Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the
“Partnership”) today reported fourth-quarter and full-year 2018
results. Highlights from the report include:
- Fourth-quarter 2018 net income of
$15.6 million, which compares to net income of $0.4 million for
third-quarter 2018;
- Fourth-quarter 2018 Adjusted EBITDA
(a non-GAAP financial measure) of $14.9 million, which compares to
Adjusted EBITDA of $18.4 million for third-quarter 2018;
- The Partnership declared and paid a
fourth-quarter 2018 cash distribution on common units of $0.15 per
unit ($0.60 per unit annualized) in February 2019; and
- Fourth-quarter 2018 cash available
for distribution (a non-GAAP financial measure) was $3.2 million,
resulting in a distribution coverage ratio of approximately 1.3
times.
MANAGEMENT COMMENTARY“The
Partnership achieved a number of key milestones in 2019,” said
Gerry Willinger, chief executive officer of the general partner of
SNMP. “Having completed the transformation of SNMP to a
midstream partnership in 2017, we expanded the Partnership’s 50 /
50 midstream joint venture with Targa Resources Corp. last year
through the creation of Carnero G&P LLC. In addition to
simplifying our previous joint ventures with Targa, the Carnero JV
enhances our midstream strategy, secures and expands our
opportunity to capture third-party volumes in South Texas, and is
expected to provide additional stable, fee-based cash flow to the
Partnership over time.
“The fee-based nature of our business allowed us
to return approximately $5.18 per unit to our common unitholders
between third-quarter 2015 and second-quarter 2018 while
maintaining a distribution coverage ratio indicative of a healthy
business. However, with the shift in the capital markets
generally away from valuing master limited partnerships on yield,
we made the decision in November 2018 to reset the Partnership’s
cash distribution and turned our focus to other means of returning
value to unitholders. Since announcing that decision, we have
reduced our debt outstanding by $6 million, while maintaining a
distribution coverage ratio of approximately 1.3 times or
better.
“As we enter 2019, our distribution policy
remains in focus. We have seen little change in the capital
markets and are closely monitoring the progress of Sanchez Energy
Corporation as management works to improve its understanding of the
large and complex Comanche asset, manage production declines and
strengthen the company’s balance sheet in the face of the commodity
price downturn that began late last year. We note that
Sanchez Energy Corporation’s preliminary 2019 capital budget, which
is a substantial reduction to prior year capital spending, is
likely to impact production over the near term. With this in
mind, we will continue to work diligently on the Partnership’s
strategic plan with an eye toward creating value for
unitholders.”
FINANCIAL RESULTSThe
Partnership’s fourth-quarter 2018 revenues totaled $29.9 million.
Fourth-quarter 2018 revenues include $16.1 million from the
midstream activities of Western Catarina Midstream and the Seco
Pipeline and $4.4 million from production activities. The
balance of the Partnership’s fourth-quarter 2018 revenues came from
a loss on hedge settlements ($0.1 million) and a gain on
mark-to-market activities ($9.5 million), which is a non-cash
item.
The Partnership’s full-year 2018 revenues
totaled $83.6 million. Full-year 2018 revenues include $59.7
million from the midstream activities of Western Catarina Midstream
and the Seco Pipeline and $22.6 million from production
activities. The balance of the Partnership’s full-year 2018
revenues came from a loss on hedge settlements ($1.4 million) and a
gain on mark-to-market activities ($2.7 million), which is a
non-cash item.
Earnings from Carnero G&P LLC (the “Carnero
JV”) totaled $3.2 million for fourth-quarter 2018 and $12.9 million
for full-year 2018. The Partnership received a cash
distribution of $4.7 million from the Carnero JV in February 2019
related to fourth-quarter 2018 activity, bringing the total cash
distributions from midstream joint ventures to $22.6 million for
full-year 2018.
On a GAAP basis, the Partnership reported net
income of $15.6 million for fourth-quarter 2018, which compares to
net income of $0.4 million for third-quarter 2018 and net income of
$0.3 million for fourth-quarter 2017. The Partnership
reported net income of $15.7 million for full-year 2018, which
compares to a net loss of $3.0 million for full-year 2017.
Adjusted EBITDA was approximately $14.9 million
for fourth-quarter 2018, which compares to Adjusted EBITDA of $18.4
million for third-quarter 2018. The Partnership’s full-year
2018 Adjusted EBITDA was $69.4 million, which is seven percent
higher when compared to Adjusted EBITDA of $65.0 million for
full-year 2017.
