Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the
“Partnership”) today reported third-quarter 2019 results.
Highlights from the report include:
- Third-quarter 2019 net loss of $6.8 million, compared to net
income of $3.9 million for second-quarter 2019 and net income of
$0.4 million for third-quarter 2018;
- Third-quarter 2019 Adjusted EBITDA (a non-GAAP financial
measure) of $17.4 million, compared to Adjusted EBITDA of $17.5
million for second-quarter 2019 and $18.4 million for third-quarter
2018; and
- The Partnership has reduced debt by $28 million (15.2 percent)
since Sept. 30, 2018.
FINANCIAL RESULTSThe
Partnership’s third-quarter 2019 revenues totaled $20.9 million, of
which $15.9 million came from the midstream activities of Western
Catarina Midstream and the Seco Pipeline. The balance of the
Partnership’s third-quarter 2019 revenues came from production
activities ($4.1 million, which includes a gain on hedge
settlements of $0.3 million) and a gain on mark-to-market
activities (approximately $1.0 million), which is a non-cash
item.
Earnings from Carnero G&P LLC (the “Carnero
JV”) totaled $0.8 million for third-quarter 2019. The Partnership
received a cash distribution of approximately $4.9 million from the
Carnero JV in November 2019 related to third-quarter 2019
activity.
On a GAAP basis, the Partnership reported a net
loss of $6.8 million for third-quarter 2019, compared to net income
of $3.9 million for second-quarter 2019 and net income of $0.4
million for third-quarter 2018.
Adjusted EBITDA was approximately $17.4 million
for third-quarter 2019, compared to Adjusted EBITDA of $17.5
million for second-quarter 2019 and $18.4 million for third-quarter
2018. Adjusted EBITDA is a non-GAAP financial measure that is
defined below and reconciled in a table included with this press
release.
LIQUIDITY AND CREDIT FACILITY
UPDATEThe Partnership had approximately $4.6 million in
cash and cash equivalents as of Sept. 30, 2019.
As of Sept. 30, 2019, the Partnership had $162.0
million in debt outstanding under its credit facility, which has a
current borrowing base of $282.0 million and an elected commitment
amount of $210.0 million. The Partnership made principal payments
totaling $6.0 million in October 2019, resulting in $156.0 million
in debt outstanding under the credit facility as of Nov. 12,
2019.
Since Sept. 30, 2018, the Partnership has
reduced its debt outstanding by $28.0 million (15.2 percent), from
$184.0 million to $156.0 million.
COMMON UNITSThe Partnership had
20,088,015 common units issued and outstanding as of Nov. 12,
2019.
CLASS C DISTRIBUTIONSAs
required by the Third Amended and Restated Agreement of Limited
Partnership of the Partnership, if a quarterly distribution on the
Partnership’s Class C preferred units cannot be paid in cash, it
must be paid 100 percent in Class C Preferred PIK Units.
Accordingly, on Oct. 30, 2019 the Partnership declared a
third-quarter 2019 distribution to the holders of its Class C
preferred units consisting of 1,007,820 Class C Preferred PIK Units
payable on Nov. 29, 2019 to holders of record on Nov. 20, 2019.
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 our 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.
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, a non-GAAP financial measure, 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 affected 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.
Adjusted EBITDA is used as a quantitative
standard 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 provides useful information to investors in assessing our
financial condition and results of operations. The GAAP measure
most directly comparable to Adjusted EBITDA is net income (loss).
Our non-GAAP financial measure of Adjusted EBITDA should not be
considered as an alternative to GAAP net income (loss). Adjusted
EBITDA has important limitations as an analytical tool because it
excludes some but not all items that affect net income (loss).
Adjusted EBITDA should not be considered in isolation or as a
substitute for analysis of our results as reported under GAAP.
Because Adjusted EBITDA may be defined differently by other
companies in our industry, our definition of Adjusted EBITDA may
not be comparable to similarly titled measures of other companies,
thereby diminishing its utility.
For a reconciliation of Adjusted EBITDA to net
income (loss), the most comparable GAAP financial metric, please
see the tables below.
