Kansas City, Kansas based Tallgrass Energy Partners LP reported an increase in earnings for the 4th quarter of 2017 and for the year itself.
Net income for the quarter increased as did income for the year for the oil pipeline company.
“Tallgrass Energy delivered another outstanding year in 2017income, meeting the high-end of the Adjusted EBITDA, DCF and distribution coverage guidance we provided in February of 2017 while growing distributions in excess of 18 and 32 percent at TEP and TEGP respectively. In addition, we maintained a conservative and flexible balance sheet at TEP,” said Tallgrass Energy President and CEO David G. Dehaemers Jr. We believe Tallgrass is well positioned for another strong year in 2018 due to our stable cash flows and the attractive growth project opportunities we see ahead.”
Tallgrass Energy expects its Adjusted EBITDA to be $755 – $835 million and maintenance capital expenditures of $20 – $30 million for the year ending Dec. 31, 2018. Additionally, management expects distribution growth of 7 – 10 percent for TEP and 37 – 40 percent for TEGP if they were to each remain standalone entities for all of 2018.