Adjusted EBITDA is a non-GAAP financial measure
that is defined below and reconciled in the tables included with
this press release.
LIQUIDITY UPDATEAs of Dec. 31,
2018, the Partnership had $180 million in debt outstanding under
its credit facility, which has a current borrowing base of $303.1
million and an elected commitment amount of $210 million. The
midstream portion of the borrowing base is approximately $278.1
million, which results in the Partnership’s midstream collateral
covering the $210 million elected commitment amount by more than
1.3 times. The Partnership made a principal payment of $2.0
million in February 2019, resulting in $178 million in debt
outstanding under the credit facility as of March 7, 2019.
The Partnership had approximately $2.9 million
in cash and cash equivalents as of Dec. 31, 2018.
HEDGE UPDATEFor full-year 2019,
the Partnership has hedged approximately 0.5 billion cubic feet of
its natural gas production at an effective NYMEX fixed price of
approximately $2.85 per million British thermal units and
approximately 234 thousand barrels of its crude oil production at
an effective NYMEX fixed price of
approximately $60.46 per barrel. The Partnership
has additional hedges covering a portion of its production in
2020. More information on the Partnership’s hedge positions
can be found in in SNMP’s documents on file with the U.S.
Securities and Exchange Commission (SEC) at www.sec.gov.
COMMON UNITSThe Partnership had
17,464,315 common units issued and outstanding as of March 7,
2019.
DISTRIBUTIONSOn Feb. 7, 2019,
the Partnership declared a fourth-quarter 2018 cash distribution on
its common units of $0.15 per unit ($0.60 per unit
annualized). The Partnership also declared a fourth-quarter
2018 distribution to the holders of its Class B preferred units
equal to $0.28225 per Class B preferred unit.
Based on fourth-quarter 2018 Adjusted EBITDA of
$14.9 million, cash interest expense of $2.4 million, maintenance
capital of $0.4 million, and $8.8 million in preferred
distributions, the Partnership generated approximately $3.2 million
in cash available for distribution during fourth-quarter 2018,
resulting in a distribution coverage ratio of approximately 1.3
times.
Cash available for distribution is a non-GAAP
financial measure that is defined below. The Partnership’s
calculation of cash available for distribution is provided in the
tables included with this press release.
ABOUT THE PARTNERSHIPSanchez
Midstream Partners LP (NYSE American: SNMP) is a growth-oriented
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream and other energy
related assets in North America. The Partnership has
ownership stakes in oil and natural gas gathering systems, natural
gas pipelines and natural gas processing facilities, all located in
the Western Eagle Ford in South Texas.
ADDITIONAL
INFORMATIONAdditional information about SNMP can be found
in the Partnership’s documents on file with the SEC which are
available on our website at www.sanchezmidstream.com and on the
SEC’s website at www.sec.gov.
UNITHOLDER ACCESS TO 2018
10-KThe Partnership has filed its Annual Report on Form
10-K for the fiscal year ended Dec. 31, 2018 (“Form 10-K”) with the
SEC. A copy of the Form 10-K, which includes the
Partnership’s complete audited financial statements, may be found
on the SEC’s website at www.sec.gov and on the Partnership’s
website at www.sanchezmidstream.com by selecting the “Investors”
tab and then selecting “SEC Filings” from the dropdown menu.
The Partnership will provide any unitholder with a hard copy of its
Form 10-K, which includes SNMP’s complete audited financial
statements, free of charge at any time upon request. Requests
can be directed in writing to SNMP Investor Relations, 1000 Main
Street, Suite 3000, Houston, TX 77002 or by email to
ir@sanchezmidstream.com.
NON-GAAP FINANCIAL MEASURESTo
supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), we use Adjusted EBITDA and cash available for distribution,
non-GAAP financial measures, in this press release. We
believe that non-GAAP financial measures are helpful in
understanding our past financial performance and potential future
results, particularly in light of the effect of various
transactions effected by us. We define Adjusted EBITDA as net
income (loss) adjusted by: (i) interest (income) expense, net,
which includes interest expense, interest expense net (gain) loss
on interest rate derivative contracts, and interest (income);
(ii) income tax expense (benefit); (iii) depreciation,
depletion and amortization; (iv) asset impairments;
(v) accretion expense; (vi) (gain) loss on sale of
assets; (vii) unit-based compensation expense;
(viii) unit-based asset management fees; (ix) distributions in
excess of equity earnings; (x) (gain) loss on mark-to-market
activities; (xi) commodity derivatives settled early;
(xii) (gain) loss on embedded derivatives; and (xiii)
acquisition and divestiture costs. We define cash available
for distribution as Adjusted EBITDA less cash interest expense;
cash distributions on preferred units; and maintenance capital.
