Delaware | 001-36635 | 47-1054194 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
CNX Center 1000 CONSOL Energy Drive Canonsburg, Pennsylvania 15317 (Address of principal executive offices) (Zip code) |
CNX MIDSTREAM PARTNERS LP | |||
By: CNX MIDSTREAM GP, LLC, its general partner | |||
Date: | January 30, 2018 | By: | /S/ Donald W. Rush |
Donald W. Rush | |||
Chief Financial Officer and Director |
NEWS RELEASE |
• | Net income of $27.0 million as compared to $24.8 million |
• | Average daily throughput volumes of 961 billion Btu per day (BBtu/d) as compared to 933 BBtu/d |
• | Net cash provided by operating activities of $40.9 million as compared to $37.2 million |
• | Adjusted EBITDA(2) of $32.4 million as compared to $29.1 million |
• | Distributable cash flow (DCF)(2) of $27.7 million as compared to $24.7 million |
• | Distribution coverage ratio(2) of 1.29x on an as declared basis |
• | Net income of $115.0 million as compared to $96.5 million |
• | Net cash provided by operating activities of $155.6 million as compared to $160.1 million |
• | Adjusted EBITDA(2) of $136.1 million as compared to $110.5 million |
• | Distributable cash flow (DCF)(2) of $117.0 million as compared to $96.2 million |
(1) | Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies that have been jointly owned by the Partnership and CNX Gathering LLC (“CNX Gathering”) since completion of the Partnership’s initial public offering ("IPO") in September 2014. Effective November 16, 2016, the Partnership acquired the remaining 25% controlling interest in the Anchor Systems, which brought its controlling interest in that system to 100%. The Partnership's current financial interests in the development companies are: 100% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems. Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results. CNX Gathering is an entity 100% owned by CNX Resources Corporation that owns noncontrolling interests in two of the Partnership’s development companies. |
(2) | Adjusted EBITDA, DCF and distribution coverage ratio are not Generally Accepted Accounting Principles (“GAAP”) measures. Definitions and reconciliations of these non-GAAP measures to their nearest comparable GAAP reporting measures appear in the financial tables which follow. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | |||||||||||||||
Gathering revenue — related party | $ | 37,369 | $ | 57,827 | $ | 184,693 | $ | 239,211 | |||||||
Gathering revenue — third party | 24,329 | — | 49,155 | — | |||||||||||
Total Revenue | 61,698 | 57,827 | 233,848 | 239,211 | |||||||||||
Expenses | |||||||||||||||
Operating expense — third party | 7,718 | 6,084 | 26,640 | 30,405 | |||||||||||
Operating expense — related party | 4,472 | 7,140 | 25,513 | 29,771 | |||||||||||
General and administrative expense — third party | 2,391 | 1,978 | 5,506 | 5,174 | |||||||||||
General and administrative expense — related party | 2,597 | 4,135 | 10,961 | 10,656 | |||||||||||
Loss on asset sales | — | — | 3,914 | 10,083 | |||||||||||
Depreciation expense | 5,717 | 5,818 | 22,692 | 21,201 | |||||||||||
Interest expense | 1,201 | 694 | 4,560 | 1,799 | |||||||||||
Total Expense | 24,096 | 25,849 | 99,786 | 109,089 | |||||||||||
Net Income | 37,602 | 31,978 | 134,062 | 130,122 | |||||||||||
Less: Net income attributable to noncontrolling interest | 10,581 | 7,130 | 19,069 | 33,636 | |||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 27,021 | $ | 24,848 | $ | 114,993 | $ | 96,486 | |||||||
Calculation of Limited Partner Interest in Net Income: | |||||||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 27,021 | $ | 24,848 | $ | 114,993 | $ | 96,486 | |||||||
Less: General partner interest in net income, including incentive distribution rights | 1,676 | 1,093 | 5,614 | 2,526 | |||||||||||
Limited partner interest in net income | $ | 25,345 | $ | 23,755 | $ | 109,379 | $ | 93,960 | |||||||
