CANONSBURG, Pa., Feb. 26, 2015 /PRNewswire/ -- CONE Midstream
Partners LP (NYSE:CNNX) ("CONE Midstream" or the "Partnership")
today reported financial and operational results for the three
months ending December 31,
2014.(1) The Partnership also provided an
update on throughput volumes and announced financial guidance for
2015.
Fourth Quarter Results
Highlights of fourth quarter 2014 results attributable to the
Partnership include:
- Net income of $15.3 million
- Average daily throughput volumes of 545 billion Btu per day
(BBtu/d)
- EBITDA(2) of $16.6
million
- Distributable cash flow (DCF)(2) of $14.8 million
Operational Update
Total throughput volumes for the development companies operated
and controlled by CONE Midstream reached the one billion cubic feet
per day equivalent milestone on January 1,
2015. Total throughput volumes attributable to the
Partnership averaged 562 million cubic feet per day equivalent for
the month of January 2015.
Management Comment
"Strong volume growth on the Anchor Systems drove our good
results for the fourth quarter," said John
T. Lewis, Chairman of the Board and Chief Executive Officer
of CONE Midstream GP LLC (the "General Partner"). "Fourth
quarter throughput, EBITDA and DCF all exceeded the forecast
amounts anticipated in the prospectus for the Partnership's initial
public offering.
"We are pleased to have hit the one billion cubic feet per day
throughput threshold approximately six months earlier than we had
projected," continued Mr. Lewis. "The early achievement of
this milestone is a testimony to the hard work of our employees in
building and operating our pipeline systems, the execution of
drilling and production operations by our Sponsors, CONSOL Energy
and Noble Energy, and the strong performance of the wells we are
connecting to our systems."
Quarterly Distribution
As previously announced, the Board of Directors of the General
Partner declared an initial quarterly cash distribution of
$0.2148 per unit with respect to the
period commencing on September 30,
2014 (the closing date of the Partnership's initial public
offering) through December 31,
2014. This prorated amount corresponds to the Partnership's
minimum quarterly distribution of $0.2125 per unit adjusted for the number of days
in the period. The distribution payment was made on
February 13, 2015 to unitholders of
record on February 4, 2015.
Capital Investment and Resources
CONE Midstream's allocated fourth quarter 2014 share of
investment in expansion projects was $17.0
million. Total expansion capital investment at the three
development companies in which CONE Midstream holds controlling
interests was $81.2 million, with
individual development company totals as follows:
- Anchor Systems (Development Company 1): Expansion
investments totaled $18.5 million and
were primarily expended for continued expansion of the Majorsville
and McQuay gathering systems, increased stabilization capacity in
the Majorsville field, and expansion of compression capacity at
McQuay Station.
- Growth Systems (Development Company 2): Expansion
investments totaled $22.3 million and
primarily were expended for the connection of two well pads in
Barbour County (WV), connection of one well pad in Lewis County,
and permitting and land work related to the Tygart Valley gathering
system.
- Additional Systems (Development Company 3): Expansion
investments totaled $40.5 million and
supported new production from the Oxford and Shirley systems and
projects in the Pennsboro, Moundsville and ACAA project areas that
are anticipated to result in wet gas volume throughput growth in
2015.
CONE Midstream's respective share of maintenance capital
expenditures for the three development companies for fourth quarter
2014 was $1.8 million.
Maintenance capital expenditures in the aggregate for the
development companies in which CONE Midstream holds controlling
interests totaled $2.8 million.
As of December 31, 2014,
CONE Midstream had outstanding borrowings of $31.3 million under its $250 million revolving credit facility.
2015 Guidance
Based on current expectations, management is providing the
following guidance for 2015. Full year 2015 EBITDA attributable to
the Partnership is expected to be in the range of $62 - $70 million and full year Distributable
Cash Flow attributable to the Partnership is expected to be in the
range of $50 - $60 million.
Management currently anticipates that total 2015 capital
expenditures attributable to the Partnership will be in the range
of $95 to $115 million, of which
approximately $8 to $10 million will
be for maintenance capital. Capital expenditures
attributable to the Partnership by development company are
projected as follows:
Projected 2015
Capital Expenditures
(Amounts in $
Millions)
|
|
|
Total
|
Maintenance
|
Anchor
Systems
|
$84 - $101
|
$6 - $8
|
Growth
Systems
|
$4 - $5
|
$1
|
Additional
Systems
|
$7 - $9
|
$1
|
Total
|
$95 - $115
|
$8 - $10
|
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,
including capital expenditure plans, are meant to provide guidance
only and are subject to revision for acquisitions or operating
environment changes.
