Midcoast energy partners, l.p. private company information – bloomberg gas leak in car

Midcoast Energy Partners, L.P. engages in gathering, processing, treating, transporting, and marketing natural gas, natural gas liquids (NGLs), crude oil, and condensate in the United States. It operates through two segments, Gathering, Processing and Transportation; and Logistics and Marketing. The company gathers unprocessed and untreated natural gas from wellhead locations and other receipt points; processes the natural gas to remove NGLs and impurities; and transports processed natural gas and NGLs to intrastate and interstate pipelines for transportation to various customers and market outlets. It also markets natural gas and NGLs to wholesale customers. The company operates approximate…

Midcoast Energy Partners, L.P. engages in gathering, processing, treating, transporting, and marketing natural gas, natural gas liquids (NGLs), crude oil, and condensate in the United States. It operates through two segments, Gathering, Processing and Transportation; and Logistics and Marketing. The company gathers unprocessed and untreated natural gas from wellhead locations and other receipt points; processes the natural gas to remove NGLs and impurities; and transports processed natural gas and NGLs to intrastate and interstate pipelines for transportation to various customers and market outlets. It also markets natural gas and NGLs to wholesale customers. The company operates approximately 10,800 miles of natural gas gathering and transmission pipelines; and approximately 282 miles of NGL gathering and transportation pipelines, as well as holds a 35% aggregate interest in an approximately 593-mile NGL intrastate transportation mainline and a related NGL gathering system that consists of approximately 116 miles of gathering lines. Midcoast Holdings, L.L.C. serves as the general partner of the company. The company was founded in 2013 and is headquartered in Houston, Texas. As of June 28, 2017, Midcoast Energy Partners, L.P. operates as a subsidiary of Enbridge Energy Partners, L.P.

On April 27, 2017, Midcoast Energy Partners, L.P. (the “Partnership”), completed its previously-announced merger (the “Merger”) with Enbridge Holdings (Leather) L.L.C. (“Merger Sub”), a wholly owned subsidiary of Enbridge Energy Company, Inc. (“EECI”). EECI is the general partner of Enbridge Energy Partners, L.P. (“EEP”), which is the sole member of the Partnership’s general partner. The Merger was effected pursuant to an Agreement and Plan of Merger, dated as of January 26, 2017, by and among the Partnership, Midcoast Holdings, L.L.C., the general partner of the Partnership (the “General Partner”), Merger Sub and EECI (the “Merger Agreement”). In connection with the completion of the Merger on April 27, 2017, the Partnership notified the New York Stock Exchange (“NYSE”) of the effectiveness of the Merger, and requested that the NYSE file with the Securities and Exchange Commission (the “SEC”) a notification of removal from listing on Form 25 to delist and deregister the Class A Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and suspend trading of the Class A Common Units on the NYSE prior to the opening of trading on April 27, 2017. The Partnership also intends to file with the SEC a Form 15 suspending the Partnership’s reporting obligations under Section 13 and 15(d) of the Exchange Act.

Midcoast Energy Partners, L.P. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported operating revenue of $620.5 million against $528.1 million a year ago. Operating loss was $33.0 million against income of $0.4 million a year ago. Loss before income tax expense was $32.7 million against income before income tax benefit of $1.0 million a year ago. Net loss was $32.6 million against income of $1.0 million a year ago. Net loss attributable to limited partners was $21.9 million or $0.48 per unit compared to $3.7 million or $0.08 per unit a year ago. Adjusted operating loss was $3.7 million against income of $5.0 million a year ago. Adjusted net loss was $8.6 million against $1.8 million a year ago. Adjusted net loss attributable to limited partners was $8.6 million or $0.19 per share against $1.7 million or $0.04 per share a year ago. Net cash provided by operating activities was $87.0 million against $8.4 million a year ago. Adjusted EBITDA was $37.7 million against $52.2 million a year ago.

For the year, the company reported operating revenue of $1,966.0 million against $2,842.7 million a year ago. Operating loss was $152.6 million against $282.5 million a year ago. Loss before income tax expense was $155.0 million against $283.1 million a year ago. Net loss was $157.0 million against $284.5 million a year ago. Net loss attributable to limited partners was $98.0 million or $2.17 per unit compared to $160.5 million or $3.55 per unit a year ago. Adjusted operating loss was $17.7 million against income of $24.6 million a year ago. Adjusted net loss was $33.5 million against $8.3 million a year ago. Adjusted net loss attributable to limited partners was $32.9 million or 0.73 per share against $8.0 million or $0.18 per share a year ago. Adjusted EBITDA was $161.4 million against $205.6 million a year ago. Net cash provided by operating activities was $226.9 million against $207.0 million a year ago.