Noble Midstream Partners Reports Second-Quarter 2020 Results
Self-Funding Business Model Achieved through Cash Cost Reductions and Equity Method Inflection
Certain results are shown as “attributable to the Partnership,” which exclude the non-controlling interests in Black Diamond Gathering retained by Greenfield Midstream.
Second-Quarter 2020 Highlights
-
Generated
$48 million Net Income attributable to the Partnership,$95 million Adjusted Net EBITDA1 and$101 million Cash Flow from Operations attributable to the Partnership -
Self-funded quarterly operations with operating cash flow exceeding investing cash flow by
$34 million -
Invested
$5 million in organic capital projects, down nearly 90% sequentially, highlighting the Partnership's cost management and agility in this volatile commodity environment -
Reduced total debt by
$15 million in the quarter and ended the quarter with Net Debt to EBITDA1 of 4.0x - Gathered 324,000 barrels of gross oil and gas equivalent per day (Boe/d), down 3% sequentially, and 189,000 barrels of produced water per day (Bw/d), down 7% sequentially
- Recognized increasing Equity Investment EBITDA, resulting from the commencement of full service from the EPIC Crude Pipeline (30% interest) in April and EPIC Y-Grade Pipeline (15% interest) in July
-
EPIC Y-Grade commissioned its first greenfield fractionator in
Robstown, Texas , with 110,000 Bbl/d of NGL fractionation capacity added in early June
1 Adjusted EBITDA, Distributable Cash Flow (DCF) and Distribution Coverage Ratio 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. |
Financial Results Highlighted by Resilient Cash Flows
Second-quarter 2020 revenues totaled
Producer Curtailments Impacted Second-Quarter Volumes
In the Partnership's wholly-owned
Black Diamond oil gathering throughput volumes averaged 79,000 Bo/d, down 14% sequentially, and oil sales volumes were 13,000 Bo/d. Second-quarter volumes were impacted on average by 9,000 Bo/d of curtailments. The Partnership connected 60 wells on Black Diamond's gathering system with 19 wells connected in June. Black Diamond capital expenditures, net to the Partnership, totaled
In the
In July, approximately two-thirds of curtailed producer volumes across both basins returned to production with the vast majority expected to be on line by
Equity Investment Pipelines In Service
The Partnership’s equity investment income and cash flow generation increased during the quarter, boosted by the commencements of the EPIC pipeline projects,
Interim crude service on the EPIC Y-Grade mainline ended in March and crude volumes transitioned to the Crude mainline in April. EPIC Y-Grade began transition to NGL service in early May and the first greenfield fractionator was commissioned in June, bringing total fractionation nameplate capacity to 180,000 Bo/d. The pipeline commenced full service in early July.
Second-quarter 2020 volumes on Saddlehorn averaged approximately 166,000 Bo/d, down 7% sequentially, highlighting its resilient contract structure and committed shippers on the pipeline. Volumes on the Advantage Pipeline system averaged 72,000 Bo/d, compared to 93,000 Bo/d during the first-quarter 2020, and generated
Protecting the Balance Sheet
As of
On
2020 Outlook Unchanged
Based on the existing curtailment and activity scenarios outlined in first-quarter 2020,
|
2Q20 |
Gross Volumes |
Actuals |
Oil and Gas Gathered (MBoe/d) |
324 |
Produced Water Gathered (MBw/d) |
189 |
Fresh Water Delivered (MBw/d) |
30 |
|
|
Financials (in millions) |
|
Net Income Attributable to the Partnership |
|
Net Adjusted EBITDA1 |
|
Distributable Cash Flow1 |
|
Distribution Coverage Ratio1 |
4.7x |
|
|
|
|
(1) |
Adjusted EBITDA, DCF, and Distribution Coverage Ratio are not financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). For definitions of these non-GAAP measures, see “Non-GAAP Financial Measures” below. |
|
|
2020 Guidance |
||
Financials (in millions) |
|
|
|
|
Net Adjusted EBITDA (1) |
|
|
- |
|
Distributable Cash Flow (1) |
|
|
- |
|
Net Debt to TTM EBITDA |
|
3.9x |
- |
4.3x |
Distribution Coverage Ratio (1) |
|
4.0x |
- |
4.5x |
|
|
|
|
|
2020 |
|
|
- |
|
|
|
|
- |
|
(1) |
Adjusted EBITDA, DCF, and Distribution Coverage Ratio are not financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). For definitions of these non-GAAP measures, see “Non-GAAP Financial Measures” below. |
About
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Forward looking statements are predictive in nature, depend upon or refer to future events or conditions or include the words “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “on schedule,” “strategy” and other similar expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. 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 and are based on certain assumptions and bases, and subject to certain risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, and not all of which can be disclosed in advance. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties.