Fourth Quarter Financial and Operational Results Conference
Call
A conference call and webcast, during which management will
discuss fourth quarter 2014 financial and operational results, is
scheduled for February 26, 2015 at
10:00 a.m. Eastern Time.
Prepared remarks by members of management will be followed by a
question and answer period. Interested parties may listen via
webcast at http://www.videonewswire.com/event.asp?id=101405.
Participants who would like to ask questions may join the
conference by phone at 888-349-0097 (international 412-902-0126)
five to ten minutes prior to the scheduled start time (reference
the CONE Midstream call). An on-demand replay of the webcast
will be also be available at
http://www.videonewswire.com/event.asp?id=101405 shortly after the
conclusion of the conference. A telephonic replay will be
available through March 5, 2015 by
dialing 877-344-7529 (international: 412-317-0088) and using the
conference playback number 10059287.
_______________
(1) Unless otherwise indicated, the
reporting measures included in this news release reflect the
unallocated total activity of the three development companies
jointly owned by the Partnership and CONE Gathering LLC ("CONE
Gathering"). 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.
(2) 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.
Contact:
|
Stephen R.
Milbourne
|
|
CONE Investor
Relations
|
Phone:
|
724-485-4408
|
Email:
|
smilbourne@conemidstream.com
|
* * * * *
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.
* * * * *
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
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except per unit data)
(unaudited)
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2014
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering Revenue —
Related Party
|
$
|
42,400
|
|
|
|
$
|
21,916
|
|
|
$
|
130,087
|
|
|
$
|
65,626
|
|
Other
Income
|
85
|
|
|
|
—
|
|
|
85
|
|
|
—
|
|
Total
Revenue
|
42,485
|
|
|
|
21,916
|
|
|
130,172
|
|
|
65,626
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense —
Third Party
|
9,035
|
|
|
|
3,801
|
|
|
27,371
|
|
|
13,175
|
|
Operating Expense —
Related Party
|
5,519
|
|
|
|
5,151
|
|
|
24,072
|
|
|
16,669
|
|
General and
Administrative Expense — Third Party
|
910
|
|
|
|
90
|
|
|
1,846
|
|
|
219
|
|
General and
Administrative Expense — Related Party
|
1,769
|
|
|
|
411
|
|
|
4,726
|
|
|
1,614
|
|
Depreciation
Expense
|
2,225
|
|
|
|
1,611
|
|
|
7,330
|
|
|
5,825
|
|
Total
Expense
|
19,458
|
|
|
|
11,064
|
|
|
65,345
|
|
|
37,502
|
|
Net
Income
|
23,027
|
|
|
|
10,852
|
|
|
64,827
|
|
|
28,124
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
7,776
|
|
|
|
—
|
|
|
7,858
|
|
|
—
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
15,251
|
|
|
|
$
|
10,852
|
|
|
$
|
56,969
|
|
|
$
|
28,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP (1)
|
$
|
15,251
|
|
|
|
$
|
10,852
|
|
|
$
|
15,378
|
|
|
$
|
28,124
|
|
Less: General Partner
Interest in Net Income
|
305
|
|
|
|
N/A
|
|
308
|
|
|
N/A
|
Limited Partner
Interest in Net Income
|
$
|
14,946
|
|
|
|
N/A
|
|
$
|
15,070
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.26
|
|
|
|
N/A
|
|
$
|
0.26
|
|
|
N/A
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.26
|
|
|
|
N/A
|
|
$
|
0.26
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited Partner Units
Outstanding - Basic
|
58,326
|
|
|
|
N/A
|
|
58,326
|
|
|
N/A
|
Limited Partner Unit
Outstanding - Diluted
|
58,326
|
|
|
|
N/A
|
|
58,326
|
|
|
N/A
|
|
(1)
Reflective of general and limited partner interest in net income
since closing of the IPO.
|
CONE MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME TO EBITDA AND DISTRIBUTABLE CASH
FLOW
(in thousands)
(unaudited)
Definition of Non-GAAP Financial Measures
EBITDA
We define EBITDA as net income 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 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 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 partnership does not provide financial guidance for
projected net income or changes in working capital, and, therefore,
is unable to provide a reconciliation of its adjusted EBITDA and
distributable cash flow projections to net income, operating
income, or net cash flow provided by operating activities, the most
comparable financial measures calculated in accordance with
GAAP.
