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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission file number: 001-37640
https://cdn.kscope.io/423fbdf67b111881a9368f0756375bf1-nblx-20200930_g1.jpg
NOBLE MIDSTREAM PARTNERS LP
(Exact name of registrant as specified in its charter)
Delaware 47-3011449
(State or other jurisdiction of incorporation or organization) (I.R.S. employer identification number)
1001 Noble Energy Way  
Houston,Texas 77070
(Address of principal executive offices) (Zip Code)
(281) 872-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Units, Representing Limited Partner InterestsNBLXThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes     No 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
As of September 30, 2020, the registrant had 90,349,940 Common Units outstanding.



Table of Contents
  
  
  
  
  
  
  
  
  
  
  
  
Item 1A.  Risk Factors
Item 6.  Exhibits
  
2

Table of Contents
Part I. Financial Information
Item 1. Financial Statements
Noble Midstream Partners LP
Consolidated Balance Sheets
(in thousands, unaudited)
 September 30, 2020December 31, 2019
ASSETS
Current Assets  
Cash and Cash Equivalents$17,403 $12,676 
Accounts Receivable — Affiliate48,966 42,428 
Accounts Receivable — Third Party45,051 44,093 
Other Current Assets8,474 8,730 
Total Current Assets119,894 107,927 
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross2,063,911 2,006,995 
Less: Accumulated Depreciation and Amortization(297,181)(244,038)
Total Property, Plant and Equipment, Net1,766,730 1,762,957 
Investments899,468 660,778 
Intangible Assets, Net253,652 277,900 
Goodwill 109,734 
Other Noncurrent Assets3,028 6,786 
Total Assets$3,042,772 $2,926,082 
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current Liabilities
Accounts Payable — Affiliate$3,724 $8,155 
Accounts Payable — Trade56,986 107,705 
Current Portion of Debt501,753  
Other Current Liabilities9,773 11,680 
Total Current Liabilities572,236 127,540 
Long-Term Liabilities
Long-Term Debt1,144,599 1,495,679 
  Asset Retirement Obligations40,900 37,842 
Other Long-Term Liabilities3,963 4,160 
Total Liabilities1,761,698 1,665,221 
Mezzanine Equity
Redeemable Noncontrolling Interest, Net116,104 106,005 
Equity
Common Units (90,171 and 90,136 units outstanding, respectively)
803,466 813,999 
Noncontrolling Interests361,504 340,857 
Total Equity1,164,970 1,154,856 
Total Liabilities, Mezzanine Equity and Equity$3,042,772 $2,926,082 
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
Noble Midstream Partners LP
Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per unit amounts, unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues
Midstream Services — Affiliate$88,954 $112,224 $296,477 $313,296 
Midstream Services — Third Party22,238 20,580 73,133 66,218 
Crude Oil Sales — Third Party76,173 48,870 187,750 133,522 
Total Revenues187,365 181,674 557,360 513,036 
Costs and Expenses
Cost of Crude Oil Sales72,089 46,240 181,052 125,216 
Direct Operating19,654 25,688 66,543 88,996 
Depreciation and Amortization26,443 24,571 78,728 71,585 
General and Administrative6,244 4,373 18,176 13,905 
Goodwill Impairment  109,734  
Other Operating Expense (Income)864 (469)4,726 (488)
Total Operating Expenses125,294 100,403 458,959 299,214 
Operating Income62,071 81,271 98,401 213,822 
Other Expense (Income)
Interest Expense, Net of Amount Capitalized6,437 3,952 19,927 11,502 
Investment Loss, Net18,068 5,621 26,207 5,028 
Other Non-Operating Income(1,336)   
Total Other Expense, Net23,169 9,573 46,134 16,530 
Income Before Income Taxes38,902 71,698 52,267 197,292 
Income Tax Expense166 1,179 187 3,219 
Net Income38,736 70,519 52,080 194,073 
Less: Net Income Prior to the Drop-Down and Simplification 4,136  11,237 
Net Income Subsequent to the Drop-Down and Simplification38,736 66,383 52,080 182,836 
Less: Net Income (Loss) Attributable to Noncontrolling Interests2,952 25,751 (42,043)62,236 
Net Income Attributable to Noble Midstream Partners LP35,784 40,632 94,123 120,600 
Less: Net Income Attributable to Incentive Distribution Rights 5,820  13,967 
Net Income Attributable to Limited Partners$35,784 $34,812 $94,123 $106,633 
Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic
Common Units$0.40 $0.88 $1.04 $2.65 
Subordinated Units$ $ $ $2.89 
Net Income Attributable to Limited Partners Per Limited Partner Unit — Diluted
Common Units$0.40 $0.88 $1.04 $2.64 
Subordinated Units$ $ $ $2.89 
Weighted Average Limited Partner Units Outstanding Basic
Common Units90,170 39,604 90,162 31,855 
Subordinated Units   7,747 
Weighted Average Limited Partner Units Outstanding Diluted
Common Units90,170 39,624 90,166 31,879 
Subordinated Units   7,747 
The accompanying notes are an integral part of these consolidated financial statements.
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Noble Midstream Partners LP
Consolidated Statements of Cash Flows
(in thousands, unaudited)
 Nine Months Ended September 30,
 20202019
Cash Flows From Operating Activities
Net Income$52,080 $194,073 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Depreciation and Amortization78,728 71,585 
Income Taxes 2,928 
Goodwill Impairment109,734  
Loss from Equity Method Investees28,645 8,858 
Distributions from Equity Method Investees28,709 8,655 
Other Adjustments for Noncash Items Included in Income6,841 1,256 
Changes in Operating Assets and Liabilities, Net of Assets Acquired and Liabilities Assumed
Increase in Accounts Receivable(7,496)(11,314)
(Decrease) Increase in Accounts Payable(5,563)18,886 
Other Operating Assets and Liabilities, Net(268)(4,365)
Net Cash Provided by Operating Activities291,410 290,562 
Cash Flows From Investing Activities
Additions to Property, Plant and Equipment(108,332)(193,251)
Additions to Investments (1)
(294,281)(501,344)
Other2,283 856 
Net Cash Used in Investing Activities(400,330)(693,739)
Cash Flows From Financing Activities
Distributions to Noncontrolling Interests and Parent(21,204)(41,945)
Contributions from Noncontrolling Interests83,894 45,494 
Borrowings Under Revolving Credit Facility400,000 655,000 
Repayment of Revolving Credit Facility(250,000)(665,000)
Proceeds from Term Loan Credit Facilities 400,000 
Distributions to Unitholders(95,973)(83,517)
Proceeds from Preferred Equity, Net of Issuance Costs 97,198 
Other(3,120)(1,884)
Net Cash Provided by Financing Activities113,597 405,346 
Increase in Cash, Cash Equivalents, and Restricted Cash4,677 2,169 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (1)
12,726 15,712 
Cash, Cash Equivalents, and Restricted Cash at End of Period (1)
$17,403 $17,881 
(1)See Note 2. Basis of Presentation for our discussion of the EPIC Y-Grade loan conversion and the reconciliation of total cash.
The accompanying notes are an integral part of these consolidated financial statements.
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Noble Midstream Partners LP
Consolidated Statements of Changes in Equity
(in thousands, unaudited)
Common UnitsNoncontrolling InterestsTotal
December 31, 2019$813,999 $340,857 $1,154,856 
Net Income (Loss)10,103 (47,619)(37,516)
Contributions from Noncontrolling Interests— 77,966 77,966 
Distributions to Noncontrolling Interests— (5,700)(5,700)
Distributions to Unitholders(62,114)— (62,114)
Preferred Equity Accretion(3,276)— (3,276)
Other433 — 433 
March 31, 2020759,145 365,504 1,124,649 
Net Income48,236 2,624 50,860 
Contributions from Noncontrolling Interests— 3,192 3,192 
Distributions to Noncontrolling Interests— (7,524)(7,524)
Distributions to Unitholders(16,906)— (16,906)
Preferred Equity Accretion(3,366)— (3,366)
Other475 — 475 
June 30, 2020787,584 363,796 1,151,380 
Net Income35,784 2,952 38,736 
Contributions from Noncontrolling Interests— 2,736 2,736 
Distributions to Noncontrolling Interests— (7,980)(7,980)
Distributions to Unitholders(16,953)— (16,953)
Preferred Equity Accretion(3,458)— (3,458)
Other509 — 509 
September 30, 2020$803,466 $361,504 $1,164,970 
The accompanying notes are an integral part of these consolidated financial statements.

