Tallgrass Energy Reports Strong Second Quarter 2019 Results
Net Income, Adjusted EBITDA and Cash Available for Dividends of $71.6 million, $254.3 million and $204.8 million
Cash Available for Dividends of $0.73 per share, Declared Dividend of $0.54 per share, resulting in dividend coverage of 1.35x
LEAWOOD, Kan.--(BUSINESS WIRE)--July 25, 2019--Tallgrass Energy, LP (NYSE: TGE) ("TGE") today reported financial and operating results for the second quarter of 2019.
"In the second quarter we placed the Iron Horse Pipeline in-service and completed construction of the Grasslands Terminal, further expanding our crude oil service offerings for customers in the Powder River and Denver-Julesburg basins," said CEO David Dehaemers Jr. "Also, with the integration of our previously announced Q2 acquisition of water infrastructure assets in the Marcellus and Utica, we now offer water services as a value-added service offering to our customers in each of the basins we currently serve with natural gas and crude oil transportation. These accomplishments, along with our operations team's tireless efforts to safely and efficiently operate our assets contributed to another outstanding quarter of financial performance."
Second Quarter Dividend
As previously announced, the board of directors of TGE's general partner declared a quarterly cash dividend of $0.54 per Class A share for the second quarter of 2019. This quarterly dividend represents $2.16 per Class A share on an annualized basis, a sequential increase of 1.9 percent from the first quarter 2019 dividend and an increase of 8.5 percent from the second quarter 2018 dividend. The quarterly dividend will be paid on Aug. 14, 2019, to Class A shareholders of record as of the close of business on July 31, 2019.
The following information was filed by Tallgrass Energy, Lp (TGE) on Thursday, July 25, 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: 0001633651-19-000044 Submitted to the SEC: Wed Jul 31 2019 12:17:58 PM EST Accepted by the SEC: Wed Jul 31 2019 Period: Sunday, June 30, 2019 Industry: Natural Gas Transmission