HOUSTON, May 7, 2019 /PRNewswire/ -- Oasis Midstream
Partners LP (NYSE: OMP) (the "Partnership" or "OMP") today
announced financial results for the quarter ended March 31, 2019 and provided an operational
update.
Recent Highlights:
- Declared the quarterly cash distribution for the first quarter
of 2019 of $0.47 per unit, an
approximate 5% increase from the cash distribution declared for the
fourth quarter of 2018, in line with the Partnership's 20%
annualized distribution growth target.
- Net income was $43.3 million for
the three months ended March 31,
2019, and net cash from operating activities was
$56.1 million for the three months
ended March 31, 2019.
- Adjusted EBITDA was $56.1 million
for the three months ended March 31,
2019, and net Adjusted EBITDA to the Partnership was
$31.5 million for the three months
ended March 31, 2019. See "Non-GAAP
Financial Measures" below.
- Distributable Cash Flow ("DCF") was $26.2 million for the three months ended
March 31, 2019, resulting in
distribution coverage of 1.6x, which is above OMP's first quarter
guidance of 1.5x. See "Non-GAAP Financial Measures" below.
- Exceeded volume guidance on all services in the first quarter
of 2019 and increased full year expectations across most
services.
- Continued to increase natural gas volumes, increasing Bighorn
DevCo LLC ("Bighorn DevCo") natural gas volumes by 71% from the
fourth quarter of 2018, up to 193 million standard cubic feet per
day ("MMscfpd") in the first quarter of 2019, and Bobcat DevCo LLC
("Bobcat DevCo") natural gas volumes by 45% from the fourth quarter
of 2018, up to 241 MMscfpd, in the first quarter of 2019. Third
party natural gas volumes represented over 15% of the volumes
processed in Bighorn DevCo in the first quarter of 2019.
- Announced a new midstream project in the Delaware Basin with Oasis Petroleum Inc.
("Oasis Petroleum"). See "Delaware Midstream Opportunity"
below.
"Oasis Midstream Partners delivered another record quarter,
topping all expectations while spending below our plan during the
first quarter," said Taylor Reid,
Chief Executive Officer of OMP. "The team delivered volumes that
exceeded guidance, which resulted in EBITDA outpacing our guidance
by approximately $2 million. Our
distribution coverage of 1.6x surpassed our first quarter guidance
of 1.5x. We continue to expect distribution coverage to grow
rapidly this year to 1.75x to 1.9x in the second quarter of 2019,
and to 1.9x to 2.0x in the fourth quarter of 2019, which is an
increase to our February 2019
outlook. Our new 200 MMscfpd and our original 80 MMscfpd gas
processing plants are running extremely well, as the overall
complex services both Oasis Petroleum and third party volumes."
Delaware Midstream Opportunity
- The Boards of Directors of Oasis Petroleum and OMP GP LLC, our
general partner (the "General Partner"), have approved entering
into acreage dedications and midstream services arrangements on
terms similar to the existing commercial arrangements between Oasis
Petroleum and OMP in the Williston Basin (the "Delaware Midstream
Opportunity"). Final agreements have not been executed.
- We anticipate that Oasis Petroleum will dedicate to OMP certain
acreage representing areas in and around Oasis Petroleum's position
in the Delaware Basin
which is currently undedicated for crude oil and produced
water infrastructure development. OMP expects to spend an
additional $53 million to
$57 million in 2019 on such
infrastructure build-out, including purchases from Oasis Petroleum
for existing midstream assets in the Delaware Basin.
- OMP Operating LLC ("OMP Operating"), the Partnership's wholly
owned subsidiary, will form a new development company ("DevCo")
called Panther DevCo LLC ("Panther DevCo"), which will be 100%
owned by OMP Operating.
- OMP expects 2019 EBITDA for the Panther DevCo to range between
$1 million and $3 million, which is included in OMP's updated
total EBITDA estimates.
- On May 6, 2019, the Partnership
entered into an amendment to its revolving credit facility to (i)
increase the aggregate amount of commitments from $400.0 million to $475.0
million; (ii) provide for the ability to further increase
commitments to $675.0 million; and
(iii) add a new lender to the bank group. OMP believes that it will
have ample debt capacity to finance the Delaware Basin infrastructure build-out
related to the Delaware Midstream Opportunity, while managing
leverage below 3.0x debt to current quarter annualized EBITDA and
exiting 2019 with leverage below 2.5x.
