CANONSBURG, Pa., Aug. 5, 2015 /PRNewswire/ -- CONE Midstream
Partners LP (NYSE: CNNX) ("CONE Midstream" or the "Partnership")
today reported financial and operational results for the three
months ending June 30,
2015.(1)
Second Quarter Results
Highlights of second quarter 2015 results attributable to the
Partnership include:
- Net income of $14.9 million
- Average daily throughput volumes of 568 billion Btu per day
(BBtu/d)
- EBITDA(2) of $17.0
million
- Distributable cash flow (DCF)(2) of $14.8 million
Management Comment
"Continued volume growth, solid unit operating expenses, and
disciplined cost control produced strong second quarter financial
and operational results for CONE Midstream," said John T. Lewis, Chairman of the Board and Chief
Executive Officer of CONE Midstream GP LLC (the "General
Partner"). "We are pleased with our better-than projected
results for the quarter, and anticipate continued volume growth
from both new well connections and the impact of debottlenecking
projects scheduled to come on line in the third and fourth quarters
of 2015.
"Although the first year projections in the IPO prospectus did
not include any increase in the quarterly cash distributions, in
light of our actual performance to date and the outlook for the
balance of this year and 2016, the Board felt it was appropriate to
make an initial distribution increase earlier than originally
anticipated. The announced distribution of $0.22 per unit represents a quarterly increase of
3.5%. This is our first increase, it's earlier than
projected, and it should not be viewed as indicative of the rate of
future distribution increases. We remain committed to what we
have communicated previously, which is to grow cash distributions
at annual rate of between 15% and 20%."
Quarterly Distribution
As previously announced, the Board of Directors of the General
Partner declared a quarterly cash distribution of
$0.22 per unit with respect to the
second quarter of 2015. The distribution payment will be made
on August 14, 2015 to unitholders of record at the close of
business on August 5, 2015. The
distribution, which equates to an annual rate of $0.88 per unit, represents an increase of 3.5%
over the prior quarter.
Capital Investment and Resources
CONE Midstream's allocated second quarter 2015 share of
investment in expansion projects was $29.5
million. Total expansion capital investment at the three
development companies in which CONE Midstream holds controlling
interests was $72.8 million, with
individual development company totals as follows:
- Anchor Systems (Development Company 1): Expansion
investments totaled approximately$36.9 million and were primarily
expended for continued gathering system extensions to nine well
pads in Greene and Washington Counties (PA), additional
compression at McQuay and Majorsville Stations, along with pipeline
expansion and an additional tap to relieve bottlenecks in the
North Nineveh field.
- Growth Systems (Development Company 2): Expansion
investments totaled approximately$7.0 million and primarily were
expended on land and permitting associated with future development
in Harrison and Lewis Counties
(WV).
- Additional Systems (Development Company 3): Expansion
investments totaled approximately$28.8 million for the continued
construction of Shirley Station, construction of our Sherwood South gathering pipeline that connects
the Oxford field in southern Doddridge County to MarkWest Sherwood,
and additional pipeline construction in the Moundsville field and
Allegheny County Airport project areas.
CONE Midstream's respective share of maintenance capital
expenditures for the three development companies for the second
quarter 2015 was $2.1 million. Maintenance capital
expenditures in the aggregate for the development companies in
which CONE Midstream holds controlling interests totaled
$3.6 million.
As of June 30, 2015, CONE
Midstream had outstanding borrowings of $23.0 million under its $250 million revolving credit facility.
Second Quarter Financial and Operational Results Conference
Call
A conference call and webcast, during which management will
discuss second quarter 2015 financial and operational results, is
scheduled for August 5, 2015 at
11:00 a.m. Eastern Time. Reference
material for the call will be available on the "Events" page
of our website, www.conemidstream.com, shortly before the start of
the call. Prepared remarks by members of management will be
followed by a question and answer period. Interested parties
may listen via webcast by using the link posted on the "Events"
page of our website or at
www.webcaster4.com/Webcast/Page/998/9436. Participants who would
like to ask questions may join the conference by phone at
888-349-0097 (international 412-902-0126) five to ten minutes prior
to the scheduled start time (reference the CONE Midstream
call). An on-demand replay of the webcast will be also be
available at www.webcaster4.com/Webcast/Page/998/9436 shortly
after the conclusion of the conference. A telephonic replay
will be available through August 13,
2015 by dialing 877-344-7529 (international: 412-317-0088)
and using the conference playback number 10068783.
