Noble Midstream Partners Reports Fourth Quarter and Full Year 2019 Results
Provides Updated 2020 Guidance Highlighting Improved Capital Efficiency
Certain results are shown as “attributable to the Partnership,” which exclude the aforementioned non-controlling interests retained by
Fourth-Quarter, Full-Year 2019 and Recent Highlights
-
Invested
$48 million in fourth-quarter 2019, well below the low end of guidance of$60 to $70 million -
Executed a
$149 million net capital program in 2019 with material well-connect savings - Achieved record gross oil and gas gathering throughput of 355 thousand barrels of oil and gas equivalent per day (MBoe/d) and 219 thousand barrels of produced water per day (Mbw/d), in fourth-quarter 2019; increased gross annual combined gathering and sales volumes for oil, gas and produced water more than 40%
-
Generated
$51 million in net income or$39 million attributable to the Partnership, and$95 million of Gross EBITDA1 or$73 million of Adjusted Net EBITDA1 attributable to the Partnership - Completed the simplification transaction, which eliminated the General Partner's Incentive Distribution Rights
-
Acquired substantially all the remaining DevCo interests from
Noble Energy , increasing the Partnership's exposure to high margin growth opportunities in the DJ and Delaware Basins -
Exercised accordion feature of the Partnership's unsecured revolving credit facility and ended 2019 with
$568 million in liquidity
2020 Investment Program and Guidance Highlights
-
$190 to $230 million in 2020 net organic Capital Expenditures, approximately 25% below original 2020 guidance provided inNovember 2019 - 348 to 377 MBoe/d of oil and gas gathering volumes, an annual increase of 13% at the midpoint in 2020
- 185 to 205 Mbw/d of produced water volumes, adjusted lower from previous guidance to account for the sale of certain water assets
-
$500 million to $540 million in Adjusted EBITDA attributable to the Partnership, updated to reflect most recent customer plans and partnership forecasts -
$325 million to $355 million of Distributable Cash Flow1 (DCF) with coverage ratio of 1.2x to 1.4x -
Acquired 20% ownership of the Saddlehorn Pipeline in the
DJ Basin through Black Diamond joint venture, effectiveFebruary 1, 2020
“2019 marked an impressive year for
1 Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 4 of the financial tables which follow.
Strong Throughput Enabled Record Quarterly Gathering
During the fourth quarter,
Fourth-quarter 2019 revenue totaled
Maintenance capital expenditures attributable to the Partnership totaled
Enhanced Capital Efficiency
Capital expenditures in the fourth quarter primarily reflected spending for customer well connections in the
The Partnership contributed
|
|
|
4Q 2019 Capital Expenditures (in millions) |
||||||||
DevCo |
Basin |
NBLX Ownership** |
Gross |
Net |
|||||||
Colorado River |
DJ |
100% |
$ |
7 |
|
$ |
7 |
|
|||
Green River |
DJ |
25% |
$ |
13 |
|
$ |
9 |
|
|||
Laramie River * |
DJ |
100% |
$ |
33 |
|
$ |
21 |
|
|||
Blanco River |
Delaware |
40% |
$ |
10 |
|
$ |
7 |
|
|||
Trinity River |
Delaware |
100% |
$ |
4 |
|
$ |
4 |
|
|||
Total Capital Expenditures |
$ |
67 |
|
$ |
48 |
|
|||||
Additions to Equity Investments |
$ |
105 |
|
$ |
105 |
|
|||||
Capital Expenditures and Investments |
$ |
172 |
|
$ |
153 |
|
* |
Includes capital expenditures for Black Diamond, in which Noble Midstream owns 54.4% |
** |
As of November 15, 2019, all DevCo interests increased to 100% |
Continued DJ Basin Activity
In the Partnership's wholly-owned
Fourth-quarter 2019 Black Diamond oil gathering and sales volumes averaged 103 thousand barrels of oil per day (MBo/d), up 12% from the third-quarter 2019. The Partnership connected a combined 35 wells during the fourth quarter on Black Diamond's gathering system, lower than the prior quarter due to timing of pad completions. As a result, the Partnership expects the first-quarter 2020 volumes to trend lower before inflecting mid-year 2020.
