1Q20 Actions Position NBLX to Self Fund in
2Q20 and Beyond
Noble Midstream Partners LP (NASDAQ: NBLX) (Noble
Midstream or the Partnership) today reported first-quarter 2020
financial and operational results. The Partnership’s results are
consolidated to include Noble Midstream’s 54.4% ownership of Black
Diamond Gathering, LLC (Black Diamond Gathering).
Certain results are shown as “attributable to the Partnership,”
which exclude the non-controlling interests in Black Diamond
Gathering retained by Greenfield Midstream. Noble Midstream
believes the results “attributable to the Partnership” provide the
best representation of the ongoing operations from which the
Partnership’s unitholders will benefit.
First-Quarter 2020 and Recent Highlights
- Gathered 335 thousand barrels of gross oil and gas equivalent
per day (MBoe/d) and 204 thousand barrels of produced water per day
(MBw/d)
- Generated $10 million of Net Income, $107 million of Adjusted
Net EBITDA1 and $94 million of Distributable Cash Flow1
attributable to the Partnership
- Closed the acquisition of Black Diamond’s 20% interest in the
Saddlehorn Pipeline in the DJ Basin, increasing Noble Midstream’s
exposure to high-quality, contracted cash flows
- Commenced full service from the EPIC Crude pipeline (30%
interest), connecting the Delaware Basin to Gulf Coast refining and
export capacity
- Commenced full service on the Delaware Crossing intermediate
oil pipeline (50% interest), connecting the southern Delaware Basin
to a growing pricing hub in Wink, Texas
“Noble Midstream extended the positive momentum from the back
half of 2019 and began 2020 with strong first quarter results. We
have adjusted to the current macro challenges and will continue to
focus on safely executing projects and managing daily operations
for all of our customers. We offer best-in-class connectivity to
major market hubs, with improving operational and cost efficiencies
in each part of the business.” stated Brent J. Smolik, Chief
Executive Officer of the general partner of Noble Midstream.
(1) Adjusted EBITDA, DCF and Distribution Coverage Ratio
are not Generally Accepted Accounting Principles (GAAP) measures.
Definitions and reconciliations of these non-GAAP measures to their
most directly comparable GAAP reporting measures appear in Schedule
4 of the financial tables which follow.
Full-Year 2020 Updated Guidance Highlights
- Lowered 2020 net organic capital by an incremental $65 million,
totaling $140 million or more than 65% from original 2020 guidance,
to a range of $60 to $80 million
- Reduced annual operating expenses outlook by ~15% or $15 to $20
million through continued efficiencies, deferred work, and G&A
cost reductions
- Preserved approximately $200 million in cash flow in 2020 by
reducing the quarterly distribution nearly 75% to $0.1875 per unit
and suspending the growth rate
- Revised the 2020 net adjusted EBITDA range to $370 to $410
million and DCF range to $280 to $310 million
- Tightened the Equity Investment capital range to $240 million
to $260 million to reflect the completion of the EPIC Crude
mainline and closing of the Saddlehorn acquisition
“Noble Midstream responded quickly to the challenging market
environment by reducing organic capital, deferring project
expenditures and reducing our quarterly distribution. These
measures minimize the cash flow impact from lower expected producer
activity and enable the Partnership to reduce total debt, even in a
low to no activity environment. Our portfolio benefits from strong
base volumes from our gathering business and growing cash flow from
our transmission segments. With the flex down of our organic
capital program, and our equity-investment pipelines online, Noble
Midstream is positioned to self fund, including distributions,
starting this quarter.” stated Smolik.
Quarterly Financials Beat Guidance
First-quarter 2020 revenue totaled $224 million, up 17%
sequentially, driven by the fourth-quarter 2019 DevCo interest
acquisition as well as higher than expected volume from gathering
and crude oil sales. Total operating expenses were $249 million, up
sequentially from the November 2019 acquisition as well as an $110
million goodwill impairment charge. The impairment was related to
the acquisition of the Saddle Butte Rockies Midstream, LLC in 2018.
