Oncor Reports Q1 Income Up, Charges On InfraREIT Buy

May 8, 2019

 

Oncor Electric Delivery Company LLC said Q1 net income increased $27 million on operating revenues of over a billion dollars.

In it’s first quarter 2019 report on Tuesday Oncor reported net income of $116 million, up from $89 million in the first quarter of 2018.

Irving-based Oncor also noted it’s bearing some transition costs from its purchase of InfraREIT:

It was during the final quarter that Oncor announced its planned acquisition of 100 percent equity interest in InfraREIT, Inc. and all of the limited-partnership units of its subsidiary, InfraREIT Partners LP, for about $1.275 billion based on the number of shares and partnership units outstanding.

The transaction also includes InfraREIT’s outstanding debt, which totaled approximately $946 million at March 31, 2019. The transaction is subject to the satisfaction of certain closing conditions, including the approval of the Public Utility Commission of Texas.

If PUCT approval is received and all closing conditions are satisfied, Oncor expects to close the transaction in mid-2019.

See financial and operational results here.