HOUSTON, Aug. 3, 2015 /PRNewswire/ -- Columbia
Pipeline Partners LP (NYSE: CPPL) ("CPPL"), a Columbia Pipeline
Group, Inc. (NYSE: CPGX) ("CPG") company, today reported financial
and operating results for the second quarter 2015.
"Columbia Pipeline Partners continues to deliver solid
operational and financial results as well as highly visible
long-term growth for its unitholders," said Robert C. Skaggs Jr., chairman and chief
executive officer of CPP GP LLC, the general partner of CPPL. "By
advancing several major growth projects and executing on Columbia
Gas Transmission's long-term system modernization program, the team
continues to strengthen our very competitive market position in the
country's most prolific shale basins."
CPPL reported net income attributable to limited partners of
$16.3 million, or $0.17 per common unit, and Adjusted EBITDA (a
non-GAAP measure) of $21.3 million.
CPPL generated Distributable Cash Flow (a non-GAAP measure) of
$12.5 million. The distribution
coverage ratio for the year-to-date period is 1.09x. Please see the
definitions of non-GAAP measures in the "Non-GAAP Financial
Measures" section of this press release and the reconciliation to
the most comparable measure calculated in accordance with GAAP on
Schedule 1 of the financial tables below.
Presentation of Financial Statements
CPPL's consolidated financial statements include the accounts of
CPPL and its consolidated subsidiary, CPG OpCo LP ("OpCo"). CPPL
holds a 15.7% limited partner interest and a non-economic
general partner interest in OpCo. As CPPL controls OpCo through the
ownership of its general partner, CPPL consolidates OpCo in its
consolidated financial statements. Columbia Energy Group, which is
CPPL's sponsor, owns an 84.3% interest in OpCo, which is reflected
as a non-controlling interest.
Balance Sheet
On February 11, 2015, CPPL secured
a $500 million revolving credit
facility, under which $20.0 million
was drawn as of June 30, 2015.
Capital Expenditures
Capital expenditures totaled $354.0
million for the second quarter, which includes expansion
capital of $313.8 million and
maintenance capital of $40.2 million.
Expansion capital expenditures were mostly attributable to the
Leach and Rayne XPress projects, the
East Side Expansion project and the Columbia Gas Transmission
modernization program. Additional details about CPPL's growth
projects can be found in the Columbia Pipeline Group second quarter
2015 earnings release, also issued on August
3, 2015.
Distributable Cash Flow Forecast
CPPL's 2015 guidance for Distributable Cash Flow of $69 million remains unchanged.
Three Months Ended June 30,
2015 Operating Results
A comparison of operating results for the three months ended
June 30, 2015 to the three months
ended June 30, 2014 is summarized
below. Earnings for the periods prior to the date of the initial
public offering are derived from the financial statements and
accounting records of CPPL's predecessor.
Operating revenues, excluding the impact of a $48.1 million decrease in trackers which is
offset in expense, increased by $20.3
million. That increase was primarily due to higher
demand margin revenue as a result of growth projects placed into
service and new firm contracts.
Operating expenses, excluding the impact of a $48.1 million decrease in trackers which is
offset in revenues, increased by $17.2
million. That increase was primarily due to higher
outside service costs, increased employee and administrative costs
and higher depreciation partially offset by increased gains on the
conveyances of mineral interests.
Equity earnings increased by $2.9
million, primarily due to certain Pennant facilities being
fully placed in service.
Other income (deductions) in the second quarter of 2015 reduced
income by $1.4 million compared to a
reduction in income of $10.0 million
in the same period in 2014. The decrease was primarily due to a
decrease in interest expense resulting from the repayment of
long-term debt.
Six Months Ended June 30, 2015
Operating Results
A comparison of operating results for the six months ended
June 30, 2015 to the six months ended
June 30, 2014 is summarized below.
Earnings for the periods prior to the date of the initial public
offering are derived from the financial statements and accounting
records of CPPL's Predecessor.
Operating revenues, excluding the impact of a $75.5 million decrease in trackers which is
offset in expense, increased by $41.4
million. That increase was primarily due to higher
demand margin revenue as a result of growth projects placed into
service and new firm contracts.
Operating expenses, excluding the impact of a $75.5 million decrease in trackers which is
offset in revenues, increased by $39.9
million. That increase was primarily due to higher
employee and administrative costs, increased outside service costs
and higher depreciation. Additionally, there were decreased gains
on the conveyances of mineral interests and increased other
taxes.
Equity earnings increased by $8.0
million, primarily due to certain Pennant facilities being
fully placed in service as well as new compression assets being
placed in service at Millennium Pipeline.
