CANONSBURG, Pa., May 04, 2017 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) ("CONE Midstream" or
the "Partnership") today reported financial and operational results for the three months ended March 31, 2017(1)
and confirmed 2017 financial guidance.
First Quarter Results
Highlights of first quarter 2017 results attributable to the Partnership as compared to the first quarter of 2016
include:(2)
- Net income of $30.1 million as compared to $24.8 million
- Average daily throughput volumes of 1,060 billion Btu per day (BBtu/d) as compared to 850 BBtu/d
- Net cash provided by operating activities of $34.2 million as compared to $41.2 million
- Adjusted EBITDA(3) of $35.2 million as compared to $27.7 million
- Distributable cash flow (DCF)(3) of $30.3 million as compared to $24.6 million
- Cash distribution coverage(3) of 1.61x on an as-declared basis
Management Comment
John T. Lewis, Chief Executive Officer of CONE Midstream GP LLC (the "General Partner"), commented, "We are
pleased to report another solid quarter of financial and operational results for CNNX. Net throughput volumes increased by
25% from the first quarter of 2016. With a full quarter’s contribution from the mid-November 2016 acquisition of the remaining 25%
interest in the Anchor Systems, net income attributable to the Partnership, Adjusted EBITDA and distributable cash flow all
increased by more than 20% as compared to the first quarter last year.
"We are also pleased to see the resumption of drilling on our acreage with the return of a rig during March,"
continued Mr. Lewis. "In addition, we look forward to welcoming a new shipper to the CONE system, as the buyer of Noble's
Appalachian acreage takes over Noble's interest and acreage dedication."
Quarterly Distribution
As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of
$0.2821 per unit with respect to the first quarter of 2017. The distribution payment will be made on May 15, 2017 to
unitholders of record at the close of business on May 4, 2017. The distribution, which equates to an annual rate of $1.1284 per
unit, represents an increase of 3.6% over the prior quarter and an increase of 15.1% over the distribution paid with respect to the
first quarter of 2016.
Capital Investment and Resources
CONE Midstream's allocated first quarter 2017 share of investment in expansion projects was $6.3 million. Total
expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $6.5
million. CONE Midstream's respective share of maintenance capital expenditures for the three development companies for the first
quarter of 2017 was $3.9 million. Maintenance capital expenditures in the aggregate for the development companies in
which CONE Midstream holds controlling interests totaled $4.7 million.
As of March 31, 2017, CONE Midstream had outstanding borrowings of $162.0 million under its $250 million
revolving credit facility and a cash balance of $6.0 million.
2017 Outlook
Based on current expectations, management today confirmed the Partnership’s previously announced 2017 financial
guidance, indicating that full year 2017 results are currently projected to be at the top end of the previously announced ranges.
Management also confirmed that, based on currently available information, it does not expect CONSOL’s recently announced
changes to its drilling plans and Noble Energy’s recently announced sale of its Appalachian acreage to have a material impact on
the Partnership’s operating results for 2018.
CONE Midstream’s 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.
First Quarter Financial and Operational Results Conference Call
A conference call and webcast, during which management will discuss first quarter 2017 financial and operational
results and 2017 guidance, is scheduled for May 4, 2017 at 11:00 a.m. Eastern Time. 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, www.conemidstream.com, or at http://services.choruscall.com/links/cnnx170504.html. Participants who would like to ask
questions may join the conference by phone at 888-349-0097 (international 1-412-902-0126) 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 http://services.choruscall.com/links/cnnx170504.html shortly after the conclusion of the
conference call. A telephonic replay will be available through May 18, 2017 by dialing 877-344-7529 (international:
412-317-0088) and using the conference playback number 10105448.
_____________
(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”). The Partnership's current economic interests in the development companies are: 100% in the Anchor Systems, 5% in
the Growth Systems, and 5% in the Additional Systems. Because the Partnership owns a controlling interest in each of the
three development companies, it fully consolidates their financial results. CONE Gathering is a midstream joint venture formed by
CONSOL Energy Inc. and Noble Energy, Inc. that owns non-controlling interests in the Partnership’s development companies.