Field operating expenses were lower and down 20% per barrel
equivalent, led by project deferrals, lower contractor labor and
supply chain cost savings.
First-quarter 2020 capital expenditures of $43 million came in
below the low end of guidance and were primarily comprised of well
connections in the DJ and Delaware Basins. This outperformance on
capital benefited from sustaining 2019 capital efficiencies,
continued cost saving initiatives, and focus on optimizing projects
scopes and schedule deferrals. Maintenance capital expenditures
attributable to the Partnership totaled $8 million. Distributable
cash flow attributable to the Partnership equaled $94 million, and
with the recent distribution policy change, led to a Distribution
Coverage Ratio of 5.5x.
Equity investments during first-quarter 2020 totaled $148
million, below guidance, due to EPIC capital calls moving into
second quarter. This primarily included capital contributions of
$30 million related to EPIC Crude, $14 million for EPIC Y-Grade and
EPIC Propane, $17 million for the Delaware Crossing joint ventures
and $87 million net to the Partnership for the 20% Saddlehorn
acquisition.
Quarterly Gathering Volume above Guidance
In the Partnership's wholly-owned DJ Basin assets, Noble
Midstream connected 41 wells in the first-quarter 2020, including
20 wells in the Mustang area, 9 connections in Wells Ranch and 12
wells in Greeley Crescent. Oil and gas gathering throughput was 160
MBoe/d and average produced water volumes were 42 MBw/d.
Black Diamond oil gathering throughput volumes averaged 92 MBo/d
and oil sales volumes were 20 MBo/d. The Partnership connected 69
wells on Black Diamond's gathering system, lower sequentially due
to phasing into the second quarter. Net DJ Basin capital
expenditures totaled $21 million.
In the Delaware Basin, quarterly oil and gas gathering
throughput was 82 MBoe/d, flat quarter-over-quarter. Produced water
gathering volumes of 162 MBw/d were down 11% on a sequential basis.
The Partnership connected 30 wells, including 8 third-party
customer wells. Delaware Basin net capital expenditures totaled $22
million.
Pipeline JV Investments Driving Cash Flow Inflection
The Partnership’s equity investment ventures generated a slight
positive EBITDA in the first-quarter 2020, impacted by the start-up
of EPIC Crude and the 20% gross acquisition of the Saddlehorn
pipeline. EPIC interim crude service ended in March and
transitioned to the Crude mainline in April.
The Saddlehorn acquisition in the DJ Basin closed effective
February 1, 2020. First-quarter 2020 volumes on the Saddlehorn
pipeline averaged approximately 179 MBo/d. Volumes on the Advantage
Pipeline system averaged 93 MBo/d, compared to 89 MBo/d during the
fourth-quarter 2019.
Construction of the mainline on Delaware Crossing finished in
March with first volumes to Wink, Texas occurring in early April.
The Partnership anticipates minimal additional equity investment
requirements for Delaware Crossing.
Protecting the Balance Sheet
As of March 31, 2020, the Partnership had $418 million in
liquidity. During the quarter, the Partnership reduced the
quarterly distribution by 73% with no planned growth. As a result,
on April 27, 2020, the Board of Directors of Noble Midstream’s
general partner, Noble Midstream GP LLC, declared a first quarter
cash distribution of $0.1875 per unit. This reduction preserves
approximately $200 million in annual cash flow.
2020 Outlook Updated Based on Reduced Producer Activity and
Curtailment Scenarios
Noble Midstream has updated 2020 organic capital expenditures to
a range of $60 to $80 million to reflect sustainable costs savings
and lower expected customer activity. Noble Midstream has tightened
the range of equity investment capital to $240 to $260 million.
Noble Midstream now estimates approximately 45 Noble Energy well
connections in the DJ Basin for 2020 and 28 in the Delaware Basin,
all occurring by the end of April. The Partnership still
anticipates more than 150 well connections in 2020 from third
parties in the DJ Basin.
