HOUSTON, Feb. 27, 2018
/PRNewswire/ -- Oasis Midstream Partners LP (NYSE: OMP) (the
"Partnership" or "OMP") today announced financial results for the
quarter and year ended December 31,
2017 and provided its 2018 outlook.
Recent Highlights:
- Completed its initial public offering of 8,625,000 common
units, resulting in net proceeds of approximately $137.2 million, after deducting underwriting
discounts and structuring fees, of which $132.1 million was distributed to Oasis
Petroleum.
- Declared initial quarterly cash distribution of $0.3750 per unit for the quarter ended
December 31, 2017 and declared the third quarter distribution
of $0.0245 per unit for the six days
ended September 30, 2017.
- Net income was $33.4 million for
the three months ended December 31,
2017 and net income attributable to the Partnership was
$11.1 million for the three months
ended December 31, 2017.
- Adjusted EBITDA was $37.8 million
for the three months ended December 31,
2017 and net Adjusted EBITDA attributable to the Partnership
was $13.0 million for the three
months ended December 31,
2017.(1)
- Distributable Cash Flow was $11.5
million for the three months ended December 31, 2017, resulting in distribution
coverage of 1.12x.(1)
- Completed assignment of second Wild Basin gas plant ("Gas Plant
II") to Bighorn DevCo, with total capacity of 200 million standard
cubic feet per day ("MMscfpd") to service gas production from Oasis
Petroleum's highly economic inventory. Gas Plant II is on schedule
to begin operations in late 2018.
- Deployed temporary gas processing units with total capacity of
40 MMscfpd in Wild Basin to process gas volumes in excess of
current processing capacity.
(1)
Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial
measures. For definitions of Adjusted EBITDA and Distributable Cash
Flow and reconciliations of Adjusted EBITDA and Distributable Cash
Flow to net income and net cash provided by operating activities,
see "Non-GAAP Financial Measures" below.
|
|
"We delivered a successful first full quarter as a public
company, positioning ourselves to grow distributions per unit
annually at 20%, while also increasing coverage over time," said
Taylor Reid, Chief Executive Officer
of OMP. "We continue to make progress on our 200 MMscfpd gas plant
and expect it to start on time in late 2018 and on budget. Our
business development team has identified new opportunities to bring
in third party volumes into our Bighorn DevCo and has further
identified opportunities to grow volumes in our Bobcat and
Beartooth DevCos, as we are forecasting higher throughput volumes
than originally anticipated. Our new guidance reflects the
incremental capital and volumes that we expect to capture. We
continue to invest capital at attractive build multiples, resulting
in capital efficient growth opportunities for OMP."
Other Key Developments:
- Optimization of Johnson's
Corner pipeline, improving forecasted crude oil throughput volumes
by over 15% to 40 - 42 Mbopd;
- Early success in the fourth quarter of 2017 obtaining third
party volumes for Beartooth DevCo, including both produced and
freshwater volumes, leading to projected water volumes of 100 to
105 Mbowpd;
- Spent $94.7 million on Gas Plant
II in 2017, which includes $66.7
million for the assignment from Oasis Petroleum, with the
remaining of the $140 million total
Gas Plant II costs expected to be invested in 2018; and
- Identified growth opportunities for Bobcat DevCo due to
increased gas volumes in Wild Basin. Forecasted gas volumes have
increased by over 30% to 132 - 140 MMscfpd in 2018, and OMP now
anticipates gas volumes for Bobcat to exceed 200 MMscfpd by mid
2019, which represents an increase of over 50% compared to original
forecasts. Additionally, OMP expects to gather incremental oil and
water in Wild Basin and will invest additional CapEx in Bobcat to
capture these volumes. OMP expects to invest this incremental CapEx
at four to five times build multiples.
