CANONSBURG, Pa., May 5, 2016 /PRNewswire/ -- CONE Midstream
Partners LP (NYSE: CNNX) ("CONE Midstream" or the "Partnership")
today reported financial and operational results for the three
months ended March 31,
2016.(1)
First Quarter Results
Highlights of first quarter 2016 results attributable to the
Partnership as compared to the first quarter of 2015 include:
- Net income of $24.8 million as
compared to $14.2 million
- Average daily throughput volumes of 850 billion Btu per day
(BBtu/d) as compared to 549 BBtu/d
- Adjusted EBITDA(2) of $27.7
million as compared to $16.2
million
- Distributable cash flow (DCF)(2) of $24.6 million as compared to $14.1 million
- Cash distribution coverage of 1.69x on an as declared
basis
Management Comment
"CONE Midstream is pleased to report very strong financial and
operational results for the first quarter," said John T. Lewis, Chairman of the Board and Chief
Executive Officer of CONE Midstream GP LLC (the "General
Partner"). "Net throughput volumes increased by 55% from the
first quarter of 2015, and net income attributable to the
partnership grew by 75% from a year ago. Adjusted EBITDA and
distributable cash flow increased by 71% and 74%,
respectively, as compared to first quarter last year.
"We view our strong balance sheet and distribution coverage as
positive differentiators for CNNX," continued Mr. Lewis.
"With a debt to trailing-twelve months EBITDA ratio of 0.8x, we
have the financial capacity to sustain our growth through an
appropriate combination of investment in organic projects, third
party business development, and asset dropdowns or acquisitions.
I'd also like to point out that we were free-cash-flow positive
during the first quarter, as cash from operations exceeded our
total capital investments and cash distribution payments. Our
balance sheet and robust distribution coverage have us well
positioned for the future."
Quarterly Distribution
As previously announced, the Board of Directors of the General
Partner declared a quarterly cash distribution of $0.245 per
unit with respect to the first quarter of 2016. The
distribution payment will be made on May 13, 2016 to
unitholders of record at the close of business on May 4, 2016. The distribution, which equates to
an annual rate of $0.98 per unit,
represents an increase of 3.7% over the prior quarter and an
increase of 15.3% over the distribution paid with respect to the
first quarter of 2015.
Capital Investment and Resources
CONE Midstream's allocated first quarter 2016 share of
investment in expansion projects was $9.0
million. Total expansion capital investment at the three
development companies in which CONE Midstream holds controlling
interests was $19.6 million. CONE
Midstream's respective share of maintenance capital expenditures
for the three development companies for the first quarter 2016 was
$2.8 million. Maintenance
capital expenditures in the aggregate for the development companies
in which CONE Midstream holds controlling interests totaled
$4.8 million.
As of March 31, 2016, CONE
Midstream had outstanding borrowings of $74.0 million under its $250 million revolving credit facility and a cash
balance of $14.3 million.
First Quarter Financial and Operational Results Conference
Call
A conference call and webcast, during which management will
discuss first quarter 2016 financial and operational results, is
scheduled for May 5, 2016 at
11:00 a.m. Eastern Time. Reference
material for the call will be available on the "Events" page
of our website, www.conemidstream.com, shortly before the start of
the call. Prepared remarks by members of management will be
followed by a question and answer period. Interested parties
may listen via webcast by using the link posted on the "Events"
page of our website or at
www.webcaster4.com/Webcast/Page/998/14490. Participants who would
like to ask questions may join the conference by phone at
888-349-0097 (international 412-902-0126) five to ten minutes prior
to the scheduled start time (reference the CONE Midstream
call). An on-demand replay of the webcast will be also be
available at www.webcaster4.com/Webcast/Page/998/14490
shortly after the conclusion of the conference call. A
telephonic replay will be available through May 12, 2016 by dialing 877-344-7529
(international: 412-317-0088) and using the conference playback
number 10084060.
