HOUSTON, May 3, 2016 /PRNewswire/ -- Columbia
Pipeline Partners LP (NYSE: CPPL) ("CPPL" or the "Partnership"), a
Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") company, today
reported financial and operating results for the first quarter
2016.
CPPL reported net income attributable to limited partners of
$27.3 million, or $0.25 per common unit compared with net income
attributable to limited partners of $13.3
million, or $0.13 per common
unit in the prior-year period. CPPL reported Adjusted EBITDA
attributable to the Partnership (a non-GAAP measure) of
$34.3 million for the first quarter
compared with $18.2 million in the
prior-year period. CPPL generated Distributable Cash Flow (a
non-GAAP measure) of $30.0 million
for the first quarter compared with $15.9
million in the prior-year period and declared a distribution
of $0.1875 per unit on May 2, 2016. The distribution coverage ratio (a
non-GAAP measure) for the year-to-date period is 1.59x compared
with 1.73x in the prior-year period. Please see the definitions of
such non-GAAP measures in the "Non-GAAP Financial Measures" section
of this press release and a reconciliation to their most comparable
measure calculated in accordance with GAAP on Schedule 1 of the
financial tables below.
"Columbia Pipeline Partners delivered another solid quarter
squarely in line with our expectations," said Robert C. Skaggs Jr., chairman and chief
executive officer of CPP GP LLC, the general partner of CPPL.
"The execution of our deep investment backlog continues to progress
and remains on time and on budget."
As previously announced, on March 17,
2016, CPG, the ultimate parent of CPPL's general partner,
entered into an agreement and plan of merger to be acquired by a
subsidiary of TransCanada Corporation (NYSE: TRP). The
acquisition is expected to close in the second half of 2016.
Upon closing of the transaction, CPPL will remain a publicly traded
partnership.
Presentation of Financial Statements
CPPL's consolidated financial statements include the accounts of
CPPL and its consolidated subsidiary, CPG OpCo LP ("Columbia
OpCo"). CPPL holds a 15.7% limited partner interest and a
non-economic general partner interest in Columbia OpCo. CPPL
controls Columbia OpCo through the ownership of its general partner
and, accordingly, CPPL consolidates Columbia OpCo in its
consolidated financial statements. Columbia Energy Group (a wholly
owned subsidiary of CPG), CPPL's sponsor, owns the remaining 84.3%
limited partner interest in Columbia OpCo, which is reflected as a
non-controlling interest in CPPL's financial statements.
Balance Sheet
CPPL has a $500.0 million
revolving credit facility, under which $15.0
million was drawn as of March 31,
2016.
Growth and Modernization Capital Expenditures
Growth and Modernization capital expenditures totaled
$362.9 million for the first quarter.
These expenditures were mostly attributable to the Leach XPress,
Rayne XPress and Cameron Access
projects, as well as the Columbia Gas Transmission modernization
program.
Three Months Ended March 31,
2016 Operating Results
A comparison of operating results for the three months ended
March 31, 2016 to the three months
ended March 31, 2015 is summarized
below. Earnings for the periods prior to the date of CPPL's initial
public offering are derived from the financial statements and
accounting records of CPPL's predecessor.
Operating revenues, excluding the impact of a $10.1 million decrease in trackers, which is
offset in expense, increased by $34.4
million. The increase was primarily due to higher demand
margin revenue from growth projects placed into service, partially
offset by a decrease in mineral rights royalty revenue.
Operating expenses, excluding the impact of a $10.1 million decrease in trackers, which is
offset in revenues, increased by $15.4
million. The increase was primarily due to higher
depreciation and amortization, increased employee and
administrative expenses, higher outside service costs, decreased
gains on the conveyances of mineral interests and higher property
and other taxes. These variances were partially offset by decreased
maintenance expenses.
Equity earnings increased by $0.9
million.
Other income (deductions) for the first quarter of 2016 reduced
income by $1.7 million compared with
a reduction in income of $7.1 million
in the same period in 2015. The variance was primarily due to a
decrease in interest expense resulting from the repayment of
long-term debt and an increase in Allowance for Funds Used During
Construction, partially offset by lower interest income.