Increasing Third-Party Volumes in the
In the
Fourth-quarter 2019 volumes on the Advantage Pipeline system totaled 80 MBo/d, compared to 70 MBo/d during the third quarter. The Partnership expects 2020 annual volumes to remain flat with the partner on the pipeline returning to match volumes late in the fourth quarter.
Permian Basin Equity Investments Nearing Completion
EPIC interim crude service first oil volumes were transported in July and increased in the back half of 2019 on the EPIC Y-Grade pipeline via the Advantage Crane West interconnect. While lower-than-expected tariffs and utilization rates impacted financials in fourth-quarter 2019, the Partnership expects an improvement from interim service in first-quarter 2020.
The Delaware Crossing JV construction is progressing as planned with the completion of the Wink crude terminal during the quarter. The Partnership assumed operatorship during the fourth quarter and is currently transporting dedicated volumes on the northern portion of the pipeline.
Balance Sheet Management while Executing Growth Opportunities
As of
The balance of the preferred equity commitment for the EPIC Crude pipeline was
Quarterly Distribution Realigned with Current Market Environment
Concurrent with the IDR simplification and acquisition during the quarter,
As a result, on
Reduced Full-Year 2020 Capital Outlook on Continued Capital Efficiency Gains
In addition,
First-quarter 2020 organic net capital expectations are
2020 gathering throughput growth will be driven by Mustang and
In the
Produced water gathering throughput is anticipated to be 185 to 205 MBw/d, a slight increase to 2019 volumes. These volumes have been adjusted due to accounting changes on the commercial terms of certain produced water assets in the
Full-year 2020 Adjusted EBITDA attributable to the Partnership is anticipated to be
First-quarter 2020 Adjusted EBITDA attributable to the Partnership is expected to increase to a range of
Conference Call
About
Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law.
Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the Partnership's customers’ ability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the
This news release also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this news release to the most directly comparable GAAP financial measures.
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) that 100% of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a
Schedule 1 |
||||||||||||
Noble Midstream Partners LP |
||||||||||||
Revenue and Throughput Volume Statistics |
||||||||||||
(unaudited) |
||||||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
DJ Basin |
|
|
|
|
|
|
|
|||||
Crude Oil Sales Volumes (Bbl/d) |
10,935 |
|
|
6,027 |
|
|
9,354 |
|
|
6,129 |
|
|
Crude Oil Gathering Volumes (Bbl/d) |
190,216 |
|
|
184,246 |
|
|
182,121 |
|
|
143,095 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
531,559 |
|
|
351,717 |
|
|
476,605 |
|
|
308,929 |
|
|
Natural Gas Processing Volumes (MMBtu/d) |
47,712 |
|
|
59,076 |
|
|
50,039 |
|
|
61,766 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
37,122 |
|
|
39,611 |
|
|
39,629 |
|
|
29,903 |
|
|
Fresh Water Delivery Volumes (Bbl/d) |
125,823 |
|
|
179,653 |
|
|
164,524 |
|
|
175,754 |
|
|
|
|
|
|
|
|
|
|
|||||
Delaware Basin |
|
|
|
|
|
|
|
|||||
Crude Oil Gathering Volumes (Bbl/d) |
59,671 |
|
|
47,266 |
|
|
