2019, WGP will replace DM in the Index at DM's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® UTILITY INDEX
The Cushing® Utility Index tracks the performance of widely held companies engaged in electric, gas and water utility services as well as master limited partnerships (MLPs) engaged in storage and transportation of oil, natural gas, coal and consumable fuels. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CUTI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI) and The Cushing® Transportation Index (Bloomberg Ticker: CTRI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Utility Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CUTI
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-a-constituent-change-to-the-cushing-utility-index-300774552.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
1/8/2019Dominion Energy Midstream Declares Quarterly Cash Distribution
Source: PR Newswire
RICHMOND, Va., Jan. 2, 2019 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a fourth-quarter 2018 cash distribution of $0.3690 per common unit.
Distributions are payable on Jan. 31, 2019, to unitholders of record at the close of business Jan. 14, 2019.
The partnership's last quarterly distribution was declared Oct. 19, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-300771897.html
SOURCE Dominion Energy Midstream Partners
Article Date
1/2/201912/21/2018 - Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Index
Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Index
Source: PR Newswire
DALLAS, Dec. 21, 2018 /PRNewswire/ -- Cushing® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing® Energy Index (the "Index") as part of normal index operations. After the markets close on December 31, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on January 2, 2019:
Constituents added:
CNX Midstream Partners LP (NYSE: CNXM)
Crestwood Equity Partners LP (NYSE: CEQP)
Shell Midstream Partners, L.P. (NYSE: SHLX)
Cimarex Energy Co. (NYSE: XEC)
Constituents removed:
AmeriGas Partners, L.P. (NYSE: APU)
Dominion Energy Midstream Partners, LP (NYSE: DM)
EnLink Midstream Partners, LP (NYSE: ENLK)
ABOUT THE CUSHING® ENERGY INDEX
The Cushing® Energy Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, and storage and transportation of oil, natural gas, coal and consumable fuels, as well as oil and natural gas equipment and services companies. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CENI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
Source: Cushing® Asset Management, LP, and Swank Capital, LLC
The Cushing® Energy Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-rebalancing-of-the-cushing-energy-index-300770032.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
12/21/201812/21/2018 - Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
DALLAS, Dec. 21, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, announce today the upcoming rebalancing of The Cushing® Energy Supply Chain Index (the "Index") as part of normal index operations. After the markets close on December 31, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on January 2, 2019:
Constituents added:
CNX Midstream Partners LP (NYSE: CNXM)
Crestwood Equity Partners LP (NYSE: CEQP)
Shell Midstream Partners, L.P. (NYSE: SHLX)
FMC Corporation (NYSE: FMC)
Noble Energy, Inc. (NYSE: NBL)
Hess Corporation (NYSE: HES)
Constituents removed:
AmeriGas Partners, L.P. (NYSE: APU)
Dominion Energy Midstream Partners, LP (NYSE: DM)
EnLink Midstream Partners, LP (NYSE: ENLK)
ConocoPhillips (NYSE: COP)
Ecolab Inc. (NYSE: ECL)
ABOUT THE CUSHING® ENERGY SUPPLY CHAIN INDEX
The Cushing® Energy Supply Chain Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, or storage and transportation of oil, natural gas, coal and consumable fuels; oil and natural gas equipment and services companies; and companies that extract and/or manufacture materials. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CSCI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Supply Chain Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CSCI
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-rebalancing-of-the-cushing-energy-supply-chain-index-300770030.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
12/21/201812/21/2018 - Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Utility Index
Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Utility Index
Source: PR Newswire
DALLAS, Dec. 21, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, announce today the upcoming rebalancing of The Cushing® Utility Index (the "Index") as part of normal index operations. After the markets close on December 31, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on January 2, 2019:
Constituents added:
CNX Midstream Partners LP (NYSE: CNXM)
Crestwood Equity Partners LP (NYSE: CEQP)
Shell Midstream Partners, L.P. (NYSE: SHLX)
Constituents removed:
AmeriGas Partners, L.P. (NYSE: APU)
Dominion Energy Midstream Partners, LP (NYSE: DM)
EnLink Midstream Partners, LP (NYSE: ENLK)
SCANA Corporation (NYSE: SCG)
ABOUT THE CUSHING® UTILITY INDEX
The Cushing® Utility Index tracks the performance of widely held companies engaged in electric, gas and water utility services as well as master limited partnerships (MLPs) engaged in storage and transportation of oil, natural gas, coal and consumable fuels. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CUTI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI) and The Cushing® Transportation Index (Bloomberg Ticker: CTRI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Utility Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CUTI
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-rebalancing-of-the-cushing-utility-index-300770022.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
12/21/2018Dominion Energy Midstream Partners Announces Third-Quarter 2018 Earnings
Source: PR Newswire
RICHMOND, Va., Nov. 1, 2018 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $47.5 million for the three months ended Sept. 30, 2018. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $76.0 million for the third-quarter, and distributable cash flow was $50.1 million for the quarter. The distribution coverage ratio was 1.07 times at the end of the third-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 Generally Accepted Accounting Principles (GAAP) measures.
QUARTERLY DISTRIBUTION
On Oct. 19, 2018, the Board of Directors declared a quarterly distribution of $0.3690 per common unit, payable on Nov. 15, 2018, to unitholders of record at the close of business Nov. 5, 2018. This distribution represents a 5 percent increase above the second-quarter 2018 distribution.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 1, 2018. Management will discuss third-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 and other financial information, will be available on the partnership's investor information page at dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
ABOUT DOMINION ENERGY MIDSTREAM
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminalling, 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 | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
(millions, except per unit data) | |||||||
Operating Revenue | $ 284.2 | $ 113.0 | $ 641.9 | $ 358.9 | |||
Operating Expenses | |||||||
Purchased gas and other | 0.3 | 9.1 | 12.9 | 31.1 | |||
Other operations and maintenance | 54.6 | 33.2 | 147.3 | 102.4 | |||
Depreciation and amortization | 51.0 | 26.5 | 122.8 | 76.8 | |||
Other taxes | 18.9 | 9.3 | 38.1 | 27.8 | |||
Total operating expenses | 124.8 | 78.1 | 321.1 | 238.1 | |||
Income from operations | 159.4 | 34.9 | 320.8 | 120.8 | |||
Earnings from equity method investees | 5.6 | 6.2 | 22.7 | 19.4 | |||
Other income | 2.7 | 1.7 | 5.9 | 4.3 | |||
Interest and related charges | 9.1 | 7.9 | 24.9 | 23.7 | |||
Net income including noncontrolling interest | 158.6 | 34.9 | 324.5 | 120.8 | |||
Less: Net income (loss) attributable to noncontrolling interest | 111.1 | (13.7) | 171.8 | (22.0) | |||
Net income attributable to partners | $ 47.5 | $ 48.6 | $ 152.7 | $ 142.8 | |||
Net income attributable to partners' ownership interest | |||||||
Preferred unitholders' interest in net income | $ 9.5 | $ 9.5 | $ 28.5 | $ 28.5 | |||
General partner's interest in net income | - | 4.0 | 8.9 | 7.0 | |||
Common unitholders' interest in net income | 38.0 | 23.8 | 102.8 | 72.7 | |||
Subordinated unitholder's interest in net income | - | 11.3 | 12.5 | 34.6 | |||
Net income per limited partner unit (basic) | |||||||
Common units | $0.30 | $0.35 | $1.13 | $1.08 | |||
Subordinated units | - | $0.35 | $0.59 | $1.08 | |||
Net income per limited partner unit (diluted) | |||||||
Common units | $0.30 | $0.33 | $1.07 | $1.02 | |||
Subordinated units | - | $0.35 | $0.59 | $1.08 | |||
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
Dominion Energy Midstream Partners, LP | |||||||
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | |||||||
(Unaudited) | |||||||
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
(millions) | |||||||
Net income including noncontrolling interest | $ 158.6 | $ 34.9 | $ 324.5 | $ 120.8 | |||
Add: | |||||||
Depreciation and amortization | 51.0 | 26.5 | 122.8 | 76.8 | |||
Interest and related charges | 9.1 | 7.9 | 24.9 | 23.7 | |||
EBITDA | $ 218.7 | $ 69.3 | $ 472.2 | $ 221.3 | |||
Distributions from equity method investees | 8.5 | 8.2 | 25.7 | 22.2 | |||
Less: | |||||||
Earnings from equity method investees | 5.6 | 6.2 | 22.7 | 19.4 | |||
EBITDA attributable to noncontrolling interest | 145.6 | (4.9) | 243.4 | 3.9 | |||
Adjusted EBITDA | $ 76.0 | $ 76.2 | $ 231.8 | $ 220.2 | |||
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
Dominion Energy Midstream Partners, LP | |||||||
Schedule C - Summary of Consolidated Statements of Cash Flows* | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2018 | 2017 | 2018 | 20171 | ||||
(millions) | |||||||
Cash flows from operating activities: | |||||||
Net income including noncontrolling interest | $ 158.6 | $ 34.9 | $ 324.5 | $ 120.8 | |||
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities | (125.5) | 37.0 | 25.4 | 126.6 | |||
Net cash provided by operating activities | $ 33.1 | $ 71.9 | $ 349.9 | $ 247.4 | |||
Net cash used in investing activities | $ (2,030.8) | $ (190.6) | $ (2,211.2) | $ (728.2) | |||
Net cash provided by financing activities | $ 1,917.7 | $ 127.0 | $ 1,940.1 | $ 520.0 | |||
Cash, restricted cash and equivalents at beginning of period | 182.5 | 95.5 | 23.7 | 64.6 | |||
Cash, restricted cash and equivalents at end of period | $ 102.5 | $ 103.8 | $ 102.5 | $ 103.8 | |||
1Amounts for 2017 have been recast to reflect the adoption of new accounting standards related to the presentation of equity method investment distributions and restricted cash and equivalents. | |||||||
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
Dominion Energy Midstream Partners, LP | |||||||
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | |||||||
(Unaudited) | |||||||
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2018 | 2017 | 2018 | 20171 | ||||
(millions) | |||||||
Net cash provided by operating activities | $ 33.1 | $ 71.9 | $ 349.9 | $ 247.4 | |||
Less: | |||||||
Cash attributable to (from) noncontrolling interest | 63.9 | (1.7) | 123.3 | 18.9 | |||
Restricted cash for customer deposits | (100.8) | - | 19.6 | - | |||
Other changes in working capital and noncash adjustments | 6.0 | 2.6 | 12.3 | (8.3) | |||
Cash received from distribution reserve | - | - | 12.5 | - | |||
Adjusted EBITDA | 76.0 | 76.2 | 231.8 | 220.2 | |||
Adjustments to cash: | |||||||
Less: Distributions to preferred unitholders | (9.5) | (9.5) | (28.5) | (28.5) | |||
Plus (less): Contract liabilities | 3.5 | (0.1) | 5.4 | (0.4) | |||
Less: Amortization of regulatory liability | (0.7) | (0.7) | (2.1) | (2.1) | |||
Less: Maintenance capital expenditures | (10.8) | (12.8) | (28.9) | (38.7) | |||
Plus: Acquisition costs funded by Dominion Energy | - | 1.7 | - | 5.9 | |||
Less: Interest expense and AFUDC equity | (8.4) | (9.1) | (26.4) | (26.0) | |||
Plus: Non-cash director compensation | - | 0.1 | 0.2 | 0.2 | |||
Distributable cash flow | $ 50.1 | $ 45.8 | $ 151.5 | $ 130.6 | |||
1Amounts for 2017 have been recast to reflect the adoption of a new accounting standard for the presentation of equity method investment distributions and therefore this reconciliation does not include an adjustment for equity method investment distributions included in investing activities. | |||||||
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
Dominion Energy Midstream Partners, LP | |||||||
Schedule E - Selected Financial Data* | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
(millions, except ratio) | |||||||
Adjusted EBITDA | $ 76.0 | $ 76.2 | $ 231.8 | $ 220.2 | |||
Adjustments to cash: | |||||||
Less: Distributions to preferred unitholders | (9.5) | (9.5) | (28.5) | (28.5) | |||
Plus (less): Contract liabilities | 3.5 | (0.1) | 5.4 | (0.4) | |||
Less: Amortization of regulatory liability | (0.7) | (0.7) | (2.1) | (2.1) | |||
Less: Maintenance capital expenditures | (10.8) | (12.8) | (28.9) | (38.7) | |||
Plus: Acquisition costs funded by Dominion Energy | - | 1.7 | - | 5.9 | |||
Less: Interest expense and AFUDC equity | (8.4) | (9.1) | (26.4) | (26.0) | |||
Plus: Non-cash director compensation | - | 0.1 | 0.2 | 0.2 | |||
Distributable cash flow | $ 50.1 | $ 45.8 | $ 151.5 | $ 130.6 | |||
Distributions: | |||||||
Incentive distribution rights | - | 5.7 | 8.9 | 12.9 | |||
Common unitholders | 46.7 | 20.3 | 113.8 | 58.1 | |||
Subordinated unitholder | - | 9.7 | 10.7 | 27.7 | |||
Total distributions1 | $ 46.7 | $ 35.7 | $ 133.4 | $ 98.7 | |||
Coverage ratio | 1.07x | 1.28x | 1.14x | 1.32x | |||
1For 2017, distributions declared to common units was based on units outstanding at September 30, 2017, and therefore excludes distributions paid on units issued to the public through November 6, 2017. | |||||||
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
See schedules B and D for reconciliations of non-GAAP measures. |
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-third-quarter-2018-earnings-300741533.html
SOURCE Dominion Energy Midstream Partners
Article Date
11/1/2018Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Second-Quarter Distribution
Source: PR Newswire
RICHMOND, Va., Oct. 19, 2018 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a third-quarter 2018 cash distribution of $0.3690 per common unit – an increase of 5 percent above the second-quarter 2018 distribution – which corresponds to an annualized distribution rate of about $1.48 per unit.
Distributions are payable on Nov. 15, 2018, to unitholders of record at the close of business Nov. 5, 2018.
The partnership's last quarterly distribution was declared July 25, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-second-quarter-distribution-300734271.html
SOURCE Dominion Energy Midstream Partners
Article Date
10/19/201810/17/2018 - Dominion Energy, Dominion Energy Midstream Revised Third-Quarter Earnings Conference Call Schedule
Dominion Energy, Dominion Energy Midstream Revised Third-Quarter Earnings Conference Call Schedule
Source: PR Newswire
RICHMOND, Va., Oct. 17, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 1, 2018. Management will discuss third-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 and other financial information, will be available on the investor information pages at investors.dominionenergy.com/ and dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-revised-third-quarter-earnings-conference-call-schedule-300732895.html
SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
10/17/201810/8/2018 - Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Oct. 8, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 10 a.m. ET on Monday, Nov. 5, 2018. Management will discuss third-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 and other financial information, will be available on the investor information pages at investors.dominionenergy.com/ and dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Nov. 5 and lasting until 11 p.m. ET Nov. 12. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 5.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-schedule-third-quarter-earnings-conference-call-300727165.html
SOURCE Dominion Energy Midstream; Dominion Energy
Article Date
10/8/2018Alerian Reports June 30, 2018 Index Linked Product Positions
Source: PR Newswire
DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
305,257,484 |
10,340,701 |
HEP |
151,911,915 |
5,375,510 | |
|
AMGP |
1,164,270 |
61,732 |
MMP |
1,501,453,809 |
21,735,000 | |
|
ANDX |
446,822,576 |
10,506,056 |
MPLX |
1,162,174,520 |
34,041,433 | |
|
APU |
58,778,057 |
1,392,185 |
NBLX |
22,166,701 |
434,130 | |
|
ARLP |
25,591,033 |
1,394,607 |
NGL |
165,162,738 |
13,213,019 | |
|
BPL |
604,497,037 |
17,197,640 |
NS |
210,933,016 |
9,312,716 | |
|
BPMP |
20,189,424 |
961,859 |
NSH |
239,822 |
19,340 | |
|
BWP |
170,678,160 |
14,688,310 |
PAA |
1,177,071,579 |
49,791,522 | |
|
CEQP |
183,499,246 |
5,779,504 |
PAGP |
3,213,393 |
134,395 | |
|
CQP |
173,601,824 |
4,828,980 |
PSXP |
318,554,875 |
6,238,834 | |
|
CVRR |
20,028,626 |
896,135 |
RMP |
147,346,450 |
8,657,253 | |
|
DCP |
421,401,442 |
10,654,904 |
SEP |
341,382,494 |
9,638,128 | |
|
DM |
13,475,016 |
990,810 |
SHLX |
322,823,077 |
14,554,692 | |
|
EEP |
277,227,481 |
25,363,905 |
SMLP |
12,744,536 |
827,567 | |
|
ENBL |
176,973,526 |
10,343,280 |
SPH |
28,830,596 |
1,227,356 | |
|
ENLC |
853,859 |
51,906 |
SUN |
27,065,571 |
1,084,358 | |
|
ENLK |
303,905,691 |
19,568,943 |
TCP |
165,868,659 |
6,391,856 | |
|
EPD |
1,503,782,388 |
54,347,032 |
TEGP |
386,005,955 |
17,419,041 | |
|
EQGP |
355,540 |
15,123 |
TGP |
18,444,324 |
1,094,619 | |
|
EQM |
356,373,011 |
6,907,792 |
USAC |
16,751,289 |
995,323 | |
|
ETE |
6,023,303 |
349,177 |
VLP |
17,131,051 |
449,988 | |
|
ETP |
1,481,856,983 |
77,828,623 |
VNOM |
25,953,041 |
813,320 | |
|
GEL |
281,851,288 |
12,864,048 |
WES |
571,788,034 |
11,816,244 | |
|
GLOP |
14,609,467 |
612,556 |
WGP |
826,761 |
23,126 | |
|
GMLP |
15,169,006 |
981,178 |
WPZ |
1,218,967,796 |
30,031,234 | |
|
HCLP |
18,789,000 |
1,592,288 |
||||
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html
SOURCE Alerian
Article Date
8/1/2018Dominion Energy Midstream Partners Announces Second-Quarter 2018 Earnings
Source: PR Newswire
RICHMOND, Va., Aug. 1, 2018 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $47.9 million for the three months ended June 30, 2018. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $76.3 million for the second quarter, and distributable cash flow was $49.3 million for the quarter. The distribution coverage ratio was 1.11 times at the end of the second-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 Generally Accepted Accounting Principles (GAAP) measures.
