TC Energy and its affiliates deliver the energy millions of people rely on every day to power their lives and fuel industry. We are not only focused on what we do, but how we do it - guided by core values of safety, responsibility, collaboration and integrity, our more than 7,000 people are committed to sustainably developing and operating pipeline, power generation and energy storage facilities across Canada, the United States and Mexico.
COST: 80 $MM
COST: 1 $B
COST: 465 $MM
VOLUMES: 575 MW
COST: 630 $MM
VOLUMES: 365 MW
COST: 540 $MM
VOLUMES: 76 MW
COST: 765 $MM
COST: 2.2 $B
COST: 1.065 $B
BETHESDA, Md., Dec. 12, 2019 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) announced today a teaming agreement with TC Energy in which the two companies will identify and develop large-scale, long-duration energy storage projects using GridStar® Flow, Lockheed Martin's innovative flow battery technology. This cutting-edge energy storage system is capable of storing six to 12 hours or more of energy and dispatching it as needed.
"We are thrilled to be partnering with TC Energy to bring long-duration energy storage to TC Energy projects in North America," said Dan Norton, vice president of Lockheed Martin Energy. "GridStar® Flow provides the durability, flexibility and safety necessary for project success, ensuring that TC Energy can customize systems to fit their needs and operate them for many years."
"We are excited to work with Lockheed Martin on this initiative, which exemplifies TC Energy's long history of embracing innovation and leading-edge technology in its operations," says Francois Poirier, Executive Vice-President, Corporate Development & Strategy, and President, Power & Storage and Mexico. "This technology also strongly supports our commitments to sustainable development, including the reduction of greenhouse gas emissions in the energy value chains."
GridStar® Flow will enable TC Energy to address the growing requirements for large-scale, long-duration batteries to provide flexibility and resiliency as electric grids move away from fossil fuel generation and incorporate increasing levels of intermittent renewable energy.
Unlike conventional batteries, GridStar® Flow allows customers to optimally size power (megawatts) and energy (megawatt hours) independently and maintains its energy capacity without degradation throughout project life.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 105,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About TC Energy
TC Energy and its affiliates deliver the energy millions of people rely on every day to power their lives and fuel industry. Focused on what we do and how we do it, we are guided by core values of safety, responsibility, collaboration and integrity. Our more than 7,000 people are committed to sustainably developing and operating pipeline, power generation and energy storage facilities across Canada, the United States and Mexico. TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. Visit TCEnergy.com and connect with us on social media to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/lockheed-martin-announces-teaming-agreement-with-tc-energy-on-innovative-flow-battery-technology-300974024.html
SOURCE Lockheed Martin
DALLAS, Jan. 3, 2018 /PRNewswire/ -- Alerian announced today the real-time launch of the Alerian Energy Infrastructure Capital Strength Select Index, a composite of North American midstream, refining, and utility companies chosen for their ownership of pipeline transportation assets, leverage profile, and above-market dividend payments. The index is disseminated real-time on a price-return basis (AMCS) and on a total-return basis (AMCST).
"The AMCS was designed with the understanding that the portion of the North American energy value chain from midstream to distribution has become increasingly integrated," said Alerian President and CEO Kenny Feng. "The composition of this index also seeks to address growing investor focus on strengthening balance sheets and improving corporate governance."
Constituents as of January 2, 2018
Name |
Ticker |
AltaGas Ltd |
ALA |
Antero Midstream Partners LP |
AM |
Andeavor |
ANDV |
Buckeye Partners LP |
BPL |
Boardwalk Pipeline Partners LP |
BWP |
CenterPoint Energy Inc |
CNP |
Cheniere Energy Partners LP Holdings LLC |
CQH |
Dominion Energy Inc |
D |
Enbridge Inc |
ENB |
EnLink Midstream LLC |
ENLC |
Enterprise Products Partners LP |
EPD |
EQT GP Holdings LP |
EQGP |
Gibson Energy Inc |
GEI |
HollyFrontier Corp |
HFC |
Inter Pipeline Ltd |
IPL |
Keyera Corp |
KEY |
Kinder Morgan Inc |
KMI |
Macquarie Infrastructure Corp |
MIC |
Magellan Midstream Partners LP |
MMP |
Marathon Petroleum Corp |
MPC |
OGE Energy Corp |
OGE |
ONEOK Inc |
OKE |
Plains GP Holdings LP |
PAGP |
Pembina Pipeline Corp |
PPL |
Phillips 66 |
PSX |
Sempra Energy |
SRE |
Tallgrass Energy GP LP |
TEGP |
TransCanada Corp |
TRP |
Valero Energy Corp |
VLO |
Western Gas Equity Partners LP |
WGP |
The Williams Companies Inc |
WMB |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-announces-real-time-launch-of-the-alerian-energy-infrastructure-capital-strength-select-index-300576838.html
SOURCE Alerian
NEW YORK, Nov. 1, 2016 /PRNewswire/ -- U.S. power and energy infrastructure owner, LS Power Equity Advisors, LLC ("LS Power"), announced today that it has signed an agreement to acquire approximately 3,950 MW of generation resources in the Northeastern United States, through its affiliate Helix Generation, LLC, from TransCanada Corporation ("TransCanada") (NYSE: TRP) for $2.2 billion in cash, subject to working capital and other adjustments.
The portfolio consists of the following four generation facilities:
"LS Power's experience owning and operating a diverse array of generating facilities throughout the Northeast uniquely positions us to acquire this portfolio of power plants," said Paul Segal, chief executive officer of LS Power. "Each of these assets serves a distinct and crucial role to meet the demand needs in their respective Northeast markets. Moreover, these facilities are staffed by skilled personnel that maintain safe and efficient operations for their customers. We look forward to ensuring a smooth transition of ownership and responsible stewardship of these vital assets."
The transaction is expected to close in the first quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.
About LS Power:
Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri, California and Texas. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 30,000 MW of competitive power generation and 500 miles of transmission infrastructure, for which it has raised over $30 billion in debt and equity financing. For more information, please visit www.LSPower.com.
SOURCE LS Power
HOUSTON, Aug. 2, 2016 /PRNewswire/ -- Columbia Pipeline Partners LP (NYSE: CPPL) ("CPPL" or the "Partnership") today reported financial and operating results for the second quarter 2016.
CPPL reported net income attributable to limited partners of $18.1 million, or $0.18 per common unit compared with net income attributable to limited partners of $16.3 million, or $0.17 per common unit in the prior-year period. CPPL reported net cash flows from operating activities of $177.2 million compared with $151.2 million in the prior-year period. Additionally, CPPL reported net cash flows used for investing activities and net cash flows from financing activities of $264.3 million and $107.9 million, respectively, compared to $93.3 million and $71.0 million, respectively, in the prior-year period. CPPL reported Adjusted EBITDA attributable to the Partnership (a non-GAAP measure) of $24.7 million for the second quarter compared with $21.3 million in the prior-year period. CPPL generated Distributable Cash Flow (a non-GAAP measure) of $15.5 million for the second quarter compared with $12.5 million in the prior-year period and declared a distribution of $0.1975 per unit on August 1, 2016. The Distribution Coverage Ratio (a non-GAAP measure) for the year-to-date period is 1.17x compared with 1.09x in the prior-year period. Please see the definitions of such non-GAAP measures in the "Non-GAAP Financial Measures" section of this press release and a reconciliation to their most comparable measure calculated in accordance with GAAP on Schedule 1 of the financial tables below.
As previously announced, on March 17, 2016, Columbia Pipeline Group, Inc. ("CPG"), formerly the ultimate parent of CPPL's general partner, entered into an agreement and plan of merger to be acquired by a subsidiary of TransCanada Corporation (NYSE: TRP) ("TransCanada"). Effective July 1, 2016, CPG became an indirect, wholly owned subsidiary of TransCanada. With the completion of the transaction, TransCanada now owns the general partner of the Partnership, all of the Partnership's incentive distribution rights and all of the Partnership's subordinated units, which represent a 46.5% limited partnership interest in the Partnership.
Presentation of Financial Statements
CPPL's consolidated financial statements include the accounts of CPPL and its consolidated subsidiary, CPG OpCo LP ("Columbia OpCo"). CPPL holds a 15.7% limited partner interest and a non-economic general partner interest in Columbia OpCo. CPPL controls Columbia OpCo through the ownership of its general partner and, accordingly, CPPL consolidates Columbia OpCo in its consolidated financial statements. Columbia Energy Group (a wholly owned subsidiary of CPG), CPPL's sponsor, owns the remaining 84.3% limited partner interest in Columbia OpCo, which is reflected as a non-controlling interest in CPPL's financial statements.
Three Months Ended June 30, 2016 Operating Results
A comparison of operating results for the three months ended June 30, 2016 to the three months ended June 30, 2015 is summarized below.
Operating revenues decreased by $2.4 million. The decrease was primarily due to a decrease in trackers, which are offset in expense, and lower mineral rights royalty revenue. These decreases were partially offset by higher demand margin revenue from growth projects placed into service and increased shorter term transportation services.
Operating expenses decreased by $20.3 million. The decrease was primarily due to a decrease in trackers, which are offset in revenue. This decrease was partially offset by decreased gains on the conveyances of mineral interests, higher depreciation and amortization and increased employee and administrative expenses.
Equity earnings increased by $2.3 million, primarily due to earnings generated by Millennium Pipeline Company, L.L.C. resulting from increased demand margin revenue.
Other income (deductions) for the three months ended June 30, 2016 increased income by $1.0 million compared with a reduction in income of $1.4 million in the same period in 2015. The variance was primarily due to an increase in Allowance for Funds Used During Construction ("AFUDC"), partially offset by lower interest income.
Six Months Ended June 30, 2016 Operating Results
A comparison of operating results for the six months ended June 30, 2016 to the six months ended June 30, 2015 is summarized below. Earnings for the periods prior to the date of CPPL's initial public offering are derived from the financial statements and accounting records of CPPL's predecessor.
Operating revenues increased by $21.9 million. The increase was primarily due to higher demand margin revenue from growth projects placed into service and increased shorter term transportation services. These increases were partially offset by a decrease in trackers, which are offset in expense, and lower mineral rights royalty revenue.
Operating expenses decreased by $15.0 million. The decrease was primarily due to a decrease in trackers, which are offset in revenues, and lower maintenance expenses. These decreases were partially offset by higher depreciation and amortization, decreased gains on the conveyances of mineral interests, increased employee and administrative expenses, higher outside service costs and increased property and other taxes.
Equity earnings increased by $3.2 million, primarily due to earnings generated by Pennant Midstream, LLC.
Other income (deductions) for the six months ended June 30, 2016 reduced income by $0.7 million compared with a reduction in income of $8.5 million in the same period in 2015. The variance was primarily due to an increase in AFUDC and a decrease in interest expense resulting from the repayment of long-term debt, partially offset by lower interest income.
Non-GAAP Financial Measures
Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio
We define Adjusted EBITDA as net income before interest expense, income taxes, and depreciation and amortization, plus distributions of earnings received from equity investees, less equity earnings in unconsolidated affiliates and other, net. In addition, to the extent transactions occur that are considered unusual, infrequent or not representative of underlying trends, we will remove the effect of these items from Adjusted EBITDA. Examples of these transactions include impairments. We define Distributable Cash Flow as Adjusted EBITDA less interest expense, maintenance capital expenditures, gain on sale of assets and distributable cash flow attributable to noncontrolling interest, plus proceeds from sale of assets, interest income, capital (received) costs related to the separation and any other known differences between cash and income. We define Distribution Coverage Ratio as distributable cash flow divided by the total amount of cash distributions paid to the partners of CPPL with respect to such period.
Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
Management believes that the presentations of Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio will provide useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA and Distributable Cash Flow are Net Income and Net Cash Flows from Operating Activities. Our non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow should not be considered as an alternative to GAAP Net Income or Net Cash Flows from Operating Activities. Adjusted EBITDA and Distributable Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash flows from operating activities. You should not consider Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP is a Delaware master limited partnership with interests in three regulated U.S. natural gas pipelines which serve markets extending from New York to the Gulf of Mexico, as well as storage and related midstream assets. The Partnership's general partner became an indirect, wholly-owned subsidiary of TransCanada Corporation (NYSE:TRP) on July 1, 2016, and as a result, the Partnership is effectively managed by TransCanada. For more information about Columbia Pipeline Partners LP, visit the Partnership's website at www.columbiapipelinepartners.com. Additional information can be found at www.transcanada.com.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPPL believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPPL's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPPL's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance in connection with the recent merger between CPG and TransCanada; risks related to disruption of management's attention from CPPL's ongoing business operations due to the recent merger; and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to CPG's merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPPL's Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2015, as amended, and CPPL's Quarterly Report on Form 10-Q filed with the SEC for the quarter ended March 31, 2016 and CPPL's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPPL expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Columbia Pipeline Partners LP | |||||||||||
Statements of Consolidated and Combined Operations (GAAP) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended |
Six Months Ended | ||||||||||
June 30, |
June 30, | ||||||||||
(in millions, except per unit amounts) |
2016 |
2015 |
2016 |
2015 | |||||||
Operating Revenues |
|||||||||||
Transportation revenues |
$ 258.8 |
$ 237.3 |
$ 566.6 |
$ 485.2 | |||||||
Transportation revenues-affiliated |
- |
18.4 |
- |
47.1 | |||||||
Storage revenues |
48.9 |
36.2 |
98.8 |
72.8 | |||||||
Storage revenues-affiliated |
- |
12.9 |
- |
26.2 | |||||||
Other revenues |
5.5 |
10.8 |
11.3 |
23.5 | |||||||
Total Operating Revenues |
313.2 |
315.6 |
676.7 |
654.8 | |||||||
Operating Expenses |
|||||||||||
Operation and maintenance |
106.1 |
138.0 |
205.3 |
248.0 | |||||||
Operation and maintenance-affiliated |
39.5 |
38.6 |
81.9 |
74.7 | |||||||
Depreciation and amortization |
37.7 |
33.0 |
75.3 |
65.3 | |||||||
Gain on sale of assets |
(3.4) |
(8.3) |
(6.0) |
(13.6) | |||||||
Property and other taxes |
20.2 |
19.1 |
41.0 |
38.1 | |||||||
Total Operating Expenses |
200.1 |
220.4 |
397.5 |
412.5 | |||||||
Equity Earnings in Unconsolidated Affiliates |
16.3 |
14.0 |
32.1 |
28.9 | |||||||
Operating Income |
129.4 |
109.2 |
311.3 |
271.2 | |||||||
Other Income (Deductions) |
|||||||||||
Interest expense |
(1.9) |
- |
(2.5) |
- | |||||||
Interest expense-affiliated |
(7.0) |
(6.3) |
(14.2) |
(17.7) | |||||||
Other, net |
9.9 |
4.9 |
16.0 |
9.2 | |||||||
Total Other Income (Deductions), net |
1.0 |
(1.4) |
(0.7) |
(8.5) | |||||||
Income before Income Taxes |
130.4 |
107.8 |
310.6 |
262.7 | |||||||
Income Taxes |
0.1 |
- |
0.1 |
23.7 | |||||||
Net Income |
130.3 |
107.8 |
310.5 |
239.0 | |||||||
Less: Predecessor net income prior to IPO on February 11, 2015 |
- |
- |
- |
42.7 | |||||||
Net income subsequent to IPO |
130.3 |
107.8 |
310.5 |
196.3 | |||||||
Less: Net income attributable to noncontrolling interest in Columbia |
112.2 |
91.5 |
265.1 |
166.7 | |||||||
Net income attributable to limited partners subsequent to IPO |
$ 18.1 |
$ 16.3 |
$ 45.4 |
$ 29.6 | |||||||
Net income attributable to partners' ownership interest |
|||||||||||
Common units |
$ 0.18 |
$ 0.17 |
$ 0.43 |
$ 0.30 | |||||||
Subordinated units |
0.18 |
0.16 |
0.43 |
0.29 | |||||||
Weighted average limited partner units outstanding (basic and diluted) |
|||||||||||
Common units |
53.8 |
53.8 |
53.8 |
53.8 | |||||||
Subordinated units |
46.8 |
46.8 |
46.8 |
46.8 | |||||||
Throughput (MMDth) |
|||||||||||
Columbia Gas Transmission |
375.9 |
315.1 |
920.3 |
812.4 | |||||||
Columbia Gulf |
116.1 |
137.3 |
269.1 |
283.0 | |||||||
Total |
492.0 |
452.4 |
1,189.4 |
1,095.4 |
Columbia Pipeline Partners LP | |||||||||||
Schedule 1 - Non-GAAP Reconciliation of Adjusted EBITDA and Distributable Cash Flow | |||||||||||
(unaudited) | |||||||||||
Three Months Ended |
Six Months Ended | ||||||||||
June 30, |
June 30, | ||||||||||
(in millions) |
2016 |
2015 |
2016 |
2015 | |||||||
Net Income |
$ 130.3 |
$ 107.8 |
$ 310.5 |
$ 239.0 | |||||||
Add: |
|||||||||||
Interest expense |
1.9 |
- |
2.5 |
- | |||||||
Interest expense-affiliated |
7.0 |
6.3 |
14.2 |
17.7 | |||||||
Income taxes |
0.1 |
- |
0.1 |
23.7 | |||||||
Depreciation and amortization |
37.7 |
33.0 |
75.3 |
65.3 | |||||||
Distributions of earnings received from equity investees |
12.1 |
9.6 |
31.0 |
27.9 | |||||||
Less: |
|||||||||||
Equity earnings in unconsolidated affiliates |
16.3 |
14.0 |
32.1 |
28.9 | |||||||
Other, net |
9.9 |
4.9 |
16.0 |
9.2 | |||||||
Adjusted EBITDA |
$ 162.9 |
$ 137.8 |
$ 385.5 |
$ 335.5 | |||||||
Less: |
|||||||||||
Adjusted EBITDA attributable to Predecessor prior to IPO |
- |
- |
- |
79.4 | |||||||
Adjusted EBITDA attributable to noncontrolling interest in |
138.2 |
116.5 |
326.5 |
216.6 | |||||||
Adjusted EBITDA attributable to Partnership subsequent to IPO |
$ 24.7 |
$ 21.3 |
$ 59.0 |
$ 39.5 | |||||||
Net Cash Flows from Operating Activities |
$ 177.2 |
$ 151.2 |
$ 309.1 |
$ 324.9 | |||||||
Interest expense |
1.9 |
- |
2.5 |
- | |||||||
Interest expense-affiliated |
7.0 |
6.3 |
14.2 |
17.7 | |||||||
Current taxes |
0.1 |
- |
0.1 |
13.2 | |||||||
Gain on sale of assets |
3.4 |
8.3 |
6.0 |
13.6 | |||||||
Other adjustments to operating cash flows |
(2.3) |
3.7 |
(1.1) |
(4.5) | |||||||
Changes in assets and liabilities |
(24.4) |
(31.7) |
54.7 |
(29.4) | |||||||
Adjusted EBITDA |
$ 162.9 |
$ 137.8 |
$ 385.5 |
$ 335.5 | |||||||
Less: |
|||||||||||
Adjusted EBITDA attributable to Predecessor prior to IPO |
- |
- |
- |
79.4 | |||||||
Adjusted EBITDA attributable to noncontrolling interest in |
138.2 |
116.5 |
326.5 |
216.6 | |||||||
Adjusted EBITDA attributable to Partnership subsequent to IPO |
$ 24.7 |
$ 21.3 |
$ 59.0 |
$ 39.5 | |||||||
Adjusted EBITDA |
$ 162.9 |
$ 137.8 |
$ 385.5 |
$ 335.5 | |||||||
Less: |
|||||||||||
Interest expense |
8.9 |
6.3 |
16.7 |
17.7 | |||||||
Maintenance capital expenditures |
37.7 |
49.5 |
52.6 |
68.0 | |||||||
Separation maintenance capital expenditures |
- |
0.6 |
- |
2.7 | |||||||
Gain on sale of assets |
3.4 |
8.3 |
6.0 |
13.6 | |||||||
Distributable cash flow attributable to Predecessor prior to IPO |
- |
- |
- |
67.8 | |||||||
Distributable cash flow attributable to noncontrolling interest subsequent to IPO |
97.6 |
70.0 |
265.1 |
159.0 | |||||||
Add: |
|||||||||||
Proceeds from sales of assets |
0.1 |
8.8 |
0.1 |
19.0 | |||||||
Interest income |
0.1 |
- |
0.3 |
- | |||||||
Capital costs related to Separation |
- |
0.6 |
- |
2.7 | |||||||
Distributable Cash Flow |
$ 15.5 |
$ 12.5 |
$ 45.5 |
$ 28.4 |
Columbia Pipeline Partners LP | |||||||
Consolidated Balance Sheets (GAAP) | |||||||
(unaudited) | |||||||
June 30, |
December 31, | ||||||
(in millions) |
2016 |
2015 | |||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and cash equivalents |
$ 55.0 |
$ 78.9 | |||||
Accounts receivable (less reserve of $0.3 and $0.3, respectively) |
161.1 |
145.9 | |||||
Accounts receivable-affiliated |
102.0 |
149.4 | |||||
Materials and supplies, at average cost |
26.5 |
32.8 | |||||
Exchange gas receivable |
11.2 |
18.8 | |||||
Deferred property taxes |
36.4 |
52.0 | |||||
Prepayments and other |
33.2 |
33.8 | |||||
Total Current Assets |
425.4 |
511.6 | |||||
Investments |
|||||||
Unconsolidated affiliates |
440.2 |
437.1 | |||||
Other investments |
1.8 |
1.8 | |||||
Total Investments |
442.0 |
438.9 | |||||
Property, Plant and Equipment |
|||||||
Property, plant and equipment |
9,670.9 |
8,930.9 | |||||
Accumulated depreciation and amortization |
(3,023.4) |
(2,960.1) | |||||
Net Property, Plant and Equipment |
6,647.5 |
5,970.8 | |||||
Other Noncurrent Assets |
|||||||
Regulatory assets |
129.9 |
134.1 | |||||
Goodwill |
1,975.5 |
1,975.5 | |||||
Postretirement and postemployment benefits assets |
124.2 |
120.5 | |||||
Deferred charges and other |
10.1 |
10.6 | |||||
Total Other Noncurrent Assets |
2,239.7 |
2,240.7 | |||||
Total Assets |
$ 9,754.6 |
$ 9,162.0 |
Columbia Pipeline Partners LP | |||||||
Consolidated Balance Sheets (GAAP) (continued) | |||||||
(unaudited) | |||||||
June 30, |
December 31, | ||||||
(in millions, except unit amounts) |
2016 |
2015 | |||||
LIABILITIES AND EQUITY |
|||||||
Current Liabilities |
|||||||
Short-term borrowings |
$ - |
$ 15.0 | |||||
Short-term borrowings-affiliated |
658.2 |
42.1 | |||||
Accounts payable |
105.4 |
49.9 | |||||
Accounts payable-affiliated |
28.7 |
86.3 | |||||
Customer deposits |
15.3 |
17.8 | |||||
Taxes accrued |
94.8 |
108.2 | |||||
Exchange gas payable |
11.2 |
18.2 | |||||
Deferred revenue |
6.6 |
15.0 | |||||
Accrued capital expenditures |
132.7 |
95.9 | |||||
Accrued compensation and related costs |
26.0 |
26.6 | |||||
Other accruals |
61.9 |
43.8 | |||||
Total Current Liabilities |
1,140.8 |
518.8 | |||||
Noncurrent Liabilities |
|||||||
Long-term debt-affiliated |
630.9 |
630.9 | |||||
Deferred income taxes |
1.0 |
1.0 | |||||
Accrued liability for postretirement and postemployment benefits |
33.5 |
36.1 | |||||
Regulatory liabilities |
284.4 |
309.7 | |||||
Asset retirement obligations |
23.9 |
25.3 | |||||
Other noncurrent liabilities |
65.3 |
63.5 | |||||
Total Noncurrent Liabilities |
1,039.0 |
1,066.5 | |||||
Total Liabilities |
2,179.8 |
1,585.3 | |||||
Commitments and Contingencies |
|||||||
Equity and Partners' Capital |
|||||||
Common unitholders-public (53,846,446 and 53,834,784 units issued and |
963.0 |
958.5 | |||||
Subordinated unitholders-CEG (46,811,398 units issued and outstanding) |
307.9 |
304.0 | |||||
Accumulated other comprehensive loss |
(3.8) |
(4.0) | |||||
Total Columbia Pipeline Partners LP partners' equity and capital |
1,267.1 |
1,258.5 | |||||
Noncontrolling Interest in Columbia OpCo |
6,307.7 |
6,318.2 | |||||
Total Equity and Partners' Capital |
7,574.8 |
7,576.7 | |||||
Total Liabilities and Equity and Partners' Capital |
$ 9,754.6 |
$ 9,162.0 |
Columbia Pipeline Partners LP | |||||||
