Noble Midstream Partners Reports Fourth-Quarter and Full-Year 2020 Results
More than
Certain results are shown as “attributable to the Partnership,” which exclude the noncontrolling interests in Black Diamond Gathering retained by Greenfield Midstream.
Fourth-Quarter 2020 and Recent Highlights
-
Generated
$40 million Net Income Attributable to the Partnership,$85 million Net Cash Provided by Operating Activities, and$95 million in Adjusted Net EBITDA1,2 -
Self-funded
$7 million in net organic capital expenditures and$23 million in equity method investments - Gathered 286,000 gross barrels of oil and gas equivalent per day (Boe/d) and 146,000 barrels of produced water per day (Bw/d)
- Delivered 89,000 Bw/d fresh water as producer activity resumes across the Partnership’s dedication areas
- Transported 768,000 gross (170,000 net) barrels of oil per day (Bbl/d) across intermediate and long-haul pipeline equity interests
-
Reduced flaring intensity in the
Delaware Basin 53% and overall volume of unintentional releases by 90+% year-over-year
2021 Investment Program and Operational Guidance
-
$155 to$185 million in Net Income,$360 to$395 million in Adjusted Net EBITDA1,2 and$185 to$220 million in Free Cash Flow1 -
Total capital investments of
$80 to$110 million , including net organic capital expenditures of$65 to$85 million - 275,000 to 305,000 Boe/d of oil and gas gathering volumes and 120,000 to 140,000 Bw/d of produced water gathering volumes
- Leverage of 3.6x to 4.0x Net Debt to Trailing Twelve Months (TTM) EBITDA1
|
4Q20 |
|
Gross Volumes |
Actuals |
|
Oil and Gas Gathered (MBoe/d) |
286 |
|
Produced Water Gathered (MBw/d) |
146 |
|
Fresh Water Delivered (MBw/d) |
89 |
|
|
|
|
Financials (in millions) |
|
|
Net Income Attributable to the Partnership |
|
|
Net Cash Provided by Operating Activities |
|
|
Adjusted Net EBITDA1,2 |
|
|
Distributable Cash Flow1 |
|
|
Net Debt to Trailing Twelve Months Adjusted Net EBITDA1 |
4.1x |
|
|
|
|
|
|
Operational Momentum into New Year
Fourth-quarter 2020 revenues totaled
Operating expenses for the fourth quarter totaled
The Partnership reported fourth-quarter 2020 Net Cash Provided by Operating Activities of
For the fourth-quarter 2020, maintenance capital expenditures and cash interest expense attributable to the Partnership totaled
Completion Activity Returned to Both Basins
In the Partnership’s wholly-owned
Black Diamond oil gathering throughput volumes averaged 66,000 Bo/d, excluding marketing volumes of 19,000 Bbl/d. Black Diamond connected 22 wells across 3 customers, totaling
In the
Equity Method Investment Pipelines In Service
The Partnership averaged gross throughput of 768,000 Bbl/d (170,000 net) across its intermediate and long-haul transmission systems. Fourth-quarter equity method investment volumes and cash flows decreased sequentially due to an operational closure at the EPIC marine terminal.
Fourth-quarter 2020 Saddlehorn throughput averaged approximately 164,000 Bo/d. The 100,000 Bbl/d expansion has been completed in the first-quarter 2021. Volumes on the Advantage Pipeline system averaged 65,000 Bo/d, sequentially flat compared to the third-quarter 2020.
Fourth-Quarter Debt Reduction and Quarterly Distribution
As of
Noble Midstream’s current debt obligation of
On
2021 Outlook Highlighted by Growth in Free Cash Flow1 Generation
In 2021,
Third-party connection activity is anticipated to ramp up in 2021 with more than 175 well connections in the
The Partnership anticipates the midpoint of its Net Income Attributable to the Partnership to be
Net Debt to TTM Adjusted Net EBITDA1 expectations are anticipated to be 3.6x to 4.0x.
|
|
2021 Guidance |
||
Financials (in millions) |
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
Adjusted Net EBITDA 1,2 |
|
|
- |
|
Free Cash Flow 1 |
|
|
- |
|
Net Debt to TTM Adjusted Net EBITDA1 |
|
3.6x |
- |
4.0x |
|
|
|
|
|
2021 |
|
|
- |
|
|
|
|
- |
|
Noble Midstream Receives Non-Binding Chevron Offer to Acquire Outstanding LP Units
On
The Board of Directors of
Conference Call
1 Adjusted Net EBITDA, Free Cash Flow (FCF), Distributable Cash Flow (DCF), Distribution Coverage Ratio and Net Debt to TTM Adjusted Net EBITDA 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 attached hereto.
