Columbia Pipeline Partners LP (CPPL) reported its first-quarter 2016 financial and operating results on May 3. Robert C. Skaggs Jr., chairman and CEO of CPP GP LLC, the general partner, said that CPP had another solid quarter.
Net income attributable to limited partners was $27.3 million, higher than first-quarter 2015’s $13.3 million.
The adjusted EBITDA for first-quarter 2016 was $34.3 million, higher than first-quarter 2016’s $18.2 million.
Regarding its balance sheet, CPPL has a $500 million revolving credit facility, under which $15 million was drawn as of March 31.
CPPL’s growth and modernization capex totaled $362.9 million for the first quarter. The total was primarily due to the Leach XPress, Rayne XPress and Cameron Access projects and also, the Columbia Gas Transmission modernization program.
Operating revenues, excluding the impact of a $10.1 million decrease in trackers, which is offset in expense, increased by $34.4 million. The increase was primarily due to higher demand margin revenue from growth projects placed into service, partially offset by a decrease in mineral rights royalty revenue.
Operating expenses, excluding the impact of a $10.1 million decrease in trackers, which is offset in revenues, increased by $15.4 million. The increase was primarily due to higher various expenses and by outside service costs.
Equity earnings increased by $0.9 million.
Other income (deductions) for the first quarter of 2016 reduced income by $1.7 million, compared with a reduction in income of $7.1 million in the same period in 2015.
CPG, the parent of CPPL’s general partner, will merge with a subsidiary of TransCanada Corp.; the merger is scheduled to close in 2016’s second half. Upon closing, CPPL will remain a publicly traded partnership.
Columbia Pipeline Partners LP is based in Houston.
Recommended Reading
What's Affecting Oil Prices This Week? (March 25, 2024)
2024-03-25 - On average, Stratas Advisors are forecasting that oil supply will be at a deficit of 840,000 bbl/d in 2024.
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
2024-03-25 - Russia plans to gradually ease the export cuts and focus on only reducing output.
Oil Broadly Steady After Surprise US Crude Stock Drop
2024-03-21 - Stockpiles unexpectedly declined by 2 MMbbl to 445 MMbbl in the week ended March 15, as exports rose and refiners continued to increase activity.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.