|
Tallgrass Energy Reports Strong First Quarter 2018 Results
LEAWOOD, Kan.
-
$340 million of strategic acquisitions and organic growth projects
announced during the quarter
-
Healthy distribution coverage of 1.30x at TEP
-
Conservative financial leverage of approximately 3.1x at TEP
Tallgrass Energy Partners, LP (NYSE: TEP) ("TEP") and Tallgrass Energy
GP, LP (NYSE: TEGP) ("TEGP") today reported financial and operating
results for the first quarter of 2018.
“Tallgrass Energy once again delivered the strong quarterly financial
results that our unitholders and shareholders have come to expect,” said
President and CEO David Dehaemers Jr. “These results were driven by
consistent performance in our Natural Gas and Crude Oil transportation
segments and continued growth in our Gathering, Processing and
Terminalling segment, all of which led to our 19th and 11th consecutive
distribution increases at TEP and TEGP, respectively.
"Our team remains focused on growing Tallgrass through strategic
acquisitions and organically developed growth projects that will
continue to expand our assets and footprint," added Dehaemers. "In
addition, our team is also focused on completing TEGP’s pending
acquisition of the publicly held TEP units that will result in a single
unified public company, Tallgrass Energy, LP or TGE. We believe this
streamlined entity, with shareholders receiving dividends and 1099s,
will attract wider and more cost-effective capital investment to enhance
shareholder returns on our commercial growth plans."
First Quarter Distributions
Tallgrass Energy Partners, LP
As previously announced, the board of directors of TEP's general partner
declared a quarterly cash distribution of $0.975 per common unit for the
first quarter of 2018. This quarterly distribution represents $3.90 on
an annualized basis, a sequential increase of 1.0 percent from the
fourth quarter 2017 distribution and an increase of 16.8 percent from
the first quarter 2017 distribution. The quarterly distribution will be
paid on May 15, 2018, to unitholders of record as of the close of
business on April 30, 2018.
Tallgrass Energy GP, LP
Also, as previously announced, the board of directors of TEGP's general
partner declared a quarterly cash dividend of $0.4875 per Class A share
for the first quarter of 2018. This quarterly dividend represents $1.95
per Class A share on an annualized basis, a sequential increase of 32.7
percent from the fourth quarter 2017 dividend and an increase of 69.6
percent from the first quarter 2017 dividend. The quarterly dividend
will be paid on May 15, 2018, to Class A shareholders of record as of
the close of business on April 30, 2018.
Tallgrass Energy Partners, LP Summary Financial
Information
|
|
|
|
Three Months Ended March 31,
|
|
(in thousands, except coverage and per unit data)
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
Net income attributable to partners
|
|
|
$
|
107,884
|
|
|
|
$
|
70,905
|
|
|
Add:
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
28,184
|
|
|
|
14,689
|
|
|
Depreciation and amortization expense(1)
|
|
|
25,854
|
|
|
|
21,867
|
|
|
Distributions from unconsolidated investments
|
|
|
65,857
|
|
|
|
30,819
|
|
|
Non-cash compensation expense(2)
|
|
|
2,755
|
|
|
|
1,458
|
|
|
Less:
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated investments
|
|
|
(53,406
|
)
|
|
|
(20,738
|
)
|
|
Gain on disposal of assets
|
|
|
(9,417
|
)
|
|
|
(1,448
|
)
|
|
Non-cash gain related to derivative instruments(1)
|
|
|
(2,674
|
)
|
|
|
(2,441
|
)
|
|
Adjusted EBITDA(3)
|
|
|
$
|
165,037
|
|
|
|
$
|
115,111
|
|
|
Add:
|
|
|
|
|
|
|
|
Deficiency payments received, net(1)
|
|
|
11,195
|
|
|
|
16,071
|
|
|
Less:
|
|
|
|
|
|
|
|
Cash interest cost
|
|
|
(27,001
|
)
|
|
|
(13,567
|
)
|
|
Maintenance capital expenditures, net
|
|
|
(3,030
|
)
|
|
|
(63
|
)
|
|
Distributable Cash Flow(3)
|
|
|
146,201
|
|
|
|
117,552
|
|
|
Less:
|
|
|
|
|
|
|
|
Distributions
|
|
|
(112,453
|
)
|
|
|
(91,366
|
)
|
|
Amounts in excess of distributions(4)
|
|
|
$
|
33,748
|
|
|
|
$
|
26,186
|
|
|
Distribution coverage
|
|
|
1.30
|
x
|
|
|
1.29
|
x
|
|
|
|
|
|
|
|
|
|
Common units outstanding(5)
|
|
|
73,200
|
|
|
|
72,438
|
|
|
Distribution per common unit
|
|
|
$
|
0.9750
|
|
|
|
$
|
0.8350
|
|
|
(1)
|
|
Net of noncontrolling interest.
|
|
(2)
|
|
Represents TEP's portion of non-cash compensation expense
related to Equity Participation Units, excluding amounts allocated
to Tallgrass Development, LP.
|
|
(3)
|
|
Adjusted EBITDA and Distributable Cash Flow are non-GAAP
measures. For additional detail see "Non-GAAP Measures" below.
|
|
(4)
|
|
Cumulative distribution coverage from TEP's IPO in May 2013
through March 31, 2018, is $361.7 million and the cumulative
distribution coverage ratio is 1.31x.
|
|
(5)
|
|
Common units represent the number of units as of the date of
record for the first quarter distributions in both 2018 and 2017.
|
|
|
|
|
Conference Call
Please join Tallgrass Energy for a conference call and webcast to
discuss first quarter 2018 results at 3:30 p.m. Central Time on
Thursday, May 3, 2018. Interested parties may listen via a link posted
on the Investor Relations section of our website and the replay will be
available on our website for at least seven days following the live call.