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Noble Midstream Partners LP
Consolidated Statements of Changes in Equity
(in thousands, unaudited)
Partner’s Equity
Parent Net InvestmentCommon UnitsSubordinated UnitsGeneral PartnerNoncontrolling InterestsTotal
December 31, 2018$170,322 $699,866 $(130,207)$2,421 $744,153 $1,486,555 
Net Income4,536 23,967 16,085 3,507 19,696 67,791 
Contributions from Noncontrolling Interests and Parent— — — — 15,969 15,969 
Distributions to Noncontrolling Interests and Parent(6,495)— — — (4,669)(11,164)
Distributions to Unitholders— (13,930)(9,316)(2,421)— (25,667)
Black Diamond Equity Ownership Promote Vesting— 4,092 2,746 — (6,838) 
Other— 470 — — — 470 
March 31, 2019168,363 714,465 (120,692)3,507 768,311 1,533,954 
Net Income2,565 25,487 6,282 4,640 16,789 55,763 
Contributions from Noncontrolling Interests— — — — 18,141 18,141 
Distributions to Noncontrolling Interests and Parent(9,905)— — — (7,316)(17,221)
Distributions to Unitholders— (14,534)(9,751)(3,507)— (27,792)
Black Diamond Equity Ownership Promote Vesting— 8,196 — — (8,196) 
Conversion of Subordinated Units to Common Units— (124,161)124,161 — —  
Preferred Equity Accretion— (3,151)— — — (3,151)
Other— 273 — — — 273 
June 30, 2019161,023 606,575  4,640 787,729 1,559,967 
Net Income4,136 34,812 — 5,820 25,751 70,519 
Contributions from Noncontrolling Interests— — — — 11,384 11,384 
Distributions to Noncontrolling Interests and Parent(9,419)— — — (5,988)(15,407)
Distributions to Unitholders— (25,418)— (4,640)— (30,058)
Black Diamond Equity Ownership Promote Vesting— 5,357 — — (5,357) 
Preferred Equity Accretion— (3,114)— — — (3,114)
Other— (163)— — — (163)
September 30, 2019$155,740 $618,049 $ $5,820 $813,519 $1,593,128 
The accompanying notes are an integral part of these consolidated financial statements.