Net income per limited partner unit - Basic | $ | 0.40 | $ | 0.38 | $ | 1.72 | $ | 1.59 | |||||||
Net Income per limited partner unit - Diluted | $ | 0.40 | $ | 0.38 | $ | 1.72 | $ | 1.58 | |||||||
Limited partner unit outstanding - Basic | 63,588 | 61,799 | 63,582 | 59,207 | |||||||||||
Limited partner unit outstanding - Diluted | 63,660 | 61,911 | 63,634 | 59,289 |
(Unaudited) | |||||||
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | 3,194 | $ | 6,421 | |||
Receivables — related party | 13,104 | 22,434 | |||||
Receivables — third party | 8,251 | — | |||||
Other current assets | 2,169 | 2,181 | |||||
Total Current Assets | 26,718 | 31,036 | |||||
Property and Equipment: | |||||||
Property and equipment | 972,841 | 930,732 | |||||
Less — accumulated depreciation | 73,563 | 52,172 | |||||
Property and Equipment — Net | 899,278 | 878,560 | |||||
Other assets | 593 | 8,961 | |||||
TOTAL ASSETS | $ | 926,589 | $ | 918,557 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 23,602 | $ | 18,007 | |||
Accounts payable — related party | 2,376 | 8,289 | |||||
Total Current Liabilities | 25,978 | 26,296 | |||||
Other Liabilities: | |||||||
Revolving credit facility | 149,500 | 167,000 | |||||
Total Liabilities | 175,478 | 193,296 | |||||
Partners' Capital and Noncontrolling Interest: | |||||||
Common units - (63,588,152 units issued and outstanding at December 31, 2017 and 34,363,371 units issued and outstanding at December 31, 2016) | 389,427 | 418,352 | |||||
Subordinated units (29,163,121 units issued and outstanding at December 31, 2016) | — | (65,986 | ) | ||||
General partner interest | 4,328 | (2,311 | ) | ||||
Partners' capital attributable to CNX Midstream Partners LP | 393,755 | 350,055 | |||||
Noncontrolling interest | 357,356 | 375,206 | |||||
Total Partners' Capital and Noncontrolling Interest | 751,111 | 725,261 | |||||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ | 926,589 | $ | 918,557 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 134,062 | $ | 130,122 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation expense and amortization of debt issuance costs | 22,860 | 21,364 | |||||
Unit-based compensation | 1,176 | 775 | |||||
Loss on asset sales | 3,914 | 10,083 | |||||
Other | 771 | 695 | |||||
Changes in assets and liabilities: | |||||||
Receivables — related party | 9,330 | 7,265 | |||||
Receivables — third party | (8,251 | ) | — | ||||
Other current and non-current assets | 162 | (144 | ) | ||||
Accounts payable | (2,520 | ) | (16,691 | ) | |||
Accounts payable - related party | (5,954 | ) | 6,620 | ||||
Net Cash Provided by Operating Activities | 155,550 | 160,089 | |||||
Cash Flows from Investing Activities: | |||||||
Capital expenditures | (48,366 | ) | (50,660 | ) | |||
Proceeds from sale of assets | 21,531 | 5,332 | |||||
Net Cash Used in Investing Activities | (26,835 | ) | (45,328 | ) | |||
Cash Flows from Financing Activities: | |||||||
Distributions to general partner and noncontrolling interest holders, net | (36,889 | ) | (2,344 | ) | |||
Quarterly distribution to unitholders | (77,117 | ) | (59,690 | ) | |||
Net (payment) proceeds on revolving credit facility | (17,500 | ) | 93,500 | ||||
Vested units withheld for unitholder taxes | (436 | ) | (23 | ) | |||
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems | — | (140,000 | ) | ||||
Net Cash Used In Financing Activities | (131,942 | ) | (108,557 | ) | |||
Net (Decrease) Increase in Cash | (3,227 | ) | 6,204 | ||||
Cash at Beginning of Period | 6,421 | 217 | |||||
Cash at End of Period | $ | 3,194 | $ | 6,421 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 37,602 | $ | 31,978 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation expense and amortization of debt issuance costs | 5,759 | 5,857 | |||||
Unit-based compensation | 277 | 198 | |||||
Other | 91 | 115 | |||||
