February 21, 2017 11:58 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Dominion Midstream Partners, LP

Company Overview

Dominion Midstream Partners, LP owns liquefied natural gas (LNG) import, storage, regasification, and transportation assets. It owns and operates LNG facility located on the Chesapeake Bay in Lusby, Maryland; and has approximately 136 miles of natural gas pipeline that connects its LNG facility to interstate natural gas pipelines. The company also operates interstate pipelines in South Carolina and southeastern Georgia comprising natural gas system consisting of approximately 1,500 miles of transmission pipeline and 5 compressor stations with approximately 34,500 installed compressor horsepower. In addition, it owns and operates a 416-mile interstate natural gas pipeline from the United Stat...

120 Tredegar Street

Richmond, VA 23219

United States

Founded in 2000

Phone:

804-819-2000

Key Executives for Dominion Midstream Partners, LP

Chairman of Dominion Midstream GP LLC, Chief Executive Officer of Dominion Midstream GP LLC and President of Dominion Midstream GP LLC
Age: 62
Total Annual Compensation: $16.2K
Chief Financial Officer of Dominion Midstream GP LLC, Executive Vice President of Dominion Midstream GP LLC and Director of Dominion Midstream GP LLC
Age: 58
Total Annual Compensation: $15.7K
Compensation as of Fiscal Year 2015.

Dominion Midstream Partners, LP Key Developments

Dominion Midstream Partners Declares Quarterly Distribution, Payable on Feb. 15, 2017

On Jan. 25, 2017, the Board of Directors of Dominion Midstream Partners, LP declared a quarterly distribution of $0.2605 per common and subordinated unit, payable on Feb. 15, 2017, to such unitholders of record at the close of business Feb. 6, 2017.

Dominion Midstream Partners, LP Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016

Dominion Midstream Partners, LP announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, operating revenue was $177.5 million compared to $82.7 million a year ago. Income from operations was $77.3 million compared to $51.0 million a year ago. Net income attributable to the partners was $36.5 million, or $0.38 per basic and diluted share on common unit compared to net income attributable to the partners of $25.1 million, or $0.32 per basic and diluted on common unit a year ago. EBITDA was $110.3 million compared to $68.0 million a year ago. Adjusted EBITDA was $45.8 million compared to $23.6 million a year ago. Net cash provided by operating activities was $60.0 million compared to $47.9 million a year ago. Distributable cash flow was $37.7 million compared to $23.1 million a year ago. For the year, the company reported operating revenue was $441.3 million compared to $369.6 million a year ago. Income from operations was $217.1 million compared to $191.6 million a year ago. Net income attributable to the company was $106.4 million, or $1.30 per basic and diluted share on common unit compared to net income attributable to the company of $72.5 million, or $1.08 per basic and diluted share on common unit a year ago. EBITDA was $299.9 million compared to $239.6 million a year ago. Adjusted EBITDA was $125.8 million compared to $75.6 million a year ago. Net cash provided by operating activities was $288.6 million compared to $243.5 million a year ago. Distributable cash flow was $105.9 million compared to $71.6 million a year ago.

Dominion Midstream Partners, LP Declares Quarterly Cash Distribution, Payable on February 15, 2017

The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP has declared a fourth-quarter 2016 cash distribution of $0.2605 per common and subordinated unit – an increase of 5% above the third-quarter 2016 distribution – which corresponds to an annualized distribution rate of $1.04 per such unit. This fulfills the partnership's stated objective of increasing distributions per limited partnership common and subordinated unit by 22% for 2016. Distributions are payable on Feb. 15, 2017, to unitholders of record at the close of business Feb. 6, 2017. .

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