Crude oil pipeline operator Tallgrass Energy, LP based near Kansas City announced its second quarter earnings which reflected a 54-cent a share dividend for shareholders.
Net income totaled $71.6 million while adjusted EBITDA was $254.3 million. Cash Available for dividends was $204.8 million. The new adjusted EBITDA brought the figure for the first six months of 2019 to more than $500 million.
This quarterly dividend represents $2.16 per Class A share on an annualized basis, a sequential increase of 1.9 percent from the first quarter 2019 dividend and an increase of 8.5 percent from the second quarter 2018 dividend. The quarterly dividend will be paid on Aug. 14, 2019, to Class A shareholders of record as of the close of business on July 31, 2019.
“In the second quarter we placed the Iron Horse Pipeline in-service and completed construction of the Grasslands Terminal, further expanding our crude oil service offerings for customers in the Powder River and Denver-Julesburg basins,” said CEO David Dehaemers Jr. “Also, with the integration of our previously announced Q2 acquisition of water infrastructure assets in the Marcellus and Utica, we now offer water services as a value-added service offering to our customers in each of the basins we currently serve with natural gas and crude oil transportation. These accomplishments, along with our operations team’s tireless efforts to safely and efficiently operate our assets, contributed to another outstanding quarter of financial performance.”
Tallgrass energy has crude oil pipelines from Wyoming and Colorado through Kansas and links to the Cushing hub in Oklahoma.