CONE MIDSTREAM
PARTNERS LP
RECONCILIATION OF
NET INCOME TO EBITDA AND DISTRIBUTABLE CASH FLOW
(in
thousands)
(unaudited)
|
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.
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net Income
|
|
$
|
23,027
|
|
|
$
|
10,852
|
|
|
$
|
64,827
|
|
|
$
|
28,124
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense,
net
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
Depreciation
Expense
|
|
2,225
|
|
|
1,611
|
|
|
7,330
|
|
|
5,825
|
|
EBITDA
|
|
25,276
|
|
|
12,463
|
|
|
72,181
|
|
|
33,949
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
|
7,776
|
|
|
—
|
|
|
7,858
|
|
|
—
|
|
Less: Depreciation
Expense Attributable to Noncontrolling Interest
|
|
857
|
|
|
—
|
|
|
863
|
|
|
—
|
|
EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
|
|
$
|
16,643
|
|
|
$
|
12,463
|
|
|
$
|
63,460
|
|
|
$
|
33,949
|
|
Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
|
|
1,799
|
|
|
1,141
|
|
|
6,008
|
|
|
3,440
|
|
Distributable Cash
Flow
|
|
$
|
14,844
|
|
|
$
|
11,322
|
|
|
$
|
57,452
|
|
|
$
|
30,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
22,331
|
|
|
$
|
8,532
|
|
|
$
|
84,694
|
|
|
$
|
34,514
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Interest
Expense, net
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
Less: Other,
Including Changes in Working Capital
|
|
(2,969)
|
|
|
(3,931)
|
|
|
12,489
|
|
|
565
|
|
EBITDA
|
|
25,276
|
|
|
12,463
|
|
|
72,181
|
|
|
33,949
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
|
7,776
|
|
|
—
|
|
|
7,858
|
|
|
—
|
|
Less: Depreciation
Expense Attributable to Noncontrolling Interest
|
|
857
|
|
|
—
|
|
|
863
|
|
|
—
|
|
EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
|
|
$
|
16,643
|
|
|
$
|
12,463
|
|
|
$
|
63,460
|
|
|
$
|
33,949
|
|
Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
|
|
1,799
|
|
|
1,141
|
|
|
6,008
|
|
|
3,440
|
|
Distributable Cash
Flow
|
|
$
|
14,844
|
|
|
$
|
11,322
|
|
|
$
|
57,452
|
|
|
$
|
30,509
|
|
CONE MIDSTREAM
PARTNERS LP
CONSOLIDATED
BALANCE SHEETS
(in thousands,
except number of units)
(unaudited)
|
|
December
31, 2014
|
|
|
December
31, 2013
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
3,252
|
|
|
$
|
5,976
|
|
Receivables — Related
Party
|
58,749
|
|
|
15,172
|
|
Prepaid
Expenses
|
1,280
|
|
|
—
|
|
Other Current
Assets
|
164
|
|
|
—
|
|
Total Current
Assets
|
63,445
|
|
|
21,148
|
|
Property and
Equipment:
|
|
|
|
|
|
Property and
Equipment
|
639,735
|
|
|
398,010
|
|
Less — Accumulated
Depreciation
|
16,989
|
|
|
9,894
|
|
Property and
Equipment — Net
|
622,746
|
|
|
388,116
|
|
Other Non-Current
Assets
|
613
|
|
|
—
|
|
TOTAL
ASSETS
|
$
|
686,804
|
|
|
$
|
409,264
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
Payable
|
$
|
70,635
|
|
|
$
|
38,756
|
|
Accounts Payable —
Related Party
|
2,106
|
|
|
2,434
|
|
Total Current
Liabilities
|
72,741
|
|
|
41,190
|
|
Other
Liabilities:
|
|
|
|
|
|
MLP
Revolver
|
31,300
|
|
|
—
|
|
Total
Liabilities
|
104,041
|
|
|
41,190
|
|
Partners' Capital and
Parent Net Investment:
|
|
|
|
|
|
Parent Net
Investment
|
—
|
|
|
368,074
|
|
Common Units -
(29,163,121 Units Issued and Outstanding at December 31,
2014)
|
389,612
|
|
|
—
|
|
Subordinated Units
(29,163,121 Units Issued and Outstanding at December 31,
2014)
|
(92,285)
|
|
|
—
|
|
General Partner
Interest
|
(3,772)
|
|
|
—
|
|
Capital Attributable
to CONE Midstream Partners LP and Parent Net Investment
|
293,555
|
|
|
368,074
|
|
Noncontrolling