2 “Net” is equivalent to “attributable to the Partnership”.
About
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “estimate,” “anticipate,” “believe,” “project,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “on schedule,” “on track,” “strategy” and other similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Midstream Partners LP’s (“Noble Midstream,” “we,” or “our”) current views about future events. Our forward-looking statements may include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded partnership and our capital programs. In addition, our forward-looking statements address the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the COVID-19 pandemic and the actions of foreign oil producers (most notably
Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those projected. These risks include, without limitation, changes in general economic conditions, including without limitation the impacts of the COVID-19 pandemic; our customers’ ability to meet their drilling and development plans; 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; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the ability of third parties to complete construction of pipelines in which
Non-GAAP Financial Measures
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 and for the reasons why management believes non-GAAP measures provide useful information to investors.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where You Can Find It
In connection with the proposal that
Participants in the Solicitation
Schedule 1 |
||||||||||||
|
||||||||||||
Revenue and Throughput Volume Statistics |
||||||||||||
(unaudited) |
||||||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
|
|
|
|
|
|
|
|
|||||
Crude Oil Sales Volumes (Bbl/d) |
18,458 |
|
|
10,935 |
|
|
16,964 |
|
|
9,354 |
|
|
Crude Oil Gathering Volumes (Bbl/d) |
153,020 |
|
|
190,216 |
|
|
174,644 |
|
|
182,121 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
521,154 |
|
|
531,559 |
|
|
503,794 |
|
|
476,605 |
|
|
Natural Gas Processing Volumes (MMBtu/d) |
40,959 |
|
|
47,712 |
|
|
41,511 |
|
|
50,039 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
28,532 |
|
|
37,122 |
|
|
35,190 |
|
|
39,629 |
|
|
Fresh Water Delivery Volumes (Bbl/d) |
88,945 |
|
|
125,823 |
|
|
91,886 |
|
|
164,524 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Crude Oil Gathering Volumes (Bbl/d) |
46,906 |
|
|
59,671 |
|
|
54,347 |
|
|
49,842 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
147,539 |
|
|
200,491 |
|
|
166,032 |
|
|
155,155 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
117,299 |
|
|
181,581 |
|
|
138,449 |
|
|
148,886 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Gathering Systems |
|
|
|
|
|
|
|
|||||
Crude Oil Sales Volumes (Bbl/d) |
18,458 |
|
|
10,935 |
|
|
16,964 |
|
|
9,354 |
|
|
Crude Oil Gathering Volumes (Bbl/d) |
199,926 |
|
|
249,887 |
|
|
228,991 |
|
|
231,963 |
|
|
Natural Gas Gathering Volumes (MMBtu/d) |
668,693 |
|
|
732,050 |
|
|
669,826 |
|
|
631,760 |
|
|
Total Barrels of Oil Equivalent (Boe/d) (1) |
285,656 |
|
|
354,675 |
|
|
314,866 |
|
|
322,312 |
|
|
Natural Gas Processing Volumes (MMBtu/d) |
40,959 |
|
|
47,712 |
|
|
41,511 |
|
|
50,039 |
|
|
Produced Water Gathering Volumes (Bbl/d) |
145,831 |
|
|
218,703 |
|
|
173,639 |
|
|
188,515 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Fresh Water Delivery |
