Tallgrass Energy Partners, LP

CIK:0001569134|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Crude oil transportation services	$ 84,738	$ 84,331
Natural gas transportation services	32,196	31,685
Sales of natural gas, NGLs, and crude oil	38,145	15,381
Processing and other revenues	24,015	13,003
Total Revenues	179,094	144,400
Operating Costs and Expenses:
Cost of sales	26,351	12,370
Cost of transportation services	10,420	13,503
Operations and maintenance	16,399	12,903
Depreciation and amortization	26,123	21,403
General and administrative	16,367	13,663
Taxes, other than income taxes	8,879	8,226
Gain on disposal of assets	(9,417)	(1,448)
Total Operating Costs and Expenses	95,122	80,620
Operating Income	83,972	63,780
Other Income (Expense):
Equity in earnings of unconsolidated investments	53,406	20,738
Interest expense, net	(28,184)	(14,689)
Other income, net	451	1,955
Total Other Income (Expense)	25,673	8,004
Net income	109,645	71,784
Net income attributable to noncontrolling interests	(1,761)	(879)
Net income attributable to partners	107,884	70,905
Allocation of income to the limited partners:
General partner interest in net income	(41,032)	(30,583)
Net income available to common unitholders	$ 66,852	$ 40,322
Basic net income per common unit	$ 0.91	$ 0.56
Diluted net income per common unit	$ 0.91	$ 0.55
Basic average number of common units outstanding	73,200	72,544
Diluted average number of common units outstanding	73,675	73,580

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 109,645	$ 71,784
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	27,502	23,575
Equity in earnings of unconsolidated investments	(53,406)	(20,738)
Distributions from unconsolidated investments	52,064	20,740
Gain on disposal of assets	(9,417)	(1,448)
Other noncash items, net	148	(1,674)
Changes in components of working capital:
Accounts receivable and other	(12,015)	2,450
Accounts payable and accrued liabilities	14,775	(5,691)
Deferred revenue	10,750	16,202
Other current assets and liabilities	(1,596)	(819)
Other operating, net	108	(140)
Net Cash Provided by Operating Activities	138,558	104,241
Cash Flows from Investing Activities:
Acquisition of BNN North Dakota, net of cash acquired	(95,000)
Capital expenditures	(58,760)	(26,769)
Sale of Tallgrass Crude Gathering	50,046
Acquisition of 38% membership interest in Deeprock North	(19,500)
Distributions from unconsolidated investments in excess of cumulative earnings	13,793	10,079
Acquisition of Rockies Express membership interest	0	(400,000)
Acquisition of Terminals and NatGas	0	(140,000)
Other investing, net	(19,616)	(5,352)
Net Cash Used in Investing Activities	(129,037)	(562,042)
Net Cash (Used in) Provided by Financing Activities
Borrowings under revolving credit facility, net	155,000	552,000
Distributions to unitholders	(111,014)	(88,159)
Acquisition of Pony Express membership interest	(50,000)	0
Proceeds from public offering, net of offering costs	0	99,373
Payments for Repurchase of Common Stock	0	(35,335)
Other financing, net	(1,251)	1,628
Net Cash (Used in) Provided by Financing Activities	(7,265)	457,126
Net Change in Cash and Cash Equivalents
Net Change in Cash and Cash Equivalents	2,256	(675)
Cash and Cash Equivalents, beginning of period	1,809	1,873
Cash and Cash Equivalents, end of period	4,065	1,198
Supplemental Cash Flow Disclosures
Contribution of 38% membership interest in Deeprock North to Deeprock Development	(19,500)
Issuance of noncontrolling interests in Deeprock Development in exchange for 62% membership interest in Deeprock North	(31,843)
Increase in accrual for payment of property, plant and equipment	1,336	0
Equity Option
Net Cash (Used in) Provided by Financing Activities
Payments for Repurchase of Common Stock	$ 0	$ (72,381)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 4,065	$ 1,809
Accounts receivable, net	131,401	118,615
Receivable from related parties	4,472	1,340
Gas imbalances	822	1,990
Inventories	32,147	21,609
Derivative assets	306	0
Prepayments and other current assets	10,946	11,175
Total Current Assets	184,159	156,538
Property, plant and equipment, net	2,498,715	2,394,337
Goodwill	404,838	404,838
Intangible assets, net	136,554	97,731
Unconsolidated investments	950,587	909,531
Deferred financing costs, net	11,008	11,684
Deferred charges and other assets	5,018	2,694
Total Assets	4,190,879	3,977,353
Current Liabilities:
Accounts payable	119,932	98,882
Accounts payable to related parties	64	5,461
Gas imbalances	1,616	1,663
Derivative liabilities	0	2,368
Accrued taxes	24,181	19,272
Accrued liabilities	36,894	35,659
Deferred revenue	99,922	88,471
Other current liabilities	7,816	7,171
Total Current Liabilities	290,425	258,947
Long-term debt, net	2,302,014	2,146,993
Other long-term liabilities and deferred credits	19,628	18,965
Total Long-term Liabilities	2,321,642	2,165,958
Commitments and Contingencies
Equity:
Limited partners (73,199,753 common units outstanding at March 31, 2018 and December 31, 2017)	2,152,036	2,109,316
General partner (834,391 units outstanding at March 31, 2018 and December 31, 2017)	(640,536)	(625,537)
Total Partners' Equity	1,511,500	1,483,779
Noncontrolling interests	67,312	68,669
Total Equity	1,578,812	1,552,448
Total Liabilities and Equity	$ 4,190,879	$ 3,977,353