With the volatility in crude pricing and uncertainty around
producer curtailments and duration, Noble Midstream has suspended
2020 volume guidance and will not provide second-quarter guidance.
The Partnership has analyzed multiple scenarios and provided
financial and operating ranges. In the upper range of guidance,
Noble Midstream forecasts moderate producer curtailments for a 1-2
month period, starting in June. In the lower range, the Partnership
has assumed significant curtailments, starting in June and
continuing through August. In both scenarios, Noble Midstream does
not anticipate material incremental completion activity until early
2021.
Noble Midstream now anticipates a 2020 net adjusted EBITDA range
of $370 to $410 million and a Distributable Cash Flow range of $280
to $310 million. Due to the ongoing capital reductions and reduced
distribution, the Distribution Coverage Ratio remains above 4.0x in
2020. Even with curtailments, the Partnership anticipates Net Debt
to 2020 TTM EBITDA in a range of 3.9x to 4.3x, and below the 5.0x
threshold in the Partnership's revolving credit facility
covenant.
1Q20
Gross Volumes
Actuals
Oil and Gas Gathered (MBoe/d)
335
Produced Water Gathered (MBw/d)
204
Fresh Water Delivered (MBw/d)
227
Financials (in
millions)
Net Income Attributable to the
Partnership
$10
Net Adjusted EBITDA (1)
$107
Distributable Cash Flow (1)
$94
Distribution Coverage Ratio (1)
5.5x
Net Capital, Excluding Equity
Investments
$43
(1)
Adjusted EBITDA, DCF, and Distribution
Coverage Ratio are not financial measures calculated in accordance
with Generally Accepted Accounting Principles (“GAAP”). For
definitions of these non-GAAP measures, see “Non-GAAP Financial
Measures” below.
2020 Guidance
Financials (in millions)
Net Adjusted EBITDA (1)
$370
-
$410
Distributable Cash Flow (1)
$280
-
$310
Net Debt to TTM EBITDA
3.9x
-
4.3x
Distribution Coverage Ratio (1)
4.0x
-
4.5x
2020 Organic Capital
$60
-
$80
Equity Investment Capital
$240
-
$260
(1)
Adjusted EBITDA, DCF, and Distribution
Coverage Ratio are not financial measures calculated in accordance
with Generally Accepted Accounting Principles (“GAAP”). For
definitions of these non-GAAP measures, see “Non-GAAP Financial
Measures” below.
Further details with respect to the first quarter results and
guidance can be found in the supplemental presentation on the
Partnership's website, www.nblmidstream.com.
Conference Call
Noble Midstream will host a webcast and conference call today,
May 8, at 10:00 a.m. Central Time to discuss first quarter 2020
financial and operational results. Conference call numbers for
participation are 877-883-0383, or 412-902-6506 for international
calls. The passcode number is 5936310. The live audio webcast and
related presentation material is accessible on the ‘Investors’ page
of the Partnership’s website at www.nblmidstream.com. A replay of
the conference call will be available at the same web location
following the event.
About Noble Midstream
Noble Midstream is a growth-oriented master limited partnership
formed by Noble Energy, Inc. to own, operate, develop and acquire
domestic midstream infrastructure assets. Noble Midstream currently
provides crude oil, natural gas, and water-related midstream
services in the DJ Basin in Colorado and the Delaware Basin in
Texas. For more information, please visit www.nblmidstream.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. Forward looking statements
are predictive in nature, depend upon or refer to future events or
conditions or include the words “estimate,” “believe,” “budget,”
“continue,” “could,” “intend,” “may,” “plan,” “potential,”
“predict,” “seek,” “should,” “will,” “would,” “expect,”
“objective,” “projection,” “forecast,” “goal,” “guidance,”
“outlook,” “effort,” “target,” “on schedule,” “strategy” and other
similar expressions that are predictions of or indicate future
events and trends and that do not relate to historical matters. Our
forward-looking statements may include statements about our
business strategy, our industry, our future profitability, our
expected capital expenditures and the impact of such expenditures
on our performance, the costs of being a publicly traded
partnership and our capital programs. In addition, our
forward-looking statements address the various risks and
uncertainties associated with the extraordinary market environment
and impacts resulting from the COVID-19 pandemic and the actions of
foreign oil producers (most notably Saudi Arabia and Russia) to
increase crude oil production and the expected impact on our
businesses, operations, earnings and results.