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.
Schedule 1
Revenue and Throughput Volume Statistics (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||
|
|
|
|
|
|
|
|
||||||||
Crude Oil Sales Volumes (Bbl/d) |
13,025 |
|
|
9,750 |
|
|
16,346 |
|
|
8,401 |
|
||||
Crude Oil Gathering Volumes (Bbl/d) |
176,184 |
|
|
174,485 |
|
|
179,645 |
|
|
178,328 |
|
||||
Natural Gas Gathering Volumes (MMBtu/d) |
468,971 |
|
|
458,961 |
|
|
484,088 |
|
|
438,695 |
|
||||
Natural Gas Processing Volumes (MMBtu/d) |
42,566 |
|
|
51,167 |
|
|
42,617 |
|
|
51,755 |
|
||||
Produced Water Gathering Volumes (Bbl/d) |
40,819 |
|
|
41,830 |
|
|
41,457 |
|
|
39,948 |
|
||||
Fresh Water Delivery Volumes (Bbl/d) |
30,335 |
|
|
179,289 |
|
|
128,636 |
|
|
199,390 |
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Crude Oil Gathering Volumes (Bbl/d) |
60,980 |
|
|
45,501 |
|
|
59,768 |
|
|
43,840 |
|
||||
Natural Gas Gathering Volumes (MMBtu/d) |
174,845 |
|
|
137,498 |
|
|
178,564 |
|
|
119,124 |
|
||||
Produced Water Gathering Volumes (Bbl/d) |
147,994 |
|
|
137,584 |
|
|
155,086 |
|
|
130,818 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Gathering Systems |
|
|
|
|
|
|
|
||||||||
Crude Oil Sales Volumes (Bbl/d) |
13,025 |
|
|
9,750 |
|
|
16,346 |
|
|
8,401 |
|
||||
Crude Oil Gathering Volumes (Bbl/d) |
237,164 |
|
|
219,986 |
|
|
239,413 |
|
|
222,168 |
|
||||
Natural Gas Gathering Volumes (MMBtu/d) |
643,816 |
|
|
596,459 |
|
|
662,652 |
|
|
557,819 |
|
||||
Barrels of Oil Equivalent (Boe/d) (1) |
323,816 |
|
|
300,594 |
|
|
329,654 |
|
|
298,190 |
|
||||
Natural Gas Processing Volumes (MMBtu/d) |
42,566 |
|
|
51,167 |
|
|
42,617 |
|
|
51,755 |
|
||||
Produced Water Gathering Volumes (Bbl/d) |
188,813 |
|
|
179,414 |
|
|
196,543 |
|
|
170,766 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Fresh Water Delivery |
|
|
|
|
|
|
|
||||||||
Fresh Water Delivery Volumes (Bbl/d) |
30,335 |
|
|
179,289 |
|
|
128,636 |
|
|
199,390 |
|
(1) |
Includes crude oil sales volumes that are transported on our gathering systems and sold to third-party customers. |
Schedule 2
Consolidated Statement of Operations (in thousands, except per unit amounts, unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||||||
Gathering and Processing — Affiliate |
$ |
82,671 |
|
|
$ |
78,136 |
|
|
$ |
171,969 |
|
|
$ |
153,516 |
|
||||
Gathering and Processing — Third Party |
20,002 |
|
|
17,863 |
|
|
41,970 |
|
|
37,095 |
|
||||||||
Fresh Water Delivery — Affiliate |
10,300 |
|
|
18,367 |
|
|
33,899 |
|
|
45,954 |
|
||||||||
Fresh Water Delivery — Third Party |
1,811 |
|
|
2,454 |
|
|
5,985 |
|
|
6,263 |
|
||||||||
Crude Oil Sales — Third Party |