- Cumulative capital expenditures ("CapEx") net to OMP is
expected to approximate $150 million
through 2022-2023. Build multiples are expected to approximate 4 to
5 times.
Mr. Reid added, "Our teams at Oasis Petroleum and OMP have
worked diligently to create a mutually beneficial outcome for both
parties in the development of the midstream assets in the
Delaware Basin. Oasis Petroleum's
highly-economic position in the heart of the over-pressured oil
window is a coveted asset from both an upstream and a midstream
perspective. The infrastructure development plan is extremely
capital efficient for OMP, as capital is spread out over time and
produces very competitive build multiples in a few years as cash
flows quickly ramp based on Oasis Petroleum's drilling schedule.
The robust inventory life of the Oasis Petroleum asset, coupled
with the opportunity to capitalize on third party business make
this investment the right next step in the evolution and growth of
OMP."
Outlook Update (including Delaware Midstream)
- OMP is increasing its 2019 EBITDA estimate to $158 million - $166
million, compared to $148
million - $157 million as of
the February 2019 update and
$65 million at the time of OMP's
initial public offering.
- Expects gross EBITDA in 2019, before public company expenses,
to be split between the four DevCos accordingly: Bighorn DevCo
$81 million to $84 million, Bobcat DevCo $133 million to $136
million, Beartooth DevCo LLC ("Beartooth DevCo") $54
million to $57 million, and Panther
DevCo $1 million to $3 million.
- Anticipates second quarter 2019 distribution coverage of
approximately 1.75x to 1.9x and fourth quarter 2019 distribution
coverage of approximately 1.9x to 2.0x.
- The full year CapEx plan for the Williston Basin remains
unchanged from February 2019
guidance, although capital is biased to the high end of the range
due to incremental spend to capture third party volumes. With the
additional spend in the Panther DevCo, net CapEx attributable to
OMP in 2019 is now expected to range between $184 million and $206
million.
Operational and Financial Update
Select operational and financial statistics are in the following
table:
|
Three Months Ended
March 31, 2019
|
|
OMP
Ownership(1)
|
|
Gross
|
|
Net
|
Bighorn
DevCo
|
|
|
(In
millions)
|
Operating
income
|
100
|
%
|
|
$
|
10.6
|
|
|
$
|
10.6
|
|
Depreciation and
amortization
|
100
|
%
|
|
3.7
|
|
|
3.7
|
|
Total
CapEx
|
100
|
%
|
|
7.0
|
|
|
7.0
|
|
Bobcat
DevCo
|
|
|
|
|
|
Operating
income
|
27.4
|
%
|
|
$
|
23.9
|
|
|
$
|
6.2
|
|
Depreciation and
amortization
|
27.4
|
%
|
|
2.9
|
|
|
0.8
|
|
Total
CapEx
|
27.4
|
%
|
|
34.5
|
|
|
32.0
|
|
Beartooth
DevCo
|
|
|
|
|
|
Operating
income
|
70
|
%
|
|
$
|
13.5
|
|
|
$
|
9.5
|
|
Depreciation and
amortization
|
70
|
%
|
|
2.3
|
|
|
1.6
|
|
Total
CapEx
|
70
|
%
|
|
9.0
|
|
|
6.3
|
|
Total
OMP
|
|
|
|
|
|
DevCo operating
income
|
|
|
$
|
48.0
|
|
|
$
|
26.3
|
|
Public company
expenses
|
|
|
0.9
|
|
|
0.9
|
|
Partnership operating
income
|
|
|
47.1
|
|
|
25.4
|
|
Depreciation and
amortization
|
|
|
8.9
|
|
|
6.1
|
|
Equity-based
compensation expense
|
|
|
0.1
|
|
|
0.1
|
|
Total
CapEx
|
|
|
50.5
|
|
|
45.3
|
|
Maintenance
CapEx
|
|
|
4.4
|
|
|
1.7
|
|
Expansion
CapEx
|
|
|
46.1
|
|
|
43.6
|
|
__________________
|
(1) Represents OMP's
ownership in each DevCo as of March 31, 2019.