Adjusted EBITDA and cash available for
distribution are significant performance metrics used by our
management to indicate (prior to the establishment of any cash
reserves by the board of directors of our general partner) the
distributions that we would expect to pay to our unitholders.
Specifically, these financial measures indicate to investors
whether or not we are generating cash flows at a level that can
sustain or support a quarterly distribution or any increase in our
quarterly distribution rates. Adjusted EBITDA and cash
available for distribution are also used as quantitative standards
by our management and by external users of our financial statements
such as investors, research analysts, our lenders and others to
assess: (i) the financial performance of our assets without
regard to financing methods, capital structure or historical cost
basis; (ii) the ability of our assets to generate cash
sufficient to pay interest costs and support our indebtedness; and
(iii) our operating performance and return on capital as
compared to those of other companies in our industry, without
regard to financing or capital structure.
We believe that the presentation of Adjusted
EBITDA and cash available for distribution provides useful
information to investors in assessing our financial condition and
results of operations. The most directly comparable GAAP
measure to Adjusted EBITDA and cash available for distribution is
net income (loss). Our non-GAAP financial measures of
Adjusted EBITDA and cash available for distribution should not be
considered as an alternative to GAAP net income (loss).
Adjusted EBITDA and cash available for distribution have
important limitations as analytical tools because they exclude some
but not all items that affect net income (loss). Adjusted
EBITDA and cash available for distribution should not be considered
in isolation or as substitutes for analysis of our results as
reported under GAAP. Because Adjusted EBITDA and cash
available for distribution may be defined differently by other
companies in our industry, our definitions of Adjusted EBITDA and
cash available for distribution may not be comparable to similarly
titled measures of other companies, thereby diminishing their
utility.
For reconciliations of Adjusted EBITDA and cash
available for distribution to net income (loss), the most
comparable GAAP financial metric, please see the tables below.
FORWARD-LOOKING STATEMENTSThis
press release contains, and the officers and representatives of the
Partnership and its general partner may from time to time make,
statements that are considered “forward–looking statements” as
defined by the SEC. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond our control, which may include statements about our business
strategy; our acquisition strategy; our financing strategy; our
ability to make, maintain and grow distributions; our future
operating results; the ability of our customers to meet their
drilling and development plans on a timely basis, or at all, and
perform under gathering, processing and other agreements; our
future operating results; the ability of our partners to perform
under our joint ventures and partnerships; our future capital
expenditures; and our plans, objectives, expectations, forecasts,
outlook and intentions. All of these types of statements, other
than statements of historical fact included in this press release,
are forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as “may,” “could,”
“should,” “expect,” “plan,” “project,” “intend,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “pursue,” “target,”
“continue,” the negative of such terms or other comparable
terminology.
The forward-looking statements contained in this
press release are largely based on our expectations, which reflect
estimates and assumptions made by the management of our general
partner. These estimates and assumptions reflect our best
judgment based on currently known market conditions and other
factors. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our
control. Important factors that could cause our actual
results to differ materially from the expectations listed in the
forward-looking statements include, among others, our ability to
successfully execute our business, acquisition and financing
strategies; the ability of our customers to meet their drilling and
development plans on a timely basis, or at all, and perform under
gathering, processing and other agreements; the credit worthiness
and performance of our counterparties, including financial
institutions, operating partners, customers and other
counterparties; our ability to make, maintain and grow
distributions; the ability of our partners to perform under our
joint ventures and partnerships; the availability, proximity and
capacity of, and costs associated with, gathering, processing,
compression and transportation facilities; our ability to access
the credit and capital markets to obtain financing on terms we deem
acceptable, if at all, and to otherwise satisfy our capital
expenditure requirements; the timing and extent of changes in
prices for, and demand for, natural gas, natural gas liquids and
oil; our ability to successfully execute our hedging strategy and
the resulting realized prices therefrom; the accuracy of reserve
estimates, which by their nature involve the exercise of
professional judgment and may, therefore, be imprecise; and other
factors described in our most recent Annual Report on Form 10-K and
any updates to those risk factors set forth in our Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K. Our
filings with the SEC are available on our website at
www.sanchezmidstream.com and on the SEC’s website at www.sec.gov.
