CONE Midstream Reports Fourth Quarter and Full Year 2016 Results and Announces 2017 Guidance

Company Release - 2/16/2017 6:45 AM ET

CANONSBURG, Pa., Feb. 16, 2017 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) (“CONE Midstream” or the “Partnership”) today reported financial and operational results for the three months and the full year ending December 31, 2016.(1)  The Partnership also announced financial guidance for 2017.

Fourth Quarter Results

Highlights of fourth quarter 2016 results attributable to the Partnership as compared to the fourth quarter of 2015 include:

  • Net income of $24.8 million as compared to $22.5 million
  • Average daily throughput volumes of 933 billion Btu per day (BBtu/d) as compared to 760 BBtu/d 
  • Net cash provided by operating activities of $37.2 million as compared to $16.7 million
  • Adjusted EBITDA(2) of $29.1 million as compared to $25.2 million
  • Distributable cash flow (DCF)(2) of $24.7 million as compared to $22.4 million
  • Cash distribution coverage(2) of 1.37x on an as declared basis

Full Year 2016 Results

Highlights of full year 2016 results attributable to the Partnership as compared to full year 2015 include:

  • Net income of $96.5 million as compared to $71.2 million
  • Net cash provided by operating activities of $160.1 million as compared to $116.0 million
  • Adjusted EBITDA(2) of $110.5 million as compared to $80.3 million
  • Distributable cash flow (DCF)(2) of $96.2 million as compared to $70.9 million

Management Comment

"Our fourth quarter capped another year of growth and strong financial and operating performance for CONE Midstream," said John T. Lewis, Chief Executive Officer of CONE Midstream GP LLC (the "General Partner").  "For the full year 2016, CNNX reported a 35% increase in net income, a 38% increase in net cash provided by operating activities, a 38% increase in Adjusted EBITDA over 2015 results, and distributable cash flow for the year grew by 36%.  Our cash distribution with respect to the fourth quarter of $0.2724 per unit represents a 15.3% increase over the distribution paid with respect to the fourth quarter of 2015.

"In addition, the quarter saw two significant events for CONE," continued Mr. Lewis.  "We completed the acquisition of the remaining interest in the Anchor Systems, which will provide additional support for distribution growth for the future.  Also, our Sponsors announced and closed a transaction to separate their upstream joint venture, allowing each Sponsor to have more flexibility in the timing and pace of development."

Quarterly Distribution

As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of $0.2724 per unit with respect to the fourth quarter of 2016.  The distribution payment was made on February 14, 2017 to unitholders of record on February 6, 2017.  The distribution, which equates to an annual rate of $1.0896 per unit, represents an increase of 3.6% over the third quarter of 2016 and an increase of 15.3% over the distribution paid with respect to the fourth quarter of 2015.

Capital Investment and Resources

CONE Midstream's allocated fourth quarter 2016 share of investment in expansion projects was $4.8 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $4.9 million.  CONE Midstream's respective share of maintenance capital expenditures for the three development companies for fourth quarter 2016 was $3.8 million.  Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $5.3 million.

As of December 31, 2016, CONE Midstream had outstanding borrowings of $167 million under its $250 million revolving credit facility.

2017 Guidance

Based on current expectations, management is providing the following guidance for 2017. Full year 2017 Adjusted EBITDA(2) attributable to the Partnership is expected to be in the range of $128 to $138 million and full year distributable cash flow(2) attributable to the Partnership is expected to be in the range of $105 to $115 million. Management currently anticipates that 2017 capital expenditures attributable to the Partnership will be in the range of $65 to $75 million, of which approximately $17 to $18 million will be for maintenance capital.

CONE Midstream’s financial guidance is based on numerous assumptions about future events and conditions and, therefore, could vary materially from actual results. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.

Fourth Quarter and Full Year 2016 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss fourth quarter and full year 2016 financial and operational results and guidance for 2017, is scheduled for February 16, 2017 at 11:00 a.m. Eastern Time.  Prepared remarks by members of management will be followed by a question and answer period.  Interested parties may listen via webcast at http://services.choruscall.com/links/cnnx170216.html. Participants who would like to ask questions may join the conference by phone at 888-349-0097 (international 412-902-0126) five to ten minutes prior to the scheduled start time (reference the CONE Midstream call).  An on-demand replay of the webcast will be also be available at http://services.choruscall.com/links/cnnx170216.html shortly after the conclusion of the conference call.  A telephonic replay will be available through March 2, 2017 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10099756.

_______________

(1) Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies that have been jointly owned by the Partnership and CONE Gathering LLC (“CONE Gathering”) since completion of the Partnership’s initial public offering ("IPO") in September 2014.  Effective November 16, 2016, the Partnership acquired the remaining 25% controlling interest in the Anchor Systems, which brought its controlling interest in that system to 100%.  The Partnership's current financial interests in the development companies are: 100% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems.  Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results.  CONE Gathering is a midstream joint venture formed by CONSOL Energy Inc. and Noble Energy, Inc. that continues to own noncontrolling interests in two of the Partnership’s development companies.

(2) Adjusted EBITDA, DCF and cash distribution coverage are not Generally Accepted Accounting Principles (“GAAP”) measures.  Definitions and reconciliations of these non-GAAP measures to their nearest comparable GAAP reporting measures appear in the financial tables which follow.

* * * * *

CONE Midstream Partners is a master limited partnership formed by CONSOL Energy Inc. (NYSE:CNX) and Noble Energy, Inc. (NYSE:NBL), referred to as our Sponsors, to own, operate, develop and acquire natural gas gathering and other midstream energy assets to service our Sponsors' production in the Marcellus Shale in Pennsylvania and West Virginia.  Our assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities.

* * * * *

This press release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of CONE Midstream’s distributions to non-U.S. investors as being attributed to income that is effectively connected with a United States trade or business.  Accordingly, CONE Midstream's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.  Nominees, and not CONE Midstream, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

* * * * *

This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "will," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. You should not place undue reliance on forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  You should not place undue reliance on forward-looking statements.

Although forward-looking statements reflect our good faith beliefs at the time they are made, they involve known and unknown risks, uncertainties and other factors.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, including, among others, that our business plans may change as circumstances warrant, please refer to the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

 
CONE MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit data)
(unaudited)
 
  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2016 2015 2016 2015
Revenue        
Gathering revenue — related party $57,827  $58,785  $239,211  $203,423 
Total Revenue 57,827  58,785  239,211  203,423 
         
Expenses        
Operating expense — third party 6,084  6,781  30,405  28,987 
Operating expense — related party 7,140  7,858  29,771  29,937 
General and administrative expense — third party 1,978  911  5,174  4,444 
General and administrative expense — related party 4,135  2,251  10,656  8,636 
Pipe revaluation     10,083   
Depreciation expense 5,818  4,623  21,201  15,053 
Interest expense 694  565  1,799  835 
Total Expense 25,849  22,989  109,089  87,892 
Net Income 31,978  35,796  130,122  115,531 
Less: Net income attributable to noncontrolling interest 7,130  13,330  33,636  44,284 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $24,848  $22,466  $96,486  $71,247 
         
Calculation of Limited Partner Interest in Net Income:        
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $24,848  $22,466  $96,486  $71,247 
Less: General partner interest in net income, including incentive distribution rights 1,093  449  2,526  1,425 
Limited partner interest in net income $23,755  $22,017  $93,960  $69,822 
         
Net income per limited partner unit - Basic $0.38  $0.38  $1.59  $1.20 
Net Income per limited partner unit - Diluted $0.38  $0.38  $1.58  $1.20 
         
Limited partner unit outstanding - Basic 61,799  58,326  59,207  58,326 
Limited partner unit outstanding - Diluted 61,911  58,337  59,289  58,340 


CONE MIDSTREAM PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of units)
 
  (Unaudited)  
  December 31,
 2016
 December 31,
 2015
ASSETS    
Current Assets:    
Cash $6,421  $217 
Receivables — related party 22,434  36,418 
Inventory   18,916 
Other current assets 2,181  2,037 
Total Current Assets 31,036  57,588 
Property and Equipment:    
Property and equipment 930,732  897,918 
Less — accumulated depreciation 52,172  31,609 
Property and Equipment — Net 878,560  866,309 
Other assets 8,961  528 
TOTAL ASSETS $918,557  $924,425 
     
LIABILITIES AND EQUITY    
Current Liabilities:    
Accounts payable $18,007  $46,155 
Accounts payable — related party 8,289  1,628 
Total Current Liabilities 26,296  47,783 
Other Liabilities:    
Revolving credit facility 167,000  73,500 
Total Liabilities 193,296  121,283 
Partners' Capital:    
Common units - (34,363,371 units issued and outstanding at December 31, 2016 and 29,163,121 units issued and outstanding at December 31, 2015) 418,352  399,399 
Subordinated units (29,163,121 units issued and outstanding at December 31, 2016 and 2015) (65,986) (82,900)
General partner interest (2,311) (3,389)
Partners' capital attributable to CONE Midstream Partners LP 350,055  313,110 
Noncontrolling interest 375,206  490,032 
Total Partners' Capital 725,261  803,142 
TOTAL LIABILITIES AND PARTNERS' CAPITAL $918,557  $924,425 


CONE MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 Year Ended December 31,
 2016 2015
 (Unaudited)  
Cash Flows from Operating Activities:   
Net Income$130,122  $115,531 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation expense and amortization of debt issuance costs21,364  15,217 
Unit-based compensation775  402 
Pipe revaluation10,083   
Other695   
Changes in assets and liabilities:   
Receivables — related party7,265  (3,148)
Other current and non-current assets(144) (673)
Accounts payable(16,691) (10,954)
Accounts payable - related party6,620  (358)
Net Cash Provided by Operating Activities160,089  116,017 
    
Cash Flows from Investing Activities:   
Capital expenditures(50,660) (291,211)
Proceeds from sale of assets5,332   
Net Cash Used in Investing Activities(45,328) (291,211)
    
Cash Flows from Financing Activities:   
Partner and noncontrolling interest holder activity(2,344) 182,053 
Quarterly distribution to unitholders(59,690) (52,094)
Net proceeds on revolving credit facility93,500  42,200 
Vested units withheld for unitholder taxes(23)  
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems (140,000)  
Net Cash (Used In) Provided by Financing Activities(108,557) 172,159 
    
Net Increase (Decrease) in Cash6,204  (3,035)
Cash at Beginning of Period217  3,252 
Cash at End of Period$6,421  $217 


CONE MIDSTREAM PARTNERS LP
SUPPLEMENTAL STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
 Three Months Ended December 31,
 2016 2015
Cash Flows from Operating Activities:   
Net income$31,978  $35,796 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation expense and amortization of debt issuance costs5,857  4,664 
Unit-based compensation198  92 
Other115   
Changes in assets and liabilities:   
Receivables — related party(2,146) (2,046)
Other current and non-current assets(750) (1,133)
Accounts payable(4,728) (15,482)
Accounts payable — related party6,627  (5,142)
Net Cash Provided by Operating Activities37,151  16,749 
    
Cash Flows from Investing Activities:   
Capital expenditures(10,194) (58,261)
Proceeds from sale of assets5,095   
Net Cash Used in Investing Activities(5,099) (58,261)
    
Cash Flows from Financing Activities:   
Partners and noncontrolling interest holders activity  37,093 
Quarterly distribution to unitholders
(15,827) (13,569)
Net proceeds on revolver credit facility126,000  17,000 
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems (140,000)  
Net Cash (Used In) Provided By Financing Activities(29,827) 40,524 
    
Net Increase (Decrease) in Cash2,225  (988)
Cash at Beginning of Period4,196  1,205 
Cash at End of Period$6,421  $217 
 

CONE MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME TO EBITDA AND DISTRIBUTABLE CASH FLOW
(in thousands)
(unaudited)

Definition of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

We define EBITDA as net income (loss) before net interest expense, depreciation and amortization, and Adjusted EBITDA as EBITDA adjusted for non-cash items which should not be included in the calculation of distributable cash flow. EBITDA and Adjusted EBITDA are used as supplemental financial measures by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

  • our operating performance as compared to those of other companies in the midstream energy industry, without regard to financing methods, historical cost basis or capital structure;
  • the ability of our assets to generate sufficient cash flow to make distributions to our partners;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of EBITDA and Adjusted EBITDA provides information that is useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Adjusted EBITDA are net income and net cash provided by operating activities. EBITDA and Adjusted EBITDA should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, EBITDA and Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

We define distributable cash flow as Adjusted EBITDA less net income attributable to noncontrolling interest, net cash interest paid and maintenance capital expenditures. Distributable cash flow does not reflect changes in working capital balances.

Distributable cash flow is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

  • the ability of our assets to generate cash sufficient to support our indebtedness and make future cash distributions to our unitholders; and
  • the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

We believe that the presentation of distributable cash flow in this release provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities. Distributable cash flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  Distributable cash flow excludes some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, our distributable cash flow may not be comparable to similarly titled measures of other companies.

CONE MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
(in thousands)
(unaudited)

The following table presents a reconciliation of the non-GAAP measures Adjusted EBITDA and distributable cash flow with the most directly comparable GAAP financial measures of net income and net cash provided by operating activities.

  Three Months Ended December 31, Twelve Months Ended December 31,
  2016 2015 2016 2015
Net Income $31,978  $35,796  $130,122  $115,531 
Depreciation expense 5,818  4,623  21,201  15,053 
Interest expense 694  565  1,799  835 
EBITDA 38,490  40,984  153,122  131,419 
Non-cash unit-based compensation 198  92  775  402 
Pipe revaluation     10,083   
Adjusted EBITDA 38,688  41,076  163,980  131,821 
Less:        
Net income attributable to noncontrolling interest 7,130  13,330  33,636  44,284 
Depreciation expense attributable to noncontrolling interest 2,313  2,246  9,597  6,799 
Other expenses attributable to noncontrolling interest 100  331  621  428 
Pipe revaluation attributable to noncontrolling interest     9,579   
Adjusted EBITDA attributable to general and limited partner ownership interest in CONE Midstream Partners LP $29,145  $25,169  $110,547  $80,310 
Less: cash interest paid, net 628  234  1,310  407 
Less: ongoing maintenance capital expenditures, net of expected reimbursements 3,837  2,554  13,071  8,984 
Distributable Cash Flow $24,680  $22,381  $96,166  $70,919 
         
Net Cash Provided by Operating Activities $37,151  $16,749  $160,089  $116,017 
Interest expense 694  565  1,799  835 
Pipe revaluation     10,083   
Other, including changes in working capital 843  23,762  (7,991) 14,969 
Adjusted EBITDA 38,688  41,076  163,980  131,821 
Less:        
Net income attributable to noncontrolling interest 7,130  13,330  33,636  44,284 
Depreciation expense attributable to noncontrolling interest 2,313  2,246  9,597  6,799 
Other expenses attributable to noncontrolling interest 100  331  621  428 
Pipe revaluation attributable to noncontrolling interest     9,579   
Adjusted EBITDA attributable to general and limited partner ownership interest in CONE Midstream Partners LP $29,145  $25,169  $110,547  $80,310 
Less: cash interest paid, net 628  234  1,310  407 
Less: ongoing maintenance capital expenditures, net of expected reimbursements 3,837  2,554  13,071  8,984 
Distributable Cash Flow $24,680  $22,381  $96,166  $70,919 

The following table presents a reconciliation of the non-GAAP measures Adjusted EBITDA and distributable cash flow by quarter and for the most recently completed twelve month period with the most directly comparable GAAP financial measures, which are net income and net cash provided by operating activities.

(unaudited)Q1 2016 Q2 2016 Q3 2016 Q4 2016 Twelve
Months
Ended
December
31, 2016
Net Income$37,295  $24,468  $36,381  $31,978  $130,122 
Depreciation expense4,839  5,152  5,392  5,818  21,201 
Interest expense419  381  305  694  1,799 
EBITDA42,553  30,001  42,078  38,490  153,122 
Non-cash unit-based compensation expense136  219  222  198  775 
Pipe revaluation  10,083      10,083 
Adjusted EBITDA42,689  40,303  42,300  38,688  163,980 
Less:         
Net income attributable to noncontrolling interest12,505  1,251  12,750  7,130  33,636 
Depreciation expenses attributable to noncontrolling interest2,286  2,409  2,589  2,313  9,597 
Other expenses attributable to noncontrolling interest189  127  205  100  621 
Pipe revaluation attributable to noncontrolling interest  9,579      9,579 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$27,709  $26,937  $26,756  $29,145  $110,547 
Less: cash interest paid, net230  254  198  628  1,310 
Less:  ongoing maintenance capital expenditures, net of expected reimbursements2,839  3,112  3,283  3,837  13,071 
Distributable Cash Flow$24,640  $23,571  $23,275  $24,680  $96,166 
          
Net Cash Provided by Operating Activities$41,180  $41,777  $39,981  $37,151  $160,089 
Interest expense419  381  305  694  1,799 
Pipe revaluation  10,083      10,083 
Other, including changes in working capital1,090  (11,938) 2,014  843  (7,991)
Adjusted EBITDA42,689  40,303  42,300  38,688  163,980 
Less:         
Net income attributable to noncontrolling interest12,505  1,251  12,750  7,130  33,636 
Depreciation expense attributable to noncontrolling interest2,286  2,409  2,589  2,313  9,597 
Other expenses attributable to noncontrolling interest189  127  205  100  621 
Pipe revaluation attributable to noncontrolling interest  9,579      9,579 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$27,709  $26,937  $26,756  $29,145  $110,547 
Less: cash interest paid, net230  254  198  628  1,310 
Less:  ongoing maintenance capital expenditures, net of expected reimbursements2,839  3,112  3,283  3,837  13,071 
Distributable Cash Flow$24,640  $23,571  $23,275  $24,680  $96,166 
Distributions Declared$14,591  $15,209  $15,827  $18,004  $63,631 
Distribution Coverage Ratio - Declared1.69x 1.55x 1.47x 1.37x 1.51x
          
Distributable Cash Flow$24,640  $23,571  $23,275  $24,680  $96,166 
Distributions Paid$14,062  $14,591  $15,209  $15,827  $59,689 
Distribution Coverage Ratio - Paid1.75x 1.62x 1.53x 1.56x 1.61x


Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
 
 Three Months Ended December 31, 2016
  Development Company
 Anchor Growth Additional  TOTAL
Income Summary       
Revenue$48,728  $2,173  $6,926  $57,827 
Expenses20,013  1,593  4,243  25,849 
Net Income28,715  580  2,683  31,978 
Less: Net income attributable to noncontrolling interest4,030  551  2,549  7,130 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$24,685  $29  $134  $24,848 
        
Operating Statistics - Gathered Volumes       
Dry gas (BBtu/d)665  59  26  750 
Wet gas (BBtu/d)387  5  155  547 
Condensate (Bcfe/d)4    4  8 
Total Gathered Volumes1,056  64  185  1,305 
        
Total Volumes Net to CONE Midstream Partners LP921  3  9  933 
        
Capital Investment       
Maintenance capital$4,328  $271  $715  $5,314 
Expansion capital5,696  125  (941) 4,880 
Total Capital Investment$10,024  $396  $(226) $10,194 
        
Capital Investment Net to CONE Midstream Partners LP       
Maintenance capital$3,787  $14  $36  $3,837 
Expansion capital4,803  6  (47) 4,762 
Total Capital Investment Net to CONE Midstream Partners LP$8,590  $20  $(11) $8,599 


Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
 
 Three Months Ended December 31, 2015
  Development Company
 Anchor Growth Additional  TOTAL
Income Summary       
Revenue$46,063  $3,080  $9,642  $58,785 
Expenses16,525  1,546  4,918  22,989 
Net Income29,538  1,534  4,724  35,796 
Less: Net income attributable to noncontrolling interest7,385  1,457  4,488  13,330 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$22,153  $77  $236  $22,466 
        
Operating Statistics - Gathered Volumes       
Dry gas (BBtu/d)614  73  11  698 
Wet gas (BBtu/d)372  8  196  576 
Condensate (Bcfe/d)7    10  17 
Total Gathered Volumes993  81  217  1,291 
        
Total Volumes Net to CONE Midstream Partners LP745  4  11  760 
        
Capital Investment       
Maintenance capital$3,333  $352  $725  $4,410 
Expansion capital29,034  188  24,629  53,851 
Total Capital Investment$32,367  $540  $25,354  $58,261 
        
Capital Investment Net to CONE Midstream Partners LP       
Maintenance capital$2,500  $18  $36  $2,554 
Expansion capital21,776  9  1,231  23,016 
Total Capital Investment Net to CONE Midstream Partners LP$24,276  $27  $1,267  $25,570 

 

Contact: Stephen R. Milbourne
CONE Investor Relations
Phone: 724-485-4408
Email: smilbourne@conemidstream.com

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Source: CONE Midstream Partners

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