49,842 |
|
|
34,032 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
200,491 |
|
|
120,556 |
|
|
155,155 |
|
|
78,875 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
181,581 |
|
|
121,852 |
|
|
148,886 |
|
|
91,312 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Gathering Systems |
|
|
|
|
|
|
|
|||||
Crude Oil Sales Volumes (Bbl/d) |
10,935 |
|
|
6,027 |
|
|
9,354 |
|
|
6,129 |
|
|
Crude Oil Gathering Volumes (Bbl/d) |
249,887 |
|
|
231,512 |
|
|
231,963 |
|
|
177,127 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
732,050 |
|
|
472,273 |
|
|
631,760 |
|
|
387,804 |
|
|
Total Barrels of Oil Equivalent (Boe/d) |
354,675 |
|
|
298,087 |
|
|
322,312 |
|
|
232,974 |
|
|
Natural Gas Processing Volumes (MMBtu/d) |
47,712 |
|
|
59,076 |
|
|
50,039 |
|
|
61,766 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
218,703 |
|
|
161,463 |
|
|
188,515 |
|
|
121,215 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Fresh Water Delivery |
|
|
|
|
|
|
|
|||||
Fresh Water Services Volumes (Bbl/d) |
125,823 |
|
|
179,653 |
|
|
164,524 |
|
|
175,754 |
|
Schedule 2 |
||||||||||||||||
Noble Midstream Partners LP |
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except per unit amounts, unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||
Midstream Services Revenues |
|
|
|
|
|
|
|
|||||||||
Gathering and Processing — Affiliate |
$ |
92,985 |
|
|
$ |
76,660 |
|
|
$ |
337,086 |
|
|
$ |
265,505 |
|
|
Gathering and Processing — Third Party |
22,381 |
|
|
20,779 |
|
|
76,645 |
|
|
54,017 |
|
|||||
Fresh Water Delivery — Affiliate |
10,765 |
|
|
12,492 |
|
|
77,566 |
|
|
69,266 |
|
|||||
Fresh Water Delivery — Third Party |
4,196 |
|
|
6,413 |
|
|
12,591 |
|
|
19,345 |
|
|||||
Crude Oil Sales — Third Party |
57,938 |
|
|
31,709 |
|
|
189,772 |
|
|
141,490 |
|
|||||
Other — Affiliate |
790 |
|
|
996 |
|
|
3,183 |
|
|
3,976 |
|
|||||
Other — Third Party |
1,710 |
|
|
2,101 |
|
|
6,958 |
|
|
5,136 |
|
|||||
Total Midstream Services Revenues |
190,765 |
|
|
151,150 |
|
|
703,801 |
|
|
558,735 |
|
|||||
Costs and Expenses |
|
|
|
|
|
|
|
|||||||||
Cost of Crude Oil Sales |
56,173 |
|
|
30,538 |
|
|
181,390 |
|
|
136,368 |
|
|||||
Direct Operating |
27,763 |
|
|
27,209 |
|
|
116,675 |
|
|
95,852 |
|
|||||
Depreciation and Amortization |
25,396 |
|
|
22,815 |
|
|
96,981 |
|
|
79,568 |
|
|||||
General and Administrative |
11,789 |
|
|
5,014 |
|
|
25,777 |
|
|
25,910 |
|
|||||
Other Operating Expense |
— |
|
|
1,806 |
|
|
(488 |
) |
|
2,159 |
|
|||||
Total Operating Expenses |
121,121 |
|
|
87,382 |
|
|
420,335 |
|
|
339,857 |
|
|||||
Operating Income |
69,644 |
|
|
63,768 |
|
|
283,466 |
|
|
218,878 |
|
|||||
Other (Income) Expense |
|
|
|
|
|
|
|
|||||||||
Interest Expense, Net of Amount Capitalized |
4,734 |
|
|
4,261 |
|
|
16,236 |
|
|
10,447 |
|
|||||
Investment Loss (Income) |
12,720 |
|
|
(5,464 |
) |
|
17,748 |
|
|
(16,289 |
) |
|||||
Total Other (Income) Expense |
17,454 |
|
|
(1,203 |
) |
|
33,984 |
|
|
(5,842 |
) |
|||||
Income Before Income Taxes |
52,190 |
|
|
64,971 |
|
|
249,482 |
|
|
224,720 |
|
|||||
Income Tax Provision |
796 |
|
|
1,946 |
|
|
4,015 |
|
|
8,001 |
|
|||||
Net Income |
51,394 |
|
|
63,025 |
|
|
245,467 |
|
|
216,719 |
|
|||||
Less: Net Income Prior to the Drop-Down and Simplification |
1,692 |
|
|
6,430 |
|
|
12,929 |
|
|
27,843 |
|
|||||
Net Income Subsequent to the Drop-Down and Simplification |
