CONE Midstream Partners LP (NYSE:CNNX) ("CONE Midstream" or the
"Partnership") today reported financial and operational results for
the three months ended September 30, 2016.(1) The Partnership
also increased guidance for full year 2016 financial results.
Third Quarter Results
Highlights of third quarter 2016 results attributable to the
Partnership as compared to the third quarter of 2015 include:
- Net income of $23.6 million as compared to $19.7 million
- Average daily throughput volumes of 840 billion Btu per day
(BBtu/d) as compared to 642 BBtu/d
- Net cash provided by operating activities of $40.0 million as
compared to $38.8 million
- Adjusted EBITDA(2) of $26.8 million as compared to $21.9
million
- Distributable cash flow (DCF)(2) of $23.3 million as compared
to $19.5 million
- Cash distribution coverage of 1.47x on an as declared
basis
Management Comment
John T. Lewis, Chairman of the Board and Chief
Executive Officer of CONE Midstream GP LLC (the "General Partner"),
commented, "It is a pleasure to report another strong quarter of
financial and operational results for CNNX. Net throughput
volumes increased by 31% from the third quarter of 2015. Net income
attributable to the Partnership, Adjusted EBITDA and distributable
cash flow all increased by approximately 20% as compared to third
quarter last year. As anticipated, we were free-cash-flow
positive again during the quarter, with net cash provided by
operating activities exceeding our total capital investments and
cash distribution payments, which allowed us to again reduce the
balance drawn on our revolving credit facility. Our
debt-to-Adjusted EBITDA ratio at the end of the quarter was
0.38x.
Mr. Lewis further noted that, "Based on our
solid performance for the first nine months and our current outlook
for the remainder of the year, we have increased our guidance for
our full year 2016 results."
Quarterly Distribution
As previously announced, the Board of Directors
of the General Partner declared a quarterly cash distribution
of $0.263 per unit with respect to the third quarter of
2016. The distribution payment will be made on
November 14, 2016 to unitholders of record at the close of
business on November 4, 2016. The distribution, which equates to an
annual rate of $1.052 per unit, represents an increase of 3.5% over
the prior quarter and an increase of 15.4% over the distribution
paid with respect to the third quarter of 2015.
Capital Investment and
Resources
CONE Midstream's allocated third quarter 2016
share of investment in expansion projects was $0.5 million. Total
expansion capital investment at the three development companies in
which CONE Midstream holds controlling interests was $1.4 million.
CONE Midstream's respective share of maintenance capital
expenditures for the three development companies for the third
quarter of 2016 was $3.3 million. Maintenance capital
expenditures in the aggregate for the development companies in
which CONE Midstream holds controlling interests totaled $5.3
million.
As of September 30, 2016, CONE Midstream had
outstanding borrowings of $41.0 million under its $250 million
revolving credit facility and a cash balance of $4.2 million.
2016 Guidance Update
Based on current expectations, management is
providing the following updated guidance for 2016. Full year
2016 Adjusted EBITDA attributable to the Partnership, previously
projected to be in the range of $96 - $106 million, is now expected
to be in the range of $103 - $108 million. Full year
distributable cash flow attributable to the Partnership, previously
projected to be in the range of $82 - $92 million, is now expected
to be in the range of $89 - $94 million. CONE Midstream’s
financial guidance is based on numerous assumptions about
future events and conditions and, therefore, could vary materially
from actual results. These estimates are meant to provide guidance
only and are subject to revision for acquisitions or operating
environment changes.
Third Quarter Financial and Operational
Results Conference Call
A conference call and webcast, during which
management will discuss third quarter 2016 financial and
operational results, is scheduled for November 4, 2016 at 10:00
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 http://services.choruscall.com/links/cnnx161104.html.
Participants who would like to ask questions may join the
conference by phone at 888-317-6016 (international 412-317-6016)
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 http://services.choruscall.com/links/cnnx161104.html
shortly after the conclusion of the conference call. A
telephonic replay will be available through November 11, 2016 by
dialing 877-344-7529 (international: 412-317-0088) and using the
conference playback number 10093760.
_____________
(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.
