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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
 FORM 10-Q
 
 
 
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-37365
 
 
 
 
 Tallgrass Energy, LP
(Exact name of registrant as specified in its charter)
 
 
 
(913) 928-6060
(Registrant's Telephone Number, Including Area Code)
Delaware
 
 
 
47-3159268
(State or other Jurisdiction of Incorporation or Organization)
 
 
 
(IRS Employer Identification Number)
 
 
 
 
 
4200 W. 115th Street, Suite 350
 
 
 
 
Leawood,
Kansas
 
 
 
66211
(Address of Principal Executive Offices)
 
 
 
(Zip Code)
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Class A Shares Representing Limited Partner Interests
 
TGE
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
x
 
Accelerated filer
 
¨
 
 
 
 
Non-accelerated filer
 
¨ 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  x
On July 31, 2019, the Registrant had 179,197,416 Class A shares and 102,136,875 Class B shares outstanding.




TALLGRASS ENERGY, LP
TABLE OF CONTENTS
 




Glossary of Common Industry and Measurement Terms
Bakken oil production area: Montana and North Dakota in the United States and Saskatchewan and Manitoba in Canada.
Barrel (or bbl): forty-two U.S. gallons.
Base Gas (or Cushion Gas): the volume of gas that is intended as permanent inventory in a storage reservoir to maintain adequate pressure and deliverability rates.
BBtu: one billion British Thermal Units.
Bcf: one billion cubic feet.
British Thermal Units or Btus: the amount of heat energy needed to raise the temperature of one pound of water by one degree Fahrenheit.
Commodity sensitive contracts or arrangements: contracts or other arrangements, including tariff provisions, that are directly tied to increases and decreases in the price of commodities such as crude oil, natural gas and NGLs. Examples are Keep Whole Processing Contracts and Percent of Proceeds Processing Contracts, as well as pipeline loss allowances on our pipelines.
Condensate: an NGL with a low vapor pressure, mainly composed of propane, butane, pentane and heavier hydrocarbon fractions.
Contract barrels: barrels of crude oil that our customers have contractually agreed to ship in exchange for firm service assurance of capacity and deliverability to delivery points.
Delivery point: any point at which product in a pipeline is delivered to or for the account of a customer.
Dry gas: a gas primarily composed of methane and ethane where heavy hydrocarbons and water either do not exist or have been removed through processing.
Dth: a dekatherm, which is a unit of energy equal to 10 therms or one million British thermal units.
End-user markets: the ultimate users and consumers of transported energy products.
EPA: the United States Environmental Protection Agency.
FERC: the United States Federal Energy Regulatory Commission.
Firm fee contracts: contracts or other arrangements, including tariff provisions, that generally obligate our customers to pay a fixed recurring charge to reserve an agreed upon amount of capacity and/or deliverability on our assets, regardless if the contracted capacity is actually used by the customer. Such contracts are also commonly known as "take-or-pay" contracts.
Firm services: services pursuant to which customers receive firm assurances regarding the availability of capacity and/or deliverability of natural gas, crude oil or other hydrocarbons or water on our assets up to a contracted amount.
Fractionation: the process by which NGLs are further separated into individual, typically more valuable components including ethane, propane, butane, isobutane and natural gasoline.
GAAP: accounting principles generally accepted in the United States of America.
GHGs: greenhouse gases.
Header system: networks of medium-to-large-diameter high pressure pipelines that connect local gathering systems to large diameter high pressure long-haul transportation pipelines.
Interruptible services: services pursuant to which customers receive limited, or no, assurances regarding the availability of capacity and deliverability in our assets.
Keep Whole Processing Contracts: natural gas processing contracts in which we are required to replace the Btu content of the NGLs extracted from inlet wet gas processed with purchased dry natural gas.
Line fill: the volume of oil, in barrels, in the pipeline from the origin to the destination.




