Tallgrass Reports Headline Miss, but Contract Coverage and Asset Quality Supports Strong Cash Flow
Tallgrass Energy Partners reported first-quarter earnings below our and consensus expectations. The Partnership generated $115 million of adjusted EBITDA versus our estimate of $132 million and consensus of $123 million. The bulk of the weakness in the quarter came from weaker crude transportation volumes (and earnings). Notably, however, in receipt of deficiency payments for unmet volume obligations, management noted that adjusted EBITDA would have been $131 million, in line with our expectatio...
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