NEW YORK, August 7, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Midcoast
Energy Partners, L.P. (NYSE: MEP). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=MEP
Highlights from our MEP Report include:
- Q2 2015 Results - On July 29,
2015, Midcoast Energy Partners, L.P. released results for
the second quarter of 2015. The Company generated operating revenue
of $780.1 million, compared to
$1.4 billion in Q2 2014. Operating
loss for the period stood at $258.5
million, higher than an operating loss of $5.6 million in the same quarter previous
year.
- Gathering, Processing and Transportation Segment under
Review - The Company's gathering, processing and transportation
segment generated adjusted operating income of $4.3 million, lower than $9.6 million in prior year quarter. The decrease
in adjusted operating income was primarily attributable to
decreased segment gross margin resulting from lower volumes from
our natural gas and NGL systems and from lower commodity
prices.
- Logistics and Marketing Segment Results - In Q2 2015,
logistics and marketing segment of the Company generated adjusted
operating loss of $1.7 million,
compared to $3.0 million in previous
year quarter.
- Year-to-Date Performance - In the first six months of
2015, operating revenue of the Company was recorded at $1.7 billion, less than $3.0 billion in the first half of 2014. In
addition, operating income declined from $6.7 million in the previous year period to an
operating loss of $286.8 million in
the first half of 2015.
- Quarterly Distribution - Along with the results, the
board of directors of the Company's general partner declared a
quarterly cash distribution of c. $0.35 per unit, or $1.41 per unit on an annualized basis, on all of
its outstanding common and subordinated units for the quarter ended
June 30, 2015.
- Views of the Management - Commenting on the road ahead,
C. Gregory Harper, President for the
Partnership said, "We continue to meaningfully progress our
objectives to establish a more efficient and sustainable cost
structure, and have also taken steps to further streamline our
organization with the divestiture of certain non-core assets."
To find out how this influences our rating on Midcoast Energy
Partners, L.P. read the full report in its entirety here:
http://www.aciassociation.com/?c=MEP
--
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