49,702 |
|
|
56,595 |
|
|
232,538 |
|
|
188,876 |
|
|||||
Less: Net Income Attributable to Noncontrolling Interests |
10,306 |
|
|
14,423 |
|
|
72,542 |
|
|
26,142 |
|
|||||
Net Income Attributable to Noble Midstream Partners LP |
39,396 |
|
|
42,172 |
|
|
159,996 |
|
|
162,734 |
|
|||||
Less: Net Income Attributable to Incentive Distribution Rights |
— |
|
|
2,421 |
|
|
13,967 |
|
|
5,836 |
|
|||||
Net Income Attributable to Limited Partners |
$ |
39,396 |
|
|
$ |
39,751 |
|
|
$ |
146,029 |
|
|
$ |
156,898 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic |
|
|
|
|
|
|
|
|||||||||
Common Units |
$ |
0.65 |
|
|
$ |
1.00 |
|
|
$ |
3.09 |
|
|
$ |
3.96 |
|
|
Subordinated Units |
$ |
— |
|
|
$ |
1.00 |
|
|
$ |
3.86 |
|
|
$ |
3.96 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Income Attributable to Limited Partners Per Limited Partner Unit — Diluted |
|
|
|
|
|
|
|
|||||||||
Common Units |
$ |
0.65 |
|
|
$ |
1.00 |
|
|
$ |
3.08 |
|
|
$ |
3.96 |
|
|
Subordinated Units |
$ |
— |
|
|
$ |
1.00 |
|
|
$ |
3.86 |
|
|
$ |
3.96 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Limited Partner Units Outstanding — Basic |
|
|
|
|
|
|
|
|||||||||
Common Units |
60,431 |
|
|
23,688 |
|
|
40,083 |
|
|
23,686 |
|
|||||
Subordinated Units |
— |
|
|
15,903 |
|
|
5,795 |
|
|
15,903 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Limited Partner Units Outstanding — Diluted |
|
|
|
|
|
|
|
|||||||||
Common Units |
60,454 |
|
|
23,703 |
|
|
40,105 |
|
|
23,701 |
|
|||||
Subordinated Units |
— |
|
|
15,903 |
|
|
5,795 |
|
|
15,903 |
|
Schedule 3 |
||||||||
Noble Midstream Partners LP |
||||||||
Consolidated Balance Sheets |
||||||||
(in thousands, unaudited) |
||||||||
|
December 31,
|
|
December 31,
|
|||||
ASSETS |
|
|
|
|||||
Current Assets |
|
|
|
|||||
Cash and Cash Equivalents |
$ |
12,676 |
|
|
$ |
14,761 |
|
|
Accounts Receivable — Affiliate |
42,428 |
|
|
41,812 |
|
|||
Accounts Receivable — Third Party |
44,093 |
|
|
23,459 |
|
|||
Other Current Assets |
8,730 |
|
|
5,875 |
|
|||
Total Current Assets |
107,927 |
|
|
85,907 |
|
|||
Property, Plant and Equipment |
|
|
|
|||||
Total Property, Plant and Equipment, Gross |
2,006,995 |
|
|
1,752,122 |
|
|||
Less: Accumulated Depreciation and Amortization |
(244,038 |
) |
|
(181,199 |
) |
|||
Total Property, Plant and Equipment, Net |
1,762,957 |
|
|
1,570,923 |
|
|||
Investments |
660,778 |
|
|
82,317 |
|
|||
Intangible Assets, Net |
277,900 |
|
|
310,202 |
|
|||
Goodwill |
109,734 |
|
|
109,734 |
|
|||
Other Noncurrent Assets |
6,786 |
|
|
33,095 |
|
|||
Total Assets |
$ |
2,926,082 |
|
|
$ |
2,192,178 |
|
|
LIABILITIES, MEZZANINE EQUITY AND EQUITY |
|
|
|
|||||
Current Liabilities |
|
|
|
|||||
Accounts Payable — Affiliate |
$ |
8,155 |
|
|
$ |
7,182 |
|
|
Accounts Payable — Trade |
107,705 |
|
|
94,265 |
|
|||
Other Current Liabilities |
11,680 |
|
|
13,790 |
|
|||
Total Current Liabilities |
127,540 |
|
|
115,237 |
|
|||
Long-Term Liabilities |
|
|
|
|||||
Long-Term Debt |
1,495,679 |
|
|
559,021 |
|
|||
Asset Retirement Obligations |
37,842 |
|
|
30,533 |
|
|||
Other Long-Term Liabilities |
4,160 |
|
|
832 |
|
|||
Total Liabilities |
1,665,221 |
|
|
705,623 |
|
|||
Mezzanine Equity |
|
|
|
|||||
Redeemable Noncontrolling Interest, Net |
106,005 |
|
|
— |
|
|||
Equity |
|
|
|
|||||
Parent Net Investment |
— |
|
|
170,322 |
|
|||
Partners’ Equity |
|
|
|
|||||