29,214 |
|
|
51,782 |
|
|
111,577 |
|
|
84,652 |
|
||||||||
Other — Affiliate |
768 |
|
|
766 |
|
|
1,655 |
|
|
1,602 |
|
||||||||
Other — Third Party |
1,184 |
|
|
1,292 |
|
|
2,940 |
|
|
2,280 |
|
||||||||
Total Revenues |
145,950 |
|
|
170,660 |
|
|
369,995 |
|
|
331,362 |
|
||||||||
Costs and Expenses |
|
|
|
|
|
|
|
||||||||||||
Cost of Crude Oil Sales |
29,104 |
|
|
48,079 |
|
|
108,963 |
|
|
78,977 |
|
||||||||
Direct Operating |
20,039 |
|
|
32,866 |
|
|
46,889 |
|
|
63,289 |
|
||||||||
Depreciation and Amortization |
26,354 |
|
|
23,980 |
|
|
52,285 |
|
|
47,013 |
|
||||||||
General and Administrative |
6,446 |
|
|
5,171 |
|
|
11,932 |
|
|
9,532 |
|
||||||||
Goodwill Impairment |
— |
|
|
— |
|
|
109,734 |
|
|
— |
|
||||||||
Other Operating Expense |
2,576 |
|
|
— |
|
|
3,862 |
|
|
— |
|
||||||||
Total Operating Expenses |
84,519 |
|
|
110,096 |
|
|
333,665 |
|
|
198,811 |
|
||||||||
Operating Income |
61,431 |
|
|
60,564 |
|
|
36,330 |
|
|
132,551 |
|
||||||||
Other Expense (Income) |
|
|
|
|
|
|
|
||||||||||||
Interest Expense, Net of Amount Capitalized |
6,633 |
|
|
2,322 |
|
|
13,490 |
|
|
7,550 |
|
||||||||
Investment Loss (Income) |
2,730 |
|
|
1,748 |
|
|
8,139 |
|
|
(593 |
) |
||||||||
Other Non-Operating Expense |
1,336 |
|
|
— |
|
|
1,336 |
|
|
— |
|
||||||||
Total Other Expense (Income) |
10,699 |
|
|
4,070 |
|
|
22,965 |
|
|
6,957 |
|
||||||||
Income Before Income Taxes |
50,732 |
|
|
56,494 |
|
|
13,365 |
|
|
125,594 |
|
||||||||
Income Tax (Benefit) Expense |
(128 |
) |
|
731 |
|
|
21 |
|
|
2,040 |
|
||||||||
Net Income |
50,860 |
|
|
55,763 |
|
|
13,344 |
|
|
123,554 |
|
||||||||
Less: Net Income Prior to the Drop-Down and Simplification Transaction |
— |
|
|
2,565 |
|
|
— |
|
|
7,101 |
|
||||||||
Net Income Subsequent to the Drop-Down and Simplification Transaction |
50,860 |
|
|
53,198 |
|
|
13,344 |
|
|
116,453 |
|
||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
2,624 |
|
|
16,789 |
|
|
(44,995 |
) |
|
36,485 |
|
||||||||
Net Income Attributable to |
48,236 |
|
|
36,409 |
|
|
58,339 |
|
|
79,968 |
|
||||||||
Less: Net Income Attributable to Incentive Distribution Rights |
— |
|
|
4,640 |
|
|
— |
|
|
8,147 |
|
||||||||
Net Income Attributable to Limited Partners |
$ |
48,236 |
|
|
$ |
31,769 |
|
|
$ |
58,339 |
|
|
$ |
71,821 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic and Diluted |
|
|
|
|
|
|
|
||||||||||||
Common Units |
$ |
0.53 |
|
|
$ |
0.79 |
|
|
$ |
0.65 |
|
|
$ |
1.77 |
|
||||
Subordinated Units |
$ |
— |
|
|
$ |
0.84 |
|
|
$ |
— |
|
|
$ |
1.91 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Limited Partner Units Outstanding — Basic |
|
|
|
|
|
