dm-10q_20180630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

______________________________

 

Commission File

Number

 

Exact name of registrant as specified in its charter, address of

principal executive office and registrant’s telephone number

 

I.R.S. Employer

Identification Number

001-36684

 

Dominion Energy Midstream Partners, LP

 

46-5135781

 

 

 

 

120 Tredegar Street

Richmond, Virginia 23219

(804) 819-2000

 

 

 

State or other jurisdiction of incorporation or organization of the registrant: Delaware

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filerAccelerated filerEmerging growth company

Non-accelerated filerSmaller reporting company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 

The registrant had 126,607,641 common units outstanding at July 13, 2018.

 

 


 

INDEX

 

 

 

Page

Number

 

 

 

 

Glossary of Terms

3

 

 

 

 

PART I. Financial Information

 

 

 

 

Item 1.

Financial Statements

6

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

 

 

 

Item 4.

Controls and Procedures

42

 

 

 

 

PART II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

43

 

 

 

Item 1A.

Risk Factors

43

 

 

 

Item 5.

Other Information

43

 

 

 

Item 6.

Exhibits

45

 

 

 

2


 

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

 

Abbreviation or Acronym

 

Definition

 

 

 

2005 Agreement

 

An agreement effective March 1, 2005, which Cove Point entered into with the Sierra Club and the Maryland Conservation Council, Inc.

 

 

 

2017 Tax Reform Act

 

An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as the Tax Cuts and Jobs Act) enacted on December 22, 2017

 

 

 

Additional Return Distributions

 

The additional cash distribution equal to 3.0% of Cove Point’s Modified Net Operating Income in excess of $600 million distributed each year

 

 

 

Adjusted EBITDA

 

EBITDA after adjustment for EBITDA attributable to predecessors and a noncontrolling interest in Cove Point held by Dominion Energy, less income from equity method investees, plus distributions from equity method investees

 

 

 

AFUDC

 

Allowance for funds used during construction

 

 

 

AOCI

 

Accumulated other comprehensive income (loss)

 

 

 

ARO

 

Asset retirement obligation

 

 

 

CEO

 

Chief Executive Officer

 

 

 

CFO

 

Chief Financial Officer

 

 

 

Charleston Project

 

Project to provide 80,000 Dths/day of firm transportation service from an existing interconnect with Transco in Spartanburg County, South Carolina to customers in Dillon, Marlboro, Sumter, Charleston, Lexington and Richland counties, South Carolina

 

 

 

Cove Point

 

Dominion Energy Cove Point LNG, LP

 

 

 

Cove Point LNG Facility

 

An LNG terminalling and storage facility located on the Chesapeake Bay in Lusby, Maryland owned by Cove Point

 

 

 

Cove Point Pipeline

 

An approximately 136-mile natural gas pipeline owned by Cove Point that connects the Cove Point LNG Facility to interstate natural gas pipelines

 

 

 

Credit Agreement First Amendment

 

First Amendment, dated as of August 1, 2018, to the Revolving Credit Agreement

 

 

 

DECG

 

Dominion Energy Carolina Gas Transmission, LLC

 

 

 

DECG Acquisition

 

The acquisition of DECG by Dominion Energy Midstream from Dominion Energy on April 1, 2015

 

 

 

DECGS

 

Dominion Energy Carolina Gas Services, Inc.

 

 

 

DEQPS

 

Dominion Energy Questar Pipeline Services, Inc.

 

 

 

DES

 

Dominion Energy Services, Inc.

 

 

 

Dominion Energy

 

The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Dominion Energy Midstream GP, LLC and its subsidiaries) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries

 

 

 

Dominion Energy Midstream

 

The legal entity, Dominion Energy Midstream Partners, LP, one or more of its consolidated subsidiaries, Cove Point GP Holding Company, LLC, Iroquois GP Holding Company, LLC, DECG and Dominion Energy Questar Pipeline, or the entirety of Dominion Energy Midstream Partners, LP and its consolidated subsidiaries

 

 

 

Dominion Energy Midstream GP

 

The legal entity, Dominion Energy Midstream GP, LLC

 

 

 

Dominion Energy Questar Pipeline

 

The legal entity, Dominion Energy Questar Pipeline, LLC, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries

 

 

 

3


 

Abbreviation or Acronym

 

Definition

 

 

 

Dominion Energy Questar Pipeline Acquisition

 

The acquisition of Dominion Energy Questar Pipeline by Dominion Energy Midstream from Dominion Energy on December 1, 2016