Statements of Consolidated and Combined Cash Flows (GAAP) | |||||||
(unaudited) | |||||||
Six Months Ended June 30, (in millions) |
2016 |
2015 | |||||
Operating Activities |
|||||||
Net Income |
$ 310.5 |
$ 239.0 | |||||
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: |
|||||||
Depreciation and amortization |
75.3 |
65.3 | |||||
Deferred income taxes and investment tax credits |
- |
10.5 | |||||
Deferred revenue |
(2.4) |
(0.1) | |||||
Equity-based compensation expense and profit sharing contribution |
1.8 |
3.6 | |||||
Gain on sale of assets |
(6.0) |
(13.6) | |||||
Equity earnings in unconsolidated affiliates |
(32.1) |
(28.9) | |||||
Amortization of debt related costs |
1.6 |
0.2 | |||||
AFUDC equity |
(15.9) |
(8.4) | |||||
Distributions of earnings received from equity investees |
31.0 |
27.9 | |||||
Changes in Assets and Liabilities: |
|||||||
Accounts receivable |
(9.1) |
13.9 | |||||
Accounts receivable-affiliated |
6.7 |
17.1 | |||||
Accounts payable |
2.7 |
1.0 | |||||
Accounts payable-affiliated |
(59.1) |
(14.7) | |||||
Customer deposits |
(2.5) |
1.0 | |||||
Taxes accrued |
(13.5) |
(10.2) | |||||
Exchange gas receivable/payable |
0.6 |
0.3 | |||||
Other accruals |
2.3 |
(4.5) | |||||
Prepayments and other current assets |
22.7 |
17.0 | |||||
Regulatory assets/liabilities |
(2.3) |
25.5 | |||||
Postretirement and postemployment benefits |
(2.3) |
(13.5) | |||||
Deferred charges and other noncurrent assets |
(4.8) |
(1.9) | |||||
Other noncurrent liabilities |
3.9 |
(1.6) | |||||
Net Cash Flows from Operating Activities |
309.1 |
324.9 | |||||
Investing Activities |
|||||||
Capital expenditures |
(656.6) |
(430.6) | |||||
Insurance recoveries |
- |
2.1 | |||||
Change in short-term lendings-affiliated |
40.7 |
(527.1) | |||||
Proceeds from disposition of assets |
0.1 |
19.0 | |||||
Contributions to equity investees |
(1.9) |
- | |||||
Distributions from equity investees |
0.8 |
2.2 | |||||
Other investing activities |
(3.6) |
(13.4) | |||||
Net Cash Flows used for Investing Activities |
(620.5) |
(947.8) | |||||
Financing Activities |
|||||||
Change in short-term borrowings |
(15.0) |
20.0 | |||||
Change in short-term borrowings-affiliated |
615.9 |
(180.2) | |||||
Payments of long-term debt-affiliated, including current portion |
- |
(957.8) | |||||
Proceeds from the issuance of common units, net of offering costs |
- |
1,168.4 | |||||
Distribution of IPO proceeds to parent |
- |
(500.0) | |||||
Contribution of capital from parent |
- |
1,217.3 | |||||
Quarterly distributions to unitholders |
(37.0) |
(9.2) | |||||
Distribution to noncontrolling interest in Columbia OpCo |
(276.4) |
- | |||||
Net Cash Flows from Financing Activities |
287.5 |
758.5 | |||||
Change in cash and cash equivalents |
(23.9) |
135.6 | |||||
Cash and cash equivalents at beginning of period |
78.9 |
0.5 | |||||
Cash and Cash Equivalents at End of Period |
$ 55.0 |
$ 136.1 |
SOURCE Columbia Pipeline Partners LP
HOUSTON, Aug. 1, 2016 /PRNewswire/ -- The Board of Directors of CPP GP LLC, as general partner of Columbia Pipeline Partners LP (NYSE: CPPL) ("CPPL" or the "Partnership"), today approved a quarterly distribution payment of $0.1975 per unit for CPPL, payable on August 19, 2016, to both common and subordinated unit holders of record at the close of business on August 12, 2016. This distribution represents an approximately 5.3 percent increase over the prior quarter's distribution of $0.1875 per unit.
1446 Qualified Notice
This notice is intended to serve as qualified notice to nominees pursuant to Treasury Regulation 1.1446-4(b). All of the partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to U.S. federal income tax withholding at the highest applicable effective tax rate.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP is a Delaware master limited partnership with interests in three regulated U.S. natural gas pipelines which serve markets extending from New York to the Gulf of Mexico, as well as storage and related midstream assets. The Partnership's general partner became an indirect, wholly-owned subsidiary of TransCanada Corporation (NYSE:TRP) on July 1, 2016, and as a result, the Partnership is effectively managed by TransCanada. For more information about Columbia Pipeline Partners LP, visit the Partnership's website at www.columbiapipelinepartners.com. Additional information can be found at www.transcanada.com.
Forward Looking Statements
This release may include "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Partnership's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although the Partnership believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.
The Partnership's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond the Partnership's control. These factors include, but are not limited to, changes to business plans as circumstances warrant. For a full discussion of these risks and uncertainties and other factors, please refer to the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission (the SEC), as updated and supplemented by subsequent filings with the SEC. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPPL expressly disclaims any obligation to update, amend or clarify any forward looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
SOURCE Columbia Pipeline Partners LP
HOUSTON, June 30, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today announced that, on the morning of June 30, 2016, TransCanada Corporation (TSX: TRP) (NYSE: TRP) ("TransCanada") and CPG held a closing with respect to the acquisition of CPG by TransCanada, at which time the parties confirmed that all conditions to the closing of the merger were satisfied. After the closing, the parties filed a certificate of merger with the Secretary of State of the State of Delaware, which provides that the merger will become effective at 12:01 a.m., Eastern Daylight Time, on July 1, 2016. At the effective time of the merger, shares of CPG common stock will be cancelled and converted into the right to receive $25.50 per share in cash, without interest, subject to the terms and conditions set forth in the merger agreement entered into by CPG and TransCanada on March 17, 2016.
Shares of CPG common stock will continue to trade on the NYSE on June 30, 2016 and will be suspended from trading on the NYSE effective as of the opening of trading on July 1, 2016. On July 1, 2016, CPG will direct the NYSE to file a Form 25 on CPG's behalf with the Securities and Exchange Commission to commence the process of delisting the shares of CPG common stock from the NYSE and deregistering such shares under the Securities Exchange Act of 1934.
The per share merger consideration of $25.50 in cash implies an aggregate purchase price for CPG of approximately $13 billion, including the assumption of approximately $2.8 billion of debt. Upon completion of the acquisition, CPG will be an indirect wholly owned subsidiary of TransCanada.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, June 22, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today announced that CPG's stockholders approved the proposals identified in the definitive proxy statement, dated May 17, 2016, at a special meeting of stockholders held earlier today relating to the proposed acquisition of CPG by TransCanada Corporation (TSX: TRP) (NYSE: TRP) ("TransCanada"). Holders of 95.33 percent of CPG shares present and voting at the meeting voted in favor of the proposal to adopt the agreement and plan of merger with TransCanada, dated March 17, 2016, with 77.48 percent of CPG's outstanding shares present and voting at the meeting.
As announced on March 17, 2016, CPG and TransCanada entered into a definitive merger agreement pursuant to which TransCanada will acquire CPG for $25.50 per share in cash. CPG's stockholder approval is a condition to the closing of the merger. The completion of the transaction remains subject to certain other customary closing conditions, but CPG and TransCanada anticipate that the closing of the transaction will be effective on July 1, 2016.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to satisfy the conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
SOURCE Columbia Pipeline Group, Inc.
DALLAS, June 21, 2016 /PRNewswire/ -- Alerian announced today that Columbia Pipeline Group (NYSE: CPGX) is expected to be removed from the Alerian Energy Infrastructure Index (AMEI) in a special rebalancing.
Special rebalancings are triggered by corporate actions such as mergers, bankruptcies, and liquidations. Pending shareholder approval, CPGX will cease to trade due to its merger with TransCanada (TSX: TRP). If approved, the rebalancing will take place one trading day after the issuance of a press release indicating all needed merger votes have passed.
The index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from the index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About the Alerian Energy Infrastructure Index
The Alerian Energy Infrastructure Index is a composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMEI) and on a total-return basis (AMEIX).
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of May 31, 2016, nearly $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
SOURCE Alerian
HOUSTON, May 17, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), applicable to the proposed acquisition of CPG by TransCanada Corporation (TSX: TRP) (NYSE: TRP) ("TransCanada"), was terminated early by the United States Federal Trade Commission on May 17, 2016.
As previously announced on March 17, 2016, CPG entered into a definitive agreement to be acquired by TransCanada for $25.50 in cash per share of CPG common stock. Termination of the HSR Act waiting period is one of the specified conditions to which closing of the proposed acquisition is subject.
Assuming the required approval of CPG stockholders is obtained at the meeting scheduled for June 22, 2016, CPG and TransCanada expect that the closing of the transaction will be effective by July 1, 2016.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG has filed a definitive proxy statement with the SEC on May 17, 2016, which CPG expects to commence disseminating to stockholders on or about May 18, 2016. Before making any voting decision, CPG's stockholders are urged to read the DEFINITIVE proxy statement and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the definitive proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, is contained in the definitive proxy statement filed with the SEC by CPG on May 17, 2016 in connection with the proposed merger.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, May 16, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today announced that on May 13, 2016, the Committee on Foreign Investment in the United States (CFIUS) notified CPG and TransCanada Corporation (TSX: TRP) (NYSE: TRP) ("TransCanada") that its investigation of the proposed acquisition of CPG by TransCanada was complete and that there were no unresolved national security concerns with respect to the proposed transaction.