Other income (deductions) in the six months ended June 30, 2015 reduced income by $8.5 million compared to a reduction in income of
$20.3 million in the same period in
2014. The decrease was primarily due to a decrease in interest
expense resulting from the repayment of long-term debt and an
increase in the equity portion of Allowance for Funds Used During
Construction (AFUDC).
Conference Call
CPPL and Columbia Pipeline Group, Inc. will host a joint
investor conference call at 10:00 a.m.
ET (9:00 a.m. CT) on
Monday, August 3, 2015, to review
their second quarter 2015 financial results. All interested parties
may listen to the conference call live by logging onto the Columbia
Pipeline Group or Columbia Pipeline Partners investor relations
websites at http://investors.columbiapipelinepartners.com or
http://investors.cpg.com.
A replay of the call will be available beginning at 1:00 p.m. ET on August
3, through 11:59 p.m. ET on
August 10. To access the recording,
call (855) 859-2056 and enter conference ID 84781146. For
international participants to hear the replay, please dial (404)
537-3406 and enter the same pass code as above, 84781146. A
recording of the call also will be archived on the Columbia
Pipeline Partners and Columbia Pipeline Group websites.
Non-GAAP Financial Measures
Adjusted EBITDA and Partnership Distributable Cash Flow
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 and costs associated with CPG's
separation from NiSource. We define Partnership Distributable Cash
Flow as Adjusted EBITDA less net cash interest expense, maintenance
capital expenditures, gain on sale of assets and distributable cash
flow attributable to noncontrolling interests plus proceeds from
sale of assets, capital costs related to the separation and any
other known differences between cash and income.
Adjusted EBITDA and Partnership 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 Adjusted EBITDA and
Partnership Distributable Cash Flow 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 Partnership Distributable Cash Flow are Net Income and
Net Cash Flows from Operating Activities. Our non-GAAP financial
measures of Adjusted EBITDA and Partnership Distributable Cash Flow
should not be considered as an alternative to GAAP Net Income or
Net Cash Flows from Operating Activities. Adjusted EBITDA and
Partnership 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 or Partnership Distributable
Cash Flow in isolation or as a substitute for analysis of our
results as reported under GAAP. Because Adjusted EBITDA or
Partnership Distributable Cash Flow may be defined differently by
other companies in our industry, our definitions of Adjusted EBITDA
or Partnership Distributable Cash Flow may not be comparable to
similarly titled measures of other companies, thereby diminishing
their utility.
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
This release includes "forward-looking statements" within the
meaning of federal securities laws, which 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 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. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecasted in
such statements. This release contains certain forward-looking
statements that are based on current plans and expectations and are
subject to various risks and uncertainties. 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, 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 to 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 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. For a full discussion of these risks and uncertainties,