Non-GAAP Financial Measures
Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio
We define Adjusted EBITDA as net income before interest expense,
income taxes, and depreciation and amortization, plus distributions
of earnings received from equity investees, less equity earnings in
unconsolidated affiliates and other, net. In addition, to the
extent transactions occur that are considered unusual, infrequent
or not representative of underlying trends, we will remove the
effect of these items from Adjusted EBITDA. Examples of these
transactions include impairments. We define Distributable Cash Flow
as Adjusted EBITDA less interest expense, maintenance capital
expenditures, gain on sale of assets and distributable cash flow
attributable to noncontrolling interest plus proceeds from sale of
assets, interest income, capital (received) costs related to the
separation and any other known differences between cash and income.
We define Distribution Coverage Ratio as the ratio of distributable
cash flow per outstanding unit (as of the end of the period) to
cash distributions payable per outstanding unit with respect to
such period.
Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio are non-GAAP supplemental financial measures that
management and external users of our financial statements, such as
industry analysts, investors, lenders and rating agencies, may use
to assess the viability of acquisitions and other capital
expenditure projects and the returns on investment of various
investment opportunities.
We believe that the presentations of Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio will
provide useful information to investors in assessing our financial
condition and results of operations. The GAAP measures most
directly comparable to Adjusted EBITDA and Distributable Cash Flow
are Net Income and Net Cash Flows from Operating Activities. Our
non-GAAP financial measures of Adjusted EBITDA and Distributable
Cash Flow should not be considered as an alternative to GAAP Net
Income or Net Cash Flows from Operating Activities. Adjusted EBITDA
and Distributable Cash Flow have important limitations as
analytical tools because they exclude some but not all items that
affect net income and net cash flows from operating activities. You
should not consider Adjusted EBITDA, Distributable Cash Flow and
Distribution Coverage Ratio in isolation or as a substitute for
analysis of our results as reported under GAAP. Because Adjusted
EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may
be defined differently by other companies in our industry, our
definitions may not be comparable to similarly titled measures of
other companies, thereby diminishing their utility.
Columbia Pipeline Partners LP Files 2015 10-K
CPPL filed its Annual Report on Form 10-K for the fiscal year
ended December 31, 2015, as amended,
with the Securities Exchange Commission ("SEC") on February 18, 2016. A copy of the Form 10-K may be
found on CPPL's website, www.columbiapipelinepartners.com, by
selecting "Investors", "Financial Results & Filings" and then
"SEC Filings." CPPL unitholders may receive hard copies of this
document free of charge upon request by emailing ir@cpg.com.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP, based in Houston, Texas, is a fee-based,
growth-oriented master limited partnership formed to own, operate
and develop a growing portfolio of natural gas pipelines, storage
and related midstream assets.
Columbia Pipeline Partners' business and operations are
conducted through CPG OpCo LP and its subsidiaries, which own and
operate substantially all of the natural gas transmission, storage
and midstream assets of Columbia Pipeline Group, Inc. Columbia
Pipeline Group operates approximately 15,000 miles of strategically
located interstate pipelines extending from New York to the Gulf
of Mexico, one of the nation's largest underground natural
gas storage systems, and a growing portfolio of related gathering
and processing assets. The majority of its assets overlay the
Marcellus and Utica Shale production areas. Additional information
can be found at www.columbiapipelinepartners.com or
www.cpg.com.