Operational and Financial Update
Select operational and financial statistics are included in the
following table for the period presented:
|
|
Quarter
Ended:
|
|
|
12/31/2017
|
(In millions,
except throughput volumes)
|
|
|
Bighorn DevCo -
100% owned by OMP
|
|
|
Crude oil services
volumes (Mbopd)
|
|
43.8
|
|
Natural gas services
volumes (MMscfpd)
|
|
70.0
|
|
Operating
income
|
|
$
|
5.3
|
|
Depreciation and
amortization
|
|
1.1
|
|
Bobcat DevCo - 10%
owned by OMP
|
|
|
Crude oil services
volumes (Mbopd)
|
|
34.2
|
|
Natural gas services
volumes (MMscfpd)
|
|
108.4
|
|
Water services
volumes (Mbowpd)
|
|
32.2
|
|
Operating
income
|
|
$
|
16.7
|
|
Depreciation and
amortization
|
|
1.7
|
|
Beartooth DevCo -
40% owned by OMP
|
|
|
Water services
volumes (Mbowpd)
|
|
98.5
|
|
Operating
income
|
|
$
|
12.0
|
|
Depreciation and
amortization
|
|
1.6
|
|
Capital Expenditures
Capital Expenditures ("CapEx") were $227.2 million for the year ended December 31, 2017 and totaled $129.2 million gross and $105.1 million net for the quarter ended
December 31, 2017. Maintenance CapEx
for the quarter ended December 31,
2017 was $2.5 million, of
which $1.1 million was attributable
to the Partnership. The following table depicts CapEx by each of
OMP's development companies for the quarter ended December 31, 2017.
|
|
4Q 2017 CapEx ($
in millions)
|
DevCo
|
|
OMP
Ownership
|
|
Gross
|
|
Net
|
Bighorn(1)
|
|
100%
|
|
$
|
97.9
|
|
|
$
|
97.9
|
|
Bobcat
|
|
10%
|
|
17.8
|
|
|
1.8
|
|
Beartooth
|
|
40%
|
|
13.5
|
|
|
5.4
|
|
Total
CapEx
|
|
|
|
$
|
129.2
|
|
|
$
|
105.1
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $66.7
million related to the assignment of Gas Plant II from Oasis
Petroleum in the fourth quarter of 2017.
|
Financial Position and Liquidity
As of December 31, 2017, OMP had
cash and cash equivalents of $0.9
million and $78.0 million of
borrowings outstanding under its revolving credit facility with an
unused borrowing capacity of $122.0
million.
Initial Quarterly Distribution
On February 2, 2018, the Board of Directors of OMP GP LLC,
the general partner of the Partnership, declared the initial
quarterly cash distribution of $0.3750 per unit for the quarter ended
December 31, 2017. The Board of Directors also declared the
third quarter distribution of $0.0245
per unit for the six days ended September
30, 2017. The third quarter distribution was prorated from
the closing of the Partnership's initial public offering on
September 25, 2017. Both
distributions equate to the minimum quarterly distribution of
$0.3750 per unit on a full-quarter
basis, and was paid on February 26, 2018 to unitholders of
record as of February 16, 2018.
2018 Outlook
Highlights for 2018 include:
- Growing distributions per unit each quarter — annualized at
20%;
- Growing from an approximate 1.1x distribution coverage to a
greater than 1.2x distribution coverage in 2018;
- Total gross CapEx ranging between $230
million to $270 million and
net CapEx attributable to the Partnership ranging between
$72 million and $90 million;
- Maintenance CapEx of approximately 7% to 10% of Adjusted
EBITDA, which is included in the total CapEx estimate;
- Cash interest of approximately $4
million in 2018;
- Adjusted EBITDA attributable to OMP of $61 million to $65
million; and
- Debt to forecasted next twelve months Adjusted EBITDA remaining
below 2x throughout 2018.
The following table depicts the Partnership's first quarter 2018
and full year 2018 guidance for gross throughput volumes.
|
FY2017
Actual
|
|
1Q18
|
|
FY2018
|
|
Year over
Year
growth
|
Bighorn DevCo -
100% owned by OMP
|
|
|
|
|
|
|
|
Crude oil service
volumes (Mbopd)
|
34.9
|
|
39 - 41
|
|
40 - 42
|
|
~18%
|
Natural gas service
volumes (MMscfpd)
|
61.2
|
|
90 - 95
|
|
98 - 105
|
|
~66%
|
Bobcat DevCo - 10%
owned by OMP
|
|
|
|
|
|
|
|
Crude oil service
volumes (Mbopd)
|
26.3
|
|
34 - 36
|
|
34 - 36
|
|
~33%
|
Natural gas service
volumes (MMscfpd)
|
88.0
|
|
122 - 128
|
|
132 - 140
|
|
~55%
|
Water service volumes
(Mbowpd)
|
29.5
|
|
40 - 45
|
|
46 - 50
|
|
~63%
|
Beartooth DevCo -
40% owned by OMP
|
|
|
|
|
|
|
|
Water service volumes
(Mbowpd)
|
84.3
|
|
93 - 98
|
|
100 - 105
|
|
~22%
|
|
|
|
|
|
|
|
|
The following table depicts the Partnership's full year 2018
guidance for capital expenditures.
