Pipeline operator Tallgrass Energy is reporting what it calls a “strong” first quarter of 2018.
Based in Leawood, Kansas and operating in eleven states, the company reported nearly $108 million in net income in the first three months of the year compared to about $71 million a year earlier. Tallgrass operations stretch from Wyoming and Colorado southward and terminate at the Cushing, Oklahoma terminal. It also has an office in Tulsa.
“Tallgrass Energy once again delivered the strong quarterly financial results that our unitholders and shareholders have come to expect,” said President and CEO David Dehaemers Jr. “These results were driven by consistent performance in our Natural Gas and Crude Oil transportation segments and continued growth in our Gathering, Processing and Terminalling segment, all of which led to our 19th and 11th consecutive distribution increases at TEP and TEGP, respectively.
As previously announced, the board of directors of TEP’s general partner declared a quarterly cash distribution of $0.975 per common unit for the first quarter of 2018. This quarterly distribution represents $3.90 on an annualized basis, a sequential increase of 1.0 percent from the fourth quarter 2017 distribution and an increase of 16.8 percent from the first quarter 2017 distribution. The quarterly distribution will be paid on May 15, 2018, to unitholders of record as of the close of business on April 30, 2018.