Limited Partner |
|
|
|
|||||
Common Units (90,136 and 23,759 units outstanding, respectively) |
813,999 |
|
|
699,866 |
|
|||
Subordinated Units (15,903 units outstanding as of December 31, 2018) |
— |
|
|
(130,207 |
) |
|||
General Partner |
— |
|
|
2,421 |
|
|||
Total Partners’ Equity and Parent Net Investment |
813,999 |
|
|
742,402 |
|
|||
Noncontrolling Interests |
340,857 |
|
|
744,153 |
|
|||
Total Equity |
1,154,856 |
|
|
1,486,555 |
|
|||
Total Liabilities, Mezzanine Equity and Equity |
$ |
2,926,082 |
|
|
$ |
2,192,178 |
|
Schedule 4
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
Non-GAAP Financial Measures
This news release, the financial tables and other supplemental information include Adjusted EBITDA, Distributable Cash Flow, and Distribution Coverage Ratio, all of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts.
As a result of our increased investment in midstream entities during first quarter 2019, we have refined our presentation of Adjusted EBITDA to adjust for items with respect to our equity method investments. We now define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization, transaction expenses, unit-based compensation and certain other items that we do not view as indicative of our ongoing performance. Additionally, Adjusted EBITDA reflects the adjusted earnings impact of our equity method investments by adjusting our equity earnings or losses from our equity method investments to reflect our proportionate share of the EBITDA of such equity method investments. The tables below also reflect Adjusted EBITDA prior to Drop-Down and Simplification Transaction. Prior period Adjusted EBITDA has been reclassified to conform to the current period presentation.
Adjusted EBITDA 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:
- 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.
As a result of our increased investment in midstream entities during first quarter 2019, we have also refined our presentation of distributable cash flow to adjust for items with respect to our equity method investments. We now define distributable cash flow as Adjusted EBITDA plus distributions received from our equity method investments less our proportionate share of Adjusted EBITDA from such equity method investments, estimated maintenance capital expenditures and cash interest paid. The tables below also reflect Adjusted EBITDA prior to Drop-Down and Simplification Transaction. Prior period distributable cash flow has been reclassified to conform to the current period presentation.
Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash on a quarterly basis, and Distributable Cash Flow is one of the factors used by the board of directors of our general partner to help determine the amount of available cash that is available to our unitholders for a given period. We define Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter.
We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, and Distribution Coverage Ratio provide information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio is net income. Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio exclude some, but not all, items that affect net income, and these measures may vary from those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio as presented herein may not be comparable to similarly titled measures of other companies.