FORWARD-LOOKING STATEMENTS This
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;
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 financing strategy; our
acquisition strategy; our ability to make, maintain and grow
distributions; 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. In addition,
management’s assumptions about future events may prove to be
inaccurate. 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 creditworthiness
and performance of our counterparties, including financial
institutions, operating partners, customers and other
counterparties; our ability to grow enterprise value; 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 utilize the services,
personnel and other assets of the sole member of our general
partner (“Manager”) pursuant to a services agreement; Manager’s
ability to retain personnel to perform its obligations under its
shared services agreement with Sanchez Oil & Gas Corporation;
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 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 Officerir@sanchezmidstream.com(877)
847-0009
General Inquiries: (713) 783-8000
www.sanchezmidstream.com
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Sanchez Midstream Partners LP |
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|
Operating Statistics |
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|
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|
Three Months
Ended |
|
Nine Months
Ended |
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|
|
September 30, |
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September 30, |
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|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gathering and Transportation Throughput: |
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|
|
|
|
|
|
|
|
|
|
|
Seco
Pipeline |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
— |
|
|
1,475 |
|
|
692 |
|
|
12,381 |
|
|
|
|
|
|
|
|
|
|
|
Western Catarina Midstream |
|
|
|
|
|
|
|
|
|
Oil
(MBbls) |
|
|
890 |
|
|
1,180 |
|
|
3,224 |
|
|
3,301 |
|
Oil
(MBbls/d) |
|
|
10 |
|
|
13 |
|
|
12 |
|
|
12 |
|
Natural gas (MMcf) |
|
|
11,249 |
|
|
14,271 |
|
|
37,952 |
|
|
42,070 |
|
Natural gas (MMcf/d) |
|
|
122 |
|
|
155 |
|
|
139 |
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
Net
Production in MBoe: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
production (MBoe) |
|
|
85 |
|
|
98 |
|
|
236 |
|
|
357 |
|
Average
daily production (Boe/d) |
|
|
924 |
|
|
1,065 |
|
|
864 |
|
|
1,308 |
|
|
|
|
|
|
|
|
|
|
|
Average Sales Price per Boe: |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
Net realized
price, including hedges (1) |
|
$ |
48.32 |
|
$ |
53.60 |
|
$ |
49.72 |
|
$ |
47.34 |
|
Net realized
price, excluding hedges (2) |
|
$ |
44.81 |
|
$ |
59.72 |
|
$ |
46.89 |
|
$ |
51.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes impact of
mark-to-market gains (losses). |
|
(2) Excludes the
impact of all hedging gains (losses). |
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|
Sanchez Midstream Partners LP |
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|
|
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|
Condensed Consolidated Statements of
Operations |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Three
Months |
|
|
|
|
|
|
|
Three Months
Ended |
|
Ended |
|
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
March 31, |
|
June 30, |
|
September 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
($ in
thousands, except per unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil,