_______________
|
(1)
|
Unless otherwise
indicated, the reporting measures included in this news release
reflect the unallocated total activity of the three development
companies jointly owned by the Partnership and CONE Gathering LLC
("CONE Gathering"). Because the Partnership owns a
controlling interest in each of the three development companies, it
fully consolidates their financial results. The Partnership's
current economic interests in the development companies are: 75% in
the Anchor Systems, 5% in the Growth Systems, and 5% in the
Additional Systems. CONE Gathering is a midstream joint
venture formed by CONSOL Energy Inc. and Noble Energy, Inc. and
owns non-controlling interests in the Partnership's development
companies.
|
|
|
|
(2)
|
Adjusted EBITDA and
DCF are not measures that are recognized under accounting
principles generally accepted in the U.S. ("GAAP").
Definitions and reconciliations of these non-GAAP measures to GAAP
reporting measures appear in the financial tables which
follow.
|
|
Contact:
|
Stephen R.
Milbourne
|
|
CONE Investor
Relations
|
|
Phone:
|
724-485-4408
|
|
Email:
|
smilbourne@conemidstream.com
|
* * * * *
CONE Midstream Partners is a master limited partnership
formed by CONSOL Energy Inc. (NYSE: CNX) and Noble Energy,
Inc. (NYSE: NBL), referred to as our Sponsors, to own, operate,
develop and acquire natural gas gathering and other midstream
energy assets to service our Sponsors' production in the Marcellus
Shale in Pennsylvania and West
Virginia. Our assets include natural gas gathering pipelines
and compression and dehydration facilities, as well as condensate
gathering, collection, separation and stabilization facilities.
More information is available on our website
www.conemidstream.com.
* * * * *
This press release is intended to be a qualified notice to
nominees as provided for under Treasury Regulation Section
1.1446-4(b). Brokers and nominees should treat one hundred percent
(100.0%) of CONE Midstream's distributions to non-U.S.
investors as being attributed to income that is effectively
connected with a United States
trade or business. Accordingly, CONE Midstream's
distributions to non-U.S. investors are subject to federal income
tax withholding at the highest applicable effective tax rate.
Nominees, and not CONE Midstream, are treated as withholding agents
responsible for withholding on the distributions received by them
on behalf of foreign investors.
* * * * *
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that
are predictive in nature, that depend upon or refer to future
events or conditions or that include the words "believe," "expect,"
"anticipate," "intend," "estimate" and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters identify forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict, and there can be no
assurance that actual outcomes and results will not differ
materially from those expected by our management. Factors
that could cause our actual results to differ materially from the
results contemplated by such forward-looking statements include,
among others: the effects of changes in market prices of natural
gas, NGLs and crude oil on our Sponsors' drilling and development
plan on our dedicated acreage and the volumes of natural gas and
condensate that are produced on our dedicated acreage; changes in
our Sponsors' drilling and development plan in the Marcellus Shale
and Utica Shale; our Sponsors' ability to meet their drilling and
development plan in the Marcellus Shale and Utica Shale; the demand
for natural gas and condensate gathering services; changes in
general economic conditions; competitive conditions in our
industry; actions taken by third-party operators, gatherers,
processors and transporters; our ability to successfully implement
our business plan; and our ability to complete internal growth
projects on time and on budget. You should not place undue reliance
on our forward-looking statements. Although forward-looking
statements reflect our good faith beliefs at the time they are
made, forward-looking statements involve known and unknown risks,
uncertainties and other factors, including the factors described
under "Risk Factors" and "Forward-Looking Statements" in our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q, which may
cause our actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking
statements. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise,
unless required by law.
|
CONE MIDSTREAM
PARTNERS LP
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(in thousands,
except per unit data)
|
|
(unaudited)
|
|
|
|
Three Months
Ended
March 31,
|
|
2016
|
|
2015
|
|
Revenue
|
|
|
|
|
Gathering revenue —
related party
|
$
|
62,248
|
|
|
$
|
43,168
|
|
|
Total
Revenue
|
62,248
|
|
|
43,168
|
|
|
Expenses
|
|
|
|
|
Operating expense —
third party
|
8,674
|
|
|
8,530
|
|
|
Operating expense —
related party
|
8,344
|
|
|
7,044
|
|
|
General and
administrative expense — third party
|
993
|
|
|
1,342
|
|
|
General and
administrative expense — related party
|
1,684
|
|
|
1,977
|
|
|
Depreciation
expense
|
4,839
|
|
|
2,994
|
|
|
Interest
expense
|
419
|
|
|
65
|
|
|
Total
Expense
|
24,953
|
|
|
21,952
|
|
|
Net
Income
|
37,295
|
|
|
21,216
|
|
|
Less: Net income
attributable to noncontrolling interest
|
12,505
|
|
|
7,004
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
24,790
|
|
|
$
|
14,212
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income:
|
|
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
24,790
|
|
|
$
|
14,212
|
|
|
Less: General partner
interest in net income
|
496
|
|
|
284
|
|
|
Limited partner
interest in net income
|
$
|
24,294
|
|
|
$
|
13,928
|
|
|
|
|
|
|
Net income per
Limited Partner unit - Basic
|
$
|
0.42
|
|
|
$
|
0.24
|
|
|
Net Income per
Limited Partner unit - Diluted
|
$
|
0.42
|
|
|
$
|
0.24
|
|
|
|
|
|
|
Limited Partner units
outstanding - Basic
|
58,343
|
|
|
58,326
|
|
|
Limited Partner unit
outstanding - Diluted
|
58,365
|
|
|
58,360
|
|
|
|
|
|
|
Cash distributions
declared per unit (*)
|
$
|
0.2450
|
|
|
$
|
0.2125
|
|
|
(*)
Represents the cash distributions declared in April of each year
relating to the period presented.
|
CONE MIDSTREAM PARTNERS
LP
RECONCILIATION OF NET INCOME TO EBITDA AND
DISTRIBUTABLE CASH FLOW
(in thousands)
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
We define EBITDA as net income (loss) before net interest
expense, depreciation and amortization, and Adjusted EBITDA as
EBITDA adjusted for non-cash items which should not be included in
the calculation of distributable cash flow. EBITDA and Adjusted
EBITDA are used as supplemental financial measures by management
and by external users of our financial statements, such as
investors, industry analysts, lenders and ratings agencies, to
assess:
- our operating performance as compared to those of other
companies in the midstream energy industry, without regard to
financing methods, historical cost basis or capital structure;
- the ability of our assets to generate sufficient cash flow to
make distributions to our partners;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
We believe that the presentation of EBITDA and Adjusted EBITDA
provides information that is useful to investors in assessing our
financial condition and results of operations. The GAAP measures
most directly comparable to EBITDA and Adjusted EBITDA are net
income and net cash provided by operating activities. EBITDA and
Adjusted EBITDA should not be considered an alternative to net
income, net cash provided by (used in) operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. EBITDA and Adjusted EBITDA exclude
some, but not all, items that affect net income or net cash, and
these measures may vary from those of other companies. As a result,
EBITDA and Adjusted EBITDA as presented below may not be comparable
to similarly titled measures of other companies.
Distributable Cash Flow
We define distributable cash flow as Adjusted EBITDA less net
income attributable to noncontrolling interest, net cash interest
paid and maintenance capital expenditures. Distributable cash flow
does not reflect changes in working capital balances.
Distributable cash flow is used as a supplemental financial
measure by management and by external users of our financial
statements, such as investors, industry analysts, lenders and
ratings agencies, to assess:
- the ability of our assets to generate cash sufficient to
support our indebtedness and make future cash distributions to our
unitholders; and
- the attractiveness of capital projects and acquisitions and the
overall rates of return on alternative investment
opportunities.
We believe that the presentation of distributable cash flow in
this report provides information useful to investors in assessing
our financial condition and results of operations. The GAAP
measures most directly comparable to distributable cash flow are
net income and net cash provided by operating activities.
Distributable cash flow should not be considered an alternative to
net income, net cash provided by operating activities or any other
measure of financial performance or liquidity presented in
accordance with GAAP. Distributable cash flow excludes some, but
not all, items that affect net income or net cash, and these
measures may vary from those of other companies. As a result, our
distributable cash flow may not be comparable to similarly titled
measures of other companies.
The following table presents a reconciliation of the non-GAAP
measures of EBITDA, Adjusted EBITDA and distributable cash flow to
the most directly comparable GAAP financial measures of net income
and net cash provided by operating activities.
|
|
Three Months
Ended
March 31,
|
|
(unaudited)
|
|
2016
|
|
2015
|
|
Net Income
|
|
$
|
37,295
|
|
|
$
|
21,216
|
|
|
Interest
expense
|
|
419
|
|
|
65
|
|
|
Depreciation
expense
|
|
4,839
|
|
|
2,994
|
|
|
EBITDA
|
|
42,553
|
|
|
24,275
|
|
|
Non-cash unit-based
compensation expense
|
|
136
|
|
|
96
|
|
|
Adjusted
EBITDA
|
|
42,689
|
|
|
24,371
|
|
|
Less:
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
12,505
|
|
|
7,004
|
|
|
Interest expense
attributable to noncontrolling interest
|
|
189
|
|
|
20
|
|
|
Depreciation expense
attributable to noncontrolling interest
|
|
2,286
|
|
|
1,166
|
|
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
|
$
|
27,709
|
|
|
$
|
16,181
|
|
|
Less: cash
interest paid, net
|
|
230
|
|
|
45
|
|
|
Less: ongoing
maintenance capital expenditures, net of expected
reimbursements
|
|
2,839
|
|
|
1,991
|
|
|
Distributable Cash
Flow
|
|
$
|
24,640
|
|
|
$
|
14,145
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
41,180
|
|
|
$
|
10,206
|
|
|
Interest
expense
|
|
419
|
|
|
65
|
|
|
Other, including
changes in working capital
|
|
1,090
|
|
|
14,100
|
|
|
Adjusted
EBITDA
|
|
42,689
|
|
|
24,371
|
|
|
Less:
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
12,505
|
|
|
7,004
|
|
|
Interest expense
attributable to noncontrolling interest
|
|
189
|
|
|
20
|
|
|
Depreciation expense
attributable to noncontrolling interest
|
|
2,286
|
|
|
1,166
|
|
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
|
$
|
27,709
|
|
|
$
|
16,181
|
|
|
Less: cash
interest paid, net
|
|
230
|
|
|
45
|
|
|
Less: ongoing
maintenance capital expenditures, net of expected
reimbursements
|
|
2,839
|
|
|
1,991
|
|
|
Distributable Cash
Flow
|
|
$
|
24,640
|
|
|
$
|
14,145
|
|
The following table presents a reconciliation of the non-GAAP
measures adjusted EBITDA and distributable cash flow by quarter and
for the most recently completed twelve month period with the most
directly comparable GAAP financial measures, which are net income
and net cash provided by operating activities.
|
(unaudited)
|
|
Q2
2015
|
|
Q3
2015
|
|
Q4
2015
|
|
Q1
2016
|
|
Twelve
Months
Ended
March 31,
2016
|
|
Net Income
|
|
$
|
24,905
|
|
|
$
|
33,614
|
|
|
$
|
35,796
|
|
|
$
|
37,295
|
|
|
$
|
131,610
|
|
|
Interest
expense
|
|
47
|
|
|
158
|
|
|
565
|
|
|
419
|
|
|
1,189
|
|
|
Depreciation
expense
|
|
3,667
|
|
|
3,769
|
|
|
4,623
|
|
|
4,839
|
|
|
16,898
|
|
|
EBITDA
|
|
28,619
|
|
|
37,541
|
|
|
40,984
|
|
|
42,553
|
|
|
149,697
|
|
|
Non-cash unit-based
compensation expense
|
|
96
|
|
|
118
|
|
|
92
|
|
|
136
|
|
|
442
|
|
|
Adjusted
EBITDA
|
|
28,715
|
|
|
37,659
|
|
|
41,076
|
|
|
42,689
|
|
|
150,139
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
9,993
|
|
|
13,957
|
|
|
13,330
|
|
|
12,505
|
|
|
49,785
|
|
|
Interest expense
attributable to noncontrolling interest
|
|
14
|
|
|
63
|
|
|
331
|
|
|
189
|
|
|
597
|
|
|
Depreciation expense
attributable to noncontrolling interest
|
|
1,659
|
|
|
1,728
|
|
|
2,246
|
|
|
2,286
|
|
|
7,919
|
|
|
Adjusted EBITDA
Attributable to General and Limited
Partner Ownership Interest in CONE Midstream Partners LP
|
|
$
|
17,049
|
|
|
$
|
21,911
|
|
|
$
|
25,169
|
|
|
$
|
27,709
|
|
|
$
|
91,838
|
|
|
Less: cash
interest paid, net
|
|
33
|
|
|
95
|
|
|
234
|
|
|
230
|
|
|
592
|
|
|
Less: ongoing
maintenance capital expenditures, net of
expected reimbursements
|
|
2,148
|
|
|
2,291
|
|
|
2,554
|
|
|
2,839
|
|
|
9,832
|
|
|
Distributable Cash
Flow
|
|
$
|
14,868
|
|
|
$
|
19,525
|
|
|
$
|
22,381
|
|
|
$
|
24,640
|
|
|
$
|
81,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
50,254
|
|
|
$
|
38,808
|
|
|
$
|
16,749
|
|
|
$
|
41,180
|
|
|
$
|
146,991
|
|
|
Interest
expense
|
|
47
|
|
|
158
|
|
|
565
|
|
|
419
|
|
|
1,189
|
|
|
Other, including
changes in working capital
|
|
(21,586)
|
|
|
(1,307)
|
|
|
23,762
|
|
|
1,090
|
|
|
1,959
|
|
|
Adjusted
EBITDA
|
|
28,715
|
|
|
37,659
|
|
|
41,076
|
|
|
42,689
|
|
|
150,139
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
9,993
|
|
|
13,957
|
|
|
13,330
|
|
|
12,505
|
|
|
49,785
|
|
|
Interest expense
attributable to noncontrolling interest
|
|
14
|
|
|
63
|
|
|
331
|
|
|
189
|
|
|
597
|
|
|
Depreciation expense
attributable to noncontrolling interest
|
|
1,659
|
|
|
1,728
|
|
|
2,246
|
|
|
2,286
|
|
|
7,919
|
|
|
Adjusted EBITDA
Attributable to General and Limited
Partner Ownership Interest in CONE Midstream Partners LP
|
|
$
|
17,049
|
|
|
$
|
21,911
|
|
|
$
|
25,169
|
|
|
$
|
27,709
|
|
|
$
|
91,838
|
|
|
Less: cash
interest paid, net
|
|
33
|
|
|
95
|
|
|
234
|
|
|
230
|
|
|
592
|
|
|
Less: ongoing
maintenance capital expenditures, net of
expected reimbursements
|
|
2,148
|
|
|
2,291
|
|
|
2,554
|
|
|
2,839
|
|
|
9,832
|
|
|
Distributable Cash
Flow
|
|
$
|
14,868
|
|
|
$
|
19,525
|
|
|
$
|
22,381
|
|
|
$
|
24,640
|
|
|
$
|
81,414
|
|
|
Distributions
Declared
|
|
$
|
13,094
|
|
|
$
|
13,570
|
|
|
$
|
14,062
|
|
|
$
|
14,591
|
|
|
$
|
55,317
|
|
|
Distribution Coverage
Ratio - Declared
|
|
1.14
|
x
|
|
1.44
|
x
|
|
1.59
|
x
|
|
1.69
|
x
|
|
1.47
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
14,868
|
|
|
$
|
19,525
|
|
|
$
|
22,381
|
|
|
$
|
24,640
|
|
|
$
|
81,414
|
|
|
Distributions
Paid
|
|
$
|
12,647
|
|
|
$
|
13,094
|
|
|
$
|
13,570
|
|
|
$
|
14,062
|
|
|
$
|
53,373
|
|
|
Distribution Coverage
Ratio - Paid
|
|
1.18
|
x
|
|
1.49
|
x
|
|
1.65
|
x
|
|
1.75
|
x
|
|
1.53
|
x
|
|
CONE MIDSTREAM
PARTNERS LP
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands,
except number of units)
|
|
|
(unaudited)
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash
|
$
|
14,273
|
|
|
$
|
217
|
|
|
Receivables — related
party
|
21,847
|
|
|
36,418
|
|
|
Inventory
|
18,916
|
|
|
18,916
|
|
|
Other current
assets
|
1,669
|
|
|
2,037
|
|
|
Total Current
Assets
|
56,705
|
|
|
57,588
|
|
|
Property and
Equipment:
|
|
|
|
|
Property and
equipment
|
914,470
|
|
|
897,918
|
|
|
Less — accumulated
depreciation