Forward-looking statements are not guarantees of future
performance and are based on certain assumptions and bases, and
subject to certain risks, uncertainties and other factors, many of
which are beyond our control and difficult to predict, and not all
of which can be disclosed in advance. We believe that we have
chosen these assumptions or bases in good faith and that they are
reasonable. You are cautioned not to place undue reliance on any
forward-looking statements. You should also understand that it is
not possible to predict or identify all such factors and should not
consider the following list to be a complete statement of all
potential risks and uncertainties.
Non-GAAP Financial Measures
This news release also contains certain non-GAAP measures of
financial performance that management believes are good tools for
internal use and the investment community in evaluating Noble
Midstream’s overall financial performance. Please see the attached
schedules for reconciliations of the non-GAAP financial measures
used in this news release to the most directly comparable GAAP
financial measures.
Schedule 1
Noble Midstream Partners
LP
Revenue and Throughput Volume
Statistics
(unaudited)
Three Months Ended March 31,
2020
2019
DJ Basin
Crude Oil Sales Volumes
(Bbl/d)
19,668
7,029
Crude Oil Gathering Volumes
(Bbl/d)
183,106
182,213
Natural Gas Gathering Volumes
(MMBtu/d)
499,204
418,203
Natural Gas Processing Volumes
(MMBtu/d)
42,668
52,349
Produced Water Gathering Volumes
(Bbl/d)
42,094
38,044
Fresh Water Delivery Volumes
(Bbl/d)
226,937
219,714
Delaware Basin
Crude Oil Gathering Volumes (Bbl/d)
58,556
42,160
Natural Gas Gathering Volumes
(MMBtu/d)
182,282
100,545
Produced Water Gathering Volumes
(Bbl/d)
162,178
123,977
Total Gathering Systems
Crude Oil Sales Volumes (Bbl/d)
19,668
7,029
Crude Oil Gathering Volumes (Bbl/d)
241,662
224,373
Natural Gas Gathering Volumes
(MMBtu/d)
681,486
518,748
Barrels of Oil Equivalent (Boe/d) (1)
335,492
295,759
Natural Gas Processing Volumes
(MMBtu/d)
42,668
52,349
Produced Water Gathering Volumes
(Bbl/d)
204,272
162,021
Total Fresh Water Delivery
Fresh Water Delivery Volumes (Bbl/d)
226,937
219,714
(1) Includes crude oil sales volumes that are transported on
our gathering systems and sold to third-party customers.