Tallgrass Energy Partners, LP Alternative
Reconciliation
Adjusted EBITDA and Distributable Cash Flow, as defined in "TEP's
Non-GAAP Measures" below, may be impacted by the timing of cash
payments received as a result of shipper deficiency payments received or
utilized during the period. As such, we have also provided an
alternative reconciliation of Adjusted EBITDA that illustrates the
impact of this item. This alternative reconciliation is also a non-GAAP
Measure. Management believes this information provides investors useful
information regarding the impact of this item on our current results as
well as the potential impact on future results.
Alternative Reconciliation of Adjusted EBITDA
|
|
|
|
Three Months Ended
March 31,
|
|
(in thousands)
|
|
|
2018
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
165,037
|
|
Add:
|
|
|
|
|
Volumetric deficiency payments received, net(1)
|
|
|
11,195
|
|
Alternative Adjusted EBITDA(2)
|
|
|
$
|
176,232
|
|
(1)
|
|
Cumulative net volumetric deficiency balance at March 31,
2018, is $99.6 million.
|
|
(2)
|
|
Alternative Adjusted EBITDA shows what TEP's Adjusted EBITDA
would have been for the period presented if TEP included net
volumetric deficiency payments from shippers' firm, take-or-pay
contracts in calculating Adjusted EBITDA. TEP's reported
distributable cash flow and distribution coverage would remain
unchanged.
|
|
|
|
|
Tallgrass Energy Partners, LP Segment Overview(1)
The first quarter 2018 comparative results by segment are summarized
below:
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(in thousands)
|
|
Natural Gas Transportation
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
19,384
|
|
|
|
$
|
18,168
|
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
|
4,827
|
|
|
|
4,783
|
|
|
Distributions from unconsolidated investment
|
|
|
65,857
|
|
|
|
30,125
|
|
|
Other income, net
|
|
|
451
|
|
|
|
70
|
|
|
Less:
|
|
|
|
|
|
|
|
Non-cash gain related to derivative instruments
|
|
|
—
|
|
|
|
(116
|
)
|
|
Segment Adjusted EBITDA
|
|
|
$
|
90,519
|
|
|
|
$
|
53,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(in thousands)
|
|
Crude Oil Transportation
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
46,527
|
|
|
|
$
|
43,725
|
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and amortization expense(2)
|
|
|
13,279
|
|
|
|
13,287
|
|
|
Less:
|
|
|
|
|
|
|
|
Adjusted EBITDA attributable to noncontrolling interests
|
|
|
(350
|
)
|
|
|
(871
|
)
|
|
Non-cash gain related to derivative instruments(2)
|
|
|
—
|
|
|
|
(650
|
)
|
|
Segment Adjusted EBITDA
|
|
|
$
|
59,456
|
|
|
|
$
|
55,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(in thousands)
|
|
Gathering, Processing & Terminalling
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
23,305
|
|
|
|
$
|
5,106
|
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and amortization expense(2)
|
|
|
7,112
|
|
|
|
3,797
|
|
|
Non-cash (gain) loss related to derivative instruments
|
|
|
(2,674
|
)
|
|
|
210
|
|
|
Distributions from unconsolidated investment
|
|
|
—
|
|
|
|
694
|
|
|
Less:
|
|
|
|
|
|
|
|
Gain on disposal of assets
|
|
|
(9,417
|
)
|
|
|
(1,448
|
)
|
|
Adjusted EBITDA attributable to noncontrolling interests
|
|
|
(1,411
|
)
|
|
|
(8
|
)
|
|
Segment Adjusted EBITDA
|
|
|
$
|
16,915
|
|
|
|
$
|
8,351
|
|
|
(1)
|
|
Segment reporting does not include corporate general and
administrative costs or intersegment eliminations.
|
|
(2)
|
|
Net of noncontrolling interest.
|
|
|
|
|
Tallgrass Energy GP, LP Summary Financial
Information
Information on distributions to Tallgrass Equity, LLC ("Tallgrass
Equity"), TEGP and TEGP's Class A shareholders is shown below (in
thousands, except coverage and per share data):
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
Distributions to Tallgrass Equity
|
|
|
|
|
|
|
|
TEP General partner interest(1)
|
|
|
$
|
1,267
|
|
|
|
$
|
1,040
|
|
|
TEP Incentive Distribution Rights(1)
|
|
|
39,816
|
|
|
|
29,840
|
|
TEP common units owned by Tallgrass Equity (25.6 million and 20
million at March 31, 2018 and March 31, 2017, respectively)(1)
|
|
|
24,979
|
|
|
|
16,700
|
|
|
Distributions from REX
|
|
|
21,976
|
|
|
|
—
|
|
|
Total distributions to Tallgrass Equity
|
|
|
88,038
|
|
|
|
47,580
|
|
|
Less:
|
|
|
|
|
|
|
|
Cash interest expense attributable to Tallgrass Equity
|
|
|
(1,459
|
)
|
|
|
(1,209
|
)
|
Cash general and administrative expenses attributable to Tallgrass
Equity(2)
|
|
|
(2,000
|
)
|
|
|
(500
|
)
|
|
Cash available for distribution by Tallgrass Equity
|
|
|
84,579
|
|
|
|
45,871
|
|
|
Distributions to Class A (TEGP)
|
|
|
28,316
|
|
|
|
16,697
|
|
|
Distributions to Class B (Exchange Right Holders)
|
|
|
61,771
|
|
|
|
28,507
|
|
|
Total cash distributions by Tallgrass Equity
|
|
|
$
|
90,087
|
|
|
|
$
|
45,204
|
|
|
TEGP
|
|
|
|
|
|
|
|
Distributions from Tallgrass Equity
|
|
|
$
|
28,316
|
|
|
|
$
|
16,697
|
|
|
Less:
|
|
|
|
|
|
|
|
Distributions to Class A shareholders
|
|
|
(28,316
|
)
|
|
|
(16,697
|
)
|
|
Amounts in excess of distributions
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Distribution coverage
|
|
|
1.00
|
x
|
|
|
1.00
|
x
|
|
|
|
|
|
|
|
|
|
Class A shares outstanding
|
|
|
58,085
|
|
|
|
58,075
|
|
|
Distribution per Class A share
|
|
|
$
|
0.4875
|
|
|
|
$
|
0.2875
|
|
|
(1)
|
|
The three-month periods ended March 31, 2018, and March 31,
2017, include distributions expected to be received or received by
Tallgrass Equity from TEP's distribution for the quarters ended
March 31, 2018, and March 31, 2017, respectively.