 

 

 

Dth

 

Dekatherm

 

 

 

Eastern Market Access Project

 

Project to provide 294,000 Dths/day of firm transportation service to help meet demand for natural gas for Washington Gas Light Company, a local gas utility serving customers in D.C., Virginia and Maryland, and Mattawoman Energy, LLC for its new electric power generation facility to be built in Maryland

 

 

 

EBITDA

 

Earnings before interest and associated charges, income tax expense, depreciation and amortization

 

 

 

EPA

 

U.S Environmental Protection Agency

 

 

 

Export Customers

 

ST Cove Point, LLC, a joint venture of Sumitomo Corporation and Tokyo Gas Co., LTD., and GAIL Global (USA) LNG, LLC

 

 

 

FERC

 

Federal Energy Regulatory Commission

 

 

 

GAAP

 

U.S. generally accepted accounting principles

 

 

 

Gas Infrastructure

 

Gas Infrastructure Group operating segment

 

 

 

GHG

 

Greenhouse gas

 

 

 

Hyrum Project

 

Project to provide 100,000 Dths/day of firm transportation service to help meet growing demand for natural gas for Questar Gas Company, an affiliated local gas utility serving customers in Utah, Wyoming and Idaho

 

 

 

IDR

 

Incentive distribution right

 

 

 

Import Shippers

 

The three LNG import shippers consisting of BP Energy Company, Shell NA LNG, Inc. and Statoil Natural Gas, LLC

 

 

 

Iroquois

 

Iroquois Gas Transmission System, L.P.

 

 

 

Keys Energy Project

 

Project to provide 107,000 Dths/day of firm transportation service from Cove Point’s interconnect with Transco in Fairfax County, Virginia to Keys Energy Center, LLC’s power generating facility in Prince George’s County, Maryland

 

 

 

Liquefaction Project

 

A natural gas export/liquefaction facility at Cove Point

 

 

 

LNG

 

Liquefied natural gas

 

 

 

MD&A

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

MLP

 

Master limited partnership, equivalent to publicly traded partnership

 

 

 

Modified Net Operating Income

 

Cove Point’s Net Operating Income plus any interest expense included in the computation of Net Operating Income

 

 

 

Net Operating Income

 

Cove Point’s gross revenues from operations minus its interest expense and operating expenses, but excluding depreciation and amortization, as determined for U.S. federal income tax purposes

 

 

 

NGA

 

Natural Gas Act of 1938, as amended

 

 

 

NGL

 

Natural gas liquid

 

 

 

NYSE

 

New York Stock Exchange

 

 

 

Offering

 

The initial public offering of common units of Dominion Energy Midstream

 

 

 

Overthrust

 

Dominion Energy Overthrust Pipeline, LLC, a wholly-owned subsidiary of Dominion Energy Questar Pipeline

 

 

 

Preferred Equity Interest

 

A perpetual, non-convertible preferred equity interest in Cove Point entitled to the Preferred Return Distributions and the Additional Return Distributions

 

 

 

4


 

Abbreviation or Acronym

 

Definition

 

 

 

Preferred Return Distributions

 

The first $50.0 million of annual cash distributions made by Cove Point

 

 

 

Revolving Credit Agreement

 

Revolving Credit Agreement, dated as of March 20, 2018, among Dominion Energy Midstream, the several banks and other financial institutions from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents party thereto

 

 

 

SCE&G

 

South Carolina Electric & Gas Company, a wholly-owned subsidiary of SCANA Corporation

 

 

 

SEC

 

Securities and Exchange Commission

 

 

 

Series A Preferred Units

 

Series A convertible preferred units representing limited partner interests in Dominion Energy Midstream, issued in December 2016

 

 

 

Storage Customers

 

The four local distribution companies that receive firm peaking services from Cove Point, consisting of Atlanta Gas Light Company, Public Service Company of North Carolina, Incorporated, Virginia Natural Gas, Inc. and Washington Gas Light Company

 

 

 

Term Loan Agreement

 

Term Loan Agreement, dated as of October 28, 2016, among Dominion Energy Midstream, QPC Holding Company, the several banks and other financial institutions from time to time parties thereto, Royal Bank of Canada, as administrative agent, and the other agents party thereto

 

 

 

Term Loan First Amendment

 

First Amendment, dated as of August 1, 2018, to the Term Loan Agreement

 

 

 

Transco

 

Transcontinental Gas Pipe Line Company, LLC

 