|
|
|
|
|
|
|
|||||
Fresh Water Services Volumes (Bbl/d) |
88,945 |
|
|
125,823 |
|
|
91,886 |
|
|
164,524 |
|
Schedule 2 |
|||||||||||||||
|
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(in thousands, except per unit amounts, unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Gathering and Processing — Affiliate |
$ |
76,412 |
|
|
$ |
92,985 |
|
$ |
328,411 |
|
|
$ |
337,086 |
|
|
Gathering and Processing — Third Party |
|
17,892 |
|
|
|
22,381 |
|
|
78,654 |
|
|
|
76,645 |
|
|
Fresh Water Delivery — Affiliate |
|
15,515 |
|
|
|
10,765 |
|
|
57,834 |
|
|
|
77,566 |
|
|
Fresh Water Delivery — Third Party |
|
67 |
|
|
|
4,196 |
|
|
7,680 |
|
|
|
12,591 |
|
|
Crude Oil Sales — Third Party |
|
93,455 |
|
|
|
57,938 |
|
|
281,205 |
|
|
|
189,772 |
|
|
Other — Affiliate |
|
788 |
|
|
|
790 |
|
|
2,947 |
|
|
|
3,183 |
|
|
Other — Third Party |
|
3,136 |
|
|
|
1,710 |
|
|
7,894 |
|
|
|
6,958 |
|
|
Total Revenues |
|
207,265 |
|
|
|
190,765 |
|
|
764,625 |
|
|
|
703,801 |
|
|
Costs and Expenses |
|
|
|
|
|
|
|
||||||||
Cost of Crude Oil Sales |
|
89,626 |
|
|
|
56,173 |
|
|
270,678 |
|
|
|
181,390 |
|
|
Direct Operating |
|
25,844 |
|
|
|
27,763 |
|
|
92,387 |
|
|
|
116,675 |
|
|
Depreciation and Amortization |
|
26,969 |
|
|
|
25,396 |
|
|
105,697 |
|
|
|
96,981 |
|
|
General and Administrative |
|
6,545 |
|
|
|
11,789 |
|
|
24,721 |
|
|
|
25,777 |
|
|
Goodwill Impairment |
|
— |
|
|
|
— |
|
|
109,734 |
|
|
|
— |
|
|
Other Operating Expense (Income) |
|
(28 |
) |
|
|
— |
|
|
4,698 |
|
|
|
(488 |
) |
|
Total Operating Expenses |
|
148,956 |
|
|
|
121,121 |
|
|
607,915 |
|
|
|
420,335 |
|
|
Operating Income |
|
58,309 |
|
|
|
69,644 |
|
|
156,710 |
|
|
|
283,466 |
|
|
Other (Income) Expense |
|
|
|
|
|
|
|
||||||||
Interest Expense, Net of Amount Capitalized |
|
6,643 |
|
|
|
4,734 |
|
|
26,570 |
|
|
|
16,236 |
|
|
Investment Loss, Net |
|
8,684 |
|
|
|
12,720 |
|
|
34,891 |
|
|
|
17,748 |
|
|
Total Other (Income) Expense |
|
15,327 |
|
|
|
17,454 |
|
|
61,461 |
|
|
|
33,984 |
|
|
Income Before Income Taxes |
|
42,982 |
|
|
|
52,190 |
|
|
95,249 |
|
|
|
249,482 |
|
|
Income Tax Expense |
|
196 |
|
|
|
796 |
|
|
383 |
|
|
|
4,015 |
|
|
Net Income |
|
42,786 |
|
|
|
51,394 |
|
|
94,866 |
|
|
|
245,467 |
|
|
Less: Net Income Prior to the Drop-Down and Simplification |
|
— |
|
|
|
1,692 |
|
|
— |
|
|
|
12,929 |
|
|
Net Income Subsequent to the Drop-Down and Simplification |
|
42,786 |
|
|
|
49,702 |
|
|
94,866 |
|
|
|
232,538 |
|
|
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
|
2,878 |
|
|
|
10,306 |
|
|
(39,165 |
) |
|
|
72,542 |
|
|
Net Income Attributable to |
|
39,908 |
|
|
|
39,396 |
|
|
134,031 |
|
|
|
159,996 |
|
|
Less: Net Income Attributable to Incentive Distribution Rights |
|
— |
|
|
|
— |
|
|
— |
|
|
|
13,967 |
|
|
Net Income Attributable to Limited Partners |
$ |
39,908 |
|
|
$ |
39,396 |
|
$ |
134,031 |
|
|
$ |
146,029 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic |
|
|
|
|
|
|
|
||||||||
Common Units |
$ |
0.44 |
|
|
$ |
0.65 |
|
$ |
1.49 |
|
|
$ |
3.09 |
|
|
Subordinated Units |
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
3.86 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Limited Partners Per Limited Partner Unit — Diluted |
|
|
|
|
|
|
|
||||||||
Common Units |
$ |
0.44 |
|
|
$ |
0.65 |
|
$ |
1.49 |
|
|
$ |
3.08 |
|
|