|
|
2018 CapEx ($ in
millions)
|
DevCo
|
|
OMP
Ownership
|
|
Gross
|
|
Net
|
Bighorn
|
|
100%
|
|
$40 - 50
|
|
$40 - 50
|
Bobcat
|
|
10%
|
|
145 - 160
|
|
14 - 16
|
Beartooth
|
|
40%
|
|
45 - 60
|
|
18 - 24
|
Total
CapEx
|
|
|
|
$230 -
270
|
|
$72 -
90
|
|
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the webcast and call:
Date:
|
|
Wednesday, February
28, 2018
|
Time:
|
|
11:30 a.m. Central
Time
|
Live
Webcast:
|
|
https://www.webcaster4.com/Webcast/Page/1777/24639
|
OR:
|
|
|
Dial-in:
|
|
888-317-6003
|
Intl. Dial
in:
|
|
412-317-6061
|
Conference ID:
|
|
6026365
|
Website:
|
|
www.oasismidstream.com
|
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 Wednesday, March 7, 2018 by dialing:
Replay
dial-in:
|
|
877-344-7529
|
Intl.
replay:
|
|
412-317-0088
|
Replay
code:
|
|
10117253
|
The conference call will also be available for replay for
approximately 30 days at www.oasismidstream.com.
Contact:
Oasis Midstream Partners LP
Taylor Mason,
(281) 404-9600
Director, Corporate Finance & 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
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited)
|
|
|
December 31,
2017
|
|
December 31,
2016(1)
|
|
(In thousands, except unit data)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
883
|
|
|
$
|
—
|
|
Accounts
receivable
|
834
|
|
|
667
|
|
Accounts
receivable from Oasis Petroleum
|
85,818
|
|
|
11,721
|
|
Insurance
receivable
|
—
|
|
|
5,096
|
|
Prepaid
expenses
|
778
|
|
|
1,006
|
|
Total current
assets
|
88,313
|
|
|
18,490
|
|
Property,
plant and equipment
|
653,928
|
|
|
453,695
|
|
Less:
accumulated depreciation, depletion and amortization
|
(34,348)
|
|
|
(22,160)
|
|
Total property, plant
and equipment, net
|
619,580
|
|
|
431,535
|
|
Other
assets
|
2,013
|
|
|
3
|
|
Total
assets
|
$
|
709,906
|
|
|
$
|
450,028
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
—
|
|
|
$
|
3,314
|
|
Accounts payable due
Oasis Petroleum
|
11,638
|
|
|
—
|
|
Accrued
liabilities
|
58,818
|
|
|
32,179
|
|
Accrued interest
payable
|
114
|
|
|
—
|
|
Current income taxes
payable
|
—
|
|
|
41,063
|
|
Total current
liabilities
|
70,570
|
|
|
76,556
|
|
Long-term
debt
|
78,000
|
|
|
—
|
|
Deferred income
taxes
|
—
|
|
|
40,084
|
|
Asset retirement
obligation
|
1,316
|
|
|
1,713
|
|
Total
liabilities
|
149,886
|
|
|
118,353
|
|
Commitments and
contingencies
|
|
|
|
Net parent investment
/ partners' capital
|
|
|
|
Net parent
investment
|
—
|
|
|
331,675
|
|
Common units - public
(8,636,766 units outstanding as of December 31, 2017)
|
137,888
|
|
|
—
|
|
Common units - Oasis
Petroleum (5,125,000 units outstanding as of December 31,
2017)
|
29,513
|
|
|
—
|
|
Subordinated units -
Oasis Petroleum (13,750,000 units outstanding as of December 31,
2017)
|
79,173
|
|
|
—
|
|
Non-controlling
interests
|
313,446
|
|
|
—
|
|
Total net parent
investment / partners' capital
|
560,020
|
|
|
331,675
|
|
Total liabilities and
net parent investment / partners' capital
|
$
|
709,906
|
|
|
$
|
450,028
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
balances of the Partnership's predecessor, Oasis Midstream Services
LLC, at December 31, 2016.