|
The following table shows actual volumes for the first quarter
of 2019, provides volumes guidance for the second quarter of 2019
and updates volumes guidance for the full year 2019:
|
|
Metric
|
|
1Q19
Actual
|
|
2Q19
Guidance
|
|
FY19
Guidance
|
Bighorn
DevCo
|
|
|
|
|
|
|
|
|
Crude oil service
volumes
|
|
Mbopd
|
|
50.6
|
|
|
45 - 50
|
|
45 - 50
|
Natural gas service
volumes
|
|
MMscfpd
|
|
193.0
|
|
|
230 - 250
|
|
220 - 245
|
Bobcat
DevCo
|
|
|
|
|
|
|
|
|
Crude oil service
volumes
|
|
Mbopd
|
|
42.5
|
|
|
40 - 43
|
|
40 - 43
|
Natural gas service
volumes
|
|
MMscfpd
|
|
241.0
|
|
|
270 - 290
|
|
270 - 290
|
Water service
volumes
|
|
Mbowpd
|
|
51.2
|
|
|
47 - 50
|
|
49 - 52
|
Beartooth
DevCo
|
|
|
|
|
|
|
|
|
Water service
volumes
|
|
Mbowpd
|
|
133.1
|
|
|
115 - 125
|
|
115 - 125
|
2019 Bobcat Capital Expenditures Arrangement
On February 22, 2019, the Partnership entered into a
capital expenditures arrangement with Oasis Petroleum (the "2019
Capital Expenditures Arrangement"). Pursuant to this arrangement,
in exchange for increasing its percentage ownership interest in
Bobcat DevCo, the Partnership will cover up to $80.0 million of the capital contributions that
Oasis Petroleum would otherwise be required to contribute to Bobcat
DevCo during the 2019 calendar year. The arrangement
provides an opportunity for the Partnership to increase its scale
in an accretive manner while lowering the capital requirements of
its sponsor. During the three months ended March 31, 2019, the Partnership made capital
contributions to Bobcat DevCo pursuant to the 2019 Capital
Expenditures Arrangement of $17.1
million, and the Partnership's ownership interest in Bobcat
DevCo increased from 25% as of December 31,
2018 to 27.4% as of March 31,
2019. The Partnership's average ownership interest in Bobcat
DevCo during the first quarter of 2019 was approximately 26%.
Liquidity and CapEx
As of March 31, 2019, the
Partnership had cash and cash equivalents of $5.3 million and had $345.0 million of borrowings outstanding under
its revolving credit facility, with an unused borrowing capacity of
$55.0 million. Expansion CapEx
attributable to OMP during the first quarter of 2019 of
$43.6 million was below OMP's first
quarter plan.
Quarterly Distribution
On February 28, 2019, the Partnership paid the quarterly
cash distribution of $0.45 per unit
related to the fourth quarter of 2018. On May 7,
2019, the Board of Directors of the General Partner declared
the quarterly cash distribution for the first quarter of 2019
of $0.47 per unit. In addition, the General Partner
will receive a cash distribution of $0.2
million attributable to the incentive distribution rights
related to the earnings for the first quarter of 2019. These
distributions will be payable on May 29, 2019 to
unitholders of record as of May 17, 2019.
Qualified Notice
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0%) of the Partnership's distributions to
non-U.S. investors as being attributable to income that is
effectively connected with a United
States trade or business. Accordingly, the
Partnership's distributions to non-U.S. investors are subject to
federal income tax withholding at the highest applicable effective
tax rate.
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the webcast and call:
Date:
|
|
Wednesday,
May 8, 2019
|
Time:
|
|
11:30 a.m. Central
Time
|
Live
Webcast:
|
|
https://www.webcaster4.com/Webcast/Page/1777/30384
|
Website:
|
|
www.oasismidstream.com
|
Sell-side analysts with a question may use the following
dial-in:
Dial-in:
|
|
888-317-6003
|
Intl. Dial
in:
|
|
412-317-6061
|
Conference ID:
|
|
0411301
|
A recording of the conference call will be available beginning
at 1:30 p.m. Central Time on the day
of the call and will be available until Wednesday, May 15, 2019 by dialing:
Replay
dial-in:
|
|
877-344-7529
|
Intl.
replay:
|
|
412-317-0088
|
Replay
code:
|
|
10131114
|
The conference call will also be available for replay for
approximately 30 days at www.oasismidstream.com.
