Tallgrass Energy Reports Solid 2Q Following Close of Simplification Transaction
Tallgrass Energy's second-quarter results were as we expected following the recent close of the simplification transaction. We plan to maintain our $25.50 fair value estimate and narrow moat rating. The firm benefited from record average throughput of 348,000 barrels per day at Pony Express, higher volumes at the Rockies Express Pipeline, or REX, and strong performance across its natural gas processing business. On a pro forma basis, EBITDA was $203 million, up from $90 million last year, mainly...
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