CANONSBURG, Pa., May 11, 2015 /PRNewswire/ -- CONE Midstream
Partners LP (NYSE: CNNX) ("CONE Midstream" or the "Partnership")
today reported financial and operational results for the three
months ending March 31,
2015.(1)
First Quarter Results
Highlights of first quarter 2015 results attributable to the
Partnership include:
- Net income of $14.2 million
- Average daily throughput volumes of 549 billion Btu per day
(BBtu/d)
- EBITDA(2) of $16.1
million
- Distributable cash flow (DCF)(2) of $14.1 million.
Management Comment
"Financial and operational results for the first quarter were
good and exceeded our expectations," said John T. Lewis, Chairman of the Board and Chief
Executive Officer of CONE Midstream GP LLC (the "General
Partner"). "I am pleased that, as a result, we are increasing
and narrowing the range of our financial guidance for full year
2015 results. Our current expectation is that 2015 EBITDA
attributable to CNNX will be in the range of $66 - $72 million and full year DCF will be in
the range of $55 - $62 million.
With our good first quarter results, the continued progress on
volume and cost initiatives, and increasing clarity on our
Sponsors' 2015 plan, we are increasingly bullish on this year's
performance.
"Although the commodity price environment has changed since our
IPO, we remain committed to multi-year distribution growth in the
15%-20% range. CNNX was designed for growth, and our
development company structure provides the potential for
acquisition and dropdown opportunities to supplement our organic
growth. We anticipate that if our business results
materialize in line with our current expectations, management would
be prepared to recommend beginning to increase our quarterly cash
distribution in the second half of this year."
Quarterly Distribution
As previously announced, the Board of Directors of the General
Partner declared a quarterly cash distribution of $0.2125 per unit with respect to the first
quarter of 2015. The distribution payment will made on
May 15, 2015 to unitholders of record at the close of business
on May 4, 2015.
Capital Investment and Resources
CONE Midstream's allocated first quarter 2015 share of
investment in expansion projects was $21.6
million. Total expansion capital investment at the three
development companies in which CONE Midstream holds controlling
interests was $58.7 million, with
individual development company totals as follows:
- Anchor Systems (Development Company 1): Expansion
investments totaled $26.7 million and
were primarily expended for continued gathering system extensions
and compression capacity expansions at both McQuay and Majorsville
fields.
- Growth Systems (Development Company 2): Expansion
investments totaled $11.4 million and
primarily were expended to complete the connection of two well pads
in Barbour County (WV), and the connection of one well pad in Lewis
County (WV).
- Additional Systems (Development Company 3): Expansion
investments totaled $20.6 million for
the continued construction of Shirley Station, purchase of
materials associated with our Sherwood
South gathering system that will support development of the
Oxford area, and an extension to a new pad in Pennsboro field.
Additional line clearing work was also completed in these areas as
well as the Moundsville and Allegheny County Airport project
areas.
CONE Midstream's respective share of maintenance capital
expenditures for the three development companies for first quarter
2015 was $2.0 million.
Maintenance capital expenditures in the aggregate for the
development companies in which CONE Midstream holds controlling
interests totaled $3.2 million.
As of March 31, 2015, CONE
Midstream had outstanding borrowings of $7.5
million under its $250 million
revolving credit facility.
2015 Guidance
Based on current expectations, management is providing the
following updated guidance for 2015. Full year 2015 EBITDA
attributable to the Partnership, previously projected to be in the
range of $62 - $70 million, is now
expected to be in the range of $66 - $72
million. Full year Distributable Cash Flow
attributable to the Partnership, previously projected to be in the
range of $50 - $60 million, is now
expected to be in the range of $55 - $62
million. 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.
First Quarter Financial and Operational Results Conference
Call
A conference call and webcast, during which management will
discuss first quarter 2015 financial and operational results, is
scheduled for May 11, 2015 at
4:00 p.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 www.videonewswire.com/event.asp?id=102134 or
by using the link posted on the "Events" page of our website,
www.conemidstream.com. 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
www.videonewswire.com/event.asp?id=102134 shortly after the
conclusion of the conference. A telephonic replay will be
available through May 18, 2015 by
dialing 877-344-7529 (international: 412-317-0088) and using the
conference playback number 10064247.
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_______________
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(1)
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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"). Because the Partnership owns a
controlling interest in each of the three development companies, it
fully consolidates their financial results. The Partnership's
current financial interests in the development companies are: 75%
in the Anchor Systems, 5% in the Growth Systems, and 5% in the
Additional Systems. CONE Gathering is a midstream joint
venture formed by CONSOL Energy Inc. and Noble Energy, Inc. and
owns non-controlling interests in the Partnership's development
companies.
