Tallgrass Energy Reports Strong Second Quarter 2018 Results
Pro Forma Net Income, Adjusted EBITDA and Cash Available for Dividends of $51.2 million, $202.7 million and $165.1 million respectively
Pro Forma Cash Available for Dividends of $0.59 per share, Declared Dividend of $0.4975 per share, resulting in dividend coverage of 1.18x
TGE financial leverage of approximately 2.7x; proportionally consolidated (REX) financial leverage results in approximately 4.2x at TGE
Average daily throughput on Pony Express of approximately 348,000 barrels per day for the second quarter
LEAWOOD, Kan.--(BUSINESS WIRE)--Aug. 2, 2018--Tallgrass Energy, LP (NYSE: TGE) ("TGE") today reported financial and operating results for the second quarter of 2018.
"In the second quarter, our team successfully executed a smooth, seamless combination transaction while delivering outstanding financial, commercial and operational results," said President and CEO David Dehaemers Jr. "Excluding merger costs, Pro Forma Net Income and Adjusted EBITDA would have been approximately $56 million and $208 million respectively. Driving the quarter's results were our highest-ever quarterly average daily throughput on Pony Express and strong performance in our Natural Gas Transportation and Gathering, Processing and Terminalling segments. With the merger completed, a strong balance sheet, healthy dividend coverage and improved cost of capital, TGE is well-positioned as one of the country's leading core infrastructure companies."
Second Quarter Dividend
As previously announced, the board of directors of TGE's general partner declared a quarterly cash dividend of $0.4975 per Class A share for the second quarter of 2018. This quarterly dividend represents $1.99 per Class A share on an annualized basis, a sequential increase of 2.1 percent from the first quarter 2018 dividend and an increase of 45.3 percent from the second quarter 2017 dividend. The quarterly dividend will be paid on Aug. 14, 2018, to Class A shareholders of record as of the close of business on July 31, 2018.
The following information was filed by Tallgrass Energy, Lp (TGE) on Thursday, August 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001633651-18-000054 Submitted to the SEC: Thu Aug 02 2018 4:12:07 PM EST Accepted by the SEC: Thu Aug 02 2018 Period: Saturday, June 30, 2018 Industry: Natural Gas Transmission