QUARTERLY DISTRIBUTION
On July 25, 2018, the Board of Directors declared a quarterly distribution of $0.3510 per common unit, payable on Aug. 15, 2018, to unitholders of record at the close of business Aug. 6, 2018. This distribution represents a 5 percent increase over the first-quarter 2018 distribution.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 1, 2018. Management will discuss 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 and other financial information, will be available on the partnership's investor information page at dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET August 1 and lasting until 11 p.m. ET August 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 54257608. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day August 1.
ABOUT DOMINION ENERGY MIDSTREAM
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminalling, 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, | ||||||
|
2018 |
2017 |
2018 |
2017 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 247.6 |
$ 115.7 |
$ 357.7 |
$ 245.9 | |||
|
Operating Expenses |
|||||||
|
Purchased gas and other |
2.3 |
9.8 |
12.6 |
22.0 | |||
|
Other operations and maintenance |
55.1 |
38.1 |
92.7 |
69.2 | |||
|
Depreciation and amortization |
47.3 |
25.4 |
71.8 |
50.3 | |||
|
Other taxes |
9.5 |
9.2 |
19.2 |
18.5 | |||
|
Total operating expenses |
114.2 |
82.5 |
196.3 |
160.0 | |||
|
Income from operations |
133.4 |
33.2 |
161.4 |
85.9 | |||
|
Earnings from equity method investees |
6.1 |
5.2 |
17.1 |
13.2 | |||
|
Other income |
1.4 |
1.3 |
3.2 |
2.6 | |||
|
Interest and related charges |
8.9 |
8.1 |
15.8 |
15.8 | |||
|
Net income including noncontrolling interest |
132.0 |
31.6 |
165.9 |
85.9 | |||
|
Less: Net income (loss) attributable to noncontrolling interest |
84.1 |
(10.4) |
60.7 |
(8.3) | |||
|
Net income attributable to partners |
$ 47.9 |
$ 42.0 |
$ 105.2 |
$ 94.2 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
Preferred unitholders' interest in net income |
$ 9.5 |
$ 9.5 |
$ 19.0 |
$ 19.0 | |||
|
General partner's interest in net income |
- |
0.3 |
8.9 |
3.0 | |||
|
Common unitholders' interest in net income |
38.4 |
21.8 |
64.8 |
48.9 | |||
|
Subordinated unitholder's interest in net income |
- |
10.4 |
12.5 |
23.3 | |||
|
Net income (loss) per limited partner unit (basic) |
|||||||
|
Common units |
$0.46 |
$0.33 |
$0.87 |
$0.73 | |||
|
Subordinated units |
($0.06) |
$0.33 |
$0.44 |
$0.73 | |||
|
Net income (loss) per limited partner unit (diluted) |
|||||||
|
Common units |
$0.42 |
$0.31 |
$0.78 |
$0.67 | |||
|
Subordinated units |
($0.06) |
$0.33 |
$0.44 |
$0.73 | |||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2018 |
2017 |
2018 |
2017 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest |
$ 132.0 |
$ 31.6 |
$ 165.9 |
$ 85.9 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
47.3 |
25.4 |
71.8 |
50.3 | ||||
|
Interest and related charges |
8.9 |
8.1 |
15.8 |
15.8 | ||||
|
EBITDA |
$ 188.2 |
$ 65.1 |
$ 253.5 |
$ 152.0 | ||||
|
Distributions from equity method investees |
8.6 |
7.0 |
17.2 |
14.0 | ||||
|
Less: |
||||||||
|
Earnings from equity method investees |
6.1 |
5.2 |
17.1 |
13.2 | ||||
|
EBITDA attributable to noncontrolling interest |
114.4 |
(1.7) |
97.8 |
8.8 | ||||
|
Adjusted EBITDA |
$ 76.3 |
$ 68.6 |
$ 155.8 |
$ 144.0 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2018 |
20171 |
2018 |
20171 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest |
$ 132.0 |
$ 31.6 |
$ 165.9 |
$ 85.9 | ||||
|
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities |
17.1 |
33.3 |
150.9 |
89.6 | ||||
|
Net cash provided by operating activities |
$ 149.1 |
$ 64.9 |
$ 316.8 |
$ 175.5 | ||||
|
Net cash used in investing activities |
$ (70.0) |
$ (175.5) |
$ (180.4) |
$ (537.6) | ||||
|
Net cash provided by (used in) financing activities |
$ (29.1) |
$ 90.0 |
$ 22.4 |
$ 393.0 | ||||
|
Cash, restricted cash and equivalents at beginning of period |
132.5 |
116.1 |
23.7 |
64.6 | ||||
|
Cash, restricted cash and equivalents at end of period |
$ 182.5 |
$ 95.5 |
$ 182.5 |
$ 95.5 | ||||
|
1Amounts for 2017 have been recast to reflect the adoption of new accounting standards related to the presentation of equity method investment distributions and restricted cash and equivalents. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2018 |
20171 |
2018 |
20171 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 149.1 |
$ 64.9 |
$ 316.8 |
$ 175.5 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
75.6 |
1.8 |
59.4 |
20.6 | ||||
|
Restricted cash for customer deposits |
16.0 |
- |
120.4 |
- | ||||
|
Other changes in working capital and noncash adjustments |
18.8 |
5.5 |
6.3 |
(10.9) | ||||
|
Cash received from distribution reserve |
- |
- |
12.5 |
- | ||||
|
Adjusted EBITDA |
76.3 |
68.6 |
155.8 |
144.0 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(9.5) |
(19.0) |
(19.0) | ||||
|
Plus (less): Contract liabilities |
1.1 |
(0.2) |
1.9 |
(0.3) | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(9.0) |
(12.7) |
(18.1) |
(25.9) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
- |
4.0 |
- |
4.2 | ||||
|
Less: Interest expense and AFUDC equity |
(9.0) |
(8.8) |
(18.0) |
(16.9) | ||||
|
Plus: Non-cash director compensation |
0.1 |
- |
0.2 |
0.1 | ||||
|
Distributable cash flow |
$ 49.3 |
$ 40.7 |
$ 101.4 |
$ 84.8 | ||||
|
1Amounts for 2017 have been recast to reflect the adoption of a new accounting standard for the presentation of equity method investment distributions and therefore this reconciliation does not include an adjustment for equity method investment distributions included in investing activities. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule E- Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2018 |
2017 |
2018 |
2017 | |||||
|
(millions, except ratio) |
||||||||
|
Adjusted EBITDA |
$ 76.3 |
$ 68.6 |
$ 155.8 |
$ 144.0 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(9.5) |
(19.0) |
(19.0) | ||||
|
Plus (less): Contract liabilities |
1.1 |
(0.2) |
1.9 |
(0.3) | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(9.0) |
(12.7) |
(18.1) |
(25.9) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
- |
4.0 |
- |
4.2 | ||||
|
Less: Interest expense and AFUDC equity |
(9.0) |
(8.8) |
(18.0) |
(16.9) | ||||
|
Plus: Non-cash director compensation |
0.1 |
- |
0.2 |
0.1 | ||||
|
Distributable cash flow |
$ 49.3 |
$ 40.7 |
$ 101.4 |
$ 84.8 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
- |
4.3 |
8.9 |
7.2 | ||||
|
Common unitholders |
44.4 |
19.4 |
67.1 |
37.8 | ||||
|
Subordinated unitholder |
- |
9.2 |
10.7 |
18.0 | ||||
|
Total distributions |
$ 44.4 |
$ 32.9 |
$ 86.7 |
$ 63.0 | ||||
|
Coverage ratio |
1.11x |
1.24x |
1.17x |
1.35x | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
See schedules B and D for reconciliations of non-GAAP measures. |
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-second-quarter-2018-earnings-300689701.html
SOURCE Dominion Energy Midstream Partners
Article Date
8/1/2018Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above First-Quarter Distribution
Source: PR Newswire
RICHMOND, Va., July 25, 2018 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a second-quarter 2018 cash distribution of $0.3510 per common unit – an increase of 5 percent above the first-quarter 2018 distribution – which corresponds to an annualized distribution rate of about $1.40 per unit.
Distributions are payable on Aug. 15, 2018, to unitholders of record at the close of business Aug. 6, 2018.
The partnership's last quarterly distribution was declared April 20, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-first-quarter-distribution-300686408.html
SOURCE Dominion Energy Midstream Partners
Article Date
7/25/20186/8/2018 - Swank Capital and Cushing®Asset Management Announce Rebalancing of The Cushing® MLP Market Cap Index
Swank Capital and Cushing®Asset Management Announce Rebalancing of The Cushing® MLP Market Cap Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, June 8, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, announce today the upcoming rebalancing of The Cushing® MLP Market Cap Index (the "Index") as part of normal index operations. After the markets close on June 15, 2018, the 30 constituents of the Index will be rebalanced, and the following changes will become effective on June 18, 2018.
Cushing® MLP Market Cap Index constituents, effective June 18, 2018:
|
Company Name |
Ticker |
Index Weight |
Status |
|
Enterprise Products Partners, L.P. |
EPD |
7.50% |
Existing |
|
Energy Transfer Equity, L.P. |
ETE |
7.50% |
Existing |
|
Energy Transfer Partners, L.P. |
ETP |
7.50% |
Existing |
|
Magellan Midstream Partners, L.P. |
MMP |
7.50% |
Existing |
|
MPLX LP |
MPLX |
7.50% |
Existing |
|
The Williams Companies, Inc. |
WMB |
7.50% |
Existing |
|
Williams Partners L.P. |
WPZ |
7.50% |
Existing |
|
Buckeye Partners, L.P. |
BPL |
4.46% |
Existing |
|
Western Gas Partners, L.P. |
WES |
4.30% |
Existing |
|
Alliance Resource Partners, L.P. |
ARLP |
3.27% |
NEW |
|
Andeavor Logistics LP |
ANDX |
3.18% |
Existing |
|
DCP Midstream, LP |
DCP |
3.00% |
Existing |
|
EQT Midstream Partners, LP |
EQM |
2.79% |
Existing |
|
AmeriGas Partners, L.P. |
APU |
2.41% |
Existing |
|
EnLink Midstream Partners, LP |
ENLK |
2.38% |
Existing |
|
Shell Midstream Partners, L.P. |
SHLX |
2.37% |
Existing |
|
Phillips 66 Partners LP |
PSXP |
2.32% |
Existing |
|
Antero Midstream Partners LP |
AM |
2.24% |
Existing |
|
Enbridge Energy Partners, L.P. |
EEP |
1.77% |
Existing |
|
Tallgrass Energy Partners, LP |
TEP |
1.67% |
Existing |
|
Crestwood Equity Partners LP |
CEQP |
1.36% |
Existing |
|
Antero Midstream GP LP |
AMGP |
1.22% |
Existing |
|
Enable Midstream Partners, LP |
ENBL |
1.21% |
Existing |
|
Black Stone Minerals, L.P. |
BSM |
1.19% |
Existing |
|
Rice Midstream Partners LP |
RMP |
1.15% |
Existing |
|
Holly Energy Partners, L.P. |
HEP |
1.10% |
Existing |
|
Boardwalk Pipeline Partners, L.P. |
BWP |
1.08% |
Existing |
|
NGL Energy Partners LP |
NGL |
1.06% |
Existing |
|
Tallgrass Energy GP, LP |
TEGP |
1.02% |
Existing |
|
Noble Midstream Partners LP |
NBLX |
0.95% |
Existing |
Constituents removed, effective March 19, 2018:
|
Company Name |
Ticker |
|
Dominion Energy Midstream Partners, LP |
DM |
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held master limited partnerships (MLPs). The Index is weighted on a float-adjusted market capitalization basis, with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded MLPs. The Cushing® MLP Market Cap Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CMCI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
http://www.cushingasset.com/
The Cushing® MLP Market Cap Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CMCI
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushingasset-management-announce-rebalancing-of-the-cushing-mlp-market-cap-index-300662258.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
6/8/20186/8/2018 - Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Index
Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, June 8, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP, announce today an upcoming interim rebalancing of The Cushing® Energy Index (the "Index"). Per the Index's methodology guide, the removal of an Index constituent from a Sub-Index without a named direct replacement necessitates the rebalancing of the Index. The Cushing® 30 MLP Index (the "Sub-Index") announced today that Index constituents Spectra Energy Partners, LP (NYSE: SEP) and Tallgrass Energy GP, LP (NYSE: TEGP) will be removed from the Sub-Index after the markets close on June 15, 2018, and effective on June 18, 2018. Replacements named for the removed constituents are not direct replacements. After the markets close on June 15, 2018, the constituents of the Index will be rebalanced, and the changes in the table below will become effective on June 18, 2018.
Cushing® Energy Index constituents, effective June 18, 2018:
|
Company Name |
Ticker |
Index Weight |
Status |
|
The Williams Companies, Inc. |
WMB |
6.00% |
Existing |
|
Kinder Morgan, Inc. |
KMI |
6.00% |
Existing |
|
ONEOK, Inc. |
OKE |
6.00% |
Existing |
|
Helmerich & Payne, Inc. |
HP |
5.78% |
Existing |
|
Exxon Mobil Corporation |
XOM |
5.22% |
Existing |
|
Chevron Corporation |
CVX |
4.74% |
Existing |
|
Occidental Petroleum Corporation |
OXY |
4.65% |
Existing |
|
Schlumberger N.V. (Schlumberger Limited) |
SLB |
3.79% |
Existing |
|
Phillips 66 |
PSX |
3.58% |
Existing |
|
Valero Energy Corporation |
VLO |
3.45% |
Existing |
|
Apache Corporation |
APA |
3.30% |
Existing |
|
Marathon Petroleum Corporation |
MPC |
3.05% |
Existing |
|
Baker Hughes, A GE Company |
BHGE |
2.72% |
Existing |
|
ConocoPhillips |
COP |
2.19% |
Existing |
|
Andeavor |
ANDV |
2.14% |
Existing |
|
TechnicFMC plc |
FTI |
2.13% |
Existing |
|
Hess Corporation |
HES |
2.12% |
Existing |
|
Dominion Energy Midstream Partners, LP |
DM |
2.00% |
NEW |
|
Alliance Resource Partners, L.P. |
ARLP |
2.00% |
Existing |
|
Andeavor Logistics LP |
ANDX |
2.00% |
Existing |
|
Tallgrass Energy Partners, LP |
TEP |
2.00% |
Existing |
|
EnLink Midstream Partners, LP |
ENLK |
2.00% |
Existing |
|
DCP Midstream, LP |
DCP |
2.00% |
Existing |
|
Enable Midstream Partners, LP |
ENBL |
2.00% |
NEW |
|
EQT Midstream Partners, LP |
EQM |
2.00% |
NEW |
|
Western Gas Partners, L.P. |
WES |
2.00% |
Existing |
|
Crestwood Equity Partners LP |
CEQP |
2.00% |
NEW |
|
Energy Transfer Equity, L.P. |
ETE |
2.00% |
Existing |
|
Energy Transfer Partners, L.P. |
ETP |
2.00% |
NEW |
|
Halliburton Company |
HAL |
1.95% |
Existing |
|
Anadarko Petroleum Corporation |
APC |
1.88% |
Existing |
|
Noble Energy, Inc. |
NBL |
1.67% |
Existing |
|
Cabot Oil & Gas Corporation |
COG |
1.37% |
Existing |
|
Marathon Oil Corporation |
MRO |
1.26% |
Existing |
|
Devon Energy Corporation |
DVN |
1.01% |
Existing |
Constituents removed, effective June 18, 2018:
|
Company Name |
Ticker |
|
MPLX LP |
MPLX |
|
Spectra Energy Partners, LP |
SEP |
|
Sunoco LP |
SUN |
|
Tallgrass Energy GP, LP |
TEGP |
|
Williams Partners L.P. |
WPZ |
ABOUT THE CUSHING® ENERGY INDEX
The Cushing® Energy Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, and storage and transportation of oil, natural gas, coal and consumable fuels, as well as oil and natural gas equipment and services companies. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CENI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CENI
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-rebalancing-of-the-cushing-energy-index-300662241.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
6/8/2018Dominion Energy Midstream Partners Announces First-Quarter 2018 Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 27, 2018 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $57.3 million for the three months ended March 31, 2018. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $79.5 million for the first-quarter, and distributable cash flow was $52.1 million for the quarter. The distribution coverage ratio was 1.23 times at the end of the first-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.
As a result of the disruption in Master Limited Partnership (MLP) capital markets subsequent to the Federal Energy Regulatory Commission's March 15, 2018 policy revision related to ratemaking for natural gas pipelines owned by MLPs, Dominion Energy:
QUARTERLY DISTRIBUTION
On April 20, 2018, the Board of Directors declared a quarterly distribution of $0.3340 per common and subordinated unit, payable on May 15, 2018, to such unitholders of record at the close of business May 4, 2018. This distribution represents a 5 percent increase over the fourth-quarter 2017 distribution.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a first-quarter earnings conference call at 10 a.m. ET on Friday, April 27, 2018. Management will discuss its first-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 April 27 and lasting until 11 p.m. ET May 4. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 67615976. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day April 27.