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(2)
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EBITDA and DCF are
not Generally Accepted Accounting Principles ("GAAP")
measures. Definitions and reconciliations of these non-GAAP
measures to GAAP reporting measures appear in the financial tables
which follow.
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Contact:
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Stephen R.
Milbourne
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CONE Investor
Relations
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Phone:
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724-485-4408
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Email:
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smilbourne@conemidstream.com
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* * * * *
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.
More information is available on our website
www.conemidstream.com.
* * * * *
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 "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. 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. These
forward-looking statements involve certain risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant. For more information concerning
factors that could cause actual results to differ materially from
those conveyed in the forward-looking statements, please refer to
the "Risk Factors" section of the prospectus included in the
registration statement on Form S-1, in the form last filed with the
SEC as wells as 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
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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(in thousands,
except per unit data)
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(unaudited)
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Three Months
Ended
March 31,
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2015
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2014
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Revenue
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Gathering Revenue —
Related Party
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$
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43,168
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$
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24,106
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Total
Revenue
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43,168
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24,106
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Expenses
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Operating Expense —
Third Party
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8,530
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5,346
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Operating Expense —
Related Party
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7,044
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6,630
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General
and Administrative Expense — Third Party
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1,342
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821
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General and
Administrative Expense — Related Party
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1,977
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241
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Depreciation
Expense
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2,994
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1,618
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Interest
Expense
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65
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—
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Total
Expense
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21,952
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14,656
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Net
Income
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21,216
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9,450
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Less: Net Income
Attributable to Noncontrolling Interest
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7,004
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—
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Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
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$
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14,212
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$
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9,450
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Calculation of
Limited Partner Interest in Net Income:
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Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP (1)
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$
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14,212
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$
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9,450
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Less: General Partner
Interest in Net Income
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284
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N/A
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Limited Partner
Interest in Net Income
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$
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13,928
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N/A
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Net Income per
Limited Partner Unit - Basic
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$
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0.24
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N/A
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Net Income per
Limited Partner Unit - Diluted
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$
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0.24
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N/A
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Limited Partner Units
Outstanding - Basic
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58,326
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N/A
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Limited Partner Unit
Outstanding - Diluted
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58,360
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N/A
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Cash Distributions
Declared per Unit (2)
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$
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0.2125
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N/A
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(1)
Reflective of general and limited partner interest in net income
since closing of the IPO.
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(2)
Represents the cash distributions declared related to the period
presented.
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CONE MIDSTREAM PARTNERS
LP
RECONCILIATION OF NET INCOME TO EBITDA AND
DISTRIBUTABLE CASH FLOW
(in thousands)
Definition of Non-GAAP Financial Measures
EBITDA
We define EBITDA as net income (loss) before income taxes, net
interest expense, depreciation and amortization. EBITDA is used as
a supplemental financial measure by management and by external
users of our financial statements, such as investors, industry
analysts, lenders and ratings agencies, to assess:
- our operating performance as compared to those of other
companies in the midstream energy industry, without regard to
financing methods, historical cost basis or capital structure;
- the ability of our assets to generate sufficient cash flow to
make distributions to our partners;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
We believe that the presentation of EBITDA provides information
useful to investors in assessing our financial condition and
results of operations. The GAAP measures most directly comparable
to EBITDA are net income and net cash provided by operating
activities. EBITDA should not be considered an alternative to net
income, net cash provided by (used in) operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. EBITDA 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, EBITDA as presented below
may not be comparable to similarly titled measures of other
companies.
Distributable Cash Flow
We define distributable cash flow as EBITDA less 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 report 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 (used in) 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.
The following tables present a reconciliation of EBITDA to net
income and net cash provided by operating activities, the most
directly comparable GAAP financial measures, on a historical basis,
for each of the periods indicated.