In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow 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. Due to the forward-looking nature of net cash provided by operating activities, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly,
Schedule 4 (Continued) |
||||||||
Noble Midstream Partners LP |
||||||||
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures |
||||||||
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP) |
||||||||
and Distributable Cash Flow (Non-GAAP) |
||||||||
(in thousands, unaudited) |
||||||||
|
Three Months Ended
|
|||||||
|
2019 |
|
2018 |
|||||
Reconciliation from Net Income (GAAP) |
|
|
|
|||||
Net Income (GAAP) |
$ |
51,394 |
|
|
$ |
63,025 |
|
|
Add: |
|
|
|
|||||
Depreciation and Amortization |
25,396 |
|
|
22,815 |
|
|||
Interest Expense, Net of Amount Capitalized |
4,734 |
|
|
4,261 |
|
|||
Tax Provision |
796 |
|
|
1,946 |
|
|||
Transaction and Integration Expenses |
6,163 |
|
|
52 |
|
|||
Proportionate Share of Equity Method Investment EBITDA Adjustments |
6,330 |
|
|
(221 |
) |
|||
Unit-Based Compensation and Other |
369 |
|
|
1,335 |
|
|||
Adjusted EBITDA (Non-GAAP) |
95,182 |
|
|
93,213 |
|
|||
Less: |
|
|
|
|||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
4,593 |
|
|
11,892 |
|
|||
Adjusted EBITDA subsequent to Drop-Down and Simplification Transaction (Non-GAAP) |
90,589 |
|
|
81,321 |
|
|||
Less: |
|
|
|
|||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
17,202 |
|
|
22,393 |
|
|||
Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP) |
73,387 |
|
|
58,928 |
|
|||
Add: |
|
|
|
|||||
Distribution from Equity Method Investments |
1,480 |
|
|
2,900 |
|
|||
Less: |
|
|
|
|||||
Proportionate Share of Equity Method Investment Adjusted EBITDA |
(7,247 |
) |
|
4,090 |
|
|||
Cash Interest Paid |
9,772 |
|
|
5,065 |
|
|||
Maintenance Capital Expenditures |
7,011 |
|
|
5,721 |
|
|||
Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP) |
$ |
65,331 |
|
|
$ |
46,952 |
|
|
Distributions (Declared) |
$ |
62,004 |
|
|
$ |
25,613 |
|
|
Distribution Coverage Ratio (Declared) |
1.1x |
|
|
1.8x |
|
Schedule 4 (Continued) |
||||||||
Noble Midstream Partners LP |
||||||||
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures |
||||||||
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to |
||||||||
Adjusted EBITDA (Non-GAAP) and Distributable Cash Flow (Non-GAAP) |
||||||||
(in thousands, unaudited) |
||||||||
|
Three Months Ended
|
|||||||
|
2019 |
|
2018 |
|||||
Reconciliation from Net Cash Provided by Operating Activities (GAAP) |
|
|
|
|||||
Net Cash Provided by Operating Activities (GAAP) |
$ |
95,106 |
|
|
$ |
85,608 |
|
|
Add: |
|
|
|
|||||
Interest Expense, Net of Amount Capitalized |
4,734 |
|
|
4,272 |
|
|||
Changes in Operating Assets and Liabilities |
(5,261 |
) |
|
7,526 |
|
|||
Transaction and Integration Expenses |
6,163 |
|
|
52 |
|
|||
Equity Method Investment EBITDA Adjustments |
(8,729 |
) |
|
(1,609 |
) |
|||
Other Adjustments |
3,169 |
|
|
(2,636 |
) |
|||
Adjusted EBITDA (Non-GAAP) |
95,182 |
|
|
$ |
93,213 |
|
||
Less: |
|
|
|
|||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
4,593 |
|
|
11,892 |
|
|||
Adjusted EBITDA subsequent to Drop-Down and Simplification Transaction (Non-GAAP) |
90,589 |
|
|
81,321 |
|
|||
Less: |
|
|
|
|||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
17,202 |
|
|
22,393 |
|
|||
Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP) |
73,387 |
|
|
58,928 |
|
|||
Add: |
|
|
|
|||||
Distribution from Equity Method Investments |
1,480 |
|
|
2,900 |
|
|||
Less: |
|
|
|
|||||
Proportionate Share of Equity Method Investment Adjusted EBITDA |
(7,247 |
) |
|
4,090 |
|
|||
Cash Interest Paid |
9,772 |
|
|
5,065 |
|
|||
Maintenance Capital Expenditures |
7,011 |
|
|
5,721 |
|
|||
Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP) |
$ |
65,331 |
|
|
$ |
46,952 |
|
|
Distributions (Declared) |
$ |
62,004 |
|
|
$ |
25,613 |
|
|
Distribution Coverage Ratio (Declared) |
1.1x |
|
|
1.8x |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200212005204/en/
Source:
Park Carrere
Investor Relations
(281) 872-3208
park.carrere@nblenergy.com