* * * * *
CONE Midstream Partners LP 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
LPCONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except per unit
data)(unaudited) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue |
|
|
|
|
|
|
|
Gathering revenue — related
party |
$ |
60,729 |
|
|
$ |
53,753 |
|
|
$ |
181,384 |
|
|
$ |
144,638 |
|
Total Revenue |
60,729 |
|
|
53,753 |
|
|
181,384 |
|
|
144,638 |
|
Expenses |
|
|
|
|
|
|
|
Operating expense — third
party |
7,769 |
|
|
4,736 |
|
|
24,322 |
|
|
22,205 |
|
Operating expense — related
party |
7,209 |
|
|
8,095 |
|
|
22,631 |
|
|
22,079 |
|
General and administrative expense
— third party |
1,049 |
|
|
968 |
|
|
3,196 |
|
|
3,533 |
|
General and administrative expense
— related party |
2,624 |
|
|
2,413 |
|
|
6,521 |
|
|
6,385 |
|
Pipe revaluation |
— |
|
|
— |
|
|
10,083 |
|
|
— |
|
Depreciation expense |
5,392 |
|
|
3,769 |
|
|
15,384 |
|
|
10,430 |
|
Interest expense |
305 |
|
|
158 |
|
|
1,105 |
|
|
270 |
|
Total Expense |
24,348 |
|
|
20,139 |
|
|
83,242 |
|
|
64,902 |
|
Net
Income |
36,381 |
|
|
33,614 |
|
|
98,142 |
|
|
79,736 |
|
Less: Net income
attributable to noncontrolling interest |
12,750 |
|
|
13,957 |
|
|
26,505 |
|
|
30,954 |
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
$ |
23,631 |
|
|
$ |
19,657 |
|
|
$ |
71,637 |
|
|
$ |
48,782 |
|
|
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income: |
|
|
|
|
|
|
|
Net Income Attributable to
General and Limited Partner Ownership Interest in CONE Midstream
Partners LP |
$ |
23,631 |
|
|
$ |
19,657 |
|
|
$ |
71,637 |
|
|
$ |
48,782 |
|
Less: General partner
interest in net income |
473 |
|
|
393 |
|
|
1,433 |
|
|
976 |
|
Limited partner interest
in net income |
$ |
23,158 |
|
|
$ |
19,264 |
|
|
$ |
70,204 |
|
|
$ |
47,806 |
|
|
|
|
|
|
|
|
|
Net income per Limited
Partner unit - Basic |
$ |
0.40 |
|
|
$ |
0.33 |
|
|
$ |
1.20 |
|
|
$ |
0.82 |
|
Net Income per Limited
Partner unit - Diluted |
$ |
0.40 |
|
|
$ |
0.33 |
|
|
$ |
1.20 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
Limited Partner units
outstanding - Basic |
58,343 |
|
|
58,326 |
|
|
58,343 |
|
|
58,326 |
|
Limited Partner unit
outstanding - Diluted |
58,431 |
|
|
58,333 |
|
|
58,410 |
|
|
58,331 |
|
|
|
|
|
|
|
|
|
Cash distributions
declared per unit (*) |
$ |
0.2630 |
|
|
$ |
0.2280 |
|
|
$ |
0.7620 |
|
|
$ |
0.6605 |
|
|
(*)
Represents the cash distributions declared during the month
following the respective quarterly reporting period ends. |
CONE MIDSTREAM PARTNERS
LP CONSOLIDATED BALANCE SHEETS (in
thousands, except number of
units) (unaudited) |
|
September 30, 2016 |
|
December 31, 2015 |
ASSETS |
|
|
|
Current Assets: |
|
|
|
Cash |
$ |
4,196 |
|
|
$ |
217 |
|
Receivables — related party |
20,287 |
|
|
36,418 |
|
Inventory |
— |
|
|
18,916 |
|
Other current assets |
1,431 |
|
|
2,037 |
|
Total Current
Assets |
25,914 |
|
|
57,588 |
|
Property and
Equipment: |
|
|
|
Property and equipment |
922,498 |
|
|
897,918 |
|
Less — accumulated
depreciation |
46,698 |
|
|
31,609 |
|
Property and Equipment —
Net |
875,800 |
|
|
866,309 |
|
Other assets |
9,001 |
|
|
528 |
|
TOTAL ASSETS |
$ |
910,715 |
|
|
$ |