|
|
(2)
|
|
General and administrative expenses for the quarter ended
March 31, 2018, include $1.5 million in expenses attributable to
the TEGP Merger Agreement and Tallgrass Equity's acquisition of an
additional 25.01% membership interest in Rockies Express and
additional TEP common units.
|
|
|
|
|
Rockies Express Pipeline LLC Summary Financial
Information
TEP acquired a 25 percent interest in Rockies Express Pipeline LLC
("REX") effective May 6, 2016, and an additional 24.99 percent interest
in REX effective March 31, 2017. Tallgrass Equity, LLC ("Tallgrass
Equity") acquired a 25.01 percent interest in REX effective February 7,
2018. The financial results of TEP and Tallgrass Equity include their
respective membership interests in REX. The table below is a
reconciliation of REX's Adjusted EBITDA and Distributable Cash Flow for
the three months ended March 31, 2018 and 2017, presented to provide
additional information on REX's financial results. REX’s Adjusted EBITDA
and Distributable Cash Flow are non-GAAP measures. For additional detail
see "Non-GAAP Measures" below.
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
Rockies Express Pipeline LLC
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
90,968
|
|
|
|
$
|
66,250
|
|
|
Add:
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
41,970
|
|
|
|
41,826
|
|
|
Depreciation and amortization expense
|
|
|
54,862
|
|
|
|
54,191
|
|
|
Adjusted EBITDA
|
|
|
187,800
|
|
|
|
162,267
|
|
|
Less:
|
|
|
|
|
|
|
|
Cash interest cost
|
|
|
(41,136
|
)
|
|
|
(40,992
|
)
|
|
Change in contract asset
|
|
|
(15,575
|
)
|
|
|
—
|
|
|
Maintenance capital expenditures
|
|
|
(3,796
|
)
|
|
|
(3,581
|
)
|
|
Distributable Cash Flow
|
|
|
$
|
127,293
|
|
|
|
$
|
117,694
|
|
|
|
|
|
|
|
|
|
|
Distributions to Members
|
|
|
$
|
(131,740
|
)
|
|
|
$
|
(120,501
|
)
|
|
Contributions from Members
|
|
|
$
|
4,728
|
|
|
|
$
|
26,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Transaction
In connection with the merger agreement announced on March 26, 2018,
pursuant to which TEGP will acquire the TEP common units held by the
public in a share-for-unit merger transaction that is taxable for U.S.
federal income purposes at a ratio of 2.0 TEGP Class A shares for each
outstanding TEP common unit, TEGP filed a registration statement on Form
S-4 with the Securities and Exchange Commission (“SEC”) that includes a
preliminary proxy statement for TEP unitholders. The registration
statement has not yet been declared effective, although we anticipate
that such registration statement will be declared effective and TEP will
mail the definitive proxy statement to its unitholders in the coming
weeks.
TEP has scheduled a special meeting of its unitholders to vote on the
merger agreement and the transactions related thereto on June 26, 2018,
at 10 a.m., Central Time, at the Hilton Garden Inn, 5800 College
Boulevard, Overland Park, Kan. 66211. All holders of TEP common units as
of the close of business on May 18, 2018, will be entitled to vote at
such special meeting.
Non-GAAP Measures
Adjusted EBITDA and Distributable Cash Flow are non-GAAP supplemental
financial measures that TEP management and external users of our
consolidated financial statements and financial statements of our
subsidiaries and unconsolidated investments, such as industry analysts,
investors, lenders and rating agencies, may use to assess:
-
our operating performance as compared to other publicly traded
partnerships in the midstream energy industry, without regard to
historical cost basis or, in the case of Adjusted EBITDA, financing
methods;
-
the ability of our assets to generate sufficient cash flow to make
distributions to our unitholders;
-
our ability to incur and service debt and fund capital expenditures;
and
-
the viability of acquisitions and other capital expenditure projects
and the returns on investment of various expansion and growth
opportunities.
We believe that the presentation of Adjusted EBITDA and Distributable
Cash Flow provides useful information to investors in assessing our
financial condition and results of operations. Adjusted EBITDA and
Distributable Cash Flow should not be considered alternatives to net
income, operating income, net cash provided by operating activities or
any other measure of financial performance or liquidity presented in
accordance with GAAP, nor should Adjusted EBITDA and Distributable Cash
Flow be considered alternatives to available cash, operating surplus,
distributions of available cash from operating surplus or other
definitions in our partnership agreement. 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 provided by operating activities. Additionally, because
Adjusted EBITDA and Distributable Cash Flow may be defined differently
by other companies in our industry, our definition of Adjusted EBITDA
and Distributable Cash Flow may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility.