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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization and Nature of Operations
Organization Noble Midstream Partners LP (the “Partnership”, “NBLX”, “we”, “us” or “our”) is a growth-oriented Delaware master limited partnership formed in December 2014 by our sponsor, Noble Energy, Inc. (“Noble” or “Parent”), to own, operate, develop and acquire a wide range of domestic midstream infrastructure assets. Our current focus areas are the Denver-Julesburg Basin (“DJ Basin”) in Colorado and the Southern Delaware Basin position of the Permian Basin (“Delaware Basin”) in Texas.
Chevron Merger On July 20, 2020, Noble, our sponsor and majority unitholder, entered into a definitive merger agreement (the “Chevron Merger Agreement”) with Chevron Corporation (“Chevron”). On October 5, 2020, Chevron completed the acquisition of Noble, the indirect general partner and majority unitholder of the Partnership, through the merger of Chelsea Merger Sub Inc., a direct, wholly owned subsidiary of Chevron, with and into Noble, with Noble surviving and continuing as a direct, wholly owned subsidiary of Chevron (the “Chevron Merger”). As a result, Chevron (1) indirectly, wholly owns and controls our general partner, Noble Midstream GP LLC (the “General Partner”), and (2) indirectly holds approximately 62.6% of our limited partner Common Units. See Item 1A. Risk Factors for a discussion of risks related to the Chevron Merger.
Partnership Assets Our assets consist of ownership interests in certain companies which serve specific areas and integrated development plan (“IDP”) areas and consist of the following:
DevCoAreas ServedNBLX Dedicated ServiceNBLX Ownership
Noncontrolling Interest (1)
Colorado River LLC
Wells Ranch IDP (DJ Basin)


East Pony IDP (DJ Basin)

All Noble DJ Basin Acreage
Crude Oil Gathering
Natural Gas Gathering
Water Services