Receipt of this notification from CFIUS satisfies one of the conditions to the closing of the proposed transaction. CPG and TransCanada continue to anticipate completing the proposed transaction in the second half of 2016, subject to other customary closing conditions including US antitrust clearance and receipt of the approval of CPG stockholders.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This release may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). Before making any voting decision, CPG's stockholders are urged to read the DEFINITIVE proxy statement and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement WHEN THEY BECOME AVAILABLE because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, May 10, 2016 /PRNewswire/ -- The Board of Directors of Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today declared a quarterly dividend of 13.875 cents per share on CPG's common stock that is payable on August 19, 2016 to common stockholders of record as of the close of business on July 29, 2016, provided that CPG's proposed merger with TransCanada Corporation (TSX: TRP) (NYSE: TRP) ("TransCanada") does not close on or prior to the close of business on July 29, 2016. This would represent an approximately 3.7 percent increase over the prior quarter's dividend of 13.375 cents per share.
As previously announced, on March 17, 2016, CPG entered into an agreement and plan of merger with TransCanada and certain subsidiaries of TransCanada providing for the acquisition of CPG by a wholly owned subsidiary of TransCanada. The proposed merger is subject to approval by CPG's stockholders, regulatory approval and certain other customary closing conditions. CPG currently expects that the closing of the merger will occur in the second half of 2016. If the proposed merger with TransCanada closes prior to the close of business on July 29, 2016, then the dividend announced today will not be paid.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). Before making any voting decision, CPG's stockholders are urged to read the DEFINITIVE proxy statement and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement WHEN THEY BECOME AVAILABLE because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, May 4, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) (CPG) today announced that TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) has voluntarily withdrawn and will refile its premerger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act) originally filed on April 4, 2016. The effect of this action is to extend the time the Federal Trade Commission (the FTC) has to review the acquisition of CPG by TransCanada under the HSR Act.
TransCanada withdrew its notification and report form today and intends to refile it on May 6, 2016, when the 30-day waiting period will recommence. CPG and TransCanada have been working cooperatively with the FTC as it conducts its review of the acquisition and will continue to do so during this additional period.
CPG and TransCanada continue to anticipate completing the proposed transaction in the second half of 2016, subject to customary closing conditions including receipt of required regulatory approvals and the approval of CPG stockholders.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). Before making any voting decision, CPG's stockholders are urged to read the DEFINITIVE proxy statement and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement WHEN THEY BECOME AVAILABLE because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, May 3, 2016 /PRNewswire/ -- Columbia Pipeline Partners LP (NYSE: CPPL) ("CPPL" or the "Partnership"), a Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") company, today reported financial and operating results for the first quarter 2016.
CPPL reported net income attributable to limited partners of $27.3 million, or $0.25 per common unit compared with net income attributable to limited partners of $13.3 million, or $0.13 per common unit in the prior-year period. CPPL reported Adjusted EBITDA attributable to the Partnership (a non-GAAP measure) of $34.3 million for the first quarter compared with $18.2 million in the prior-year period. CPPL generated Distributable Cash Flow (a non-GAAP measure) of $30.0 million for the first quarter compared with $15.9 million in the prior-year period and declared a distribution of $0.1875 per unit on May 2, 2016. The distribution coverage ratio (a non-GAAP measure) for the year-to-date period is 1.59x compared with 1.73x in the prior-year period. Please see the definitions of such non-GAAP measures in the "Non-GAAP Financial Measures" section of this press release and a reconciliation to their most comparable measure calculated in accordance with GAAP on Schedule 1 of the financial tables below.
"Columbia Pipeline Partners delivered another solid quarter squarely in line with our expectations," said Robert C. Skaggs Jr., chairman and chief executive officer of CPP GP LLC, the general partner of CPPL. "The execution of our deep investment backlog continues to progress and remains on time and on budget."
As previously announced, on March 17, 2016, CPG, the ultimate parent of CPPL's general partner, entered into an agreement and plan of merger to be acquired by a subsidiary of TransCanada Corporation (NYSE: TRP). The acquisition is expected to close in the second half of 2016. Upon closing of the transaction, CPPL will remain a publicly traded partnership.
Presentation of Financial Statements
CPPL's consolidated financial statements include the accounts of CPPL and its consolidated subsidiary, CPG OpCo LP ("Columbia OpCo"). CPPL holds a 15.7% limited partner interest and a non-economic general partner interest in Columbia OpCo. CPPL controls Columbia OpCo through the ownership of its general partner and, accordingly, CPPL consolidates Columbia OpCo in its consolidated financial statements. Columbia Energy Group (a wholly owned subsidiary of CPG), CPPL's sponsor, owns the remaining 84.3% limited partner interest in Columbia OpCo, which is reflected as a non-controlling interest in CPPL's financial statements.
Balance Sheet
CPPL has a $500.0 million revolving credit facility, under which $15.0 million was drawn as of March 31, 2016.
Growth and Modernization Capital Expenditures
Growth and Modernization capital expenditures totaled $362.9 million for the first quarter. These expenditures were mostly attributable to the Leach XPress, Rayne XPress and Cameron Access projects, as well as the Columbia Gas Transmission modernization program.
Three Months Ended March 31, 2016 Operating Results
A comparison of operating results for the three months ended March 31, 2016 to the three months ended March 31, 2015 is summarized below. Earnings for the periods prior to the date of CPPL's initial public offering are derived from the financial statements and accounting records of CPPL's predecessor.
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 depreciation and amortization, increased employee and administrative expenses, higher outside service costs, decreased gains on the conveyances of mineral interests and higher property and other taxes. These variances were partially offset by decreased maintenance expenses.
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. The variance was primarily due to a decrease in interest expense resulting from the repayment of long-term debt and an increase in Allowance for Funds Used During Construction, partially offset by lower interest income.
Non-GAAP Financial Measures
Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio
We define Adjusted EBITDA as net income before interest expense, income taxes, and depreciation and amortization, plus distributions of earnings received from equity investees, less equity earnings in unconsolidated affiliates and other, net. In addition, to the extent transactions occur that are considered unusual, infrequent or not representative of underlying trends, we will remove the effect of these items from Adjusted EBITDA. Examples of these transactions include impairments. We define Distributable Cash Flow as Adjusted EBITDA less interest expense, maintenance capital expenditures, gain on sale of assets and distributable cash flow attributable to noncontrolling interest plus proceeds from sale of assets, interest income, capital (received) costs related to the separation and any other known differences between cash and income. We define Distribution Coverage Ratio as the ratio of distributable cash flow per outstanding unit (as of the end of the period) to cash distributions payable per outstanding unit with respect to such period.
Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentations of Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio will provide useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA and Distributable Cash Flow are Net Income and Net Cash Flows from Operating Activities. Our non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow should not be considered as an alternative to GAAP Net Income or Net Cash Flows from Operating Activities. Adjusted EBITDA and Distributable Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash flows from operating activities. You should not consider Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Columbia Pipeline Partners LP Files 2015 10-K
CPPL filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as amended, with the Securities Exchange Commission ("SEC") on February 18, 2016. A copy of the Form 10-K may be found on CPPL's website, www.columbiapipelinepartners.com, by selecting "Investors", "Financial Results & Filings" and then "SEC Filings." CPPL unitholders may receive hard copies of this document free of charge upon request by emailing ir@cpg.com.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP, based in Houston, Texas, is a fee-based, growth-oriented master limited partnership formed to own, operate and develop a growing portfolio of natural gas pipelines, storage and related midstream assets.
Columbia Pipeline Partners' business and operations are conducted through CPG OpCo LP and its subsidiaries, which own and operate substantially all of the natural gas transmission, storage and midstream assets of Columbia Pipeline Group, Inc. Columbia Pipeline Group operates approximately 15,000 miles of strategically located interstate pipelines extending from New York to the Gulf of Mexico, one of the nation's largest underground natural gas storage systems, and a growing portfolio of related gathering and processing assets. The majority of its assets overlay the Marcellus and Utica Shale production areas. Additional information can be found at www.columbiapipelinepartners.com or www.cpg.com.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPPL believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPPL's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPPL's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement among CPG and TransCanada; the inability of CPG to complete the proposed merger due to the failure to obtain CPG stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPPL's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to CPG's proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPPL's Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2015, as amended, and CPPL's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPPL expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This release may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). BEFORE MAKING ANY VOTING DECISION, CPG'S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPPL and its general partner's directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPPL's general partner can be found in CPPL's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
Columbia Pipeline Partners LP | ||||||
Statements of Consolidated and Combined Operations (GAAP) | ||||||
(unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(in millions, except per unit amounts) |
2016 |
2015 | ||||
Operating Revenues |
||||||
Transportation revenues |
$ 307.8 |
$ 247.9 | ||||
Transportation revenues-affiliated |
- |
28.7 | ||||
Storage revenues |
49.9 |
36.6 | ||||
Storage revenues-affiliated |
- |
13.3 | ||||
Other revenues |
5.8 |
12.7 | ||||
Total Operating Revenues |
