HOUSTON, Nov. 5, 2018
/PRNewswire/ -- Oasis Midstream Partners LP (NYSE: OMP) (the
"Partnership" or "OMP") today announced financial results for the
quarter ended September 30, 2018 and
provided an operational update.
Recent Highlights:
- Declared the quarterly cash distribution for the third quarter
of 2018 of $0.43 per unit, an
approximate 5% increase from the cash distribution declared for the
second quarter of 2018, in line with the Partnership's 20%
annualized distribution growth target.
- Net income was $38.8 million for
the three months ended September 30,
2018 and net cash from operating activities was $40.8 million for the three months ended
September 30, 2018.
- Adjusted EBITDA was $46.3 million
for the three months ended September 30,
2018 and net Adjusted EBITDA to the Partnership was
$16.6 million for the three months
ended September 30, 2018. See
"Non-GAAP Financial Measures" below.
- Distributable Cash Flow ("DCF") was $14.4 million for the three months ended
September 30, 2018, resulting in
distribution coverage of 1.22x. See "Non-GAAP Financial Measures"
below.
- OMP's 80 million cubic feet per day ("MMscfpd") natural gas
processing plant in Wild Basin ("Gas Plant I") experienced
operational downtime lasting twelve days in August. Plant
operations have successfully been restored and the plant has been
running smoothly, at full capacity, since the team brought the
plant back online. Crude oil and natural gas volumes in Wild Basin
were adversely impacted by the downtime, which resulted in lower
than anticipated EBITDA, DCF and distribution coverage. Adjusting
for the impact of the downtime, OMP would have seen distribution
coverage of approximately 1.3x during the third quarter of
2018.
- Increased water volumes in Beartooth DevCo LLC ("Beartooth
DevCo") to 151.3 thousand barrels of water per day ("Mbwpd"), a 54%
increase compared to the third quarter of 2017. Approximately 75%
of the increase was related to Oasis Petroleum produced water
growth and approximately 25% was associated with increased
freshwater volumes, which was largely driven by third-party
sales.
"Oasis Midstream Partners remains on track to deliver our
targeted 20% annual growth in distributions per unit while
simultaneously increasing coverage in coming quarters," said
Taylor Reid, Chief Executive Officer
of OMP. "We successfully delivered a strong third quarter,
navigating some operational downtime at Gas Plant I in August. Our
distribution coverage was within our third quarter guidance range,
and looking forward coverage remains strong, now on track to exceed
1.7x exiting 2019 while concurrently delivering 20% distribution
growth. Our new 200 MMscfpd gas plant is expected to move product
this month, and we successfully signed additional third-party
deals to further increase utilization. Third-party deals in
conjunction with high activity levels in the Williston Basin put us
in a great position to grow distributions per unit 20% per year
past 2021 while maintaining strong coverage. Our 2019 EBITDA
estimate increased by approximately 68% from what we originally
projected during the IPO just over a year ago, and we continue to
see significant growth opportunities ahead."
Gas Plant II Update:
OMP mechanically completed its new 200 MMscfpd natural gas
processing plant ("Gas Plant II") in October and expects volumes to
start flowing at the end of November. Upon completion of the gas
plant, OMP will be the second largest natural gas processor in the
Williston Basin. OMP expects approximately 60% utilization in
January 2019, consisting largely of
volumes from Oasis Petroleum, before increasing to above 80% by
year-end 2019, as third-party volumes become more significant. In
October, OMP successfully signed additional third-party
agreements, which resulted in increased expectations for EBITDA at
OMP for 2019. Gas processing remains tight in the Williston Basin,
and OMP continues to pursue additional opportunities with third
parties to further increase the utilization of its gas plant
infrastructure.
Outlook Update:
- OMP is increasing its 2019 EBITDA estimate to $106 - $112
million, compared to $102 -
$108 million as of the August update
and $65 million at the time of OMP's
IPO. OMP has increased expectations on distribution coverage,
entering 2019 around 1.4x and quickly increasing to 1.6x-1.7x for
the remainder of 2019 (prior coverage was 1.4x and then
1.5x-1.7x).
