BP Midstream Partners LP Announces Unaudited Consolidated Earnings Results for the First Quarter of 2018; Provides Revenue Guidance for the Year 2018 and Earngings Guidance for the Second Quarter of 2018
May 10, 2018 at 08:01 am EDT
BP Midstream Partners LP announced unaudited consolidated earnings results for the first quarter of 2018. For the quarter, the company's net income attributable to the partnership was $30.5 million or $0.29 per unit, exceeding the IPO forecast of $29.7 million for the same period. Cash from operating activities was $42.1 million. Adjusted EBITDA attributable to the partnership was $35.2 million, compared with the IPO forecast of $32.4 million for the same period. Revenue was $26,619,000. Income before income taxes was $40,708,000. Net income was $40,708,000. Maintenance capital expenditures was $85,000.
The company provided revenue guidance for the year 2018. First quarter average revenue per barrel on a portfolio basis was slightly lower compared to the fourth quarter. However, on a full year basis, the company expects average revenue per barrel to be broadly flat compared to 2017, calculated on a like-for-like basis.
The company expects adjusted EBITDA on the second quarter 2018 to be lower the first quarter.