 

 

VIE

 

Variable interest entity

 

 

 

White River Hub

 

White River Hub, LLC

 

5


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

(millions, except per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue(1)

 

$

247.6

 

 

$

115.7

 

 

$

357.7

 

 

$

245.9

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased gas and other(1)

 

 

2.3

 

 

 

9.8

 

 

 

12.6

 

 

 

22.0

 

Other operations and maintenance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliated suppliers

 

 

21.8

 

 

 

16.9

 

 

 

41.2

 

 

 

32.5

 

Other

 

 

33.3

 

 

 

21.2

 

 

 

51.5

 

 

 

36.7

 

Depreciation and amortization

 

 

47.3

 

 

 

25.4

 

 

 

71.8

 

 

 

50.3

 

Other taxes

 

 

9.5

 

 

 

9.2

 

 

 

19.2

 

 

 

18.5

 

Total operating expenses

 

 

114.2

 

 

 

82.5

 

 

 

196.3

 

 

 

160.0

 

Income from operations

 

 

133.4

 

 

 

33.2

 

 

 

161.4

 

 

 

85.9

 

Earnings from equity method investees

 

 

6.1

 

 

 

5.2

 

 

 

17.1

 

 

 

13.2

 

Other income

 

 

1.4

 

 

 

1.3

 

 

 

3.2

 

 

 

2.6

 

Interest and related charges(1)

 

 

8.9

 

 

 

8.1

 

 

 

15.8

 

 

 

15.8

 

Net income including noncontrolling interest and

   predecessors

 

 

132.0

 

 

 

31.6

 

 

 

165.9

 

 

 

85.9

 

Less: Net income (loss) attributable to noncontrolling interest

 

 

84.1

 

 

 

(10.4

)

 

 

60.7

 

 

 

(8.3

)

Net income attributable to partners

 

$

47.9

 

 

$

42.0

 

 

$

105.2

 

 

$

94.2

 

Net income attributable to partners' ownership interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred unitholders' interest in net income

 

$

9.5

 

 

$

9.5

 

 

$

19.0

 

 

$

19.0

 

General partner's interest in net income

 

 

 

 

 

0.3

 

 

 

8.9

 

 

 

3.0

 

Common unitholders' interest in net income

 

 

38.4

 

 

 

21.8

 

 

 

64.8

 

 

 

48.9

 

Subordinated unitholder's interest in net income

 

 

 

 

 

10.4

 

 

 

12.5

 

 

 

23.3

 

Net income (loss) per limited partner unit (basic)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

$

0.46

 

 

$

0.33

 

 

$

0.87

 

 

$

0.73

 

Subordinated units

 

 

(0.06

)

 

 

0.33

 

 

 

0.44

 

 

 

0.73

 

Net income (loss) per limited partner unit (diluted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

$

0.42

 

 

$

0.31

 

 

$

0.78

 

 

$

0.67

 

Subordinated units

 

 

(0.06

)

 

 

0.33

 

 

 

0.44

 

 

 

0.73

 

(1)

See Note 16 for amounts attributable to related parties.

 

The accompanying notes are an integral part of Dominion Energy Midstream’s Consolidated Financial Statements.

 

 

6


 

DOMINION ENERGY MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interest and predecessors

 

$

132.0

 

 

$

31.6

 

 

$

165.9

 

 

$

85.9

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred gains (losses) on derivatives-hedging activities

 

 

0.5

 

 

 

(1.0

)

 

 

2.5

 

 

 

(1.5

)

Amounts reclassified to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net derivative (gains) losses-hedging activities

 

 

(0.2

)

 

 

0.6

 

 

 

(0.1

)

 

 

0.6

 

Other comprehensive income (loss)

 

 

0.3

 

 

 

(0.4

)

 

 

2.4

 

 

 

(0.9

)

Comprehensive income including noncontrolling interest and

   predecessors

 

 

132.3

 

 

 

31.2

 

 

 

168.3

 

 

 

85.0

 

Comprehensive income (loss) attributable to noncontrolling

   interests

 

 

84.1

 

 

 

(10.4

)

 

 

60.7

 

 

 

(8.3

)

Comprehensive income attributable to partners

 

$

48.2

 

 

$

41.6

 

 

$

107.6

 

 

$

93.3

 

 

The accompanying notes are an integral part of Dominion Energy Midstream’s Consolidated Financial Statements.