_______________
(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.
More information is available on our website
www.conemidstream.com.
* * * * *
This press release is intended to be a qualified notice to
nominees as provided for under Treasury Regulation Section
1.1446-4(b). Brokers and nominees should treat one hundred percent
(100.0%) of CONE Midstream's distributions to non-U.S.
investors as being attributed to income that is effectively
connected with a United States
trade or business. Accordingly, CONE Midstream's
distributions to non-U.S. investors are subject to federal income
tax withholding at the highest applicable effective tax rate.
Nominees, and not CONE Midstream, are treated as withholding agents
responsible for withholding on the distributions received by them
on behalf of foreign investors.
* * * * *
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that
are predictive in nature, that depend upon or refer to future
events or conditions or that include the words "believe," "expect,"
"anticipate," "intend," "estimate" and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters identify forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict, and there can be no
assurance that actual outcomes and results will not differ
materially from those expected by our management. Factors
that could cause our actual results to differ materially from the
results contemplated by such forward-looking statements include,
among others: the effects of changes in market prices of natural
gas, NGLs and crude oil on our Sponsors' drilling and development
plan on our dedicated acreage and the volumes of natural gas and
condensate that are produced on our dedicated acreage; changes in
our Sponsors' drilling and development plan in the Marcellus Shale;
our Sponsors' ability to meet their drilling and development plan
in the Marcellus Shale; the demand for natural gas and condensate
gathering services; changes in general economic conditions;
competitive conditions in our industry; actions taken by
third-party operators, gatherers, processors and transporters; our
ability to successfully implement our business plan; and our
ability to complete internal growth projects on time and on budget.
You should not place undue reliance on our forward-looking
statements. Although forward-looking statements reflect our
good faith beliefs at the time they are made, forward-looking
statements involve known and unknown risks, uncertainties and other
factors, including the factors described under "Risk Factors" and
"Forward-Looking Statements" in our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, which may cause our actual results,
performance or achievements to differ materially from anticipated
future results, performance or achievements expressed or implied by
such forward-looking statements. 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
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
|
|
|
|
|
|
|
Gathering Revenue —
Related Party
|
$
|
47,717
|
|
|
$
|
27,811
|
|
|
$
|
90,885
|
|
|
$
|
51,917
|
|
Total
Revenue
|
47,717
|
|
|
27,811
|
|
|
90,885
|
|
|
51,917
|
|
Expenses
|
|
|
|
|
|
|
|
Operating Expense —
Third Party
|
8,940
|
|
|
6,082
|
|
|
17,470
|
|
|
11,428
|
|
Operating Expense —
Related Party
|
6,940
|
|
|
5,893
|
|
|
13,984
|
|
|
12,523
|
|
General and
Administrative Expense — Third Party
|
1,223
|
|
|
8
|
|
|
2,565
|
|
|
829
|
|
General and
Administrative Expense — Related Party
|
1,995
|
|
|
1,117
|
|
|
3,972
|
|
|
1,358
|
|
Depreciation
Expense
|
3,667
|
|
|
1,679
|
|
|
6,661
|
|
|
3,297
|
|
Interest
Expense
|
47
|
|
|
—
|
|
|
112
|
|
|
—
|
|
Total
Expense
|
22,812
|
|
|
14,779
|
|
|
44,764
|
|
|
29,435
|
|
Net
Income
|
24,905
|
|
|
13,032
|
|
|
46,121
|
|
|
22,482
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
9,993
|
|
|
—
|
|
|
16,997
|
|
|
—
|
|
Net Income
Attributable to General and Limited Partner
Ownership
Interest in CONE
Midstream Partners LP
|
$
|
14,912
|
|
|
$
|
13,032
|
|
|
$
|
29,124
|
|
|
$
|
22,482
|
|
|
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income:
|
|
|
|
|
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP (1)
|
$
|
14,912
|
|
|
$
|
13,032
|
|
|
$
|
29,124
|
|
|
$
|
22,482
|
|
Less: General Partner
Interest in Net Income
|
298
|
|
|
N/A
|
|
582
|
|
|
N/A
|
Limited Partner
Interest in Net Income
|
$
|
14,614
|
|
|
N/A
|
|
$
|
28,542
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.25
|
|
|
N/A
|
|
$
|
0.49
|
|
|
N/A
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.25
|
|
|
N/A
|
|
$
|
0.49
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Limited Partner Units
Outstanding - Basic
|
58,326
|
|
|
N/A
|
|
58,326
|
|
|
N/A
|
Limited Partner Unit
Outstanding - Diluted
|
58,364
|
|
|
N/A
|
|
58,365
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Cash Distributions
Declared per Unit (2)
|
$
|
0.2200
|
|
|
N/A
|
|
$
|
0.4325
|
|
|
N/A
|
(1) Reflective of general and limited partner
interest in net income since closing of the IPO.