Liquefied natural gas or LNG: natural gas that has been cooled to minus 161 degrees Celsius for transportation, typically by ship. The cooling process reduces the volume of natural gas by 600 times.
Local distribution company or LDC: LDCs are involved in the delivery of natural gas to end users within a specific geographic area.
Long-term: with respect to any contract, a contract with an initial duration greater than one year.
MMBtu: one million British Thermal Units.
Mcf: one thousand cubic feet.
MDth: one thousand dekatherms.
MMcf: one million cubic feet.
Natural gas liquids or NGLs: those hydrocarbons in natural gas that are separated from the natural gas as liquids through the process of absorption, condensation, or other methods in natural gas processing or cycling plants. Generally, such liquids consist of propane and heavier hydrocarbons and are commonly referred to as lease condensate, natural gasoline and liquefied petroleum gases. Natural gas liquids include natural gas plant liquids (primarily ethane, propane, butane and isobutane) and lease condensate (primarily pentanes produced from natural gas at lease separators and field facilities).
Natural Gas Processing: the separation of natural gas into pipeline-quality natural gas and a mixed NGL stream.
Non-contract barrels (or walk-up barrels): barrels of crude oil that our customers ship based solely on availability of capacity and deliverability with no assurance of future capacity.
No-notice service: those services pursuant to which customers receive the right to transport or store natural gas on assets outside of the daily nomination cycle without incurring penalties.
NYMEX: New York Mercantile Exchange.
NYSE: New York Stock Exchange.
Park and loan services: those services pursuant to which customers receive the right to store natural gas in (park), or borrow gas from (loan), our facilities.
Percent of Proceeds Processing Contracts: natural gas processing contracts in which we process our customer's natural gas, sell the resulting NGLs and residue gas and divide the proceeds of those sales between us and the customer. Some percent of proceeds contracts may also require our customers to pay a monthly reservation fee for processing capacity.
PHMSA: the United States Department of Transportation's Pipeline and Hazardous Materials Safety Administration.
Pipeline loss allowance (or PLA): Crude oil collected from customers under certain crude oil transportation arrangements.
Play: a proven geological formation that contains commercial amounts of hydrocarbons.
Produced water: all water removed from a well as a byproduct of the production of hydrocarbons and water removed from a well in connection with operations being conducted on the well, including naturally occurring water in the recovery formation, flow back water recovered during completion and fracturing operations and water entering the recovery formation through water flooding techniques.
Receipt point: the point where a product is received by or into a gathering system, processing facility, or transportation pipeline.
Reservoir: a porous and permeable underground formation containing an individual and separate natural accumulation of producible hydrocarbons (such as crude oil and/or natural gas) which is confined by impermeable rock or water barriers and is characterized by a single natural pressure system.
Residue gas: the natural gas remaining after being processed or treated.
Shale gas: natural gas produced from organic (black) shale formations.
Tailgate: the point at which processed natural gas and NGLs leave a processing facility for transportation to end-user markets.




TBtu: one trillion British Thermal Units.
Tcf: one trillion cubic feet.
Throughput: the volume of products, such as crude oil, natural gas or water, transported or passing through a pipeline, plant, terminal or other facility during a particular period.
Uncommitted shippers (or walk-up shippers): customers that have not signed long-term shipper contracts and have rights under the FERC tariff as to rates and capacity allocation that are different than long-term committed shippers.
Volumetric fee contracts: contracts or other arrangements, including tariff provisions, that generally obligate a customer to pay fees based upon the extent to which such customer utilizes our assets for midstream energy services. Unlike firm fee contracts, under volumetric fee contracts our customers are not generally required to pay a charge to reserve an agreed upon amount of capacity and/or deliverability.
Wellhead: the equipment at the surface of a well that is used to control the well's pressure; also, the point at which the hydrocarbons and water exit the ground.
Working gas: the volume of gas in the storage reservoir that is in addition to the cushion or base gas. It may or may not be completely withdrawn during any particular withdrawal season. Conditions permitting, the total working capacity could be used more than once during any season.
Working gas storage capacity: the maximum volume of natural gas that can be cost-effectively injected into a storage facility and extracted during the normal operation of the storage facility. Effective working gas storage capacity excludes base gas and non-cycling working gas.
X/d: the applicable measurement metric per day. For example, MMcf/d means one million cubic feet per day.




PART 1—FINANCIAL INFORMATION
Item 1. Financial Statements
TALLGRASS ENERGY, LP
CONDENSED CONSOLIDATED BALANCE SHEETS 
(UNAUDITED)
 
June 30, 2019
 
December 31, 2018
 
(in thousands)
ASSETS
 
Current Assets:
 
 
 
Cash and cash equivalents
$
9,429

 
$
9,596

Accounts receivable, net
235,665

 
236,097

Inventories
32,669

 
34,316

Prepayments and other current assets
15,967

 
11,816

Total Current Assets
293,730

 
291,825

Property, plant and equipment, net
2,820,965

 
2,802,429

Goodwill
442,672

 
421,983

Intangible assets, net
253,885

 
227,103

Unconsolidated investments
1,998,628

 
1,861,686

Deferred tax asset
357,429

 
273,531

Deferred charges and other assets
30,685

 
14,952

Total Assets
$
6,197,994

 
$
5,893,509

LIABILITIES AND EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
181,726

 
$
201,512

Accrued taxes
21,366

 
20,734

Accrued interest
38,880

 
39,217

Accrued liabilities
15,750

 
23,287

Deferred revenue
127,353

 
111,095

Other current liabilities
40,248

 
42,910

Total Current Liabilities
425,323

 
438,755

Long-term debt, net
3,437,490

 
3,205,958

Other long-term liabilities and deferred credits
53,182

 
31,688

Total Long-term Liabilities
3,490,672

 
3,237,646

Commitments and Contingencies

 