(2) Effective November 16, 2016, the Partnership acquired the remaining 25% controlling
interest in the Anchor Systems, which brought its controlling interest in that system to 100%. As such, results for the first
quarter 2017 include 100% of the Anchor Systems, and results for the first quarter 2016 include only 75% of the Anchor Systems.
(3) 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 serves a qualified notice to nominees as provided for under Treasury Regulation Section
1.1446-4(b). 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 non-U.S. 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 "will," "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. You should not place
undue reliance on 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. You should not place undue reliance on
forward-looking statements.
Although forward-looking statements reflect our good faith beliefs at the time they are made, they involve
known and unknown risks, uncertainties and other factors. For more information concerning factors that could cause actual
results to differ materially from those conveyed in the forward-looking statements, including, among others, that our business
plans may change as circumstances warrant, please refer to the "Risk Factors" and "Forward-Looking Statements" sections of our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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, |
| |
2017 |
|
2016 |
| Revenue |
|
|
|
| Gathering revenue — related party |
$ |
58,958 |
|
|
$ |
62,248 |
|
| Total Revenue |
58,958 |
|
|
62,248 |
|
| Expenses |
|
|
|
| Operating expense — third party |
6,633 |
|
|
8,674 |
|
| Operating expense — related party |
7,628 |
|
|
8,344 |
|
| General and administrative expense — third party |
1,139 |
|
|
993 |
|
| General and administrative expense — related party |
2,936 |
|
|
1,684 |
|
| Pipe revaluation |
673 |
|
|
— |
|
| Depreciation expense |
5,671 |
|
|
4,839 |
|
| Interest expense |
1,038 |
|
|
419 |
|
| Total Expense |
25,718 |
|
|
24,953 |
|
| Net Income |
33,240 |
|
|
37,295 |
|
| Less: Net income attributable to noncontrolling interest |
3,173 |
|
|
12,505 |
|
| Net Income Attributable to General and Limited Partner Ownership Interest
in CONE Midstream Partners LP |
$ |
30,067 |
|
|
$ |
24,790 |
|
| |
|
|
|
| Calculation of Limited Partner Interest in Net Income: |
|
|
|
| Net Income Attributable to General and Limited Partner Ownership Interest in CONE
Midstream Partners LP |
$ |
30,067 |
|
|
$ |
24,790 |
|
| Less: General partner interest in net income, including incentive distribution
rights |
1,129 |
|
|
496 |
|
| Limited partner interest in net income |
$ |
28,938 |
|
|
$ |
24,294 |
|
| |
|
|
|
| Net income per Limited Partner unit - Basic |
$ |
0.46 |
|
|
$ |
0.42 |
|
| Net Income per Limited Partner unit - Diluted |
$ |
0.45 |
|
|
$ |
0.42 |
|
| |
|
|
|
| Limited Partner units outstanding - Basic |
63,566 |
|
|
58,343 |
|
| Limited Partner unit outstanding - Diluted |
63,617 |
|
|
58,365 |
|
| |
|
|
|
| Cash distributions declared per unit (*) |
