Tallgrass Energy Reports Strong First Quarter 2019 Results
Net Income, Adjusted EBITDA and Cash Available for Dividends of $50.6 million, $245.7 million and $200.6 million
Cash Available for Dividends of $0.71 per share, Declared Dividend of $0.53 per share, resulting in dividend coverage of 1.35x
LEAWOOD, Kan.--(BUSINESS WIRE)--May 7, 2019--Tallgrass Energy, LP (NYSE: TGE) ("TGE") today reported financial and operating results for the first quarter of 2019.
"Our team once again delivered outstanding financial and operating results that exceeded expectations," said CEO David Dehaemers Jr. "During the first quarter we continued to make incremental progress toward our recontracting goals and the commercialization of Seahorse, the Plaquemines Liquids Terminal and a Pony Express expansion. With our new partner Blackstone, we plan to continue to invest capital at attractive returns for our shareholders and to expand our footprint."
First Quarter Dividend
As previously announced, the board of directors of TGE's general partner declared a quarterly cash dividend of $0.53 per Class A share for the first quarter of 2019. This quarterly dividend represents $2.12 per Class A share on an annualized basis, a sequential increase of 1.9 percent from the fourth quarter 2018 dividend and an increase of 8.7 percent from the first quarter 2018 dividend. The quarterly dividend will be paid on May 15, 2019, to Class A shareholders of record as of the close of business on April 30, 2019.
Acquisition of Central Environmental Services
On May 1st, Tallgrass Energy subsidiary, BNN Water Solutions, LLC, closed the purchase of an approximately 92 percent interest in Marcellus and Utica water services provider, Central Environmental Services ("CES"), for approximately $52 million. The acquisition continues to geographically expand Tallgrass Energy's position as an industry leading water services provider.
"Tallgrass Energy is excited to bring our midstream water experience from five other basins to Appalachia through the CES acquisition," said Jeff Nelson, Segment President, Unregulated Assets. "We look forward to serving Appalachian producers by providing for their water gathering, recycling, disposal and other needs.”
The following information was filed by Tallgrass Energy, Lp (TGE) on Tuesday, May 7, 2019 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: 0001633651-19-000030 Submitted to the SEC: Tue May 07 2019 12:14:23 PM EST Accepted by the SEC: Tue May 07 2019 Period: Sunday, March 31, 2019 Industry: Natural Gas Transmission