Subordinated Units |
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
3.86 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Limited Partner Units Outstanding — Basic |
|
|
|
|
|
|
|
||||||||
Common Units |
|
90,173 |
|
|
|
60,431 |
|
|
90,165 |
|
|
|
40,083 |
|
|
Subordinated Units |
|
— |
|
|
|
— |
|
|
— |
|
|
|
5,795 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Limited Partner Units Outstanding — Diluted |
|
|
|
|
|
|
|
||||||||
Common Units |
|
90,201 |
|
|
|
60,454 |
|
|
90,167 |
|
|
|
40,105 |
|
|
Subordinated Units |
|
— |
|
|
|
— |
|
|
— |
|
|
|
5,795 |
|
Schedule 3 |
||||||||
|
||||||||
Consolidated Balance Sheets |
||||||||
(in thousands, unaudited) |
||||||||
|
|
|
|
|||||
ASSETS |
|
|
|
|||||
Current Assets |
|
|
|
|||||
Cash and Cash Equivalents |
$ |
16,332 |
|
|
$ |
12,676 |
|
|
Accounts Receivable — Affiliate |
|
55,011 |
|
|
|
42,428 |
|
|
Accounts Receivable — Third Party |
|
45,615 |
|
|
|
44,093 |
|
|
Other Current Assets |
|
8,093 |
|
|
|
8,730 |
|
|
Total Current Assets |
|
125,051 |
|
|
|
107,927 |
|
|
Property, Plant and Equipment |
|
|
|
|||||
Total Property, Plant and Equipment, Gross |
|
2,074,790 |
|
|
|
2,006,995 |
|
|
Less: Accumulated Depreciation and Amortization |
|
(315,441 |
) |
|
|
(244,038 |
) |
|
Total Property, Plant and Equipment, Net |
|
1,759,349 |
|
|
|
1,762,957 |
|
|
Investments |
|
904,955 |
|
|
|
660,778 |
|
|
Intangible Assets, Net |
|
245,510 |
|
|
|
277,900 |
|
|
|
|
— |
|
|
|
109,734 |
|
|
Other Noncurrent Assets |
|
2,331 |
|
|
|
6,786 |
|
|
Total Assets |
$ |
3,037,196 |
|
|
$ |
2,926,082 |
|
|
LIABILITIES, MEZZANINE EQUITY AND EQUITY |
|
|
|
|||||
Current Liabilities |
|
|
|
|||||
Accounts Payable — Affiliate |
$ |
3,713 |
|
|
$ |
8,155 |
|
|
Accounts Payable — Trade |
|
65,723 |
|
|
|
107,705 |
|
|
Current Portion of Debt |
|
501,856 |
|
|
|
— |
|
|
Other Current Liabilities |
|
10,323 |
|
|
|
11,680 |
|
|
Total Current Liabilities |
|
581,615 |
|
|
|
127,540 |
|
|
Long-Term Liabilities |
|
|
|
|||||
Long-Term Debt |
|
1,109,652 |
|
|
|
1,495,679 |
|
|
Asset Retirement Obligations |
|
41,572 |
|
|
|
37,842 |
|
|
Other Long-Term Liabilities |
|
4,006 |
|
|
|
4,160 |
|
|
Total Liabilities |
|
1,736,845 |
|
|
|
1,665,221 |
|
|
Mezzanine Equity |
|
|
|
|||||
Redeemable Noncontrolling Interest, Net |
|
119,658 |
|
|
|
106,005 |
|
|
Equity |
|
|
|
|||||
Common Units (90,174 and 90,136 units outstanding, respectively) |
|
823,470 |
|
|
|
813,999 |
|
|
Noncontrolling Interests |
|
357,223 |
|
|
|
340,857 |
|
|
Total Equity |
|
1,180,693 |
|
|
|
1,154,856 |
|
|
Total Liabilities, Mezzanine Equity and Equity |
$ |
3,037,196 |
|
|
$ |
2,926,082 |
|
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, Adjusted Net EBITDA, FCF, DCF, Net Debt to TTM Adjusted Net EBITDA 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.
We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization 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. We define Adjusted Net EBITDA as Adjusted EBITDA less the portion attributable to noncontrolling interests. We define Net Debt to TTM Adjusted Net EBITDA as Total Debt less cash and cash equivalents divided by the TTM Adjusted Net EBITDA. Net Debt to TTM Adjusted Net EBITDA is an annualized leverage ratio used by management to assess our ability to incur and service debt and fund capital expenditures.