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 | |||
|
March 31, | |||
|
2018 |
2017 | ||
|
(millions, except per unit data) |
|||
|
Operating Revenue |
$ 110.1 |
$ 130.2 | |
|
Operating Expenses |
|||
|
Purchased gas |
10.3 |
12.2 | |
|
Other operations and maintenance |
37.6 |
31.1 | |
|
Depreciation and amortization |
24.5 |
24.9 | |
|
Other taxes |
9.7 |
9.3 | |
|
Total operating expenses |
82.1 |
77.5 | |
|
Income from operations |
28.0 |
52.7 | |
|
Earnings from equity method investees |
11.0 |
8.0 | |
|
Other income |
1.8 |
1.3 | |
|
Interest and related charges |
6.9 |
7.7 | |
|
Net income including noncontrolling interest |
33.9 |
54.3 | |
|
Less: Net income (loss) attributable to noncontrolling interest |
(23.4) |
2.1 | |
|
Net income attributable to partners |
$ 57.3 |
$ 52.2 | |
|
Net income attributable to partners' ownership interest |
|||
|
Preferred unitholders' interest in net income |
$ 9.5 |
$ 9.5 | |
|
General partner's interest in net income |
8.9 |
2.7 | |
|
Common unitholders' interest in net income |
26.4 |
27.1 | |
|
Subordinated unitholder's interest in net income |
12.5 |
12.9 | |
|
Net income per limited partner unit (basic) |
|||
|
Common units |
$0.39 |
$0.40 | |
|
Subordinated units |
$0.39 |
$0.40 | |
|
Net income per limited partner unit (diluted) |
|||
|
Common units |
$0.35 |
$0.37 | |
|
Subordinated units |
$0.39 |
$0.40 | |
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||
|
(Unaudited) | ||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2018 |
2017 | |||
|
(millions) |
||||
|
Net income including noncontrolling interest |
$ 33.9 |
$ 54.3 | ||
|
Add: |
||||
|
Depreciation and amortization |
24.5 |
24.9 | ||
|
Interest and related charges |
6.9 |
7.7 | ||
|
EBITDA |
$ 65.3 |
$ 86.9 | ||
|
Distributions from equity method investees |
8.6 |
7.0 | ||
|
Less: |
||||
|
Earnings from equity method investees |
11.0 |
8.0 | ||
|
EBITDA attributable to noncontrolling interest |
(16.6) |
10.5 | ||
|
Adjusted EBITDA |
$ 79.5 |
$ 75.4 | ||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||
|
(Unaudited) | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2018 |
20171 | |||
|
(millions) |
||||
|
Cash flows from operating activities: |
||||
|
Net income including noncontrolling interest |
$ 33.9 |
$ 54.3 | ||
|
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities |
133.8 |
56.3 | ||
|
Net cash provided by operating activities |
$ 167.7 |
$ 110.6 | ||
|
Net cash used in investing activities |
$ (110.4) |
$ (362.1) | ||
|
Net cash provided by financing activities |
$ 51.5 |
$ 303.0 | ||
|
Cash, restricted cash and equivalents at beginning of period |
23.7 |
64.6 | ||
|
Cash, restricted cash and equivalents at end of period |
$ 132.5 |
$ 116.1 | ||
|
1Amounts for 2017 have been recast to reflect the adoption of new accounting standards related to the presentation of equity method investee distributions and restricted cash and equivalents. |
|||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||
|
Dominion Energy Midstream Partners, LP | |||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | |||||
|
(Unaudited) | |||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | |||||
|
Three Months Ended | |||||
|
March 31, | |||||
|
2018 |
20171 | ||||
|
(millions) |
|||||
|
Net cash provided by operating activities |
$ 167.7 |
$ 110.6 | |||
|
Less: |
|||||
|
Cash attributable to (from) noncontrolling interest |
(16.2) |
18.8 | |||
|
Restricted cash for customer deposits |
104.4 |
- | |||
|
Other changes in working capital and noncash adjustments |
(12.5) |
(16.4) | |||
|
Cash received from distribution reserve |
12.5 |
- | |||
|
Adjusted EBITDA |
79.5 |
75.4 | |||
|
Adjustments to cash: |
|||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(9.5) | |||
|
Plus (less): Contract liabilities |
0.8 |
(0.1) | |||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) | |||
|
Less: Maintenance capital expenditures |
(9.1) |
(13.2) | |||
|
Plus: Acquisition costs funded by Dominion Energy |
- |
0.2 | |||
|
Less: Interest expense and AFUDC equity |
(9.0) |
(8.1) | |||
|
Plus: Non-cash director compensation |
0.1 |
0.1 | |||
|
Distributable cash flow |
$ 52.1 |
$ 44.1 | |||
|
1Amounts for 2017 have been recast to reflect the adoption of a new accounting standard for the presentation of equity method investee distributions and therefore this reconciliation does not include an adjustment for equity method investee distributions included in investing activities. | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||
|
Dominion Energy Midstream Partners, LP | ||||
|
Schedule E- Selected Financial Data* | ||||
|
(Unaudited) | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2018 |
2017 | |||
|
(millions, except ratio) |
||||
|
Adjusted EBITDA |
$ 79.5 |
$ 75.4 | ||
|
Adjustments to cash: |
||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(9.5) | ||
|
Plus (less):Contract liabilities |
0.8 |
(0.1) | ||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) | ||
|
Less: Maintenance capital expenditures |
(9.1) |
(13.2) | ||
|
Plus: Acquisition costs funded by Dominion Energy |
- |
0.2 | ||
|
Less: Interest expense and AFUDC equity |
(9.0) |
(8.1) | ||
|
Plus: Non-cash director compensation |
0.1 |
0.1 | ||
|
Distributable cash flow |
$ 52.1 |
$ 44.1 | ||
|
Distributions: |
||||
|
Incentive distribution rights |
8.9 |
2.9 | ||
|
Common unitholders |
22.7 |
18.4 | ||
|
Subordinated unitholder |
10.7 |
8.8 | ||
|
Total distributions |
$ 42.3 |
$ 30.1 | ||
|
Coverage ratio |
1.23x |
1.47x | ||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||
|
See schedules B and D for reconciliations of non-GAAP measures. | ||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-first-quarter-2018-earnings-300637756.html
SOURCE Dominion Energy Midstream Partners
Article Date
4/27/2018Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Fourth-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 20, 2018 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a first-quarter 2018 cash distribution of $0.3340 per common and subordinated unit – an increase of 5 percent above the fourth-quarter 2017 distribution – which corresponds to an annualized distribution rate of about $1.34 per such unit.
Distributions are payable on May 15, 2018, to unitholders of record at the close of business May 4, 2018.
The partnership's last quarterly distribution was declared Jan. 25, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-fourth-quarter-distribution-300633745.html
SOURCE Dominion Energy Midstream Partners
Article Date
4/20/20184/5/2018 - Dominion Energy, Dominion Energy Midstream Schedule First-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 5, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their first-quarter earnings conference call at 10 a.m. ET on Friday, April 27, 2018. Management will discuss first-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 and other financial information, will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET April 27 and lasting until 11 p.m. ET May 4. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 67615976. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day April 27.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-schedule-first-quarter-earnings-conference-call-300625120.html
SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
4/5/2018Dominion Energy Midstream Partners Submits 2017 10-K Filing
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Feb. 27, 2018 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM), today filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2017, with the U.S. Securities and Exchange Commission (SEC). The filing may be viewed through the partnership's website at www.dominionenergymidstream.com by selecting the "SEC Filings" link under the "Investors" tab.
Upon written request, unitholders may receive, free of charge, a copy of Dominion Energy Midstream's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to Dominion Energy Midstream Partners, LP, Attention: Corporate Secretary, 120 Tredegar Street, Richmond, VA 23219.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-submits-2017-10-k-filing-300605077.html
SOURCE Dominion Energy Midstream Partners
Article Date
2/27/2018Alerian Reports December 31, 2017 Index Linked Product Positions
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Feb. 21, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
318,072,149 |
10,952,898 |
MMP |
1,644,568,414 |
23,182,526 | |
|
AMGP |
754,587 |
38,265 |
MPLX |
1,279,929,181 |
36,084,837 | |
|
ANDX |
516,099,522 |
11,173,404 |
NBLX |
21,404,873 |
428,097 | |
|
APU |
76,556,528 |
1,655,992 |
NGL |
195,952,022 |
13,946,763 | |
|
ARLP |
20,166,275 |
1,023,669 |
NS |
296,565,295 |
9,902,013 | |
|
BPL |
908,164,717 |
18,328,249 |
NSH |
236,356 |
15,055 | |
|
BWP |
201,509,203 |
15,608,769 |
PAA |
1,085,692,515 |
52,601,382 | |
|
CEQP |
30,317,020 |
1,175,078 |
PAGP |
3,567,709 |
162,538 | |
|
CQP |
30,774,953 |
1,038,291 |
PSXP |
303,822,210 |
5,803,672 | |
|
DCP |
411,714,791 |
11,332,639 |
RMP |
197,598,050 |
9,203,449 | |
|
DM |
186,044,367 |
6,109,831 |
SEP |
397,826,315 |
10,061,364 | |
|
EEP |
372,358,764 |
26,962,981 |
SHLX |
369,468,507 |
12,389,957 | |
|
ENBL |
30,305,242 |
2,131,170 |
SMLP |
20,113,987 |
981,170 | |
|
ENLC |
1,134,945 |
64,485 |
SPH |
35,347,307 |
1,459,426 | |
|
ENLK |
317,615,016 |
20,664,607 |
SUN |
36,559,156 |
1,287,294 | |
|
EPD |
1,672,410,145 |
63,086,011 |
TCP |
350,896,258 |
6,608,216 | |
|
EQGP |
315,059 |
11,712 |
TEGP |
1,533,669 |
59,583 | |
|
EQM |
536,502,790 |
7,339,299 |
TEP |
269,478,027 |
5,877,383 | |
|
ETE |
6,574,648 |
380,918 |
TGP |
26,220,374 |
1,301,259 | |
|
ETP |
1,669,396,449 |
93,158,284 |
VLP |
23,823,578 |
535,361 | |
|
GEL |
300,264,393 |
13,434,648 |
VNOM |
20,179,418 |
864,956 | |
|
GLOP |
17,814,465 |
719,776 |
WES |
604,184,334 |
12,563,617 | |
|
GMLP |
26,442,305 |
1,159,750 |
WGP |
664,201 |
17,874 | |
|
HEP |
168,157,229 |
5,175,661 |
WPZ |
1,231,920,496 |
31,766,903 |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html
SOURCE Alerian
Article Date
2/21/2018Dominion Energy Midstream Partners Announces Fourth-Quarter and Full-Year 2017 Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 29, 2018 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $52.3 million for the three months ended Dec. 31, 2017 and $195.1 million for the twelve months ended Dec. 31, 2017, nearly double 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $78.6 million for the fourth-quarter and $298.8 million for full-year 2017, almost two and a half times 2016. Distributable cash flow was $47.6 million for the quarter and $178.2 million for the year, representing a 68 percent increase over 2016. The distribution coverage ratio was 1.22 times at the end of the fourth-quarter with the full-year coverage ratio of 1.29 times.
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 Jan. 25, 2018, the Board of Directors declared a quarterly distribution of $0.3180 per common and subordinated unit, payable on Feb. 15, 2018, to such unitholders of record at the close of business Feb. 5, 2018. This distribution represents a 5 percent increase over last quarter and supports the partnership's 22 percent annual distribution growth rate plan.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a fourth-quarter earnings conference call at 10 a.m. ET on Monday, Jan. 29, 2018. Management will discuss its fourth-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 Jan. 29 and lasting until 11 p.m. ET Feb. 5. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72633771. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Jan. 29.
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 |
Year Ended | ||||||
|
December 31, |
December 31, | ||||||
|
2017 |
2016 |
2017 |
2016 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 121.3 |
$ 177.5 |
$ 480.2 |
$ 441.3 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
24.0 |
33.4 |
55.1 |
41.7 | |||
|
Other operations and maintenance |
31.4 |
34.3 |
133.8 |
95.3 | |||
|
Depreciation and amortization |
24.0 |
24.0 |
100.8 |
56.6 | |||
|
Other taxes |
8.7 |
8.5 |
36.5 |
30.6 | |||
|
Total operating expenses |
88.1 |
100.2 |
326.2 |
224.2 | |||
|
Income from operations |
33.2 |
77.3 |
154.0 |
217.1 | |||
|
Earnings from equity method investees |
6.8 |
8.0 |
26.2 |
23.0 | |||
|
Other income |
2.0 |
1.0 |
6.3 |
3.2 | |||
|
Interest and related charges |
7.4 |
6.6 |
31.1 |
7.3 | |||
|
Income from operations including noncontrolling interest before income taxes |
$ 34.6 |
$ 79.7 |
$ 155.4 |
$ 236.0 | |||
|
Income tax expense |
- |
5.1 |
- |
6.3 | |||
|
Net income including noncontrolling interest and predecessors |
$ 34.6 |
$ 74.6 |
$ 155.4 |
$ 229.7 | |||
|
Less: Net income attributable to Dominion Energy Questar Pipeline Predecessor1 |
- |
8.7 |
- |
5.5 | |||
|
Net income including noncontrolling interest |
$ 34.6 |
$ 65.9 |
$ 155.4 |
$ 224.2 | |||
|
Less: Net income (loss) attributable to noncontrolling interest |
(17.7) |
29.4 |
(39.7) |
117.8 | |||
|
Net income attributable to partners |
$ 52.3 |
$ 36.5 |
$ 195.1 |
$ 106.4 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
Preferred unitholders' interest in net income |
$ 9.5 |
$ 3.2 |
$ 38.0 |
$ 3.2 | |||
|
General partner's interest in net income |
7.2 |
0.6 |
14.2 |
2.3 | |||
|
Common unitholders' interest in net income |
24.2 |
23.8 |
96.9 |
63.9 | |||
|
Subordinated unitholder's interest in net income |
11.4 |
8.9 |
46.0 |
37.0 | |||
|
Net income per limited partner unit (basic) |
|||||||
|
Common units |
$ 0.36 |
$ 0.38 |
$ 1.44 |
$ 1.30 | |||
|
Subordinated units |
$ 0.36 |
$ 0.34 |
$ 1.44 |
$ 1.17 | |||
|
Net income per limited partner unit (diluted) |
|||||||
|
Common units |
$ 0.33 |
$ 0.38 |
$ 1.35 |
$ 1.30 | |||
|
Subordinated units |
$ 0.36 |
$ 0.34 |
$ 1.44 |
$ 1.17 | |||
|
1 Represents amounts for the period from September 16, 2016 through November 30, 2016. | |||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 34.6 |
$ 74.6 |
$ 155.4 |
$ 229.7 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
24.0 |
24.0 |
100.8 |
56.6 | ||||
|
Interest and related charges |
7.4 |
6.6 |
31.1 |
7.3 | ||||
|
Income tax expense |
- |
5.1 |
- |
6.3 | ||||
|
EBITDA |
$ 66.0 |
$ 110.3 |
$ 287.3 |
$ 299.9 | ||||
|
Distributions from equity method investees |
8.4 |
7.2 |
30.6 |
25.1 | ||||
|
Less: |
||||||||
|
Earnings from equity method investees |
6.8 |
8.0 |
26.2 |
23.0 | ||||
|
EBITDA attributable to Dominion Energy Questar Pipeline Predecessor 1 |
- |
26.8 |
- |
28.0 | ||||
|
EBITDA attributable to noncontrolling interest |
(11.0) |
36.9 |
(7.1) |
148.2 | ||||
|
Adjusted EBITDA |
$ 78.6 |
$ 45.8 |
$ 298.8 |
$ 125.8 | ||||
|
1Represents amounts for the period from September 16, 2016 through November 30, 2016. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule C - Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 34.6 |
$ 74.6 |
$ 155.4 |
$ 229.7 | ||||
|
Adjustments to reconcile net income including noncontrolling interest and predecessors to net cash provided by operating activities |
1.4 |
(14.6) |
127.5 |
58.9 | ||||
|
Net cash provided by operating activities |
$ 36.0 |
$ 60.0 |
$ 282.9 |
$ 288.6 | ||||
|
Net cash used in investing activities |
$ (179.5) |
$ (1,163.2) |
$ (907.2) |
$ (2,122.8) | ||||
|
Net cash provided by financing activities |
$ 75.7 |
$ 1,064.7 |
$ 595.7 |
$ 1,838.8 | ||||
|
Cash and cash equivalents at beginning of period |
78.8 |
78.1 |
39.6 |
35.0 | ||||
|
Cash and cash equivalents at end of period |
$ 11.0 |
$ 39.6 |
$ 11.0 |
$ 39.6 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 36.0 |
$ 60.0 |
$ 282.9 |
$ 288.6 | ||||
|
Less: |
||||||||
|
Cash attributable to (from) noncontrolling interest |
(22.8) |
17.9 |
(3.9) |
150.5 | ||||
|
Cash attributable to Dominion Energy Questar Pipeline Predecessor 1 |
- |
1.1 |
- |
19.7 | ||||
|
Other changes in working capital and noncash adjustments |
5.2 |
4.8 |
(3.1) |
7.4 | ||||
|
Cash received from distribution reserve |
12.5 |
- |
12.5 |
- | ||||
|
Equity method investee distributions included in investing activities |
2.1 |
- |
2.6 |
- | ||||
|
Adjusted EBITDA |
78.6 |
45.8 |
298.8 |
125.8 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(3.2) |
(38.0) |
(3.2) | ||||
|
Plus: Deferred revenue |
0.3 |
3.0 |
(0.1) |
5.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.8) | ||||
|
Less:Maintenance capital expenditures |
(12.4) |
(5.2) |
(51.1) |
(16.0) | ||||
|
Plus:Acquisition costs funded by Dominion Energy |
0.1 |
1.2 |
6.0 |
1.6 | ||||
|
Less:Interest expense and AFUDC equity |
(8.9) |
(3.3) |
(34.9) |
(4.8) | ||||
|
Plus:Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.3 | ||||
|
Distributable cash flow |
$ 47.6 |
$ 37.7 |
$ 178.2 |
$ 105.9 | ||||
|
1Represents amounts for the period from September 16, 2016 through November 30, 2016. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule E - Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Adjusted EBITDA |
$ 78.6 |
$ 45.8 |
$ 298.8 |
$ 125.8 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
(3.2) |
(38.0) |
(3.2) | ||||
|
Plus: Deferred revenue |
0.3 |
3.0 |
(0.1) |
5.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.8) | ||||
|
Less:Maintenance capital expenditures |
(12.4) |
(5.2) |
(51.1) |
(16.0) | ||||
|
Plus:Acquisition costs funded by Dominion Energy |
0.1 |
1.2 |
6.0 |
1.6 | ||||
|
Less:Interest expense and AFUDC equity |
(8.9) |
(3.3) |
(34.9) |
(4.8) | ||||
|
Plus:Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.3 | ||||
|
Distributable Cash Flow |
$ 47.6 |
$ 37.7 |
$ 178.2 |
$ 105.9 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
7.3 |
1.7 |
20.2 |
3.9 | ||||
|
Common unitholders |
21.6 |
17.5 |
79.7 |
53.8 | ||||
|
Subordinated unitholder |
10.2 |
8.3 |
37.9 |
30.9 | ||||
|
Total distributions1 |
$ 39.1 |
$ 27.5 |
$ 137.8 |
$ 88.6 | ||||
|
Coverage Ratio |
1.22x |
1.37x |
1.29x |
1.20x | ||||
|
1 Distributions declared to common units is based on units outstanding at December 31, 2017 and therefore excludes distributions paid on units issued to the public through February 5, 2018. |
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
See schedules B and D for reconciliations of non-GAAP measures. |
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-fourth-quarter-and-full-year-2017-earnings-300589079.html
SOURCE Dominion Energy Midstream Partners
Article Date
1/29/2018Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Third-Quarter Distribution
Source: PR Newswire
RICHMOND, Va., Jan. 25, 2018 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a fourth-quarter 2017 cash distribution of $0.3180 per common and subordinated unit – an increase of 5 percent above the third-quarter 2017 distribution – which corresponds to an annualized distribution rate of $1.27 per such unit.