Management’s assumptions about future events may prove to be
inaccurate. Management cautions all readers that the
forward-looking statements contained in this press release are not
guarantees of future performance, and we cannot assure any reader
that such statements will be realized or the forward-looking events
and circumstances will occur. Actual results may differ
materially from those anticipated or implied in forward-looking
statements. The forward-looking statements speak only as of
the date made, and other than as required by law, we do not intend
to publicly update or revise any forward-looking statements as a
result of new information, future events or otherwise. These
cautionary statements qualify all forward-looking statements
attributable to us or persons acting on our behalf.
PARTNERSHIP CONTACTCharles C.
WardChief Financial Officer
ir@sanchezmidstream.com(877) 847-0009
General Inquiries: (713)
783-8000www.sanchezmidstream.com
Sanchez
Midstream Partners LP |
|
|
|
|
|
|
|
Operating
Statistics |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Gathering and
Transportation Throughput: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seco
Pipeline |
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
539 |
|
|
5,298 |
|
|
12,920 |
|
|
7,091 |
|
|
|
|
|
|
|
|
Western
Catarina Midstream |
|
|
|
|
|
|
|
Oil
(MBbls) |
|
1,354 |
|
|
1,169 |
|
|
4,655 |
|
|
4,219 |
Oil
(MBbls/d) |
|
15 |
|
|
13 |
|
|
13 |
|
|
12 |
Natural
gas (MMcf) |
|
15,302 |
|
|
15,793 |
|
|
57,372 |
|
|
59,833 |
Natural
gas (MMcf/d) |
|
166 |
|
|
172 |
|
|
157 |
|
|
164 |
|
|
|
|
|
|
|
|
Net Production
in MBoe: |
|
|
|
|
|
|
|
Total production
(MBoe) |
|
82 |
|
|
148 |
|
|
439 |
|
|
936 |
Average daily
production (Boe/d) |
|
891 |
|
|
1,609 |
|
|
1,203 |
|
|
2,565 |
|
|
|
|
|
|
|
|
Average Sales
Price per Boe: |
|
|
|
|
|
|
|
Net realized price,
including hedges (1) |
$ |
53.06 |
|
$ |
43.93 |
|
$ |
48.41 |
|
$ |
40.19 |
Net realized price,
excluding hedges (2) |
$ |
53.32 |
|
$ |
41.28 |
|
$ |
51.52 |
|
$ |
30.41 |
|
|
|
|
|
|
|
|
(1) Excludes impact of mark-to-market gains (losses).(2)
Excludes the impact of all hedging gains (losses).
Sanchez
Midstream Partners LP |
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
($ in thousands, except per unit
amounts) |
|
|
|
|
|
|
|
|
Oil, liquids, and gas
sales |
$ |
4,373 |
|
|
$ |
6,150 |
|
|
$ |
22,618 |
|
|
$ |
28,377 |
|
Gathering and
transportation sales |
|
1,720 |
|
|
|
16,204 |
|
|
|
6,651 |
|
|
|
55,825 |
|
Gathering and
transportation lease revenues |
|
14,391 |
|
|
|
— |
|
|
|
53,025 |
|
|
|
— |
|
Gain (loss) on
mark-to-market activities |
|
9,399 |
|
|
|
(3,637 |
) |
|
|
1,316 |
|
|
|
3,947 |
|
Total
revenues |
|
29,883 |
|
|
|
18,717 |
|
|
|
83,610 |
|
|
|
88,149 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Lease
operating expenses |
|
1,981 |
|
|
|
2,395 |
|
|
|
7,864 |
|
|
|
12,994 |
|
Transportation operating expenses |
|
3,337 |
|
|
|
2,611 |
|
|
|
12,316 |
|
|
|
11,600 |
|
Cost of
sales |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
77 |
|
Production taxes |
|
203 |
|
|
|
310 |
|
|
|
1,104 |
|
|
|
1,476 |
|
General
and administrative |
|
6,460 |
|
|
|
5,079 |
|
|
|
23,653 |
|
|
|
22,655 |
|
Unit-based compensation expense (benefit) |
|
(1,002 |
) |
|
|
1,422 |
|
|
|
1,938 |
|
|
|
3,373 |
|
Gain on