 

7


 

DOMINION ENERGY MIDSTREAM PARTNERS, LP

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

2018

 

 

December 31,

2017(1)

 

(millions)

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

61.8

 

 

$

11.0

 

Restricted cash and equivalents

 

 

120.7

 

 

 

12.7

 

Customer and other receivables (less allowance for doubtful accounts of $0.3 and

   $0.2)

 

 

72.0

 

 

 

32.1

 

Affiliated receivables

 

 

11.8

 

 

 

14.1

 

Prepayments

 

 

5.1

 

 

 

11.3

 

Inventories

 

 

41.8

 

 

 

31.4

 

Regulatory assets

 

 

3.6

 

 

 

14.5

 

Other(2)

 

 

17.8

 

 

 

13.6

 

Total current assets

 

 

334.6

 

 

 

140.7

 

Investment in Equity Method Affiliates

 

 

253.7

 

 

 

253.8

 

Property, Plant and Equipment

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

7,922.1

 

 

 

7,788.9

 

Accumulated depreciation and amortization

 

 

(1,163.6

)

 

 

(1,101.5

)

Total property, plant and equipment, net

 

 

6,758.5

 

 

 

6,687.4

 

Deferred Charges and Other Assets

 

 

 

 

 

 

 

 

Goodwill

 

 

819.2

 

 

 

819.2

 

Intangible assets, net

 

 

59.2

 

 

 

35.1

 

Other(2)

 

 

48.0

 

 

 

44.1

 

Total deferred charges and other assets

 

 

926.4

 

 

 

898.4

 

Total assets

 

$

8,273.2

 

 

$

7,980.3

 

 

(1)

Dominion Energy Midstream's Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date.

(2)

See Note 16 for amounts attributable to related parties.

The accompanying notes are an integral part of Dominion Energy Midstream's Consolidated Financial Statements.

8


 

DOMINION ENERGY MIDSTREAM PARTNERS, LP

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Unaudited)

 

 

 

June 30,

2018

 

 

December 31,

2017(1)

 

(millions)

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY AND PARTNERS' CAPITAL

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Securities due within one year

 

$

5.0

 

 

$

5.0

 

Accounts payable

 

 

24.6

 

 

 

26.5

 

Payables to affiliates

 

 

11.4

 

 

 

12.7

 

Dominion Energy credit facility borrowings

 

 

 

 

 

26.4

 

Customer deposits

 

 

125.1

 

 

 

1.1

 

Other(2)

 

 

70.1

 

 

 

75.4

 

Total current liabilities

 

 

236.2

 

 

 

147.1

 

Long-Term Debt

 

 

 

 

 

 

 

 

Long-term debt

 

 

724.3

 

 

 

725.7

 

Credit facility borrowings

 

 

73.0

 

 

 

 

Total long-term debt

 

 

797.3

 

 

 

725.7

 

Deferred Credits and Other Liabilities

 

 

 

 

 

 

 

 

Regulatory liabilities

 

 

133.7

 

 

 

131.1

 

CPCN obligation

 

 

5.5

 

 

 

13.3

 

Other(2)

 

 

58.2

 

 

 

67.9

 

Total deferred credits and other liabilities

 

 

197.4

 

 

 

212.3

 

Total liabilities

 

 

1,230.9

 

 

 

1,085.1

 

Commitments and Contingencies (see Note 14)

 

 

 

 

 

 

 

 

Equity and Partners' Capital

 

 

 

 

 

 

 

 

Preferred unitholders - public (18,942,714 units issued and outstanding at

   June 30, 2018 and December 31, 2017)

 

 

496.0

 

 

 

496.0

 

Preferred unitholder - Dominion Energy (11,365,628 units issued and outstanding at

   June 30, 2018 and December 31, 2017)

 

 

303.6

 

 

 

303.6

 

Common unitholders - public (49,455,142 and 49,318,899 units issued and

   outstanding at June 30, 2018 and December 31, 2017, respectively)

 

 

1,121.7

 

 

 

1,115.6

 

Common unitholder - Dominion Energy (50,477,417 and 18,504,628 units issued

   and outstanding at June 30, 2018 and December 31, 2017, respectively)

 

 

958.1

 

 

 

463.2

 

Common unitholder - General Partner (26,675,082 and --- units issued

   and outstanding at June 30, 2018 and December 31, 2017, respectively)

 

 

8.1

 

 

 

 

Subordinated unitholder - Dominion Energy (--- and 31,972,789 units issued and

   outstanding at June 30, 2018 and December 31, 2017, respectively)