(2) Represents the cash distributions declared related
to the period presented.
CONE MIDSTREAM PARTNERS
LP
RECONCILIATION OF NET INCOME TO EBITDA AND
DISTRIBUTABLE CASH FLOW
(in thousands)
Definition of Non-GAAP Financial Measures
EBITDA
We define EBITDA as net income (loss) before income taxes, net
interest expense, depreciation and amortization. EBITDA is used as
a supplemental financial measure by management and by external
users of our financial statements, such as investors, industry
analysts, lenders and ratings agencies, to assess:
- our operating performance as compared to those of other
companies in the midstream energy industry, without regard to
financing methods, historical cost basis or capital structure;
- the ability of our assets to generate sufficient cash flow to
make distributions to our partners;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
We believe that the presentation of EBITDA provides information
useful to investors in assessing our financial condition and
results of operations. The GAAP measures most directly comparable
to EBITDA are net income and net cash provided by operating
activities. EBITDA should not be considered an alternative to net
income, net cash provided by (used in) operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. EBITDA excludes some, but not all, items that
affect net income or net cash, and these measures may vary from
those of other companies. As a result, EBITDA as presented below
may not be comparable to similarly titled measures of other
companies.
Distributable Cash Flow
We define distributable cash flow as EBITDA less net cash
interest paid and maintenance capital expenditures. Distributable
cash flow does not reflect changes in working capital balances.
Distributable cash flow is used as a supplemental financial
measure by management and by external users of our financial
statements, such as investors, industry analysts, lenders and
ratings agencies, to assess:
- the ability of our assets to generate cash sufficient to
support our indebtedness and make future cash distributions to our
unitholders; and
- the attractiveness of capital projects and acquisitions and the
overall rates of return on alternative investment
opportunities.
We believe that the presentation of distributable cash flow in
this report provides information useful to investors in assessing
our financial condition and results of operations. The GAAP
measures most directly comparable to distributable cash flow are
net income and net cash provided by operating activities.
Distributable cash flow should not be considered an alternative to
net income, net cash provided by (used in) operating activities or
any other measure of financial performance or liquidity presented
in accordance with GAAP. Distributable cash flow excludes some, but
not all, items that affect net income or net cash, and these
measures may vary from those of other companies. As a result, our
distributable cash flow may not be comparable to similarly titled
measures of other companies.
The following tables present a reconciliation of EBITDA to net
income and net cash provided by operating activities, the most
directly comparable GAAP financial measures, on a historical basis,
for each of the periods indicated.
