RICHMOND, Va., Nov. 1, 2018 /PRNewswire/ -- Dominion Energy
Midstream Partners, LP (NYSE: DM), reported unaudited net income
attributable to the partnership of $47.5
million for the three months ended Sept. 30, 2018. Adjusted earnings before
interest, income taxes, depreciation and amortization (Adjusted
EBITDA) were $76.0 million for the
third-quarter, and distributable cash flow was $50.1 million for the quarter. The distribution
coverage ratio was 1.07 times at the end of the third-quarter.
Dominion Energy Midstream uses Adjusted EBITDA and distributable
cash flow as the primary performance measurements of its earnings
and results for public communications with analysts and
investors. Dominion Energy Midstream also uses Adjusted
EBITDA and distributable cash flow internally for budgeting,
reporting to the Board of Directors and other purposes. Management
believes Adjusted EBITDA and distributable cash flow provide a more
meaningful representation of the partnership's financial
performance and liquidity. Schedules B and D of this press release
include reconciliations to the most directly comparable Generally
Accepted Accounting Principles (GAAP) measures.
QUARTERLY DISTRIBUTION
On Oct. 19, 2018, the Board of Directors declared a
quarterly distribution of $0.3690 per
common unit, payable on Nov. 15,
2018, to unitholders of record at the close of business
Nov. 5, 2018. This distribution
represents a 5 percent increase above the second-quarter 2018
distribution.
CONFERENCE CALL TODAY
Dominion Energy Midstream
and Dominion Energy will jointly host a third-quarter earnings
conference call at 11 a.m. ET on
Thursday, Nov. 1, 2018. Management will discuss
third-quarter financial results and other matters of interest to
the financial community.
Domestic callers should dial (877) 410-5657. International
callers should dial (334) 323-9872. The passcode for the
conference call is "Dominion." Participants should dial in 10
to 15 minutes prior to the scheduled start time. Members of
the media also are invited to listen.
A live webcast of the conference call, including accompanying
slides and other financial information, will be available on the
partnership's investor information page at
dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning
about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may
access the recording by dialing (877) 919-4059. International
callers should dial (334) 323-0140. The PIN for the replay is
89035328. Additionally, a replay of the webcast will be
available on the investor information pages by the end of the day
Nov. 1.
ABOUT DOMINION ENERGY MIDSTREAM
Dominion Energy
Midstream is a Delaware limited
partnership formed by Dominion Energy, Inc., to grow a portfolio of
natural gas terminalling, processing, storage, transportation and
related assets. It is headquartered in Richmond, Va. For more information about
Dominion Energy Midstream, visit its website at
www.dominionenergymidstream.com.
Dominion Energy
Midstream Partners, LP
|
Schedule A -
Consolidated Statements of Income*
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
(millions, except per
unit data)
|
|
|
|
|
|
|
|
Operating
Revenue
|
$
284.2
|
|
$
113.0
|
|
$
641.9
|
|
$
358.9
|
Operating
Expenses
|
|
|
|
|
|
|
|
Purchased gas and
other
|
0.3
|
|
9.1
|
|
12.9
|
|
31.1
|
Other operations and
maintenance
|
54.6
|
|
33.2
|
|
147.3
|
|
102.4
|
Depreciation and
amortization
|
51.0
|
|
26.5
|
|
122.8
|
|
76.8
|
Other
taxes
|
18.9
|
|
9.3
|
|
38.1
|
|
27.8
|
Total operating
expenses
|
124.8
|
|
78.1
|
|
321.1
|
|
238.1
|
Income from
operations
|
159.4
|
|
34.9
|
|
320.8
|
|
120.8
|
Earnings from equity
method investees
|
5.6
|
|
6.2
|
|
22.7
|
|
19.4
|
Other
income
|
2.7
|
|
1.7
|
|
5.9
|
|
4.3
|
Interest and related
charges
|
9.1
|
|
7.9
|
|
24.9
|
|
23.7
|
Net income
including noncontrolling interest
|
158.6
|
|
34.9
|
|
324.5
