DCP Midstream, LP (DCP) Reports Q4 Revenue Miss

DCP Midstream, LP (NYSE: DCP) reported Q4 EPS of $0.10, versus $0.28 reported last year. Revenue for the quarter came in at $2.34 billion versus the consensus estimate of $2.61 billion.

HIGHLIGHTS

• Reported net income attributable to partners of $60 million for the fourth quarter of 2017, or $0.10 per basic and diluted limited partner unit, and $229 million for the year ended December 31, 2017, or $0.43 per basic and diluted limited partner unit.
• Generated distributable cash flow of $176 million and $643 million for the fourth quarter and year ended December 31, 2017, respectively, resulting in a distribution coverage ratio of 1.04 times for the full year.
• Reported adjusted EBITDA of $280 million for the fourth quarter of 2017 and $1,017 million for the year ended December 31, 2017.
• Strengthened balance sheet and reduced bank facility leverage ratio to 3.7x as of December 31, 2017.
• Achieved record Sand Hills NGL throughput of 226 thousand barrels per day (MBpd), net to DCP’s two-thirds interest, during the three months ended December 31, 2017, up over 40 percent from the same period in 2016.
• Achieved record wellhead volumes in the DJ Basin of 877 million cubic feet per day (MMcf/d) during the three months ended December 31, 2017, up close to 10 percent from the same period in 2016.

For earnings history and earnings-related data on DCP Midstream, LP (DCP) click here.

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