We generally define Adjusted EBITDA as net income excluding the impact
of interest, income taxes, depreciation and amortization, non-cash
income or loss related to derivative instruments, non-cash long-term
compensation expense, impairment losses, gains or losses on asset or
business disposals or acquisitions, gains or losses on the repurchase,
redemption or early retirement of debt, and earnings from unconsolidated
investments, but including the impact of distributions from
unconsolidated investments. We also use Distributable Cash Flow, which
we generally define as Adjusted EBITDA, plus deficiency payments
received from or utilized by our customers, less cash interest costs,
maintenance capital expenditures, distributions to noncontrolling
interests in excess of earnings allocated to noncontrolling interests,
and certain cash reserves permitted by our partnership agreement. For a
reconciliation of these non-GAAP measures to their most directly
comparable GAAP financial measures, please see "Summary Financial
Information" above.
Additional Information and Where to Find it
In connection with the transactions referred to in this material, TEGP
filed a registration statement on Form S-4 with the SEC that includes a
preliminary proxy statement for TEP unitholders. The registration
statement has not yet been declared effective. After the registration
statement is declared effective, TEP will mail the definitive proxy
statement to its unitholders. This material is not a substitute for the
joint proxy statement/prospectus or registration statement or for any
other document that TEGP or TEP may file with the SEC and send to TEGP’s
and/or TEP’s shareholders or unitholders in connection with the proposed
transactions.
INVESTORS AND SECURITY HOLDERS OF TEGP AND TEP ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any
vote or approval.
Investors and security holders will be able to obtain free copies of the
proxy statement/prospectus and other documents filed with the SEC by
TEGP or TEP through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by TEGP and TEP will be
available free of charge on TEGP’s and TEP’s website at www.tallgrassenergylp.com,
in the “Investor Relations” tab near the top of the page, or by
contacting TEGP’s and TEP’s Investor Relations Department at
913-928-6012.
Participants in the Solicitation
TEGP and TEP and their respective general partner’s directors and
executive officers may be considered participants in the solicitation of
proxies with respect to the proposed transactions under the rules of the
SEC. Information about the directors and executive officers of TEGP’s
general partner may be found in its 2017 Form 10-K filed with the SEC on
Feb. 13, 2018, and any subsequent statements of changes in beneficial
ownership filed with the SEC. Information about the directors and
executive officers of TEP may be found in its 2017 Form 10-K filed with
the SEC on Feb. 13, 2018, and any subsequent statements of changes in
beneficial ownership filed with the SEC. These documents can be obtained
free of charge from the sources indicated above. Additional information
regarding the participants in the proxy solicitations and a description
of their direct and indirect interests, by security holdings or
otherwise, will also be included in any proxy statement and other
relevant materials to be filed with the SEC when they become available.
Cautionary Note Concerning Forward-Looking
Statements
Disclosures in this press release contain “forward-looking statements.”
All statements, other than statements of historical facts, included in
this press release that address activities, events or developments that
management expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the generality
of the foregoing, forward-looking statements contained in this press
release specifically include whether the registration statement on Form
S-4 TEGP filed with the SEC will be declared effective and the pending
acquisition of TEP by TEGP will close and, if the transaction closes,
whether it will attract wider and more cost-effective capital
investments or enhance shareholder returns on our commercial growth
plans. Forward looking statements may also include the expectations of
plans, strategies, objectives and growth and anticipated financial and
operational performance of TEP, TEGP and their subsidiaries, including:
the ability to pursue expansions and other opportunities for incremental
volumes; natural gas and crude oil production growth in TEP's operating
areas; expected future benefits of acquisitions or expansion projects;
timing of anticipated spending on planned expenses and maintenance
capital projects; and distribution rate and growth, including
variability of quarterly distribution coverage. These statements are
based on certain assumptions made by TEP and TEGP based on management’s
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of TEP and
TEGP, which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These include
risks relating to TEP and TEGP’s financial performance and results,
availability of sufficient cash flow to pay distributions and execute
their business plans, the demand for natural gas storage, processing and
transportation services and for crude oil transportation services,
operating hazards, the effects of government regulation, tax position
and other risks incidental to transporting, storing and processing
natural gas or transporting crude oil and other important factors that
could cause actual results to differ materially from those projected,
including those set forth in reports filed by TEP and TEGP with the
Securities and Exchange Commission. Any forward-looking statement
applies only as of the date on which such statement is made and TEP and
TEGP do not intend to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by law.
Tax Considerations
This release is intended to be a qualified notice to nominees and
brokers under Treasury Regulation Sections 1.1446-4(b)(4) and (d). All
of TEP’s distributions to foreign investors are attributable to income
that is effectively connected with a United States trade or business.
Accordingly, TEP’s distributions to foreign investors are subject to
federal income tax withholding at the highest effective tax rate.
About Tallgrass Energy
Tallgrass Energy is a family of companies that includes publicly traded
partnerships Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass
Energy GP, LP (NYSE: TEGP). Operating across 11 states, Tallgrass is a
growth-oriented midstream energy operator with transportation, storage,
terminal, water, gathering and processing assets that serve some of the
nation’s most prolific crude oil and natural gas basins.
To learn more, please visit our website at www.tallgrassenergy.com.