924,425 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
19,124 |
|
|
$ |
46,155 |
|
Accounts payable — related
party |
1,680 |
|
|
1,628 |
|
Total Current
Liabilities |
20,804 |
|
|
47,783 |
|
Other Liabilities: |
|
|
|
Revolving credit facility |
41,000 |
|
|
73,500 |
|
Total
Liabilities |
61,804 |
|
|
121,283 |
|
Partners' Capital: |
|
|
|
Common units (29,180,217 units
issued and outstanding at September 30, 2016 and 29,163,121 units
issued and outstanding at December 31, 2015) |
413,610 |
|
|
399,399 |
|
Subordinated units (29,163,121
units issued and outstanding at September 30, 2016 and December 31,
2015) |
(69,248 |
) |
|
(82,900 |
) |
General partner interest |
(2,921 |
) |
|
(3,389 |
) |
Partners' capital attributable to
CONE Midstream Partners LP |
341,441 |
|
|
313,110 |
|
Noncontrolling interest |
507,470 |
|
|
490,032 |
|
Total Partners'
Capital |
848,911 |
|
|
803,142 |
|
TOTAL LIABILITIES AND
PARTNERS' CAPITAL |
$ |
910,715 |
|
|
$ |
924,425 |
|
CONE MIDSTREAM PARTNERS LPCONSOLIDATED
STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
Three Months Ended |
September 30, |
|
2016 |
|
2015 |
Cash Flows from
Operating Activities: |
|
|
|
Net Income |
$ |
36,381 |
|
|
$ |
33,614 |
|
Adjustments to reconcile net income
to net cash provided by operating activities: |
|
|
|
Depreciation expense and
amortization of debt issuance costs |
5,434 |
|
|
3,810 |
|
Unit-based compensation |
222 |
|
|
118 |
|
Other |
429 |
|
|
— |
|
Changes in assets and
liabilities: |
|
|
|
Receivables — related party |
(2,874 |
) |
|
(10,894 |
) |
Other current and non-current
assets |
(216 |
) |
|
(62 |
) |
Accounts payable |
572 |
|
|
7,853 |
|
Accounts payable — related
party |
33 |
|
|
4,369 |
|
Net Cash Provided by
Operating Activities |
39,981 |
|
|
38,808 |
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
Capital expenditures |
(6,742 |
) |
|
(94,781 |
) |
Proceeds from sale of long-lived
assets |
237 |
|
|
— |
|
Net Cash Used in Investing
Activities |
(6,505 |
) |
|
(94,781 |
) |
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
Partner and noncontrolling interest
holder activity |
(13,167 |
) |
|
36,611 |
|
Distributions to unitholders |
(15,209 |
) |
|
(13,094 |
) |
Net (payment) proceeds on
revolver |
(6,000 |
) |
|
33,500 |
|
Net Cash (Used In) Provided
By Financing Activities |
(34,376 |
) |
|
57,017 |
|
|
|
|
|
Net (Decrease)
Increase in Cash |
(900 |
) |
|
1,044 |
|
Cash at Beginning
of Period |
5,096 |
|
|
161 |
|
Cash at End of
Period |
$ |
4,196 |
|
|
$ |
1,205 |
|
CONE MIDSTREAM PARTNERS
LPRECONCILIATION 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 September 30, |
|
Nine Months Ended September 30, |
(unaudited) |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net Income |
|
$ |
36,381 |
|
|
$ |
33,614 |
|
|
$ |
98,142 |
|
|
$ |
79,736 |
|
Depreciation expense |
|
5,392 |
|
|
3,769 |
|
|
15,384 |
|
|
10,430 |
|
Interest expense |
|
305 |
|
|
158 |
|
|
1,105 |
|
|
270 |
|
EBITDA |
|
42,078 |
|
|
37,541 |
|
|
114,631 |
|
|
90,436 |
|
Non-cash unit-based compensation
expense |
|
222 |
|
|
118 |
|
|
577 |
|
|
310 |
|
Pipe revaluation |
|
— |
|
|
— |
|
|
10,083 |
|
|
— |
|
Adjusted EBITDA |
|
42,300 |
|
|
37,659 |