please refer to the "Risk Factors" section of CPPL's Annual Report
on Form 10-K for the year ended December 31,
2014, filed with the Securities and Exchange Commission. 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
press 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)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Predecessor
|
|
|
|
Predecessor
|
Operating
Revenues
|
|
|
|
|
|
|
|
Transportation
revenues
|
$ 237.3
|
|
$ 260.5
|
|
$ 485.2
|
|
$ 507.4
|
Transportation
revenues-affiliated
|
18.4
|
|
18.9
|
|
47.1
|
|
47.5
|
Storage
revenues
|
36.2
|
|
36.0
|
|
72.8
|
|
72.3
|
Storage
revenues-affiliated
|
12.9
|
|
13.2
|
|
26.2
|
|
26.9
|
Other
revenues
|
10.8
|
|
14.8
|
|
23.5
|
|
34.8
|
Total Operating
Revenues
|
315.6
|
|
343.4
|
|
654.8
|
|
688.9
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
138.0
|
|
176.1
|
|
248.0
|
|
313.9
|
Operation and
maintenance-affiliated
|
38.6
|
|
29.5
|
|
74.7
|
|
57.8
|
Depreciation and
amortization
|
33.0
|
|
28.8
|
|
65.3
|
|
58.5
|
Gain on sale of
assets
|
(8.3)
|
|
(0.3)
|
|
(13.6)
|
|
(17.8)
|
Property and other
taxes
|
19.1
|
|
17.2
|
|
38.1
|
|
35.7
|
Total Operating
Expenses
|
220.4
|
|
251.3
|
|
412.5
|
|
448.1
|
Equity Earnings in
Unconsolidated Affiliates
|
14.0
|
|
11.1
|
|
28.9
|
|
20.9
|
Operating
Income
|
109.2
|
|
103.2
|
|
271.2
|
|
261.7
|
Other Income
(Deductions)
|
|
|
|
|
|
|
|
Interest
expense-affiliated
|
(6.3)
|
|
(12.6)
|
|
(17.7)
|
|
(24.7)
|
Other, net
|
4.9
|
|
2.6
|
|
9.2
|
|
4.4
|
Total Other
Deductions, net
|
(1.4)
|
|
(10.0)
|
|
(8.5)
|
|
(20.3)
|
Income before
Income Taxes
|
107.8
|
|
93.2
|
|
262.7
|
|
241.4
|
Income
Taxes
|
-
|
|
34.2
|
|
23.7
|
|
89.9
|
Net
Income
|
$ 107.8
|
|
$ 59.0
|
|
$ 239.0
|
|
$ 151.5
|
Less: Predecessor net
income prior to IPO on February 11, 2015
|
-
|
|
|
|
42.7
|
|
|
Net income
subsequent to IPO
|
107.8
|
|
|
|
196.3
|
|
|
Less: Net income
attributable to noncontrolling interest in Columbia OpCo subsequent
to IPO
|
91.5
|
|
|
|
166.7
|
|
|
Net income
attributable to limited partners subsequent to IPO
|
$ 16.3
|
|
|
|
$ 29.6
|
|
|
Net income
attributable to partners' ownership interest subsequent to IPO per
limited partner unit (basic and diluted)
|
|
|
|
|
|
|
|
Common
units
|
$ 0.17
|
|
|
|
$ 0.30
|
|
|
Subordinated
units
|
0.16
|
|
|
|
0.29
|
|
|
Weighted average
limited partner units outstanding (basic and
diluted)
|
|
|
|
|
|
|
|
Common
units
|
53.8
|
|
|
|
53.8
|
|
|
Subordinated
units
|
46.8
|
|
|
|
46.8
|
|
|
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)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Predecessor
|
|
|
|
Predecessor
|
Net
Income
|
$ 107.8
|
|
59.0
|
|
$ 239.0
|
|
151.5
|
Add:
|
|
|
|
|
|
|
|
Interest
expense-affiliated
|
6.3
|
|
12.6
|
|
17.7
|
|
24.7
|
Income
taxes
|
-
|
|
34.2
|
|
23.7
|
|
89.9
|
Depreciation and
amortization
|
33.0
|
|
28.8
|
|
65.3
|
|
58.5
|
Distributions of
earnings received from equity investees
|
9.6
|
|
5.3
|
|
27.9
|
|
12.9
|
Less:
|
|
|
|
|
|
|
|
Equity earnings in
unconsolidated affiliates
|
14.0
|
|
11.1
|
|
28.9
|
|
20.9
|
Other, net
|
4.9
|
|
2.6
|
|
9.2
|
|
4.4
|
Adjusted
EBITDA
|
$ 137.8
|
|
$ 126.2
|
|
$ 335.5
|
|
$ 312.2
|
Less:
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to Predecessor prior to IPO
|
-
|
|
|
|
79.4
|
|
|
Adjusted EBITDA
attributable to noncontrolling interest in OpCo subsequent to
IPO
|
116.5
|
|
|
|
216.6
|
|
|
Adjusted EBITDA
attributable to Partnership subsequent to IPO
|
$ 21.3
|
|
|
|
$ 39.5
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows
from Operating Activities
|
$ 151.2
|
|
$ 135.0
|
|
$ 324.9
|
|
$ 337.5
|
Interest
expense-affiliated