Schedule 2
Noble Midstream Partners
LP
Consolidated Statement of
Operations
(in thousands, except per unit
amounts, unaudited)
Three Months Ended March 31,
2020
2019
Revenues
Gathering and Processing — Affiliate
$
89,298
$
75,380
Gathering and Processing — Third Party
21,968
19,232
Fresh Water Delivery — Affiliate
23,599
27,587
Fresh Water Delivery — Third Party
4,174
3,809
Crude Oil Sales — Third Party
82,363
32,870
Other — Affiliate
887
836
Other — Third Party
1,756
988
Total Revenues
224,045
160,702
Costs and Expenses
Cost of Crude Oil Sales
79,859
30,898
Direct Operating
26,850
30,423
Depreciation and Amortization
25,931
23,033
General and Administrative
5,486
4,361
Goodwill Impairment
109,734
—
Other Operating Expense
1,286
—
Total Operating Expenses
249,146
88,715
Operating (Loss) Income
(25,101
)
71,987
Other Expense (Income)
Interest Expense, Net of Amount
Capitalized
6,857
5,228
Investment Loss (Income)
5,409
(2,341
)
Total Other Expense (Income)
12,266
2,887
(Loss) Income Before Income
Taxes
(37,367
)
69,100
Income Tax Provision
149
1,309
Net (Loss) Income
(37,516
)
67,791
Less: Net Income Prior to the Drop-Down
and Simplification Transaction
—
4,536
Net (Loss) Income Subsequent to the
Drop-Down and Simplification Transaction
(37,516
)
63,255
Less: Net (Loss) Income Attributable to
Noncontrolling Interests
(47,619
)
19,696
Net Income Attributable to Noble
Midstream Partners LP
10,103
43,559
Less: Net Income Attributable to Incentive
Distribution Rights
—
3,507
Net Income Attributable to Limited
Partners
$
10,103
$
40,052
Net Income Attributable to Limited
Partners Per Limited Partner Unit — Basic and Diluted
Common Units
$
0.11
$
1.01
Subordinated Units
$
—
$
1.01
Weighted Average Limited Partner Units
Outstanding — Basic
Common Units
90,152
23,696
Subordinated Units
—
15,903
Weighted Average Limited Partner Units
Outstanding — Diluted
Common Units
90,164
23,721
Subordinated Units
—
15,903
Schedule 3
Noble Midstream Partners
LP
Consolidated Balance
Sheet
(in thousands,
unaudited)
March 31, 2020
December 31, 2019
ASSETS
Current Assets
Cash and Cash Equivalents
$
17,656
$
12,676
Accounts Receivable — Affiliate
45,149
42,428
Accounts Receivable — Third Party
34,464
44,093
Other Current Assets
10,148
8,730
Total Current Assets
107,417
107,927
Property, Plant and Equipment
Total Property, Plant and Equipment,
Gross
2,053,503
2,006,995
Less: Accumulated Depreciation and
Amortization
(260,734
)
(244,038
)
Total Property, Plant and Equipment,
Net
1,792,769
1,762,957
Investments
871,030
660,778
Intangible Assets, Net
269,847
277,900
Goodwill
—
109,734
Other Noncurrent Assets
5,911
6,786
Total Assets
$
3,046,974
$
2,926,082
LIABILITIES, MEZZANINE EQUITY
AND EQUITY
Current Liabilities
Accounts Payable — Affiliate
$
8,701
$
8,155
Accounts Payable — Trade
98,271
107,705
Other Current Liabilities
12,885
11,680
Total Current Liabilities
119,857
127,540
Long-Term Liabilities
Long-Term Debt
1,650,799
1,495,679
Asset Retirement Obligations
38,357
37,842
Other Long-Term Liabilities
4,031
4,160
Total Liabilities
1,813,044
1,665,221
Mezzanine Equity
Redeemable Noncontrolling Interest,
Net
109,281
106,005
Equity
Common Units (90,161 and 90,136 units
outstanding, respectively)
759,145
813,999
Noncontrolling Interests
365,504
340,857
Total Equity
1,124,649
1,154,856
Total Liabilities, Mezzanine Equity and
Equity
$
3,046,974
$
2,926,082
Schedule 4 Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial
Measures
Non-GAAP Financial Measures
This news release, the financial tables and other supplemental
information include Adjusted EBITDA, Distributable Cash Flow, and
Distribution Coverage Ratio, all of which are non-GAAP measures
which may be used periodically by management when discussing our
financial results with investors and analysts.
We define Adjusted EBITDA as net income before income taxes, net
interest expense, depreciation and amortization, transaction
expenses, unit-based compensation and certain other items that we
do not view as indicative of our ongoing performance. Additionally,
Adjusted EBITDA reflects the adjusted earnings impact of our equity
method investments by adjusting our equity earnings or losses from
our equity method investments to reflect our proportionate share of
the EBITDA of such equity method investments.