|
|
125,291 |
|
|
90,746 |
|
Less: |
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interest |
|
12,750 |
|
|
13,957 |
|
|
26,505 |
|
|
30,954 |
|
Depreciation expense attributable
to noncontrolling interest |
|
2,589 |
|
|
1,728 |
|
|
7,283 |
|
|
4,553 |
|
Other expenses attributable to
noncontrolling interest |
|
205 |
|
|
63 |
|
|
521 |
|
|
97 |
|
Pipe revaluation attributable to
noncontrolling interest |
|
— |
|
|
— |
|
|
9,579 |
|
|
— |
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
|
$ |
26,756 |
|
|
$ |
21,911 |
|
|
$ |
81,403 |
|
|
$ |
55,142 |
|
Less: cash interest paid,
net |
|
198 |
|
|
95 |
|
|
682 |
|
|
173 |
|
Less: ongoing maintenance
capital expenditures, net of expected reimbursements |
|
3,283 |
|
|
2,291 |
|
|
9,234 |
|
|
6,430 |
|
Distributable Cash
Flow |
|
$ |
23,275 |
|
|
$ |
19,525 |
|
|
$ |
71,487 |
|
|
$ |
48,539 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
39,981 |
|
|
$ |
38,808 |
|
|
$ |
122,938 |
|
|
$ |
99,268 |
|
Interest expense |
|
305 |
|
|
158 |
|
|
1,105 |
|
|
270 |
|
Pipe revaluation |
|
— |
|
|
— |
|
|
10,083 |
|
|
— |
|
Other, including changes in working
capital |
|
2,014 |
|
|
(1,307 |
) |
|
(8,835 |
) |
|
(8,792 |
) |
Adjusted EBITDA |
|
42,300 |
|
|
37,659 |
|
|
125,291 |
|
|
90,746 |
|
Less: |
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interest |
|
12,750 |
|
|
13,957 |
|
|
26,505 |
|
|
30,954 |
|
Depreciation expense attributable
to noncontrolling interest |
|
2,589 |
|
|
1,728 |
|
|
7,283 |
|
|
4,553 |
|
Other expense attributable to
noncontrolling interest |
|
205 |
|
|
63 |
|
|
521 |
|
|
97 |
|
Pipe revaluation attributable to
noncontrolling interest |
|
— |
|
|
— |
|
|
9,579 |
|
|
— |
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
|
$ |
26,756 |
|
|
$ |
21,911 |
|
|
$ |
81,403 |
|
|
$ |
55,142 |
|
Less: cash interest paid,
net |
|
198 |
|
|
95 |
|
|
682 |
|
|
173 |
|
Less: ongoing maintenance
capital expenditures, net of expected reimbursements |
|
3,283 |
|
|
2,291 |
|
|
9,234 |
|
|
6,430 |
|
Distributable Cash
Flow |
|
$ |
23,275 |
|
|
$ |
19,525 |
|
|
$ |
71,487 |
|
|
$ |
48,539 |
|
The following table presents a reconciliation of the non-GAAP
measures EBITDA, 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) |
|
Q4 2015 |
|
Q1 2016 |
|
Q2 2016 |
|
Q3 2016 |
|
Twelve Months Ended September 30,
2016 |
Net Income |
|
$ |
35,796 |
|
|
$ |
37,295 |
|
|
$ |
24,468 |
|
|
$ |
36,381 |
|
|
$ |
133,940 |
|
Depreciation expense |
|
4,623 |
|
|
4,839 |
|
|
5,152 |
|
|
5,392 |
|
|
20,006 |
|
Interest expense |
|
565 |
|
|
419 |
|
|
381 |
|
|
305 |
|
|
1,670 |
|
EBITDA |
|
40,984 |
|
|
42,553 |
|
|
30,001 |
|
|
42,078 |
|
|
155,616 |
|
Non-cash unit-based compensation
expense |
|
92 |
|
|
136 |
|
|
219 |
|
|
222 |
|
|
669 |
|
Pipe revaluation |
|
— |
|
|
— |
|
|
10,083 |
|
|
— |
|
|
10,083 |
|
Adjusted EBITDA |
|
41,076 |
|
|
42,689 |
|
|
40,303 |
|
|
42,300 |
|
|
166,368 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interest |
|
13,330 |
|
|
12,505 |
|
|
1,251 |
|
|
12,750 |
|
|
39,836 |
|
Depreciation expense attributable
to noncontrolling interest |
|
2,246 |
|
|
2,286 |
|
|
2,409 |
|
|
2,589 |
|
|
9,530 |
|
Other expenses attributable to
