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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