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(unaudited)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net Income
|
|
$
|
24,905
|
|
|
$
|
13,032
|
|
|
$
|
46,121
|
|
|
$
|
22,482
|
|
Add:
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
47
|
|
|
—
|
|
|
112
|
|
|
—
|
|
Depreciation
Expense
|
|
3,667
|
|
|
1,679
|
|
|
6,661
|
|
|
3,297
|
|
EBITDA
|
|
28,619
|
|
|
14,711
|
|
|
52,894
|
|
|
25,779
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
|
9,993
|
|
|
—
|
|
|
16,997
|
|
|
—
|
|
Less: Interest
Expense Attributable to Noncontrolling Interest
|
|
14
|
|
|
—
|
|
|
33
|
|
|
—
|
|
Less:
Depreciation Expense Attributable to Noncontrolling
Interest
|
|
1,659
|
|
|
—
|
|
|
2,825
|
|
|
—
|
|
EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
|
|
$
|
16,953
|
|
|
$
|
14,711
|
|
|
$
|
33,039
|
|
|
$
|
25,779
|
|
Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
|
|
2,148
|
|
|
1,399
|
|
|
4,139
|
|
|
2,562
|
|
Distributable Cash
Flow
|
|
$
|
14,805
|
|
|
$
|
13,312
|
|
|
$
|
28,900
|
|
|
$
|
23,217
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
50,254
|
|
|
$
|
17,897
|
|
|
$
|
60,460
|
|
|
$
|
38,632
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Less: Interest
Expense
|
|
47
|
|
|
—
|
|
|
112
|
|
|
—
|
|
Less: Other,
Including Changes in Working Capital
|
|
21,588
|
|
|
3,186
|
|
|
7,454
|
|
|
12,853
|
|
EBITDA
|
|
28,619
|
|
|
14,711
|
|
|
52,894
|
|
|
25,779
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
|
9,993
|
|
|
—
|
|
|
16,997
|
|
|
—
|
|
Less: Interest
Expense Attributable to Noncontrolling Interest
|
|
14
|
|
|
—
|
|
|
33
|
|
|
—
|
|
Less:
Depreciation Expense Attributable to Noncontrolling
Interest
|
|
1,659
|
|
|
—
|
|
|
2,825
|
|
|
—
|
|
EBITDA Attributable
to General and Limited Partner Ownership Interest in CONE Midstream
Partners LP
|
|
$
|
16,953
|
|
|
$
|
14,711
|
|
|
$
|
33,039
|
|
|
$
|
25,779
|
|
Less: Ongoing
Maintenance Capital Expenditures, Net of Expected
Reimbursements
|
|
2,148
|
|
|
1,399
|
|
|
4,139
|
|
|
2,562
|
|
Distributable Cash
Flow
|
|
$
|
14,805
|
|
|
$
|
13,312
|
|
|
$
|
28,900
|
|
|
$
|
23,217
|
|
|
|
QTD
|
|
QTD
|
|
QTD
|
|
|
December 31,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
(unaudited)
|
|
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
14,844
|
|
|
$
|
14,114
|
|
|
$
|
14,805
|
|
Distributions
Declared (1)
|
|
$
|
12,784
|
|
|
$
|
12,647
|
|
|
$
|
13,094
|
|
Distribution Coverage
Ratio - Declared
|
|
1.16
|
x
|
|
1.12
|
x
|
|
1.13
|
x
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
14,844
|
|
|
$
|
14,114
|
|
|
$
|
14,805
|
|
Distributions
Paid
|
|
$
|
—
|
|
|
$
|
12,784
|
|
|
$
|
12,647
|
|
Distribution Coverage
Ratio - Paid
|
|
—
|
|
|
1.10
|
x
|
|
1.17
|
x
|
(1) The Partnership's cash distribution for the
period ended December 31, 2014 was
$0.2148 per unit, which was prorated
with respect to the period commencing on September 30, 2014
(the closing date of the Partnership's initial public offering)
through December 31, 2014. The
prorated amount corresponds to the Partnership's minimum quarterly
distribution of $0.2125 per unit, or
$0.85 per unit on an annualized
basis.