Equity:
 
 
 
Class A Shareholders (179,197,416 and 156,311,986 shares outstanding at June 30, 2019 and December 31, 2018, respectively)
1,870,439

 
1,725,537

Class B Shareholders (102,136,875 and 123,887,893 shares outstanding at June 30, 2019 and December 31, 2018, respectively)

 

Total Partners' Equity
1,870,439

 
1,725,537

Noncontrolling interests (a)
411,560

 
491,571

Total Equity
2,281,999

 
2,217,108

Total Liabilities and Equity
$
6,197,994

 
$
5,893,509

(a) 
See Note 11 - Partnership Equity for a complete description of our noncontrolling interests.

The accompanying notes are an integral part of these condensed consolidated financial statements.
1



TALLGRASS ENERGY, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except per unit amounts)
Revenues:
 
 
 
 
 
 
 
Crude oil transportation services
$
99,456

 
$
101,166

 
$
194,612

 
$
185,904

Natural gas transportation services
32,345

 
31,474

 
65,861

 
63,670

Sales of natural gas, NGLs, and crude oil
37,843

 
37,250

 
76,707

 
75,395

Processing and other revenues
41,880

 
23,699

 
71,696

 
47,714

Total Revenues
211,524


193,589


408,876


372,683

Operating Costs and Expenses:
 
 
 
 
 
 
 
Cost of sales
19,268

 
27,694

 
38,553

 
54,045

Cost of transportation services
19,754

 
12,664

 
34,826

 
23,084

Operations and maintenance
23,472

 
18,440

 
41,518

 
34,839

Depreciation and amortization
32,980

 
27,690

 
63,981

 
53,813

General and administrative
18,715

 
19,085

 
50,987

 
37,511

Taxes, other than income taxes
7,711

 
8,462

 
18,709

 
17,341

Loss (gain) on disposal of assets
28

 
279

 
242

 
(9,138
)
Total Operating Costs and Expenses
121,928


114,314


248,816


211,495

Operating Income
89,596


79,275


160,060


161,188

Other Income (Expense):
 
 
 
 
 
 
 
Equity in earnings of unconsolidated investments
99,012

 
78,187

 
187,534

 
146,589

Interest expense, net
(40,595
)
 
(31,282
)
 
(80,300
)
 
(61,043
)
Other income, net
198

 
330

 
375

 
781

Total Other Income (Expense)
58,615


47,235


107,609


86,327

Net income before tax
148,211


126,510


267,669


247,515

Income tax expense
(21,981
)
 
(16,809
)
 
(39,047
)
 
(23,501
)
Net income
126,230


109,701


228,622


224,014

Net income attributable to noncontrolling interests
(54,611
)
 
(108,638
)
 
(106,416
)
 
(206,216
)
Net income attributable to TGE
$
71,619


$
1,063


$
122,206


$
17,798

Net income per Class A share:
 
 
 
 
 
 
 
Basic net income per Class A share
$
0.40

 
$
0.02

 
$
0.72

 
$
0.30

Diluted net income per Class A share
$
0.40

 
$
0.02

 
$
0.71

 
$
0.30

Basic average number of Class A shares outstanding
179,149

 
59,397

 
170,336

 
58,745

Diluted average number of Class A shares outstanding
180,407

 
59,397

 
171,825

 
58,745




The accompanying notes are an integral part of these condensed consolidated financial statements.
2



TALLGRASS ENERGY, LP
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
 
Partners' Capital
 
Noncontrolling Interests
 
Total Equity
 
Class A Shares
 
Class B Shares
 
 
 
(in thousands)
Balance at January 1, 2019
$
1,725,537

 
$

 
$
491,571

 
$
2,217,108

Net income
50,587

 

 
51,805

 
102,392

Dividends paid to Class A shareholders
(81,304
)
 

 

 
(81,304
)
Distributions to noncontrolling interests

 

 
(66,625
)
 
(66,625
)
Contributions from noncontrolling interests

 

 
1,282

 
1,282

Noncash compensation expense
17,120

 

 

 
17,120

TGE LTIP shares tendered by employees to satisfy tax withholding obligations
(13,260
)
 

 

 
(13,260
)
Deferred tax asset
123,051

 