Distributions are payable on Feb. 15, 2018, to unitholders of record at the close of business Feb. 5, 2018.
The partnership's last quarterly distribution was declared Oct. 24, 2017.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-third-quarter-distribution-300588327.html
SOURCE Dominion Energy Midstream Partners
Article Date
1/25/20181/4/2018 - Dominion Energy, Dominion Energy Midstream Schedule Fourth-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Jan. 4, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Monday, Jan. 29, 2018. Management will discuss fourth-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, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Jan. 29 and lasting until 11 p.m. ET Feb. 5. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72633771. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Jan. 29.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-schedule-fourth-quarter-earnings-conference-call-300577845.html
SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
1/4/2018Dominion Energy Midstream Partners Announces Third-Quarter 2017 Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Oct. 30, 2017 /PRNewswire/ -- Dominion Energy Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $48.6 million for the three months ended Sept. 30, 2017, double third quarter 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $76.2 million, nearly three times third quarter 2016. Distributable cash flow was $45.8 million for the quarter, almost 90 percent higher than third quarter 2016. The distribution coverage ratio was 1.28 times at the end of the third 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 Oct. 24, 2017, the Board of Directors declared a quarterly distribution of $0.3025 per common and subordinated unit, payable on Nov. 15, 2017, to such unitholders of record at the close of business Nov. 6, 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 third-quarter earnings conference call at 10 a.m. ET on Monday, Oct. 30, 2017. Management will discuss its third-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 Oct. 30, 2017 and lasting until 11 p.m. ET Nov. 6, 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 82859043. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 30, 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 |
Nine Months Ended | ||||||
|
September 30, |
September 30, | ||||||
|
2017 |
2016 |
2017 |
2016 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 113.0 |
$ 95.2 |
$ 358.9 |
$ 263.8 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
9.1 |
3.4 |
31.1 |
8.3 | |||
|
Other operations and maintenance |
33.2 |
24.9 |
102.4 |
61.0 | |||
|
Depreciation and amortization |
26.5 |
12.4 |
76.8 |
32.6 | |||
|
Other taxes |
9.3 |
8.0 |
27.8 |
22.1 | |||
|
Total operating expenses |
78.1 |
48.7 |
238.1 |
124.0 | |||
|
Income from operations |
34.9 |
46.5 |
120.8 |
139.8 | |||
|
Earnings from equity method investees |
6.2 |
4.9 |
19.4 |
15.0 | |||
|
Other income |
1.7 |
0.8 |
4.3 |
2.2 | |||
|
Interest and related charges |
7.9 |
0.8 |
23.7 |
0.7 | |||
|
Income from operations including noncontrolling interest before income taxes |
$ 34.9 |
$ 51.4 |
$ 120.8 |
$ 156.3 | |||
|
Income tax expense |
- |
1.2 |
- |
1.2 | |||
|
Net income including noncontrolling interest and predecessors |
$ 34.9 |
$ 50.2 |
$ 120.8 |
$ 155.1 | |||
|
Less: Net loss attributable to Dominion Energy Questar Pipeline Predecessor1 |
- |
(3.2) |
- |
(3.2) | |||
|
Net income including noncontrolling interest |
$ 34.9 |
$ 53.4 |
$ 120.8 |
$ 158.3 | |||
|
Less: Net income (loss) attributable to noncontrolling interest |
(13.7) |
29.1 |
(22.0) |
88.4 | |||
|
Net income attributable to partners |
$ 48.6 |
$ 24.3 |
$ 142.8 |
$ 69.9 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
Preferred unitholders' interest in net income |
$ 9.5 |
$ - |
$ 28.5 |
$ - | |||
|
General partner's interest in net income |
4.0 |
0.7 |
7.0 |
1.7 | |||
|
Common unitholders' interest in net income |
23.8 |
13.8 |
72.7 |
40.1 | |||
|
Subordinated unitholder's interest in net income |
11.3 |
9.8 |
34.6 |
28.1 | |||
|
Net income per limited partner unit (basic) |
|||||||
|
Common units |
$ 0.35 |
$ 0.30 |
$ 1.08 |
$ 0.88 | |||
|
Subordinated units |
$ 0.35 |
$ 0.30 |
$ 1.08 |
$ 0.88 | |||
|
Net income per limited partner unit (diluted) |
|||||||
|
Common units |
$ 0.33 |
$ 0.30 |
$ 1.02 |
$ 0.88 | |||
|
Subordinated units |
$ 0.35 |
$ 0.30 |
$ 1.08 |
$ 0.88 | |||
|
1 Represents amounts for the period from September 16, 2016 through September 30, 2016. | |||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 34.9 |
$ 50.2 |
$ 120.8 |
$ 155.1 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
26.5 |
12.4 |
76.8 |
32.6 | ||||
|
Interest and related charges |
7.9 |
0.8 |
23.7 |
0.7 | ||||
|
Income tax expense |
- |
1.2 |
- |
1.2 | ||||
|
EBITDA |
$ 69.3 |
$ 64.6 |
$ 221.3 |
$ 189.6 | ||||
|
Distributions from equity method investees |
8.2 |
6.2 |
22.2 |
17.9 | ||||
|
Less: |
||||||||
|
Earnings from equity method investees |
6.2 |
4.9 |
19.4 |
15.0 | ||||
|
EBITDA attributable to Dominion Energy Questar Pipeline Predecessor1 |
- |
1.2 |
- |
1.2 | ||||
|
EBITDA attributable to noncontrolling interest |
(4.9) |
36.8 |
3.9 |
111.3 | ||||
|
Adjusted EBITDA |
$ 76.2 |
$ 27.9 |
$ 220.2 |
$ 80.0 | ||||
|
1 Represents amounts for the period from September 16, 2016 through September 30, 2016. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule C - Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 34.9 |
$ 50.2 |
$ 120.8 |
$ 155.1 | ||||
|
Adjustments to reconcile net income including noncontrolling interest and predecessors to net cash provided by operating activities |
37.0 |
48.0 |
126.1 |
73.5 | ||||
|
Net cash provided by operating activities |
$ 71.9 |
$ 98.2 |
$ 246.9 |
$ 228.6 | ||||
|
Net cash used in investing activities |
$ (190.6) |
$ (305.4) |
$ (727.7) |
$ (959.6) | ||||
|
Net cash provided by financing activities |
$ 127.0 |
$ 261.1 |
$ 520.0 |
$ 774.1 | ||||
|
Cash and cash equivalents at beginning of period |
70.5 |
24.2 |
39.6 |
35.0 | ||||
|
Cash and cash equivalents at end of period |
$ 78.8 |
$ 78.1 |
$ 78.8 |
$ 78.1 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 71.9 |
$ 98.2 |
$ 246.9 |
$ 228.6 | ||||
|
Less: |
||||||||
|
Cash attributable to (from) noncontrolling interest |
(1.7) |
53.1 |
18.9 |
132.6 | ||||
|
Cash attributable to Dominion Energy Questar Pipeline Predecessor1 |
- |
18.6 |
- |
18.6 | ||||
|
Other changes in working capital and noncash adjustments |
2.6 |
1.4 |
(8.3) |
2.6 | ||||
|
Equity method investee distributions included in investing activities |
- |
- |
0.5 |
- | ||||
|
Adjusted EBITDA |
76.2 |
27.9 |
220.2 |
80.0 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
- |
(28.5) |
- | ||||
|
Plus (less): Deferred revenue |
(0.1) |
- |
(0.4) |
2.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.1) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(12.8) |
(3.0) |
(38.7) |
(10.8) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
1.7 |
0.3 |
5.9 |
0.4 | ||||
|
Less: Interest expense and AFUDC equity |
(9.1) |
(0.5) |
(26.0) |
(1.5) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.2 |
0.2 | ||||
|
Distributable cash flow |
$ 45.8 |
$ 24.1 |
$ 130.6 |
$ 68.2 | ||||
|
1 Represents amounts for the period from September 16, 2016 through September 30, 2016. | ||||||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
HOW WE EVALUATE OUR OPERATIONS | ||||||||
|
Subsequent to the acquisition of Dominion Energy Questar Pipeline, we define distributable cash flow as Adjusted EBITDA less distributions to preferred unitholders, maintenance capital expenditures and interest expense and adjusted for known timing differences between cash and income. |
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule E - Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions, except ratio) |
||||||||
|
Adjusted EBITDA |
$ 76.2 |
$ 27.9 |
$ 220.2 |
$ 80.0 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
- |
(28.5) |
- | ||||
|
Plus (less): Deferred revenue |
(0.1) |
- |
(0.4) |
2.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.1) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(12.8) |
(3.0) |
(38.7) |
(10.8) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
1.7 |
0.3 |
5.9 |
0.4 | ||||
|
Less: Interest expense and AFUDC equity |
(9.1) |
(0.5) |
(26.0) |
(1.5) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.2 |
0.2 | ||||
|
Distributable cash flow |
$ 45.8 |
$ 24.1 |
$ 130.6 |
$ 68.2 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
5.7 |
1.0 |
12.9 |
2.1 | ||||
|
Common unitholders |
20.3 |
11.3 |
58.1 |
32.3 | ||||
|
Subordinated unitholder |
9.7 |
7.9 |
27.7 |
22.6 | ||||
|
Total distributions1 |
$ 35.7 |
$ 20.2 |
$ 98.7 |
$ 57.0 | ||||
|
Coverage ratio |
1.28x |
1.19x |
1.32x |
1.20x | ||||
|
1 Distributions declared to common units is based on units outstanding at September 30, 2017 and 2016, and therefore excludes distributions paid on units issued to the public through November 6, 2017 and November 4, 2016, respectively. |
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
See schedules B and D for reconciliations of non-GAAP measures. |
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-third-quarter-2017-earnings-300544901.html
SOURCE Dominion Energy Midstream Partners
Article Date
10/30/2017Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Second-Quarter Distribution
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Oct. 24, 2017 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a third-quarter 2017 cash distribution of $0.3025 per common and subordinated unit – an increase of 5 percent above the second-quarter 2017 distribution – which corresponds to an annualized distribution rate of $1.21 per such unit.
Distributions are payable on Nov. 15, 2017, to unitholders of record at the close of business Nov. 6, 2017.
The partnership's last quarterly distribution was declared July 21, 2017.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-second-quarter-distribution-300541977.html
SOURCE Dominion Energy Midstream Partners
Article Date
10/24/201710/4/2017 - Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 4, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 10 a.m. ET on Monday, Oct. 30, 2017. Management will discuss third-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, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Oct. 30 and lasting until 11 p.m. ET Nov. 6. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 82859043. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 30.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-schedule-third-quarter-earnings-conference-call-300531133.html
SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
10/4/20179/7/2017 - Dominion Energy to Revise Dividend Policy
Dominion Energy to Revise Dividend Policy
Source: PR Newswire
NEW YORK, Sept. 7, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) Chairman, President and Chief Executive Officer Thomas F. Farrell, II, today told investors that the company's dividend is expected to increase by 10 percent per year beginning in the fourth quarter of 2017 through 2020, subject to approval by the board of directors.
"Dominion Energy believes it can return more in dividends to our shareholders because of our company's solid financial footing," said Farrell. "The foundation for a higher annual dividend rate is rooted in our long-term, sustainable growth plan and billions of dollars in expected cash contributions from our master limited partnership, Dominion Energy Midstream Partners, LP."
Dominion Energy has said that from 2016 to 2020 it expects to receive between $7 billion and $8 billion in cash contributions from Dominion Energy Midstream (NYSE: DM), of which it is the general partner. These contributions include general partner cash flows, limited partner cash flows (from common units and convertible preferred units) and proceeds from asset dropdowns.
Dominion Energy's board of directors has declared a dividend of 75.5 cents per share of common stock, payable on Sept. 20, 2017. That dividend payment is 8 percent higher than the 70-cents-per-share dividend paid in September 2016. Management expects the fourth-quarter dividend, payable in December 2017, to be 10 percent higher than the fourth-quarter 2016 dividend of 70 cents per share of common stock.
Dominion Energy, Inc., is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at DominionEnergy.com.
Payment of 2017-2020 dividends is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the timing and execution of Dominion Energy Midstream's growth strategy. We have identified in our SEC Reports on Forms 10-K and 10-Q, and will in the future identify, a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-to-revise-dividend-policy-300515556.html
SOURCE Dominion Energy
Article Date
9/7/2017Dominion Energy to Present at Barclays CEO Energy - Power Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 29, 2017 /PRNewswire/ -- Thomas F. Farrell, II, Chairman, President and CEO of Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), will address investors and analysts on Thursday, Sept. 7, in New York, N.Y., at the Barclays CEO Energy – Power Conference beginning at 8:25 a.m. ET. Investors can access the webcast and a copy of Thursday's presentation material at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-to-present-at-barclays-ceo-energy--power-conference-300510912.html
SOURCE Dominion Energy; Dominion Energy Midstream Partners
Article Date
8/29/2017Dominion Energy Midstream Partners Announces Second-Quarter 2017 Earnings
Source: PR Newswire
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 | |||
|
Common unitholders' interest in net income |
21.8 |
12.9 |
48.9 |
26.3 | |||
|
Subordinated unitholder's interest in net income |
10.4 |
9.0 |
23.3 |
18.3 | |||
|
Net income per limited partner unit (basic) |
|||||||
|
Common units |
$ 0.33 |
$ 0.28 |
$ 0.73 |
$ 0.57 | |||
|
Subordinated units |
$ 0.33 |
$ 0.28 |
$ 0.73 |
$ 0.57 | |||
|
Net income per limited partner unit (diluted) |
|||||||
|
Common units |
$ 0.31 |
$ 0.28 |
$ 0.67 |
$ 0.57 | |||
|
Subordinated units |
$ 0.33 |
$ 0.28 |
$ 0.73 |
$ 0.57 | |||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 31.6 |
$ 53.1 |
$ 85.9 |
$ 104.9 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
25.4 |
10.2 |
50.3 |
20.2 | ||||
|
Interest and related charges (benefit) |
8.1 |
- |
15.8 |
(0.1) | ||||
|
EBITDA |
$ 65.1 |
$ 63.3 |
$ 152.0 |
$ 125.0 | ||||
|
Distributions from equity method investees |
7.0 |
5.9 |
14.0 |
11.7 | ||||
|
Less: |
||||||||
|
Earnings from equity method investees |
5.2 |
3.7 |
13.2 |
10.1 | ||||
|
EBITDA attributable to noncontrolling interest |
(1.7) |
38.3 |
8.8 |
74.5 | ||||
|
Adjusted EBITDA |
$ 68.6 |
$ 27.2 |
$ 144.0 |
$ 52.1 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 31.6 |
$ 53.1 |
$ 85.9 |
$ 104.9 | ||||
|
Adjustments to reconcile net income including noncontrolling interest and |
33.4 |
8.8 |
89.1 |
25.5 | ||||
|
Net cash provided by operating activities |
$ 64.7 |
$ 61.9 |
$ 175.0 |
$ 130.4 | ||||
|
Net cash used in investing activities |
$ (175.3) |
$ (354.4) |
$ (537.1) |
$ (654.2) | ||||
|
Net cash provided by financing activities |
$ 90.0 |
$ 281.3 |
$ 393.0 |
$ 513.0 | ||||
|
Cash and cash equivalents at beginning of period |
91.1 |
35.4 |
39.6 |
35.0 | ||||
|
Cash and cash equivalents at end of period |
$ 70.5 |
$ 24.2 |
$ 70.5 |
$ 24.2 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 64.7 |
$ 61.9 |
$ 175.0 |
$ 130.4 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
1.8 |
38.8 |
20.6 |
79.5 | ||||
|
Other changes in working capital and noncash adjustments |
5.5 |
4.1 |
(10.9) |
1.2 | ||||
|
Equity method investee distributions included in investing activities |
0.2 |
- |
0.5 |
- | ||||
|
Adjusted EBITDA |
68.6 |
27.2 |
144.0 |
52.1 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
- |
(19.0) |
- | ||||
|
Plus (less): Deferred revenue |
(0.2) |
- |
(0.3) |
2.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(12.7) |
(2.3) |
(25.9) |
(7.8) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
4.0 |
0.1 |
4.2 |
0.1 | ||||
|
Less: Interest expense and AFUDC equity |
(8.8) |
(0.5) |
(16.9) |
(1.0) | ||||
|
Plus: Non-cash director compensation |
- |
- |
0.1 |
0.1 | ||||
|
Distributable cash flow |
$ 40.7 |
$ 23.8 |
$ 84.8 |
$ 44.1 | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
HOW WE EVALUATE OUR OPERATIONS
Subsequent to the acquisition of Dominion Energy Questar Pipeline, we define distributable cash flow as Adjusted EBITDA less distributions to preferred unitholders, maintenance capital expenditures and interest expense and adjusted for known timing differences between cash and income.
|
Dominion Energy Midstream Partners, LP | ||||||||
|
Schedule E- Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions, except ratio) |
||||||||
|
Adjusted EBITDA |
$ 68.6 |
$ 27.2 |
$ 144.0 |
$ 52.1 | ||||
|
Adjustments to cash: |
||||||||
|
Less: Distributions to preferred unitholders |
(9.5) |
- |
(19.0) |
- | ||||
|
Plus (less): Deferred revenue |
(0.2) |
- |
(0.3) |
2.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(12.7) |
(2.3) |
(25.9) |
(7.8) | ||||
|
Plus: Acquisition costs funded by Dominion Energy |
4.0 |
0.1 |
4.2 |
0.1 | ||||
|
Less: Interest expense and AFUDC equity |
(8.8) |
(0.5) |
(16.9) |
(1.0) | ||||
|
Plus: Non-cash director compensation |
- |
- |
0.1 |
0.1 | ||||
|
Distributable cash flow |
$ 40.7 |
$ 23.8 |
$ 84.8 |
$ 44.1 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
4.3 |
0.7 |
7.2 |
1.1 | ||||
|
Common unitholders |
19.4 |
10.7 |
37.8 |
21.0 | ||||
|
Subordinated unitholder |
9.2 |
7.6 |
18.0 |
14.7 | ||||
|
Total distributions |
$ 32.9 |
$ 19.0 |
$ 63.0 |
$ 36.8 | ||||
|
Coverage ratio |
1.24x |
1.25x |
1.35x |
1.20x | ||||
|
* The notes contained in Dominion Energy Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
See schedules B and D for reconciliations of non-GAAP measures. |
||||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-second-quarter-2017-earnings-300497856.html
SOURCE Dominion Midstream Partners
Article Date
8/2/2017Dominion Energy Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above First-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 21, 2017 /PRNewswire/ -- The board of directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), has declared a second-quarter 2017 cash distribution of $0.2880 per common and subordinated unit – an increase of 5 percent above the first-quarter 2017 distribution – which corresponds to an annualized distribution rate of $1.152 per such unit.