|
OASIS MIDSTREAM
PARTNERS LP
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In thousands, except per unit
data)
|
Revenues
|
|
|
|
|
|
|
|
Midstream services
for Oasis Petroleum
|
$
|
56,073
|
|
|
$
|
32,567
|
|
|
$
|
179,849
|
|
|
$
|
120,258
|
|
Midstream services
for third parties
|
810
|
|
|
255
|
|
|
2,367
|
|
|
594
|
|
Total
revenues
|
56,883
|
|
|
32,822
|
|
|
182,216
|
|
|
120,852
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Direct
operating
|
14,418
|
|
|
7,377
|
|
|
45,526
|
|
|
29,275
|
|
Depreciation and
amortization
|
4,371
|
|
|
3,200
|
|
|
15,730
|
|
|
8,525
|
|
General and
administrative
|
4,729
|
|
|
3,103
|
|
|
18,597
|
|
|
12,112
|
|
Total operating
expenses
|
23,518
|
|
|
13,680
|
|
|
79,853
|
|
|
49,912
|
|
Operating
income
|
33,365
|
|
|
19,142
|
|
|
102,363
|
|
|
70,940
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
—
|
|
|
(1,531)
|
|
|
(6,965)
|
|
|
(5,481)
|
|
Other income
(expense)
|
—
|
|
|
(12)
|
|
|
7
|
|
|
(474)
|
|
Total other income
(expense)
|
—
|
|
|
(1,543)
|
|
|
(6,958)
|
|
|
(5,955)
|
|
Income before income
taxes
|
33,365
|
|
|
17,599
|
|
|
95,405
|
|
|
64,985
|
|
Income tax
expense
|
—
|
|
|
(6,631)
|
|
|
(22,858)
|
|
|
(24,857)
|
|
Net
income
|
33,365
|
|
|
$
|
10,968
|
|
|
72,547
|
|
|
$
|
40,128
|
|
Less: Net Income
Prior to the Offering
|
—
|
|
|
|
|
37,577
|
|
|
|
Net Income Subsequent
to the Offering
|
33,365
|
|
|
|
|
34,970
|
|
|
|
Less: Net Income
Attributable to Non-controlling Interests Subsequent to the
Offering
|
22,253
|
|
|
|
|
23,332
|
|
|
|
Net Income
Attributable to Oasis Midstream Partners LP
|
$
|
11,112
|
|
|
|
|
$
|
11,638
|
|
|
|
Earnings per limited
partner unit - Basic and Diluted
|
|
|
|
|
|
|
|
Common
units
|
$
|
0.41
|
|
|
|
|
$
|
0.43
|
|
|
|
Subordinated
units
|
0.40
|
|
|
|
|
0.42
|
|
|
|
Weighted average
number of limited partner units outstanding - Basic
|
|
|
|
|
|
|
|
Common
units
|
13,628
|
|
|
|
|
13,566
|
|
|
|
Subordinated
units
|
13,750
|
|
|
|
|
13,750
|
|
|
|
Weighted average
number of limited partner units outstanding - Diluted
|
|
|
|
|
|
|
|
Common
units
|
13,630
|
|
|
|
|
13,568
|
|
|
|
Subordinated
units
|
13,750
|
|
|
|
|
13,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and
write-offs of deferred financing costs and debt discounts included
in interest expense. Cash Interest is not a measure of interest
expense as determined by United
States generally accepted accounting principles, or
GAAP.