Crude Oil Gathering

Crude Oil Treating
100%N/A
San Juan River LLCEast Pony IDP (DJ Basin)Water Services100%N/A
Green River DevCo LLCMustang IDP (DJ Basin)Crude Oil Gathering
Natural Gas Gathering
Water Services
100%N/A
Laramie River LLCGreeley Crescent IDP (DJ Basin)Crude Oil Gathering
Water Services
100%N/A
Black Diamond Dedication Area (DJ Basin) (2)
Crude Oil Gathering
Natural Gas Gathering
Crude Oil Transmission
54.4%45.6%
Gunnison River DevCo LP
Bronco IDP (DJ Basin) (3)
Crude Oil Gathering
Water Services
5%95%
Blanco River LLCDelaware Basin Crude Oil Gathering
Natural Gas Gathering
Produced Water Services
100%N/A
Trinity River DevCo LLC (4)
Delaware BasinCrude Oil Transmission
Natural Gas Compression
100%N/A
Dos Rios DevCo LLC (5)
Delaware BasinCrude Oil Transmission
Y-Grade Transmission
100%N/A
NBL Midstream Holdings LLCEast Pony IDP (DJ Basin)Natural Gas Gathering
Natural Gas Processing
100%N/A
Delaware BasinCrude Oil Gathering
Natural Gas Gathering
Produced Water Services
100%N/A
(1)The noncontrolling interest represents Noble’s retained ownership interest in the Gunnison River DevCo LP. The noncontrolling interest in Black Diamond Gathering LLC (“Black Diamond”) represents Greenfield Midstream, LLC’s (the “Greenfield Member”) interest in Black Diamond.
(2)Our ownership interest in Saddlehorn Pipeline Company, LLC (“Saddlehorn”) is owned through a wholly-owned subsidiary of Black Diamond. See Note 6. Investments.
(3)The Bronco IDP is a future development area. We currently have no midstream infrastructure assets in the Bronco IDP.
(4)Our interest in Advantage Pipeline Holdings, L.L.C. (“Advantage”) is owned through Trinity River DevCo LLC.
(5)Our ownership interests in Delaware Crossing LLC (“Delaware Crossing”), EPIC Y-Grade, LP (“EPIC Y-Grade”), EPIC Crude Holdings, LP (“EPIC Crude”) and EPIC Propane Pipeline Holdings, LP (“EPIC Propane”) are owned through wholly-owned subsidiaries of Dos Rios DevCo LLC. See Note 6. Investments.
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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Nature of Operations We operate and own interests in the following assets:
crude oil gathering systems;
natural gas gathering and processing systems and compression units;
crude oil treating facilities;
produced water collection, gathering, and cleaning systems;
fresh water storage and delivery systems; and
investments in midstream entities that provide transportation and fractionation services.
We generate revenues primarily by charging fees on a per unit basis for gathering crude oil and natural gas, delivering and storing fresh water, and collecting, cleaning and disposing of produced water. Additionally, we purchase and sell crude oil to customers at various delivery points on our gathering systems.
Note 2. Basis of Presentation
Presentation   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The accompanying consolidated financial statements at September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and equity for such periods.
Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. We have no items of other comprehensive income; therefore, our net income is identical to our comprehensive income.
Consolidation Our consolidated financial statements include our accounts, the accounts of subsidiaries which the Partnership wholly owns and the accounts of subsidiaries in which the Partnership has partial ownership.
Variable Interest Entities Our consolidated financial statements include the accounts of Black Diamond, which we control. We have determined that the partners with equity at risk in Black Diamond lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact their economic performance. Therefore, Black Diamond is considered a variable interest entity. Through our majority representation on the Black Diamond board of directors as well as our responsibility as operator of the Black Diamond system, we have the authority to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate Black Diamond in our financial statements. Financial statement activity associated with Black Diamond is captured within the Gathering Systems and the Investments in Midstream Entities reportable segments. See Note 7. Segment Information.
Drop-Down and Simplification Transaction On November 14, 2019, we entered into a Contribution, Conveyance, Assumption and Simplification Agreement with Noble. Pursuant to such agreement, we acquired (i) the remaining 60% limited partner interest in Blanco River DevCo LP, (ii) the remaining 75% limited partner interest in Green River DevCo LP, (iii) the remaining 75% limited partner interest in San Juan River DevCo LP and (iv) all of the issued and outstanding limited liability company interests of NBL Midstream Holdings LLC (“NBL Holdings”). Additionally, all of the Incentive Distribution Rights (“IDRs”) were converted into common units representing limited partner interests in the Partnership (“Common Units”). The acquisition of the interests and conversion of the IDRs are collectively referred to as the “Drop-Down and Simplification Transaction.” The total consideration paid by the Partnership for the Drop-Down and Simplification Transaction was $1.6 billion, which consisted of $670 million in cash and 38,455,018 Common Units issued to Noble.
The Drop-Down and Simplification Transaction represented a transaction between entities under common control. Prior to the acquisition of the remaining limited partner interests in Blanco River DevCo LP, Green River DevCo LP and San Juan River DevCo LP, the interests were reflected as noncontrolling interests in the Partnership’s consolidated financial statements. As we acquired additional interests in already-consolidated entities, the acquisition of these interests did not result in a change in reporting entity, as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 805, Business Combinations. Therefore, results of operations related to these entities are accounted for on a prospective basis.
Conversely, the acquisition of all of the issued and outstanding limited liability company interests of NBL Holdings is characterized as a change in reporting entity, as defined under FASB Accounting Standards Codification Topic 805, Business Combinations, as this entity previously had not been consolidated by us. Therefore, results of operations related to NBL Holdings have been accounted for on a retrospective basis. Our financial information has been recast to include the historical
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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