|
|
120.8
|
Less: Net income
(loss) attributable to noncontrolling interest
|
111.1
|
|
(13.7)
|
|
171.8
|
|
(22.0)
|
Net income
attributable to partners
|
$
47.5
|
|
$
48.6
|
|
$
152.7
|
|
$
142.8
|
|
|
|
|
|
|
|
|
Net income
attributable to partners' ownership interest
|
|
|
|
|
|
|
|
Preferred
unitholders' interest in net income
|
$
9.5
|
|
$
9.5
|
|
$
28.5
|
|
$
28.5
|
General
partner's interest in net income
|
-
|
|
4.0
|
|
8.9
|
|
7.0
|
Common
unitholders' interest in net income
|
38.0
|
|
23.8
|
|
102.8
|
|
72.7
|
Subordinated
unitholder's interest in net income
|
-
|
|
11.3
|
|
12.5
|
|
34.6
|
|
|
|
|
|
|
|
|
Net income per
limited partner unit (basic)
|
|
|
|
|
|
|
|
Common
units
|
$0.30
|
|
$0.35
|
|
$1.13
|
|
$1.08
|
Subordinated
units
|
-
|
|
$0.35
|
|
$0.59
|
|
$1.08
|
Net income per
limited partner unit (diluted)
|
|
|
|
|
|
|
|
Common
units
|
$0.30
|
|
$0.33
|
|
$1.07
|
|
$1.02
|
Subordinated
units
|
-
|
|
$0.35
|
|
$0.59
|
|
$1.08
|
|
* The notes contained
in Dominion Energy Midstream's most recent quarterly report on Form
10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Dominion Energy
Midstream Partners, LP
|
Schedule B -
Reconciliation of EBITDA and Adjusted EBITDA to Net
Income*
|
(Unaudited)
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of EBITDA and Adjusted EBITDA to the most
directly comparable GAAP financial measure for each
period.
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
(millions)
|
|
|
|
|
|
|
|
Net income
including noncontrolling interest
|
$
158.6
|
|
$
34.9
|
|
$
324.5
|
|
$
120.8
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
51.0
|
|
26.5
|
|
122.8
|
|
76.8
|
Interest and related
charges
|
9.1
|
|
7.9
|
|
24.9
|
|
23.7
|
EBITDA
|
$
218.7
|
|
$
69.3
|
|
$
472.2
|
|
$
221.3
|
Distributions from
equity method investees
|
8.5
|
|
8.2
|
|
25.7
|
|
22.2
|
Less:
|
|
|
|
|
|
|
|
Earnings from equity
method investees
|
5.6
|
|
6.2
|
|
22.7
|
|
19.4
|
EBITDA attributable
to noncontrolling interest
|
145.6
|
|
(4.9)
|
|
243.4
|
|
3.9
|
Adjusted
EBITDA
|
$
76.0
|
|
$
76.2
|
|
$
231.8
|
|
$
220.2
|
|
* The notes contained
in Dominion Energy Midstream's most recent quarterly report on Form
10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Dominion Energy
Midstream Partners, LP
|
Schedule C -
Summary of Consolidated Statements of Cash Flows*
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
20171
|
(millions)
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income including
noncontrolling interest
|
$
158.6
|
|
$
34.9
|
|
$
324.5
|
|
$
120.8
|
Adjustments to
reconcile net income including noncontrolling interest to net cash
provided by operating activities
|
(125.5)
|
|
37.0
|
|
25.4
|
|
126.6
|
Net cash provided
by operating activities
|
$
33.1
|
|
$
71.9
|
|
$
349.9
|
|
$
247.4
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
$
(2,030.8)
|
|
$ (190.6)
|
|
$
(2,211.2)
|
|
$ (728.2)
|
|
|
|
|
|
|
|
|
Net cash provided
by financing activities
|
$
1,917.7
|
|
$
127.0
|
|
$
1,940.1
|
|
$
520.0
|
|
|
|
|
|
|
|
|
Cash, restricted cash
and equivalents at beginning of period
|
182.5
|
|
95.5
|
|
23.7
|
|
64.6
|
Cash, restricted
cash and equivalents at end of period
|
$
102.5
|
|
$
103.8
|
|
$
102.5
|
|
$
103.8
|
|
1Amounts
for 2017 have been recast to reflect the adoption of new accounting
standards related to the presentation of equity method investment
distributions and restricted cash and equivalents.
|
|
* The notes contained
in Dominion Energy Midstream's most recent quarterly report on Form
10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Dominion Energy
Midstream Partners, LP
|
Schedule D -
Reconciliation of Distributable Cash Flow to Net Cash from
Operating Activities*
|
(Unaudited)
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of distributable cash flow to the most
directly comparable GAAP financial measure for each
period.
