Based in the Kansas City suburb of Leawood, Kansas, midstream operator Tallgrass Energy reported a successful third quarter 2019.
Net income was $72.5 million while adjusted EBITDA was $263.8 million and cash available for dividends totaled $210.5 million. The cash available for dividends translated to 75 cents a share or $2.20 on an annualized basis.
This quarterly dividend represents $2.20 per Class A share on an annualized basis, a sequential increase of 1.9 percent from the second quarter 2019 dividend and an increase of 7.8 percent from the third quarter 2018 dividend. The quarterly dividend will be paid on Nov. 14, 2019, to Class A shareholders of record as of the close of business on Oct. 31, 2019.
“Our business units continued to deliver strong operational performance for the third quarter of 2019, driving another outstanding quarter at TGE,” said CEO David Dehaemers Jr. “In addition, we received the 7c certificates from the FERC on the Cheyenne Connector and Hub Projects in mid-September and made meaningful progress on contracting Pony Express with long-term volumes.”
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