Adjusted EBITDA is used as a supplemental financial measure by
management and by external users of our financial statements, such
as investors, industry analysts, lenders and ratings agencies, to
assess:
- our operating performance as compared to those of other
companies in the midstream energy industry, without regard to
financing methods, historical cost basis or capital structure;
- the ability of our assets to generate sufficient cash flow to
make distributions to our partners;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
We define distributable cash flow as Adjusted EBITDA plus
distributions received from our equity method investments less our
proportionate share of Adjusted EBITDA from such equity method
investments, estimated maintenance capital expenditures and cash
interest paid.
Distributable Cash Flow is used by management to evaluate our
overall performance. Our partnership agreement requires us to
distribute all available cash on a quarterly basis, and
Distributable Cash Flow is one of the factors used by the board of
directors of our general partner to help determine the amount of
available cash that is available to our unitholders for a given
period. We define Distribution Coverage Ratio as Distributable Cash
Flow divided by total distributions declared. The Distribution
Coverage Ratio is used by management to illustrate our ability to
make our distributions each quarter.
We believe that the presentation of Adjusted EBITDA,
Distributable Cash Flow, and Distribution Coverage Ratio provide
information useful to investors in assessing our financial
condition and results of operations. The GAAP measure most directly
comparable to Adjusted EBITDA, Distributable Cash Flow and
Distribution Coverage Ratio is net income. Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio should not
be considered alternatives to net income or any other measure of
financial performance or liquidity presented in accordance with
GAAP. Adjusted EBITDA, Distributable Cash Flow and Distribution
Coverage Ratio exclude some, but not all, items that affect net
income, and these measures may vary from those of other companies.
As a result, Adjusted EBITDA, Distributable Cash Flow and
Distribution Coverage Ratio as presented herein may not be
comparable to similarly titled measures of other companies.
In addition to Net Income, the GAAP measure most directly
comparable to Adjusted EBITDA and Distributable Cash Flow is net
cash provided by operating activities. Adjusted EBITDA and
Distributable Cash Flow should not be considered alternatives to
net income, net cash provided by operating activities or any other
measure of financial performance or liquidity presented in
accordance with GAAP. Due to the forward-looking nature of net cash
provided by operating activities, management cannot reliably
predict certain of the necessary components of the most directly
comparable forward-looking GAAP measures, such as future
impairments and future changes in working capital. Accordingly,
Noble Midstream is unable to present a quantitative reconciliation
of the aforementioned forward-looking non-GAAP financial measures
to net cash provided by operating activities. Amounts excluded from
these non-GAAP measures in future periods could be significant.
Schedule 4 (Continued)
Noble Midstream Partners
LP
Reconciliations of GAAP
Financial Measures to Non-GAAP Financial Measures
Reconciliation of Net Income
(GAAP) to Adjusted EBITDA and Distributable Cash Flow
(Non-GAAP)
(in thousands,
unaudited)
Three Months Ended March 31,
2020
2019
Reconciliation from Net Income
(GAAP)
Net (Loss) Income (GAAP)
$
(37,516
)
$
67,791
Add:
Depreciation and Amortization
25,931
23,033
Interest Expense, Net of Amount
Capitalized
6,857
5,228
Income Tax Provision
149
1,309