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
20171
|
(millions)
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
33.1
|
|
$
71.9
|
|
$
349.9
|
|
$
247.4
|
Less:
|
|
|
|
|
|
|
|
Cash attributable to
(from) noncontrolling interest
|
63.9
|
|
(1.7)
|
|
123.3
|
|
18.9
|
Restricted cash for
customer deposits
|
(100.8)
|
|
-
|
|
19.6
|
|
-
|
Other changes in
working capital and noncash adjustments
|
6.0
|
|
2.6
|
|
12.3
|
|
(8.3)
|
Cash received from
distribution reserve
|
-
|
|
-
|
|
12.5
|
|
-
|
Adjusted
EBITDA
|
76.0
|
|
76.2
|
|
231.8
|
|
220.2
|
Adjustments to
cash:
|
|
|
|
|
|
|
|
Less:
Distributions to preferred unitholders
|
(9.5)
|
|
(9.5)
|
|
(28.5)
|
|
(28.5)
|
Plus (less):
Contract liabilities
|
3.5
|
|
(0.1)
|
|
5.4
|
|
(0.4)
|
Less:
Amortization of regulatory liability
|
(0.7)
|
|
(0.7)
|
|
(2.1)
|
|
(2.1)
|
Less:
Maintenance capital expenditures
|
(10.8)
|
|
(12.8)
|
|
(28.9)
|
|
(38.7)
|
Plus:
Acquisition costs funded by Dominion Energy
|
-
|
|
1.7
|
|
-
|
|
5.9
|
Less:
Interest expense and AFUDC equity
|
(8.4)
|
|
(9.1)
|
|
(26.4)
|
|
(26.0)
|
Plus:
Non-cash director compensation
|
-
|
|
0.1
|
|
0.2
|
|
0.2
|
Distributable cash
flow
|
$
50.1
|
|
$
45.8
|
|
$
151.5
|
|
$
130.6
|
|
1Amounts
for 2017 have been recast to reflect the adoption of a new
accounting standard for the presentation of equity method
investment distributions and therefore this reconciliation does not
include an adjustment for equity method investment distributions
included in investing activities.
|
|
* The notes contained
in Dominion Energy Midstream's most recent quarterly report on Form
10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Dominion Energy
Midstream Partners, LP
|
Schedule E -
Selected Financial Data*
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
(millions, except
ratio)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
76.0
|
|
$
76.2
|
|
$
231.8
|
|
$
220.2
|
Adjustments to
cash:
|
|
|
|
|
|
|
|
Less:
Distributions to preferred unitholders
|
(9.5)
|
|
(9.5)
|
|
(28.5)
|
|
(28.5)
|
Plus (less):
Contract liabilities
|
3.5
|
|
(0.1)
|
|
5.4
|
|
(0.4)
|
Less:
Amortization of regulatory liability
|
(0.7)
|
|
(0.7)
|
|
(2.1)
|
|
(2.1)
|
Less:
Maintenance capital expenditures
|
(10.8)
|
|
(12.8)
|
|
(28.9)
|
|
(38.7)
|
Plus:
Acquisition costs funded by Dominion Energy
|
-
|
|
1.7
|
|
-
|
|
5.9
|
Less:
Interest expense and AFUDC equity
|
(8.4)
|
|
(9.1)
|
|
(26.4)
|
|
(26.0)
|
Plus:
Non-cash director compensation
|
-
|
|
0.1
|
|
0.2
|
|
0.2
|
Distributable cash
flow
|
$
50.1
|
|
$
45.8
|
|
$
151.5
|
|
$
130.6
|
Distributions:
|
|
|
|
|
|
|
|
Incentive
distribution rights
|
-
|
|
5.7
|
|
8.9
|
|
12.9
|
Common
unitholders
|
46.7
|
|
20.3
|
|
113.8
|
|
58.1
|
Subordinated
unitholder
|
-
|
|
9.7
|
|
10.7
|
|
27.7
|
Total
distributions1
|
$
46.7
|
|
$
35.7
|
|
$
133.4
|
|
$
98.7
|
Coverage
ratio
|
1.07x
|
|
1.28x
|
|
1.14x
|
|
1.32x
|
|
1For 2017,
distributions declared to common units was based on units
outstanding at September 30, 2017, and therefore excludes
distributions paid on units issued to the public through November
6, 2017.
|
|
* The notes contained
in Dominion Energy Midstream's most recent quarterly report on Form
10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
|
See schedules B and D
for reconciliations of non-GAAP measures.
|
View original
content:http://www.prnewswire.com/news-releases/dominion-energy-midstream-partners-announces-third-quarter-2018-earnings-300741533.html
SOURCE Dominion Energy Midstream Partners