liquids, and gas sales |
|
$ |
4,107 |
|
|
$ |
5,853 |
|
|
$ |
4,384 |
|
|
$ |
3,242 |
|
|
$ |
11,733 |
|
|
$ |
18,245 |
|
|
Gathering
and transportation sales |
|
|
1,720 |
|
|
|
1,582 |
|
|
|
1,683 |
|
|
|
1,702 |
|
|
|
5,105 |
|
|
|
4,931 |
|
|
Gathering
and transportation lease revenues |
|
|
14,135 |
|
|
|
13,148 |
|
|
|
16,257 |
|
|
|
15,969 |
|
|
|
46,361 |
|
|
|
38,634 |
|
|
Gain (loss)
on mark-to-market activities |
|
|
954 |
|
|
|
(2,431 |
) |
|
|
(4,834 |
) |
|
|
942 |
|
|
|
(2,938 |
) |
|
|
(8,083 |
) |
|
Total
revenues |
|
|
20,916 |
|
|
|
18,152 |
|
|
|
17,490 |
|
|
|
21,855 |
|
|
|
60,261 |
|
|
|
53,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
operating expenses |
|
|
2,105 |
|
|
|
1,905 |
|
|
|
1,715 |
|
|
|
2,065 |
|
|
|
5,885 |
|
|
|
5,883 |
|
|
Transportation operating expenses |
|
|
2,752 |
|
|
|
3,061 |
|
|
|
2,676 |
|
|
|
3,048 |
|
|
|
8,476 |
|
|
|
8,979 |
|
|
Production taxes |
|
|
165 |
|
|
|
292 |
|
|
|
183 |
|
|
|
141 |
|
|
|
489 |
|
|
|
901 |
|
|
General and administrative |
|
|
4,317 |
|
|
|
5,109 |
|
|
|
4,749 |
|
|
|
4,171 |
|
|
|
13,237 |
|
|
|
17,193 |
|
|
Unit-based compensation expense |
|
|
271 |
|
|
|
155 |
|
|
|
635 |
|
|
|
175 |
|
|
|
1,081 |
|
|
|
2,940 |
|
|
Gain on sale
of assets |
|
|
— |
|
|
|
(238 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,626 |
) |
|
Depreciation, depletion and amortization |
|
|
6,441 |
|
|
|
6,507 |
|
|
|
6,429 |
|
|
|
6,174 |
|
|
|
19,044 |
|
|
|
19,680 |
|
|
Accretion expense |
|
|
132 |
|
|
|
123 |
|
|
|
133 |
|
|
|
126 |
|
|
|
391 |
|
|
|
372 |
|
|
Total operating expenses |
|
|
16,183 |
|
|
|
16,914 |
|
|
|
16,520 |
|
|
|
15,900 |
|
|
|
48,603 |
|
|
|
53,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
12,141 |
|
|
|
2,786 |
|
|
|
2,786 |
|
|
|
2,814 |
|
|
|
17,741 |
|
|
|
8,165 |
|
|
Earnings from equity investments |
|
|
(780 |
) |
|
|
(2,313 |
) |
|
|
(1,442 |
) |
|
|
(791 |
) |
|
|
(3,013 |
) |
|
|
(9,696 |
) |
|
Other
(income) expense |
|
|
(31 |
) |
|
|
352 |
|
|
|
(46 |
) |
|
|
(21 |
) |
|
|
(98 |
) |
|
|
1,876 |
|
|
Total expenses, net |
|
|
27,513 |
|
|
|
17,739 |
|
|
|
17,818 |
|
|
|
17,902 |
|
|
|
63,233 |
|
|
|
53,667 |
|
|
Income
(loss) before income taxes |
|
|
(6,597 |
) |
|
|
413 |
|
|
|
(328 |
) |
|
|
3,953 |
|
|
|
(2,972 |
) |
|
|
60 |
|
|
Income tax expense |
|
|
213 |
|
|
|
— |
|
|
|
46 |
|
|
|
76 |
|
|
|
335 |
|
|
|
— |
|
|
Net income
(loss) |
|
|
(6,810 |
) |
|
|
413 |
|
|
|
(374 |
) |
|
|
3,877 |
|
|
|
(3,307 |
) |
|
|
60 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred unit paid-in-kind distributions |
|
|
(3,804 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,605 |
) |
|
|
(14,409 |
) |
|
|
(3,500 |
) |
|
Preferred unit distributions |
|
|
— |
|
|
|
(8,838 |
) |
|
|
(8,838 |
) |
|
|
— |
|
|
|
(8,838 |
) |
|
|
(24,588 |
) |
|
Preferred unit amortization |
|
|
(266 |
) |
|
|
(608 |
) |
|
|
(697 |
) |
|
|
(745 |
) |
|
|
(1,708 |
) |
|
|
(1,707 |
) |
|
Deemed distribution |
|
|
103,773 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103,773 |
|
|
|
— |
|
|
Net income
(loss) attributable to common unitholders - Basic |
|
|
92,893 |
|
|
|
(9,033 |
) |
|
|
(9,909 |
) |
|
|
(7,473 |
) |
|
|
75,511 |
|
|
|
(29,735 |
) |
|
Mark-to-market on warrant |
|
|
3,097 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,097 |
|
|
|
— |
|
|
Net income
(loss) attributable to common unitholders - Diluted |
|
|
95,990 |
|
|
|
(9,033 |
) |
|
|
(9,909 |
) |
|
|
(7,473 |
) |
|
|
78,608 |
|
|
|
(29,735 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (1) |
|
$ |
17,404 |
|
|
$ |
18,355 |
|
|