$ |
0.2821 |
|
|
$ |
0.2450 |
|
| |
| (*) Represents the cash distributions declared during the month
following the end of each respective quarterly period. |
| CONE MIDSTREAM PARTNERS LP |
| CONSOLIDATED BALANCE SHEETS |
| (in thousands, except number of
units) |
| (unaudited) |
| |
| |
March 31,
2017 |
|
December 31,
2016 |
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
| Cash |
$ |
6,018 |
|
|
$ |
6,421 |
|
| Receivables — related party |
22,892 |
|
|
22,434 |
|
| Other current assets |
2,408 |
|
|
2,181 |
|
| Total Current Assets |
31,318 |
|
|
31,036 |
|
| Property and Equipment: |
|
|
|
| Property and equipment |
944,672 |
|
|
930,732 |
|
| Less — accumulated depreciation |
57,990 |
|
|
52,172 |
|
| Property and Equipment — Net |
886,682 |
|
|
878,560 |
|
| Other assets |
8,016 |
|
|
8,961 |
|
| TOTAL ASSETS |
$ |
926,016 |
|
|
$ |
918,557 |
|
| |
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
| Current Liabilities: |
|
|
|
| Accounts payable |
$ |
18,109 |
|
|
$ |
18,007 |
|
| Accounts payable — related party |
5,510 |
|
|
8,289 |
|
| Total Current Liabilities |
23,619 |
|
|
26,296 |
|
| Other Liabilities: |
|
|
|
| Revolving credit facility |
162,000 |
|
|
167,000 |
|
| Total Liabilities |
185,619 |
|
|
193,296 |
|
| Partners' Capital: |
|
|
|
| Common units (34,420,012 units issued and outstanding at March 31,
2017 and 34,363,371 units issued and outstanding at December 31, 2016) |
424,526 |
|
|
418,352 |
|
| Subordinated units (29,163,121 units issued and outstanding at March
31, 2017 and December 31, 2016) |
(60,656 |
) |
|
(65,986 |
) |
| General partner interest |
(1,852 |
) |
|
(2,311 |
) |
| Partners' capital attributable to CONE Midstream Partners LP |
362,018 |
|
|
350,055 |
|
| Noncontrolling interest |
378,379 |
|
|
375,206 |
|
| Total Partners' Capital |
740,397 |
|
|
725,261 |
|
| TOTAL LIABILITIES AND PARTNERS' CAPITAL |
$ |
926,016 |
|
|
$ |
918,557 |
|
| CONE MIDSTREAM PARTNERS LP |
| CONSOLIDATED STATEMENTS OF CASH
FLOWS |
| (in thousands) |
| (unaudited) |
| |
| |
Three Months Ended
March 31, |
| |
2017 |
|
2016 |
| Cash Flows from Operating Activities: |
|
|
|
| Net Income |
$ |
33,240 |
|
|
$ |
37,295 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
| Depreciation expense and amortization of debt issuance costs |
5,713 |
|
|
4,880 |
|
| Unit-based compensation |
283 |
|
|
136 |
|
| Pipe revaluation |
673 |
|
|
— |
|
| Other |
83 |
|
|
283 |
|
| Changes in assets and liabilities: |
|
|
|
| Receivables — related party |
(458 |
) |
|
7,851 |
|
| Other current and non-current assets |
3 |
|
|
369 |
|
| Accounts payable |
(2,386 |
) |
|
(9,471 |
) |
| Accounts payable — related party |
(2,975 |
) |
|
(163 |
) |
| Net Cash Provided by Operating Activities |
34,176 |
|
|
41,180 |
|
| |
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Capital expenditures |
(11,192 |
) |
|
(24,386 |
) |
| Net Cash Used in Investing Activities |
(11,192 |
) |
|
(24,386 |
) |
| |
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Partner and noncontrolling interest holder activity |