Tallgrass Energy Partners, LP Financial
Statements
|
TALLGRASS ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
(in thousands)
|
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
4,065
|
|
|
|
$
|
1,809
|
|
|
Accounts receivable, net
|
|
|
131,401
|
|
|
|
118,615
|
|
|
Receivable from related parties
|
|
|
4,472
|
|
|
|
1,340
|
|
|
Gas imbalances
|
|
|
822
|
|
|
|
1,990
|
|
|
Inventories
|
|
|
32,147
|
|
|
|
21,609
|
|
|
Derivative assets
|
|
|
306
|
|
|
|
—
|
|
|
Prepayments and other current assets
|
|
|
10,946
|
|
|
|
11,175
|
|
|
Total Current Assets
|
|
|
184,159
|
|
|
|
156,538
|
|
|
Property, plant and equipment, net
|
|
|
2,498,715
|
|
|
|
2,394,337
|
|
|
Goodwill
|
|
|
404,838
|
|
|
|
404,838
|
|
|
Intangible assets, net
|
|
|
136,554
|
|
|
|
97,731
|
|
|
Unconsolidated investments
|
|
|
950,587
|
|
|
|
909,531
|
|
|
Deferred financing costs, net
|
|
|
11,008
|
|
|
|
11,684
|
|
|
Deferred charges and other assets
|
|
|
5,018
|
|
|
|
2,694
|
|
|
Total Assets
|
|
|
$
|
4,190,879
|
|
|
|
$
|
3,977,353
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
119,932
|
|
|
|
$
|
98,882
|
|
|
Accounts payable to related parties
|
|
|
64
|
|
|
|
5,461
|
|
|
Gas imbalances
|
|
|
1,616
|
|
|
|
1,663
|
|
|
Derivative liabilities
|
|
|
—
|
|
|
|
2,368
|
|
|
Accrued taxes
|
|
|
24,181
|
|
|
|
19,272
|
|
|
Accrued liabilities
|
|
|
36,894
|
|
|
|
35,659
|
|
|
Deferred revenue
|
|
|
99,922
|
|
|
|
88,471
|
|
|
Other current liabilities
|
|
|
7,816
|
|
|
|
7,171
|
|
|
Total Current Liabilities
|
|
|
290,425
|
|
|
|
258,947
|
|
|
Long-term debt, net
|
|
|
2,302,014
|
|
|
|
2,146,993
|
|
|
Other long-term liabilities and deferred credits
|
|
|
19,628
|
|
|
|
18,965
|
|
|
Total Long-term Liabilities
|
|
|
2,321,642
|
|
|
|
2,165,958
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Limited partners (73,199,753 common units outstanding at March 31,
2018 and December 31, 2017)
|
|
|
2,152,036
|
|
|
|
2,109,316
|
|
General partner (834,391 units outstanding at March 31, 2018 and
December 31, 2017)
|
|
|
(640,536
|
)
|
|
|
(625,537
|
)
|
|
Total Partners' Equity
|
|
|
1,511,500
|
|
|
|
1,483,779
|
|
|
Noncontrolling interests
|
|
|
67,312
|
|
|
|
68,669
|
|
|
Total Equity
|
|
|
1,578,812
|
|
|
|
1,552,448
|
|
|
Total Liabilities and Equity
|
|
|
$
|
4,190,879
|
|
|
|
$
|
3,977,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TALLGRASS ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(in thousands, except per unit amounts)
|
|
Revenues:
|
|
|
|
|
|
|
|
Crude oil transportation services
|
|
|
$
|
84,738
|
|
|
|
$
|
84,331
|
|
|
Natural gas transportation services
|
|
|
32,196
|
|
|
|
31,685
|
|
|
Sales of natural gas, NGLs, and crude oil
|
|
|
38,145
|
|
|
|
15,381
|
|
|
Processing and other revenues
|
|
|
24,015
|
|
|
|
13,003
|
|
|
Total Revenues
|
|
|
179,094
|
|
|
|
144,400
|
|
|
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
26,351
|
|
|
|
12,370
|
|
|
Cost of transportation services
|
|
|
10,420
|
|
|
|
13,503
|
|
|
Operations and maintenance
|
|
|
16,399
|
|
|
|
12,903
|
|
|
Depreciation and amortization
|
|
|
26,123
|
|
|
|
21,403
|
|
|
General and administrative
|
|
|
16,367
|
|
|
|
13,663
|
|
|
Taxes, other than income taxes
|
|
|
8,879
|
|
|
|
8,226
|
|
|
Gain on disposal of assets
|
|
|
(9,417
|
)
|
|
|
(1,448
|
)
|
|
Total Operating Costs and Expenses
|
|
|
95,122
|
|
|
|
80,620
|
|
|
Operating Income
|
|
|
83,972
|
|
|
|
63,780
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated investments
|
|
|
53,406
|
|
|
|
20,738
|
|
|
Interest expense, net
|
|
|
(28,184
|
)
|
|
|
(14,689
|
)
|
|
Other income, net
|
|
|
451
|
|
|
|
1,955
|
|
|
Total Other Income (Expense)
|
|
|
25,673
|
|
|
|
8,004
|
|
|
Net income
|
|
|
109,645
|
|
|
|
71,784
|
|
|
Net income attributable to noncontrolling interests
|
|
|
(1,761
|
)
|
|
|
(879
|
)
|
|
Net income attributable to partners
|
|
|
$
|
107,884
|
|
|
|
$
|
70,905
|
|
|