CONE MIDSTREAM
PARTNERS LP
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except number of units)
|
|
|
(unaudited)
|
|
|
|
June 30,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash
|
$
|
161
|
|
|
$
|
3,252
|
|
Receivables — Related
Party
|
26,998
|
|
|
58,749
|
|
Inventory
|
16,632
|
|
|
—
|
|
Prepaid
Expenses
|
757
|
|
|
1,280
|
|
Other Current
Assets
|
164
|
|
|
164
|
|
Total Current
Assets
|
44,712
|
|
|
63,445
|
|
Property and
Equipment:
|
|
|
|
Property and
Equipment
|
756,489
|
|
|
639,735
|
|
Less — Accumulated
Depreciation
|
23,448
|
|
|
16,989
|
|
Property and
Equipment — Net
|
733,041
|
|
|
622,746
|
|
Other Non-Current
Assets
|
531
|
|
|
613
|
|
TOTAL
ASSETS
|
$
|
778,284
|
|
|
$
|
686,804
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
63,955
|
|
|
$
|
70,635
|
|
Accounts Payable —
Related Party
|
2,230
|
|
|
2,106
|
|
Total Current
Liabilities
|
66,185
|
|
|
72,741
|
|
Other
Liabilities:
|
|
|
|
Revolving Credit
Facility
|
23,000
|
|
|
31,300
|
|
Total
Liabilities
|
89,185
|
|
|
104,041
|
|
Partners'
Capital:
|
|
|
|
Common Units
(29,163,121 Units Issued and Outstanding at June 30, 2015
and
December 31,
2014)
|
391,614
|
|
|
389,612
|
|
Subordinated Units
(29,163,121 Units Issued and Outstanding at June 30, 2015
and
December 31,
2014)
|
(90,475)
|
|
|
(92,285)
|
|
General Partner
Interest
|
(3,699)
|
|
|
(3,772)
|
|
Partners' Capital
Attributable to CONE Midstream Partners LP
|
297,440
|
|
|
293,555
|
|
Noncontrolling
Interest
|
391,659
|
|
|
289,208
|
|
Total Partners'
Capital
|
689,099
|
|
|
582,763
|
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
778,284
|
|
|
$
|
686,804
|
|
CONE MIDSTREAM
PARTNERS LP
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June 30, 2015
|
|
2015
|
|
2014
|
Cash Flows from
Operating Activities:
|
|
|
|
Net Income
|
$
|
24,905
|
|
|
$
|
13,032
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
3,708
|
|
|
1,679
|
|
Unit Based
Compensation
|
96
|
|
|
—
|
|
Changes in Operating
Assets:
|
|
|
|
Receivables — Related
Party
|
6,330
|
|
|
5,718
|
|
Inventory
|
2,240
|
|
|
—
|
|
Prepaid
Expenses
|
310
|
|
|
—
|
|
Changes in Operating
Liabilities:
|
|
|
|
Accounts
Payable
|
12,051
|
|
|
(414)
|
|
Accounts Payable —
Related Party
|
614
|
|
|
(2,118)
|
|
Net Cash Provided
by Operating Activities
|
50,254
|
|
|
17,897
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Capital
Expenditures
|
(76,363)
|
|
|
(70,936)
|
|
Net Cash Used in
Investing Activities
|
(76,363)
|
|
|
(70,936)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Partners'
Investments
|
22,957
|
|
|
59,000
|
|
Distributions to
Unitholders
|
(12,647)
|
|
|
—
|
|
Payment of
Revolver
|
15,500
|
|
|
—
|
|
Net Cash Provided
By Financing Activities
|
25,810
|
|
|
59,000
|
|
Net (Decrease)
Increase in Cash
|
(299)
|
|
|
5,961
|
|
Cash at Beginning
of Period
|
460
|
|
|
3,407
|
|
Cash at End of
Period
|
$
|
161
|
|
|
$
|
9,368
|
|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
|
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2015
|
|
Development
Company
|
|
Anchor
|
|
Growth
|
|
Additional
|
|
TOTAL
|
Income
Summary
|
|
|
|
|
|
|
|
Revenue
|
$
|
35,351
|
|
|
$
|
3,913
|
|
|
$
|