Adjusted EBITDA and Adjusted Net 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 define FCF as Net Cash Provided by Operating Activities before working capital less total capital expenditures, non-controlling interests and before equity distributions. DCF is defined as Adjusted Net 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.
FCF is used by management to evaluate our overall liquidity and DCF is used by management to evaluate our overall performance and liquidity. Our partnership agreement requires us to distribute all available cash on a quarterly basis, and FCF and DCF are 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 DCF 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, Adjusted Net EBITDA, FCF, DCF, Net Debt to TTM Adjusted Net EBITDA and Distribution Coverage Ratio provide information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA, Adjusted Net EBITDA, Net Debt to TTM Adjusted Net EBITDA, DCF and Distribution Coverage Ratio is net income, and net debt to net income and net income to distributions as ratios. The GAAP measure most directly comparable to FCF is Net Cash Provided by Operating Activities, but due to the inability to accurately forecast working capital changes, we cannot reconcile FCF without unreasonable effort.
Adjusted EBITDA, Adjusted Net EBITDA, FCF, Net Debt to TTM Adjusted Net EBITDA, DCF 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, Adjusted Net EBITDA, FCF, Net Debt to TTM Adjusted Net EBITDA, DCF 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, Adjusted Net EBITDA, FCF, Net Debt to TTM Adjusted Net EBITDA, DCF and Distribution Coverage Ratio as presented herein may not be comparable to similarly titled measures of other companies.
Schedule 4 (Continued) |
||||||||||
|
||||||||||
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 |
|
Trailing Twelve |
|||||||
|
2020 |
2019 |
|
Months |
||||||
Reconciliation from Net Income (GAAP) |
|
|
|
|
|
|||||
Net Income |
$ |
42,786 |
|
$ |
51,394 |
|
|
$ |
94,866 |
|
Add: |
|
|
|
|
|
|||||
Depreciation and Amortization |
|
26,969 |
|
|
25,396 |
|
|
|
105,697 |
|
Interest Expense, Net of Amount Capitalized |
|
6,643 |
|
|
4,734 |
|
|
|
26,570 |
|
Proportionate Share of Equity Method Investment EBITDA Adjustments |
|
25,781 |
|
|
6,330 |
|
|
|
82,363 |
|
Goodwill Impairment |
|
— |
|
|
— |
|
|
|
109,734 |
|
Other |
|
988 |
|
|
7,328 |
|
|
|
6,531 |
|
Adjusted EBITDA (Non-GAAP) |
|
103,167 |
|
|
95,182 |
|
|
|
425,761 |
|
Less: |
|
|
|
|
|
|||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
|
— |
|
|
4,593 |
|
|
|
— |
|
Adjusted EBITDA Subsequent to Drop-Down and Simplification (Non-GAAP) |
|
103,167 |
|
|
90,589 |
|
|
|
425,761 |
|
Less: |
|
|
|
|
|
|||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
|
8,315 |
|
|
17,202 |
|
|
|
32,835 |
|
Adjusted EBITDA Attributable to |
|
94,852 |
|
|
73,387 |
|
|
|
392,926 |
|
Add: |
|
|
|
|
|
|||||
Distribution from Equity Method Investments Attributable to |
|
5,260 |
|
|
1,480 |
|
|
|
||
Less: |
|
|
|
|
|
|||||
Proportionate Share of Equity Method Investment EBITDA Attributable to |
|
13,087 |
|
|
(7,247 |
) |
|
|
||
Cash Interest Paid |
|
6,415 |
|
|
9,772 |
|
|
|
||
Maintenance Capital Expenditures |
|
6,612 |
|
|
7,011 |
|
|
|
||
Distributable Cash Flow of |
$ |
73,998 |
|
$ |
65,331 |
|
|
|
||
Distributions (Declared) |
$ |
16,917 |
|
$ |
62,004 |
|
|
|
||
Distribution Coverage Ratio (Declared) |