|
|
||||||||||||
Common Units |
90,163 |
|
|
32,090 |
|
|
90,158 |
|
|
27,916 |
|
||||||||
Subordinated Units |
— |
|
|
7,514 |
|
|
— |
|
|
11,685 |
|
||||||||
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Limited Partner Units Outstanding — Diluted |
|
|
|
|
|
|
|
||||||||||||
Common Units |
90,164 |
|
|
32,121 |
|
|
90,163 |
|
|
27,944 |
|
||||||||
Subordinated Units |
— |
|
|
7,514 |
|
|
— |
|
|
11,685 |
|
Schedule 3
Consolidated Balance Sheet (in thousands, unaudited) |
|||||||||
|
|
|
|
||||||
ASSETS |
|
|
|
||||||
Current Assets |
|
|
|
||||||
Cash and Cash Equivalents |
$ |
12,729 |
|
|
$ |
12,676 |
|
||
Accounts Receivable — Affiliate |
37,298 |
|
|
42,428 |
|
||||
Accounts Receivable — Third Party |
24,751 |
|
|
44,093 |
|
||||
Other Current Assets |
7,196 |
|
|
8,730 |
|
||||
Total Current Assets |
81,974 |
|
|
107,927 |
|
||||
Property, Plant and Equipment |
|
|
|
||||||
Total Property, Plant and Equipment, Gross |
2,056,882 |
|
|
2,006,995 |
|
||||
Less: Accumulated Depreciation and Amortization |
(279,115 |
) |
|
(244,038 |
) |
||||
Total Property, Plant and Equipment, Net |
1,777,767 |
|
|
1,762,957 |
|
||||
Investments |
860,817 |
|
|
660,778 |
|
||||
Intangible Assets, Net |
261,794 |
|
|
277,900 |
|
||||
|
— |
|
|
109,734 |
|
||||
Other Noncurrent Assets |
25,995 |
|
|
6,786 |
|
||||
Total Assets |
$ |
3,008,347 |
|
|
$ |
2,926,082 |
|
||
LIABILITIES, MEZZANINE EQUITY AND EQUITY |
|
|
|
||||||
Current Liabilities |
|
|
|
||||||
Accounts Payable — Affiliate |
$ |
6,557 |
|
|
$ |
8,155 |
|
||
Accounts Payable — Trade |
46,138 |
|
|
107,705 |
|
||||
Other Current Liabilities |
11,096 |
|
|
11,680 |
|
||||
Total Current Liabilities |
63,791 |
|
|
127,540 |
|
||||
Long-Term Liabilities |
|
|
|
||||||
Long-Term Debt |
1,635,919 |
|
|
1,495,679 |
|
||||
Asset Retirement Obligations |
40,762 |
|
|
37,842 |
|
||||
Other Long-Term Liabilities |
3,849 |
|
|
4,160 |
|
||||
Total Liabilities |
1,744,321 |
|
|
1,665,221 |
|
||||
Mezzanine Equity |
|
|
|
||||||
Redeemable Noncontrolling Interest, Net |
112,646 |
|
|
106,005 |
|
||||
Equity |
|
|
|
||||||
Common Units (90,164 and 90,136 units outstanding, respectively) |
787,584 |
|
|
813,999 |
|
||||
Noncontrolling Interests |
363,796 |
|
|
340,857 |
|
||||
Total Equity |
1,151,380 |
|
|
1,154,856 |
|
||||
Total Liabilities, Mezzanine Equity and Equity |
$ |
3,008,347 |
|
|
$ |
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, 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.
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.
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.
We 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.