sale of assets |
|
(560 |
) |
|
|
(1,604 |
) |
|
|
(3,186 |
) |
|
|
(4,150 |
) |
Depreciation, depletion and amortization |
|
6,307 |
|
|
|
6,813 |
|
|
|
25,987 |
|
|
|
34,830 |
|
Asset
impairments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,688 |
|
Accretion
expense |
|
125 |
|
|
|
126 |
|
|
|
497 |
|
|
|
773 |
|
Total
operating expenses |
|
16,851 |
|
|
|
17,152 |
|
|
|
70,173 |
|
|
|
88,316 |
|
|
|
|
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
|
|
|
Interest
expense, net |
|
2,796 |
|
|
|
2,347 |
|
|
|
10,961 |
|
|
|
8,341 |
|
Earnings
from equity investments |
|
(3,163 |
) |
|
|
(3,488 |
) |
|
|
(12,859 |
) |
|
|
(7,885 |
) |
Other
(income) expense |
|
(2,422 |
) |
|
|
2,417 |
|
|
|
(546 |
) |
|
|
2,417 |
|
Total
expenses, net |
|
14,062 |
|
|
|
18,428 |
|
|
|
67,729 |
|
|
|
91,189 |
|
Income (loss) before
income taxes |
|
15,821 |
|
|
|
289 |
|
|
|
15,881 |
|
|
|
(3,040 |
) |
Income
tax expense |
|
190 |
|
|
|
— |
|
|
|
190 |
|
|
|
— |
|
Net income (loss) |
|
15,631 |
|
|
|
289 |
|
|
|
15,691 |
|
|
|
(3,040 |
) |
Less: |
|
|
|
|
|
|
|
Preferred
unit paid-in-kind distributions |
|
— |
|
|
|
— |
|
|
|
(3,500 |
) |
|
|
(2,625 |
) |
Preferred
unit distributions |
|
(8,837 |
) |
|
|
(8,750 |
) |
|
|
(33,425 |
) |
|
|
(33,250 |
) |
Preferred
unit amortization |
|
(651 |
) |
|
|
(496 |
) |
|
|
(2,358 |
) |
|
|
(1,796 |
) |
Net gain (loss)
attributable to common unitholders |
$ |
6,143 |
|
|
$ |
(8,957 |
) |
|
$ |
(23,592 |
) |
|
$ |
(40,711 |
) |
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
14,865 |
|
|
$ |
21,404 |
|
|
$ |
69,399 |
|
|
$ |
65,029 |
|
|
|
|
|
|
|
|
|
Net loss per unit |
|
|
|
|
|
|
|
Common
units - Basic |
$ |
0.39 |
|
|
$ |
(0.62 |
) |
|
$ |
(1.55 |
) |
|
$ |
(2.90 |
) |
Common
units - Diluted |
$ |
0.33 |
|
|
$ |
(0.62 |
) |
|
$ |
(1.55 |
) |
|
$ |
(2.90 |
) |
Weighted Average Units
Outstanding |
|
|
|
|
|
|
|
Common
units - Basic |
|
15,708,244 |
|
|
|
14,486,001 |
|
|
|
15,264,284 |
|
|
|
14,039,726 |
|
Common
units -Diluted |
|
47,019,140 |
|
|
|
14,486,001 |
|
|
|
15,264,284 |
|
|
|
14,039,726 |
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA is a non-GAAP financial
measure. For more information, see the NON-GAAP FINANCIAL
MEASURES section of this press release.
Sanchez
Midstream Partners LP |
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
($ in thousands) |
|
|
|
|
Current assets |
$ |
13,886 |
|
|
$ |
17,527 |
|
Midstream and
production assets, net |
|
198,334 |
|
|
|
213,145 |
|
Other assets |
|
274,465 |
|
|
|
297,751 |
|
Total
assets |
$ |
486,685 |
|
|
$ |
528,423 |
|
|
|
|
|
Current
liabilities |
$ |
10,809 |
|
|
$ |
13,413 |
|
Long-term debt, net of
debt issuance costs |
|
178,582 |
|
|
|
187,808 |
|
Other long-term
liabilities |
|
12,057 |
|
|
|
12,598 |
|
Total
liabilities |
|
201,448 |
|
|
|
213,819 |
|
|
|
|
|
Mezzanine equity |
|
349,857 |
|
|
|
343,912 |
|
|
|
|
|
Partners' deficit |
|
(64,620 |
) |
|
|
(29,308 |
) |
Total partners'
deficit |
|
(64,620 |
) |
|
|
(29,308 |
) |
Total
liabilities and partners' capital |
$ |
486,685 |
|
|
$ |
528,423 |
|
|
|
|
|
Sanchez
Midstream Partners LP |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted EBITDA and Cash Available for
Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
Three Months |
|
|
|
Three months
ended |
|
Ended |
|
Ended |
