Tallgrass Energy, LP (NASDAQ:TGE) Q3 2019 Earnings Conference Call - Final Transcript
Oct 30, 2019 • 04:30 pm ET
Good day, and welcome to the Tallgrass Energy Q3 2019 Earnings Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Nate Lien, Treasurer for Tallgrass. Please go ahead, sir.
Thanks, Corey, and good afternoon, and thank you for joining the Tallgrass Energy quarterly earnings call as we discuss TGE results for the third quarter of 2019, which were released through our press release this morning, and 10-Q this afternoon. Joining me on the call are David Dehaemers, Chief Executive Officer; Bill Moler, President and Chief Operating Officer; and Gary Brauchle, Executive Vice President and Chief Financial Officer.
Before turning the call over to David, let me remind you that this event is being recorded. And a replay will be available for a limited time on our website. Additionally, our comments today will include forward-looking statements and estimates. These forward-looking comments are subject to various risks and uncertainties, and reflect management's views as of October 30, 2019.
Please refer to our filings with the SEC, which are available on our website, which provide discussions of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations. Note that except to the extent required by law, Tallgrass undertakes no obligation to update any forward-looking statement. Please also refer to our earnings release and website for reconciliations between the non-GAAP financial measures, referenced in this presentation and most comparable financial measure or measures calculated and presented in accordance with GAAP.
With that, let me now turn the call over to David, for his opening remarks.
David Dehaemers Jr
Good afternoon, everyone. Thank you for joining our Tallgrass Energy third-quarter earnings call. At the outset, I'll provide a brief update on the nonbinding take-private proposal from Blackstone, as I know it is the topic on everyone's mind. We'll not address anything beyond this update on this subject, even in the Q&A portion of the call.
As most of you can appreciate, this is a very public and complex transaction and both sides, that being Blackstone and then the partnership -- the Tallgrass' conflicts committee, are working diligently in pursuit of a potential agreement. Given that the process is ongoing, we can't provide any update beyond that. It's not that we don't want to, but just that we legally can't. This process cannot, and should not be rushed, and as we've said before, we are confident in the rigor and integrity of the conflicts committee's process.
As many of you know -- I know many of you want to hear about the recently filed Pony Express rates, status of our recontracting efforts, the Cheyenne Connector and hub enhancements 7c certificates that we received, and then the management side letters. We will get to all of that in a few minutes. But first, we're going to talk about the outstanding third-quarter financial results produced by our team and the company.
Adjusted EBITDA was $264 million. Cash available for dividends was $211 million, producing dividend coverage of