Allocation of income to the limited partners:
|
|
|
|
|
|
|
|
Net income attributable to partners
|
|
|
$
|
107,884
|
|
|
|
$
|
70,905
|
|
|
General partner interest in net income
|
|
|
(41,032
|
)
|
|
|
(30,583
|
)
|
|
Net income available to common unitholders
|
|
|
66,852
|
|
|
|
40,322
|
|
|
Basic net income per common unit
|
|
|
$
|
0.91
|
|
|
|
$
|
0.56
|
|
|
Diluted net income per common unit
|
|
|
$
|
0.91
|
|
|
|
$
|
0.55
|
|
|
Basic average number of common units outstanding
|
|
|
73,200
|
|
|
|
72,544
|
|
|
Diluted average number of common units outstanding
|
|
|
73,675
|
|
|
|
73,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TALLGRASS ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
109,645
|
|
|
|
$
|
71,784
|
|
Adjustments to reconcile net income to net cash flows provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
27,502
|
|
|
|
23,575
|
|
|
Equity in earnings of unconsolidated investments
|
|
|
(53,406
|
)
|
|
|
(20,738
|
)
|
|
Distributions from unconsolidated investments
|
|
|
52,064
|
|
|
|
20,740
|
|
|
Gain on disposal of assets
|
|
|
(9,417
|
)
|
|
|
(1,448
|
)
|
|
Other noncash items, net
|
|
|
148
|
|
|
|
(1,674
|
)
|
|
Changes in components of working capital:
|
|
|
|
|
|
|
|
Accounts receivable and other
|
|
|
(12,015
|
)
|
|
|
2,450
|
|
|
Accounts payable and accrued liabilities
|
|
|
14,775
|
|
|
|
(5,691
|
)
|
|
Deferred revenue
|
|
|
10,750
|
|
|
|
16,202
|
|
|
Other current assets and liabilities
|
|
|
(1,596
|
)
|
|
|
(819
|
)
|
|
Other operating, net
|
|
|
108
|
|
|
|
(140
|
)
|
|
Net Cash Provided by Operating Activities
|
|
|
138,558
|
|
|
|
104,241
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
Acquisition of BNN North Dakota, net of cash acquired
|
|
|
(95,000
|
)
|
|
|
—
|
|
|
Capital expenditures
|
|
|
(58,760
|
)
|
|
|
(26,769
|
)
|
|
Sale of Tallgrass Crude Gathering
|
|
|
50,046
|
|
|
|
—
|
|
|
Acquisition of 38% membership interest in Deeprock North
|
|
|
(19,500
|
)
|
|
|
—
|
|
Distributions from unconsolidated investments in excess of
cumulative earnings
|
|
|
13,793
|
|
|
|
10,079
|
|
|
Acquisition of Rockies Express membership interest
|
|
|
—
|
|
|
|
(400,000
|
)
|
|
Acquisition of Terminals and NatGas
|
|
|
—
|
|
|
|
(140,000
|
)
|
|
Other investing, net
|
|
|
(19,616
|
)
|
|
|
(5,352
|
)
|
|
Net Cash Used in Investing Activities
|
|
|
(129,037
|
)
|
|
|
(562,042
|
)
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
Borrowings under revolving credit facility, net
|
|
|
155,000
|
|
|
|
552,000
|
|
|
Distributions to unitholders
|
|
|
(111,014
|
)
|
|
|
(88,159
|
)
|
|
Acquisition of Pony Express membership interest
|
|
|
(50,000
|
)
|
|
|
—
|
|
|
Proceeds from public offering, net of offering costs
|
|
|
—
|
|
|
|
99,373
|
|
|
Partial exercise of call option
|
|
|
—
|
|
|
|
(72,381
|
)
|
|
Repurchase of common units from TD
|
|
|
—
|
|
|
|
(35,335
|
)
|
|
Other financing, net
|
|
|
(1,251
|
)
|
|
|
1,628
|
|
|
Net Cash (Used in) Provided by Financing Activities
|
|
|
(7,265
|
)
|
|
|
457,126
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
2,256
|
|
|
|
(675
|
)
|
|
Cash and Cash Equivalents, beginning of period
|
|
|
1,809
|
|
|
|
1,873
|
|
|
Cash and Cash Equivalents, end of period
|
|
|
$
|
4,065
|
|
|
|
$
|
1,198
|
|
|
Schedule of Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
Contribution of 38% membership interest in Deeprock North to
Deeprock Development
|
|
|
$
|
(19,500
|
)
|
|
|
$
|
—
|
|
Issuance of noncontrolling interests in Deeprock Development in
exchange for 62% membership interest in Deeprock North
|
|
|
$
|
(31,843
|
)
|
|
|
$
|
—
|
|
|
Increase in accrual for payment of property, plant and equipment
|
|
|
$
|
1,336
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TALLGRASS ENERGY GP, LP
CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
TEP
|
|
|
Consolidating
Adjustments (1)
|
|
|
TEGP
|
|
|
TEP
|
|
|
Consolidating
Adjustments (1)
|