 

 

 

 

 

493.0

 

General Partner interest - Dominion Energy (non-economic interest)

 

 

(30.9

)

 

 

(23.6

)

Accumulated other comprehensive income

 

 

3.8

 

 

 

1.4

 

Total Dominion Energy Midstream Partners, LP partners' capital

 

 

2,860.4

 

 

 

2,849.2

 

Noncontrolling interest

 

 

4,181.9

 

 

 

4,046.0

 

Total equity and partners' capital

 

 

7,042.3

 

 

 

6,895.2

 

Total liabilities and equity and partners' capital

 

$

8,273.2

 

 

$

7,980.3

 

 

(1)

Dominion Energy Midstream's Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date.

(2)

See Note 16 for amounts attributable to related parties.

The accompanying notes are an integral part of Dominion Energy Midstream's Consolidated Financial Statements.

 

 

9


 

DOMINION ENERGY MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS' CAPITAL

(Unaudited)

 

 

 

Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

Unitholders

Public

 

 

Preferred

Unitholder

Dominion

Energy

 

 

Common

Unitholders

Public

 

 

Common

Unitholder

Dominion

Energy

 

 

Common Unitholder General Partner

 

 

Subordinated

Unitholder

Dominion

Energy

 

 

General

Partner

Interest

(non-

economic

interest)

 

 

AOCI

 

 

Total

Dominion Energy

Midstream

Partners, LP

Partners'

Equity and

Capital

 

 

Noncontrolling

interest

 

 

Total

Equity

and

Partners'

Capital

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

$

492.1

 

 

$

301.2

 

 

$

1,082.1

 

 

$

457.4

 

 

$

 

 

$

483.0

 

 

$

(29.2

)

 

$

(0.4

)

 

$

2,786.2

 

 

$

3,313.7

 

 

$

6,099.9

 

Net income (loss) including noncontrolling

   interest and predecessors

 

 

11.9

 

 

 

7.1

 

 

 

35.5

 

 

 

13.4

 

 

 

 

 

 

23.3

 

 

 

3.0

 

 

 

 

 

 

94.2

 

 

 

(8.3

)

 

 

85.9

 

Equity contributions from Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.2

 

 

 

 

 

 

4.2

 

 

 

463.6

 

 

 

467.8

 

Distributions

 

 

(8.0

)

 

 

(4.7

)

 

 

(26.0

)

 

 

(9.9

)

 

 

 

 

 

(17.1

)

 

 

(4.6

)

 

 

 

 

 

(70.3

)

 

 

 

 

 

(70.3

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

 

 

(0.9

)

 

 

 

 

 

(0.9

)

Unit awards (net of unearned compensation)

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

0.1

 

Other

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

0.8

 

 

 

0.7

 

June 30, 2017

 

$

496.0

 

 

$

303.6

 

 

$

1,091.6

 

 

$

460.9

 

 

$

 

 

$

489.2

 

 

$

(26.6

)

 

$

(1.3

)

 

$

2,813.4

 

 

$

3,769.8

 

 

$

6,583.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

$

496.0

 

 

$

303.6

 

 

$

1,115.6

 

 

$

463.2

 

 

$

 

 

$

493.0

 

 

$

(23.6

)

 

$

1.4

 

 

$

2,849.2

 

 

$

4,046.0

 

 

$

6,895.2

 

Net income including noncontrolling interest

   and predecessors

 

 

11.9

 

 

 

7.1

 

 

 

34.3

 

 

 

22.4

 

 

 

8.1

 

 

 

12.5

 

 

 

8.9

 

 

 

 

 

 

105.2

 

 

 

60.7

 

 

 

165.9

 

Issuance of common units, net of offering costs

 

 

 

 

 

 

 

 

3.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.8

 

 

 

 

 

 

3.8

 

Equity contributions from Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101.4

 

 

 

101.4

 

Distributions

 

 

(11.9

)

 

 

(7.1

)

 

 

(32.2

)

 

 

(12.1

)

 

 

 

 

 

(20.9

)

 

 

(16.2

)

 

 

 

 

 

(100.4

)

 

 

(26.5

)

 

 

(126.9

)

Conversion of subordinated units

 

 

 

 

 

 

 

 

 

 

 

484.6

 

 

 

 

 

 

(484.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.4

 

 

 

2.4

 

 

 

 

 

 

2.4

 

Unit awards (net of unearned compensation)

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

June 30, 2018

 

$

496.0

 

 

$

303.6