|
6.3
|
|
12.6
|
|
17.7
|
|
24.7
|
Current
taxes
|
-
|
|
15.7
|
|
13.2
|
|
42.5
|
Other adjustments to
operating cash flows
|
12.0
|
|
(1.6)
|
|
9.1
|
|
14.0
|
Changes in assets and
liabilities
|
(31.7)
|
|
(35.5)
|
|
(29.4)
|
|
(106.5)
|
Adjusted
EBITDA
|
$ 137.8
|
|
$ 126.2
|
|
$ 335.5
|
|
$ 312.2
|
Less:
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to Predecessor prior to IPO
|
-
|
|
|
|
79.4
|
|
|
Adjusted EBITDA
attributable to noncontrolling interest in OpCo subsequent to
IPO
|
116.5
|
|
|
|
216.6
|
|
|
Adjusted EBITDA
attributable to Partnership subsequent to IPO
|
$ 21.3
|
|
|
|
$ 39.5
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 137.8
|
|
|
|
$ 335.5
|
|
|
Less:
|
|
|
|
|
|
|
|
Cash interest,
net
|
6.3
|
|
|
|
17.7
|
|
|
Maintenance capital
expenditures
|
50.1
|
|
|
|
70.7
|
|
|
Gain on sale of
assets
|
8.3
|
|
|
|
13.6
|
|
|
Distributable cash
flow attributable to Predecessor prior to IPO
|
-
|
|
|
|
67.8
|
|
|
Distributable cash
flow attributable to noncontrolling interest subsequent to
IPO
|
70.0
|
|
|
|
159.0
|
|
|
Add:
|
|
|
|
|
|
|
|
Proceeds from sales
of assets
|
8.8
|
|
|
|
19.0
|
|
|
Capital costs related
to spin-off
|
0.6
|
|
|
|
2.7
|
|
|
Partnership
Distributable Cash Flow
|
$ 12.5
|
|
|
|
$ 28.4
|
|
|
Columbia Pipeline
Partners LP
|
Consolidated and
Combined Balance Sheets (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
(in
millions)
|
2015
|
|
2014
|
|
|
|
Predecessor
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
136.1
|
|
$
0.5
|
Accounts receivable
(less reserve of $0.3 and $0.3, respectively)
|
123.5
|
|
149.3
|
Accounts
receivable-affiliated
|
656.7
|
|
153.8
|
Materials and
supplies, at average cost
|
28.2
|
|
24.9
|
Exchange gas
receivable
|
24.8
|
|
34.8
|
Regulatory
assets
|
5.3
|
|
6.1
|
Deferred property
taxes
|
32.3
|
|
48.9
|
Deferred income
taxes
|
-
|
|
24.6
|
Prepayments and
other
|
10.1
|
|
14.8
|
Total Current
Assets
|
1,017.0
|
|
457.7
|
Investments
|
|
|
|
Unconsolidated
affiliates
|
443.5
|
|
444.3
|
Other
investments
|
5.6
|
|
6.2
|
Total
Investments
|
449.1
|
|
450.5
|
Property, Plant
and Equipment
|
|
|
|
Property, plant and
equipment
|
8,394.7
|
|
7,931.6
|
Accumulated
depreciation and amortization
|
(2,968.1)
|
|
(2,971.4)
|
Net Property, Plant
and Equipment
|
5,426.6
|
|
4,960.2
|
Other Noncurrent
Assets
|
|
|
|
Regulatory
assets
|
125.1
|
|
151.9
|
Goodwill
|
1,975.5
|
|
1,975.5
|
Postretirement and
postemployment benefits assets
|
117.0
|
|
102.7
|
Deferred charges and
others
|
10.8
|
|
9.0
|
Total Other
Noncurrent Assets
|
2,228.4
|
|
2,239.1
|
Total
Assets
|
$
9,121.1
|
|
$ 8,107.5
|
Columbia Pipeline
Partners LP
|
Consolidated and
Combined Balance Sheets (GAAP) (continued)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
(in millions,
except unit amounts)
|
2015
|
|
2014
|
|
|
|
Predecessor
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Current portion of
long-term debt-affiliated
|
$
-
|
|
$
115.9
|
Short-term
borrowings
|
20.0
|
|
-
|
Short-term
borrowings-affiliated
|
67.1
|
|
247.3
|
Accounts
payable
|
66.0
|
|
56.1
|
Accounts
payable-affiliated
|
41.5
|
|
49.9
|
Customer
deposits
|
41.6
|
|
13.4
|
Taxes
accrued
|
78.3
|
|
106.9
|
Exchange gas
payable
|
24.4
|
|
34.7
|
Deferred
revenue
|
13.7
|
|
22.2
|
Regulatory
liabilities
|
9.0
|
|
1.3
|
Legal and
environmental
|
1.6
|
|
1.5
|
Accrued capital
expenditures
|
146.3
|
|
61.1
|
Other
accruals
|
65.8
|
|
67.4
|
Total Current
Liabilities
|
575.3
|
|
777.7
|
Noncurrent
Liabilities
|
|
|
|
Long-term
debt-affiliated
|
630.9
|
|
1,472.8
|
Deferred income
taxes
|
1.0
|
|
1,239.0
|
Accrued liability for
