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Midcoast Energy Partners, L.P.

SIC 4923 · Natural Gas Transmisison & Distribution
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Midcoast Energy Partners, L.P.

CIK:0001578685|SEC Filings
v3.6.0.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating revenues:      
Transportation and other services $ 180.4 $ 196.3 $ 200.5
Revenues, Total 1,966.0 2,842.7 5,894.3
Operating expenses:      
Commodity costs 1,659.1 2,372.9 5,145.9
Operating and maintenance 227.4 273.1 323.9
General and administrative 67.1 82.6 104.8
Depreciation and amortization 154.4 157.8 151.4
Asset impairment (Note 10) 10.6 12.3 15.6
Goodwill impairment (Note 14) 0.0 226.5 0.0
Costs and Expenses, Total 2,118.6 3,125.2 [1] 5,741.6
Operating income (loss) (152.6) (282.5) 152.7
Interest expense, net (Note 16) (33.3) (29.5) (16.7)
Equity in earnings of joint ventures (Note 12) 30.0 29.2 13.2
Other income (loss) 0.9 (0.3) (0.3)
Income (loss) before income tax expense (155.0) (283.1) 148.9
Income tax expense (Note 21) (2.0) (1.4) (4.6)
Net income (loss) (157.0) (284.5) [2] 144.3
Less: Net income (loss) attributable to noncontrolling interest (57.1) (120.6) 80.2
Net income (loss) attributable to general and limited partner ownership interest in Midcoast Energy Partners, L.P. (99.9) (163.9) 64.1
Net income (loss) attributable to limited partner ownership interest $ (98.0) $ (160.5) $ 62.8
Net income (loss) per limited partner unit (basic and diluted) (Note 4) (in dollars per share) $ (2.17) $ (3.55) $ 1.39
Weighted average limited partner units outstanding (in shares) 45.2 45.2 45.2
Cash distributions paid per limited partner unit outstanding (in dollars per share) $ 1.43 $ 1.40 $ 1.14
Third Party [Member]      
Operating revenues:      
Commodity sales (Note 20) $ 1,776.2 $ 2,573.4 $ 5,487.7
Operating expenses:      
Commodity costs 1,621.3 2,295.1 5,026.7
Operating and maintenance 140.5 172.9 219.2
General and administrative 8.0 7.2 8.7
Affiliated Entity [Member]      
Operating revenues:      
Commodity sales - affiliate (Notes 20 and 23) 9.4 73.0 206.1
Operating expenses:      
Commodity costs 37.8 77.8 119.2
Operating and maintenance 86.9 100.2 104.7
General and administrative $ 59.1 $ 75.4 $ 96.1
[1] Second quarter 2015 operating expenses were impacted by a goodwill impairment of $226.5 million. For more information, refer to Note 14, Goodwill Impairment.
[2] Certain corrections relating to prior quarterly periods in 2015 and having net negative impacts of approximately $3.9 million to net income were recorded during the three months ended December 31, 2015. We consider these corrections to be immaterial to the prior quarterly periods presented for 2015.