noncontrolling interest |
|
331 |
|
|
189 |
|
|
127 |
|
|
205 |
|
|
852 |
|
Pipe revaluation attributable to
noncontrolling interest |
|
— |
|
|
— |
|
|
9,579 |
|
|
— |
|
|
9,579 |
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
|
$ |
25,169 |
|
|
$ |
27,709 |
|
|
$ |
26,937 |
|
|
$ |
26,756 |
|
|
$ |
106,571 |
|
Less: cash interest paid,
net |
|
234 |
|
|
230 |
|
|
254 |
|
|
198 |
|
|
916 |
|
Less: ongoing maintenance
capital expenditures, net of expected reimbursements |
|
2,554 |
|
|
2,839 |
|
|
3,112 |
|
|
3,283 |
|
|
11,788 |
|
Distributable Cash
Flow |
|
$ |
22,381 |
|
|
$ |
24,640 |
|
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
93,867 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
16,749 |
|
|
$ |
41,180 |
|
|
$ |
41,777 |
|
|
$ |
39,981 |
|
|
$ |
139,687 |
|
Interest expense |
|
565 |
|
|
419 |
|
|
381 |
|
|
305 |
|
|
1,670 |
|
Pipe revaluation |
|
— |
|
|
— |
|
|
10,083 |
|
|
— |
|
|
10,083 |
|
Other, including changes in working
capital |
|
23,762 |
|
|
1,090 |
|
|
(11,938 |
) |
|
2,014 |
|
|
14,928 |
|
Adjusted EBITDA |
|
41,076 |
|
|
42,689 |
|
|
40,303 |
|
|
42,300 |
|
|
166,368 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interest |
|
13,330 |
|
|
12,505 |
|
|
1,251 |
|
|
12,750 |
|
|
39,836 |
|
Depreciation expense attributable
to noncontrolling interest |
|
2,246 |
|
|
2,286 |
|
|
2,409 |
|
|
2,589 |
|
|
9,530 |
|
Other expenses attributable to
noncontrolling interest |
|
331 |
|
|
189 |
|
|
127 |
|
|
205 |
|
|
852 |
|
Pipe revaluation attributable to
noncontrolling interest |
|
— |
|
|
— |
|
|
9,579 |
|
|
— |
|
|
9,579 |
|
Adjusted EBITDA
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
|
$ |
25,169 |
|
|
$ |
27,709 |
|
|
$ |
26,937 |
|
|
$ |
26,756 |
|
|
$ |
106,571 |
|
Less: cash interest paid,
net |
|
234 |
|
|
230 |
|
|
254 |
|
|
198 |
|
|
916 |
|
Less: ongoing maintenance
capital expenditures, net of expected reimbursements |
|
2,554 |
|
|
2,839 |
|
|
3,112 |
|
|
3,283 |
|
|
11,788 |
|
Distributable Cash
Flow |
|
$ |
22,381 |
|
|
$ |
24,640 |
|
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
93,867 |
|
Distributions Declared |
|
$ |
14,062 |
|
|
$ |
14,591 |
|
|
$ |
15,209 |
|
|
$ |
15,827 |
|
|
$ |
59,689 |
|
Distribution Coverage Ratio -
Declared |
|
1.59 |
x |
|
1.69 |
x |
|
1.55 |
x |
|
1.47 |
x |
|
1.57 |
x |
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash Flow |
|
$ |
22,381 |
|
|
$ |
24,640 |
|
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
93,867 |
|
Distributions Paid |
|
$ |
13,570 |
|
|
$ |
14,062 |
|
|
$ |
14,591 |
|
|
$ |
15,209 |
|
|
$ |
57,432 |
|
Distribution Coverage Ratio -
Paid |
|
1.65 |
x |
|
1.75 |
x |
|
1.62 |
x |
|
1.53 |
x |
|
1.63 |
x |
Development Companies Jointly Owned by CONE
Midstream Partners LPOperating Income Summary, Selected
Operating Statistics and Capital Investment(in
thousands)(unaudited) |
|
Three Months Ended September 30,
2016 |
|
Development Company |
|
Anchor |
|
Growth |
|
Additional |
|
TOTAL |
Income Summary |
|
|
|
|
|
|
|
Revenue |
$ |
50,005 |
|
|
$ |
2,587 |
|
|
$ |
8,137 |
|
|
$ |
60,729 |
|
Expenses |
18,846 |
|
|
1,475 |
|
|
4,027 |
|
|
24,348 |
|
Net
Income |
31,159 |
|
|
1,112 |
|
|
4,110 |
