BP Midstream Partners LP (NYSE:BPMP) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 10:00 am ET


BP Midstream Partners LP (NYSE:BPMP) Q1 2019 Earnings Conference Call Transcript


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Good morning, everyone and welcome to the BP Midstream Partners' First Quarter 2019 Results Conference Call and Webcast. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation there will be an opportunity to ask questions. (Operator Instructions) Please also note today's event is being recorded.

At this time, I'd like to turn the conference call over to Brian Sullivan, Vice President of Investor Relations. Sir, please go ahead.

Brian Sullivan

Welcome to BP Midstream Partners' first quarter 2019 results presentation. I'm Brian Sullivan, Vice President of Investor Relations and I'm here today with our Chief Financial Officer, Craig Coburn.

As we start our second full year of operation and we find our rhythm for results reporting, we are moving to a model where our Chief Executive Officer, Rip Zinsmeister joins our second and fourth quarter results calls, with Craig leading our first and third quarter calls, which are focused primarily on operational and financial results. Craig will also join Rip for the second and fourth quarter calls. This approach and cadence is one that you will recognize from our sponsor, BP.

Before we begin, I would like to draw your attention to our cautionary statement. During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors we note on this slide and in our SEC filings. We will also refer to non-GAAP financial measures. Please refer to our SEC filings and supplementary information in this presentation for important disclosures related to these measures. These documents are also available on our website.

And now over to Craig.

Craig W. Coburn

Thanks, Brian. Good morning and thanks for joining our call today. You may be relieved to hear that I plan to keep our call today much shorter than our call last quarter. I'll share a few words with you first then take you through our first quarter results before taking your questions.

We have made a solid start to 2019 with our high quality asset portfolio continuing to perform well evidenced by our operating performance and financial results in the first quarter. There are no changes to our financial frame and we will address guidance later this year. You can find our financial frame slide, a slide that you have seen before in the supplementary information section of this presentation. Regarding dropdowns and distribution growth, we still believe in the one dropdown a year cadence provided that market conditions and other factors permit the transaction to be done in a manner that furthers the interests of the partnership.

As we indicated in our last call, we have not committed to a dropdown in 2019 and that remains the case. The equity markets remain challenged and we continue to look for opportunities should they become available. We continue to actively listen to our investors watching closely and learning from the evolution of the MLP environment. We do not take our active watching and listening as a sign that we