postretirement and postemployment benefits
|
37.4
|
|
44.7
|
Regulatory
liabilities
|
292.0
|
|
294.3
|
Asset retirement
obligations
|
23.8
|
|
23.2
|
Other noncurrent
liabilities
|
57.6
|
|
84.5
|
Total Noncurrent
Liabilities
|
1,042.7
|
|
3,158.5
|
Total
Liabilities
|
1,618.0
|
|
3,936.2
|
Commitments and
Contingencies
|
|
|
|
Equity and
Partners' Capital
|
|
|
|
Net parent
investment
|
-
|
|
4,188.0
|
Accumulated other
comprehensive loss
|
(4.1)
|
|
(16.7)
|
Common
unitholders-public (53,834,784 units issued and
outstanding)
|
952.7
|
|
-
|
Subordinated
unitholders-CEG (46,811,398 units issued and
outstanding)
|
299.0
|
|
-
|
Total Columbia
Pipeline Partners LP partners' equity and capital
|
1,247.6
|
|
4,171.3
|
Noncontrolling
Interest in Columbia OpCo
|
6,255.5
|
|
-
|
Total Equity and
Partners' Capital
|
7,503.1
|
|
4,171.3
|
Total Liabilities
and Equity and Partners' Capital
|
$
9,121.1
|
|
$ 8,107.5
|
Columbia Pipeline
Partners LP
|
Statements of
Consolidated and Combined Cash Flows (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, (in millions)
|
2015
|
|
2014
|
|
|
|
Predecessor
|
Operating
Activities
|
|
|
|
Net Income
|
$
239.0
|
|
$
151.5
|
Adjustments to
Reconcile Net Income to Net Cash from Operating
Activities:
|
|
|
|
Depreciation and
amortization
|
65.3
|
|
58.5
|
Deferred income taxes
and investment tax credits
|
10.5
|
|
47.4
|
Deferred
revenue
|
(0.1)
|
|
2.0
|
Equity-based
compensation expense and 401(k) profit sharing
contribution
|
3.6
|
|
1.7
|
Gain on sale of
assets
|
(13.6)
|
|
(17.8)
|
Income from
unconsolidated affiliates
|
(28.9)
|
|
(20.9)
|
Amortization of debt
related costs
|
0.2
|
|
-
|
AFUDC
equity
|
(8.4)
|
|
(4.3)
|
Distributions of
earnings received from equity investees
|
27.9
|
|
12.9
|
Changes in Assets and
Liabilities:
|
|
|
|
Accounts
receivable
|
13.9
|
|
(25.2)
|
Accounts
receivable-affiliated
|
17.1
|
|
19.0
|
Accounts
payable
|
1.0
|
|
24.2
|
Accounts
payable-affiliated
|
(14.7)
|
|
(17.7)
|
Customer
deposits
|
1.0
|
|
75.2
|
Taxes
accrued
|
(10.2)
|
|
(11.1)
|
Exchange gas
receivable/payable
|
0.3
|
|
4.7
|
Other
accruals
|
(4.5)
|
|
4.3
|
Prepayments and other
current assets
|
17.0
|
|
20.4
|
Regulatory
assets/liabilities
|
25.5
|
|
25.6
|
Postretirement and
postemployment benefits
|
(13.5)
|
|
(8.9)
|
Deferred charges and
other noncurrent assets
|
(1.9)
|
|
(3.2)
|
Other noncurrent
liabilities
|
(1.6)
|
|
(0.8)
|
Net Cash Flows
from Operating Activities
|
324.9
|
|
337.5
|
Investing
Activities
|
|
|
|
Capital
expenditures
|
(430.6)
|
|
(296.6)
|
Insurance
recoveries
|
2.1
|
|
6.8
|
Change in short-term
lendings-affiliated
|
(527.1)
|
|
(10.4)
|
Proceeds from
disposition of assets
|
19.0
|
|
4.9
|
Distributions from
(contributions to) equity investees
|
2.2
|
|
(54.8)
|
Other investing
activities
|
(13.4)
|
|
(3.4)
|
Net Cash Flows
used for Investing Activities
|
(947.8)
|
|
(353.5)
|
Financing
Activities
|
|
|
|
Change in short-term
borrowings
|
20.0
|
|
-
|
Change in short-term
borrowings-affiliated
|
(180.2)
|
|
(312.6)
|
Issuance of long-term
debt-affiliated
|
-
|
|
328.4
|
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
distribution for the period from February 11, 2015 to March 31,
2015
|
(9.2)
|
|
-
|
Net Cash Flows
from Financing Activities
|
758.5
|
|
15.8
|
Change in cash and
cash equivalents
|
135.6
|
|
(0.2)
|
Cash and cash
equivalents at beginning of period
|
0.5
|
|
0.3
|
Cash and Cash
Equivalents at End of Period
|
$
136.1
|
|
$
0.1
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/columbia-pipeline-partners-lp-reports-solid-second-quarter-results-300122289.html
SOURCE Columbia Pipeline Partners LP