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.
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