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BP Midstream Partners posts YOY increase in Q2 net profit

BP Midstream Partners LP on Aug. 8 reported a second-quarter net profit attributable to the partnership of $37.3 million, or 35 cents per share, up from the $30.5 million, or 29 cents per share, posted for the same period in 2018.

Revenue was pegged at $28.6 million compared to the $28.9 million posted a year ago. Operating income was reported at $17.1 million, down from $19.4 million during the same quarter in 2018.

Capital expenditures for the quarter came in at $100,000 compared to the $387,000 posted a year ago.

The partnership said that on July 17, the board of directors of its general partner declared a second-quarter cash distribution of 32.37 cents per unit, up 3.6% from the previous quarter's distribution of 31.26 cents per unit.

BP Midstream is master limited partnership formed by oil major BP PLC's BP Pipelines (North America) Inc. to own and operate crude oil, natural gas and refined products pipelines and other midstream assets.