Forward-Looking Statements
Certain statements in this release may constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Forward-looking statements are statements other than
historical facts and that frequently use words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"forecast," "intend," "may," "plan," "position," "should,"
"strategy," "target," "will" and similar words. All such
forward-looking statements speak only as of the date of this
release. Although CPPL believes that the plans, intentions and
expectations reflected in or suggested by the forward-looking
statements are reasonable, there is no assurance that these plans,
intentions or expectations will be achieved and such statements are
subject to various risks and uncertainties. Therefore, actual
outcomes and results could materially differ from what is
expressed, implied or forecasted in such statements and readers are
cautioned not to place undue reliance on such statements. CPPL's
business may be influenced by many factors that are difficult to
predict, involve uncertainties that may materially affect actual
results and are often beyond CPPL's control. These factors include,
but are not limited to, the occurrence of any event, change or
other circumstance that could give rise to termination of the
merger agreement among CPG and TransCanada; the inability of CPG to
complete the proposed merger due to the failure to obtain CPG
stockholder approval for the proposed merger or the failure to
satisfy other conditions to completion of the proposed merger,
including that a governmental entity may prohibit, delay or refuse
to grant approval for the consummation of the merger; risks related
to disruption of management's attention from CPPL's ongoing
business operations due to the pending merger; the impact of the
announcement of the proposed merger on relationships with third
parties, including commercial counterparties, employees and
competitors, and risks associated with the loss and ongoing
replacement of key personnel; risks relating to unanticipated costs
of integration in connection with the proposed merger, including
operating costs, customer loss or business disruption being greater
than expected; changes in general economic conditions; competitive
conditions in our industry; actions taken by third-party operators,
processors and transporters; the demand for natural gas storage and
transportation services; our ability to successfully implement our
business plan; our ability to complete internal growth projects on
time and on budget; the price and availability of debt and equity
financing; the availability and price of natural gas to the
consumer compared with the price of alternative and competing
fuels; competition from the same and alternative energy sources;
energy efficiency and technology trends; operating hazards and
other risks incidental to transporting, storing and gathering
natural gas; natural disasters, weather-related delays, casualty
losses, acts of war and terrorism and other matters beyond our
control; interest rates; labor relations; large customer defaults;
changes in the availability and cost of capital; changes in tax
status; the effects of existing and future laws and governmental
regulations; and the effects of future litigation, including
litigation relating to CPG's proposed merger with TransCanada. We
caution that the foregoing list of factors is not exhaustive.
Additional information about these and other factors can be found
in CPPL's Annual Report on Form 10-K filed with the SEC for
the fiscal year ended December 31, 2015, as amended, and
CPPL's other filings with the SEC, which are available at
http://www.sec.gov. All forward-looking statements included in this
press release are expressly qualified in their entirety by such
cautionary statements. CPPL expressly disclaims any obligation to
update, amend or clarify any forward-looking statement to reflect
events, new information or circumstances occurring after the date
of this release except as required by applicable law.
Additional Information and Where to Find It
This release may be deemed to be solicitation material in
respect of the proposed acquisition of CPG by TransCanada. In
connection with the proposed merger transaction, CPG filed a
preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant
documents with the SEC, including a proxy statement in definitive
form (which CPG expects to commence disseminating to stockholders
on or about May 18, 2016). BEFORE
MAKING ANY VOTING DECISION, CPG'S STOCKHOLDERS ARE URGED TO READ
THE DEFINITIVE PROXY STATEMENT AND ANY OTHER DOCUMENTS TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED
BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER.
Investors and security holders will be able to obtain, free of
charge, a copy of the definitive proxy statement (when available)
and other relevant documents filed with the SEC from the SEC's
website at http://www.sec.gov. In addition, the proxy statement and
CPG's annual reports on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K and amendments to
those reports filed or furnished pursuant to section 13(a) or
15(d) of the Exchange Act will be available free of charge through
CPG's website at https://www.cpg.com/ as soon as reasonably
practicable after they are electronically filed with, or furnished
to, the SEC.
Participants in Solicitation
CPPL and its general partner's directors and executive officers
may be deemed to be participants in the solicitation of proxies
from the holders of CPG common stock in respect of the proposed
merger. Information about the directors and executive officers of
CPPL's general partner can be found in CPPL's Annual Report on
Form 10-K for the fiscal year ended December 31, 2015,
filed with the SEC on February 18,
2016, as amended by Amendment No. 1 thereto on Form 10-K/A,
filed with the SEC on April 7, 2016. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests in the merger,
which may be different than those of CPG's stockholders generally,
will be contained in the proxy statement and other relevant
materials that will be filed with the SEC in connection with the
proposed merger when they become available.