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)
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
Reconciliation of Net Income (GAAP) to Adjusted EBITDA and Distributable Cash Flow (Non-GAAP) (in thousands, unaudited) |
|||||||
|
Three Months Ended |
||||||
|
2020 |
|
2019 |
||||
Reconciliation from Net Income (GAAP) |
|
|
|
||||
Net Income (GAAP) |
$ |
50,860 |
|
$ |
55,763 |
||
Add: |
|
|
|
||||
Depreciation and Amortization |
26,354 |
|
23,980 |
||||
Interest Expense, Net of Amount Capitalized |
6,633 |
|
2,322 |
||||
Proportionate Share of Equity Method Investment EBITDA Adjustments |
14,537 |
|
4,570 |
||||
Other |
4,333 |
|
1,209 |
||||
Adjusted EBITDA (Non-GAAP) |
102,717 |
|
87,844 |
||||
Less: |
|
|
|
||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
— |
|
6,897 |
||||
Adjusted EBITDA Subsequent to Drop-Down and Simplification Transaction |
102,717 |
|
80,947 |
||||
Less: |
|
|
|
||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
7,965 |
|
25,326 |
||||
Adjusted EBITDA Attributable to |
94,752 |
|
55,621 |
||||
Add: |
|
|
|
||||
Distributions from Equity Method Investments Attributable to |
7,276 |
|
285 |
||||
Less: |
|
|
|
||||
Proportionate Share of Equity Method Investment EBITDA Attributable to |
7,867 |
|
1,459 |
||||
Cash Interest Paid |
7,092 |
|
7,991 |
||||
Maintenance Capital Expenditures |
7,388 |
|
5,815 |
||||
Distributable Cash Flow of |
$ |
79,681 |
|
$ |
40,641 |
||
Distributions (Declared) |
$ |
16,906 |
|
$ |
30,057 |
||
Distribution Coverage Ratio (Declared) |
4.7x |
|
1.4x |
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Adjusted EBITDA and Distributable Cash Flow (Non-GAAP) (in thousands, unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
2020 |
|
2019 |
||||||
Reconciliation from Net Cash Provided by Operating Activities (GAAP) |
|
|
|
||||||
Net Cash Provided by Operating Activities (GAAP) |
$ |
101,068 |
|
|
$ |
93,624 |
|
||
Add: |
|
|
|
||||||
Interest Expense, Net of Amount Capitalized |
6,633 |
|
|
2,322 |
|
||||
Changes in Operating Assets and Liabilities |
(5,742 |
) |
|
(8,960 |
) |
||||
Equity Method Investment EBITDA Adjustments |
635 |
|
|
1,174 |
|
||||
Other |
123 |
|
|
(316 |
) |
||||
Adjusted EBITDA (Non-GAAP) |
102,717 |
|
|
87,844 |
|
||||
Less: |
|
|
|
||||||
Adjusted EBITDA Prior to Drop-Down and Simplification Transaction |
— |
|
|
6,897 |
|
||||
Adjusted EBITDA Subsequent to Drop-Down and Simplification Transaction |
102,717 |
|
|
80,947 |
|
||||
Less: |
|
|
|
||||||
Adjusted EBITDA Attributable to Noncontrolling Interests |
7,965 |
|
|
25,326 |
|
||||
Adjusted EBITDA Attributable to |
94,752 |
|
|
55,621 |
|
||||
Add: |
|
|
|
||||||
Distributions from Equity Method Investments Attributable to |
7,276 |
|
|
285 |
|
||||
Less: |
|
|
|
||||||
Proportionate Share of Equity Method Investment EBITDA Attributable to |
7,867 |
|
|
1,459 |
|
||||
Cash Interest Paid |
7,092 |
|
|
7,991 |
|
||||
Maintenance Capital Expenditures |
7,388 |
|
|
5,815 |
|
||||
Distributable Cash Flow of |
$ |
79,681 |
|
|
$ |
40,641 |
|
||
Distributions (Declared) |
$ |
16,906 |
|
|
$ |
30,057 |
|
||
Distribution Coverage Ratio (Declared) |
|
4.7x |
|
|
|
1.4x |
|
Schedule 4 (Continued)
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
Reconciliation of 2020 GAAP Guidance to 2020 Non-GAAP Guidance (in millions, unaudited) |
||||
|
2020 Guidance |
|||
|
Full Year |
|||
Reconciliation from Net Income (GAAP) to Distributable Cash Flow (Non-GAAP) |
|
|||
Net Income (GAAP) |
$ |
125 |
||
Add: |
|
|||
Depreciation and Amortization |
105 |
|||
Interest Expense, Net of Amount Capitalized |
30 |
|||
Proportionate Share of Equity Method Investment EBITDA Adjustments |
50 |
|||
Goodwill Impairment |
110 |
|||
Other |
3 |
|||
Adjusted EBITDA (Non-GAAP) |
423 |
|||
Adjusted EBITDA Attributable to Noncontrolling Interests |
33 |
|||
Adjusted EBITDA Attributable to |
390 |
|||
Plus: |
|
|||
Distributions from Equity Method Investments |
25 |
|||
Less: |
|
|||
Proportionate Share of Equity Method Investment Adjusted EBITDA |
40 |
|||
Maintenance Capital Expenditures and Cash Interest Paid |
75 |
|||
Distributable Cash Flow of |
$ |
300 |
||
Distribution Coverage Ratio |
4.0x - 4.5x |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200803005194/en/
Investor Relations
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