The following table presents a reconciliation of the GAAP
financial measure of interest expense to the non-GAAP financial
measure of Cash Interest for the periods presented:
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Interest
expense
|
$
|
—
|
|
|
$
|
1,531
|
|
|
$
|
6,965
|
|
|
$
|
5,481
|
|
Capitalized
interest
|
562
|
|
|
289
|
|
|
1,220
|
|
|
4,419
|
|
Amortization of
deferred financing costs
|
(119)
|
|
|
—
|
|
|
(126)
|
|
|
—
|
|
Cash
Interest
|
443
|
|
|
$
|
1,820
|
|
|
8,059
|
|
|
$
|
9,900
|
|
Less: Cash Interest
prior to the initial public offering
|
—
|
|
|
|
|
7,603
|
|
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
$
|
443
|
|
|
|
|
$
|
456
|
|
|
|
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, income taxes, depreciation,
amortization and other non-cash adjustments. Adjusted EBITDA is not
a measure of net income (loss) or cash flows as determined by
GAAP.
Distributable Cash Flow ("DCF")
The Partnership defines DCF as Adjusted EBITDA attributable to
OMP less cash paid for interest and maintenance capital
expenditures. 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 Adjusted EBITDA and
DCF provides information useful to investors and analysts for
assessing results of operations, financial performance and OMP's
ability to generate cash from business operations without regard to
financing methods or capital structure, coupled with OMP's ability
to make distributions to OMP unitholders. The GAAP measures most
directly comparable to DCF are net income and net cash provided by
operating activities.
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 measures of Adjusted EBITDA
and DCF for the periods presented:
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Net
income
|
$
|
33,365
|
|
|
$
|
10,968
|
|
|
$
|
72,547
|
|
|
$
|
40,128
|
|
Income tax
expense
|
—
|
|
|
6,631
|
|
|
22,858
|
|
|
24,857
|
|
Depreciation and
amortization
|
4,371
|
|
|
3,200
|
|
|
15,730
|
|
|
8,525
|
|
Equity-based
compensation expenses
|
53
|
|
|
249
|
|
|
1,052
|
|
|
911
|
|
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense, net
of capitalized interest
|
—
|
|
|
1,531
|
|
|
6,965
|
|
|
5,481
|
|
Other non-cash
adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
Adjusted
EBITDA
|
37,789
|
|
|
$
|
22,579
|
|
|
119,152
|
|
|
$
|
79,912
|
|
Less: Adjusted EBITDA
prior to the initial public offering
|
—
|
|
|
|
|
79,484
|
|
|
|
Adjusted EBITDA
subsequent to the initial public offering
|
37,789
|
|
|
|
|
39,668
|
|
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
24,740
|
|
|
|
|
25,955
|
|
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
13,049
|
|
|
|
|
13,713
|
|
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
443
|
|
|
|
|
456
|
|
|
|
Maintenance capital
expenditures
|
1,098
|
|
|
|
|
1,183
|
|
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
11,508
|
|
|
|
|
$
|
12,074
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
8,274
|
|
|
$
|
15,765
|
|
|
$
|
79,843
|
|
|
$
|
72,086
|
|
Current tax
expense
|
—
|
|
|
8,328
|
|
|
17,618
|
|
|
24,069
|
|
Interest expense, net
of capitalized interest
|
—
|
|
|
1,531
|
|
|
6,965
|
|
|
5,481
|
|
Changes in working
capital
|
29,635
|
|
|
(3,045)
|
|
|
14,853
|
|
|
(21,734)
|
|
Other non-cash
adjustments
|
(120)
|
|
|
—
|
|
|
(127)
|
|
|
10
|
|
Adjusted
EBITDA
|
37,789
|
|
|
$
|
22,579
|
|
|
119,152
|
|
|
$
|
79,912
|
|
Less: Adjusted EBITDA
prior to the initial public offering
|
—
|
|
|
|
|
79,484
|
|
|
|
Adjusted EBITDA
subsequent to the initial public offering
|
37,789
|
|
|
|
|
39,668
|
|
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
24,740
|
|
|
|
|
25,955
|
|
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
13,049
|
|
|
|
|
13,713
|
|
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
443
|
|
|
|
|
456
|
|
|
|
Maintenance capital
expenditures
|
1,098
|
|
|
|
|
1,183
|
|
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
11,508
|
|
|
|
|
$
|
12,074
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-announces-quarter-and-year-ending-december-31-2017-earnings-and-provides-an-operational-update-and-2018-outlook-300605369.html
SOURCE Oasis Midstream Partners LP