- Expects net EBITDA in 2019, before public company expenses, to
be split between the three DevCos accordingly: Bighorn ~68%, Bobcat
~12%, and Beartooth ~20%.
- Anticipates fourth quarter 2018 distribution coverage of
approximately 1.2x based on current assumptions surrounding Gas
Plant II start-up timing.
Operational and Financial Update
Select operational and financial statistics are in the following
table:
|
|
Three Months Ended
September 30, 2018
|
|
|
OMP
Ownership
|
|
Gross
|
|
Net
|
Bighorn
DevCo
|
|
|
|
(In
millions)
|
Operating
income
|
|
100
|
%
|
|
$
|
5.3
|
|
|
$
|
5.3
|
|
Depreciation and
amortization
|
|
100
|
%
|
|
2.8
|
|
|
2.8
|
|
Total
CapEx
|
|
100
|
%
|
|
7.9
|
|
|
7.9
|
|
Bobcat
DevCo
|
|
|
|
|
|
|
Operating
income
|
|
10
|
%
|
|
$
|
19.0
|
|
|
$
|
1.9
|
|
Depreciation and
amortization
|
|
10
|
%
|
|
2.2
|
|
|
0.2
|
|
Total
CapEx
|
|
10
|
%
|
|
43.3
|
|
|
4.3
|
|
Beartooth
DevCo
|
|
|
|
|
|
|
Operating
income
|
|
40
|
%
|
|
$
|
15.6
|
|
|
$
|
6.3
|
|
Depreciation and
amortization
|
|
40
|
%
|
|
2.1
|
|
|
0.8
|
|
Total
CapEx
|
|
40
|
%
|
|
11.1
|
|
|
4.4
|
|
Total
OMP
|
|
|
|
|
|
|
DevCo operating
income
|
|
|
|
$
|
40.0
|
|
|
$
|
13.5
|
|
Public company
expenses
|
|
|
|
1.0
|
|
|
1.0
|
|
OMP operating
income
|
|
|
|
39.0
|
|
|
12.5
|
|
Depreciation and
amortization
|
|
|
|
7.1
|
|
|
3.9
|
|
Equity-based
compensation expense
|
|
|
|
0.1
|
|
|
0.1
|
|
Total
CapEx
|
|
|
|
62.4
|
|
|
16.7
|
|
Maintenance
CapEx
|
|
|
|
0.8
|
|
|
0.4
|
|
Expansion
CapEx
|
|
|
|
61.6
|
|
|
16.3
|
|
The following table provides an update of actual volumes
compared to guidance and updates quarterly volumes for the
remainder of the year:
|
|
Metric
|
|
3Q18
Actual
|
|
3Q18
Guidance
|
|
4Q18
Guidance
|
Bighorn
DevCo
|
|
|
|
|
|
|
|
|
Crude oil service
volumes
|
|
Mbopd
|
|
42.5
|
|
|
43 - 46
|
|
40 - 46
|
Natural gas service
volumes
|
|
MMscfpd
|
|
96.0
|
|
|
102 - 106
|
|
125 - 140
|
Bobcat
DevCo
|
|
|
|
|
|
|
|
|
Crude oil service
volumes
|
|
Mbopd
|
|
35.8
|
|
|
37 - 40
|
|
35 - 40
|
Natural gas service
volumes
|
|
MMscfpd
|
|
141.2
|
|
|
150 - 155
|
|
175 - 195
|
Water service
volumes
|
|
Mbwpd
|
|
54.3
|
|
|
46 - 50
|
|
48 - 53
|
Beartooth
DevCo
|
|
|
|
|
|
|
|
|
Water service
volumes
|
|
Mbwpd
|
|
151.3
|
|
|
120 - 135
|
|
105 - 120
|
Liquidity and CapEx
As of September 30, 2018, OMP had
cash and cash equivalents of $5.0
million and $166.0 million of
borrowings outstanding under its revolving credit facility with an
unused borrowing capacity of $84.0
million. On August 27, 2018,
the Partnership entered into an amendment to its revolving credit
facility to (i) increase the aggregate amount of commitments from
$200.0 million to $250.0 million; (ii) provide for the ability to
further increase commitments to $400.0
million; and (iii) add six new lenders to the bank group.