 

 
123,051

Conversion of Class B shares to Class A shares
68,614

 

 
(68,614
)
 

Balance at March 31, 2019
$
1,890,345

 
$

 
$
409,419

 
$
2,299,764

Net income
71,619

 

 
54,611

 
126,230

Dividends paid to Class A shareholders
(94,975
)
 

 

 
(94,975
)
Distributions to noncontrolling interests

 

 
(55,870
)
 
(55,870
)
Noncash compensation expense
3,450

 

 

 
3,450

Acquisition of CES

 

 
3,400

 
3,400

Balance at June 30, 2019
$
1,870,439

 
$

 
$
411,560

 
$
2,281,999

 
 
 
 
 
 
 
 
 
Partners' Capital
 
Noncontrolling Interests
 
Total Equity
 
Class A Shares
 
Class B Shares
 
 
 
(in thousands)
Balance at January 1, 2018
$
48,613

 
$

 
$
1,672,566

 
$
1,721,179

Cumulative effect of ASC 606 implementation
4,588

 

 
39,543

 
44,131

Net income
16,735

 

 
97,578

 
114,313

Issuance of TEP units to the public, net of offering costs
(5
)
 

 
(40
)
 
(45
)
Dividends paid to Class A shareholders
(21,346
)
 

 

 
(21,346
)
Noncash compensation expense
405

 

 
2,917

 
3,322

Acquisition of additional TEP common units from TD
(62,223
)
 

 
(189,520
)
 
(251,743
)
Issuance of Tallgrass Equity units

 

 
644,782

 
644,782

Acquisition of additional 2% membership interest in Pony Express
(5,268
)
 

 
(44,732
)
 
(50,000
)
Acquisition of 25.01% membership interest in Rockies Express
34,116

 

 
74,421

 
108,537

Consolidation of Deeprock North

 

 
31,843

 
31,843

Contributions from noncontrolling interests

 

 
183

 
183

Distributions to noncontrolling interests

 

 
(89,073
)
 
(89,073
)
Balance at March 31, 2018
$
15,615


$


$
2,240,468


$
2,256,083

Net income
1,063

 

 
108,638

 
109,701

Issuance of TEP units to the public, net of offering costs
(22
)
 

 
(181
)
 
(203
)
Dividends paid to Class A shareholders
(28,316
)
 

 

 
(28,316
)
Noncash compensation expense
(74
)
 

 
280

 
206

TEP LTIP units tendered by employees to satisfy tax withholding obligations
(190
)
 

 
(1,531
)
 
(1,721
)
Conversion of Class B shares to Class A shares
(13,402
)
 

 
13,402

 

Distributions to noncontrolling interests

 

 
(109,764
)
 
(109,764
)
Deferred tax asset
7,664

 

 

 
7,664

Acquisition of additional TEP common units
(351,431
)
 

 
(1,762,327
)
 
(2,113,758
)
Issuance of Class A shares
2,113,758

 

 

 
2,113,758

Balance at June 30, 2018
$
1,744,665

 
$

 
$
488,985

 
$
2,233,650


The accompanying notes are an integral part of these condensed consolidated financial statements.
3



TALLGRASS ENERGY, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
Six Months Ended June 30,
 
2019
 
2018
 
(in thousands)
Cash Flows from Operating Activities:
 
 
 
Net income
$
228,622

 
$
224,014

Adjustments to reconcile net income to net cash flows provided by operating activities:
 
 
 
Depreciation and amortization
67,434

 
56,955

Equity in earnings of unconsolidated investments
(187,534
)
 
(146,589
)
Distributions from unconsolidated investments
188,043

 
145,581

Deferred income tax expense
38,994

 
23,501

Noncash compensation expense
20,570

 
4,003

Other noncash items, net
1,666

 
(10,507
)
Changes in components of working capital:
 
 
 
Accounts receivable and other
(1,777
)
 
(93,157
)
Accounts payable and accrued liabilities
(29,423
)
 
106,592

Deferred revenue
16,294

 
10,711

Other current assets and liabilities
(3,882
)
 
7,631

Other operating, net
(8,593
)
 
2,525

Net Cash Provided by Operating Activities
330,414


331,260

Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(150,051
)
 
(176,275
)
Contributions to unconsolidated investments
(66,084
)
 
(22,513
)
Distributions from unconsolidated investments in excess of cumulative earnings
52,525

 
36,502

Acquisition of CES, net of cash acquired
(48,416
)
 

Formation of Powder River Gateway joint venture
(37,000
)
 