28 |
|
|
10,823 |
|
| Quarterly distributions to unitholders |
(18,004 |
) |
|
(14,061 |
) |
| Net (payments on) proceeds from revolving credit facility |
(5,000 |
) |
|
500 |
|
| Vested units withheld for unitholders taxes |
(411 |
) |
|
— |
|
| Net Cash Used In Financing Activities |
(23,387 |
) |
|
(2,738 |
) |
| |
|
|
|
| Net (Decrease) Increase in Cash |
(403 |
) |
|
14,056 |
|
| Cash at Beginning of Period |
6,421 |
|
|
217 |
|
| Cash at End of Period |
$ |
6,018 |
|
|
$ |
14,273 |
|
CONE MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
(in thousands)
Definition of 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
alternatives to net income, net cash provided by 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 herein 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,
cash interest paid and maintenance capital expenditures, each net to the Partnership. 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 release 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 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) |
|
2017 |
|
2016 |
| Net Income |
|
$ |
33,240 |
|
|
$ |
37,295 |
|
| Depreciation expense |
|
5,671 |
|
|
4,839 |
|
| Interest expense |
|
1,038 |
|
|
419 |
|
| EBITDA |
|
39,949 |
|
|
42,553 |
|
| Non-cash unit-based compensation expense |
|
283 |
|
|
136 |
|
| Pipe revaluation |
|
673 |
|
|
— |
|
| Adjusted EBITDA |
|
40,905 |
|
|
42,689 |
|
| Less: |
|
|
|
|
| Net income attributable to noncontrolling interest |
|
3,173 |
|
|
12,505 |
|
| Depreciation expense attributable to noncontrolling interest |
|
1,830 |
|
|
2,286 |
|
| Other expenses attributable to noncontrolling interest |
|
82 |
|
|
189 |
|
| Pipe revaluation attributable to noncontrolling interest |
|
639 |
|
|
— |
|
| Adjusted EBITDA Attributable to General and Limited Partner Ownership
Interest in CONE Midstream Partners LP |
|
$ |
35,181 |
|
|
$ |
27,709 |
|
| Less: cash interest paid, net |
|
1,000 |
|
|
230 |
|
| Less: ongoing maintenance capital expenditures, net of expected
reimbursements |
|
3,881 |
|
|
2,839 |
|
| Distributable Cash Flow |
|
$ |
30,300 |
|
|
$ |
24,640 |
|
| |
|
|
|
|
| Net Cash Provided by Operating Activities |
|
$ |
34,176 |
|
|
$ |
41,180 |
|
| Interest expense |
|
1,038 |
|
|
419 |
|
| Pipe revaluation |
|
673 |
|
|
— |
|
| Other, including changes in working capital |
|
5,018 |
|
|
1,090 |
|
| Adjusted EBITDA |
|
40,905 |
|
|
42,689 |
|
| Less: |
|
|
|
|
| Net income attributable to noncontrolling interest |
|
3,173 |
|
|
12,505 |
|
| Depreciation expense attributable to noncontrolling interest |
|
1,830 |
|
|
2,286 |
|
| Other expense attributable to noncontrolling interest |
|
82 |
|
|
189 |
|
| Pipe revaluation attributable to noncontrolling interest |
|
639 |
|
|
— |
|
| Adjusted EBITDA Attributable to General and Limited Partner Ownership
Interest in CONE Midstream Partners LP |
|
$ |
35,181 |
|
|
$ |
27,709 |
|
| Less: cash interest paid, net |
|
1,000 |
|
|
230 |
|
| Less: ongoing maintenance capital expenditures, net of expected
reimbursements |