results of NBL Holdings for the three and nine months ended September 30, 2019. The financial statements of NBL Holdings for the period prior to the Drop-Down and Simplification Transaction have been prepared from the separate records maintained by Noble and may not necessarily be indicative of the results of operations had these entities operated on a consolidated basis during those periods. Because a direct ownership relationship did not exist among the Partnership and NBL Holdings prior to the Drop-Down and Simplification Transaction, the net investment in NBL Holdings is shown as Parent Net Investment, in lieu of partners’ equity, in the accompanying Consolidated Statement of Changes in Equity for periods prior to the Drop-Down and Simplification Transaction.
Equity Method of Accounting We use the equity method of accounting for investments in entities that we do not control but over which we exert significant influence. For certain entities, we serve as the operator and exert significant influence over the day-to-day operations. For other entities, we do not serve as the operator; however, our voting position on management committees or the board of directors allows us to exert significant influence over decisions regarding capital investments, budgets, turnarounds, maintenance, monetization decisions and other project matters. Under the equity method of accounting, initially we record the investment at our cost. Differences in the cost, or basis, of the investment and the net asset value of the investee will be amortized into earnings over the remaining useful life of the underlying assets. See Note 6. Investments.
Cost Method of Accounting We use the cost method of accounting for our 3.33% interest in White Cliffs Pipeline L.L.C. (“White Cliffs”) as we have virtually no influence over its operations and financial policies. Under the cost method of accounting, we recognize cash distributions from White Cliffs as investment income in our consolidated statements of operations to the extent there is net income and record cash distributions in excess of our ratable share of earnings as return of investment. See Note 6. Investments.
Redeemable Noncontrolling Interest Our redeemable noncontrolling interest is related to the preferred equity issuance by one of our subsidiaries. We can redeem the preferred equity in whole or in part at any time for cash at a predetermined redemption price. The predetermined redemption price is the greater of (i) an amount necessary to achieve a 12% internal rate of return or (ii) an amount necessary to achieve a 1.375x multiple on invested capital. GIP CAPS Dos Rios Holding Partnership, L.P. (“GIP”) can request redemption of the preferred equity on or after March 25, 2025. As GIP’s redemption right is outside of our control, the preferred equity is not considered to be a component of equity on the consolidated balance sheet, and is reported as mezzanine equity on the consolidated balance sheet. In addition, because the preferred equity was issued by a subsidiary of the Partnership and is held by a third party, it is considered a redeemable noncontrolling interest.
The preferred equity was recorded initially at fair value on the issuance date. Subsequent to issuance, we accrete changes in the redemption value of the preferred equity from the date of issuance to GIP’s earliest redemption date. The preferred equity is perpetual and has a 6.5% annual dividend rate, payable quarterly in cash, with the ability to accrue unpaid dividends during the first two years following the closing. During any quarter in which a dividend is accrued, the accreted value of the preferred equity will be increased by the accrued but unpaid dividend (i.e., a paid-in-kind dividend). Accretion during the three and nine months ended September 30, 2020 was approximately $3.5 million and $10.1 million, respectively.
Noncontrolling Interests We present our consolidated financial statements with a noncontrolling interest section representing Greenfield Member’s ownership of Black Diamond and Noble’s retained ownership in the Gunnison River DevCo LP.
Segment Information Accounting policies for reportable segments are the same as those described in this footnote. Transfers between segments are accounted for at market value. We do not consider interest income and expense or income tax benefit or expense in our evaluation of the performance of reportable segments. See Note 7. Segment Information.
Use of Estimates   The preparation of consolidated financial statements in conformity with GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. The current commodity price, supply and demand environment coupled with the novel coronavirus (“COVID-19”) pandemic contributed to an unusually high degree of uncertainty in our estimates during 2020 and have increased the likelihood that actual results could differ significantly from those estimates.
Impairments During second and third quarter 2020, we performed qualitative impairment assessments over property, plant and equipment, investments, and intangible assets. No impairment indicators were identified and no impairments were recorded.
During first quarter 2020, we identified certain impairment indicators including the significant decrease in commodity prices, changes to our customers’ development outlook due to reductions in demand resulting from the COVID-19 pandemic and excess crude oil and natural gas inventories, and a decrease in our market capitalization. Due to these impairment indicators, we conducted impairment testing of certain of our assets in first quarter 2020, as follows:
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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Property, Plant and Equipment and Intangible Assets Due to publicly announced changes to our customers’ development outlook within the Delaware Basin and the Black Diamond dedication area, we concluded impairment indicators existed and conducted an undiscounted cash flow test. We developed estimates of future undiscounted cash flows expected in connection with providing midstream services within the dedication areas and compared the estimates to the carrying amount of the assets utilized to provide midstream services. Assumptions used in the estimates include expectations of throughput volumes, future development and capital spending plans. Based upon the results of the undiscounted cash flow test, we concluded that the carrying amount of the assets were recoverable and no impairment was recorded.
Goodwill All of our goodwill was assigned to the Black Diamond reporting unit within the Gathering Systems reportable segment. We performed a qualitative assessment and concluded it was more likely than not that the fair value of the Black Diamond reporting unit was less than its carrying value. We then performed a fair value assessment using the income approach. Our estimate of fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions for operating and development costs as well as taking into account changes and uncertainties in our customers’ development outlook. Based on these assessments, we concluded that our goodwill was fully impaired and recorded a non-cash charge of $109.7 million in March 2020.
Equity Method Investments We consider our equity method investments to be essential components of our business and necessary and integral elements of our value chain in support of our operations. We considered whether any facts or circumstances suggested that our equity method investments were impaired on an other-than-temporary basis and concluded that the carrying values of our equity method investments were not impaired.
Intangible Assets Our intangible asset accumulated amortization totaled approximately $86.1 million and $61.9 million as of September 30, 2020 and December 31, 2019, respectively. Intangible asset amortization expense totaled approximately $8.1 million for the three months ended September 30, 2020 and 2019, and $24.2 million for the nine months ended September 30, 2020 and 2019.
Loan and Capital Contribution to Equity Method Investee On April 2, 2020, we entered into a loan agreement with EPIC Y-Grade. In accordance with the loan agreement, we loaned $22.5 million to EPIC Y-Grade, to be used for construction and working capital purposes with a maturity date of December 15, 2023. As the loan did not represent an in-substance capital contribution, it was recorded within other noncurrent assets in our consolidated balance sheet as of June 30, 2020. The loan plus accrued interest totaled $23.1 million at June 30, 2020 and an allowance for expected credit losses of $1.3 million was recorded within other non-operating expense in our consolidated statement of operations during second quarter 2020.
During July 2020, the loan plus accrued interest was converted to equity and treated as a capital contribution to EPIC Y-Grade. At the time of conversion, the loan plus accrued interest totaled $23.4 million. Further, the previously recorded allowance for expected credit losses of $1.3 million was reversed during third quarter 2020.
Tax Provision We are not a taxable entity for United States federal income tax purposes or for the majority of states that impose an income tax. Taxes are generally borne by our partners through the allocation of taxable income and we do not record deferred taxes related to the aggregate difference in the basis of our assets for financial and tax reporting purposes. We are subject to a Texas margin tax due to our operations in the Delaware Basin and we recorded a de minimis state tax provision for the three and nine months ended September 30, 2020 and 2019.
For periods prior to the Drop-Down and Simplification Transaction, our consolidated financial statements include a provision for tax expense on income related to the assets contributed to the Partnership. Deferred federal and state income taxes were provided on temporary differences between the financial statement carrying amounts of recognized assets and liabilities and their respective tax bases as if the Partnership filed tax returns as a stand-alone entity. Substantially all of our tax provision for the three and nine months ended September 30, 2019 represents federal income taxes associated with the assets contributed in the Drop-Down and Simplification Transaction.
Recently Adopted Accounting Standards
Clarifying Certain Accounting Standards Codification (“ASC”) Topics In first quarter 2020, the FASB issued ASU No. 2020-01: Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), to clarify the interactions between these Topics. The update provides clarifications for entities investing in equity securities accounted for under the ASC 321 measurement alternative and companies that hold certain non-derivative forward contracts and purchased options to acquire equity securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We early adopted this ASU in first quarter 2020. This adoption did not have a material impact on our financial statements.