Columbia Pipeline
Partners LP
|
Statements of
Consolidated and Combined Operations (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
(in millions,
except per unit amounts)
|
|
|
|
2016
|
|
2015
|
Operating
Revenues
|
|
|
|
|
|
|
Transportation
revenues
|
|
|
|
$
307.8
|
|
$
247.9
|
Transportation
revenues-affiliated
|
|
|
|
-
|
|
28.7
|
Storage
revenues
|
|
|
|
49.9
|
|
36.6
|
Storage
revenues-affiliated
|
|
|
|
-
|
|
13.3
|
Other
revenues
|
|
|
|
5.8
|
|
12.7
|
Total Operating
Revenues
|
|
|
|
363.5
|
|
339.2
|
Operating
Expenses
|
|
|
|
|
|
|
Operation and
maintenance
|
|
|
|
99.2
|
|
110.0
|
Operation and
maintenance-affiliated
|
|
|
|
42.4
|
|
36.1
|
Depreciation and
amortization
|
|
|
|
37.6
|
|
32.3
|
Gain on sale of
assets
|
|
|
|
(2.6)
|
|
(5.3)
|
Property and other
taxes
|
|
|
|
20.8
|
|
19.0
|
Total Operating
Expenses
|
|
|
|
197.4
|
|
192.1
|
Equity Earnings in
Unconsolidated Affiliates
|
|
|
|
15.8
|
|
14.9
|
Operating
Income
|
|
|
|
181.9
|
|
162.0
|
Other Income
(Deductions)
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
(0.6)
|
|
-
|
Interest
expense-affiliated
|
|
|
|
(7.2)
|
|
(11.4)
|
Other, net
|
|
|
|
6.1
|
|
4.3
|
Total Other
Deductions, net
|
|
|
|
(1.7)
|
|
(7.1)
|
Income before
Income Taxes
|
|
|
|
180.2
|
|
154.9
|
Income
Taxes
|
|
|
|
-
|
|
23.7
|
Net
Income
|
|
|
|
180.2
|
|
131.2
|
Less: Predecessor net
income prior to IPO on February 11, 2015
|
|
|
|
-
|
|
42.7
|
Net income
subsequent to IPO
|
|
|
|
180.2
|
|
88.5
|
Less: Net income
attributable to noncontrolling interest in Columbia OpCo subsequent
to IPO
|
152.9
|
|
75.2
|
Net income
attributable to limited partners subsequent to IPO
|
$
27.3
|
|
$
13.3
|
Net income
attributable to partners' ownership interest subsequent to IPO per
limited partner unit (basic and diluted)
|
|
|
|
Common
units
|
|
|
|
$
0.25
|
|
$
0.13
|
Subordinated
units
|
|
|
|
0.25
|
|
0.13
|
Weighted average
limited partner units outstanding (basic and
diluted)
|
|
|
Common
units
|
|
|
|
53.8
|
|
53.8
|
Subordinated
units
|
|
|
|
46.8
|
|
46.8
|
Throughput
(MMDth)
|
|
|
|
|
|
|
Columbia Gas
Transmission
|
|
|
|
544.4
|
|
497.3
|
Columbia
Gulf
|
|
|
|
153.0
|
|
145.7
|
Total
|
|
|
|
697.4
|
|
643.0
|
|
|
|
|
|
|
|
Columbia Pipeline
Partners LP
|
Schedule 1 - Non-GAAP
Reconciliation of Adjusted EBITDA and Distributable Cash
Flow
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
|
(in
millions)
|
|
|
|
|
2016
|
|
2015
|
Net
Income
|
|
|
|
|
$
180.2
|
|
$
131.2
|
Add:
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
0.6
|
|
-
|
Interest
expense-affiliated
|
|
|
|
|
7.2
|
|
11.4
|
Income
taxes
|
|
|
|
|
-
|
|
23.7
|
Depreciation and
amortization
|
|
|
|
|
37.6
|
|
32.3
|
Distributions of
earnings received from equity investees
|
|
|
18.9
|
|
18.3
|
Less:
|
|
|
|
|
|
|
|
Equity earnings in
unconsolidated affiliates