|
|
TEGP
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
4,065
|
|
|
|
$
|
190
|
|
|
|
$
|
4,255
|
|
|
|
$
|
1,809
|
|
|
|
$
|
784
|
|
|
|
$
|
2,593
|
|
Accounts receivable, net
|
|
|
131,401
|
|
|
|
—
|
|
|
|
131,401
|
|
|
|
118,615
|
|
|
|
—
|
|
|
|
118,615
|
|
Receivable from related parties
|
|
|
4,472
|
|
|
|
—
|
|
|
|
4,472
|
|
|
|
1,340
|
|
|
|
—
|
|
|
|
1,340
|
|
Gas imbalances
|
|
|
822
|
|
|
|
—
|
|
|
|
822
|
|
|
|
1,990
|
|
|
|
—
|
|
|
|
1,990
|
|
Inventories
|
|
|
32,147
|
|
|
|
—
|
|
|
|
32,147
|
|
|
|
21,609
|
|
|
|
—
|
|
|
|
21,609
|
|
Derivative assets
|
|
|
306
|
|
|
|
—
|
|
|
|
306
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Prepayments and other current assets
|
|
|
10,946
|
|
|
|
74
|
|
|
|
11,020
|
|
|
|
11,175
|
|
|
|
—
|
|
|
|
11,175
|
|
Total Current Assets
|
|
|
184,159
|
|
|
|
264
|
|
|
|
184,423
|
|
|
|
156,538
|
|
|
|
784
|
|
|
|
157,322
|
|
Property, plant and equipment, net
|
|
|
2,498,715
|
|
|
|
—
|
|
|
|
2,498,715
|
|
|
|
2,394,337
|
|
|
|
—
|
|
|
|
2,394,337
|
|
Goodwill
|
|
|
404,838
|
|
|
|
—
|
|
|
|
404,838
|
|
|
|
404,838
|
|
|
|
—
|
|
|
|
404,838
|
|
Intangible assets, net
|
|
|
136,554
|
|
|
|
—
|
|
|
|
136,554
|
|
|
|
97,731
|
|
|
|
—
|
|
|
|
97,731
|
|
Unconsolidated investments
|
|
|
950,587
|
|
|
|
495,452
|
|
|
|
1,446,039
|
|
|
|
909,531
|
|
|
|
—
|
|
|
|
909,531
|
|
Deferred tax asset
|
|
|
—
|
|
|
|
306,304
|
|
|
|
306,304
|
|
|
|
—
|
|
|
|
312,997
|
|
|
|
312,997
|
|
Deferred financing costs, net
|
|
|
11,008
|
|
|
|
761
|
|
|
|
11,769
|
|
|
|
11,684
|
|
|
|
879
|
|
|
|
12,563
|
|
Deferred charges and other assets
|
|
|
5,018
|
|
|
|
—
|
|
|
|
5,018
|
|
|
|
2,694
|
|
|
|
—
|
|
|
|
2,694
|
|
Total Assets
|
|
|
$
|
4,190,879
|
|
|
|
$
|
802,781
|
|
|
|
$
|
4,993,660
|
|
|
|
$
|
3,977,353
|
|
|
|
$
|
314,660
|
|
|
|
$
|
4,292,013
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
119,932
|
|
|
|
$
|
1,440
|
|
|
|
$
|
121,372
|
|
|
|
$
|
98,882
|
|
|
|
$
|
—
|
|
|
|
$
|
98,882
|
|
Accounts payable to related parties
|
|
|
64
|
|
|
|
(64
|
)
|
|
|
—
|
|
|
|
5,461
|
|
|
|
(119
|
)
|
|
|
5,342
|
|
Gas imbalances
|
|
|
1,616
|
|
|
|
—
|
|
|
|
1,616
|
|
|
|
1,663
|
|
|
|
—
|
|
|
|
1,663
|
|
Derivative liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,368
|
|
|
|
—
|
|
|
|
2,368
|
|
Accrued taxes
|
|
|
24,181
|
|
|
|
—
|
|
|
|
24,181
|
|
|
|
19,272
|
|
|
|
—
|
|
|
|
19,272
|
|
Accrued liabilities
|
|
|
36,894
|
|
|
|
134
|
|
|
|
37,028
|
|
|
|
35,659
|
|
|
|
48
|
|
|
|
35,707
|
|
Deferred revenue
|
|
|
99,922
|
|
|
|
—
|
|
|
|
99,922
|
|
|
|
88,471
|
|
|
|
—
|
|
|
|
88,471
|
|
Other current liabilities
|
|
|
7,816
|
|
|
|
—
|
|
|
|
7,816
|
|
|
|
7,171
|
|
|
|
—
|
|
|
|
7,171
|
|
Total Current Liabilities
|
|
|
290,425
|
|
|
|
1,510
|
|
|
|
291,935
|
|
|
|
258,947
|
|
|
|
(71
|
)
|
|
|
258,876
|
|
Long-term debt, net
|
|
|
2,302,014
|
|
|
|
124,000
|
|
|
|
2,426,014
|
|
|
|
2,146,993
|
|
|
|
146,000
|
|
|
|
2,292,993
|
|
Other long-term liabilities and deferred credits
|
|
|
19,628
|
|
|
|
—
|
|
|
|
19,628
|
|
|
|
18,965
|
|
|
|
—
|
|
|
|
18,965
|
|
Total Long-term Liabilities
|
|
|
2,321,642
|
|
|
|
124,000
|
|
|
|
2,445,642
|
|
|
|
2,165,958
|
|
|
|
146,000
|
|
|
|
2,311,958
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Partners' Equity
|
|
|
1,511,500
|
|
|
|
(1,495,885
|
)
|
|
|
15,615
|
|
|
|
1,483,779
|
|
|
|
(1,435,166
|
)
|
|
|
48,613
|
|
Noncontrolling interests
|
|
|
67,312
|
|
|
|
2,173,156
|
|
|
|
2,240,468
|
|
|
|
68,669
|
|
|
|
1,603,897
|
|
|
|
1,672,566
|
|
Total Equity
|
|
|
1,578,812
|
|
|
|
677,271
|
|
|
|
2,256,083
|
|
|
|
1,552,448
|
|
|
|
168,731
|
|
|
|
1,721,179
|
|
Total Liabilities and Equity
|
|
|
$
|
4,190,879
|
|
|
|
$
|
802,781
|
|
|
|
$
|
4,993,660
|
|
|
|
$
|
3,977,353
|
|
|
|
$
|
314,660
|
|
|
|
$
|
4,292,013
|
|
(1)
|
|
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for TEGP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TALLGRASS ENERGY GP, LP
