RICHMOND, Va., Jan. 29, 2018 /PRNewswire/ — Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $52.3 million for the three months ended Dec. 31, 2017 and $195.1 million for the twelve months ended Dec. 31, 2017, nearly double 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $78.6 million for the fourth-quarter and $298.8 million for full-year 2017, almost two and a half times 2016. Distributable cash flow was $47.6 million for the quarter and $178.2 million for the year, representing a 68 percent increase over 2016. The distribution coverage ratio was 1.22 times at the end of the fourth-quarter with the full-year coverage ratio of 1.29 times.
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 GAAP measures.
On Jan. 25, 2018, the Board of Directors declared a quarterly distribution of $0.3180 per common and subordinated unit, payable on Feb. 15, 2018, to such unitholders of record at the close of business Feb. 5, 2018. This distribution represents a 5 percent increase over last quarter and supports the partnership’s 22 percent annual distribution growth rate plan.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a fourth-quarter earnings conference call at 10 a.m. ET on Monday, Jan. 29, 2018. Management will discuss its fourth-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, will be available on the partnership’s investor information page at www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Jan. 29 and lasting until 11 p.m. ET Feb. 5. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72633771. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Jan. 29.
ABOUT DOMINION ENERGY MIDSTREAM
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, 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.
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