Distributions are payable on Aug. 15, 2017, to unitholders of record at the close of business Aug. 4, 2017.
The partnership's last quarterly distribution was declared April 21, 2017.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Energy Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-declares-quarterly-cash-distribution-increases-distribution-by-5-percent-above-first-quarter-distribution-300492293.html
SOURCE Dominion Energy Midstream Partners
Article Date
7/21/20177/13/2017 - Dominion Energy, Dominion Energy Midstream Schedule Second-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Second-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 13, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their second-quarter earnings conference call at 9 a.m. ET on Wednesday, Aug. 2, 2017. Management will discuss 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, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 2 and lasting until 11 p.m. ET Aug. 9. 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.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-dominion-energy-midstream-schedule-second-quarter-earnings-conference-call-300487823.html
SOURCE Dominion Energy; Dominion Midstream Partners, LP
Article Date
7/13/20175/10/2017 - Shareholders Add 'Energy' to Dominion's Name
Shareholders Add 'Energy' to Dominion's Name
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 10, 2017 /PRNewswire/ -- Dominion Resources, Inc., has become Dominion Energy, Inc. (NYSE: D), after a vote by shareholders today to change the company's name.
"While our name may be changing, what is not changing is our commitment to safety, customer service and our communities," said Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy. "Our 16,200 employees remain dedicated to meeting the needs of our 6 million customers and others who depend on us. This new name is reflective of that dedication. Energy is at the core of our modern life."
The company's local electric and natural gas utilities and many other businesses will unify under the Dominion Energy name in the coming days. Changes to company bills, building signage, trucks, employee uniforms and other identifying marks will occur in the coming months.
Dominion Energy plans to request name changes to several customer-facing legal and "doing business as" entities. Selected changes, effective May 12 unless otherwise noted, include:
|
Previously known as |
To be known as |
|
Dominion Virginia Power |
Dominion Energy Virginia |
|
Dominion North Carolina Power |
Dominion Energy North Carolina |
|
Dominion Hope |
Dominion Energy West Virginia |
|
Dominion East Ohio |
Dominion Energy Ohio |
|
Questar Gas |
Dominion Energy Utah Dominion Energy Wyoming Dominion Energy Idaho |
|
Wexpro |
Dominion Energy Wexpro |
|
Dominion Carolina Gas Transmission, LLC |
Dominion Energy Carolina Gas Transmission, LLC |
|
Dominion Energy, Inc. |
Dominion Generation, Inc. (to take effect May 10) |
|
Dominion Gas Holdings, LLC |
Dominion Energy Gas Holdings, LLC |
|
Dominion Midstream GP, LLC |
Dominion Energy Midstream GP, LLC |
|
Dominion Questar Corporation |
Dominion Energy Questar Corporation |
|
Dominion Retail, Inc. |
Dominion Energy Solutions, Inc. |
|
Dominion Transmission, Inc. |
Dominion Energy Transmission, Inc. |
|
Questar Pipeline, LLC |
Dominion Energy Questar Pipeline, LLC |
A new logo, last modified in 2000, also takes effect today. Designed by the global branding firm of Chermayeff & Geismar & Haviv, it retains the "D" shape while modernizing the look with stripes suggesting energy through the blue silhouette.
The names of Dominion Energy's three operating segments – through which the company manages its daily operations and that the company uses in its financial reporting to the U.S. Securities and Exchange Commission – will be revised. Power Delivery Group, Power Generation Group and Gas Infrastructure Group will replace Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively.
The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), a publicly owned subsidiary of Dominion Energy, also intends to file an Amendment to the Certificate of Limited Partnership in Delaware that would allow the partnership to be known as Dominion Energy Midstream Partners, LP, retaining its "DM" ticker symbol on the New York Stock Exchange (NYSE).
Also, late evening tonight, the company plans to change its web address to www.DominionEnergy.com. Visitors who go to the current site, dom.com, will be redirected automatically to the new site.
Dominion Energy shares of common stock will continue to be traded on the NYSE under the ticker symbol "D."
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.dom.com.
SOURCE Dominion Energy
Article Date
5/10/2017Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Fourth-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 21, 2017 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a first-quarter 2017 cash distribution of $0.2740 per common and subordinated unit – an increase of 5 percent above the fourth-quarter 2016 distribution – which corresponds to an annualized distribution rate of $1.096 per such unit.
Distributions are payable on May 15, 2017, to unitholders of record at the close of business May 5, 2017.
The partnership's last quarterly distribution was declared Jan. 25, 2017.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
4/21/2017Dominion, Dominion Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 10, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their first-quarter earnings conference call at 10 a.m. ET on Thursday, May 4, 2017. Management will discuss first-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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72622263. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
4/10/2017Dominion Midstream Partners Submits 2016 10-K Filing
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 28, 2017 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), today filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016, with the U.S. Securities and Exchange Commission (SEC). The filing may be viewed through Dominion Midstream's website at www.dommidstream.com by selecting the "SEC Filings" link under the "Investors" tab.
Upon written request, unitholders may receive, free of charge, a copy of Dominion Midstream's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to Dominion Midstream Partners, LP, Attention: Corporate Secretary, 120 Tredegar Street, Richmond, VA 23219.
SOURCE Dominion Midstream Partners
Article Date
2/28/2017Dominion Midstream Board Appoints Two New Directors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 23, 2017 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), today appointed two new directors, Diane Leopold and John A. Luke, Jr. The board also announced the resignation, effective today, of Joseph M. Rigby, who was elected in January to the board of Dominion Resources, Inc. The Dominion Midstream board now comprises seven members.
Thomas F. Farrell II, chairman, president and chief executive officer of the general partner, said:
"Diane Leopold and John Luke will bring valuable experience to Dominion Midstream to retain its standing as the top MLP. Diane's knowledge of the midstream gas business and the issues and challenges surrounding it is unparalleled in the industry. And John's leadership of a Fortune 500 company and his corporate board service are assets upon which we will lean heavily."
Leopold, 50, is president and chief executive officer of the Dominion Energy business unit of Dominion Resources. That unit distributes natural gas to approximately 2.3 million customer accounts in five states, and operates nearly 15,000 miles of gathering, storage and transmission pipeline and one of the largest underground storage complexes in the world. Leopold joined Dominion in 1995 and has held various operational, project management, and commercial and financial management roles throughout the company.
She chairs the board of directors of the Interstate Natural Gas Association of America and is a member of the board of the American Gas Association. Leopold also serves on the board of trustees at Virginia Union University. She received a bachelor's degree in mechanical and electrical engineering from the University of Sussex in the United Kingdom, a master's degree in electrical engineering from George Washington University, and an MBA from Virginia Commonwealth University (VCU).
Luke, 68, is non-executive chairman of WestRock Company after having served as chairman and chief executive officer of its predecessor company MeadWestvaco Corporation (MWV) from 2002 to 2015. He spent 36 years with the company in several managerial positions, including as chairman, president and chief executive officer of another predecessor company, Westvaco Corporation.
Luke serves on the boards of The Bank of New York Mellon Corporation, The Timken Company, Factory Mutual Insurance Company, VCU Health System, The American Enterprise Institute for Public Policy Research and Colonial Williamsburg Foundation, among others. He is rector of VCU. Luke also has served as chairman of the National Association of Manufacturers and was a board member of the Sustainable Forestry Initiative, the American Forest Foundation and the National Council for Air and Stream Improvement, Inc. He received a bachelor's degree from Lawrence University and an MBA from the The Wharton School at the University of Pennsylvania.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
2/23/2017Dominion Midstream Partners Announces Fourth-Quarter 2016 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 1, 2017 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $36.5 million for the three months ended Dec. 31, 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $45.8 million, and distributable cash flow was $37.7 million for the quarter. On Dec. 1, 2016, Dominion Midstream successfully completed the acquisition of Questar Pipeline, LLC, from Dominion Resources, Inc. (NYSE: D).
Dominion 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 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 Jan. 25, 2017, the Board of Directors declared a quarterly distribution of $0.2605 per common and subordinated unit, payable on Feb. 15, 2017, to such unitholders of record at the close of business Feb. 6, 2017.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a fourth-quarter earnings conference call at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will discuss its fourth-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.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Feb. 1, 2017 and lasting until 11 p.m. ET Feb. 8, 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 61568881. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1, 2017.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | |||||||
|
Schedule A- Consolidated Statements of Income* | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended |
Year Ended | ||||||
|
December 31, |
December 31, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 177.5 |
$ 82.7 |
$ 441.3 |
$ 369.6 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
33.4 |
1.8 |
41.7 |
54.6 | |||
|
Other operations and maintenance |
34.3 |
13.6 |
95.3 |
56.7 | |||
|
Depreciation and amortization |
24.0 |
10.0 |
56.6 |
40.4 | |||
|
Other taxes |
8.5 |
6.3 |
30.6 |
26.3 | |||
|
Total operating expenses |
100.2 |
31.7 |
224.2 |
178.0 | |||
|
Income from operations |
77.3 |
51.0 |
217.1 |
191.6 | |||
|
Earnings from equity method investees |
8.0 |
6.6 |
23.0 |
6.6 | |||
|
Other income |
1.0 |
0.4 |
3.2 |
1.0 | |||
|
Interest and related charges |
6.6 |
0.3 |
7.3 |
0.6 | |||
|
Income from operations including noncontrolling interest before income taxes |
79.7 |
57.7 |
236.0 |
198.6 | |||
|
Income tax expense |
5.1 |
- |
6.3 |
2.1 | |||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$ 229.7 |
$ 196.5 | |||
|
Less: Net income attributable to DCG Predecessor1 |
- |
- |
- |
2.3 | |||
|
Less: Net income attributable to Questar Pipeline Predecessor2 |
8.7 |
- |
5.5 |
- | |||
|
Net income including noncontrolling interest |
65.9 |
57.7 |
224.2 |
194.2 | |||
|
Less: Net income attributable to noncontrolling interest |
29.4 |
32.6 |
117.8 |
121.7 | |||
|
Net income attributable to partners |
$ 36.5 |
$ 25.1 |
$ 106.4 |
$ 72.5 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
Preferred unitholders' interest in net income |
$ 3.2 |
$ - |
$ 3.2 |
$ - | |||
|
General partner's interest in net income |
0.6 |
0.2 |
2.3 |
(0.5) | |||
|
Common unitholders' interest in net income |
23.8 |
14.6 |
63.9 |
41.3 | |||
|
Subordinated unitholder's interest in net income |
8.9 |
10.3 |
37.0 |
31.7 | |||
|
Net income per limited partner unit (basic and diluted) |
|||||||
|
Common Units |
$ 0.38 |
$ 0.32 |
$ 1.30 |
$ 1.08 | |||
|
Subordinated Units |
$ 0.34 |
$ 0.32 |
$ 1.17 |
$ 1.00 | |||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. | |||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. | |||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
|
Dominion Midstream Partners, LP | ||||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||||
|
(Unaudited) | ||||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||||
|
Three Months Ended |
Year Ended | |||||||||
|
December 31, |
December 31, | |||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||
|
(millions) |
||||||||||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$ 229.7 |
$ 196.5 | ||||||
|
Add: |
||||||||||
|
Depreciation and amortization |
24.0 |
10.0 |
56.6 |
40.4 | ||||||
|
Interest and related charges |
6.6 |
0.3 |
7.3 |
0.6 | ||||||
|
Income tax expense |
5.1 |
- |
6.3 |
2.1 | ||||||
|
EBITDA |
$ 110.3 |
$ 68.0 |
$ 299.9 |
$ 239.6 | ||||||
|
Distributions from equity method investees |
7.2 |
2.6 |
25.1 |
2.6 | ||||||
|
Less: |
||||||||||
|
Earnings from equity method investees |
8.0 |
6.6 |
23.0 |
6.6 | ||||||
|
EBITDA attributable to DCG Predecessor1 |
- |
- |
- |
5.7 | ||||||
|
EBITDA attributable to Questar Pipeline Predecessor2 |
26.8 |
- |
28.0 |
- | ||||||
|
EBITDA attributable to noncontrolling interest |
36.9 |
40.4 |
148.2 |
154.3 | ||||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. |
||||||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. |
||||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$229.7 |
$196.5 | ||||
|
Adjustments to reconcile net income including noncontrolling interest and predecessors to net cash provided by operating activities |
||||||||
|
(14.6) |
(9.8) |
58.9 |
47.0 | |||||
|
Net cash provided by operating activities |
$ 60.0 |
$ 47.9 |
$288.6 |
$243.5 | ||||
|
Cash flows from investing activities: |
||||||||
|
Net cash used in investing activities |
$ (1,163.2) |
$ (432.3) |
$(2,122.8) |
$ (1,282.7) | ||||
|
Cash flows from financing activities: |
||||||||
|
Net cash provided by financing activities |
$ 1,064.7 |
$ 312.4 |
$1,838.8 |
$898.8 | ||||
|
Cash and cash equivalents at beginning of period |
78.1 |
107.0 |
35.0 |
175.4 | ||||
|
Cash and cash equivalents at end of period |
$ 39.6 |
$ 35.0 |
$ 39.6 |
$ 35.0 | ||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 60.0 |
$ 47.9 |
$ 288.6 |
$ 243.5 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
17.9 |
25.5 |
150.5 |
154.4 | ||||
|
Cash attributable to DCG Predecessor1 |
- |
- |
- |
10.4 | ||||
|
Cash attributable to Questar Pipeline Predecessor2 |
1.1 |
- |
19.7 |
- | ||||
|
Other changes in working capital and noncash adjustments |
4.8 |
1.2 |
7.4 |
(3.1) | ||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||
|
Adjustments to cash3: |
||||||||
|
Less: Distributions to preferred unitholders |
$ (3.2) |
$ - |
$ (3.2) |
$ - | ||||
|
Plus: Deferred revenue |
3.0 |
4.0 |
5.0 |
8.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(5.2) |
(3.4) |
(16.0) |
(9.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
1.2 |
- |
1.6 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(3.3) |
(0.5) |
(4.8) |
(1.4) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.2 | ||||
|
Distributable cash flow |
$ 37.7 |
$ 23.1 |
$ 105.9 |
$ 71.6 | ||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. | ||||||||
|
3Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and twelve months ended December 31, 2015 was $24.7 million and $75.7 million, respectively. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
HOW WE EVALUATE OUR OPERATIONS | ||||||||
|
Subsequent to the Questar Pipeline Acquisition, we define distributable cash flow as Adjusted EBITDA less distributions to preferred unitholders, maintenance capital expenditures and interest expense and adjusted for known timing differences between cash and income. | ||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule E- Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||
|
Adjustments to cash1: |
||||||||
|
Less: Distributions to preferred unitholders |
(3.2) |
- |
(3.2) |
- | ||||
|
Plus: Deferred revenue |
3.0 |
4.0 |
5.0 |
8.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(5.2) |
(3.4) |
(16.0) |
(9.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
1.2 |
- |
1.6 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(3.3) |
(0.5) |
(4.8) |
(1.4) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.2 | ||||
|
Distributable Cash Flow |
$ 37.7 |
$ 23.1 |
$ 105.9 |
$ 71.6 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
$ 1.7 |
$ 0.2 |
$ 3.9 |
$ 0.2 | ||||
|
Common unitholders |
17.5 |
9.8 |
53.8 |
32.3 | ||||
|
Subordinated unitholder |
8.3 |
6.8 |
30.9 |
24.8 | ||||
|
Total distributions |
$ 27.5 |
$ 16.8 |
$ 88.6 |
$ 57.3 | ||||
|
Coverage Ratio |
1.37x |
1.38x |
1.20x |
1.25x | ||||
|
1Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and twelve months ended December 31, 2015 was $24.7 million and $75.7 million, respectively. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
See schedules B and D for reconciliations of non-GAAP measures. |
||||||||
SOURCE Dominion Midstream Partners
Article Date
2/1/2017Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Third-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 25, 2017 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a fourth-quarter 2016 cash distribution of $0.2605 per common and subordinated unit – an increase of 5 percent above the third-quarter 2016 distribution – which corresponds to an annualized distribution rate of $1.04 per such unit. This fulfills the partnership's stated objective of increasing distributions per limited partnership common and subordinated unit by 22 percent for 2016.
Distributions are payable on Feb. 15, 2017, to unitholders of record at the close of business Feb. 6, 2017.
The partnership's last quarterly distribution was declared Oct. 21, 2016.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
1/25/2017Dominion, Dominion Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 10, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will discuss fourth-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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 61568881. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
1/10/2017Dominion Midstream Partners Completes Acquisition of Questar Pipeline
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 1, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), today closed on the transaction to acquire Questar Pipeline, LLC, from Dominion Resources, Inc. (NYSE: D), for $1.725 billion. As part of the transaction, Dominion Midstream paid $823 million in cash to Dominion, issued $167 million of common units and $300 million of convertible preferred units to Dominion, and has assumed Questar Pipeline's $435 million of outstanding indebtedness.
Cash sources included a previously announced $360 million underwritten public common unit offering, a $137.5 million private placement of common units, and $500 million of convertible preferred units placed with a group of institutional investors led by Stonepeak Infrastructure Partners.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion and Dominion Midstream GP, LLC, said:
"Today's announcement once again demonstrates Dominion's and Dominion Midstream's ability to execute complementary acquisitions to achieve best-in-class distribution growth at Dominion Midstream while providing cash to Dominion to pay down debt."
The addition of Questar Pipeline – which owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming – is expected to be immediately accretive to Dominion Midstream's distributable cash flow per unit. This transaction supports the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of 22 percent per year through the end of the decade.
Dominion plans to use the cash generated by the dropdown transaction and other related financing activities to reduce debt at the parent level by $1.2 billion.
Joint bookrunning managers and placement agents on the above-referenced public and private capital markets activities included RBC Capital Markets, Barclays, JP Morgan, Mizuho Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. A number of factors that could cause actual results to differ from those in the forward-looking statements are identified in Dominion's and Dominion Midstream's filings with the U.S. Securities and Exchange Commission. You are referred to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and the companies undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion Midstream Partners, LP; Dominion Resources, Inc.