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
|
TEP
|
|
|
Consolidating
Adjustments (1)
|
|
|
TEGP
|
|
|
TEP
|
|
|
Consolidating
Adjustments (1)
|
|
|
TEGP
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil transportation services
|
|
|
$
|
84,738
|
|
|
|
$
|
—
|
|
|
|
$
|
84,738
|
|
|
|
$
|
84,331
|
|
|
|
$
|
—
|
|
|
|
$
|
84,331
|
|
|
Natural gas transportation services
|
|
|
32,196
|
|
|
|
—
|
|
|
|
32,196
|
|
|
|
31,685
|
|
|
|
—
|
|
|
|
31,685
|
|
|
Sales of natural gas, NGLs, and crude oil
|
|
|
38,145
|
|
|
|
—
|
|
|
|
38,145
|
|
|
|
15,381
|
|
|
|
—
|
|
|
|
15,381
|
|
|
Processing and other revenues
|
|
|
24,015
|
|
|
|
—
|
|
|
|
24,015
|
|
|
|
13,003
|
|
|
|
—
|
|
|
|
13,003
|
|
|
Total Revenues
|
|
|
179,094
|
|
|
|
—
|
|
|
|
179,094
|
|
|
|
144,400
|
|
|
|
—
|
|
|
|
144,400
|
|
|
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
26,351
|
|
|
|
—
|
|
|
|
26,351
|
|
|
|
12,370
|
|
|
|
—
|
|
|
|
12,370
|
|
|
Cost of transportation services
|
|
|
10,420
|
|
|
|
—
|
|
|
|
10,420
|
|
|
|
13,503
|
|
|
|
—
|
|
|
|
13,503
|
|
|
Operations and maintenance
|
|
|
16,399
|
|
|
|
—
|
|
|
|
16,399
|
|
|
|
12,903
|
|
|
|
—
|
|
|
|
12,903
|
|
|
Depreciation and amortization
|
|
|
26,123
|
|
|
|
—
|
|
|
|
26,123
|
|
|
|
21,403
|
|
|
|
—
|
|
|
|
21,403
|
|
|
General and administrative
|
|
|
16,367
|
|
|
|
2,059
|
|
|
|
18,426
|
|
|
|
13,663
|
|
|
|
554
|
|
|
|
14,217
|
|
|
Taxes, other than income taxes
|
|
|
8,879
|
|
|
|
—
|
|
|
|
8,879
|
|
|
|
8,226
|
|
|
|
—
|
|
|
|
8,226
|
|
|
Gain on disposal of assets
|
|
|
(9,417
|
)
|
|
|
—
|
|
|
|
(9,417
|
)
|
|
|
(1,448
|
)
|
|
|
—
|
|
|
|
(1,448
|
)
|
|
Total Operating Costs and Expenses
|
|
|
95,122
|
|
|
|
2,059
|
|
|
|
97,181
|
|
|
|
80,620
|
|
|
|
554
|
|
|
|
81,174
|
|
|
Operating Income
|
|
|
83,972
|
|
|
|
(2,059
|
)
|
|
|
81,913
|
|
|
|
63,780
|
|
|
|
(554
|
)
|
|
|
63,226
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated investments
|
|
|
53,406
|
|
|
|
14,996
|
|
|
|
68,402
|
|
|
|
20,738
|
|
|
|
—
|
|
|
|
20,738
|
|
|
Interest expense, net
|
|
|
(28,184
|
)
|
|
|
(1,577
|
)
|
|
|
(29,761
|
)
|
|
|
(14,689
|
)
|
|
|
(1,328
|
)
|
|
|
(16,017
|
)
|
|
Other income, net
|
|
|
451
|
|
|
|
—
|
|
|
|
451
|
|
|
|
1,955
|
|
|
|
—
|
|
|
|
1,955
|
|
|
Total Other Income (Expense)
|
|
|
25,673
|
|
|
|
13,419
|
|
|
|
39,092
|
|
|
|
8,004
|
|
|
|
(1,328
|
)
|
|
|
6,676
|
|
|
Net income before tax
|
|
|
109,645
|
|
|
|
11,360
|
|
|
|
121,005
|
|
|
|
71,784
|
|
|
|
(1,882
|
)
|
|
|
69,902
|
|
|
Deferred income tax expense
|
|
|
—
|
|
|
|
(6,692
|
)
|
|
|
(6,692
|
)
|
|
|
—
|
|
|
|
(2,664
|
)
|
|
|
(2,664
|
)
|
|
Net income
|
|
|
109,645
|
|
|
|
4,668
|
|
|
|
114,313
|
|
|
|
71,784
|
|
|
|
(4,546
|
)
|
|
|
67,238
|
|
|
Net income attributable to noncontrolling interests
|
|
|
(1,761
|
)
|
|
|
(95,817
|
)
|
|
|
(97,578
|
)
|
|
|
(879
|
)
|
|
|
(54,330
|
)
|
|
|
(55,209
|
)
|
|
Net income attributable to TEGP
|
|
|
$
|
107,884
|
|
|
|
$
|
(91,149
|
)
|
|
|
$
|
16,735
|
|
|
|
$
|
70,905
|
|
|
|
$
|
(58,876
|
)
|
|
|
$
|
12,029
|
|
|
Allocation of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to TEGP
|
|
|
|
|
|
|
|
|
$
|
16,735
|
|
|
|
|
|
|
|
|
|
$
|
12,029
|
|
|
Basic net income per Class A share
|
|
|
|
|
|
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
$
|
0.21
|
|
|
Diluted net income per Class A share
|
|
|
|
|
|
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
$
|
0.21
|
|
|
Basic average number of Class A shares outstanding
|
|
|
|
|
|
|
|
|
58,085
|
|
|
|
|
|
|
|
|
|
58,075
|
|
|
Diluted average number of Class A shares outstanding
|
|
|
|
|
|
|
|
|
58,210
|
|
|
|
|
|
|
|
|
|
58,165
|
|
|
(1)
|
|
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for TEGP.
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503005197/en/
Copyright Business Wire 2018
Source: Business Wire
(May 3, 2018 - 6:45 AM EDT)
News by QuoteMedia
www.quotemedia.com |