Interest
|
289,208
|
|
|
—
|
|
Total Partners'
Capital and Parent Net Investment
|
582,763
|
|
|
368,074
|
|
TOTAL LIABILITIES,
PARTNERS' CAPITAL AND PARENT NET INVESTMENT
|
$
|
686,804
|
|
|
$
|
409,264
|
|
CONE MIDSTREAM
PARTNERS LP
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
Twelve Months
Ended
December 31,
|
|
|
2014
|
|
|
2013
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net Income
|
$
|
64,827
|
|
|
$
|
28,124
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
|
|
|
|
|
|
Depreciation
|
7,330
|
|
|
5,825
|
|
Gain on
Disposition of Equipment
|
(85)
|
|
|
—
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
Receivables — Related
Party
|
(9,029)
|
|
|
(5,654)
|
|
Other Current
Assets
|
(1,280)
|
|
|
50
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
Accounts
Payable
|
23,806
|
|
|
5,760
|
|
Accounts Payable —
Related Party
|
(875)
|
|
|
409
|
|
Net Cash Provided
by Operating Activities
|
84,694
|
|
|
34,514
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
Capital
Expenditures
|
(269,686)
|
|
|
(130,924)
|
|
Proceeds on Sale of
Equipment
|
85
|
|
|
—
|
|
Net Cash Used in
Investing Activities
|
(269,601)
|
|
|
(130,924)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
Partners'
Investments
|
146,626
|
|
|
95,000
|
|
Proceeds from
Issuance of Common Units, Net of Offering Costs
|
413,005
|
|
|
—
|
|
Distribution of
Proceeds
|
(407,971)
|
|
|
—
|
|
Payment of Revolver
Fees
|
(777)
|
|
|
—
|
|
Proceeds from
Revolver
|
31,300
|
|
|
—
|
|
Net Cash Provided
by Financing Activities
|
182,183
|
|
|
95,000
|
|
Net Decrease in
Cash and Cash Equivalents
|
(2,724)
|
|
|
(1,410)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
5,976
|
|
|
7,386
|
|
Cash and Cash
Equivalents at End of Period
|
$
|
3,252
|
|
|
$
|
5,976
|
|
CONE MIDSTREAM
PARTNERS LP
SUPPLEMENTAL
STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
Three Months
Ended
December 31,
|
|
|
2014
|
|
|
2013
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net Income
|
$
|
23,027
|
|
|
$
|
10,852
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
|
|
|
|
|
|
Depreciation
|
2,225
|
|
|
1,611
|
|
Gain on
Disposition of Equipment
|
(85)
|
|
|
—
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
Receivables — Related
Party
|
(9,344)
|
|
|
(8,899)
|
|
Other Current
Assets
|
(798)
|
|
|
21
|
|
Non-Current
Assets
|
168
|
|
|
—
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
Accounts
Payable
|
9,404
|
|
|
4,538
|
|
Accounts Payable —
Related Party
|
(2,266)
|
|
|
409
|
|
Net Cash Provided
by Operating Activities
|
22,331
|
|
|
8,532
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
Capital
Expenditures
|
(83,985)
|
|
|
(44,022)
|
|
Proceeds on Sale of
Equipment
|
85
|
|
|
—
|
|
Net Cash Used in
Investing Activities
|
(83,900)
|
|
|
(44,022)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
Partners'
Investments
|
26,000
|
|
|
34,000
|
|
Proceeds from
Issuance of Common Units, Net of Offering Costs
|
264
|
|
|
—
|
|
Distribution of
Proceeds
|
—
|
|
|
—
|
|
Payment of Revolver
Fees
|
(91)
|
|
|
—
|
|
Proceeds from
Revolver
|
31,300
|
|
|
—
|
|
Net Cash Provided
by Financing Activities
|
57,473
|
|
|
34,000
|
|
Net Decrease in
Cash and Cash Equivalents
|
(4,096)
|
|
|
(1,490)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
7,348
|
|
|
7,466
|
|
Cash and Cash
Equivalents at End of Period
|
$
|
3,252
|
|
|
$
|
5,976
|
|
Development
Companies Jointly Owned by CONE Gathering LLC and CONE Midstream
Partners LP
