Dominion Midstream Partners Announces First-Quarter 2015 Earnings

Dominion Midstream Partners, LP

Schedule A - Selected Financial Data

(Unaudited)

Presented below are selected amounts related to Dominion Midstream's results of operations:

Three Months Ended March 31,

2015

2014

(millions)

Operating revenue

$  67.2

$   68.9

3.9

5.3

63.3

63.6

Other operations and maintenance

8.5

10.4

Depreciation and amortization

9.3

7.8

Other taxes

5.1

5.6

Other income

0.1

-

Income tax expense

-

15.2

Net income including noncontrolling interest

$  40.5

$  24.6

Less: Net income attributable to noncontrolling interest

28.7

Net income attributable to Dominion Midstream

$  11.8

EBITDA

$  49.8

$  47.6

Adjusted EBITDA

$  11.8

Distributable cash flow

$  11.9

Distributions declared to public common unitholders

$    3.5

Distributions declared to Dominion

Common units*

2.1

Subordinated units

5.6

Total distributions declared*

Coverage ratio

 1.06x 

*Distributions declared to common units is based on outstanding units at March 31, 2015, and excludes $0.9 million of distributions that will be paid on 5,112,139 common units issued to Dominion on April 1, 2015,  in connection with the acquisition of DCGT.

Dominion Midstream Partners, LP

Schedule B - Consolidated Statements of Income*

(Unaudited)

 Three Months Ended March 31, 

2015

2014

(Predecessor)

(millions, except per unit data)

Operating Revenue

$            67.2

$         68.9

Operating Expenses

Purchased gas

3.9

5.3

Other operations and maintenance

8.5

10.4

Depreciation and amortization

9.3

7.8

Other taxes

5.1

5.6

29.1

40.4

39.8

Other income

0.1

-

Income from operations including noncontrolling interest before income taxes

40.5

39.8

Income tax expense

-

15.2

Net income including noncontrolling interest

$            40.5

$         24.6

Less: Net income attributable to noncontrolling interest

28.7

Net income attributable to limited partners

$            11.8

Net income attributable to partners' ownership interest

  Common unitholders' interest in net income

$              5.9

  Subordinated unitholder's interest in net income

5.9

Net income per unit (basic and diluted)

  Common Units

$            0.19

  Subordinated Units 

$            0.19

* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or  annual report on Form 10-K are an integral part of the Consolidated Financial Statements.

Dominion Midstream Partners, LP

Schedule C - Reconciliation of EBITDA and Adjusted EBITDA to Net Income

(Unaudited)

The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period.  The Adjusted EBITDA measure is not applicable to the three months period ended March 31, 2014.

Three Months Ended March 31,

2015

2014

(millions)

Net income including noncontrolling interest

$  40.5

$  24.6

Add:

Depreciation and amortization

9.3

7.8

Income tax expense

-

15.2

EBITDA

$  49.8

$  47.6

EBITDA attributable to noncontrolling interest

38.0

Adjusted EBITDA

$  11.8

Dominion Midstream Partners, LP

Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities*

(Unaudited)

The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for the three month period ended March 31, 2015. The distributable cash flow measure is not applicable to the three months period ended March 31, 2014.

(millions)

Net cash provided by operating activities

$                            46.3

Add:

Changes in working capital

3.5

EBITDA

49.8

Adjustments to cash:

Plus:  Other taxes

3.7

Less:  Renegotiated contract payments

(3.2)

Less:  Maintenance capital expenditures

(4.7)

Plus:  Cash attributable to noncontrolling interest used to fund maintenance capital expenditures

4.7

Plus:  Non-cash director compensation

0.1

Cash available to Dominion Midstream and noncontrolling interest

50.4

Cash attributable to noncontrolling interest

38.5

Distributable cash flow

* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or  annual report on Form 10-K are an integral part of the Consolidated Financial Statements.