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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Recently Issued Accounting Standards
LIBOR Reform In first quarter 2020, the FASB issued ASU No. 2020-04 (ASU 2020-04): Reference Rate Reform (Topic 848), which provides optional guidance for a limited period of time to ease the transition from LIBOR to an alternative reference rate. The ASU intends to address certain concerns stakeholders raised relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. We are currently evaluating the provisions of ASU 2020-04 and have not yet determined whether we will elect the optional expedients. We do not expect the transition to an alternative rate to have a significant impact on our business, operations or liquidity.
Reconciliation of Total Cash We define total cash as cash, cash equivalents and restricted cash. Our restricted cash is included in other current assets in our consolidated balance sheets. The following table provides a reconciliation of total cash:
 Nine Months Ended September 30,
(in thousands)20202019
Cash and Cash Equivalents at Beginning of Period $12,676 $14,761 
Restricted Cash at Beginning of Period (1)
50 951 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period$12,726 $15,712 
Cash and Cash Equivalents at End of Period$17,403 $17,831 
Restricted Cash at End of Period (1)
 50 
Cash, Cash Equivalents, and Restricted Cash at End of Period$17,403 $17,881 
(1)Restricted cash represents the amount held as collateral for certain of our letters of credit.
Revenue Recognition We recognize revenue at an amount that reflects the consideration to which we expect to be entitled in exchange for transferring goods or services to a customer, using a five-step process, in accordance with ASC 606 Revenue from Contracts with Customers (ASC 606).
Under ASC 606, remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2020. A certain fresh water delivery affiliate revenue agreement contains a minimum volume commitment for the delivery of fresh water for a fixed fee per barrel with annual percentage escalations. The following table includes estimated revenues, as of September 30, 2020, for the agreement. Our actual volumes delivered may exceed the future minimum volume commitment.
(in thousands)Midstream Services — Affiliate
Remainder of 2020$9,368 
202137,635 
Total$47,003 
Note 3. Transactions with Affiliates
Revenues We derive a substantial portion of our revenues from commercial agreements with Noble. Revenues generated from commercial agreements with Noble and its affiliates consist of the following:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
Gathering and Processing$80,030 $90,586 $251,999 $244,102 
Fresh Water Delivery8,420 20,847 42,319 66,801 
Other504 791 2,159 2,393 
    Total Midstream Services — Affiliate$88,954 $112,224 $296,477 $313,296 