|
|
36,381 |
|
Less: Net income
attributable to noncontrolling interest |
7,790 |
|
|
1,055 |
|
|
3,905 |
|
|
12,750 |
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
$ |
23,369 |
|
|
$ |
57 |
|
|
$ |
205 |
|
|
$ |
23,631 |
|
|
|
|
|
|
|
|
|
Operating Statistics -
Gathered Volumes |
|
|
|
|
|
|
|
Dry gas (BBtu/d) |
767 |
|
|
61 |
|
|
14 |
|
|
842 |
|
Wet gas (BBtu/d) |
331 |
|
|
5 |
|
|
177 |
|
|
513 |
|
Condensate (MMcfe/d) |
4 |
|
|
— |
|
|
5 |
|
|
9 |
|
Total Gathered
Volumes |
1,102 |
|
|
66 |
|
|
196 |
|
|
1,364 |
|
|
|
|
|
|
|
|
|
Total Volumes
Net to CONE Midstream Partners LP |
827 |
|
|
3 |
|
|
10 |
|
|
840 |
|
|
|
|
|
|
|
|
|
Capital Investment |
|
|
|
|
|
|
|
Maintenance capital |
$ |
4,308 |
|
|
$ |
465 |
|
|
$ |
568 |
|
|
$ |
5,341 |
|
Expansion capital |
560 |
|
|
— |
|
|
841 |
|
|
1,401 |
|
Total Capital
Investment |
$ |
4,868 |
|
|
$ |
465 |
|
|
$ |
1,409 |
|
|
$ |
6,742 |
|
|
|
|
|
|
|
|
|
Capital Investment Net
to CONE Midstream Partners LP |
|
|
|
|
|
|
|
Maintenance capital |
$ |
3,231 |
|
|
$ |
23 |
|
|
$ |
29 |
|
|
$ |
3,283 |
|
Expansion capital |
420 |
|
|
— |
|
|
42 |
|
|
462 |
|
Total Capital
Investment Net to CONE Midstream Partners LP |
$ |
3,651 |
|
|
$ |
23 |
|
|
$ |
71 |
|
|
$ |
3,745 |
|
Development Companies Jointly Owned by CONE
Midstream Partners LPOperating Income Summary, Selected
Operating Statistics and Capital Investment(in
thousands)(unaudited) |
|
Three Months Ended September 30,
2015 |
|
Development Company |
|
Anchor |
|
Growth |
|
Additional |
|
TOTAL |
Income Summary |
|
|
|
|
|
|
|
Revenue |
$ |
40,327 |
|
|
$ |
3,467 |
|
|
$ |
9,959 |
|
|
$ |
53,753 |
|
Expenses |
14,647 |
|
|
1,881 |
|
|
3,611 |
|
|
20,139 |
|
Net
Income |
25,680 |
|
|
1,586 |
|
|
6,348 |
|
|
33,614 |
|
Less: Net income
attributable to noncontrolling interest |
6,420 |
|
|
1,506 |
|
|
6,031 |
|
|
13,957 |
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP |
$ |
19,260 |
|
|
$ |
80 |
|
|
$ |
317 |
|
|
$ |
19,657 |
|
|
|
|
|
|
|
|
|
Operating Statistics -
Gathered Volumes |
|
|
|
|
|
|
|
Dry gas (BBtu/d) |
480 |
|
|
82 |
|
|
6 |
|
|
568 |
|
Wet gas (BBtu/d) |
348 |
|
|
10 |
|
|
207 |
|
|
565 |
|
Condensate (MMcfe/d) |
7 |
|
|
— |
|
|
16 |
|
|
23 |
|
Total Gathered
Volumes |
835 |
|
|
92 |
|
|
229 |
|
|
1,156 |
|
|
|
|
|
|
|
|
|
Total Volumes
Net to CONE Midstream Partners LP |
626 |
|
|
5 |
|
|
11 |
|
|
642 |
|
|
|
|
|
|
|
|
|
Capital Investment |
|
|
|
|
|
|
|
Maintenance capital |
$ |
2,990 |
|
|
$ |
346 |
|
|
$ |
628 |
|
|
$ |
3,964 |
|
Expansion capital |
45,108 |
|
|
2,202 |
|
|
43,507 |
|
|
90,817 |
|
Total Capital
Investment |
$ |
48,098 |
|
|
$ |
2,548 |
|
|
$ |
44,135 |
|
|
$ |
94,781 |
|
|
|
|
|
|
|
|
|
Capital Investment Net
to CONE Midstream Partners LP |
|
|
|
|
|
|
|
Maintenance capital |
$ |
2,243 |
|
|
$ |
17 |
|
|
$ |
31 |
|
|
$ |
2,291 |
|
Expansion capital |
33,831 |
|
|
110 |
|
|
2,175 |
|
|
36,116 |
|
Total Capital
Investment Net to CONE Midstream Partners LP |
$ |
36,074 |
|
|
$ |
127 |
|
|
$ |
2,206 |
|
|
$ |
38,407 |
|
________________
CONTACT:
Stephen R. Milbourne
CONE Investor Relations
724-485-4408
smilbourne@conemidstream.com
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