Contact:
Oasis Midstream Partners LP
Bob Bakanauskas,
(281) 404-9600
Director, Investor Relations
Forward-Looking Statements
This press release contains forward-looking statements. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. Without
limiting the generality of the foregoing, forward-looking
statements contained in this press release specifically include the
expectations of plans, strategies, objectives and anticipated
financial and operating results of the Partnership, including the
Partnership's capital expenditure levels and other guidance
included in this press release. These statements are based on
certain assumptions made by the Partnership based on management's
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Partnership, which may cause actual results to
differ materially from those implied or expressed by the
forward-looking statements. These include, but are not limited to,
the Partnership's ability to integrate acquisitions into its
existing business, the ability to consummate the Delaware Midstream
Opportunity and realize the anticipated benefits therefrom, changes
in crude oil and natural gas prices, weather and environmental
conditions, the timing of planned capital expenditures,
availability of acquisitions, uncertainties in the estimates of
proved reserves and forecasted production results of the
Partnership's customers, operational factors affecting the
commencement or maintenance of producing wells, the condition of
the capital markets generally, as well as the Partnership's ability
to access them, the proximity to and capacity of transportation
facilities, and uncertainties regarding environmental regulations
or litigation and other legal or regulatory developments affecting
the Partnership's business and other important factors. Should one
or more of these risks or uncertainties occur, or should underlying
assumptions prove incorrect, the Partnership's actual results and
plans could differ materially from those expressed in any
forward-looking statements.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Partnership undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
About Oasis Midstream Partners LP
Oasis Midstream Partners LP is a growth-oriented, fee-based
master limited partnership formed by its sponsor, Oasis Petroleum
Inc. to own, develop, operate and acquire a diversified portfolio
of midstream assets in North
America that are integral to the crude oil and natural gas
operations of Oasis Petroleum Inc. and are strategically positioned
to capture volumes from other producers. For more information,
please visit the Partnership's website at
www.oasismidstream.com.
OASIS MIDSTREAM
PARTNERS LP
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
(In thousands, except unit
data)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
5,259
|
|
|
$
|
6,649
|
|
Accounts
receivable
|
3,419
|
|
|
2,481
|
|
Accounts receivable -
Oasis Petroleum
|
79,659
|
|
|
80,805
|
|
Prepaid
expenses
|
1,366
|
|
|
1,418
|
|
Other current
assets
|
272
|
|
|
22
|
|
Total current
assets
|
89,975
|
|
|
91,375
|
|
Property, plant and
equipment
|
983,632
|
|
|
933,155
|
|
Less: accumulated
depreciation and amortization
|
(71,637)
|
|
|
(62,730)
|
|
Total property, plant
and equipment, net
|
911,995
|
|
|
870,425
|
|
Operating lease
right-of-use assets
|
3,102
|
|
|
—
|
|
Other
assets
|
2,680
|
|
|
2,452
|
|
Total
assets
|
$
|
1,007,752
|
|
|
$
|
964,252
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
557
|
|
|
$
|
2,180
|
|
Accounts payable -
Oasis Petroleum
|
32,871
|
|
|
33,014
|
|
Accrued
liabilities
|
63,698
|
|
|
57,657
|
|
Accrued interest
payable
|
624
|
|
|
442
|
|
Current operating
lease liabilities
|
2,339
|
|
|
—
|
|
Other current
liabilities
|
16
|
|
|
—
|
|
Total current
liabilities
|
100,105
|
|
|
93,293
|
|
Long-term
debt
|
345,000
|
|
|
318,000
|
|
Asset retirement
obligations
|
1,533
|
|
|
1,514
|
|
Operating lease
liabilities
|
785
|
|
|
—
|
|
Other
liabilities
|
311
|
|
|
—
|
|
Total
liabilities
|
447,734
|
|
|
412,807
|
|
Partners'
equity
|
|
|
|
Limited
partners
|
|
|
|
Common units
(20,045,196 and 20,029,026 issued and outstanding at March 31, 2019
and December 31, 2018, respectively)
|
199,191
|
|
|
192,581
|
|
Subordinated units
(13,750,000 units issued and outstanding at March 31, 2019 and
December 31, 2018)
|
48,345
|
|
|
45,937
|
|
General