363.5 |
339.2 | ||||
Operating Expenses |
||||||
Operation and maintenance |
99.2 |
110.0 | ||||
Operation and maintenance-affiliated |
42.4 |
36.1 | ||||
Depreciation and amortization |
37.6 |
32.3 | ||||
Gain on sale of assets |
(2.6) |
(5.3) | ||||
Property and other taxes |
20.8 |
19.0 | ||||
Total Operating Expenses |
197.4 |
192.1 | ||||
Equity Earnings in Unconsolidated Affiliates |
15.8 |
14.9 | ||||
Operating Income |
181.9 |
162.0 | ||||
Other Income (Deductions) |
||||||
Interest expense |
(0.6) |
- | ||||
Interest expense-affiliated |
(7.2) |
(11.4) | ||||
Other, net |
6.1 |
4.3 | ||||
Total Other Deductions, net |
(1.7) |
(7.1) | ||||
Income before Income Taxes |
180.2 |
154.9 | ||||
Income Taxes |
- |
23.7 | ||||
Net Income |
180.2 |
131.2 | ||||
Less: Predecessor net income prior to IPO on February 11, 2015 |
- |
42.7 | ||||
Net income subsequent to IPO |
180.2 |
88.5 | ||||
Less: Net income attributable to noncontrolling interest in Columbia OpCo subsequent to IPO |
152.9 |
75.2 | ||||
Net income attributable to limited partners subsequent to IPO |
$ 27.3 |
$ 13.3 | ||||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit (basic and diluted) |
||||||
Common units |
$ 0.25 |
$ 0.13 | ||||
Subordinated units |
0.25 |
0.13 | ||||
Weighted average limited partner units outstanding (basic and diluted) |
||||||
Common units |
53.8 |
53.8 | ||||
Subordinated units |
46.8 |
46.8 | ||||
Throughput (MMDth) |
||||||
Columbia Gas Transmission |
544.4 |
497.3 | ||||
Columbia Gulf |
153.0 |
145.7 | ||||
Total |
697.4 |
643.0 | ||||
Columbia Pipeline Partners LP | |||||||
Schedule 1 - Non-GAAP Reconciliation of Adjusted EBITDA and Distributable Cash Flow | |||||||
(unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(in millions) |
2016 |
2015 | |||||
Net Income |
$ 180.2 |
$ 131.2 | |||||
Add: |
|||||||
Interest expense |
0.6 |
- | |||||
Interest expense-affiliated |
7.2 |
11.4 | |||||
Income taxes |
- |
23.7 | |||||
Depreciation and amortization |
37.6 |
32.3 | |||||
Distributions of earnings received from equity investees |
18.9 |
18.3 | |||||
Less: |
|||||||
Equity earnings in unconsolidated affiliates |
15.8 |
14.9 | |||||
Other, net |
6.1 |
4.3 | |||||
Adjusted EBITDA |
$ 222.6 |
$ 197.7 | |||||
Less: |
|||||||
Adjusted EBITDA attributable to Predecessor prior to IPO |
- |
79.4 | |||||
Adjusted EBITDA attributable to noncontrolling interest in OpCo subsequent to IPO |
188.3 |
100.1 | |||||
Adjusted EBITDA attributable to Partnership subsequent to IPO |
$ 34.3 |
$ 18.2 | |||||
Net Cash Flows from Operating Activities |
$ 131.9 |
$ 173.7 | |||||
Interest expense |
0.6 |
- | |||||
Interest expense-affiliated |
7.2 |
11.4 | |||||
Current taxes |
- |
13.2 | |||||
Gain on sale of assets |
2.6 |
5.3 | |||||
Other adjustments to operating cash flows |
1.2 |
(8.2) | |||||
Changes in assets and liabilities |
79.1 |
2.3 | |||||
Adjusted EBITDA |
$ 222.6 |
$ 197.7 | |||||
Less: |
|||||||
Adjusted EBITDA attributable to Predecessor prior to IPO |
- |
79.4 | |||||
Adjusted EBITDA attributable to noncontrolling interest in OpCo subsequent to IPO |
188.3 |
100.1 | |||||
Adjusted EBITDA attributable to Partnership subsequent to IPO |
$ 34.3 |
$ 18.2 | |||||
Adjusted EBITDA |
$ 222.6 |
$ 197.7 | |||||
Less: |
|||||||
Interest expense |
7.8 |
11.4 | |||||
Maintenance capital expenditures |
14.9 |
18.5 | |||||
Separation maintenance capital expenditures |
- |
2.1 | |||||
Gain on sale of assets |
2.6 |
5.3 | |||||
Distributable cash flow attributable to Predecessor prior to IPO |
- |
67.8 | |||||
Distributable cash flow attributable to noncontrolling interest subsequent to IPO |
167.5 |
89.0 | |||||
Add: |
|||||||
Proceeds from sales of assets |
- |
10.2 | |||||
Interest income |
0.2 |
- | |||||
Capital costs related to Separation |
- |
2.1 | |||||
Distributable Cash Flow |
$ 30.0 |
$ 15.9 | |||||
Columbia Pipeline Partners LP | |||||||
Consolidated Balance Sheets (GAAP) | |||||||
(unaudited) | |||||||
March 31, |
December 31, | ||||||
(in millions) |
2016 |
2015 | |||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and cash equivalents |
$ 34.2 |
$ 78.9 | |||||
Accounts receivable (less reserve of $0.3 and $0.3, respectively) |
154.1 |
145.9 | |||||
Accounts receivable-affiliated |
122.6 |
149.4 | |||||
Materials and supplies, at average cost |
33.2 |
32.8 | |||||
Exchange gas receivable |
11.8 |
18.8 | |||||
Deferred property taxes |
54.2 |
52.0 | |||||
Prepayments and other |
31.0 |
33.8 | |||||
Total Current Assets |
441.1 |
511.6 | |||||
Investments |
|||||||
Unconsolidated affiliates |
436.2 |
437.1 | |||||
Other investments |
1.8 |
1.8 | |||||
Total Investments |
438.0 |
438.9 | |||||
Property, Plant and Equipment |
|||||||
Property, plant and equipment |
9,297.6 |
8,930.9 | |||||
Accumulated depreciation and amortization |
(2,994.0) |
(2,960.1) | |||||
Net Property, Plant and Equipment |
6,303.6 |
5,970.8 | |||||
Other Noncurrent Assets |
|||||||
Regulatory assets |
132.6 |
134.1 | |||||
Goodwill |
1,975.5 |
1,975.5 | |||||
Postretirement and postemployment benefits assets |
122.3 |
120.5 | |||||
Deferred charges and other |
10.9 |
10.6 | |||||
Total Other Noncurrent Assets |
2,241.3 |
2,240.7 | |||||
Total Assets |
$ 9,424.0 |
$ 9,162.0 | |||||
Columbia Pipeline Partners LP | |||||||
Consolidated Balance Sheets (GAAP) (continued) | |||||||
(unaudited) | |||||||
March 31, |
December 31, | ||||||
(in millions, except unit amounts) |
2016 |
2015 | |||||
LIABILITIES AND EQUITY |
|||||||
Current Liabilities |
|||||||
Short-term borrowings |
$ 15.0 |
$ 15.0 | |||||
Short-term borrowings-affiliated |
348.8 |
42.1 | |||||
Accounts payable |
46.2 |
49.9 | |||||
Accounts payable-affiliated |
22.6 |
86.3 | |||||
Customer deposits |
18.7 |
17.8 | |||||
Taxes accrued |
103.6 |
108.2 | |||||
Exchange gas payable |
11.7 |
18.2 | |||||
Deferred revenue |
10.5 |
15.0 | |||||
Accrued capital expenditures |
88.0 |
95.9 | |||||
Accrued compensation and related costs |
21.5 |
26.6 | |||||
Other accruals |
56.9 |
43.8 | |||||
Total Current Liabilities |
743.5 |
518.8 | |||||
Noncurrent Liabilities |
|||||||
Long-term debt-affiliated |
630.9 |
630.9 | |||||
Deferred income taxes |
1.0 |
1.0 | |||||
Accrued liability for postretirement and postemployment benefits |
35.8 |
36.1 | |||||
Regulatory liabilities |
291.9 |
309.7 | |||||
Asset retirement obligations |
24.7 |
25.3 | |||||
Other noncurrent liabilities |
65.8 |
63.5 | |||||
Total Noncurrent Liabilities |
1,050.1 |
1,066.5 | |||||
Total Liabilities |
1,793.6 |
1,585.3 | |||||
Commitments and Contingencies |
|||||||
Equity and Partners' Capital |
|||||||
Common unitholders-public (53,834,784 units issued and outstanding) |
963.4 |
958.5 | |||||
Subordinated unitholders-CEG (46,811,398 units issued and outstanding) |
308.3 |
304.0 | |||||
Accumulated other comprehensive loss |
(3.9) |
(4.0) | |||||
Total Columbia Pipeline Partners LP partners' equity and capital |
1,267.8 |
1,258.5 | |||||
Noncontrolling Interest in Columbia OpCo |
6,362.6 |
6,318.2 | |||||
Total Equity and Partners' Capital |
7,630.4 |
7,576.7 | |||||
Total Liabilities and Equity and Partners' Capital |
$ 9,424.0 |
$ 9,162.0 | |||||
Columbia Pipeline Partners LP | |||||||
Statements of Consolidated and Combined Cash Flows (GAAP) | |||||||
(unaudited) | |||||||
Three Months Ended March 31, (in millions) |
2016 |
2015 | |||||
Operating Activities |
|||||||
Net Income |
$ 180.2 |
$ 131.2 | |||||
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: |
|||||||
Depreciation and amortization |
37.6 |
32.3 | |||||
Deferred income taxes and investment tax credits |
- |
10.5 | |||||
Deferred revenue |
(2.0) |
5.3 | |||||
Equity-based compensation expense and profit sharing contribution |
0.7 |
2.0 | |||||
Gain on sale of assets |
(2.6) |
(5.3) | |||||
Equity earnings in unconsolidated affiliates |
(15.8) |
(14.9) | |||||
Amortization of debt related costs |
0.1 |
0.1 | |||||
AFUDC equity |
(6.1) |
(3.5) | |||||
Distributions of earnings received from equity investees |
18.9 |
18.3 | |||||
Changes in Assets and Liabilities: |
|||||||
Accounts receivable |
(5.7) |
12.2 | |||||
Accounts receivable-affiliated |
1.8 |
15.1 | |||||
Accounts payable |
(11.3) |
(15.6) | |||||
Accounts payable-affiliated |
(65.7) |
(15.1) | |||||
Customer deposits |
0.9 |
0.6 | |||||
Taxes accrued |
(4.7) |
2.4 | |||||
Exchange gas receivable/payable |
0.6 |
- | |||||
Other accruals |
(5.3) |
(7.8) | |||||
Prepayments and other current assets |
8.1 |
2.9 | |||||
Regulatory assets/liabilities |
1.4 |
11.8 | |||||
Postretirement and postemployment benefits |
(0.1) |
(7.7) | |||||
Deferred charges and other noncurrent assets |
(2.1) |
(1.9) | |||||
Other noncurrent liabilities |
3.0 |
0.8 | |||||
Net Cash Flows from Operating Activities |
131.9 |
173.7 | |||||
Investing Activities |
|||||||
Capital expenditures |
(377.4) |
(163.9) | |||||
Change in short-term lendings-affiliated |
24.9 |
(699.6) | |||||
Proceeds from disposition of assets |
- |
10.2 | |||||
Contributions to equity investees |
(1.9) |
- | |||||
Distributions from equity investees |
0.2 |
1.3 | |||||
Other investing activities |
(2.0) |
(2.5) | |||||
Net Cash Flows used for Investing Activities |
(356.2) |
(854.5) | |||||
Financing Activities |
|||||||
Change in short-term borrowings-affiliated |
306.6 |
(240.4) | |||||
Payments of long-term debt-affiliated, including current portion |
- |
(957.8) | |||||
Proceeds from the issuance of common units, net of offering costs |
- |
1,168.4 | |||||
Distribution of IPO proceeds to parent |
- |
(500.0) | |||||
Contribution of capital from parent |
- |
1,217.3 | |||||
Quarterly distributions to unitholders |
(18.1) |
- | |||||
Distribution to noncontrolling interest in Columbia OpCo |
(108.9) |
- | |||||
Net Cash Flows from Financing Activities |
179.6 |
687.5 | |||||
Change in cash and cash equivalents |
(44.7) |
6.7 | |||||
Cash and cash equivalents at beginning of period |
78.9 |
0.5 | |||||
Cash and Cash Equivalents at End of Period |
$ 34.2 |
$ 7.2 | |||||
SOURCE Columbia Pipeline Partners LP
HOUSTON, May 3, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") reported net operating earnings from continuing operations - controlling interest (non-GAAP) of $91.3 million for the three months ended March 31, 2016, compared with $90.0 million for the prior-year period.
Operating earnings (non-GAAP) for the first quarter were $180.2 million compared with $162.7 million for the prior-year period. For the first quarter, Adjusted EBITDA (non-GAAP) was $223.8 million compared with $198.1 million for the prior-year period. Additionally, Distributable Cash Flow (non-GAAP) was $161.4 million for the first quarter compared with $150.4 million for the prior-year period. Please refer to Schedules 1 and 2 in the financial tables below for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.
On a GAAP basis, CPG reported income from continuing operations - controlling interest for the three months ended March 31, 2016 of $72.0 million compared with $90.0 million for the prior-year period. Operating income for the first quarter was $151.7 million compared with $162.7 million for the prior-year period.
As previously announced, on March 17, 2016, CPG entered into an agreement and plan of merger to be acquired by a subsidiary of TransCanada Corporation (NYSE: TRP) ("TransCanada"). The acquisition is expected to close in the second half of 2016.
"This quarter's performance was strong by any measure," said CPG Chairman and Chief Executive Officer Robert C. Skaggs, Jr. "The CPG Team continues to maintain its singular focus on the execution of our business plan and on meeting all of our stakeholder commitments."
Skaggs also noted that CPG's growth and modernization investments continue to progress according to plan. Notable developments in the first quarter included (i) the approval by the Federal Energy Regulatory Commission (the "FERC") of a customer settlement to extend and expand Columbia Gas Transmission's modernization program for an additional three years through 2020; and (ii) CPG's filing of certificate applications with the FERC for its Mountaineer XPress and Gulf XPress projects. The projects involve a combined investment of $2.7 billion and are targeted to be placed in service during the fourth quarter of 2018.