Acquisition of BNN North Dakota, net of cash acquired

 
(95,000
)
Sale of Tallgrass Crude Gathering

 
50,046

Acquisition of Pawnee Terminal

 
(30,600
)
Acquisition of 38% membership interest in Deeprock North

 
(19,500
)
Other investing, net
246

 
(12,521
)
Net Cash Used in Investing Activities
(248,780
)

(269,861
)
Cash Flows from Financing Activities:
 
 
 
Borrowings under revolving credit facilities, net
230,000

 
242,000

Dividends paid to Class A shareholders
(176,279
)
 
(49,662
)
Distributions to noncontrolling interests
(122,495
)
 
(198,837
)
TGE LTIP shares tendered by employees to satisfy tax withholding obligations
(13,260
)
 

Acquisition of Pony Express membership interest

 
(50,000
)
Other financing, net
233

 
(2,462
)
Net Cash Used in Financing Activities
(81,801
)

(58,961
)
Net Change in Cash and Cash Equivalents
(167
)
 
2,438

Cash and Cash Equivalents, beginning of period
9,596

 
2,593

Cash and Cash Equivalents, end of period
$
9,429

 
$
5,031

 
 
 
 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4



 
Six Months Ended June 30,
 
2019
 
2018
 
(in thousands)
 
 
 
 
Schedule of Noncash Investing and Financing Activities:
 
 
 
Contribution of assets to Powder River Gateway joint venture
$
(122,504
)
 
$

Accruals for property, plant and equipment
$
22,051

 
$
5,276

Right-of-use assets obtained in exchange for operating lease obligations
$
9,654

 
$

Acquisition of additional TEP common units (a)(b)
$

 
$
(2,365,501
)
Issuance of Class A shares (a)
$

 
$
2,113,758

Issuance of Tallgrass Equity units (b)
$

 
$
644,782

Acquisition of Rockies Express membership interest (b)
$

 
$
(393,039
)
Issuance of noncontrolling interests in Deeprock Development in exchange for 62% membership interest in Deeprock North
$

 
$
(31,843
)
Contribution of 38% membership interest in Deeprock North to Deeprock Development
$

 
$
(19,500
)
(a) 
Represents the acquisition of additional TEP common units in exchange for Class A shares associated with the merger transaction with TEP.
(b) 
Represents the issuance of Tallgrass Equity units associated with our acquisition of a 25.01% membership interest in Rockies Express and an additional 5,619,218 TEP common units.

The accompanying notes are an integral part of these condensed consolidated financial statements.
5



TALLGRASS ENERGY, LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Description of Business
Tallgrass Energy, LP ("TGE"), is a limited partnership that owns, operates, acquires and develops midstream energy assets in North America and has elected to be treated as a corporation for U.S. federal income tax purposes. "We," "us," "our" and similar terms refer to TGE together with its consolidated subsidiaries.
Our operations are conducted through, and our operating assets are owned by, our direct and indirect subsidiaries, including Tallgrass Equity, LLC ("Tallgrass Equity"), in which we directly own an approximate 63.70% membership interest as of June 30, 2019, and Tallgrass Energy Partners, LP ("TEP"), a wholly-owned subsidiary of Tallgrass Equity and its subsidiaries. We are located in and provide services to certain key United States hydrocarbon basins, including the Denver-Julesburg, Powder River, Wind River, Permian and Hugoton-Anadarko Basins and the Niobrara, Mississippi Lime, Eagle Ford, Bakken, Marcellus, and Utica shale formations.
Our reportable business segments are:
Natural Gas Transportation—the ownership and operation of FERC-regulated interstate natural gas pipelines and an integrated natural gas storage facility;
Crude Oil Transportation—the ownership and operation of FERC-regulated crude oil pipeline systems; and
Gathering, Processing & Terminalling—the ownership and operation of natural gas gathering and processing facilities; crude oil storage and terminalling facilities; the provision of water business services primarily to the oil and gas exploration and production industry; the transportation of NGLs; and the marketing of crude oil and NGLs.
Natural Gas Transportation. We provide natural gas transportation and storage services for customers in the Rocky Mountain, Midwest and Appalachian regions of the United States through: (1) our 75% membership interest in Rockies Express Pipeline LLC ("Rockies Express"), which owns the Rockies Express Pipeline, a FERC-regulated natural gas pipeline system extending from Opal, Wyoming and Meeker, Colorado to Clarington, Ohio (the "Rockies Express Pipeline"), and our 100% membership interest in Tallgrass NatGas Operator, LLC ("NatGas"), which operates the Rockies Express Pipeline, (2) the Tallgrass Interstate Gas Transmission system, a FERC-regulated natural gas transportation and storage system located in Colorado, Kansas, Missouri, Nebraska and Wyoming (the "TIGT System"), and (3) the Trailblazer Pipeline system, a FERC-regulated natural gas pipeline system extending from the Colorado and Wyoming border to Beatrice, Nebraska (the "Trailblazer Pipeline").
Crude Oil Transportation. We provide crude oil transportation to customers in Wyoming, Colorado, Kansas, and the surrounding regions through (1) Tallgrass Pony Express Pipeline, LLC ("Pony Express"), which owns a FERC-regulated crude oil pipeline commencing in both Guernsey, Wyoming and Weld County, Colorado and terminating in Cushing, Oklahoma (the "Pony Express System") and (2) our 51% membership interest in Powder River Gateway, LLC ("Powder River Gateway"), which owns the Powder River Express Pipeline ("PRE Pipeline"), a 70-mile FERC-regulated crude oil pipeline that transports crude oil from the Powder River Basin to Guernsey, Wyoming, the Iron Horse Pipeline ("Iron Horse Pipeline"), a 80-mile FERC-regulated crude oil pipeline placed into service in May 2019 that transports crude oil from the Powder River Basin to Guernsey, Wyoming, and crude oil terminal facilities in Guernsey, Wyoming.
Gathering, Processing & Terminalling. We provide natural gas gathering and processing services for customers in Wyoming through: (1) a natural gas gathering system in the Powder River Basin (the "Douglas Gathering System"), (2) natural gas processing facilities in Casper and Douglas, and (3) a natural gas treating facility at West Frenchie Draw. We also provide NGL transportation services in Northeast Colorado and Wyoming. We perform water business services, including freshwater transportation and produced water gathering and disposal, in Colorado, Texas, Wyoming, North Dakota, and Ohio through BNN Water Solutions, LLC ("Water Solutions"), and crude oil storage and terminalling services through our 100% membership interest in Tallgrass Terminals, LLC ("Terminals"), which owns and operates crude oil terminals in Colorado, Oklahoma, and Kansas. The Gathering, Processing & Terminalling segment also includes Stanchion Energy, LLC ("Stanchion"), which transacts in crude oil.