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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Expenses General and administrative expense consists of the following:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
General and Administrative Expense Affiliate
$4,097 $2,045 $10,879 $6,501 
General and Administrative Expense Third Party
2,147 2,328 7,297 7,404 
    Total General and Administrative Expense$6,244 $4,373 $18,176 $13,905 
Omnibus Agreement Our omnibus agreement with Noble contractually requires us to pay a fixed annual fee to Noble for certain administrative and operational support services being provided to us. The omnibus agreement generally remains in full force and effect so long as Noble controls our General Partner. The cap on the initial rate of $6.9 million expired in September 2019 and we completed the annual fee redetermination process during February 2020. The redetermined rate is $15.7 million and became effective March 1, 2020.
Note 4. Property, Plant and Equipment
Property, plant and equipment, at cost, is as follows:
(in thousands)
September 30, 2020December 31, 2019
Gathering and Processing Systems
$1,905,444 $1,795,957 
Fresh Water Delivery Systems
95,832 96,004 
Construction-in-Progress (1)
62,635 115,034 
Total Property, Plant and Equipment, at Cost
2,063,911 2,006,995 
Accumulated Depreciation and Amortization(297,181)(244,038)
Property, Plant and Equipment, Net
$1,766,730 $1,762,957 
(1)Construction-in-progress at September 30, 2020 primarily includes $49.4 million in gathering system projects and $11.6 million in equipment for use in future projects. Construction-in-progress at December 31, 2019 primarily includes $98.4 million in gathering system projects and $15.4 million in equipment for use in future projects.
Note 5. Debt
Debt consists of the following:
September 30, 2020December 31, 2019
(in thousands, except percentages)DebtInterest RateDebtInterest Rate
Revolving Credit Facility, due March 9, 2023 (1)
$745,000 1.60 %$595,000 3.11 %
Term Loan Credit Facility, due July 31, 2021500,000 1.35 %500,000 2.85 %
Term Loan Credit Facility, due August 23, 2022400,000 1.23 %400,000 2.74 %
Finance Lease Obligation2,048  %2,005  %
Total1,647,048 1,497,005 
Unamortized Debt Issuance Costs(696)(1,326)
Total Debt1,646,352 1,495,679 
Less Amounts Due Within One Year
Term Loan Credit Facility, due July 31, 2021, Net(499,705) 
Finance Lease Obligation(2,048) 
Long-Term Debt$1,144,599 $1,495,679 
(1)Our revolving credit facility has a total borrowing capacity of $1.15 billion. As of September 30, 2020 and December 31, 2019, our revolving credit facility had $405 million and $555 million available for borrowing, respectively.
During the first nine months of 2020, we borrowed a net $150 million under our revolving credit facility. Proceeds from our revolving credit facility were utilized to fund portions of our capital contributions to investments, capital program and for working capital purposes.
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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Compliance with Covenants The revolving credit facility and term loan credit facilities require us to comply with certain financial covenants as of the end of each fiscal quarter. We were in compliance with such covenants as of September 30, 2020.
Fair Value of Long-Term Debt Our revolving credit facility and term loan credit facilities are variable-rate, non-public debt. The fair value of our revolving credit facility and term loan credit facilities approximates the carrying amount. The fair value is estimated based on observable inputs. As such, we consider the fair value of these facilities to be a Level 2 measurement on the fair value hierarchy.
Note 6. Investments
We have ownership interests in the following entities:
3.33% interest in White Cliffs;
50% interest in Advantage;
50% interest in Delaware Crossing;
15% interest in EPIC Y-Grade;
30% interest in EPIC Crude;
15% interest in EPIC Propane; and
20% interest in Saddlehorn.
Delaware Crossing In first quarter 2019, we executed definitive agreements with Salt Creek Midstream LLC and completed the formation of Delaware Crossing, a crude oil pipeline system in the Delaware Basin which began delivering crude oil into all connection points in April 2020. During the first nine months of 2020, we made capital contributions of approximately $14.9 million.
EPIC Y-Grade In first quarter 2019, we exercised and closed an option with EPIC Midstream Holdings, LP (“EPIC”) to acquire an interest in EPIC Y-Grade, which owns the EPIC Y-Grade pipeline from the Delaware Basin to Corpus Christi, Texas. Interim crude service on the EPIC Y-Grade mainline ended in March 2020. EPIC Y-Grade began the transition to natural gas liquid (“NGL”) service in May 2020 and commenced full commercial service of its first new build fractionator in July 2020. During the first nine months of 2020, we made capital contributions of approximately $29.7 million. Additionally, our loan to EPIC Y-Grade plus accrued interest was converted to equity and treated as a capital contribution to EPIC Y-Grade. See Note 2. Basis of Presentation.
EPIC Crude In first quarter 2019, we exercised an option with EPIC to acquire an interest in EPIC Crude, and on March 8, 2019, we closed the option to acquire the interest. EPIC Crude has been engaged in the construction of the EPIC crude oil pipeline from the Delaware Basin to Corpus Christi, Texas. Construction of the EPIC Crude pipeline was completed, and the pipeline was commissioned in February 2020 and entered full service on April 1, 2020. During the first nine months of 2020, we made capital contributions of approximately $54.0 million.
EPIC Propane In December 2019, we exercised and closed an option with EPIC to acquire an interest in EPIC Propane, which is constructing a propane pipeline that will run from the EPIC Y-Grade Logistics, LP fractionator complex in Robstown, Texas to the Phillips 66 petrochemical facility in Sweeney, Texas, with additional connectivity to the Markham underground storage caverns. EPIC Propane completed construction of its first new build fractionator in June 2020. During the first nine months of 2020, we made capital contributions of approximately $8.4 million.
Saddlehorn Pipeline In first quarter 2020, Black Diamond exercised and closed an option to acquire a 20% ownership interest in Saddlehorn for $160 million, or $87.0 million net to the Partnership. Greenfield Member contributed $73.0 million for its portion of the purchase price. Black Diamond purchased a 10% interest from each of Magellan Midstream Partners, L.P. (“Magellan”) and Plains All American Pipeline, L.P. (“Plains”). After the transaction, Magellan and Plains each own a 30% membership interest and Black Diamond and Western Midstream each own a 20% membership interest in Saddlehorn. Magellan continues to serve as operator of the Saddlehorn pipeline.

