- Net income attributable to the partnership of $57.3 million; approximately 10 percent increase over first quarter 2017
- Adjusted EBITDA of $79.5 million; more than 5 percent increase over first quarter 2017
- Board of Directors declares cash distribution of $0.3340 per unit; representing 5 percent increase over last quarter
RICHMOND, Va., April 27, 2018 /PRNewswire/ — Dominion Energy Midstream Partners, LP (NYSE: DM), reported unaudited net income attributable to the partnership of $57.3 million for the three months ended March 31, 2018. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) were $79.5 million for the first-quarter, and distributable cash flow was $52.1 millionfor the quarter. The distribution coverage ratio was 1.23 times at the end of the first-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 GAAP measures.
As a result of the disruption in Master Limited Partnership (MLP) capital markets subsequent to the Federal Energy Regulatory Commission’s March 15, 2018 policy revision related to ratemaking for natural gas pipelines owned by MLPs, Dominion Energy:
- Intends to recommend 5 percent quarterly increases in distributions to limited partners subject to maintaining an approximately 1.0 times coverage ratio;
- Plans to recommend a restructuring of Dominion Energy Midstream’s incentive distribution rights in advance of any future DM equity issuances; and
- Plans to retain Cove Point at Dominion Energy through 2018 as compared to previous plans to contribute a portion of Cove Point to Dominion Energy Midstream during the second half of 2018.
On April 20, 2018, the Board of Directors declared a quarterly distribution of $0.3340 per common and subordinated unit, payable on May 15, 2018, to such unitholders of record at the close of business May 4, 2018. This distribution represents a 5 percent increase over the fourth-quarter 2017 distribution.
CONFERENCE CALL TODAY
Dominion Energy Midstream and Dominion Energy will jointly host a first-quarter earnings conference call at 10 a.m. ET on Friday, April 27, 2018. Management will discuss its first-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 April 27 and lasting until 11 p.m. ET May 4. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 67615976. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day April 27.
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.
SOURCE Dominion Energy Midstream Partners
CONTACT: Media: Ryan Frazier, (804) 819-2521 or [email protected]; Financial analysts: Steven Ridge, (804) 929-6865 or [email protected]