Partner
|
238
|
|
|
112
|
|
Total partners'
equity
|
247,774
|
|
|
238,630
|
|
Non-controlling
interests
|
312,244
|
|
|
312,815
|
|
Total
equity
|
560,018
|
|
|
551,445
|
|
Total liabilities and
equity
|
$
|
1,007,752
|
|
|
$
|
964,252
|
|
OASIS MIDSTREAM
PARTNERS LP
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
(In thousands, except per unit
data)
|
Revenues
|
|
|
|
Midstream services –
Oasis Petroleum
|
$
|
74,862
|
|
|
$
|
57,360
|
|
Midstream services –
third parties
|
1,127
|
|
|
563
|
|
Product sales – Oasis
Petroleum
|
15,652
|
|
|
3,493
|
|
Product sales – third
parties
|
10
|
|
|
5
|
|
Total
revenues
|
91,651
|
|
|
61,421
|
|
Operating
expenses
|
|
|
|
Costs of product
sales
|
8,065
|
|
|
1,120
|
|
Operating and
maintenance
|
18,850
|
|
|
15,996
|
|
Depreciation and
amortization
|
8,929
|
|
|
6,364
|
|
General and
administrative
|
8,720
|
|
|
6,150
|
|
Total operating
expenses
|
44,564
|
|
|
29,630
|
|
Operating
income
|
47,087
|
|
|
31,791
|
|
Other
expense
|
|
|
|
Interest expense, net
of capitalized interest
|
(3,748)
|
|
|
(262)
|
|
Net
income
|
43,339
|
|
|
31,529
|
|
Less: Net income
attributable to non-controlling interests
|
21,796
|
|
|
21,575
|
|
Net income
attributable to Oasis Midstream Partners LP
|
21,543
|
|
|
9,954
|
|
Less: Net income
attributable to General Partner
|
238
|
|
|
—
|
|
Net income
attributable to limited partners
|
$
|
21,305
|
|
|
$
|
9,954
|
|
Earnings per limited
partner unit
|
|
|
|
Common units – basic
and diluted
|
$
|
0.63
|
|
|
$
|
0.36
|
|
Weighted average
number of limited partner units outstanding
|
|
|
|
Common units –
basic
|
20,016
|
|
|
13,750
|
|
Common units –
diluted
|
20,033
|
|
|
13,754
|
|
Non-GAAP Financial Measures
Cash Interest, Adjusted EBITDA and Distributable Cash Flow are
supplemental non-GAAP financial measures that are used by
management and external users of the Partnership's financial
statements, such as industry analysts, investors, lenders and
rating agencies. These non-GAAP financial measures should not be
considered in isolation or as a substitute for interest expense,
net income (loss), operating income (loss), net cash provided by
(used in) operating activities or any other measures prepared under
United States generally accepted
accounting principles, or GAAP. Because Cash Interest, Adjusted
EBITDA and Distributable Cash Flow exclude some but not all items
that affect interest expense, net income and net cash provided by
operating activities and may vary among companies, the amounts
presented may not be comparable to similar metrics of other
companies.
Cash Interest
Cash Interest is defined as interest expense plus capitalized
interest less amortization of deferred financing costs included in
interest expense. Cash Interest is not a measure of interest
expense as determined by GAAP. Management believes that the
presentation of Cash Interest provides useful additional
information to investors and analysts for assessing the interest
charges incurred on the Partnership's debt, excluding non-cash
amortization, and the Partnership's ability to maintain compliance
with its debt covenants.
The following table presents a reconciliation of the GAAP
financial measure of interest expense, net of capitalized interest,
to the non-GAAP financial measure of Cash Interest for the periods
presented:
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
(In
thousands)
|
Interest expense,
net of capitalized interest
|
$
|
3,748
|
|
|
$
|
262
|
|
Capitalized
interest
|
35
|
|
|
835
|
|
Amortization of
deferred financing costs
|
(191)
|
|
|
(116)
|
|
Cash
Interest
|
3,592
|
|
|
981
|
|
Less: Cash Interest
attributable to non-controlling interests(1)
|
(2)
|
|
|
—
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
$
|
3,590
|
|
|
$
|
981
|
|
__________________
|
(1) Amount represents
Cash Interest attributable to non-controlling interests associated
with finance leases.
|
Adjusted EBITDA
Adjusted EBITDA is defined as earnings before interest expense
(net of capitalized interest), income taxes, depreciation,
amortization, equity-based compensation expenses and other similar
non-cash adjustments. Adjusted EBITDA attributable to Oasis
Midstream Partners LP is defined as Adjusted EBITDA less Adjusted
EBITDA attributable to Oasis Petroleum's retained interests in two
of the Partnership's DevCos, Bobcat DevCo and Beartooth DevCo.