$ |
18,554 |
|
|
$ |
17,519 |
|
|
$ |
53,477 |
|
|
$ |
54,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units - Basic |
|
$ |
4.99 |
|
|
$ |
(0.59 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.42 |
) |
|
$ |
4.31 |
|
|
$ |
(1.97 |
) |
|
Common units - Diluted |
|
$ |
4.54 |
|
|
$ |
(0.59 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.42 |
) |
|
$ |
4.13 |
|
|
$ |
(1.97 |
) |
|
Weighted
Average Units Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units - Basic |
|
|
18,617,385 |
|
|
|
15,398,453 |
|
|
|
16,173,858 |
|
|
|
17,684,563 |
|
|
|
17,500,886 |
|
|
|
15,114,671 |
|
|
Common units -Diluted |
|
|
21,141,065 |
|
|
|
15,398,453 |
|
|
|
16,173,858 |
|
|
|
17,684,563 |
|
|
|
19,011,877 |
|
|
|
15,114,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
September 30, |
December 31, |
|
|
|
|
2019 |
|
|
2018 |
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
Current
assets |
|
$ |
14,054 |
|
$ |
13,886 |
|
|
Midstream
and production assets, net |
|
|
190,214 |
|
|
198,334 |
|
|
Other
assets |
|
|
254,457 |
|
|
274,465 |
|
|
Total
assets |
|
$ |
458,725 |
|
$ |
486,685 |
|
|
|
|
|
|
|
|
Current
liabilities |
|
$ |
10,269 |
|
$ |
10,809 |
|
|
Current
liabilities - short-term debt, net of debt issuance costs |
|
|
161,245 |
|
|
— |
|
|
Long-term
debt, net of debt issuance costs |
|
|
— |
|
|
178,582 |
|
|
Class C
preferred units |
|
|
262,113 |
|
|
— |
|
|
Other
long-term liabilities |
|
|
13,333 |
|
|
12,057 |
|
|
Total
liabilities |
|
|
446,960 |
|
|
201,448 |
|
|
|
|
|
|
|
|
Mezzanine
equity |
|
|
— |
|
|
349,857 |
|
|
|
|
|
|
|
|
Partners'
capital (deficit) |
|
|
11,765 |
|
|
(64,620 |
) |
|
Total
partners' capital (deficit) |
|
|
11,765 |
|
|
(64,620 |
) |
|
Total
liabilities and partners' capital |
|
$ |
458,725 |
|
$ |
486,685 |
|
|
|
|
|
|
|
|
Sanchez Midstream Partners LP |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Three
Months |
|
|
|
|
|
|
|
Three Months
Ended |
|
Ended |
|
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
March 31, |
|
June 30, |
|
September 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(6,810 |
) |
|
$ |
413 |
|
|
$ |
(374 |
) |
|
$ |
3,877 |
|
|
$ |
(3,307 |
) |
|
$ |
60 |
|
|
Adjusted
by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
12,141 |
|
|
|
2,786 |
|
|
|
2,786 |
|
|
|
2,814 |
|
|
|
17,741 |
|
|
|
8,165 |
|
|
Income tax expense |
|
|
213 |
|
|
|
— |
|
|
|
46 |
|
|
|
76 |
|
|
|
335 |
|
|
|
— |
|
|
Depreciation, depletion and amortization |
|
|
6,441 |
|
|
|
6,507 |
|
|
|
6,429 |
|
|
|
6,174 |
|
|
|
19,044 |
|
|
|
19,680 |
|
|
Accretion expense |
|
|
132 |
|
|
|
123 |
|
|
|
133 |
|
|
|
126 |
|
|
|
391 |
|
|
|
372 |
|
|
Gain
on sale of assets |
|
|
— |
|
|
|
(238 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,626 |
) |
|
Unit-based compensation expense |
|
|
271 |
|
|
|
155 |
|
|
|
635 |
|
|
|
175 |
|
|
|
1,081 |
|
|
|
2,940 |
|
|
Unit-based asset management fees |
|
|
1,922 |
|
|
|
2,365 |
|
|
|
2,032 |
|
|
|
1,839 |
|
|
|
5,793 |
|
|
|
7,291 |
|
|
Distributions in excess of equity earnings |
|
|
4,079 |
|
|
|
4,061 |
|
|
|
2,064 |
|
|
|
3,412 |
|
|
|
9,555 |
|
|
|
8,258 |
|
|
(Gain) loss on mark-to-market activities |
|
|
(985 |
) |
|
|
2,183 |
|
|
|
4,803 |
|
|
|
(974 |
) |
|
|
2,844 |
|
|
|
8,614 |
|
|
Acquisition and divestiture costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,780 |
|
|
Adjusted
EBITDA (1) |
|
$ |
17,404 |
|
|
$ |
18,355 |
|
|
$ |
18,554 |
|
|
$ |
17,519 |
|
|
$ |
53,477 |
|
|
$ |
54,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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