Transaction and Integration Expenses
181
57
Proportionate Share of Equity Method
Investment EBITDA Adjustments
8,912
2,003
Goodwill Impairment
109,734
—
Unit-Based Compensation and Other
516
545
Adjusted EBITDA (Non-GAAP)
114,764
99,966
Less:
Adjusted EBITDA Prior to Drop-Down and
Simplification Transaction
—
9,418
Adjusted EBITDA Subsequent to Drop-Down
and Simplification Transaction
114,764
90,548
Less:
Adjusted EBITDA Attributable to
Noncontrolling Interests
7,553
27,698
Adjusted EBITDA Attributable to Noble
Midstream Partners LP (Non-GAAP)
107,211
62,850
Add:
Distributions from Equity Method
Investments Attributable to Noble Midstream Partners LP
6,414
6,659
Less:
Proportionate Share of Equity Method
Investment EBITDA Attributable to Noble Midstream Partners LP
10
3,031
Cash Interest Paid
11,549
6,558
Maintenance Capital Expenditures
8,346
5,955
Distributable Cash Flow of Noble
Midstream Partners LP (Non-GAAP)
$
93,720
$
53,965
Distributions (Declared)
$
16,906
$
27,792
Distribution Coverage Ratio
(Declared)
5.5x
1.9x
Reconciliation of Net Cash
Provided by Operating Activities (GAAP) to Adjusted EBITDA
and Distributable Cash Flow
(Non-GAAP)
(in thousands,
unaudited)
Three Months Ended March 31,
2020
2019
Reconciliation from Net Cash Provided
by Operating Activities (GAAP)
Net Cash Provided by Operating
Activities (GAAP)
$
118,383
$
95,321
Add:
Interest Expense, Net of Amount
Capitalized
6,857
5,228
Changes in Operating Assets and
Liabilities
(2,896
)
3,098
Transaction and Integration Expenses
181
57
Equity Method Investment EBITDA
Adjustments
(6,281
)
(3,628
)
Other Adjustments
(1,480
)
(110
)
Adjusted EBITDA (Non-GAAP)
114,764
99,966
Less:
Adjusted EBITDA Prior to Drop-Down and
Simplification Transaction
—
9,418
Adjusted EBITDA Subsequent to Drop-Down
and Simplification Transaction
114,764
90,548
Less:
Adjusted EBITDA Attributable to
Noncontrolling Interests
7,553
27,698
Adjusted EBITDA Attributable to Noble
Midstream Partners LP (Non-GAAP)
107,211
62,850
Add:
Distributions from Equity Method
Investments Attributable to Noble Midstream Partners LP
6,414
6,659
Less:
Proportionate Share of Equity Method
Investment EBITDA Attributable to Noble Midstream Partners LP
10
3,031
Cash Interest Paid
11,549
6,558
Maintenance Capital Expenditures
8,346
5,955
Distributable Cash Flow of Noble
Midstream Partners LP (Non-GAAP)
$
93,720
$
53,965
Distributions (Declared)
$
16,906
$
27,792
Distribution Coverage Ratio
(Declared)
5.5x
1.9x
Schedule 4 (Continued)
Noble Midstream Partners
LP
Reconciliations of GAAP
Financial Measures to Non-GAAP Financial Measures
Reconciliation of 2020 GAAP
Guidance to 2020 Non-GAAP Guidance
(in millions,
unaudited)
2020 Guidance
Full Year
Reconciliation from Net Income (GAAP)
to Distributable Cash Flow (Non-GAAP)
Net Income (GAAP)
$
125
Add:
Depreciation and Amortization
105
Interest Expense, Net of Amount
Capitalized
30
Proportionate Share of Equity Method
Investment EBITDA Adjustments
50
Goodwill Impairment
110
Other
3
Adjusted EBITDA (Non-GAAP)
423
Adjusted EBITDA Attributable to
Noncontrolling Interests
33
Adjusted EBITDA Attributable to Noble
Midstream Partners LP
390
Plus:
Distributions from Equity Method
Investments
25
Less:
Proportionate Share of Equity Method
Investment Adjusted EBITDA
40
Maintenance Capital Expenditures and Cash
Interest Paid
75
Distributable Cash Flow of Noble Midstream
Partners LP
$
300
Distribution Coverage Ratio
4.0x - 4.5x
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Park Carrere Investor Relations (281) 872-3208
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Noble Midstream Partners (NYSE:NBLX)
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From Aug 2024 to Sep 2024
Noble Midstream Partners (NYSE:NBLX)
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From Sep 2023 to Sep 2024