Dominion Midstream Partners Announces First-Quarter 2017 Earnings

Dominion Midstream Partners, LP

Schedule A- Consolidated Statements of Income*

(Unaudited)

 Three Months Ended 

 March 31, 

2017

2016

(millions, except per unit data)

Operating Revenue

$  130.2

$  83.0

Operating Expenses

Purchased gas

12.2

0.9

Other operations and maintenance

31.1

20.0

Depreciation and amortization

24.9

10.0

Other taxes

9.3

7.3

77.5

38.2

52.7

44.8

Earnings from equity method investees

8.0

6.4

Other income

1.3

0.5

Interest and related charges (benefit)

7.7

(0.1)

Net income including noncontrolling interest 

$    54.3

$  51.8

Less: Net income attributable to noncontrolling interest

2.1

28.7

Net income attributable to partners

$    52.2

$  23.1

Net income attributable to partners' ownership interest

  Preferred unitholders' interest in net income

$      9.5

$      -

  General partner's interest in net income

2.7

0.4

  Common unitholders' interest in net income

27.1

13.4

  Subordinated unitholder's interest in net income

12.9

9.3

Net income per limited partner unit (basic)

  Common units

$    0.40

$  0.29

  Subordinated units 

$    0.40

$  0.29

Net income per limited partner unit (diluted)

  Common units

$    0.37

$  0.29

  Subordinated units 

$    0.40

$  0.29

* The notes contained in Dominion 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 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 

March 31,

2017

2016

(millions)

Net income including noncontrolling interest 

$  54.3

$  51.8

Add:

Depreciation and amortization

24.9

10.0

Interest and related charges (benefit)

7.7

(0.1)

EBITDA

$  86.9

$  61.7

Distributions from equity method investees

7.0

5.8

Less:

Earnings from equity method investees

8.0

6.4

EBITDA attributable to noncontrolling interest

10.5

36.2

Adjusted EBITDA

$  75.4

$  24.9

* The notes contained in Dominion 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 Midstream Partners, LP

Schedule C- Summary of Consolidated Statements of Cash Flows*

(Unaudited)

 Three Months Ended 

 March 31, 

2017

2016

(millions)

Cash flows from operating activities:

Net income including noncontrolling interest 

$      54.3

$      51.8

Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities

56.0

16.7

Net cash provided by operating activities

$   110.3

$      68.5

Net cash used in investing activities

$ (361.8)

$ (299.8)

Net cash provided by financing activities

$   303.0

$   231.7

Cash and cash equivalents at  beginning of period

39.6

35.0

Cash and cash equivalents at end of period

$      91.1

$      35.4

* The notes contained in Dominion 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 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.  

March 31,

2017

2016

(millions)

Net cash provided by operating activities

$  110.3

$  68.5

Less:

Cash attributable to noncontrolling interest

18.8

40.7

Other changes in working capital and noncash adjustments

(16.4)

(2.9)

0.3

-

Adjusted EBITDA

$    75.4

$  24.9

Adjustments to cash:

Less:             Distributions to preferred unitholders

(9.5)

-

Plus (less):   Deferred revenue

(0.1)

2.0

Less:             Amortization of regulatory liability

(0.7)

(0.7)

Less:             Maintenance capital expenditures

(13.2)

(5.5)

Plus:             Acquisition costs funded by Dominion

0.2

-

Less:             Interest expense and AFUDC equity

(8.1)

(0.5)

Plus:             Non-cash director compensation

0.1

0.1

$    44.1

$  20.3

* The notes contained in Dominion 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 Midstream Partners, LP

Schedule E- Selected Financial Data*

(Unaudited)

Three Months Ended

March 31,

2017

2016

(millions)

Adjusted EBITDA

$  75.4

$        24.9

Adjustments to cash:

Less:             Distributions to preferred unitholders

(9.5)

-

Plus (less):   Deferred revenue

(0.1)

2.0

Less:             Amortization of regulatory liability

(0.7)

(0.7)

Less:             Maintenance capital expenditures

(13.2)

(5.5)

Plus:             Acquisition costs funded by Dominion

0.2

-

Less:             Interest expense and AFUDC equity

(8.1)

(0.5)

Plus:             Non-cash director compensation

0.1

0.1

Distributable Cash Flow

$  44.1

$        20.3

Distributions:

Incentive distribution rights

2.9

0.4

Common unitholders

18.4

10.3

Subordinated unitholder

8.8

7.1

Total distributions

$  30.1

$        17.8

Coverage Ratio

1.47x

1.14x

* The notes contained in Dominion 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.