6



Blackstone Acquisition
On March 11, 2019, pursuant to the terms of a previously announced definitive purchase agreement (the "Purchase Agreement"), dated January 30, 2019, entered into among acquisition vehicles controlled by affiliates of Blackstone Infrastructure Partners ("BIP" and, acquisition vehicles controlled by BIP, collectively, the "Sponsor Entities"), affiliates of Kelso & Co., affiliates of The Energy & Minerals Group, Tallgrass KC, LLC, an entity owned by certain members of our management, and the other sellers named therein (collectively, the "Sellers"), certain of the Sponsor Entities acquired from the Sellers (i) 100% of the membership interests in our general partner, (ii) 21,751,018 Class A shares representing limited partner interests ("Class A shares") in us, (iii) 100,655,121 units representing limited liability company interests ("TE Units") in Tallgrass Equity, and (iv) 100,655,121 Class B shares representing limited partner interests ("Class B shares") in us, in exchange for aggregate consideration of approximately $3.2 billion in cash, which was paid to the Sellers (the "Blackstone Acquisition").
As a result of the Blackstone Acquisition, BIP effectively controls our business and affairs through the ownership of 100% of the membership interests in our general partner and the exercise of the rights of such sole member. Additionally, the Sponsor Entities collectively held an approximate 44.2% economic interest in us as of June 30, 2019.
2. Summary of Significant Accounting Policies
Basis of Presentation
These condensed consolidated financial statements and related notes for the three and six months ended June 30, 2019 and 2018 were prepared in accordance with the accounting principles contained in the Financial Accounting Standards Board's Accounting Standards Codification, the single source of accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP for annual periods. The condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 include all normal, recurring adjustments and disclosures that we believe are necessary for a fair statement of the results for the interim periods. In this report, the Financial Accounting Standards Board is referred to as the FASB and the FASB Accounting Standards Codification is referred to as the Codification or ASC.
Our financial results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. The accompanying condensed consolidated interim financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 ("2018 Form 10-K") filed with the SEC on February 8, 2019.
The condensed consolidated financial statements include the accounts of TGE and its subsidiaries and controlled affiliates. Intra-entity items have been eliminated in the presentation. Net income or loss from consolidated subsidiaries that are not wholly-owned by TGE is attributed to TGE and noncontrolling interests in accordance with the respective ownership interests. We have no elements of other comprehensive income for the periods presented.
Use of Estimates
Certain amounts included in or affecting these condensed consolidated financial statements and related disclosures must be estimated, requiring management to make certain assumptions with respect to values or conditions which cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts reported for assets, liabilities, revenues, and expenses during the reporting period, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management evaluates these estimates on an ongoing basis, utilizing historical experience, consultation with experts and other methods it considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from these estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.
Income Taxes
During the six months ended June 30, 2019, we recognized an additional deferred tax asset of $123.1 million upon exercise of the Exchange Right, as discussed in Note 11Partnership Equity, with respect to 21,751,018 Class B shares to Class A shares in connection with the Blackstone Acquisition discussed in Note 1Description of Business.
As a result of the increased income allocated to TGE resulting from our increased ownership in TEP following the merger transaction effective June 30, 2018 and the exercise of the Exchange Right effective March 11, 2019, our annual effective tax rate increased from 8.94% for the six months ended June 30, 2018 to 14.79% for the six months ended June 30, 2019.