|
|
|
|
|
15.8
|
|
14.9
|
Other, net
|
|
|
|
|
6.1
|
|
4.3
|
Adjusted
EBITDA
|
|
|
|
|
$
222.6
|
|
$
197.7
|
Less:
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to Predecessor prior to IPO
|
|
|
|
-
|
|
79.4
|
Adjusted EBITDA
attributable to noncontrolling interest in OpCo subsequent to
IPO
|
188.3
|
|
100.1
|
Adjusted EBITDA
attributable to Partnership subsequent to IPO
|
$
34.3
|
|
$
18.2
|
|
|
|
|
|
|
|
|
Net Cash Flows
from Operating Activities
|
|
|
|
|
$
131.9
|
|
$
173.7
|
Interest
expense
|
|
|
|
|
0.6
|
|
-
|
Interest
expense-affiliated
|
|
|
|
|
7.2
|
|
11.4
|
Current
taxes
|
|
|
|
|
-
|
|
13.2
|
Gain on sale of
assets
|
|
|
|
|
2.6
|
|
5.3
|
Other adjustments to
operating cash flows
|
|
|
|
|
1.2
|
|
(8.2)
|
Changes in assets and
liabilities
|
|
|
|
|
79.1
|
|
2.3
|
Adjusted
EBITDA
|
|
|
|
|
$
222.6
|
|
$
197.7
|
Less:
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to Predecessor prior to IPO
|
|
|
-
|
|
79.4
|
Adjusted EBITDA
attributable to noncontrolling interest in OpCo subsequent to
IPO
|
188.3
|
|
100.1
|
Adjusted EBITDA
attributable to Partnership subsequent to IPO
|
|
$
34.3
|
|
$
18.2
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
$
222.6
|
|
$
197.7
|
Less:
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
7.8
|
|
11.4
|
Maintenance capital
expenditures
|
|
|
|
|
14.9
|
|
18.5
|
Separation
maintenance capital expenditures
|
|
|
|
|
-
|
|
2.1
|
Gain on sale of
assets
|
|
|
|
|
2.6
|
|
5.3
|
Distributable cash
flow attributable to Predecessor prior to IPO
|
|
|
|
|
-
|
|
67.8
|
Distributable cash
flow attributable to noncontrolling interest subsequent to
IPO
|
167.5
|
|
89.0
|
Add:
|
|
|
|
|
|
|
|
Proceeds from sales
of assets
|
|
|
|
|
-
|
|
10.2
|
Interest
income
|
|
|
|
|
0.2
|
|
-
|
Capital costs related
to Separation
|
|
|
|
|
-
|
|
2.1
|
Distributable Cash
Flow
|
|
|
|
|
$
30.0
|
|
$
15.9
|
|
|
|
|
|
|
|
|
Columbia Pipeline
Partners LP
|
Consolidated Balance
Sheets (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
(in
millions)
|
|
|
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
34.2
|
|
$
78.9
|
Accounts receivable
(less reserve of $0.3 and $0.3, respectively)
|
154.1
|
|
145.9
|
Accounts
receivable-affiliated
|
|
|
|
|
122.6
|
|
149.4
|
Materials and
supplies, at average cost
|
|
|
|
|
33.2
|
|
32.8
|
Exchange gas
receivable
|
|
|
|
|
11.8
|
|
18.8
|
Deferred property
taxes
|
|
|
|
|
54.2
|
|
52.0
|
Prepayments and
other
|
|
|
|
|
31.0
|
|
33.8
|
Total Current
Assets
|
|
|
|
|
441.1
|
|
511.6
|
Investments
|
|
|
|
|
|
|
|
Unconsolidated
affiliates
|
|
|
|
|
436.2
|
|
437.1
|
Other
investments
|
|
|
|
|
1.8
|
|
1.8
|
Total
Investments
|
|
|
|
|
438.0
|
|
438.9
|
Property, Plant
and Equipment
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
|
9,297.6
|
|
8,930.9
|
Accumulated
depreciation and amortization