Three Months Ended March 31, 2016 Operating Results
A comparison of operating results for the three months ended March 31, 2016 to the three months ended March 31, 2015 is summarized below.
Operating revenues, excluding the impact of trackers, increased by $34.6 million, 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 trackers, increased by $17.6 million, primarily due to higher depreciation and amortization, increased employee and administrative costs, higher outside service costs, increased property and other taxes and decreased gains on the conveyances of mineral interests. These variances were partially offset by decreased maintenance expenses.
Equity earnings increased by $0.5 million.
Other income (deductions) for the three months ended March 31, 2016 reduced income by $22.4 million compared with a reduction in income of $13.7 million in the same period in 2015. The variance was primarily due to an increase in interest expense resulting from the issuance of long-term debt in May 2015, partially offset by Allowance for Funds Used During Construction.
The effective tax rate of net operating earnings was 32.9% compared with 34.8% for the same period in 2015. The 1.9% decrease is primarily due to a full quarter of Columbia Pipeline Partners LP ("CPPL") earnings for which the noncontrolling public limited partners are directly responsible for the related income taxes.
Non-GAAP Financial Measures
Net Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
We define Net Operating Earnings as net income adjusted for transactions that are considered unusual, infrequent or not representative of underlying trends. Examples of these transactions include impairments, costs associated with CPG's separation from NiSource Inc. (the "separation") and costs associated with CPG's proposed merger with TransCanada (the "proposed merger"). We define Adjusted EBITDA as net income before interest expense, income taxes, and depreciation and amortization, plus distributions of earnings received from equity investees, less equity earnings in unconsolidated affiliates and other, net. In addition, to the extent transactions occur that are considered unusual, infrequent or not representative of underlying trends, we will remove the effect of these items from Adjusted EBITDA. Examples of these transactions include impairments, costs associated with the separation and costs associated with the proposed merger. We define Distributable Cash Flow as Adjusted EBITDA less interest expense, maintenance capital expenditures, gain on sale of assets, net cash paid for taxes and distributions to public unitholders plus proceeds from sale of assets, interest income, capital costs related to the separation and any other known differences between cash and income.
Net Operating Earnings, Adjusted EBITDA and Distributable Cash Flow are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentations of Net Operating Earnings, Adjusted EBITDA and Distributable Cash Flow will provide useful information to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Net Operating Earnings is Net Income. The GAAP measures most directly comparable to Adjusted EBITDA and Distributable Cash Flow are Net Income and Net Cash Flows from Operating Activities. Our non-GAAP financial measures of Net Operating Earnings, Adjusted EBITDA and Distributable Cash Flow should not be considered as an alternative to GAAP net income or net cash flows from operating activities. Net Operating Earnings, Adjusted EBITDA and Distributable Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash flows from operating activities. You should not consider Net Operating Earnings, Adjusted EBITDA or Distributable Cash Flow in isolation or as a substitute for analysis of our results as reported under GAAP. Because Net Operating Earnings, Adjusted EBITDA or Distributable Cash Flow may be defined differently by other companies in our industry, our definitions of Net Operating Earnings, Adjusted EBITDA or Distributable Cash Flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. Columbia Pipeline Group, Inc. also operates one of the nation's largest underground natural gas storage systems. Columbia Pipeline Group, Inc. is listed on the NYSE under the ticker symbol CPGX. Additional information can be found at www.cpg.com.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This release may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). BEFORE MAKING ANY VOTING DECISION, CPG'S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
Columbia Pipeline Group, Inc. | ||||||||
Consolidated Net Operating Earnings (Non-GAAP) | ||||||||
(unaudited) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
(in millions, except per share amounts) |
2016 |
2015 |
||||||
Operating Revenues |
||||||||
Transportation revenues |
$ 275.2 |
$ 207.5 |
||||||
Transportation revenues-affiliated |
- |
26.6 |
||||||
Transportation revenues-trackers |
33.3 |
43.3 |
||||||
Storage revenues |
49.7 |
36.4 |
||||||
Storage revenues-affiliated |
- |
13.2 |
||||||
Storage revenues-trackers |
0.2 |
0.3 |
||||||
Other revenues |
6.1 |
12.7 |
||||||
Total Operating Revenues |
364.5 |
340.0 |
||||||
Operating Expenses |
||||||||
Operation and maintenance |
107.1 |
74.8 |
||||||
Operation and maintenance-affiliated |
- |
28.0 |
||||||
Operation and maintenance-trackers |
33.5 |
43.6 |
||||||
Depreciation and amortization |
40.4 |
32.5 |
||||||
Gain on sale of assets |
(2.6) |
(5.3) |
||||||
Property and other taxes |
21.8 |
19.1 |
||||||
Total Operating Expenses |
200.2 |
192.7 |
||||||
Equity Earnings in Unconsolidated Affiliates |
15.9 |
15.4 |
||||||
Operating Earnings |
180.2 |
162.7 |
||||||
Other Income (Deductions) |
||||||||
Interest expense |
(29.4) |
- |
||||||
Interest expense-affiliated |
- |
(18.3) |
||||||
Other, net |
7.0 |
4.6 |
||||||
Total Other Deductions, net |
(22.4) |
(13.7) |
||||||
Operating Earnings from Continuing Operations before Income Taxes |
157.8 |
149.0 |
||||||
Income Taxes |
51.9 |
51.9 |
||||||
Net Operating Earnings from Continuing Operations |
105.9 |
97.1 |
||||||
Less: Net Operating Earnings from Continuing Operations - Noncontrolling Interest |
14.6 |
7.1 |
||||||
Net Operating Earnings from Continuing Operations - Controlling Interest |
91.3 |
90.0 |
||||||
GAAP Adjustment |
(19.3) |
- |
||||||
GAAP Income from Continuing Operations - Controlling Interest |
$ 72.0 |
$ 90.0 |
||||||
Basic Net Operating Earnings Per Share from Continuing Operations |
$ 0.23 |
$ 0.28 |
||||||
GAAP Basic Earnings Per Share from Continuing Operations |
$ 0.18 |
$ 0.28 |
||||||
Basic Average Common Shares Outstanding |
400.3 |
317.6 |
||||||
Throughput (MMDth) |
||||||||
Columbia Gas Transmission |
544.4 |
497.3 |
||||||
Columbia Gulf |
153.0 |
145.7 |
||||||
Crossroads |
4.6 |
5.1 |
||||||
Total |
702.0 |
648.1 |
||||||
Columbia Pipeline Group, Inc. | ||||||||
Schedule 1 - Reconciliation of Net Operating Earnings to GAAP | ||||||||
(unaudited) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
(in millions) |
2016 |
2015 |
||||||
Net Operating Earnings from Continuing Operations - Controlling Interest |
$ 91.3 |
$ 90.0 |
||||||
Items excluded from operating earnings |
||||||||
Operating Expenses: |
||||||||
Separation costs |
(17.6) |
- |
||||||
Merger costs |
(10.9) |
- |
||||||
Total items excluded from operating earnings |
(28.5) |
- |
||||||
Other Deductions: |
||||||||
Income taxes - discrete items |
(1.2) |
- |
||||||
Tax effect of above items |
10.4 |
- |
||||||
Total items excluded from net operating earnings |
(19.3) |
- |
||||||
GAAP Income from Continuing Operations - Controlling Interest |
$ 72.0 |
$ 90.0 |
||||||
Columbia Pipeline Group, Inc. | ||||||||
Schedule 2 - Non-GAAP Reconciliation of Adjusted EBITDA and Distributable Cash Flow | ||||||||
(unaudited) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
(in millions) |
2016 |
2015 |
||||||
Net Income |
$ 86.8 |
$ 97.1 |
||||||
Add: |
||||||||
Interest expense |
29.4 |
- |
||||||
Interest expense-affiliated |
- |
18.3 |
||||||
Income taxes |
42.7 |
51.9 |
||||||
Depreciation and amortization |
40.4 |
32.5 |
||||||
Separation costs |
17.6 |
- |
||||||
Merger costs |
10.9 |
- |
||||||
Distributions of earnings received from equity investees |
18.9 |
18.3 |
||||||
Less: |
||||||||
Equity earnings in unconsolidated affiliates |
15.9 |
15.4 |
||||||
Other, net |
7.0 |
4.6 |
||||||
Adjusted EBITDA |
$ 223.8 |
$ 198.1 |
||||||
Less: |
||||||||
Adjusted EBITDA attributable to noncontrolling interest |
18.4 |
9.7 |
||||||
Adjusted EBITDA attributable to CPG |
$ 205.4 |
$ 188.4 |
||||||
Net Cash Flows from Operating Activities |
$ 170.3 |
$ 163.8 |
||||||
Interest expense |
29.4 |
- |
||||||
Interest expense-affiliated |
- |
18.3 |
||||||
Current taxes |
2.1 |
15.8 |
||||||
Gain on sale of assets |
2.6 |
5.3 |
||||||
Other adjustments to operating cash flows |
22.4 |
(8.5) |
||||||
Changes in assets and liabilities |
(3.0) |
3.4 |
||||||
Adjusted EBITDA |
$ 223.8 |
$ 198.1 |
||||||
Less: |
||||||||
Adjusted EBITDA attributable to noncontrolling interest |
18.4 |
9.7 |
||||||
Adjusted EBITDA attributable to CPG |
$ 205.4 |
$ 188.4 |
||||||
Adjusted EBITDA |
$ 223.8 |
$ 198.1 |
||||||
Less: |
||||||||
Interest expense |
29.4 |
18.3 |
||||||
Maintenance capital expenditures |
19.5 |
18.5 |
||||||
Separation maintenance capital expenditures |
3.4 |
2.1 |
||||||
Gain on sale of assets |
2.6 |
5.3 |
||||||
Net cash paid for taxes |
2.1 |
15.8 |
||||||
Distributions to public unitholders |
9.7 |
- |
||||||
Add: |
||||||||
Proceeds from sales of assets |
- |
10.2 |
||||||
Interest income |
0.9 |
- |
||||||
Capital costs related to Separation |
3.4 |
2.1 |
||||||
Distributable Cash Flow |
$ 161.4 |
$ 150.4 |
||||||
Columbia Pipeline Group, Inc. |
|||||||
Statements of Consolidated Operations (GAAP) |
|||||||
(unaudited) | |||||||
Three Months Ended |
|||||||
March 31, |
|||||||
(in millions, except per share amounts) |
2016 |
2015 |
|||||
Operating Revenues |
|||||||
Transportation revenues |
$ 308.5 |
$ 248.4 |
|||||
Transportation revenues-affiliated |
- |
29.0 |
|||||
Storage revenues |
49.9 |
36.6 |
|||||
Storage revenues-affiliated |
- |
13.3 |
|||||
Other revenues |
6.1 |
12.7 |
|||||
Total Operating Revenues |
364.5 |
340.0 |
|||||
Operating Expenses |
|||||||
Operation and maintenance |
169.1 |
118.4 |
|||||
Operation and maintenance-affiliated |
- |
28.0 |
|||||
Depreciation and amortization |
40.4 |
32.5 |
|||||
Gain on sale of assets |
(2.6) |
(5.3) |
|||||
Property and other taxes |
21.8 |
19.1 |
|||||
Total Operating Expenses |
228.7 |
192.7 |
|||||
Equity Earnings in Unconsolidated Affiliates |
15.9 |
15.4 |
|||||
Operating Income |
151.7 |
162.7 |
|||||
Other Income (Deductions) |
|||||||
Interest expense |
(29.4) |
- |
|||||
Interest expense-affiliated |
- |
(18.3) |
|||||
Other, net |
7.0 |
4.6 |
|||||
Total Other Deductions, net |
(22.4) |
(13.7) |
|||||
Income from Continuing Operations before Income Taxes |