|
3,881 |
|
|
2,839 |
|
| Distributable Cash Flow |
|
$ |
30,300 |
|
|
$ |
24,640 |
|
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 2016 |
|
Q3 2016 |
|
Q4 2016 |
|
Q1 2017 |
|
Twelve Months
Ended
March 31, 2017 |
| Net Income |
|
$ |
24,468 |
|
|
$ |
36,381 |
|
|
$ |
31,978 |
|
|
$ |
33,240 |
|
|
$ |
126,067 |
|
| Depreciation expense |
|
5,152 |
|
|
5,392 |
|
|
5,818 |
|
|
5,671 |
|
|
22,033 |
|
| Interest expense |
|
381 |
|
|
305 |
|
|
694 |
|
|
1,038 |
|
|
2,418 |
|
| EBITDA |
|
30,001 |
|
|
42,078 |
|
|
38,490 |
|
|
39,949 |
|
|
150,518 |
|
| Non-cash unit-based compensation expense |
|
219 |
|
|
222 |
|
|
198 |
|
|
283 |
|
|
922 |
|
| Pipe revaluation |
|
10,083 |
|
|
— |
|
|
— |
|
|
673 |
|
|
10,756 |
|
| Adjusted EBITDA |
|
40,303 |
|
|
42,300 |
|
|
38,688 |
|
|
40,905 |
|
|
162,196 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to noncontrolling interest |
|
1,251 |
|
|
12,750 |
|
|
7,130 |
|
|
3,173 |
|
|
24,304 |
|
| Depreciation expense attributable to noncontrolling interest |
|
2,409 |
|
|
2,589 |
|
|
2,313 |
|
|
1,830 |
|
|
9,141 |
|
| Other expenses attributable to noncontrolling interest |
|
127 |
|
|
205 |
|
|
100 |
|
|
82 |
|
|
514 |
|
| Pipe revaluation attributable to noncontrolling interest |
|
9,579 |
|
|
— |
|
|
— |
|
|
639 |
|
|
10,218 |
|
| Adjusted EBITDA Attributable to General and Limited Partner Ownership
Interest in CONE Midstream Partners LP |
|
$ |
26,937 |
|
|
$ |
26,756 |
|
|
$ |
29,145 |
|
|
$ |
35,181 |
|
|
$ |
118,019 |
|
| Less: cash interest paid, net |
|
254 |
|
|
198 |
|
|
628 |
|
|
1,000 |
|
|
2,080 |
|
| Less: ongoing maintenance capital expenditures, net of expected
reimbursements |
|
3,112 |
|
|
3,283 |
|
|
3,837 |
|
|
3,881 |
|
|
14,113 |
|
| Distributable Cash Flow |
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
24,680 |
|
|
$ |
30,300 |
|
|
$ |
101,826 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net Cash Provided by Operating Activities |
|
$ |
41,777 |
|
|
$ |
39,981 |
|
|
$ |
37,151 |
|
|
$ |
34,176 |
|
|
$ |
153,085 |
|
| Interest expense |
|
381 |
|
|
305 |
|
|
694 |
|
|
1,038 |
|
|
2,418 |
|
| Pipe revaluation |
|
10,083 |
|
|
— |
|
|
— |
|
|
673 |
|
|
10,756 |
|
| Other, including changes in working capital |
|
(11,938 |
) |
|
2,014 |
|
|
843 |
|
|
5,018 |
|
|
(4,063 |
) |
| Adjusted EBITDA |
|
40,303 |
|
|
42,300 |
|
|
38,688 |
|
|
40,905 |
|
|
162,196 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to noncontrolling interest |
|
1,251 |
|
|
12,750 |
|
|
7,130 |
|
|
3,173 |
|
|
24,304 |
|
| Depreciation expense attributable to noncontrolling interest |
|
2,409 |
|
|
2,589 |
|
|
2,313 |
|
|
1,830 |
|
|
9,141 |
|
| Other expenses attributable to noncontrolling interest |
|
127 |
|
|
205 |
|
|
100 |
|
|
82 |
|
|
514 |
|
| Pipe revaluation attributable to noncontrolling interest |
|
9,579 |
|
|
— |
|
|
— |
|
|
639 |
|
|
10,218 |
|
| Adjusted EBITDA Attributable to General and Limited Partner Ownership
Interest in CONE Midstream Partners LP |
|
$ |
26,937 |
|
|
$ |
26,756 |
|
|
$ |
29,145 |
|
|
$ |
35,181 |
|
|
$ |
