Delaware
(State or other jurisdiction of incorporation) |
001-36684
(Commission File Number) |
46-5135781
(IRS Employer Identification No.) |
120 Tredegar Street
Richmond, Virginia (Address of Principal Executive Offices) |
23219
(Zip Code) |
Exhibit
|
|
99
|
Dominion Midstream Partners, LP press release dated May 4, 2017
|
DOMINION MIDSTREAM PARTNERS, LP
Registrant
|
By: Dominion Midstream GP, LLC
|
Its general partner
|
/s/ Carter M. Reid
|
Carter M. Reid
Senior Vice President and Corporate Secretary |
·
|
Net Income attributable to the partnership of $52.2 million
|
·
|
Adjusted EBITDA of $75.4 million for first-quarter 2017
|
·
|
Management affirms targeted 22 percent annual distribution growth through 2020
|
Dominion Midstream Partners, LP
|
|||
Schedule A - Consolidated Statements of Income*
|
|||
(Unaudited)
|
|||
Three Months Ended
|
|||
|
March 31, | ||
2017
|
2016
|
||
(millions, except per unit data)
|
|||
Operating Revenue
|
$ 130.2
|
$ 83.0
|
|
Operating Expenses
|
|||
Purchased gas
|
12.2
|
0.9
|
|
Other operations and maintenance
|
31.1
|
20.0
|
|
Depreciation and amortization
|
24.9
|
10.0
|
|
Other taxes
|
9.3
|
7.3
|
|
Total operating expenses
|
77.5
|
38.2
|
|
Income from operations
|
52.7
|
44.8
|
|
Earnings from equity method investees
|
8.0
|
6.4
|
|
Other income
|
1.3
|
0.5
|
|
Interest and related charges (benefit)
|
7.7
|
(0.1)
|
|
Net income including noncontrolling interest
|
$ 54.3
|
$ 51.8
|
|
Less: Net income attributable to noncontrolling interest
|
2.1
|
28.7
|
|
Net income attributable to partners
|
$ 52.2
|
$ 23.1
|
|
Net income attributable to partners' ownership interest
|
|||
Preferred unitholders' interest in net income
|
$ 9.5
|
$ -
|
|
General partner's interest in net income
|
2.7
|
0.4
|
|
Common unitholders' interest in net income
|
27.1
|
13.4
|
|
Subordinated unitholder's interest in net income
|
12.9
|
9.3
|
|
Net income per limited partner unit (basic)
|
|||
Common units
|
$ 0.40
|
$ 0.29
|
|
Subordinated units
|
$ 0.40
|
$ 0.29
|
|
Net income per limited partner unit (diluted)
|
|||
Common units
|
$ 0.37
|
$ 0.29
|
|
Subordinated units
|
$ 0.40
|
$ 0.29
|
|
* 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
|
||||||
|
March 31, | |||||
2017
|
2016
|
|||||
(millions)
|
||||||
Net income including noncontrolling interest
|
$ 54.3
|
$ 51.8
|
||||
Add:
|
||||||
Depreciation and amortization
|
24.9
|
10.0
|
||||
Interest and related charges (benefit)
|
7.7
|
(0.1)
|
||||
EBITDA
|
$ 86.9
|
$ 61.7
|
||||
Distributions from equity method investees
|
7.0
|
5.8
|
||||
Less:
|
||||||
Earnings from equity method investees
|
8.0
|
6.4
|
||||
EBITDA attributable to noncontrolling interest
|
10.5
|
36.2
|
||||
Adjusted EBITDA
|
$ 75.4
|
$ 24.9
|
||||
* 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
|
||||
|
March 31, | |||
2017
|
2016
|
|||
(millions)
|
||||
Cash flows from operating activities:
|
||||
Net income including noncontrolling interest
|
$ 54.3
|
$ 51.8
|
||
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities
|
56.0
|
16.7
|
||
Net cash provided by operating activities
|
$ 110.3
|
$ 68.5
|
||
Net cash used in investing activities
|
$ (361.8)
|
$ (299.8)
|
||
Net cash provided by financing activities
|
$ 303.0
|
$ 231.7
|
||
Cash and cash equivalents at beginning of period
|
39.6
|
35.0
|
||
Cash and cash equivalents at end of period
|
$ 91.1
|
$ 35.4
|
||
* 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, | |||
2017
|
2016
|
|||
(millions)
|
||||
Net cash provided by operating activities
|
$ 110.3
|
$ 68.5
|
||
Less:
|
||||
Cash attributable to noncontrolling interest
|
18.8
|
40.7
|
||
Other changes in working capital and noncash adjustments
|
(16.4)
|
(2.9)
|
||
Equity method investee distributions included in investing activities
|
0.3
|
-
|
||
Adjusted EBITDA
|
$ 75.4
|
$ 24.9
|
||
Adjustments to cash:
|
||||
Less: Distributions to preferred unitholders
|
(9.5)
|
-
|
||
Plus (less): Deferred revenue
|
(0.1)
|
2.0
|
||
Less: Amortization of regulatory liability
|
(0.7)
|
(0.7)
|
||
Less: Maintenance capital expenditures
|
(13.2)
|
(5.5)
|
||
Plus: Acquisition costs funded by Dominion
|
0.2
|
-
|
||
Less: Interest expense and AFUDC equity
|
(8.1)
|
(0.5)
|
||
Plus: Non-cash director compensation
|
0.1
|
0.1
|
||
Distributable cash flow
|
$ 44.1
|
$ 20.3
|
||
* 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.
|
||||
HOW WE EVALUATE OUR OPERATIONS
|
||||
Subsequent to the acquisition of 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 Midstream Partners, LP
|
||||
Schedule E - Selected Financial Data*
|
||||
(Unaudited)
|
||||
Three Months Ended
|
||||
March 31,
|
||||
2017
|
2016
|
|||
(millions)
|
||||
Adjusted EBITDA
|
$ 75.4
|
$ 24.9
|
||
Adjustments to cash:
|
||||
Less: Distributions to preferred unitholders
|
(9.5)
|
-
|
||
Plus (less): Deferred revenue
|
(0.1)
|
2.0
|
||
Less: Amortization of regulatory liability
|
(0.7)
|
(0.7)
|
||
Less: Maintenance capital expenditures
|
(13.2)
|
(5.5)
|
||
Plus: Acquisition costs funded by Dominion
|
0.2
|
-
|
||
Less: Interest expense and AFUDC equity
|
(8.1)
|
(0.5)
|
||
Plus: Non-cash director compensation
|
0.1
|
0.1
|
||
Distributable Cash Flow
|
$ 44.1
|
$ 20.3
|
||
Distributions:
|
||||
Incentive distribution rights
|
2.9
|
0.4
|
||
Common unitholders
|
18.4
|
10.3
|
||
Subordinated unitholder
|
8.8
|
7.1
|
||
Total distributions
|
$ 30.1
|
$ 17.8
|
||
Coverage Ratio
|
1.47x
|
1.14x
|
||
* 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.
|