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Three Months
Ended
March 31,
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(unaudited)
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2015
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2014
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Net Income
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$
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21,216
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$
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9,450
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Add:
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Interest Expense,
Net
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65
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—
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Depreciation
Expense
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2,994
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1,618
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EBITDA
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24,275
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11,068
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Less: Net Income
Attributable to Noncontrolling Interest
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7,004
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—
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Less:
Depreciation Expense Attributable to Noncontrolling
Interest
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1,166
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—
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EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
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$
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16,105
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$
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11,068
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Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
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1,991
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1,163
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Distributable Cash
Flow
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$
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14,114
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$
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9,905
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Net Cash Provided by
Operating Activities
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$
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10,206
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$
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20,735
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Adjustments:
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Less: Interest
Expense, Net
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65
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—
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Less: Other,
Including Changes in Working Capital
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(14,134)
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9,667
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EBITDA
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24,275
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11,068
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Less: Net Income
Attributable to Noncontrolling Interest
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7,004
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—
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Less:
Depreciation Expense Attributable to Noncontrolling
Interest
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1,166
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—
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EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
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$
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16,105
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$
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11,068
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Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
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1,991
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1,163
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Distributable Cash
Flow
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$
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14,114
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$
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9,905
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CONE MIDSTREAM
PARTNERS LP
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CONSOLIDATED
BALANCE SHEETS
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(in thousands,
except number of units)
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(unaudited)
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March 31,
2015
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|
December 31,
2014
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ASSETS
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Current
Assets:
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Cash
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$
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460
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$
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3,252
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Receivables — Related
Party
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41,771
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|
58,749
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Prepaid
Expenses
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1,068
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|
1,280
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Inventory
|
16,632
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—
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Other Current
Assets
|
164
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164
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Total Current
Assets
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60,095
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|
63,445
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Property and
Equipment:
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Property and
Equipment
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678,904
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639,735
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Less — Accumulated
Depreciation
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19,890
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|
|
16,989
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Property and
Equipment — Net
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659,014
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|
622,746
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Other Non-Current
Assets
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572
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|
613
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TOTAL
ASSETS
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$
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719,681
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$
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686,804
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LIABILITIES AND
EQUITY
|
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|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
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57,892
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$
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70,635
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Accounts Payable —
Related Party
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2,072
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|
|
2,106
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Total Current
Liabilities
|
59,964
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|
|
72,741
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|
Other
Liabilities:
|
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|
|
MLP
Revolver
|
7,500
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31,300
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Total
Liabilities
|
67,464
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|
|
104,041
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|
Partners'
Capital:
|
|
|
|
Common Units
(29,163,121 Units Issued and Outstanding at March 31, 2015 and
December 31, 2014)
|
390,408
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|
389,612
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|
Subordinated Units
(29,163,121 Units Issued and Outstanding at March 31, 2015 and
December 31, 2014)
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(91,585)
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|
|
(92,285)