|
36,337
|
|
|
31,609
|
|
|
Property and
Equipment — Net
|
878,133
|
|
|
866,309
|
|
|
Other non-current
assets
|
487
|
|
|
528
|
|
|
TOTAL
ASSETS
|
$
|
935,325
|
|
|
$
|
924,425
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
29,158
|
|
|
$
|
46,155
|
|
|
Accounts payable —
related party
|
1,574
|
|
|
1,628
|
|
|
Total Current
Liabilities
|
30,732
|
|
|
47,783
|
|
|
Other
Liabilities:
|
|
|
|
|
Revolving credit
facility
|
74,000
|
|
|
73,500
|
|
|
Total
Liabilities
|
104,732
|
|
|
121,283
|
|
|
Partners'
Capital:
|
|
|
|
|
Common units
(29,180,217 units issued and outstanding at March 31, 2016 and
29,163,121 units issued and outstanding at December 31,
2015)
|
404,767
|
|
|
399,399
|
|
|
Subordinated units
(29,163,121 units issued and outstanding at March 31, 2016 and
December 31, 2015)
|
(77,641)
|
|
|
(82,900)
|
|
|
General partner
interest
|
(3,171)
|
|
|
(3,389)
|
|
|
Partners' capital
attributable to CONE Midstream Partners LP
|
323,955
|
|
|
313,110
|
|
|
Noncontrolling
interest
|
506,638
|
|
|
490,032
|
|
|
Total Partners'
Capital
|
830,593
|
|
|
803,142
|
|
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
935,325
|
|
|
$
|
924,425
|
|
|
CONE MIDSTREAM
PARTNERS LP
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2016
|
|
2015
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net Income
|
$
|
37,295
|
|
|
$
|
21,216
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation expense
and amortization of debt issuance costs
|
4,880
|
|
|
2,994
|
|
|
Unit-based
compensation
|
136
|
|
|
96
|
|
|
Changes in operating
assets:
|
|
|
|
|
Receivables — related
party
|
7,851
|
|
|
3,462
|
|
|
Other current and
non-current assets
|
369
|
|
|
253
|
|
|
Changes in operating
liabilities:
|
|
|
|
|
Accounts
payable
|
(9,188)
|
|
|
(17,616)
|
|
|
Accounts payable —
related party
|
(163)
|
|
|
(199)
|
|
|
Net Cash Provided
by Operating Activities
|
41,180
|
|
|
10,206
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
(24,386)
|
|
|
(61,806)
|
|
|
Net Cash Used in
Investing Activities
|
(24,386)
|
|
|
(61,806)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Contributions by
general & limited partners and noncontrolling interest
holders
|
10,823
|
|
|
85,392
|
|
|
Distributions to
unitholders
|
(14,061)
|
|
|
(12,784)
|
|
|
Net proceeds from
(payment on) revolver
|
500
|
|
|
(23,800)
|
|
|
Net Cash Provided
By Financing Activities
|
(2,738)
|
|
|
48,808
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash
|
14,056
|
|
|
(2,792)
|
|
|
Cash at Beginning
of Period
|
217
|
|
|
3,252
|
|
|
Cash at End of
Period
|
$
|
14,273
|
|
|
$
|
460
|
|
|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
|
|
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2016
|
|
Development
Company
|
|
Anchor
|
|
Growth
|
|
Additional
|
|
TOTAL
|
|
Income
Summary
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
50,290
|
|
|
$
|
2,891
|
|
|
$
|
9,067
|
|
|
$
|
62,248
|
|
|
Expenses
|
17,539
|
|
|
1,954
|
|
|
5,460
|
|
|
24,953
|
|
|
Net
Income
|
32,751
|
|
|
937
|
|
|
3,607
|
|
|
37,295
|
|
|
Less: Net income