Expansion CapEx attributable to OMP during the third quarter of
2018 of $16.3 million was also
in-line with expectations.
Quarterly Distribution
On August 28, 2018, the Partnership paid the quarterly cash
distribution of $0.41 per unit for
the second quarter of 2018.
On October 30, 2018, the Board of Directors of
OMP GP LLC, the general partner of the Partnership, declared the
quarterly cash distribution of $0.43
per unit for the third quarter of 2018. The distribution will be
payable on November 27, 2018 to unitholders of
record as of November 9, 2018.
Qualified Notice
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0%) of the Partnership's distributions to
non-U.S. investors as being attributable to income that is
effectively connected with a United
States trade or business. Accordingly, the
Partnership's distributions to non-U.S. investors are subject to
federal income tax withholding at the highest applicable effective
tax rate.
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the webcast and call:
Date:
|
|
Tuesday, November 6,
2018
|
Time:
|
|
11:30 a.m. Central
Time
|
Live
Webcast:
|
|
https://www.webcaster4.com/Webcast/Page/1777/27749
|
Website:
|
|
www.oasismidstream.com
|
Sell-side analysts wishing to ask a question may use the
following dial-in:
Dial-in:
|
|
888-317-6003
|
Intl. Dial
in:
|
|
412-317-6061
|
Conference ID:
|
|
6637480
|
A recording of the conference call will be available beginning
at 1:30 p.m. Central Time on the day
of the call and will be available until Tuesday, November 13, 2018 by dialing:
Replay
dial-in:
|
|
877-344-7529
|
Intl.
replay:
|
|
412-317-0088
|
Replay
code:
|
|
10124920
|
The conference call will also be available for replay for
approximately 30 days at www.oasismidstream.com.
Contact:
Oasis Midstream Partners LP
Bob Bakanauskas,
(281) 404-9600
Director, Investor Relations
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. Without
limiting the generality of the foregoing, forward-looking
statements contained in this press release specifically include the
expectations of plans, strategies, objectives and anticipated
financial and operating results of the Partnership, including the
Partnership's capital expenditure levels and other guidance
included in this press release. These statements are based on
certain assumptions made by the Partnership based on management's
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Partnership, which may cause actual results to
differ materially from those implied or expressed by the
forward-looking statements. These include, but are not limited to,
the Partnership's ability to integrate acquisitions into its
existing business, changes in oil and natural gas prices, weather
and environmental conditions, the timing of planned capital
expenditures, availability of acquisitions, uncertainties in the
estimates of proved reserves and forecasted production results of
the Partnership's customers, operational factors affecting the
commencement or maintenance of producing wells, the condition of
the capital markets generally, as well as the Partnership's ability
to access them, the proximity to and capacity of transportation
facilities, and uncertainties regarding environmental regulations
or litigation and other legal or regulatory developments affecting
the Partnership's business and other important factors. Should one
or more of these risks or uncertainties occur, or should underlying
assumptions prove incorrect, the Partnership's actual results and
plans could differ materially from those expressed in any
forward-looking statements.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Partnership undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
About Oasis Midstream Partners LP
Oasis Midstream Partners LP is a growth-oriented, fee-based
master limited partnership formed by its sponsor, Oasis Petroleum
Inc. to own, develop, operate and acquire a diversified portfolio
of midstream assets in North
America that are integral to the oil and natural gas
operations of Oasis Petroleum Inc. and are strategically positioned
to capture volumes from other producers. For more information,
please visit the Partnership's website at
www.oasismidstream.com.
OASIS MIDSTREAM
PARTNERS LP
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
September 30,
2018
|
|
December 31,
2017
|
|
(In thousands)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
4,990
|
|
|
$
|
883
|
|
Accounts
receivable
|
5,054
|
|
|
834
|
|
Accounts
receivable from Oasis Petroleum
|
72,896
|
|
|
85,818
|
|
Prepaid
expenses
|
96
|
|
|
778
|
|
Total current
assets
|
83,036
|
|
|
88,313
|
|
Property, plant and
equipment
|
876,534
|
|
|
653,928
|
|
Less: accumulated
depreciation and amortization
|
(54,555)
|
|
|
(34,348)
|
|
Total property, plant
and equipment, net
|
821,979
|
|
|
619,580
|
|
Other
assets
|
1,981
|
|
|
2,013
|
|
Total
assets
|
$
|
906,996
|
|
|
$
|
709,906
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
460
|
|
|
$
|
—
|
|
Accounts payable to
Oasis Petroleum
|
24,940
|
|
|
11,638
|
|
Accrued
liabilities
|
59,373
|
|
|
58,818
|
|
Accrued interest
payable
|
172
|
|
|
114
|
|
Total current
liabilities
|
84,945
|
|
|
70,570
|
|
Long-term
debt
|
166,000
|
|
|
78,000
|
|
Asset retirement
obligations
|
1,497
|
|
|
1,316
|
|
Total
liabilities
|
252,442
|
|
|
149,886
|
|
Partners'
Equity
|
|
|
|
Limited
Partner
|
|
|
|
Common units (13,779
and 13,762 units issued and outstanding at September 30, 2018 and
December 31, 2017, respectively)
|
168,387
|
|
|
167,401
|
|
Subordinated units
(13,750 units issued and outstanding at September 30, 2018 and
December 31, 2017)
|
80,033
|
|
|
79,173
|
|
General
Partner
|
—
|
|
|
—
|
|
Total partners'
equity
|
248,420
|
|
|
246,574
|
|
Non-controlling
interests
|
406,134
|
|
|
313,446
|
|
Total
equity
|
654,554
|
|
|
560,020
|
|
Total liabilities and
equity
|
$
|
906,996
|
|
|
$
|
709,906
|
|
OASIS MIDSTREAM
PARTNERS LP
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(In thousands, except per unit
data)
|
Revenues
|
|
|
|
|
|
|
|
Midstream services
for Oasis Petroleum
|
$
|
68,863
|
|
|
$
|
47,002
|
|
|
$
|
194,694
|
|
|
$
|
123,777
|
|
Midstream services
for third parties
|
2,604
|
|
|
379
|
|
|
4,752
|
|
|
1,556
|
|
Total
revenues
|
71,467
|
|
|
47,381
|
|
|
199,446
|
|
|
125,333
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Direct
operating
|
19,816
|
|
|
13,015
|
|
|
53,266
|
|
|
31,108
|
|
Depreciation and
amortization
|
7,189
|
|
|
4,147
|
|
|
20,212
|
|
|
11,359
|
|
General and
administrative
|
5,449
|
|
|
5,084
|
|
|
17,496
|
|
|
13,868
|
|
Total operating
expenses
|
32,454
|
|
|
22,246
|
|
|
90,974
|
|
|
56,335
|
|
Operating
income
|
39,013
|
|
|
25,135
|
|
|
108,472
|
|
|
68,998
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
(163)
|
|
|
(2,733)
|
|
|
(608)
|
|
|
(6,965)
|
|
Other income
(expense)
|
(15)
|
|
|
5
|
|
|
(15)
|
|
|
7
|
|
Total other income
(expense)
|
(178)
|
|
|
(2,728)
|
|
|
(623)
|
|
|
(6,958)
|
|
Income before income
taxes
|
38,835
|
|
|
22,407
|
|
|
107,849
|
|
|
62,040
|
|
Income tax
expense
|
—
|
|
|
7,898
|
|
|
—
|
|
|
22,858
|
|
Net
income
|
38,835
|
|
|
14,509
|
|
|
107,849
|
|
|
39,182
|
|
Less: Net income
prior to the initial public offering
|
—
|
|
|
12,904
|
|
|
—
|
|
|
37,577
|
|
Net income subsequent
to the initial public offering
|
38,835
|
|
|
1,605
|
|
|
107,849
|
|
|
1,605
|
|
Less: Net income
attributable to non-controlling interests subsequent to the initial
public offering
|
26,459
|
|
|
1,079
|
|
|
73,075
|
|
|
1,079
|
|
Net income
attributable to Oasis Midstream Partners LP
|
$
|
12,376
|
|
|
$
|
526
|
|
|
$
|
34,774
|
|
|
$
|
526
|
|
Earnings per limited
partner unit
|
|
|
|
|
|
|
|
Common units —
Basic
|
$
|
0.45
|
|
|
$
|
0.02
|
|
|
$
|
1.27
|
|
|
$
|
0.02
|
|
Common units —
Diluted
|
0.45
|
|
|
0.02
|
|
|
1.26
|
|
|
0.02
|
|
Weighted average
number of limited partner units outstanding
|
|
|
|
|
|
|
|
Common units —
Basic
|
13,751
|
|
|
12,625
|
|
|
13,750
|
|
|
12,625
|
|
Common units —
Diluted
|
13,769
|
|
|
12,625
|
|
|
13,764
|
|
|
12,625
|
|
Non-GAAP Financial Measures
Cash Interest
Cash Interest is a supplemental non-GAAP financial measure that
is used by management and external users of the Partnership's
financial statements, such as industry analysts, investors, lenders
and rating agencies. The Partnership defines Cash Interest as
interest expense plus capitalized interest less amortization of
deferred financing costs included in interest expense. Cash
Interest is not a measure of interest expense as determined by
United States generally accepted
accounting principles, or GAAP. Management believes that the
presentation of Cash Interest provides useful additional
information to investors and analysts for assessing the interest
charges incurred on our debt, excluding non-cash amortization, and
our ability to maintain compliance with our debt covenants.
The following table presents a reconciliation of the GAAP
financial measure of interest expense, net of capitalized interest,
to the non-GAAP financial measure of Cash Interest for the periods
presented:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(In
thousands)
|
Interest expense,
net of capitalized interest
|
$
|
163
|
|
|
$
|
2,733
|
|
|
$
|
608
|
|
|
$
|
6,965
|
|
Capitalized
interest
|
1,708
|
|
|
436
|
|
|
3,905
|
|
|
658
|
|
Amortization of
deferred financing costs
|
(128)
|
|
|
(7)
|
|
|
(361)
|
|
|
(7)
|
|
Cash
Interest
|
1,743
|
|
|
3,162
|
|
|
4,152
|
|
|
7,616
|
|
Less: Cash Interest
prior to the initial offering
|
—
|
|
|
3,149
|
|
|
—
|
|
|
7,603
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
$
|
1,743
|
|
|
$
|
13
|
|
|
$
|
4,152
|
|
|
$
|
13
|
|
Adjusted EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure
that is used by management and external users of the Partnership's
financial statements, such as industry analysts, investors, lenders
and rating agencies. The Partnership defines Adjusted EBITDA as
earnings before interest expense (net of capitalized interest),
income taxes, depreciation, amortization, equity-based compensation
expenses and other similar non-cash adjustments. Adjusted EBITDA
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.
Management believes that the presentation of Adjusted EBITDA
provides information useful to investors and analysts for assessing
the Partnership's results of operations, financial performance and
its ability to generate cash from its business operations without
regard to its financing methods or capital structure, coupled with
the Partnership's ability to maintain compliance with its debt
covenants. The GAAP measures most directly comparable to Adjusted
EBITDA are net income and net cash provided by operating
activities, respectively.
Distributable Cash Flow ("DCF")
DCF is a supplemental non-GAAP financial measure that is used by
management and external users of the Partnership's financial
statements, such as industry analysts, investors, lenders and
rating agencies. The Partnership defines DCF as Adjusted EBITDA
attributable to the Partnership less Cash Interest and maintenance
capital expenditures attributable to the Partnership. Maintenance
capital expenditures are cash expenditures (including expenditures
for the construction or development of new capital assets or the
replacement, improvement or expansion of existing capital assets)
made to maintain, over the long term, system operating capacity,
operating income or revenue. DCF 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. Management believes
that the presentation of DCF provides information useful to
investors and analysts for assessing the Partnership's results of
operations, financial performance and ability to generate cash from
its business operations without regard to its financing methods or
capital structure, coupled with the Partnerships ability to make
distributions to its unitholders. The GAAP measures most directly
comparable to DCF are net income and net cash provided by operating
activities, respectively.
