TEP Posts Solid Q3 Results on Strength of Contract Coverage; Top-Tier Distribution Growth Remains
Narrow-moat Tallgrass Energy Partners reported a headline miss on earnings in the third quarter. However, adjusted for net deficiency payments under its take-or-pay contracts, the Partnership’s adjusted EBITDA would have registered at $117.6 million, versus the consensus estimate of $113.8 million. While TEP saw lower volume in its key Pony Express crude line compared with the second quarter, it gained volumes from the same period in 2015. Progress on the Partnership’s 25% interest in the Rockie...
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