8,453
|
|
|
$
|
47,717
|
|
Expenses
|
15,827
|
|
|
2,980
|
|
|
4,005
|
|
|
22,812
|
|
Net
Income
|
19,524
|
|
|
933
|
|
|
4,448
|
|
|
24,905
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
4,881
|
|
|
886
|
|
|
4,226
|
|
|
9,993
|
|
Net Income
Attributable to General and Limited
Partner Ownership
Interest in CONE Midstream
Partners
LP
|
$
|
14,643
|
|
|
$
|
47
|
|
|
$
|
222
|
|
|
$
|
14,912
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
395
|
|
|
92
|
|
|
8
|
|
|
495
|
|
Wet Gas
(BBtu/d)
|
334
|
|
|
11
|
|
|
163
|
|
|
508
|
|
Condensate
(MMcfe/d)
|
9
|
|
|
—
|
|
|
14
|
|
|
23
|
|
Total Gathered
Volumes
|
738
|
|
|
103
|
|
|
185
|
|
|
1,026
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
554
|
|
|
5
|
|
|
9
|
|
|
568
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
2,813
|
|
|
$
|
319
|
|
|
$
|
448
|
|
|
$
|
3,580
|
|
Expansion
Capital
|
36,941
|
|
|
7,014
|
|
|
28,828
|
|
|
72,783
|
|
Total Capital
Investment
|
$
|
39,754
|
|
|
$
|
7,333
|
|
|
$
|
29,276
|
|
|
$
|
76,363
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
2,110
|
|
|
$
|
16
|
|
|
$
|
22
|
|
|
$
|
2,148
|
|
Expansion
Capital
|
27,706
|
|
|
351
|
|
|
1,441
|
|
|
29,498
|
|
Total Capital
Investment Net to CONE Midstream Partners LP
|
$
|
29,816
|
|
|
$
|
367
|
|
|
$
|
1,463
|
|
|
$
|
31,646
|
|
Development
Companies Jointly Owned by CONE Midstream Partners LP and CONE
Gathering LLC
|
Operating Income
Summary, Selected Operating Statistics and Capital
Investment
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
June 30, 2014
|
|
Development
Company
|
|
Anchor
|
|
Growth
|
|
Additional
|
|
TOTAL
(1)
|
Income
Summary
|
|
|
|
|
|
|
|
Revenue
|
$
|
25,212
|
|
|
$
|
2,211
|
|
|
$
|
—
|
|
|
$
|
27,423
|
|
Expenses
|
12,867
|
|
|
1,531
|
|
|
171
|
|
|
14,569
|
|
Net
Income
|
12,345
|
|
|
680
|
|
|
(171)
|
|
|
12,854
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CONE Midstream Partners LP
|
$
|
12,345
|
|
|
$
|
680
|
|
|
$
|
(171)
|
|
|
$
|
12,854
|
|
|
|
|
|
|
|
|
|
Operating Statistics
- Gathered Volumes
|
|
|
|
|
|
|
|
Dry Gas
(BBtu/d)
|
318
|
|
|
55
|
|
|
—
|
|
|
373
|
|
Wet Gas
(BBtu/d)
|
214
|
|
|
—
|
|
|
—
|
|
|
214
|
|
Condensate
(MMcfe/d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Gathered
Volumes
|
532
|
|
|
55
|
|
|
—
|
|
|
587
|
|
|
|
|
|
|
|
|
|
Total Volumes Net
to CONE Midstream Partners LP
|
399
|
|
|
3
|
|
|
—
|
|
|
402
|
|
|
|
|
|
|
|
|
|
Capital
Investment
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,857
|
|
|
$
|
121
|
|
|
$
|
—
|
|
|
$
|
1,978
|
|
Expansion
Capital
|
37,209
|
|
|
2,737
|
|
|
25,965
|
|
|
65,911
|
|
Total Capital
Investment
|
$
|
39,066
|
|
|
$
|
2,858
|
|
|
$
|
25,965
|
|
|
$
|
67,889
|
|
|
|
|
|
|
|
|
|
Capital Investment
Net to CONE Midstream Partners LP
|
|
|
|
|
|
|
|
Maintenance
Capital
|
$
|
1,393
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
1,399
|
|
Expansion
Capital
|
27,907
|
|
|
137
|
|
|
1,298
|
|
|
29,342
|
|
Total Capital
Investment Net to CONE Midstream Partners LP
|
$
|
29,300
|
|
|
$
|
143
|
|
|
$
|
1,298
|
|
|
$
|
30,741
|
|
(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-second-quarter-results-300123794.html
SOURCE CONE Midstream Partners LP