The following table presents reconciliations of the GAAP
financial measures of net income and net cash provided by operating
activities to the non-GAAP financial measure of Adjusted EBITDA and
DCF for the periods presented:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(In
thousands)
|
Net
income
|
$
|
38,835
|
|
|
$
|
14,509
|
|
|
$
|
107,849
|
|
|
$
|
39,182
|
|
Income tax
expense
|
—
|
|
|
7,898
|
|
|
—
|
|
|
22,858
|
|
Depreciation and
amortization
|
7,189
|
|
|
4,147
|
|
|
20,212
|
|
|
11,359
|
|
Equity-based
compensation expense
|
114
|
|
|
—
|
|
|
280
|
|
|
—
|
|
Interest expense, net
of capitalized interest
|
163
|
|
|
2,733
|
|
|
608
|
|
|
6,965
|
|
Other non-cash
adjustments
|
—
|
|
|
286
|
|
|
—
|
|
|
999
|
|
Adjusted
EBITDA
|
46,301
|
|
|
29,573
|
|
|
128,949
|
|
|
81,363
|
|
Less: Adjusted EBITDA
prior to the initial public offering
|
—
|
|
|
27,694
|
|
|
—
|
|
|
79,484
|
|
Adjusted EBITDA
subsequent to the initial public offering
|
46,301
|
|
|
1,879
|
|
|
128,949
|
|
|
1,879
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
29,739
|
|
|
1,214
|
|
|
82,250
|
|
|
1,214
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
16,562
|
|
|
665
|
|
|
46,699
|
|
|
665
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
1,743
|
|
|
13
|
|
|
4,152
|
|
|
13
|
|
Maintenance capital
expenditures
|
418
|
|
|
84
|
|
|
1,711
|
|
|
84
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
14,401
|
|
|
$
|
568
|
|
|
$
|
40,836
|
|
|
$
|
568
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
40,753
|
|
|
$
|
29,093
|
|
|
$
|
156,900
|
|
|
$
|
71,569
|
|
Current tax
expense
|
—
|
|
|
6,042
|
|
|
—
|
|
|
17,618
|
|
Interest expense, net
of capitalized interest
|
163
|
|
|
2,733
|
|
|
608
|
|
|
6,965
|
|
Changes in working
capital
|
5,516
|
|
|
(8,288)
|
|
|
(28,324)
|
|
|
(14,782)
|
|
Other non-cash
adjustments
|
(131)
|
|
|
(7)
|
|
|
(235)
|
|
|
(7)
|
|
Adjusted
EBITDA
|
46,301
|
|
|
29,573
|
|
|
128,949
|
|
|
81,363
|
|
Less: Adjusted EBITDA
prior to the initial public offering
|
—
|
|
|
27,694
|
|
|
—
|
|
|
79,484
|
|
Adjusted EBITDA
subsequent to the initial public offering
|
46,301
|
|
|
1,879
|
|
|
128,949
|
|
|
1,879
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
29,739
|
|
|
1,214
|
|
|
82,250
|
|
|
1,214
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
16,562
|
|
|
665
|
|
|
46,699
|
|
|
665
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
1,743
|
|
|
13
|
|
|
4,152
|
|
|
13
|
|
Maintenance capital
expenditures
|
418
|
|
|
84
|
|
|
1,711
|
|
|
84
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
14,401
|
|
|
$
|
568
|
|
|
$
|
40,836
|
|
|
$
|
568
|
|
View original
content:http://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-announces-quarter-ended-september-30-2018-earnings-300744237.html
SOURCE Oasis Midstream Partners LP