|
|
|
(2,994.0)
|
|
(2,960.1)
|
Net Property, Plant
and Equipment
|
|
|
|
|
6,303.6
|
|
5,970.8
|
Other Noncurrent
Assets
|
|
|
|
|
|
|
|
Regulatory
assets
|
|
|
|
|
132.6
|
|
134.1
|
Goodwill
|
|
|
|
|
1,975.5
|
|
1,975.5
|
Postretirement and
postemployment benefits assets
|
|
122.3
|
|
120.5
|
Deferred charges and
other
|
|
|
|
|
10.9
|
|
10.6
|
Total Other
Noncurrent Assets
|
|
|
|
|
2,241.3
|
|
2,240.7
|
Total
Assets
|
|
|
|
|
$
9,424.0
|
|
$ 9,162.0
|
|
|
|
|
|
|
|
|
Columbia Pipeline
Partners LP
|
Consolidated Balance
Sheets (GAAP) (continued)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
(in millions,
except unit amounts)
|
|
|
|
|
2016
|
|
2015
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
|
|
$
15.0
|
|
$
15.0
|
Short-term
borrowings-affiliated
|
|
|
|
|
348.8
|
|
42.1
|
Accounts
payable
|
|
|
|
|
46.2
|
|
49.9
|
Accounts
payable-affiliated
|
|
|
|
|
22.6
|
|
86.3
|
Customer
deposits
|
|
|
|
|
18.7
|
|
17.8
|
Taxes
accrued
|
|
|
|
|
103.6
|
|
108.2
|
Exchange gas
payable
|
|
|
|
|
11.7
|
|
18.2
|
Deferred
revenue
|
|
|
|
|
10.5
|
|
15.0
|
Accrued capital
expenditures
|
|
|
|
|
88.0
|
|
95.9
|
Accrued compensation
and related costs
|
|
|
|
21.5
|
|
26.6
|
Other
accruals
|
|
|
|
|
56.9
|
|
43.8
|
Total Current
Liabilities
|
|
|
|
|
743.5
|
|
518.8
|
Noncurrent
Liabilities
|
|
|
|
|
|
|
|
Long-term
debt-affiliated
|
|
|
|
|
630.9
|
|
630.9
|
Deferred income
taxes
|
|
|
|
|
1.0
|
|
1.0
|
Accrued liability for
postretirement and postemployment benefits
|
35.8
|
|
36.1
|
Regulatory
liabilities
|
|
|
|
|
291.9
|
|
309.7
|
Asset retirement
obligations
|
|
|
|
|
24.7
|
|
25.3
|
Other noncurrent
liabilities
|
|
|
|
|
65.8
|
|
63.5
|
Total Noncurrent
Liabilities
|
|
|
|
|
1,050.1
|
|
1,066.5
|
Total
Liabilities
|
|
|
|
|
1,793.6
|
|
1,585.3
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Equity and
Partners' Capital
|
|
|
|
|
|
|
|
Common
unitholders-public (53,834,784 units issued and
outstanding)
|
963.4
|
|
958.5
|
Subordinated
unitholders-CEG (46,811,398 units issued and
outstanding)
|
308.3
|
|
304.0
|
Accumulated other
comprehensive loss
|
|
|
|
|
(3.9)
|
|
(4.0)
|
Total Columbia
Pipeline Partners LP partners' equity and capital
|
|
1,267.8
|
|
1,258.5
|
Noncontrolling
Interest in Columbia OpCo
|
|
|
|
|
6,362.6
|
|
6,318.2
|
Total Equity and
Partners' Capital
|
|
|
|
|
7,630.4
|
|
7,576.7
|
Total Liabilities
and Equity and Partners' Capital
|
|
|
$
9,424.0
|
|
$ 9,162.0
|
|
|
|
|
|
|
|
|
Columbia Pipeline
Partners LP
|
Statements of
Consolidated and Combined Cash Flows (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, (in millions)
|
|
|
|
|
2016
|
|
2015
|
Operating
Activities
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
$
180.2
|
|
$
131.2
|
Adjustments to
Reconcile Net Income to Net Cash from Operating
Activities:
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
37.6
|
|
32.3
|
Deferred income taxes
and investment tax credits
|
|
|
-
|
|
10.5
|
Deferred
revenue
|
|
|
|
|
(2.0)
|
|
5.3
|
Equity-based
compensation expense and profit sharing contribution
|
0.7
|
|
2.0
|
Gain on sale of
assets
|
|
|
|
|
(2.6)
|
|
(5.3)
|
Equity earnings in
unconsolidated affiliates
|
|
|
|
(15.8)
|
|
(14.9)
|
Amortization of debt
related costs
|
|
|
|
|
0.1
|
|
0.1
|
AFUDC
equity
|
|
|
|
|
(6.1)
|
|
(3.5)
|
Distributions of
earnings received from equity investees
|
|
|
18.9
|
|
18.3
|
Changes in Assets and
Liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
|
(5.7)
|
|
12.2
|
Accounts
receivable-affiliated
|
|
|
|
|
1.8
|
|
15.1
|
Accounts
payable
|
|
|
|
|
(11.3)
|
|
(15.6)
|
Accounts
payable-affiliated
|
|
|
|
|
(65.7)
|
|
(15.1)
|
Customer
deposits
|
|
|
|
|
0.9
|
|
0.6
|
Taxes
accrued
|
|
|
|
|
(4.7)
|
|
2.4
|
Exchange gas
receivable/payable
|
|
|
|
|
0.6
|
|
-
|
Other
accruals
|
|
|
|
|
(5.3)
|
|
(7.8)
|
Prepayments and other
current assets
|
|
|
|
8.1
|
|
2.9
|
Regulatory
assets/liabilities
|
|
|
|
|
1.4
|
|
11.8
|
Postretirement and
postemployment benefits
|
|
|
(0.1)
|
|
(7.7)
|
Deferred charges and
other noncurrent assets
|
|
|
(2.1)
|
|
(1.9)
|
Other noncurrent
liabilities
|
|
|
|
|
3.0
|
|
0.8
|
Net Cash Flows
from Operating Activities
|
|
|
|
131.9
|
|
173.7
|
Investing
Activities
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
|
|
(377.4)
|
|
(163.9)
|
Change in short-term
lendings-affiliated
|
|
|
|
24.9
|
|
(699.6)
|
Proceeds from
disposition of assets
|
|
|
|
|
-
|
|
10.2
|
Contributions to
equity investees
|
|
|
|
|
(1.9)
|
|
-
|
Distributions from
equity investees
|
|
|
|
|
0.2
|
|
1.3
|
Other investing
activities
|
|
|
|
|
(2.0)
|
|
(2.5)
|
Net Cash Flows
used for Investing Activities
|
|
|
(356.2)
|
|
(854.5)
|
Financing
Activities
|
|
|
|
|
|
|
|
Change in short-term
borrowings-affiliated
|
|
|
306.6
|
|
(240.4)
|
Payments of long-term
debt-affiliated, including current portion
|
-
|
|
(957.8)
|
Proceeds from the
issuance of common units, net of offering costs
|
-
|
|
1,168.4
|
Distribution of IPO
proceeds to parent
|
|
|
|
|
-
|
|
(500.0)
|
Contribution of
capital from parent
|
|
|
|
|
-
|
|
1,217.3
|
Quarterly
distributions to unitholders
|
|
|
|
|
(18.1)
|
|
-
|
Distribution to
noncontrolling interest in Columbia OpCo
|
|
|
(108.9)
|
|
-
|
Net Cash Flows
from Financing Activities
|
|
|
|
179.6
|
|
687.5
|
Change in cash and
cash equivalents
|
|
|
|
|
(44.7)
|
|
6.7
|
Cash and cash
equivalents at beginning of period
|
|
|
|
78.9
|
|
0.5
|
Cash and Cash
Equivalents at End of Period
|
|
|
|
$
34.2
|
|
$
7.2
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/columbia-pipeline-partners-lp-reports-first-quarter-results-300261429.html
SOURCE Columbia Pipeline Partners LP