129.3 |
149.0 |
|||||
Income Taxes |
42.7 |
51.9 |
|||||
Income from Continuing Operations |
86.6 |
97.1 |
|||||
Income from Discontinued Operations-net of taxes |
0.2 |
- |
|||||
Net Income |
86.8 |
97.1 |
|||||
Less: Net income attributable to noncontrolling interest |
14.6 |
7.1 |
|||||
Net income attributable to CPG |
$ 72.2 |
$ 90.0 |
|||||
Amounts attributable to CPG: |
|||||||
Income from continuing operations |
$ 72.0 |
$ 90.0 |
|||||
Income from discontinued operations-net of taxes |
0.2 |
- |
|||||
Net income attributable to CPG |
$ 72.2 |
$ 90.0 |
|||||
Basic Earnings Per Share |
|||||||
Continuing Operations |
$ 0.18 |
$ 0.28 |
|||||
Discontinued Operations |
- |
- |
|||||
Basic Earnings Per Share |
$ 0.18 |
$ 0.28 |
|||||
Diluted Earnings Per Share |
|||||||
Continuing Operations |
$ 0.18 |
$ 0.28 |
|||||
Discontinued Operations |
- |
- |
|||||
Diluted Earnings Per Share |
$ 0.18 |
$ 0.28 |
|||||
Basic Average Common Shares Outstanding |
400.3 |
317.6 |
|||||
Diluted Average Common Shares |
400.7 |
317.6 |
|||||
Dividends Declared Per Common Share |
$ 0.26 |
$ - |
|||||
Columbia Pipeline Group, Inc. | |||||||
Consolidated Balance Sheets (GAAP) | |||||||
(unaudited) | |||||||
March 31, |
December 31, | ||||||
(in millions) |
2016 |
2015 | |||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and cash equivalents |
$ 640.9 |
$ 930.9 | |||||
Accounts receivable (less reserve of $0.3 and $0.6, respectively) |
161.5 |
152.4 | |||||
Materials and supplies, at average cost |
33.2 |
32.8 | |||||
Exchange gas receivable |
12.0 |
19.0 | |||||
Deferred property taxes |
54.2 |
52.0 | |||||
Prepayments and other |
46.5 |
48.5 | |||||
Total Current Assets |
948.3 |
1,235.6 | |||||
Investments |
|||||||
Unconsolidated affiliates |
437.3 |
438.1 | |||||
Other investments |
13.8 |
13.8 | |||||
Total Investments |
451.1 |
451.9 | |||||
Property, Plant and Equipment |
|||||||
Property, plant and equipment |
9,426.0 |
9,052.3 | |||||
Accumulated depreciation and amortization |
(3,025.1) |
(2,988.6) | |||||
Net Property, Plant and Equipment |
6,400.9 |
6,063.7 | |||||
Other Noncurrent Assets |
|||||||
Regulatory assets |
182.2 |
177.7 | |||||
Goodwill |
1,975.5 |
1,975.5 | |||||
Postretirement and postemployment benefits assets |
117.7 |
115.7 | |||||
Deferred charges and others |
15.4 |
15.5 | |||||
Total Other Noncurrent Assets |
2,290.8 |
2,284.4 | |||||
Total Assets |
$ 10,091.1 |
$ 10,035.6 | |||||
Columbia Pipeline Group, Inc. | |||||||
Consolidated Balance Sheets (GAAP) (continued) | |||||||
(unaudited) | |||||||
March 31, |
December 31, | ||||||
(in millions, except share amounts) |
2016 |
2015 | |||||
LIABILITIES AND EQUITY |
|||||||
Current Liabilities |
|||||||
Short-term borrowings |
$ 15.0 |
$ 15.0 | |||||
Accounts payable |
58.7 |
56.8 | |||||
Dividends payable |
53.6 |
- | |||||
Customer deposits |
18.8 |
17.9 | |||||
Taxes accrued |
101.0 |
106.0 | |||||
Interest accrued |
37.2 |
9.5 | |||||
Exchange gas payable |
12.1 |
18.6 | |||||
Deferred revenue |
10.5 |
15.0 | |||||
Accrued capital expenditures |
88.7 |
100.1 | |||||
Accrued compensation and related costs |
28.5 |
51.9 | |||||
Other accruals |
89.9 |
70.0 | |||||
Total Current Liabilities |
514.0 |
460.8 | |||||
Noncurrent Liabilities |
|||||||
Long-term debt |
2,725.9 |
2,725.6 | |||||
Deferred income taxes |
1,395.3 |
1,348.1 | |||||
Accrued liability for postretirement and postemployment benefits |
48.9 |
49.4 | |||||
Regulatory liabilities |
303.6 |
321.6 | |||||
Asset retirement obligations |
25.1 |
25.7 | |||||
Other noncurrent liabilities |
94.4 |
91.4 | |||||
Total Noncurrent Liabilities |
4,593.2 |
4,561.8 | |||||
Total Liabilities |
5,107.2 |
5,022.6 | |||||
Commitments and Contingencies |
|||||||
Equity |
|||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 400,383,243 and 399,841,350 shares outstanding, respectively |
4.0 |
4.0 | |||||
Additional paid-in capital |
4,037.1 |
4,032.7 | |||||
Retained earnings |
14.0 |
46.9 | |||||
Treasury stock |
(6.0) |
- | |||||
Accumulated other comprehensive loss |
(26.6) |
(27.0) | |||||
Total CPG Equity |
4,022.5 |
4,056.6 | |||||
Noncontrolling Interest |
961.4 |
956.4 | |||||
Total Equity |
4,983.9 |
5,013.0 | |||||
Total Liabilities and Equity |
$ 10,091.1 |
$ 10,035.6 | |||||
Columbia Pipeline Group, Inc. | |||||||
Statements of Consolidated Cash Flows (GAAP) | |||||||
(unaudited) | |||||||
Three Months Ended March 31, (in millions) |
2016 |
2015 | |||||
Operating Activities |
|||||||
Net Income |
$ 86.8 |
$ 97.1 | |||||
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: |
|||||||
Depreciation and amortization |
40.4 |
32.5 | |||||
Deferred income taxes and investment tax credits |
40.6 |
36.1 | |||||
Deferred revenue |
(2.0) |
5.3 | |||||
Equity-based compensation expense and profit sharing contribution |
6.2 |
2.1 | |||||
Gain on sale of assets |
(2.6) |
(5.3) | |||||
Equity earnings in unconsolidated affiliates |
(15.9) |
(15.4) | |||||
Income from discontinued operations-net of taxes |
(0.2) |
- | |||||
Amortization of debt related costs |
1.3 |
- | |||||
AFUDC equity |
(6.1) |
(3.5) | |||||
Distributions of earnings received from equity investees |
18.9 |
18.3 | |||||
Changes in Assets and Liabilities: |
|||||||
Accounts receivable |
(6.6) |
12.2 | |||||
Accounts receivable-affiliated |
- |
15.2 | |||||
Accounts payable |
(4.4) |
(15.6) | |||||
Accounts payable-affiliated |
- |
(8.6) | |||||
Customer deposits |
0.9 |
0.6 | |||||
Taxes accrued |
(5.0) |
(8.8) | |||||
Interest accrued |
27.7 |
- | |||||
Exchange gas receivable/payable |
0.5 |
(0.1) | |||||
Other accruals |
(19.3) |
(9.1) | |||||
Prepayments and other current assets |
7.1 |
2.7 | |||||
Regulatory assets/liabilities |
1.5 |
15.3 | |||||
Postretirement and postemployment benefits |
(0.1) |
(8.7) | |||||
Deferred charges and other noncurrent assets |
(2.3) |
(0.2) | |||||
Other noncurrent liabilities |
2.6 |
1.7 | |||||
Net Operating Activities from Continuing Operations |
170.0 |
163.8 | |||||
Net Operating Activities from Discontinued Operations |
0.3 |
- | |||||
Net Cash Flows from Operating Activities |
170.3 |
163.8 | |||||
Investing Activities |
|||||||
Capital expenditures |
(388.9) |
(163.9) | |||||
Change in short-term lendings-affiliated |
- |
(698.0) | |||||
Proceeds from disposition of assets |
- |
10.2 | |||||
Contributions to equity investees |
(1.9) |
- | |||||
Distributions from equity investees |
0.2 |
1.3 | |||||
Other investing activities |
(2.0) |
(2.4) | |||||
Net Cash Flows used for Investing Activities |
(392.6) |
(852.8) | |||||
Financing Activities |
|||||||
Change in short-term borrowings-affiliated |
- |
(232.1) | |||||
Debt related costs |
(0.5) |
- | |||||
Issuance of long-term debt-affiliated |
- |
1,217.3 | |||||
Payments of long-term debt-affiliated, including current portion |
- |
(957.8) | |||||
Proceeds from the issuance of common units, net of offering costs |
- |
1,168.4 | |||||
Distribution of IPO proceeds to parent |
- |
(500.0) | |||||
Distribution to noncontrolling interest |
(9.7) |
- | |||||
Acquisition of treasury stock |
(6.0) |
- | |||||
Dividends paid - common stock |
(51.5) |
- | |||||
Net Cash Flows (used for) from Financing Activities |
(67.7) |
695.8 | |||||
Change in cash and cash equivalents |
(290.0) |
6.8 | |||||
Cash and cash equivalents at beginning of period |
930.9 |
0.5 | |||||
Cash and Cash Equivalents at End of Period |
$ 640.9 |
$ 7.3 | |||||
Logo - http://photos.prnewswire.com/prnh/20150701/227669LOGO
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, April 20, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. (NYSE: CPGX) ("CPG") today announced it has set a date for a special meeting of its stockholders to consider and vote on a proposal to adopt the previously announced merger agreement, dated as of March 17, 2016, which provides for the acquisition of CPG by TransCanada Corporation (TSX: TRP) (NYSE: TRP), as well as certain other related matters. The special meeting will be held on June 22, 2016 at 9 a.m., local time, at The St. Regis Houston Hotel, 1919 Briar Oaks Lane, Houston, TX 77027.
CPG stockholders of record as of the close of business on May 18, 2016 are entitled to notice of, and to vote at, the special meeting.
CPG expects to commence a mailing of the definitive proxy statement in connection with the special meeting to its stockholders on or around May 18, 2016. The proxy statement will provide information for CPG stockholders, as well as instructions for the stockholders on how to vote their shares of CPG common stock.
The proposed acquisition is subject to approval by CPG's stockholders, regulatory approval and certain other customary closing conditions.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All such forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger; risks related to disruption of management's attention from CPG's ongoing business operations due to the pending merger; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015, as amended, and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG filed a preliminary proxy statement with the SEC on April 8, 2016, and intends to file other relevant documents with the SEC, including a proxy statement in definitive form (which CPG expects to commence disseminating to stockholders on or about May 18, 2016). Before making any voting decision, CPG's stockholders are urged to read the DEFINITIVE proxy statement and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement WHEN THEY BECOME AVAILABLE because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and CPG's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act will be available free of charge through CPG's website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Participants in Solicitation
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed merger. Information about the directors and executive officers of CPG can be found in CPG's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on February 18, 2016, as amended by Amendment No. 1 thereto on Form 10-K/A, filed with the SEC on April 7, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the merger, which may be different than those of CPG's stockholders generally, will be contained in the proxy statement other relevant materials that will be filed with the SEC in connection with the proposed merger when they become available.
SOURCE Columbia Pipeline Group, Inc.
HOUSTON, March 17, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. ("CPG") (NYSE: CPGX) today announced that it has entered into a definitive agreement to be acquired by TransCanada Corporation ("TransCanada") (TSX, NYSE: TRP) for $25.50 per share in cash. Including the assumption of CPG debt, the total enterprise value of the transaction is approximately $13 billion. The agreement, which has been unanimously approved by CPG's Board of Directors, represents a premium of approximately 32% to the volume weighted average price over the last 30 days.
