TC PipeLines, LP Announces 2018 First Quarter Financial Results and Cash Distributions
TC PIPELINES LP (TCP)
Last tc pipelines lp earnings: 11/7 07:30 am
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US:NYSE Investor Relations:
tcpipelineslp.com/investor-center.html
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Source: GlobeNewswire
HOUSTON, May 02, 2018 (GLOBE NEWSWIRE) -- TC PipeLines, LP (NYSE:TCP) (the Partnership) today reported first quarter 2018 net income to controlling interests of $96 million and distributable cash flow of $112 million. Additionally, in light of the March 15, 2018 actions by the Federal Energy Regulatory Commission (FERC) and their potential adverse impact on our Partnership’s cash flow, the board of directors of TC PipeLines GP, Inc., the Partnership’s general partner, declared the Partnership’s first quarter 2018 cash distribution of $0.65 per common unit payable on May 15, 2018 to unitholders of record as of the close of business on May 9, 2018. This represents a 35 percent reduction from the distribution declared for the previous quarter. The reduced distribution level allows the Partnership to retain a portion of the operating cash generated by its pipeline systems, to repay a portion of our debt to maintain prudent financial metrics and to fund near-term capital requirements in
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