7



As discussed in Note 3 – Acquisitions, a newly formed indirect subsidiary of TGE acquired the outstanding stock of an entity classified as a C corporation for federal income tax purposes effective May 1, 2019. As a result, we recognized approximately $53,000 of current income taxes during the three months ended June 30, 2019.
Accounting Pronouncement Recently Adopted
ASU No. 2016-02, "Leases (Topic 842)"
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU 2016-02 provides a comprehensive update to the lease accounting topic in the Codification intended to increase transparency and comparability among organizations by recognizing right-of-use ("ROU") assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU 2016-02 include a revised definition of a lease as well as certain scope exceptions. The changes primarily impact lessee accounting, while lessor accounting is largely unchanged from previous GAAP.
Management has completed its evaluation and implemented the revised guidance using the modified retrospective method as of January 1, 2019. This approach allows us to (i) initially apply ASC 842 at the adoption date, January 1, 2019 and (ii) continue reporting comparative periods presented in the financial statements in the period of adoption under ASC 840. Accordingly, we will not recast comparative periods in the condensed consolidated financial statements. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We have also elected the following practical expedients: (a) the land easement practical expedient, allowing us to carry forward our accounting treatment for existing land easements as property, plant and equipment, (b) the practical expedient for short-term leases, allowing us to not recognize ROU assets or lease liabilities for leases with a term of 12 months or less, and (c) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease.
Excluding ROU assets and lease liabilities relating to agreements between consolidated subsidiaries, adoption of the new standard resulted in the recognition of ROU assets of approximately $2.3 million, and current and non-current lease liabilities of approximately $0.6 million and $1.7 million, respectively, for operating leases as of January 1, 2019. Our accounting for finance leases remained substantially unchanged. The adoption of this guidance had no impact to our cash flows from operating, investing, or financing activities. For additional information see Note 13 – Leases.
Accounting Pronouncements Not Yet Adopted
ASU No. 2016-13, "Financial Instruments–Credit Losses (Topic 326)"
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326). ASU 2016-13 amends current measurement techniques used to estimate credit losses for financial assets. The amendments in ASU 2016-13 are effective for financial statements issued for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-13.
3. Acquisitions
Acquisition of Central Environmental Services
In April 2019, BNN Eastern, LLC ("BNN Eastern"), a newly formed indirect subsidiary of TGE, entered into a Stock Purchase Agreement to acquire all of the outstanding stock of CES Holding Company, Inc., which owns all of the issued and outstanding membership interests of K & H Partners LLC, a company doing business as Central Environmental Services ("CES"). CES Holding Company, Inc. is a C corporation for federal income tax purposes and is considered a taxable entity for such purposes. CES owns and operates a salt water disposal facility located in the Utica and Marcellus area of Ohio. On May 1, 2019, the acquisition closed for cash consideration of approximately $52 million paid at closing, and the issuance of a 7.65% membership interest in BNN Eastern to one of the sellers in the transaction. In addition, the transaction includes a potential earn out payment to the sellers of approximately $3 million based on the achievement of certain milestones during 2019, which is payable in cash or in additional membership interests in BNN Eastern. The transaction qualifies as an acquisition of a business and is accounted for as a business combination under ASC 805.