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
(in
thousands)
(unaudited)
|
|
Three Months Ended
December 31, 2014
|
|
Development
Company
|
|
1
(Anchor)
|
|
|
2
(Growth)
|
|
|
3
(Additional)
|
|
|
TOTAL
(1)
|
|
Income
Summary
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
35,166
|
|
|
$
|
2,464
|
|
|
$
|
4,855
|
|
|
$
|
42,485
|
|
Expenses
|
15,025
|
|
|
1,847
|
|
|
2,586
|
|
|
19,458
|
|
Net
Income
|
20,141
|
|
|
617
|
|
|
2,269
|
|
|
23,027
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
5,035
|
|
|
586
|
|
|
2,155
|
|
|
7,776
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
15,106
|
|
|
$
|
31
|
|
|
$
|
114
|
|
|
$
|
15,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
389
|
|
|
71
|
|
|
17
|
|
|
477
|
|
Wet Gas
(BBtu/d)
|
313
|
|
|
—
|
|
|
81
|
|
|
394
|
|
Condensate
(Bcfe/d)
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
Total Gathered
Volumes
|
714
|
|
|
71
|
|
|
98
|
|
|
883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Volumes Net to
CNNX
|
536
|
|
|
4
|
|
|
5
|
|
|
545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
2,372
|
|
|
$
|
230
|
|
|
$
|
157
|
|
|
$
|
2,759
|
|
Expansion
Capital
|
18,465
|
|
|
22,296
|
|
|
40,465
|
|
|
81,226
|
|
Total Capital
Investment
|
$
|
20,837
|
|
|
$
|
22,526
|
|
|
$
|
40,622
|
|
|
$
|
83,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CNNX
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,779
|
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
1,799
|
|
Expansion
Capital
|
13,849
|
|
|
1,114
|
|
|
2,023
|
|
|
16,986
|
|
Total Capital
Investment Net to CNNX
|
$
|
15,628
|
|
|
$
|
1,126
|
|
|
$
|
2,031
|
|
|
$
|
18,785
|
|
|
(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.
|
Development
Companies Jointly Owned by CONE Gathering LLC and CONE Midstream
Partners LP
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
(in
thousands)
(unaudited)
|
|
Three Months Ended
December 31, 2013
|
|
Development
Company
|
|
1
(Anchor)
|
|
2
(Growth)
|
|
3
(Additional)
|
|
TOTAL
(1)
|
Income
Summary
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
21,351
|
|
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
21,685
|
|
Expenses
|
10,598
|
|
|
169
|
|
|
181
|
|
|
10,948
|
|
Net
Income
|
10,753
|
|
|
165
|
|
|
(181)
|
|
|
10,737
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
10,753
|
|
|
$
|
165
|
|
|
$
|
(181)
|
|
|
$
|
10,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
307
|
|
|
7
|
|
|
—
|
|
|
314
|
|
Wet Gas
(BBtu/d)
|
150
|
|
|
—
|
|
|
—
|
|
|
150
|
|
Condensate
(Bcfe/d)
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Total Gathered
Volumes
|
460
|
|
|
7
|
|
|
—
|
|
|
467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Volumes Net to
CNNX
|
345
|
|
|
—
|
|
|
—
|
|
|
345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,519
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
1,553
|
|
Expansion
Capital
|
28,483
|
|
|
6,906
|
|
|
279
|
|
|
35,668
|
|
Total Capital
Investment
|
$
|
30,002
|
|
|
$
|
6,940
|
|
|
$
|
279
|
|
|
$
|
37,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CNNX
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,139
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1,141
|
|
Expansion
Capital
|
21,363
|
|
|
345
|
|
|
14
|
|
|
21,722
|
|
Total Capital
Investment Net to CNNX
|
$
|
22,502
|
|
|
$
|
347
|
|
|
$
|
14
|
|
|
$
|
22,863
|
|
|
(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-strong-fourth-quarter-results-300041784.html
SOURCE CONE Midstream Partners LP