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|
General Partner
Interest
|
(3,744)
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|
|
(3,772)
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|
Capital Attributable
to CONE Midstream Partners LP
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295,079
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|
293,555
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Noncontrolling
Interest
|
357,138
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|
289,208
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Total Partners'
Capital
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652,217
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|
582,763
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TOTAL LIABILITIES
AND PARTNERS' CAPITAL
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$
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719,681
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$
|
686,804
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CONE MIDSTREAM
PARTNERS LP
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CONSOLIDATED
STATEMENTS OF CASH FLOWS
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(in
thousands)
|
(unaudited)
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Three Months
Ended
March 31,
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2015
|
|
2014
|
Cash Flows from
Operating Activities:
|
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|
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Net Income
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$
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21,216
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$
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9,450
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Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
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|
Depreciation
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2,994
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1,618
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Unit Based
Compensation
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96
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—
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Changes in Operating
Assets:
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Receivables — Related
Party
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3,462
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(556)
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Inventory
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(18,872)
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|
—
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Other Current
Assets
|
212
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—
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Non-Current
Assets
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41
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—
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Changes in Operating
Liabilities:
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Accounts
Payable
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1,256
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|
9,695
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Accounts Payable —
Related Party
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(199)
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|
528
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Net Cash Provided
by Operating Activities
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10,206
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|
20,735
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Cash Flows from
Investing Activities:
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Capital
Expenditures
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(61,806)
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(47,304)
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Net Cash Used in
Investing Activities
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(61,806)
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(47,304)
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Cash Flows from
Financing Activities:
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Partners'
Investments
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85,392
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|
24,000
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Distribution of
Proceeds
|
(12,784)
|
|
|
—
|
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Payment of
Revolver
|
(23,800)
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—
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Net Cash Provided
By Financing Activities
|
48,808
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|
24,000
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Net Decrease in
Cash
|
(2,792)
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|
(2,569)
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Cash at Beginning
of Period
|
3,252
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|
|
5,976
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Cash at End of
Period
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$
|
460
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|
|
$
|
3,407
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|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
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Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2015
|
|
Development
Company
|
|
1
(Anchor)
|
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2
(Growth)
|
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3
(Additional)
|
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TOTAL
|
Income
Summary
|
|
|
|
|
|
|
|
Revenue
|
$
|
34,533
|
|
|
$
|
2,975
|
|
|
$
|
5,660
|
|
|
$
|
43,168
|
|
Expenses
|
15,746
|
|
|
2,174
|
|
|
4,032
|
|
|
21,952
|
|
Net
Income
|
18,787
|
|
|
801
|
|
|
1,628
|
|
|
21,216
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
4,697
|
|
|
761
|
|
|
1,546
|
|
|
7,004
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
14,090
|
|
|
$
|
40
|
|
|
$
|
82
|
|
|
$
|
14,212
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
381
|
|
|
77
|
|
|
12
|
|
|
470
|
|
Wet Gas
(BBtu/d)
|
326
|
|
|
3
|
|
|
109
|
|
|
438
|
|
Condensate
(Bcfe/d)
|
11
|
|
|
—
|
|
|
2
|
|
|
13
|
|
Total Gathered
Volumes
|
718
|
|
|
80
|
|
|
123
|
|
|
921
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
539
|
|
|
4
|
|
|
6
|
|
|
549
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
2,619
|
|
|
$
|
258
|
|
|
$
|
273
|
|
|
$
|
3,150
|
|
Expansion
Capital
|
26,680
|
|
|
11,379
|
|
|
20,597
|
|
|
58,656
|
|
Total Capital
Investment
|
$
|
29,299
|
|
|
$
|
11,637
|
|
|
$
|
20,870
|
|
|
$
|
61,806
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,964
|
|
|
$
|
13
|
|
|
$
|
14
|
|
|
$
|
1,991
|
|
Expansion
Capital
|
20,010
|
|
|
569
|
|
|
1,030
|
|
|
21,609
|
|
Total Capital
Investment Net to CONE Midstream Partners LP
|
$
|
21,974
|
|
|
$
|
582
|
|
|
$
|
1,044
|
|
|
$
|
23,600
|
|
|
|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
|
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
March 31, 2014
|
|
Development
Company
|
|
1
(Anchor)
|
|
2
(Growth)
|
|
3
(Additional)
|
|
TOTAL
(1)
|
Income
Summary
|
|
|
|
|
|
|
|
Revenue
|
$
|
21,241
|
|
|
$
|
2,519
|
|
|
$
|
—
|
|
|
$
|
23,760
|
|
Expenses
|
12,494
|
|
|
1,796
|
|
|
162
|
|
|
14,452
|
|
Net
Income
|
8,747
|
|
|
723
|
|
|
(162)
|
|
|
9,308
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
8,747
|
|
|
$
|
723
|
|
|
$
|
(162)
|
|
|
$
|
9,308
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
298
|
|
|
44
|
|
|
—
|
|
|
342
|
|
Wet Gas
(BBtu/d)
|
165
|
|
|
—
|
|
|
—
|
|
|
165
|
|
Condensate
(Bcfe/d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Gathered
Volumes
|
463
|
|
|
44
|
|
|
—
|
|
|
507
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
347
|
|
|
2
|
|
|
—
|
|
|
349
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,544
|
|
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
1,634
|
|
Expansion
Capital
|
30,499
|
|
|
4,486
|
|
|
6,493
|
|
|
41,478
|
|
Total Capital
Investment
|
$
|
32,043
|
|
|
$
|
4,576
|
|
|
$
|
6,493
|
|
|
$
|
43,112
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,158
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
1,163
|
|
Expansion
Capital
|
22,874
|
|
|
224
|
|
|
325
|
|
|
23,423
|
|
Total Capital
Investment Net to CONE Midstream Partners LP
|
$
|
24,032
|
|
|
$
|
229
|
|
|
$
|
325
|
|
|
$
|
24,586
|
|
|
|
(1)
|
Total consists of the
100% activity of the three Development Companies (Anchor, Growth
and Additional) which CONE Midstream Partners LP owns a controlling
interest of 75%, 5% and 5%, respectively. Other systems that were
part of the Predecessor, CONE Gathering LLC, that have been
included in the Historical Financial statements as the Predecessor
are excluded from the table above, as these systems are not
included in the consolidated operations of the
Partnership.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cone-midstream-reports-first-quarter-results-and-increases-2015-guidance-300080691.html
SOURCE CONE Midstream Partners LP