8



The following represents the provisional fair value of assets acquired and liabilities assumed (in thousands):
Accounts receivable
$
1,391

 
Prepayments
67

 
Property, plant and equipment
6,900

 
Intangible asset
35,800

(1) 
Accounts payable and accrued liabilities
(1,518
)
(2) 
Deferred tax liability
(8,557
)
 
Net identifiable assets acquired
34,083

 
Goodwill
17,734

 
Net assets acquired (excluding cash)
$
51,817

 
(1) 
The $35.8 million intangible asset acquired represents customer relationships and is amortized on a straight-line basis over a period of 8 years.
(2) 
Includes the estimated fair value of the liability for contingent consideration of $0.7 million.
At June 30, 2019, the assets acquired and liabilities assumed in the acquisition were recorded at provisional amounts based on the preliminary purchase price allocation. We are in the process of identifying and measuring all assets acquired and liabilities assumed in the acquisition within the measurement period. Such provisional amounts will be adjusted if necessary to reflect any new information about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of these amounts. The 7.65% equity interest in BNN Eastern held by noncontrolling interests was recorded at its acquisition date fair value of $3.4 million. The fair value of the noncontrolling interests were determined using a discounted cash flow analysis and adjusted for lack of control. These fair value measurements are based on significant inputs, such as forecasted cash flows and discount rates, that are not observable in the market and thus represent fair value measurements categorized within Level 3 of the fair value hierarchy under ASC 820. The goodwill recognized of $17.7 million is primarily attributed to synergies expected from combining the operations of TGE and CES. All the goodwill was assigned to our Gathering, Processing & Terminalling segment. 
Actual revenue and net income attributable to TGE from CES of $2.1 million and $0.1 million, respectively, was recognized in the accompanying condensed consolidated statements of income for the period from May 1, 2019 to June 30, 2019.
Pro Forma Financial Information
Unaudited pro forma revenue and net income attributable to TGE for the three and six months ended June 30, 2019 and 2018 is presented below as if the acquisition of CES had been completed on January 1, 2018.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Revenue
$
212,687

 
$
197,068

 
$
413,668

 
$
378,772

Net income attributable to TGE
$
71,820

 
$
1,230

 
$
123,041

 
$
18,054


The pro forma financial information is not necessarily indicative of what the actual results of operations or financial position of TGE would have been if the transaction had in fact occurred on the date or for the period indicated, nor does it purport to project the results of operations or financial position of TGE for any future periods or as of any date. The pro forma financial information does not give effect to any cost savings, operating synergies, or revenue enhancements expected to result from the transaction or the costs to achieve these cost savings, operating synergies, and revenue enhancements.

9



Joint Venture with Silver Creek
In February 2018, we entered into an agreement with Silver Creek Midstream, LLC ("Silver Creek") to form Iron Horse Pipeline, LLC ("Iron Horse"), which owns the Iron Horse Pipeline. Effective January 1, 2019, the joint venture between us and Silver Creek was expanded through contributions to Powder River Gateway, a newly formed entity. We contributed our 75% membership interest in Iron Horse with a carrying value of $35.6 million, $37 million in cash, and various other assets, including terminal facilities under construction in Guernsey, Wyoming, valued at $86.9 million. Silver Creek contributed the PRE Pipeline and related terminal facilities in Guernsey, Wyoming, as well as their 25% membership interest in Iron Horse. Following the expansion of the joint venture, we own a 51% membership interest in Powder River Gateway and continue to operate the joint venture, while Silver Creek owns a 49% membership interest in Powder River Gateway. As Silver Creek retained certain participating rights with respect to Powder River Gateway, the 51% membership interest does not represent a controlling interest in Powder River Gateway. Accordingly, our investment in Powder River Gateway is accounted for under the equity method of accounting and reported as "Unconsolidated investments" on the condensed consolidated balance sheets.
Consolidation of BNN Colorado
At December 31, 2018, the assets acquired and liabilities assumed were recorded at provisional amounts based on the preliminary purchase price allocation. No adjustments were made to these provisional amounts and the allocation of assets acquired and liabilities assumed in the acquisition was considered final as of June 30, 2019. 
Acquisition of NGL Water Solutions Bakken
In November 2018, we acquired 100% of the membership interests in NGL Water Solutions Bakken, LLC ("NGL Water Solutions Bakken"), a produced water disposal system in the Bakken basin, for cash consideration of approximately $91.0 million, subject to working capital adjustments. NGL Water Solutions Bakken was subsequently merged into BNN North Dakota. The transaction qualifies as an acquisition of a business and is accounted for as a business combination under ASC 805.
The following represents the fair value of assets acquired and liabilities assumed:
 
Preliminary
 
Adjustments
 
Final
 
(in thousands)
Accounts receivable
$
3,599

 
$
(3,599
)
 
$

Prepayments and other current assets
5

 

 
5

Property, plant and equipment
17,200

 

 
17,200

Intangible asset
54,000

 

 
54,000

Accounts payable and accrued liabilities
(949
)
 
644

 
(305
)
Net identifiable assets acquired
73,855

 
(2,955
)
 
70,900

Goodwill
17,145

 
2,955

 
20,100