4.4x |
|
1.1x |
|
|
Schedule 4 (Continued) |
|||||||||||
|
|||||||||||
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 |
|
Trailing Twelve |
||||||||
|
2020 |
|
2019 |
|
Months |
||||||
Reconciliation from Net Cash Provided by Operating Activities (GAAP) |
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities (GAAP) |
$ |
85,219 |
|
$ |
95,106 |
|
|
$ |
376,629 |
|
|
Add: |
|
|
|
|
|
||||||
Interest Expense, Net of Amount Capitalized |
|
6,643 |
|
|
4,734 |
|
|
|
26,570 |
|
|
Changes in Operating Assets and Liabilities |
|
2,817 |
|
|
(5,261 |
) |
|
|
16,144 |
|
|
Equity Method Investment EBITDA Adjustments |
|
8,436 |
|
|
(8,729 |
) |
|
|
7,664 |
|
|
Other |
|
52 |
|
|
9,332 |
|
|
|
(1,246 |
) |
|
Adjusted EBITDA (Non-GAAP) |
|
103,167 |
|
|
95,182 |
|
|
|
425,761 |
|
|
Less: |
|
|
|
|
|
||||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
|
— |
|
|
4,593 |
|
|
|
— |
|
|
Adjusted EBITDA Subsequent to Drop-Down and Simplification Transaction |
|
103,167 |
|
|
90,589 |
|
|
|
425,761 |
|
|
Less: |
|
|
|
|
|
||||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
|
8,315 |
|
|
17,202 |
|
|
|
32,835 |
|
|
Adjusted EBITDA Attributable to |
|
94,852 |
|
|
73,387 |
|
|
|
392,926 |
|
|
Add: |
|
|
|
|
|
||||||
Distribution from Equity Method Investments Attributable to |
|
5,260 |
|
|
1,480 |
|
|
|
|||
Less: |
|
|
|
|
|
||||||
Proportionate Share of Equity Method Investment EBITDA Attributable to |
|
13,087 |
|
|
(7,247 |
) |
|
|
|||
Cash Interest Paid |
|
6,415 |
|
|
9,772 |
|
|
|
|||
Maintenance Capital Expenditures |
|
6,612 |
|
|
7,011 |
|
|
|
|||
Distributable Cash Flow of |
$ |
73,998 |
|
$ |
65,331 |
|
|
|
|||
Distributions (Declared) |
$ |
16,917 |
|
$ |
62,004 |
|
|
|
|||
Distribution Coverage Ratio (Declared) |
4.4x |
|
1.1x |
|
|
Schedule 4 (Continued) |
|||
|
|||
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures |
|||
Calculation of Net Debt to Trailing Twelve Months Adjusted Net EBITDA |
|||
(in thousands, unaudited) |
|||
|
|
||
Revolving Credit Facility, due |
710,000 |
|
|
Term Loan Credit Facility, due |
500,000 |
|
|
Term Loan Credit Facility, due |
400,000 |
|
|
Finance Lease Obligation |
2,063 |
|
|
Total Debt |
1,612,063 |
|
|
Less: Cash and Cash Equivalents |
16,332 |
|
|
Net Debt |
1,595,731 |
|
|
|
|
||
Trailing Twelve Months Adjusted Net EBITDA |
392,926 |
|
|
|
|
||
Net Debt to Trailing Twelve Months Adjusted Net EBITDA |
4.1x |
Schedule 4 (Continued) |
||||||||
|
||||||||
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures |
||||||||
Reconciliation of 2021 GAAP Guidance to 2021 Non-GAAP Guidance |
||||||||
(in millions, unaudited) |
||||||||
|
2021 |
|||||||
|
Full Year |
|||||||
Reconciliation from Net Income (GAAP) to Adjusted EBITDA (Non-GAAP) |
|
|
|
|||||
Net Income (GAAP) |
$ |
155 |
|
- |
$ |
185 |
|
|
Add: |
|
|
|
|||||
Depreciation and Amortization |
105 |
|
|
110 |
|
|||
Interest Expense, Net of Amount Capitalized |
36 |
|
|
32 |
|
|||
Proportionate Share of Equity Method Investment EBITDA Adjustments |
92 |
|
|
101 |
|
|||
Other |
2 |
|
|
2 |
|
|||
Adjusted EBITDA (Non-GAAP) |
390 |
|
|
430 |
|
|||
Less: |
|
|
|
|||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
30 |
|
|
35 |
|
|||
Adjusted EBITDA Attributable to |
$ |
360 |
|
- |
$ |
395 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210212005117/en/
General Manager, Investor Relations
(281) 872-3208
park.carrere@nblmidstream.com
Source: