CONE Midstream Reports Second Quarter Results

Company Release - 8/7/2017 6:45 AM ET

CANONSBURG, Pa., Aug. 07, 2017 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) ("CONE Midstream" or the "Partnership") today reported financial and operational results for the three months ended June 30, 2017(1).

Second Quarter Results

Highlights of second quarter 2017 results attributable to the Partnership as compared to the second quarter of 2016 include:(2)

  • Net income of $29.0 million as compared to $23.2 million
  • Average daily throughput volumes of 981 billion Btu per day (BBtu/d) as compared to 857 BBtu/d
  • Net cash provided by operating activities of $42.3 million as compared to $41.8 million
  • Adjusted EBITDA(3) of $34.4 million as compared to $26.9 million
  • Distributable cash flow (DCF)(3) of $29.6 million as compared to $23.6 million
  • Cash distribution coverage(3) of 1.50x on an as-declared basis

Management Comment

"Second quarter financial and operating results were in-line with expectations," said John T. Lewis, Chief Executive Officer of CONE Midstream GP LLC (the "General Partner").  "Benefiting from the fourth quarter 2016 acquisition of the remaining 25% interest in the Anchor Systems and our continuing attention to operating cost control, net income attributable to the Partnership, Adjusted EBITDA and distributable cash flow all increased by approximately 25% as compared to the second quarter of 2016.  These results keep us on-track to achieve full year 2017 results in line with our current EBITDA and DCF guidance.

"I would also like to highlight the June 28th closing of Noble Energy's sale of their Appalachian acreage position in southwestern Pennsylvania and West Virginia to HG Energy," continued Mr. Lewis.  "We are pleased to welcome HG as a new shipper on the CONE system and are actively engaged with them to provide gathering services to support and increase their current production as well as the future development of their acquired acreage."

Quarterly Distribution

As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of  $0.2922 per unit with respect to the second quarter of 2017.  The distribution payment will be made on August 14, 2017 to unitholders of record at the close of business on August 4, 2017. The distribution, which equates to an annual rate of $1.1688 per unit, represents an increase of 3.6% over the prior quarter and an increase of 15.1% over the distribution paid with respect to the second quarter of 2016.

Capital Investment and Resources

CONE Midstream's allocated second quarter 2017 share of investment in expansion projects was $6.4 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $7.7 million. CONE Midstream's respective share of maintenance capital expenditures for the three development companies for the second quarter of 2017 was $3.7 million.  Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $4.6 million.

As of June 30, 2017,  CONE Midstream had outstanding borrowings of $161.0 million under its $250 million revolving credit facility and a cash balance of $4.9 million.

Second Quarter Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss second quarter 2017 financial and operational results and 2017 guidance, is scheduled for August 7, 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 by using the link posted on the "Events" page of our website, www.conemidstream.com, or at  http://services.choruscall.com/links/cnnx170807.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/cnnx170807.html shortly after the conclusion of the conference call.  A telephonic replay will be available through August 21, 2017 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10110565.

_____________
(1)Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies jointly owned by the Partnership and CONE Gathering LLC (“CONE Gathering”).  The Partnership's current economic 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 owns non-controlling interests in the Partnership’s development companies.
  
(2)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%.  As such, net results for the second quarter 2017 include 100% of the Anchor Systems, and net results for the second quarter 2016 include only 75% of the Anchor Systems.
  
(3)Adjusted EBITDA and DCF are not measures that are recognized under accounting principles generally accepted in the U.S. (“GAAP”).  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.
  

* * * * *

CONE Midstream Partners LP is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin 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. More information is available on our website www.conemidstream.com.

* * * * *

This press release serves a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b).  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 non-U.S. 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 June 30, Six Months Ended June 30,
 2017 2016 2017 2016
Revenue       
Gathering revenue — related party$55,667  $58,407  $114,625  $120,655 
Gathering revenue — third party867    867   
Total Revenue56,534  58,407  115,492  120,655 
Expenses       
Operating expense — related party7,089  7,078  14,717  15,422 
Operating expense — third party5,957  7,879  12,590  16,553 
General and administrative expense — related party2,715  2,213  5,651  3,897 
General and administrative expense — third party981  1,153  2,120  2,147 
Loss on asset sales3,241  10,083  3,914  10,083 
Depreciation expense5,675  5,152  11,346  9,992 
Interest expense1,124  381  2,162  800 
Total Expense26,782  33,939  52,500  58,894 
Net Income29,752  24,468  62,992  61,761 
Less: Net income attributable to noncontrolling interest761  1,251  3,934  13,755 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,991  $23,217  $59,058  $48,006 
        
Calculation of Limited Partner Interest in Net Income:       
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,991  $23,217  $59,058  $48,006 
Less: General partner interest in net income, including incentive distribution rights1,305  464  2,434  960 
Limited partner interest in net income$27,686  $22,753  $56,624  $47,046 
        
Net income per Limited Partner unit - Basic$0.44  $0.39  $0.89  $0.81 
Net Income per Limited Partner unit - Diluted$0.44  $0.39  $0.89  $0.81 
        
Limited Partner units outstanding - Basic63,585  58,343  63,575  58,343 
Limited Partner unit outstanding - Diluted63,644  58,415  63,630  58,397 
        
Cash distributions declared per unit (*)$0.2922  $0.2540  $0.5743  $0.4990 


(*)Represents the cash distributions declared during the month following the end of each respective quarterly period.


CONE MIDSTREAM PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of units)
(unaudited)
 
 June 30,
 2017
 December 31,
 2016
ASSETS   
Current Assets:   
Cash$4,866  $6,421 
Receivables — related party18,425  22,434 
Receivables — third party5,243   
Other current assets1,914  2,181 
   Total Current Assets30,448  31,036 
Property and Equipment:   
Property and equipment940,208  930,732 
Less — accumulated depreciation62,394  52,172 
Property and Equipment — Net877,814  878,560 
Other assets675  8,961 
   TOTAL ASSETS$908,937  $918,557 
    
LIABILITIES AND EQUITY   
Current Liabilities:   
Accounts payable$18,880  $18,007 
Accounts payable — related party2,728  8,289 
   Total Current Liabilities21,608  26,296 
Other Liabilities:   
Revolving credit facility161,000  167,000 
   Total Liabilities182,608  193,296 
Partners' Capital:   
Common units (34,422,212 units issued and outstanding at June 30, 2017 and 34,363,371 units issued and outstanding at December 31, 2016)430,171  418,352 
Subordinated units (29,163,121 units issued and outstanding at June 30, 2017 and December 31, 2016)(56,185) (65,986)
General partner interest(1,451) (2,311)
Partners' capital attributable to CONE Midstream Partners LP372,535  350,055 
Noncontrolling interest353,794  375,206 
   Total Partners' Capital726,329  725,261 
      TOTAL LIABILITIES AND PARTNERS' CAPITAL$908,937  $918,557 


 
CONE MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
  Three Months Ended
June 30,
 2017 2016
Cash Flows from Operating Activities:   
Net Income$29,752  $24,468 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation expense and amortization of debt issuance costs5,717  5,193 
Unit-based compensation367  219 
Loss on asset sales3,241  10,083 
Other84  (132)
Changes in assets and liabilities:   
   Receivables — related party4,467  4,434 
   Receivables — third party(867)  
   Other current and non-current assets3,571  453 
   Accounts payable(1,259) (3,064)
   Accounts payable — related party(2,815) 123 
Net Cash Provided by Operating Activities42,258  41,777 
    
Cash Flows from Investing Activities:   
Capital expenditures(12,223) (9,338)
Proceeds from sale of assets14,000   
Net Cash Provided by (Used in) Investing Activities1,777  (9,338)
    
Cash Flows from Financing Activities:   
Contributions to (distributions from) general partners and noncontrolling interest holders, net
(25,345)  
Quarterly distributions to unitholders(18,842) (14,593)
Net payments on revolving credit facility(1,000) (27,000)
Vested units withheld for unitholders taxes  (23)
Net Cash Used In Financing Activities(45,187) (41,616)
    
Net Decrease in Cash(1,152) (9,177)
Cash at Beginning of Period6,018  14,273 
Cash at End of Period$4,866  $5,096 


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

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 alternatives 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 that other companies may use.

Distributable Cash Flow

We define distributable cash flow as Adjusted EBITDA less net income attributable to noncontrolling interest, cash interest paid and maintenance capital expenditures, each net to the Partnership. 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 that other companies may use.

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


     
  Three Months Ended June 30, Six Months Ended June 30,
(unaudited) 2017 2016 2017 2016
Net Income $29,752  $24,468  $62,992  $61,761 
Depreciation expense 5,675  5,152  11,346  9,992 
Interest expense 1,124  381  2,162  800 
EBITDA 36,551  30,001  76,500  72,553 
Non-cash unit-based compensation expense 367  219  650  355 
Loss on asset sales 3,241  10,083  3,914  10,083 
Adjusted EBITDA 40,159  40,303  81,064  82,991 
Less:        
Net income attributable to noncontrolling interest 761  1,251  3,934  13,755 
Depreciation expense attributable to noncontrolling interest 1,833  2,409  3,663  4,694 
Other expenses attributable to noncontrolling interest 112  127  194  316 
Loss on asset sales attributable to noncontrolling interest 3,079  9,579  3,718  9,579 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $34,374  $26,937  $69,555  $54,647 
Less:  cash interest paid, net 1,079  254  2,079  484 
Less:  maintenance capital expenditures, net of reimbursements 3,715  3,112  7,596  5,951 
Distributable Cash Flow $29,580  $23,571  $59,880  $48,212 
         
Net Cash Provided by Operating Activities $42,258  $41,777  $76,434  $82,957 
Interest expense 1,124  381  2,162  800 
Loss on asset sales 3,241  10,083  3,914  10,083 
Other, including changes in working capital (6,464) (11,938) (1,446) (10,849)
Adjusted EBITDA 40,159  40,303  81,064  82,991 
Less:        
Net income attributable to noncontrolling interest 761  1,251  3,934  13,755 
Depreciation expense attributable to noncontrolling interest 1,833  2,409  3,663  4,694 
Other expense attributable to noncontrolling interest 112  127  194  316 
Loss on asset sales attributable to noncontrolling interest 3,079  9,579  3,718  9,579 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $34,374  $26,937  $69,555  $54,647 
Less:  cash interest paid, net 1,079  254  2,079  484 
Less:  maintenance capital expenditures, net of reimbursements 3,715  3,112  7,596  5,951 
Distributable Cash Flow $29,580  $23,571  $59,880  $48,212 


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) Q3 2016 Q4 2016 Q1 2017 Q2 2017 Twelve Months Ended June 30, 2017
Net Income $36,381  $31,978  $33,240  $29,752  $131,351 
Depreciation expense 5,392  5,818  5,671  5,675  22,556 
Interest expense 305  694  1,038  1,124  3,161 
EBITDA 42,078  38,490  39,949  36,551  157,068 
Non-cash unit-based compensation expense 222  198  283  367  1,070 
Loss on asset sales     673  3,241  3,914 
Adjusted EBITDA 42,300  38,688  40,905  40,159  162,052 
Less:          
Net income attributable to noncontrolling interest 12,750  7,130  3,173  761  23,814 
Depreciation expense attributable to noncontrolling interest 2,589  2,313  1,830  1,833  8,565 
Other expenses attributable to noncontrolling interest 205  100  82  112  499 
Loss on asset sales attributable to noncontrolling interest     639  3,079  3,718 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $26,756  $29,145  $35,181  $34,374  $125,456 
Less:  cash interest paid, net 198  628  1,000  1,079  2,905 
Less:  maintenance capital expenditures, net of reimbursements 3,283  3,837  3,881  3,715  14,716 
Distributable Cash Flow $23,275  $24,680  $30,300  $29,580  $107,835 
           
Net Cash Provided by Operating Activities $39,981  $37,151  $34,176  $42,258  $153,566 
Interest expense 305  694  1,038  1,124  3,161 
Loss on asset sales     673  3,241  3,914 
Other, including changes in working capital 2,014  843  5,018  (6,464) 1,411 
Adjusted EBITDA 42,300  38,688  40,905  40,159  162,052 
Less:          
Net income attributable to noncontrolling interest 12,750  7,130  3,173  761  23,814 
Depreciation expense attributable to noncontrolling interest 2,589  2,313  1,830  1,833  8,565 
Other expenses attributable to noncontrolling interest 205  100  82  112  499 
Loss on asset sales attributable to noncontrolling interest     639  3,079  3,718 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $26,756  $29,145  $35,181  $34,374  $125,456 
Less:  cash interest paid, net 198  628  1,000  1,079  2,905 
Less:  maintenance capital expenditures, net of reimbursements 3,283  3,837  3,881  3,715  14,716 
Distributable Cash Flow $23,275  $24,680  $30,300  $29,580  $107,835 
Distributions Declared $15,827  $18,004  $18,842  $19,698  $72,371 
Distribution Coverage Ratio - Declared 1.47x 1.37x 1.61x 1.50x 1.49x
           
Distributable Cash Flow $23,275  $24,680  $30,300  $29,580  $107,835 
Distributions Paid $15,209  $15,827  $18,004  $18,842  $67,882 
Distribution Coverage Ratio - Paid 1.53x 1.56x 1.68x 1.57x 1.59x


The following table presents a reconciliation of the non-GAAP measures of the Partnership's projected adjusted EBITDA and projected distributable cash flow with the most directly comparable GAAP financial measure, which is projected net income.  The following projections represent the approximate midpoint of the previously announced full year 2017 expected guidance ranges of adjusted EBITDA ($128-$138 million) and full year distributable cash flow ($105-$115 million) attributable to the Partnership.  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 are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.


(unaudited) (in millions) Forecast 2017 (E)
Net Income $137.4 
Depreciation expense 23.2 
Interest expense 5.4 
EBITDA 166.0 
Non-cash unit-based compensation expense 0.8 
Adjusted EBITDA 166.8 
Less:  
Net income attributable to noncontrolling interest 17.4 
Depreciation and other expenses attributable to noncontrolling interest 16.2 
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $133.2 
Less:  cash interest paid, net 5.1 
Less:  maintenance capital expenditures, net of reimbursements 17.5 
Distributable Cash Flow $110.6 


The Partnership is unable to project net cash provided by operating activities or provide the related reconciliation of projected net cash provided by operating activities to projected distributable cash flow, the most comparable financial measure calculated in accordance with GAAP, because net cash provided by operating activities includes the impact of changes in operating assets and liabilities. Changes in operating assets and liabilities relate to the timing of the Partnership’s cash receipts and disbursements that may not relate to the period in which the operating activities occurred, and the Partnership is unable to project these timing differences with any reasonable degree of accuracy.


 
Development Companies Jointly Owned by CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
 
 Three Months Ended June 30, 2017
  Development Company
 Anchor Growth Additional  TOTAL
Income Summary       
Revenue$46,799  $2,018  $7,717  $56,534 
Expenses17,849  1,512  7,421  26,782 
Net Income28,950  506  296  29,752 
Less: Net income attributable to noncontrolling interest  480  281  761 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,950  $26  $15  $28,991 
        
Operating Statistics - Gathered Volumes       
Dry gas (BBtu/d)589  47  11  647 
Wet gas (BBtu/d)373  4  190  567 
Condensate (MMcfe/d)6    3  9 
Total Gathered Volumes968  51  204  1,223 
        
Total Volumes Net to CONE Midstream Partners LP968  3  10  981 
        
Capital Investment       
Maintenance capital$3,670  $210  $681  $4,561 
Expansion capital6,326  172  1,164  7,662 
Total Capital Investment$9,996  $382  $1,845  $12,223 
        
Capital Investment Net to CONE Midstream Partners LP       
Maintenance capital$3,670  $11  $34  $3,715 
Expansion capital6,326  8  58  6,392 
Total Capital Investment Net to CONE Midstream Partners LP$9,996  $19  $92  $10,107 


 
Development Companies Jointly Owned by CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
 
 Three Months Ended June 30, 2016
  Development Company
 Anchor Growth Additional  TOTAL
Income Summary       
Revenue$48,855  $2,708  $6,844  $58,407 
Expenses17,437  11,959  4,543  33,939 
Net Income31,418  (9,251) 2,301  24,468 
Less: Net income attributable to noncontrolling interest7,854  (8,789) 2,186  1,251 
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$23,564  $(462) $115  $23,217 
        
Operating Statistics - Gathered Volumes       
Dry gas (BBtu/d)775  64  16  855 
Wet gas (BBtu/d)347  6  132  485 
Condensate (MMcfe/d)6    6  12 
Total Gathered Volumes1,128  70  154  1,352 
        
Total Volumes Net to CONE Midstream Partners LP846  4  8  857 
        
Capital Investment       
Maintenance capital$4,080  $159  $898  $5,137 
Expansion capital2,990    1,211  4,201 
Total Capital Investment$7,070  $159  $2,109  $9,338 
        
Capital Investment Net to CONE Midstream Partners LP       
Maintenance capital$3,059  $8  $45  $3,112 
Expansion capital2,243    61  2,304 
Total Capital Investment Net to CONE Midstream Partners LP$5,302  $8  $106  $5,416 

 

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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