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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

The following table presents our investments at the dates indicated:
(in thousands)September 30, 2020December 31, 2019
White Cliffs$10,319 $10,268 
Advantage71,201 76,834 
Delaware Crossing81,992 68,707 
EPIC Y-Grade183,655 162,850 
EPIC Crude381,073 339,116 
EPIC Propane11,396 3,003 
Saddlehorn159,832  
Total Investments$899,468 $660,778 
The following table presents our investment loss (income) for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
White Cliffs$(451)$(716)$(1,715)$(2,605)
Advantage(1,278)(1,867)(4,665)(5,621)
Delaware Crossing1,235 512 2,707 2,050 
EPIC Y-Grade20,138 2,000 33,733 3,054 
EPIC Crude5,840 6,130 14,713 9,375 
EPIC Propane63  124  
Saddlehorn(7,045) (17,383) 
Other (1)
(434)(438)(1,307)(1,225)
Total Investment Loss, Net$18,068 $5,621 $26,207 $5,028 
(1)Represents income associated with our fee for serving as the operator of Advantage and Delaware Crossing.
Note 7. Segment Information
We manage our operations by the nature of the services we offer. Our reportable segments comprise the structure used to make key operating decisions and assess performance. We are organized into the following reportable segments: Gathering Systems (primarily includes crude oil gathering, natural gas gathering and processing, produced water gathering, and crude oil sales), Fresh Water Delivery, Investments in Midstream Entities and Corporate. We often refer to the services of our Gathering Systems and Fresh Water Delivery reportable segments collectively as our midstream services.

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Noble Midstream Partners LP
Notes to Consolidated Financial Statements (Unaudited)

Summarized financial information concerning our reportable segments is as follows:
(in thousands)Gathering SystemsFresh Water DeliveryInvestments in Midstream Entities
Corporate (1)
Consolidated
Three Months Ended September 30, 2020
Midstream Services — Affiliate$80,534 $8,420 $ $ $88,954 
Midstream Services — Third Party20,610 1,628   22,238 
Crude Oil Sales — Third Party76,173    76,173 
Total Revenues177,317 10,048   187,365 
Income (Loss) Before Income Taxes59,703