Article Date
12/1/201610/31/2016 - Dominion Midstream Partners Announces Upsizing, Pricing of Limited Partnership Units Offering
Dominion Midstream Partners Announces Upsizing, Pricing of Limited Partnership Units Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), a Delaware limited partnership and a subsidiary of Dominion Resources, Inc. (NYSE: D), announced today that it has priced its previously announced public offering of limited partnership units representing limited partner interests (common units) pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) at $23.20 per common unit. The size of the offering has been upsized from 12,000,000 common units to 13,500,000 common units. The underwriters have also been granted an option to purchase up to 2,025,000 additional common units (the option). Dominion Midstream expects the offering to close on Nov. 3, 2016, subject to customary closing conditions.
Dominion Midstream intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to fund a portion of the purchase price for the acquisition of all of the issued and outstanding membership interests of Questar Pipeline, LLC, from Dominion (the acquisition). This offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Dominion Midstream intends to use the net proceeds from this offering for general partnership purposes, which may include, among other things, debt repayment, acquisitions, capital expenditures and additions to working capital.
RBC Capital Markets, Barclays, J.P. Morgan, Mizuho Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank are acting as joint book-running managers for the offering.
This offering will be made only by means of a written prospectus. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from:
|
RBC Capital Markets |
Barclays |
|
200 Vesey Street, 8th Floor |
c/o Broadridge Financial Solutions |
|
New York, NY 10281-8098 |
1155 Long Island Avenue |
|
Attn: Equity Syndicate |
Edgewood, New York 11717 |
|
Toll-Free: (877) 822-4098 |
Toll-Free: (888) 603-5847 |
|
J.P. Morgan |
Mizuho Securities |
|
c/o Broadridge Financial Solutions |
320 Park Avenue, 12th Floor |
|
1155 Long Island Avenue |
New York, New York 10022 |
|
Edgewood, New York 11717 |
Attn: Equity Capital Markets |
|
Telephone: (212) 205-7600 | |
|
Toll-Free: (866) 803-9204 |
|
|
BofA Merrill Lynch |
Citigroup |
|
NC1-004-03-43 |
c/o Broadridge Financial Solutions |
|
200 North College Street, 3rd Floor |
1155 Long Island Avenue |
|
Charlotte, North Carolina 28255-0001 |
Edgewood, New York 11717 |
|
Attn: Prospectus Department |
Toll-Free: (800) 831-9146 |
|
UBS Investment Bank |
|
|
1285 Avenue of the Americas |
|
|
New York, New York 10019 |
|
|
Attn: Prospectus Dept. |
|
|
Toll-Free: (888) 827-7275 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
You may also obtain copies of the prospectus supplement and the accompanying base prospectus free of charge at the SEC's website, www.sec.gov, under the registrant's name "Dominion Midstream Partners, LP."
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion, to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the Acquisition that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion Midstream Partners
Article Date
10/31/201610/31/2016 - Dominion Midstream to Acquire Questar Pipeline
Dominion Midstream to Acquire Questar Pipeline
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), and Dominion Resources, Inc. (NYSE: D), today announced an agreement in which Dominion Midstream will acquire Questar Pipeline, LLC, from Dominion for consideration of approximately $1.725 billion, including indebtedness of Questar Pipeline as part of the transaction value. The acquisition has an anticipated effective date of Dec. 1, 2016. The board of directors of Dominion and the board of directors and Conflicts Committee of Dominion Midstream GP, LLC, the general partner of Dominion Midstream, have approved the transaction.
Dominion Midstream intends to finance the acquisition through the following transactions:
Upon closing, the acquisition of Questar Pipeline – which owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming – will be immediately accretive to Dominion Midstream's distributable cash flow and supportive of the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of 22 percent per year. It is also expected to more than double Dominion Midstream's existing adjusted EBITDA, thereby obviating the partnership's need to acquire any additional assets or issue any additional equity to meet its annual distribution growth targets until the second half of 2018.
Subject to certain conditions, the preferred units will pay a distribution of 4.75 percent per year for two years, and thereafter a distribution equal to the greater of 4.75 percent per year and the amount that the preferred units would have received if they had converted into common limited partner units. The preferred units will generally be convertible into common limited partner units at a price reflecting an approximate 15 percent premium to the pricing of this morning's underwritten public offering of common limited partner units on a one-for-one basis after two years, at the purchasers' option, and after three years at Dominion Midstream's option, subject to certain conditions.
Dominion plans to use proceeds from the Questar Pipeline dropdown into Dominion Midstream to retire outstanding debt.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion and chairman and CEO of Dominion Midstream, said:
"Dominion Midstream's planned acquisition of Questar Pipeline and related financing have been anticipated as part of the financing structure of the Dominion-Questar Corporation combination since it was announced in February 2016. The capital generated from the Questar Pipeline dropdown will allow Dominion to pay down debt while supporting its earnings and dividend growth targets. The dropdown will also provide Dominion Midstream with additional earnings to support its best-in-class growth rate, without another asset drop or additional equity, until the second half of 2018.
"This successful financing also validates our business plan for Dominion Midstream, which involves accessing the capital markets to fund the acquisition of midstream assets to support the partnership's stated intention to grow distributions by 22 percent per year."
The Dominion Midstream GP's Conflicts Committee was advised by Richards, Layton & Finger, P.A. and Evercore Group L.L.C. This transaction is not subject to additional regulatory or other approvals.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
This news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release, including statements and expectations regarding future distributions, accretion of distributable cash flow, adjusted EBITDA growth, financing needs and plans and capital investments. These businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. A number of factors that could cause actual results to differ from those in the forward-looking statements have been and will be identified in the SEC Reports on Forms 10-K and 10-Q, as applicable to Dominion and Dominion Midstream. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
This news release contains certain non-Generally Accepted Accounting Principles (GAAP) financial measures, specifically adjusted EBITDA and distributable cash flow. These non-GAAP financial measures are provided as a supplement only and should not be considered as an alternative to any GAAP measure of our operating performance, liquidity or profitability. The presentation of these financial measures is not intended to be a substitute for or superior to any financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures included in this news release should be reviewed in conjunction with our financial results reported under GAAP. Please see the third-quarter 2016 Dominion Midstream earnings news release for an explanation of adjusted EBITDA.
SOURCE Dominion Midstream Partners; Dominion Resources
Article Date
10/31/2016Dominion Midstream Partners to Offer Limited Partnership Units
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), a Delaware limited partnership and a subsidiary of Dominion Resources, Inc. (NYSE: D), announced today that it has commenced a public offering of 12,000,000 limited partnership units representing limited partner interests (common units) pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Dominion Midstream expects to grant the underwriters an option to purchase up to 1,800,000 additional common units (the option). Dominion Midstream intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to fund a portion of the purchase price for the acquisition of all of the issued and outstanding membership interests of Questar Pipeline, LLC, from Dominion (the acquisition). This offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Dominion Midstream intends to use the net proceeds from this offering for general partnership purposes, which may include, among other things, debt repayment, acquisitions, capital expenditures and additions to working capital.
RBC Capital Markets, Barclays, J.P. Morgan, Mizuho Securities, Citigroup, BofA Merrill Lynch and UBS Investment Bank are acting as joint book-running managers for the offering.
This offering will be made only by means of a written prospectus. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from:
|
RBC Capital Markets |
Barclays |
|
200 Vesey Street, 8th Floor |
c/o Broadridge Financial Solutions |
|
New York, NY 10281-8098 |
1155 Long Island Avenue |
|
Attn: Equity Syndicate |
Edgewood, New York 11717 |
|
equityprospectus@rbccm.com |
barclaysprospectus@broadridge.com |
|
Toll-Free: (877) 822-4098 |
Toll-Free: (888) 603-5847 |
|
J.P. Morgan |
Mizuho Securities |
|
c/o Broadridge Financial Solutions |
320 Park Avenue, 12th Floor |
|
1155 Long Island Avenue |
New York, New York 10022 |
|
Edgewood, New York 11717 |
Attn: Equity Capital Markets |
|
prospectus-eq_fi@jpmchase.com |
Telephone: (212) 205-7600 |
|
Toll-Free: (866) 803-9204 |
|
|
BofA Merrill Lynch |
Citigroup |
|
NC1-004-03-43 |
c/o Broadridge Financial Solutions |
|
200 North College Street, 3rd Floor |
1155 Long Island Avenue |
|
Charlotte, North Carolina 28255-0001 |
Edgewood, New York 11717 |
|
Attn: Prospectus Department |
Toll-Free: (800) 831-9146 |
|
dg.prospectus_requests@baml.com |
|
|
UBS Investment Bank |
|
|
1285 Avenue of the Americas |
|
|
New York, New York 10019 |
|
|
Attn: Prospectus Dept. |
|
|
Toll-Free: (888) 827-7275 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
You may also obtain copies of the prospectus supplement and the accompanying base prospectus free of charge at the SEC's website, www.sec.gov, under the registrant's name "Dominion Midstream Partners, LP."
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion, to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the Acquisition that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion Midstream Partners
Article Date
10/31/2016Dominion Midstream Partners Announces Third-Quarter 2016 Earnings
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $24.3 million, or 30 cents per common limited partner unit for the three months ended Sept. 30, 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $27.9 million, and distributable cash flow was $24.1 million for the quarter.
Dominion 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 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 company's financial performance and liquidity. Schedules B and D of this press release include a reconciliation to the most directly comparable GAAP measure.
QUARTERLY DISTRIBUTION
On Oct. 21, 2016, the Board of Directors declared a quarterly distribution of $0.2475 per unit, payable on Nov. 15, 2016, to unitholders of record at the close of business Nov. 4, 2016.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a third-quarter earnings conference call at 1 p.m. ET on Monday, Oct. 31, 2016. Management will discuss its third-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 company's investor information page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 4 p.m. ET Oct. 31, 2016 and lasting until 11 p.m. ET Nov. 7, 2016. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 85471176. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 31, 2016.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | |||||||
|
Schedule A- Consolidated Statements of Income* | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended |
Nine Months Ended | ||||||
|
September 30, |
September 30, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 85.0 |
$ 103.1 |
$ 253.6 |
$ 286.9 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
2.6 |
23.4 |
7.5 |
52.8 | |||
|
Other operations and maintenance |
16.7 |
13.8 |
52.8 |
43.1 | |||
|
Depreciation and amortization |
10.4 |
9.9 |
30.6 |
30.4 | |||
|
Other taxes |
7.6 |
7.3 |
21.7 |
20.0 | |||
|
Total operating expenses |
37.3 |
54.4 |
112.6 |
146.3 | |||
|
Income from operations |
47.7 |
48.7 |
141.0 |
140.6 | |||
|
Earnings from equity method investee |
4.7 |
- |
14.8 |
- | |||
|
Other income |
0.9 |
0.2 |
2.3 |
0.6 | |||
|
Interest and related charges (benefit) |
(0.1) |
0.1 |
(0.2) |
0.3 | |||
|
Income from operations including noncontrolling interest before income taxes |
53.4 |
48.8 |
158.3 |
140.9 | |||
|
Income tax expense |
- |
- |
- |
2.1 | |||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 53.4 |
$ 48.8 |
$ 158.3 |
$ 138.8 | |||
|
Less: Net income attributable to DCG Predecessor 1 |
- |
- |
- |
2.3 | |||
|
Net income including noncontrolling interest |
53.4 |
48.8 |
158.3 |
136.5 | |||
|
Less: Net income attributable to noncontrolling interest |
29.1 |
30.8 |
88.4 |
89.1 | |||
|
Net income attributable to partners |
$ 24.3 |
$ 18.0 |
$ 69.9 |
$ 47.4 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
General partner's interest in net income |
$ 0.7 |
$ - |
$ 1.7 |
$ (0.7) | |||
|
Common unitholders' interest in net income |
13.8 |
10.5 |
40.1 |
26.7 | |||
|
Subordinated unitholder's interest in net income |
9.8 |
7.5 |
28.1 |
21.4 | |||
|
Net income per limited partner unit (basic and diluted) |
|||||||
|
Common Units |
$0.30 |
$0.28 |
$0.88 |
$0.75 | |||
|
Subordinated Units |
$0.30 |
$0.24 |
$0.88 |
$0.67 | |||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | |||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 53.4 |
$ 48.8 |
$ 158.3 |
$ 138.8 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
10.4 |
9.9 |
30.6 |
30.4 | ||||
|
Interest and related charges (benefit) |
(0.1) |
0.1 |
(0.2) |
0.3 | ||||
|
Income tax expense |
- |
- |
- |
2.1 | ||||
|
EBITDA |
$ 63.7 |
$ 58.8 |
$ 188.7 |
$ 171.6 | ||||
|
Distributions from equity method investee |
5.7 |
- |
17.4 |
- | ||||
|
Less: |
||||||||
|
Earnings from equity method investee |
4.7 |
- |
14.8 |
- | ||||
|
EBITDA attributable to DCG Predecessor 1 |
- |
- |
- |
5.7 | ||||
|
EBITDA attributable to noncontrolling interest |
36.8 |
38.5 |
111.3 |
113.9 | ||||
|
Adjusted EBITDA |
$ 27.9 |
$ 20.3 |
$ 80.0 |
$ 52.0 | ||||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income |
$ 53.4 |
$ 48.8 |
$ 158.3 |
$ 138.8 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities |
26.3 |
22.1 |
51.8 |
56.8 | ||||
|
Net cash provided by operating activities |
$ 79.7 |
$ 70.9 |
$ 210.1 |
$ 195.6 | ||||
|
Cash flows from investing activities: |
||||||||
|
Net cash used in investing activities |
$ (307.9) |
$ (369.8) |
$ (962.1) |
$ (850.4) | ||||
|
Cash flows from financing activities: |
||||||||
|
Net cash provided by financing activities |
$ 261.1 |
$ 328.6 |
$ 774.1 |
$ 586.4 | ||||
|
Cash and cash equivalents at beginning of period |
24.2 |
77.3 |
35.0 |
175.4 | ||||
|
Cash and cash equivalents at end of period |
$ 57.1 |
$ 107.0 |
$ 57.1 |
$ 107.0 | ||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 79.7 |
$ 70.9 |
$ 210.1 |
$ 195.6 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
53.1 |
48.9 |
132.6 |
128.9 | ||||
|
Cash attributable to DCG Predecessor 1 |
- |
- |
- |
10.4 | ||||
|
Other changes in working capital and noncash adjustments |
1.3 |
(1.7) |
2.5 |
(4.3) | ||||
|
Adjusted EBITDA |
27.9 |
20.3 |
80.0 |
52.0 | ||||
|
Adjustments to cash2: |
||||||||
|
Plus: Deferred revenue |
- |
3.0 |
2.0 |
4.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.1) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(3.0) |
(3.6) |
(10.8) |
(6.0) | ||||
|
Plus: Acquisition costs funded by Dominion |
0.3 |
- |
0.4 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(0.5) |
(1.5) |
(0.9) | ||||
|
Plus: Non-cash director compensation |
0.1 |
- |
0.2 |
0.1 | ||||
|
Distributable cash flow |
$ 24.1 |
$ 18.5 |
$ 68.2 |
$ 48.5 | ||||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. |
|
2 Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and nine months ended September 30, 2015 was $19.8 million and $51.0 million, respectively. |
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
HOW WE EVALUATE OUR OPERATIONS |
|
Subsequent to the acquisition of DCG, we define distributable cash flow as Adjusted EBITDA less maintenance capital expenditures, less interest expense and adjusted for known timing differences between cash and income. All periods presented have been calculated to reflect a consistent approach. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule E- Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Adjusted EBITDA |
$ 27.9 |
$ 20.3 |
$ 80.0 |
$ 52.0 | ||||
|
Adjustments to cash1: |
||||||||
|
Plus: Deferred revenue |
- |
3.0 |
2.0 |
4.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.1) |
(1.4) | ||||
|
Less: Maintenance capital expenditures |
(3.0) |
(3.6) |
(10.8) |
(6.0) | ||||
|
Plus: Acquisition costs funded by Dominion |
0.3 |
- |
0.4 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(0.5) |
(1.5) |
(0.9) | ||||
|
Plus: Non-cash director compensation |
0.1 |
- |
0.2 |
0.1 | ||||
|
Distributable Cash Flow |
$ 24.1 |
$ 18.5 |
$ 68.2 |
$ 48.5 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
1.0 |
- |
2.1 |
- | ||||
|
Common unitholders |
11.3 |
9.1 |
32.3 |
22.5 | ||||
|
Subordinated unitholder |
7.9 |
6.4 |
22.6 |
18.0 | ||||
|
Total distributions2 |
$ 20.2 |
$ 15.5 |
$ 57.0 |
$ 40.5 | ||||
|
Coverage Ratio |
1.19x |
1.19x |
1.20x |
1.20x | ||||
|
1 Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and nine months ended September 30, 2015 was $19.8 million and $51.0 million, respectively. |
|
2 Distributions declared to common units is based on units outstanding at September 30, 2016, and therefore excludes distributions paid on any additional units issued to the public by November 4, 2016 in connection with Dominion Midstream's anticipated acquisition of Questar Pipeline. |
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
See schedules B and D for reconciliations of non-GAAP measures. |
SOURCE Dominion Midstream Partners
Article Date
10/31/201610/21/2016 - Dominion Midstream Board Appoints New Director
Dominion Midstream Board Appoints New Director
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 21, 2016 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), today appointed a new director, Harris H. Simmons. The appointment brings the size of Dominion Midstream's board to six.
Thomas F. Farrell II, chairman, president and chief executive officer of the general partner, said:
"Dominion Midstream welcomes Harris Simmons to its board of directors. The limited partnership and its thousands of unitholders no doubt will benefit from his lifetime of leadership not only in the financial and energy sectors, but also in countless communities throughout the Western United States."
Simmons, 62, formerly lead director on the board of directors of Questar Corporation until the Dominion Resources, Inc.-Questar Corporation merger, is chairman and chief executive officer of the Salt Lake City-based Zions Bancorporation. In his more than 35 years with the Zions organization, he has served in a variety of positions. Simmons was named CEO in 1990 and added chairman to his duties in 2002.
His other corporate board experience includes O.C. Tanner Company and National Life Group. In addition, Simmons has led or sat on a number of boards in the Salt Lake City community, including Pioneer Theatre Company, Utah Symphony/Utah Opera, Utah Youth Village, the Great Salt Lake Council of the Boy Scouts of America, the Utah Board of Regents, and the Utah Foundation.
Simmons received a bachelor's degree in economics from the University of Utah in 1977 and an MBA from Harvard Business School in 1980.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
10/21/2016Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Second-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 21, 2016 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a third-quarter 2016 cash distribution of $0.2475 per unit – an increase of 5 percent above the second-quarter 2016 distribution – which corresponds to an annualized distribution rate of 99 cents per unit.
Distributions are payable on Nov. 15, 2016, to unitholders of record at the close of business Nov. 4, 2016.
The partnership's last quarterly distribution was declared July 22, 2016.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
10/21/2016Dominion And Dominion Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 14, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 1 p.m. ET on Monday, Oct. 31, 2016. Management will discuss third-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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 4 p.m. ET Oct. 31 and lasting until 11 p.m. ET Nov. 7. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 85471176. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 31.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources; Dominion Midstream Partners, LP
Article Date
10/14/2016Dominion Resources Combines With Questar Corporation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 16, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), and Questar Corporation announced today that they have completed their proposed merger, forming one of the nation's largest combined electric and natural gas energy companies.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are pleased to complete our strategic combination with Questar, and to continue serving our Questar customers in the West with the same commitment and dedication to safety and excellence to which they – and our customers along the Eastern Seaboard and Midwest – are accustomed. Questar's high-performing regulated businesses also improve our geographic diversity and enhance our balance between electric and gas operations."
Questar's "hub of the Rockies" system is a principal gateway for gas supply to Western states. Dominion expects that demand on Questar's pipeline system will rise as Western states rely increasingly on low-carbon, natural gas-fired generation to comply with potentially stringent federal clean air requirements and to support state-mandated renewable standards. Questar's gas distribution operations benefit from being located in one of the country's fastest growing regions.
"Questar's businesses are ideally located to take advantage of the growth opportunities due to the changing energy landscape, benefiting the economies of the states in which they operate," Farrell said.
The combined company includes:
Ronald W. Jibson, chairman, president and chief executive officer of Questar, said:
"From our initial meetings with Dominion leaders it was evident from our similar strategies, cultures, values, and employee and safety focus that Dominion was an excellent company to combine with to move us into the future. After working through a very smooth merger, I'm more confident than ever that this opportunity to combine with one of the nation's best energy companies will benefit Questar customers, employees, shareholders and the communities we serve."
Benefit to customers, communities
Questar – now Dominion Questar – will operate as a first-tier, wholly owned subsidiary of Dominion. Questar's principal operating companies – Questar Gas, Questar Pipeline and Wexpro – have retained their names as of closing.
Dominion Questar will maintain its significant local presence with a local management structure drawn from existing Questar employees. Questar Gas' headquarters also will remain in Salt Lake City, along with a new Western Regional operating headquarters there.
Effective today, Questar CEO Jibson has retired and has been elected to Dominion's board of directors. Craig C. Wagstaff has been named president of Dominion Questar. He will lead Dominion's Western natural gas operations and be responsible for all current Questar operating companies.
Other benefits of the Dominion-Questar combination include:
Jibson elected to Dominion's board of directors
Dominion's board of directors has elected Jibson as director, effective today. The election brings the size of the Dominion board to 11.
"Ron Jibson will bring to Dominion's board more than three decades of expertise in the energy infrastructure field, with a strong reputation for providing excellent customer service, protecting the environment and operating safely and efficiently," Farrell said. "We look forward to adding Ron's outstanding capabilities, intellect and insights to our board."
Until his retirement today, Jibson, 63, served as chairman, president and chief executive officer of Questar Corporation since 2012. Jibson joined Questar in 1980 and has held various operations and engineering positions within the company and its gas transmission and distribution subsidiaries. He has served or is serving on a number of industry, corporate and community boards, including the board of directors of the American Gas Association (past chairman); Western Energy Institute (past chairman); Gas Technology Institute; IDACORP, Inc.; his alma mater Utah State University's board of trustees (chairman); the Salt Lake Chamber Board of Governors (chairman); and the Utah Symphony/Utah Opera board, among others. Jibson received a bachelor's degree in civil engineering from Utah State and an MBA from Westminster College.
Dominion Midstream
Dominion Midstream Partners, LP (NYSE: DM), of which Dominion is the general partner and the majority holder of limited partner units, is also expected to benefit from the addition of Questar Corporation. "We expect Dominion Questar to contribute more than $425 million of EBITDA to Dominion's inventory of top-quality, low-risk MLP-eligible assets, supporting Dominion Midstream's targeted annual cash distribution growth rate of 22 percent," Farrell said.
Dominion has agreed to take all necessary action to appoint a current member of the Questar board as a director to serve on the board of directors of the general partner of Dominion Midstream as soon as practicable after such time as all or part of Questar Pipeline is contributed to Dominion Midstream.
Terms of transaction
Under the terms of the merger agreement, as of market close on Sept. 16, 2016, each Questar share has been canceled and shareholders are to receive $25.00 per share of common stock – or about $4.4 billion. Dominion has also assumed approximately $1.5 billion of Questar's outstanding debt. Questar shareholders of record as of the close of business Sept. 16, 2016, will also receive a pro-rated dividend of $0.07018 per share of common stock, payable Sept. 19, 2016.
Questar Corporation common stock will cease trading on the New York Stock Exchange prior to market open on Sept. 19, 2016. Additional information for Questar shareholders may be found at https://www.dom.com/corporate/investors/shareholder-services/merger-information.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the merger that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion
Article Date
9/16/2016Dominion Midstream Partners Announces Second-Quarter 2016 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 3, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $22.5 million, or $0.28 per common limited partner unit for the three months ended June 30, 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $27.2 million, and distributable cash flow was $23.8 million for the quarter.
Dominion Midstream uses Adjusted EBITDA and distributable cash flow as the primary performance measurement of its earnings and results for public communications with analysts and investors. Dominion 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 company's financial performance. Schedules B and D of this press release include a reconciliation to the most directly comparable GAAP measure.
QUARTERLY DISTRIBUTION
On July 22, 2016, the Board of Directors declared a quarterly distribution of $0.2355 per unit, payable on Aug. 15, 2016, to unitholders of record at the close of business Aug. 5, 2016.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 3. 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 company's investor information page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 3 and lasting until 11 p.m. ET Aug. 10. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 79755313. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 3.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | |||||||
|
Schedule A - Consolidated Statements of Income* | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended |
Six Months Ended | ||||||
|
June 30, |
June 30, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue 1 |
$ 85.6 |
$ 105.4 |
$ 168.6 |
$ 183.8 | |||
|
Operating Expenses |
|||||||
|
Purchased gas 1 |
4.0 |
25.5 |
4.9 |
29.4 | |||
|
Other operations and maintenance |
16.1 |
16.0 |
36.1 |
29.3 | |||
|
Depreciation and amortization |
10.2 |
9.9 |
20.2 |
20.5 | |||
|
Other taxes |
6.8 |
6.8 |
14.1 |
12.7 | |||
|
Total operating expenses |
37.1 |
58.2 |
75.3 |
91.9 | |||
|
Income from operations |
48.5 |
47.2 |
93.3 |
91.9 | |||
|
Earnings from equity method investee |
3.7 |
- |
10.1 |
- | |||
|
Other income |
0.9 |
0.2 |
1.4 |
0.4 | |||
|
Interest and related charges (benefit) |
- |
0.2 |
(0.1) |
0.2 | |||
|
Income from operations including noncontrolling interest before income taxes |
53.1 |
47.2 |
104.9 |
92.1 | |||
|
Income tax expense |
- |
- |
- |
2.1 | |||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 53.1 |
$ 47.2 |
$ 104.9 |
$ 90.0 | |||
|
Less: Net income attributable to DCG Predecessor 2 |
- |
- |
- |
2.3 | |||
|
Net income including noncontrolling interest |
53.1 |
47.2 |
104.9 |
87.7 | |||
|
Less: Net income attributable to noncontrolling interest |
30.6 |
29.6 |
59.3 |
58.3 | |||
|
Net income attributable to partners |
$ 22.5 |
$ 17.6 |
$ 45.6 |
$ 29.4 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
General partner's interest in net income |
$ 0.6 |
$ (0.7) |
$ 1.0 |
$ (0.7) | |||
|
Common unitholders' interest in net income |
12.9 |
10.3 |
26.3 |
16.2 | |||
|
Subordinated unitholder's interest in net income |
9.0 |
8.0 |
18.3 |
13.9 | |||
|
Net income per limited partner unit (basic and diluted) |
|||||||
|
Common Units |
$0.28 |
$0.26 |
$0.57 |
$0.47 | |||
|
Subordinated Units |
$0.28 |
$0.26 |
$0.57 |
$0.44 | |||
|
1Operating revenue and purchased gas decreased approximately $22.6 million due to the absence of any LNG cooling cargo receipts in 2016. Cove Point received one LNG cooling cargo in April 2015. | |||||||
|
2Represents amounts for the period from January 31, 2015 through March 31, 2015. |
|||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 53.1 |
$ 47.2 |
$ 104.9 |
$ 90.0 | ||||
|
Add: |
||||||||
|
Depreciation and amortization |
10.2 |
9.9 |
20.2 |
20.5 | ||||
|
Interest and related charges (benefit) |
- |
0.2 |
(0.1) |
0.2 | ||||
|
Income tax expense |
- |
- |
- |
2.1 | ||||
|
EBITDA |
$ 63.3 |
$ 57.3 |
$ 125.0 |
$ 112.8 | ||||
|
Distributions from equity method investee |
5.9 |
- |
11.7 |
- | ||||
|
Less: |
||||||||
|
Earnings from equity method investee |
3.7 |
- |
10.1 |
- | ||||
|
EBITDA attributable to DCG Predecessor 1 |
- |
- |
- |
5.7 | ||||
|
EBITDA attributable to noncontrolling interest |
38.3 |
37.4 |
74.5 |
75.4 | ||||
|
Adjusted EBITDA |
$ 27.2 |
$ 19.9 |
$ 52.1 |
$ 31.7 | ||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule C - Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income |
$ 53.1 |
$ 47.2 |
$ 104.9 |
$ 90.0 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities |
8.8 |
20.8 |
25.5 |
34.7 | ||||
|
Net cash provided by operating activities |
$ 61.9 |
$ 68.0 |
$ 130.4 |
$ 124.7 | ||||
|
Cash flows from investing activities: |
||||||||
|
Net cash used in investing activities |
$ (354.4) |
$ (304.2) |
$ (654.2) |
$ (480.6) | ||||
|
Cash flows from financing activities: |
||||||||
|
Net cash provided by financing activities |
$ 281.3 |
$ 265.5 |
$ 513.0 |
$ 257.8 | ||||
|
Cash and cash equivalents at beginning of period |
35.4 |
48.0 |
35.0 |
175.4 | ||||
|
Cash and cash equivalents at end of period |
$ 24.2 |
$ 77.3 |
$ 24.2 |
$ 77.3 | ||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 61.9 |
$ 68.0 |
$ 130.4 |
$ 124.7 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
38.8 |
44.5 |
79.5 |
80.0 | ||||
|
Cash attributable to DCG Predecessor 1 |
- |
- |
- |
10.4 | ||||
|
Other changes in working capital and noncash adjustments |
4.1 |
(3.6) |
1.2 |
(2.6) | ||||
|
Adjusted EBITDA |
27.2 |
19.9 |
52.1 |
31.7 | ||||
|
Adjustments to cash2: |
||||||||
|
Plus: Deferred revenue |
- |
1.0 |
2.0 |
1.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(0.7) | ||||
|
Less: Maintenance capital expenditures |
(2.3) |
(2.4) |
(7.8) |
(2.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
0.1 |
0.7 |
0.1 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(0.4) |
(1.0) |
(0.4) | ||||
|
Plus: Non-cash director compensation |
- |
- |
0.1 |
0.1 | ||||
|
Distributable cash flow |
$ 23.8 |
$ 18.1 |
$ 44.1 |
$ 30.0 | ||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. |
|
2Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and six months ended June 30, 2015 was $19.3 million and $31.2 million, respectively. |
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
HOW WE EVALUATE OUR OPERATIONS
Subsequent to the acquisition of DCG, we define distributable cash flow as Adjusted EBITDA less maintenance capital expenditures, less interest expense and adjusted for known timing differences between cash and income. All periods presented have been calculated to reflect a consistent approach.
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule E - Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Adjusted EBITDA |
$ 27.2 |
$ 19.9 |
$ 52.1 |
$ 31.7 | ||||
|
Adjustments to cash1: |
||||||||
|
Plus: Deferred revenue |
- |
1.0 |
2.0 |
1.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(1.4) |
(0.7) | ||||
|
Less: Maintenance capital expenditures |
(2.3) |
(2.4) |
(7.8) |
(2.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
0.1 |
0.7 |
0.1 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(0.4) |
(1.0) |
(0.4) | ||||
|
Plus: Non-cash director compensation |
- |
- |
0.1 |
0.1 | ||||
|
Distributable Cash Flow |
$ 23.8 |
$ 18.1 |
$ 44.1 |
$ 30.0 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
0.7 |
- |
1.1 |
- | ||||
|
Common unitholders |
10.7 |
6.9 |
21.0 |
13.4 | ||||
|
Subordinated unitholder |
7.6 |
6.0 |
14.7 |
11.6 | ||||
|
Total distributions |
$ 19.0 |
$ 12.9 |
$ 36.8 |
$ 25.0 | ||||
|
Coverage Ratio |
1.25x |
1.40x |
1.20x |
1.20x | ||||
|
1 Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and six months ended June 30, 2015 was $19.3 million and $31.2 million, respectively. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
See schedules B and D for reconciliations of non-GAAP measures. |
SOURCE Dominion Midstream Partners
Article Date
8/3/2016Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above First-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 22, 2016 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a second-quarter 2016 cash distribution of $0.2355 per unit – an increase of 5 percent above the first-quarter 2016 distribution – which corresponds to an annualized distribution rate of 94.2 cents per unit.
Distributions are payable on Aug. 15, 2016, to unitholders of record at the close of business Aug. 5, 2016.
The partnership's last quarterly distribution was declared April 19, 2016.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
7/22/2016Dominion And Dominion Midstream Schedule Second-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 7, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 3, 2016. Management will discuss 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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 3 and lasting until 11 p.m. ET Aug. 10. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 79755313. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 3.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
7/7/2016Dominion Midstream Partners Announces First-Quarter 2016 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 4, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $23.1 million, or $0.29 per common limited partner unit for the three months ended March 31, 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $24.9 million and distributable cash flow was $20.3 million for the quarter.
Dominion Midstream uses Adjusted EBITDA and distributable cash flow as the primary performance measurement of its earnings and results for public communications with analysts and investors. Dominion 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 company's financial performance.
QUARTERLY DISTRIBUTION
On April 19, 2016, the Board of Directors declared a quarterly distribution of $0.2245 per unit, payable on May 13, 2016, to unitholders of record at the close of business May 3, 2016.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a first-quarter earnings conference call at 10 a.m. ET on Wednesday, May 4. Management will discuss its first-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 company's investor information page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 13190640. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | ||||
|
Schedule A - Selected Financial Data* | ||||
|
(Unaudited) | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2016 |
2015 | |||
|
(millions) |
||||
|
Adjusted EBITDA |
$ 24.9 |
$ 11.8 | ||
|
Adjustments to cash1: |
||||
|
Plus: Deferred revenue |
2.0 |
- | ||
|
Less: Amortization of regulatory liability |
(0.7) |
- | ||
|
Less: Maintenance capital expenditures |
(5.5) |
- | ||
|
Less: Interest expense and AFUDC equity |
(0.5) |
- | ||
|
Plus: Non-cash director compensation |
0.1 |
0.1 | ||
|
Distributable Cash Flow |
$ 20.3 |
$ 11.9 | ||
|
Distributions: |
||||
|
Incentive distribution rights |
0.4 |
- | ||
|
Common unitholders2 |
10.3 |
5.6 | ||
|
Subordinated unitholder |
7.1 |
5.6 | ||
|
Total distributions |
$ 17.8 |
$ 11.2 | ||
|
Coverage Ratio |
1.14x |
1.06x | ||
|
1 Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. There was no change to the amount presented as distributable cash flow for the quarter ended March 31, 2015. |
|
2 Distributions declared to common units are based on outstanding units at March 31, 2015, and exclude $0.9 million of distributions that were paid on 5,112,139 common units issued to Dominion on April 1, 2015, in connection with the DCG Acquisition. |
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
See schedules C and D for reconciliations of non-GAAP measures. |
|
Dominion Midstream Partners, LP | |||
|
Schedule B - Consolidated Statements of Income* | |||
|
(Unaudited) | |||
|
Three Months Ended | |||
|
March 31, | |||
|
2016 |
2015 | ||
|
(millions, except per unit data) |
|||
|
Operating Revenue |
$ 83.0 |
$ 78.4 | |
|
Operating Expenses |
|||
|
Purchased gas |
0.9 |
3.9 | |
|
Other operations and maintenance |
20.0 |
13.3 | |
|
Depreciation and amortization |
10.0 |
10.6 | |
|
Other taxes |
7.3 |
5.9 | |
|
Total operating expenses |
38.2 |
33.7 | |
|
Income from operations |
44.8 |
44.7 | |
|
Earnings from equity method investee |
6.4 |
- | |
|
Other income |
0.5 |
0.2 | |
|
Interest and related charges (benefit) |
(0.1) |
- | |
|
Income from operations including noncontrolling interest before income taxes |
51.8 |
44.9 | |
|
Income tax expense |
- |
2.1 | |
|
Net income including noncontrolling interest and DCG Predecessor |
$ 51.8 |
$ 42.8 | |
|
Less: Net income attributable to DCG Predecessor 1 |
- |
2.3 | |
|
Net income including noncontrolling interest |
51.8 |
40.5 | |
|
Less: Net income attributable to noncontrolling interest |
28.7 |
28.7 | |
|
Net income attributable to partners |
$ 23.1 |
$ 11.8 | |
|
Net income attributable to partners' ownership interest |
|||
|
General partner's interest in net income |
$ 0.4 |
$ - | |
|
Common unitholders' interest in net income |
13.4 |
5.9 | |
|
Subordinated unitholder's interest in net income |
9.3 |
5.9 | |
|
Net income per limited partner unit (basic and diluted) |
|||
|
Common Units |
$0.29 |
$0.19 | |
|
Subordinated Units |
$0.29 |
$0.19 | |
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | |||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
|
Dominion Midstream Partners, LP | ||||
|
Schedule C - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||
|
(Unaudited) | ||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2016 |
2015 | |||
|
(millions) |
||||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 51.8 |
$ 42.8 | ||
|
Add: |
||||
|
Depreciation and amortization |
10.0 |
10.6 | ||
|
Interest and related charges (benefit) |
(0.1) |
- | ||
|
Income tax expense |
- |
2.1 | ||
|
EBITDA |
$ 61.7 |
$ 55.5 | ||
|
Distributions from equity method investee |
5.8 |
- | ||
|
Less: |
||||
|
Earnings from equity method investee |
6.4 |
- | ||
|
EBITDA attributable to DCG Predecessor 1 |
- |
5.7 | ||
|
EBITDA attributable to noncontrolling interest |
36.2 |
38.0 | ||
|
Adjusted EBITDA |
$ 24.9 |
$ 11.8 | ||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||
|
Dominion Midstream Partners, LP | ||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||
|
(Unaudited) | ||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||
|
Three Months Ended | ||||
|
March 31, | ||||
|
2016 |
2015 | |||
|
(millions) |
||||
|
Net cash provided by operating activities |
$ 68.5 |
$ 56.7 | ||
|
Less: |
||||
|
Cash attributable to noncontrolling interest |
40.7 |
35.5 | ||
|
Cash attributable to DCG Predecessor 1 |
- |
10.4 | ||
|
Other changes in working capital and noncash adjustments |
(2.9) |
1.0 | ||
|
Adjusted EBITDA |
24.9 |
11.8 | ||
|
Adjustments to cash2: |
||||
|
Plus: Deferred revenue |
2.0 |
- | ||
|
Less: Amortization of regulatory liability |
(0.7) |
- | ||
|
Less: Maintenance capital expenditures |
(5.5) |
- | ||
|
Less: Interest expense and AFUDC equity |
(0.5) |
- | ||
|
Plus: Non-cash director compensation |
0.1 |
0.1 | ||
|
Distributable cash flow |
$ 20.3 |
$ 11.9 | ||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. |
|
2 Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. There was no change to the amount presented as distributable cash flow for the quarter ended March 31, 2015. |
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
HOW WE EVALUATE OUR OPERATIONS
Subsequent to the acquisition of DCG, we define distributable cash flow as Adjusted EBITDA less maintenance capital expenditures, less interest expense and adjusted for known timing differences between cash and income. All periods presented have been calculated to reflect a consistent approach.