118,019 |
|
| Less: cash interest paid, net |
|
254 |
|
|
198 |
|
|
628 |
|
|
1,000 |
|
|
2,080 |
|
| Less: ongoing maintenance capital expenditures, net of expected
reimbursements |
|
3,112 |
|
|
3,283 |
|
|
3,837 |
|
|
3,881 |
|
|
14,113 |
|
| Distributable Cash Flow |
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
24,680 |
|
|
$ |
30,300 |
|
|
$ |
101,826 |
|
| Distributions Declared |
|
$ |
15,209 |
|
|
$ |
15,827 |
|
|
$ |
18,004 |
|
|
$ |
18,842 |
|
|
$ |
67,882 |
|
| Distribution Coverage Ratio - Declared |
|
1.55 |
x |
|
1.47 |
x |
|
1.37 |
x |
|
1.61 |
x |
|
1.50 |
x |
| |
|
|
|
|
|
|
|
|
|
|
| Distributable Cash Flow |
|
$ |
23,571 |
|
|
$ |
23,275 |
|
|
$ |
24,680 |
|
|
$ |
30,300 |
|
|
$ |
101,826 |
|
| Distributions Paid |
|
$ |
14,591 |
|
|
$ |
15,209 |
|
|
$ |
15,827 |
|
|
$ |
18,004 |
|
|
$ |
63,631 |
|
| Distribution Coverage Ratio - Paid |
|
1.62 |
x |
|
1.53 |
x |
|
1.56 |
x |
|
1.68 |
x |
|
1.60 |
x |
| Development Companies Jointly Owned by CONE
Midstream Partners LP |
| Operating Income Summary, Selected Operating
Statistics and Capital Investment |
| (in thousands) |
| (unaudited) |
| |
| |
Three Months Ended March 31,
2017 |
| |
Development Company |
| |
Anchor |
|
Growth |
|
Additional |
|
TOTAL |
| Income Summary |
|
|
|
|
|
|
|
| Revenue |
$ |
49,539 |
|
|
$ |
2,225 |
|
|
$ |
7,194 |
|
|
$ |
58,958 |
|
| Expenses |
19,639 |
|
|
2,278 |
|
|
3,801 |
|
|
25,718 |
|
| Net Income |
29,900 |
|
|
(53 |
) |
|
3,393 |
|
|
33,240 |
|
| Less: Net income attributable to noncontrolling interest |
— |
|
|
(50 |
) |
|
3,223 |
|
|
3,173 |
|
| Net Income Attributable to General and Limited Partner Ownership Interest
in CONE Midstream Partners LP |
$ |
29,900 |
|
|
$ |
(3 |
) |
|
$ |
170 |
|
|
$ |
30,067 |
|
| |
|
|
|
|
|
|
|
| Operating Statistics - Gathered Volumes |
|
|
|
|
|
|
|
| Dry gas (BBtu/d) |
662 |
|
|
52 |
|
|
29 |
|
|
743 |
|
| Wet gas (BBtu/d) |
382 |
|
|
5 |
|
|
156 |
|
|
543 |
|
| Condensate (MMcfe/d) |
4 |
|
|
— |
|
|
4 |
|
|
8 |
|
| Total Gathered Volumes |
1,048 |
|
|
57 |
|
|
189 |
|
|
1,294 |
|
| |
|
|
|
|
|
|
|
| Total Volumes Net to CONE Midstream Partners LP |
1,048 |
|
|
3 |
|
|
9 |
|
|
1,060 |
|
| |
|
|
|
|
|
|
|
| Capital Investment |
|
|
|
|
|
|
|
| Maintenance capital |
$ |
3,838 |
|
|
$ |
227 |
|
|
$ |
633 |
|
|
$ |
4,698 |
|
| Expansion capital |
6,315 |
|
|
212 |
|
|
(33 |
) |
|
6,494 |
|
| Total Capital Investment |
$ |
10,153 |
|
|
$ |
439 |
|
|
$ |
600 |
|
|
$ |
11,192 |
|
| |
|
|
|
|
|
|
|
| Capital Investment Net to CONE Midstream Partners LP |
|
|
|
|
|
|
|
| Maintenance capital |
$ |
3,838 |
|
|
$ |
11 |
|
|
$ |
32 |
|
|
$ |
3,881 |
|
| Expansion capital |
6,315 |
|
|
11 |
|
|
(2 |
) |
|
6,324 |
|
| Total Capital Investment Net to CONE Midstream Partners LP |
$ |
10,153 |
|
|
$ |
22 |
|
|
$ |
30 |
|
|
$ |
10,205 |
|
| Development Companies Jointly Owned by CONE
Midstream Partners LP |
| 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 |
|
Contact: Stephen R. Milbourne CONE Investor Relations Phone: 724-485-4408 Email: smilbourne@conemidstream.com