"This transaction delivers tremendous value to our shareholders and places CPG within a leading energy platform that can maximize the value of our strategic positioning and deep inventory of transformational growth projects," said CPG Chairman and Chief Executive Officer Robert C. Skaggs, Jr. "The value presented here is a strong endorsement of our team's outstanding work. I am confident that this newly enhanced business will continue to deliver on our core commitments to customers, employees, stakeholders and stockholders."
"This transaction is truly transformational for TransCanada," said Russ Girling, President and CEO of TransCanada. "CPG's interstate pipeline and midstream assets sit directly on top of the fastest growing areas of the Marcellus and Utica Shale regions. This provides us with a complementary asset base, a substantial growth pipeline network and a broad team that has a solid track record of executing on projects and delivering results."
Transaction Details
The transaction is expected to close in the second half of 2016, subject to customary closing conditions, including receipt of regulatory approvals. The transaction requires the affirmative vote of holders of a majority of CPG's outstanding shares.
TransCanada has senior unsecured bridge credit facilities in place for up to US $10.3 billion with a syndicate of lenders.
Following completion of the transaction, TransCanada will own the general partner of Columbia Pipeline Partners LP (NYSE: CPPL) ("CPPL"), all of CPPL's incentive distribution rights and all of CPPL's subordinated units, which represent a 46.5% limited partnership interest in CPPL. Upon closing of the transaction, CPPL will remain a publicly traded partnership. Additional detail on the transaction can be found on the TransCanada website at www.transcanada.com.
Goldman, Sachs & Co. and Lazard acted as financial advisors to CPG. Sullivan & Cromwell LLP and Bennett Jones LLP acted as legal counsel to CPG.
Investor Conference Call to be Held Today
TransCanada will hold a brief teleconference and webcast today - Thursday, March 17, 2016 - to discuss this transaction. Russ Girling, TransCanada's President and Chief Executive Officer, and Don Marchand, Executive Vice-President, Corporate Development and Chief Financial Officer will take part in the call at 2:45 p.m. (MST) / 4:45 p.m. (EST).
Analysts, members of the media and other interested parties are invited to listen in by calling (866) 696-5910 or (416) 695-7806 (Toronto area). Please dial in 10 minutes prior to the start of the call. The pass code is 7894855. Russ Girling and Don Marchand will deliver short remarks but there will not be a question and answer session.
A live webcast of the teleconference will be available at www.transcanada.com. A copy of the slides presented during the call will be posted to TransCanada's website.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EST) on March 24, 2016. Please call (800) 408-3053 or (905) 694-9451 (Toronto area) and enter pass code 5742144.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. Columbia Pipeline Group, Inc. also operates one of the nation's largest underground natural gas storage systems. Columbia Pipeline Group, Inc. is listed on the NYSE under the ticker symbol CPGX. Additional information can be found at www.cpg.com.
About TransCanada
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 67,000 kilometers (42,000 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 13,100 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.
Forward-Looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 concerning CPG and the proposed merger with TransCanada. Forward-looking statements are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although CPG believes that the plans, intentions and expectations reflected in or suggested by the forward looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved and such statements are subject to various risks and uncertainties. Therefore, actual outcomes and results could materially differ from what is express, implied or forecasted in such statements and readers are cautioned not to place undue reliance on such statements. CPG's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond CPG's control. These factors include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to termination of the merger agreement with TransCanada; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; risks related to disruption of management's attention from CPG's ongoing business operations due to the transaction; the impact of the announcement of the proposed merger on relationships with third parties, including commercial counterparties, employees and competitors, and risks associated with the loss and ongoing replacement of key personnel; risks relating to unanticipated costs of integration in connection with the proposed merger, including operating costs, customer loss or business disruption being greater than expected; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; the demand for natural gas storage and transportation services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the price and availability of debt and equity financing; the availability and price of natural gas to the consumer compared with the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; operating hazards and other risks incidental to transporting, storing and gathering natural gas; natural disasters, weather-related delays, casualty losses, acts of war and terrorism and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in the availability and cost of capital; changes in tax status; the effects of existing and future laws and governmental regulations; and the effects of future litigation, including litigation relating to the proposed merger with TransCanada. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in CPG's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended December 31, 2015 and CPG's other filings with the SEC, which are available at http://www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. CPG expressly disclaims any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
ADDITIONAL INFORMATION AND WHERE TO FIND IT:
This communication may be deemed to be solicitation material in respect of the proposed acquisition of CPG by TransCanada. In connection with the proposed merger transaction, CPG will file with the SEC and furnish to CPG's stockholders a proxy statement and other relevant documents. Before making any voting decision, CPG's stockholders are urged to read the proxy statement when it becomes available and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement because they will contain important information about the proposed merger.
Investors and security holders will be able to obtain, free of charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. In addition, the proxy statement and our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 14(d) of the Exchange Act are available free of charge through our website at https://www.cpg.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
PARTICIPANTS IN SOLICITATION:
CPG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of CPG common stock in respect of the proposed transaction. Information about the directors and executive officers of CPG can be found in the Information Statement included as an exhibit to CPG's amended Registration Statement on Form 10, which was filed with the SEC on June 2, 2015. Investors may obtain additional information regarding the interests of such participants in the merger, which may be different than those of CPG's stockholders generally, by reading the proxy statement and other relevant documents regarding the merger when such documents are filed with the SEC.
SOURCE Columbia Pipeline Group, Inc.
ALLENTOWN, Pa., Feb. 1, 2016 /PRNewswire/ -- Talen Energy Corporation (NYSE: TLN) completed on Monday (2/1) the sale of Talen Ironwood Holdings, LLC, which through its subsidiaries owns and operates the Ironwood combined-cycle, natural gas-fired power plant in Lebanon County, Pa., to a subsidiary of TransCanada Corporation (TSX, NYSE: TRP).
The total purchase price, after estimated adjustments for net working capital, was $657 million. In connection with the transaction, Talen Energy repaid approximately $41 million in debt, plus a customary pre-payment premium, associated with the plant. Talen Energy expects to use transaction proceeds to retire pre-payable and maturing debt, and for other general corporate purposes.
Sale of the 704-megawatt plant supports mitigation measures required by a December 2014 Federal Energy Regulatory Commission order that approved the transactions that formed Talen Energy. Other previously announced mitigation sales in specified regions of the PJM Interconnection are expected to close in the first quarter of 2016, subject to the satisfaction of customary closing conditions.
Credit Suisse served as financial advisor to Talen Energy for the Ironwood transaction. Kirkland & Ellis LLP served as transaction counsel.
Talen Energy is one of the largest competitive energy and power generation companies in North America. Our diverse generating fleet operates in well-developed, structured wholesale power markets. To learn more about us, visit www.talenenergy.com.
Forward-Looking Statements
All statements contained herein other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. Although Talen Energy believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: adverse economic conditions; changes in commodity prices and related costs; operational, price and credit risks in the wholesale and retail electricity markets; operating performance and the length of scheduled and unscheduled outages at our generating plants; volatility in the availability and/or price of electric transmission and/or fuel transmission and delivery services; competition in the power generation market; federal and state legislation and regulation, including laws and regulations concerning the environment; the impact of climate change; and weather conditions affecting customer energy usage and/or the availability of fuel for our generating plants. Any forward-looking statements should be considered in light of such important factors and in conjunction with Talen Energy's filings with the Securities and Exchange Commission that are available at www.sec.gov.
Contacts:
Media Relations – George C. Lewis, 610-774-4687
Investor Relations – Andy Ludwig, 610-774-3389
Logo - http://photos.prnewswire.com/prnh/20150601/219745LOGO
SOURCE Talen Energy Corporation
TULSA, Okla. and HOUSTON, Jan. 13, 2016 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan") and TransCanada Corporation (TSX, NYSE: TRP) ("TransCanada") announced today definitive plans to connect TransCanada's Houston tank terminal to Magellan's East Houston terminal. HoustonLink Pipeline Company, LLC ("HoustonLink"), a new company owned 50/50 by Magellan and TransCanada, will construct, own and operate a nine-mile, 24-inch diameter crude oil pipeline connecting the terminals. The new pipeline will provide TransCanada's Keystone and Marketlink customers access to Magellan's Houston and Texas City crude oil distribution system.
The joint project, first announced in April 2015, is estimated to cost approximately US$50 million. In addition, Magellan and TransCanada plan to develop additional infrastructure at their respective Houston-area terminals to accommodate shipments from the new pipeline. Magellan will serve as construction manager and operator for HoustonLink.
The HoustonLink pipeline is expected to be operational during the first half of 2017, subject to the receipt of all necessary rights-of-way, permits and regulatory approvals.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 95 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
FORWARD-LOOKING INFORMATION
Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors associated with the project that may have a direct impact on Magellan's results of operations and financial condition are: (1) the ability to obtain all required rights-of-way, permits and regulatory or other approvals on a timely basis; (2) the ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil; (4) changes in tariff rates or other terms imposed by state or federal regulatory agencies; (5) the occurrence of an operational hazard or unforeseen interruption; (6) disruption in the debt and equity markets that negatively impacts Magellan's ability to finance capital spending and (7) willingness to incur or failure of customers or vendors to meet or continue contractual obligations related to this project. Additional information about issues that could lead to material changes in performance is contained in Magellan's filings with the Securities and Exchange Commission. Magellan undertakes no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date.
About TransCanada Corporation
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,500 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.
FORWARD-LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated November 2, 2015 and 2014 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
Contacts: |
||
Magellan: |
Paula Farrell, Investor Relations (918) 574-7650, paula.farrell@magellanlp.com | |
Bruce Heine, Media Relations (918) 574-7010, bruce.heine@magellanlp.com | ||
TransCanada: |
David Moneta / Stuart Kampel, Investor Relations (403) 920-7911 or (800) 361-6522 | |
Mark Cooper / Terry Cunha, Media Relations (403) 920-7859 or (800) 608-7859 |
SOURCE Magellan Midstream Partners, L.P.
2017 NGTL System Expansion Project (subscriber access)
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Transcanada Energy Ltd.
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Transportadora de Gas Natural del Noroeste
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TC Energy Corporation
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TC Energy Corporation
Leach Xpress (subscriber access)
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Columbia Pipeline Group
TC Energy Corporation
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Columbia Gas Transmission, LLC
Line 8000 Replacement Project (subscriber access)
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TC Energy Corporation
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Transportadora de Gas Natural del Noroeste
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Millennium Pipeline Company, L.L.C.
Mountaineer XPress Project (MXP) (subscriber access)
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Columbia Pipeline Group
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TC Energy Corporation
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TC Energy Corporation
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North Baja Pipeline, LLC
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TC Energy Corporation
Northern Courier Pipeline (subscriber access)
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TC Energy Corporation
Ontario Pumped Storage Project (subscriber access)
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TC Energy Corporation
PM-117 MAOP Uprate Project (subscriber access)
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Columbia Gas Transmission, LLC
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Portland Natural Gas Transmission System
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Portland Natural Gas Transmission System
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Portland Natural Gas Transmission System
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TC Energy Corporation
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TC Energy Corporation
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TC Energy Corporation
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TC Energy Corporation
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IEnova Infraestructura Energetica
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TC Energy Corporation
TransCanada Eastern Mainline Project (subscriber access)
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TC Energy Corporation
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TC Energy Corporation
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TC Energy Corporation
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TC Energy Corporation
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TC Energy Corporation
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Columbia Pipeline Group
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ANR Pipeline Company
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