SOURCE Dominion Midstream Partners
Article Date
5/4/2016Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 5 Percent Above Fourth-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 19, 2016 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a first-quarter 2016 cash distribution of $0.2245 per unit – an increase of 5 percent above the fourth-quarter 2015 distribution – which corresponds to an annualized distribution rate of 89.8 cents per unit.
Distributions are payable on May 13, 2016, to unitholders of record at the close of business May 3, 2016.
The partnership's last quarterly distribution was declared Jan. 21, 2016.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
4/19/2016Dominion And Dominion Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 7, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM) will host their first-quarter earnings conference call at 10 a.m. ET on Wednesday, May 4, 2016. Management will discuss first-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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 13190640. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
4/7/2016Dominion Midstream Partners Submits 2015 10-K Filing
Source: PR Newswire
RICHMOND Va., Feb. 26, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), today filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, with the Securities and Exchange Commission (SEC). The filing may be viewed through Dominion Midstream's website at www.dommidstream.com by selecting the "SEC Filings" link under the "Investors" tab.
Upon written request, unitholders may receive, free of charge, a copy of Dominion Midstream's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to Dominion Midstream Partners, LP, Attention: Corporate Secretary, 120 Tredegar Street, Richmond, VA 23219.
SOURCE Dominion Midstream Partners
Article Date
2/26/2016Dominion Midstream Partners Announces Fourth-Quarter 2015 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 1, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $25.1 million, or $0.32 per common limited partner unit for the three months ended Dec. 31, 2015. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $23.6 million and distributable cash flow was $24.7 million for the quarter.
Dominion Midstream uses Adjusted EBITDA and distributable cash flow as the primary performance measurement of its earnings and results for public communications with analysts and investors. Dominion 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 company's financial performance.
QUARTERLY DISTRIBUTION
On Jan. 21, 2016, the Board of Directors declared a quarterly distribution of $0.2135 per unit, payable on Feb. 15, 2016, to unitholders of record at the close of business Feb. 5, 2016.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a fourth-quarter earnings conference call at 12 p.m. ET on Monday, February 1. Dominion management will discuss its fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. The passcode for the conference call is "Dominion." International callers should dial (334) 323-9872. 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 company's investor information page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 3 p.m. ET February 1 and lasting until 11 p.m. ET February 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 70708300. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day February 1.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | ||||
|
Schedule A - Selected Financial Data* | ||||
|
(Unaudited) | ||||
|
Three Months Ended |
Year Ended | |||
|
December 31, |
December 31, | |||
|
2015 |
2015 | |||
|
(millions) |
||||
|
Adjusted EBITDA |
$ 23.6 |
$ 75.6 | ||
|
Adjustments to cash: |
||||
|
Plus: Other taxes |
1.6 |
4.1 | ||
|
Plus: Deferred revenue |
4.0 |
8.0 | ||
|
Less: Amortization of regulatory liability |
(0.7) |
(2.1) | ||
|
Less: Maintenance capital expenditures |
(3.4) |
(9.4) | ||
|
Plus: Transition costs funded by Dominion |
- |
0.7 | ||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(1.4) | ||
|
Plus: Non-cash director compensation |
0.1 |
0.2 | ||
|
Distributable Cash Flow |
$ 24.7 |
$ 75.7 | ||
|
Distributions: |
||||
|
Incentive distribution rights |
0.2 |
0.2 | ||
|
Common unitholders |
9.8 |
32.3 | ||
|
Subordinated unitholder |
6.8 |
24.8 | ||
|
Total distributions |
$ 16.8 |
$ 57.3 | ||
|
Coverage Ratio |
1.47x |
1.32x | ||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||
|
See schedules C and D for reconciliations of non-GAAP measures. | ||||
|
Dominion Midstream Partners, LP | |||||||
|
Schedule B - Consolidated Statements of Income* | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended |
Year Ended | ||||||
|
December 31, |
December 31, | ||||||
|
2015 |
2014 |
2015 |
2014 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 82.7 |
$ 67.5 |
$ 369.6 |
$ 313.3 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
1.8 |
4.1 |
54.6 |
59.6 | |||
|
Other operations and maintenance |
13.6 |
6.7 |
56.7 |
34.9 | |||
|
Depreciation and amortization |
10.0 |
14.2 |
40.4 |
37.7 | |||
|
Other taxes |
6.3 |
5.6 |
26.3 |
22.4 | |||
|
Total operating expenses |
31.7 |
30.6 |
178.0 |
154.6 | |||
|
Income from operations |
51.0 |
36.9 |
191.6 |
158.7 | |||
|
Earnings from equity method investee |
6.6 |
- |
6.6 |
- | |||
|
Other income |
0.4 |
0.1 |
1.0 |
- | |||
|
Interest and related charges |
0.3 |
- |
0.6 |
- | |||
|
Income from operations including noncontrolling interest before income taxes |
57.7 |
37.0 |
198.6 |
158.7 | |||
|
Income tax expense |
- |
5.3 |
2.1 |
51.8 | |||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 57.7 |
$ 31.7 |
$ 196.5 |
$ 106.9 | |||
|
Less: Predecessor income prior to initial public offering on October 20, 2014 |
- |
5.4 |
- |
80.6 | |||
|
Less: Net income attributable to DCG Predecessor 1 |
- |
- |
2.3 |
- | |||
|
Net income including noncontrolling interest |
57.7 |
26.3 |
194.2 |
26.3 | |||
|
Less: Net income attributable to noncontrolling interest |
32.6 |
16.8 |
121.7 |
16.8 | |||
|
Net income attributable to partners |
$ 25.1 |
$ 9.5 |
$ 72.5 |
$ 9.5 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
General partner's interest in net income |
$ 0.2 |
$ - |
$ (0.5) |
$ - | |||
|
Common unitholders' interest in net income |
14.6 |
4.8 |
41.3 |
4.8 | |||
|
Subordinated unitholder's interest in net income |
10.3 |
4.7 |
31.7 |
4.7 | |||
|
Net income per limited partner unit (basic and diluted) |
|||||||
|
Common Units |
$0.32 |
$0.15 |
$1.08 |
$0.15 | |||
|
Subordinated Units |
$0.32 |
$0.15 |
$1.00 |
$0.15 | |||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | |||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule C - Reconciliation of EBITDA and Adjusted EBITDA to Net Income | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2015 |
2015 | |||||||
|
(millions) |
||||||||
|
Net income including noncontrolling interest and DCG Predecessor |
$ 57.7 |
$ 196.5 | ||||||
|
Add: |
||||||||
|
Depreciation and amortization |
10.0 |
40.4 | ||||||
|
Interest and related charges |
0.3 |
0.6 | ||||||
|
Income tax expense |
- |
2.1 | ||||||
|
EBITDA |
$ 68.0 |
$ 239.6 | ||||||
|
Distributions from equity method investee |
2.6 |
2.6 | ||||||
|
Less: |
||||||||
|
Earnings from equity method investee |
6.6 |
6.6 | ||||||
|
EBITDA attributable to DCG Predecessor 1 |
- |
5.7 | ||||||
|
EBITDA attributable to noncontrolling interest |
40.4 |
154.3 | ||||||
|
Adjusted EBITDA |
$ 23.6 |
$ 75.6 | ||||||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Dominion Midstream Partners, LP | ||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||
|
(Unaudited) | ||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for the three and twelve month periods ended December 31, 2015. | ||||
|
Three Months Ended |
Year Ended | |||
|
December 31, |
December 31, | |||
|
2015 |
2015 | |||
|
(millions) |
||||
|
Net cash provided by operating activities |
$ 47.9 |
$ 243.5 | ||
|
Less: |
||||
|
Cash attributable to noncontrolling interest |
25.5 |
154.4 | ||
|
Cash attributable to DCG Predecessor 1 |
- |
10.4 | ||
|
Other changes in working capital and noncash adjustments |
1.2 |
(3.1) | ||
|
Adjusted EBITDA |
23.6 |
75.6 | ||
|
Adjustments to cash: |
||||
|
Plus: Other taxes |
1.6 |
4.1 | ||
|
Plus: Deferred revenue |
4.0 |
8.0 | ||
|
Less: Amortization of regulatory liability |
(0.7) |
(2.1) | ||
|
Less: Maintenance capital expenditures |
(3.4) |
(9.4) | ||
|
Plus: Transition costs funded by Dominion |
- |
0.7 | ||
|
Less: Interest expense and AFUDC equity |
(0.5) |
(1.4) | ||
|
Plus: Non-cash director compensation |
0.1 |
0.2 | ||
|
Distributable cash flow |
$ 24.7 |
$ 75.7 | ||
|
1 Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||
|
HOW WE EVALUATE OUR OPERATIONS | ||||
|
Subsequent to the acquisition of DCG, we define distributable cash flow as Adjusted EBITDA less maintenance capital expenditures, less interest expense and adjusted for known timing differences between cash and income. All periods presented have been calculated to reflect a consistent approach. | ||||
SOURCE Dominion Midstream Partners
Article Date
2/1/2016Dominion Resources, Questar Corporation to Combine
Source: PR Newswire
RICHMOND, Va., Feb. 1, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) today announced an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share – about $4.4 billion – and assume Questar's outstanding debt.
The transaction would be accretive to Dominion upon closing – expected by year-end 2016 – with limited impact on the company's balance sheet. Dominion intends to finance the transaction in a manner that supports the company's existing credit ratings targets, using equity, mandatory convertibles and debt at Dominion, and equity at Dominion Midstream Partners, LP (NYSE: DM). The Dominion-Questar combination also is expected to support Dominion's 2017 earnings growth rate and allow the company to reach the top of or exceed its 2018 growth targets.
Questar, headquartered in Salt Lake City, Utah, is a natural gas distribution, pipeline, storage and cost-of-service gas supply company. It serves nearly 1 million homes and businesses in Utah, Wyoming and Idaho, with approximately 97 percent of those customer accounts in Utah. Questar employs about 1,700 people and has about $4.2 billion in assets, including approximately 27,500 miles of gas distribution pipeline, 3,400 miles of gas transmission pipeline and 56 billion cubic feet of working gas storage. Its regional cost-of-service gas supply business has provided reliable supply and saved Questar Gas customers more than $1 billion over the past 35 years under a public service commission-approved framework.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion, said:
"Dominion is very pleased to join with Questar. Like Dominion, Questar has a history of safe and reliable operations, integrity and a firm commitment to its employees and the communities it serves. Questar's customers can count on a continuation of the high-quality service they have enjoyed for years.
"This addition is well-aligned with Dominion's existing strategic focus on core regulated energy infrastructure operations. Questar boasts best-in-sector customer growth in states with strong pro-business credentials and constructive regulatory environments. These high-performing regulated assets will improve Dominion's balance between electric and gas operations and provide enhanced scale and diversification into Questar's regulatory jurisdictions.
"Of note, Dominion Midstream investors will benefit from the addition of Questar, as it is expected to contribute more than $425 million of EBITDA to Dominion's inventory of top-quality, low-risk MLP-eligible assets, supporting Dominion Midstream's targeted annual cash distribution growth rate of 22 percent.
"Questar is the ideal mix for Dominion shareholders and Dominion Midstream unitholders alike."
Ron Jibson, chairman, president and chief executive officer of Questar, said:
"Questar is excited to be joining the Dominion family of companies and serve as the hub of its Western operations. Our similar cultures and commitment to customers, shareholders, communities and employees make this a win-win transaction. Dominion's reputation among its peers and analysts is unmatched. We're proud to become part of America's most-admired gas and electric utility."
Adds geographic diversity to Dominion portfolio
Questar would provide enhanced geographic diversity to Dominion's natural gas operations. Dominion's existing operations lie in the heart of the mid-Atlantic, whereas Questar's system is the "hub of the Rockies" and a principal source of gas supply to Western states. Dominion expects the value of the Questar pipeline system to rise over time as Utah and other Western states seek to comply with the requirements of the U.S. Environmental Protection Agency's Clean Power Plan and meet state-mandated renewable standards, with increasing reliance on low-carbon, gas-fired electric generation.
The combined company would serve about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. It also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 24,300 megawatts of generation.
Separate from this transaction, Dominion has committed about $1 billion for three solar generating facilities located in Beaver, Iron and Millard counties, Utah. These solar facilities are backed by long-term power purchase agreements with local electric utilities.
Terms of transaction & advisers
Upon transaction closing, Questar shareholders will receive $25 in cash for each share of Questar common stock. This represents an approximate 30 percent premium to the volume-weighted average stock price of Questar's last 20 trading days ended Jan. 29, 2016.
Pending approvals, Questar will operate as a first-tier, wholly owned subsidiary of Dominion and maintain its significant presence, local management structure and headquarters in Salt Lake City. Dominion has also agreed to increase community involvement and charitable investment in the communities currently served by Questar.
The transaction requires approval of Questar's shareholders and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. Questar and Dominion also will file for review and approval, if required, from the Utah Public Service Commission and the Wyoming Public Service Commission, and provide information regarding the transaction to the Idaho Public Utilities Commission.
RBC Capital Markets, LLC, and Mizuho Bank, Ltd., have provided committed financing and are acting in the role of financial advisers to Dominion. Goldman, Sachs & Co. served as the exclusive financial adviser to Questar.
McGuireWoods LLP served as legal counsel to Dominion and Kirkland & Ellis LLP served as legal counsel to Questar.
Conference call today
Dominion leadership will discuss the announced combination on the company's fourth-quarter earnings conference call at 12 p.m. ET today. Domestic callers should dial (877) 410-5657. The passcode for the call is "Dominion." International callers should dial (334) 323-9872. Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media are invited to listen.
A live webcast of the conference call also will be available on the company's investor information page at www.dom.com/investors.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the ability to obtain the required approval of Questar's shareholders; the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the merger of Questar and a subsidiary of Dominion. In connection with the merger, Questar intends to file relevant materials with the SEC, including a proxy statement in preliminary and definitive form, and deliver a copy of the proxy statement to its shareholders. Investors of Questar are urged to read the definitive proxy statement and other relevant documents carefully and in their entirety when they become available because they will contain important information about Dominion, Questar, the merger and related matters. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Questar with the SEC at the SEC's website at www.sec.gov, at Questar's website at www.questar.com or by sending a written request to Questar at Questar Corporation, Corporate Secretary, 333 South State St., P.O. Box 45433, Salt Lake City, UT 84145-0433. Security holders also may read and copy any reports, statements and other information filed by Questar with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
Participants in the solicitation
Dominion, Questar and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding Dominion's directors and executive officers is available in Dominion's proxy statement filed with the SEC on March 23, 2015, in connection with its 2015 annual meeting of stockholders, and information regarding Questar's directors and executive officers is available in Questar's proxy statement filed with the SEC on April 17, 2015, in connection with its 2015 annual meeting of shareholders. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
SOURCE Dominion Resources, Inc.
Article Date
2/1/2016Dominion Midstream Declares Quarterly Cash Distribution; Increases Distribution by 7 Percent Above Third-Quarter Distribution
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 21, 2016 /PRNewswire/ -- The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), has declared a fourth-quarter 2015 cash distribution of $0.2135 per unit – an increase of 7 percent above the third-quarter 2015 distribution – which corresponds to an annualized distribution rate of 85.4 cents per unit.
Distributions are payable on Feb. 15, 2016, to unitholders of record at the close of business Feb. 5, 2016.
The partnership's last quarterly distribution was declared Oct. 23, 2015.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). All of Dominion Midstream's distributions to foreign investors should be treated by brokers and nominees as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
1/21/2016Dominion and Dominion Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 12, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Thursday, February 4, 2016. Management will discuss fourth-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, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET February 4 and lasting until 11 p.m. ET February 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 97636541. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day February 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, 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 Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
1/12/2016Projects & Assets
Related Projects
Lebanon West II (subscriber access)
Status: (subscriber access)
Parent Entities:
Dominion Midstream Partners, LP
FERC Highlights
FERC Filings
Production & Forecasts
Subscribe now for access to Criterion Research's historical production and forecast production by company.
Production Hedges
Subscribe now for access to Criterion Research's hedge and analysis.