Adjusted 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. Management believes that the presentation of
Adjusted EBITDA provides information useful to investors and
analysts for assessing the the Partnership's results of operations,
financial performance and the Partnership's ability to generate
cash from its business operations without regard to the
Partnership's financing methods or capital structure, coupled with
the Partnership's ability to maintain compliance with its debt
covenants. The GAAP measures most directly comparable to Adjusted
EBITDA are net income and net cash provided by operating
activities, respectively.
Distributable Cash Flow ("DCF")
DCF is defined as Adjusted EBITDA attributable to Oasis
Midstream Partners LP less Cash Interest attributable to Oasis
Midstream Partners LP and maintenance capital expenditures
attributable to Oasis Midstream Partners LP. DCF 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. Management believes
that the presentation of DCF provides information useful to
investors and analysts for assessing the Partnership's results of
operations, financial performance and the Partnership's ability to
generate cash from its business operations without regard to the
Partnership's financing methods or capital structure, coupled with
the Partnership's ability to make distributions to its unitholders.
The GAAP measures most directly comparable to DCF are net income
and net cash provided by operating activities, respectively.
The following table presents reconciliations of the GAAP
financial measures of net income and net cash provided by operating
activities to the non-GAAP financial measures of Adjusted EBITDA
and DCF for the periods presented:
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
(In
thousands)
|
Net
income
|
$
|
43,339
|
|
|
$
|
31,529
|
|
Depreciation and
amortization
|
8,929
|
|
|
6,364
|
|
Equity-based
compensation expense
|
119
|
|
|
63
|
|
Interest expense, net
of capitalized interest
|
3,748
|
|
|
262
|
|
Adjusted
EBITDA
|
56,135
|
|
|
38,218
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
24,647
|
|
|
24,496
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
31,488
|
|
|
13,722
|
|
Less:
|
|
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
3,590
|
|
|
981
|
|
Maintenance capital
expenditures attributable to Oasis Midstream Partners LP
|
1,667
|
|
|
796
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
26,231
|
|
|
$
|
11,945
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
56,050
|
|
|
$
|
74,751
|
|
Interest expense, net
of capitalized interest
|
3,748
|
|
|
262
|
|
Changes in working
capital
|
(3,472)
|
|
|
(36,681)
|
|
Other non-cash
adjustments
|
(191)
|
|
|
(114)
|
|
Adjusted
EBITDA
|
56,135
|
|
|
38,218
|
|
Less: Adjusted EBITDA
attributable to non-controlling interests
|
24,647
|
|
|
24,496
|
|
Adjusted EBITDA
attributable to Oasis Midstream Partners LP
|
31,488
|
|
|
13,722
|
|
Less:
|
|
|
|
Cash Interest
attributable to Oasis Midstream Partners LP
|
3,590
|
|
|
981
|
|
Maintenance capital
expenditures attributable to Oasis Midstream Partners LP
|
1,667
|
|
|
796
|
|
Distributable Cash
Flow attributable to Oasis Midstream Partners LP
|
$
|
26,231
|
|
|
$
|
11,945
|
|
|
|
|
|
Distributions
Declared
|
|
|
|
Limited
partners
|
$
|
15,884
|
|
|
$
|
10,803
|
|
Incentive
distribution rights
|
238
|
|
|
—
|
|
Total
distributions
|
$
|
16,122
|
|
|
$
|
10,803
|
|
|
|
|
|
DCF coverage
ratio
|
1.6
|
x
|
|
1.1
|
x
|
View original
content:http://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-announces-quarter-ended-march-31-2019-earnings-300845693.html
SOURCE Oasis Midstream Partners LP