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Midcoast Energy Partners, L.P.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2016 10-K, filed Feb 16, 2017. Its latest SEC filing is a SC 13G/A from Feb 12, 2018.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Gathers, processes and transports natural gas and natural gas liquids for energy producers, and markets gas and liquids to wholesale customers.

How Did They Make Money?

Customers pay for gas and liquids when delivered and for gathering, processing and transportation as services are performed; some pipeline customers also pay monthly to reserve capacity. Under other contracts, the partnership keeps a share of sales or products and sells them.

FY2016 revenue

Who Were Their Customers?

Producers and integrated energy companies use its gathering and processing systems; wholesale buyers, including power plants, utilities, industrial users, refiners and chemical facilities, buy gas and liquids through its logistics and marketing business.

Customers above 10% of revenue, FY2016
of revenue from two customers (21%, 10%)
FY2015: 12% from one customer

Did Revenues Turn Into Profits?

No. It lost $99.9M in FY2016.

Operating income, FY2016
−8% of revenue
▼ −46% (Loss) vs FY2015 (−$282.5M, −10%)
Net income, FY2016
−5% of revenue
▼ −39% (Loss) vs FY2015 (−$163.9M, −6%)

How Were They Changing?

Since the FY2016 annual report
  • Apr 28, 2017 EECI completed its merger with Midcoast; public units were delisted Public units were converted into the right to receive $8.00 in cash, and trading on the NYSE was suspended.

Shrank. Revenue fell 63% in 4 years, from $5.4B in FY2012 to $2B in FY2016, about 22% a year.

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