attributable to noncontrolling interest
|
8,188
|
|
|
890
|
|
|
3,427
|
|
|
12,505
|
|
|
Net Income
Attributable to General and Limited
Partner Ownership Interest in CONE Midstream
Partners LP
|
$
|
24,563
|
|
|
$
|
47
|
|
|
$
|
180
|
|
|
$
|
24,790
|
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
|
Dry gas
(BBtu/d)
|
650
|
|
|
68
|
|
|
24
|
|
|
742
|
|
|
Wet gas
(BBtu/d)
|
457
|
|
|
6
|
|
|
176
|
|
|
639
|
|
|
Condensate
(MMcfe/d)
|
7
|
|
|
—
|
|
|
7
|
|
|
14
|
|
|
Total Gathered
Volumes
|
1,114
|
|
|
74
|
|
|
207
|
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
836
|
|
|
4
|
|
|
10
|
|
|
850
|
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
|
Maintenance
capital
|
$
|
3,710
|
|
|
$
|
69
|
|
|
$
|
1,057
|
|
|
$
|
4,836
|
|
|
Expansion
capital
|
11,461
|
|
|
—
|
|
|
8,089
|
|
|
19,550
|
|
|
Total Capital
Investment
|
$
|
15,171
|
|
|
$
|
69
|
|
|
$
|
9,146
|
|
|
$
|
24,386
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
|
Maintenance
capital
|
$
|
2,783
|
|
|
$
|
3
|
|
|
$
|
53
|
|
|
$
|
2,839
|
|
|
Expansion
capital
|
8,596
|
|
|
—
|
|
|
404
|
|
|
9,000
|
|
|
Total Capital
Investment Net to CONE Midstream
Partners LP
|
$
|
11,379
|
|
|
$
|
3
|
|
|
$
|
457
|
|
|
$
|
11,839
|
|
|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
|
|
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2015
|
|
Development
Company
|
|
Anchor
|
|
Growth
|
|
Additional
|
|
TOTAL
|
|
Income
Summary
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
34,533
|
|
|
$
|
2,975
|
|
|
$
|
5,660
|
|
|
$
|
43,168
|
|
|
Expenses
|
15,746
|
|
|
2,174
|
|
|
4,032
|
|
|
21,952
|
|
|
Net
Income
|
18,787
|
|
|
801
|
|
|
1,628
|
|
|
21,216
|
|
|
Less: Net income
attributable to noncontrolling interest
|
4,697
|
|
|
761
|
|
|
1,546
|
|
|
7,004
|
|
|
Net Income
Attributable to General and Limited
Partner Ownership Interest in CONE Midstream
Partners LP
|
$
|
14,090
|
|
|
$
|
40
|
|
|
$
|
82
|
|
|
$
|
14,212
|
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
|
Dry gas
(BBtu/d)
|
381
|
|
|
77
|
|
|
12
|
|
|
470
|
|
|
Wet gas
(BBtu/d)
|
326
|
|
|
3
|
|
|
109
|
|
|
438
|
|
|
Condensate
(MMcfe/d)
|
11
|
|
|
—
|
|
|
2
|
|
|
13
|
|
|
Total Gathered
Volumes
|
718
|
|
|
80
|
|
|
123
|
|
|
921
|
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
539
|
|
|
4
|
|
|
6
|
|
|
549
|
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
|
Maintenance
capital
|
$
|
2,619
|
|
|
$
|
258
|
|
|
$
|
273
|
|
|
$
|
3,150
|
|
|
Expansion
capital
|
26,680
|
|
|
11,379
|
|
|
20,597
|
|
|
58,656
|
|
|
Total Capital
Investment
|
$
|
29,299
|
|
|
$
|
11,637
|
|
|
$
|
20,870
|
|
|
$
|
61,806
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
|
Maintenance
capital
|
$
|
1,964
|
|
|
$
|
13
|
|
|
$
|
14
|
|
|
$
|
1,991
|
|
|
Expansion
capital
|
20,010
|
|
|
569
|
|
|
1,030
|
|
|
21,609
|
|
|
Total Capital
Investment Net to CONE Midstream
Partners LP
|
$
|
21,974
|
|
|
$
|
582
|
|
|
$
|
1,044
|
|
|
$
|
23,600
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cone-midstream-reports-first-quarter-results-300263107.html
SOURCE CONE Midstream Partners LP