|
Ended |
|
Year Ended |
|
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,631 |
|
|
$ |
289 |
|
|
$ |
1,442 |
|
|
$ |
(1,795 |
) |
|
$ |
413 |
|
|
$ |
15,691 |
|
|
$ |
(3,040 |
) |
Adjusted by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
2,796 |
|
|
|
2,347 |
|
|
|
2,599 |
|
|
|
2,780 |
|
|
|
2,786 |
|
|
|
10,961 |
|
|
|
8,341 |
|
Income
tax expense |
|
190 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
190 |
|
|
|
— |
|
Depreciation, depletion and amortization |
|
6,307 |
|
|
|
6,813 |
|
|
|
6,628 |
|
|
|
6,545 |
|
|
|
6,507 |
|
|
|
25,987 |
|
|
|
34,830 |
|
Asset
impairments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,688 |
|
Accretion
expense |
|
125 |
|
|
|
126 |
|
|
|
126 |
|
|
|
123 |
|
|
|
123 |
|
|
|
497 |
|
|
|
773 |
|
Gain on
sale of assets |
|
(560 |
) |
|
|
(1,604 |
) |
|
|
— |
|
|
|
(2,388 |
) |
|
|
(238 |
) |
|
|
(3,186 |
) |
|
|
(4,150 |
) |
Unit-based compensation expense |
|
(1,002 |
) |
|
|
723 |
|
|
|
1,438 |
|
|
|
1,347 |
|
|
|
155 |
|
|
|
1,938 |
|
|
|
3,373 |
|
Unit-based asset management fees |
|
1,355 |
|
|
|
2,342 |
|
|
|
2,279 |
|
|
|
2,647 |
|
|
|
2,365 |
|
|
|
8,646 |
|
|
|
8,820 |
|
Distributions in excess of equity earnings |
|
1,496 |
|
|
|
3,504 |
|
|
|
1,837 |
|
|
|
2,360 |
|
|
|
4,061 |
|
|
|
9,754 |
|
|
|
5,792 |
|
(Gain)
loss on mark-to-market activities |
|
(11,843 |
) |
|
|
6,385 |
|
|
|
1,978 |
|
|
|
4,453 |
|
|
|
2,183 |
|
|
|
(3,229 |
) |
|
|
7,558 |
|
Commodity
derivatives settled early |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,602 |
) |
Acquisition and divestiture costs |
|
370 |
|
|
|
479 |
|
|
|
251 |
|
|
|
1,529 |
|
|
|
— |
|
|
|
2,150 |
|
|
|
1,646 |
|
Adjusted EBITDA
(1) |
$ |
14,865 |
|
|
$ |
21,404 |
|
|
$ |
18,578 |
|
|
$ |
17,601 |
|
|
$ |
18,355 |
|
|
$ |
69,399 |
|
|
$ |
65,029 |
|
Adjusted by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance capital expenditures(2) |
|
(400 |
) |
|
|
(600 |
) |
|
|
(400 |
) |
|
|
(400 |
) |
|
|
(400 |
) |
|
|
(1,600 |
) |
|
|
(2,400 |
) |
Cash
interest expense |
|
(2,447 |
) |
|
|
(2,150 |
) |
|
|
(2,300 |
) |
|
|
(2,488 |
) |
|
|
(2,528 |
) |
|
|
(9,763 |
) |
|
|
(7,643 |
) |
Cash
distributions on preferred units |
|
(8,837 |
) |
|
|
(8,750 |
) |
|
|
(8,750 |
) |
|
|
(7,000 |
) |
|
|
(8,838 |
) |
|
|
(33,425 |
) |
|
|
(33,250 |
) |
Cash available for
distribution (1) |
$ |
3,181 |
|
|
$ |
9,904 |
|
|
$ |
7,128 |
|
|
$ |
7,713 |
|
|
$ |
6,589 |
|
|
$ |
24,611 |
|
|
$ |
21,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA and cash available for
distribution are non-GAAP financial measures. For more
information, see the NON-GAAP FINANCIAL MEASURES section of this
press release.
(2) Represents estimated maintenance capital
expenditures attributable to our controlling interest in our
midstream and production assets. Maintenance capital expenditures
are cash expenditures made to maintain, over the long-term, our
operating capacity, operating income or asset base. Examples of
maintenance capital expenditures are expenditures to develop and
replace our oil and natural gas reserves as well as the repair,
refurbishment and replacement of gathering and transportation
assets, to maintain equipment reliability, integrity and safety and
to address environmental laws and regulations.
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