Changes in assets and liabilities: | |||||||
Receivables — related party | (1,307 | ) | (2,146 | ) | |||
Receivables — third party | (492 | ) | — | ||||
Other current and non-current assets | (426 | ) | (750 | ) | |||
Accounts payable | (646 | ) | (4,728 | ) | |||
Accounts payable — related party | 55 | 6,627 | |||||
Net Cash Provided by Operating Activities | 40,913 | 37,151 | |||||
Cash Flows from Investing Activities: | |||||||
Capital expenditures | (13,461 | ) | (10,194 | ) | |||
Proceeds from sale of assets | — | 5,095 | |||||
Net Cash Used in Investing Activities | (13,461 | ) | (5,099 | ) | |||
Cash Flows from Financing Activities: | |||||||
Contributions from general partner | 1 | — | |||||
Quarterly distribution to unitholders | (20,573 | ) | (15,827 | ) | |||
Net (payment) proceeds on revolver credit facility | (7,500 | ) | 126,000 | ||||
Vested units withheld for unitholder taxes | (25 | ) | — | ||||
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems | — | (140,000 | ) | ||||
Net Cash Used In Financing Activities | (28,097 | ) | (29,827 | ) | |||
Net (Decrease) Increase in Cash | (645 | ) | 2,225 | ||||
Cash at Beginning of Period | 3,839 | 4,196 | |||||
Cash at End of Period | $ | 3,194 | $ | 6,421 |
• | 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. |
• | 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. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Income | $ | 37,602 | $ | 31,978 | $ | 134,062 | $ | 130,122 | |||||||
Depreciation expense | 5,717 | 5,818 | 22,692 | 21,201 | |||||||||||
Interest expense | 1,201 | 694 | 4,560 | 1,799 | |||||||||||
EBITDA | 44,520 | 38,490 | 161,314 | 153,122 | |||||||||||
Non-cash unit-based compensation expense | 277 | 198 | 1,176 | 775 | |||||||||||
Loss on asset sales | — | — | 3,914 | 10,083 | |||||||||||
Adjusted EBITDA | 44,797 | 38,688 | 166,404 | 163,980 | |||||||||||
Less: | |||||||||||||||
Net income attributable to noncontrolling interest | 10,581 | 7,130 | 19,069 | 33,636 | |||||||||||
Depreciation expense attributable to noncontrolling interest | 1,748 | 2,313 | 7,147 | 9,597 | |||||||||||
Other expenses attributable to noncontrolling interest | 108 | 100 | 394 | 621 | |||||||||||
Loss on asset sales attributable to noncontrolling interest | — | — | 3,718 | 9,579 | |||||||||||
Adjusted EBITDA attributable to general and limited partner ownership interest in CNX Midstream Partners LP | $ | 32,360 | $ | 29,145 | $ | 136,076 | $ | 110,547 | |||||||
Less: cash interest paid, net | 1,154 | 628 | 4,387 | 1,310 | |||||||||||
Less: maintenance capital expenditures, net of reimbursements | 3,483 | 3,837 | 14,658 | 13,071 | |||||||||||
Distributable Cash Flow | $ | 27,723 | $ | 24,680 | $ | 117,031 | $ | 96,166 | |||||||
Net Cash Provided by Operating Activities | $ | 40,913 | $ | 37,151 | $ | 155,550 | $ | 160,089 | |||||||
Interest expense | 1,201 | 694 | 4,560 | 1,799 | |||||||||||
Loss on asset sales | — | — | 3,914 | 10,083 | |||||||||||
Other, including changes in working capital | 2,683 | 843 | 2,380 | (7,991 | ) | ||||||||||
Adjusted EBITDA | 44,797 | 38,688 | 166,404 | 163,980 | |||||||||||
Less: | |||||||||||||||
Net income attributable to noncontrolling interest | 10,581 | 7,130 | 19,069 | 33,636 | |||||||||||
Depreciation expense attributable to noncontrolling interest | 1,748 | 2,313 | 7,147 | 9,597 | |||||||||||
Other expenses attributable to noncontrolling interest | 108 | 100 | 394 | 621 | |||||||||||
Loss on asset sales attributable to noncontrolling interest | — | — | 3,718 | 9,579 | |||||||||||
Adjusted EBITDA attributable to general and limited partner ownership interest in CNX Midstream Partners LP | $ | 32,360 | $ | 29,145 | $ | 136,076 | $ | 110,547 | |||||||
Less: cash interest paid, net | 1,154 | 628 | 4,387 | 1,310 | |||||||||||
Less: maintenance capital expenditures, net of reimbursements | 3,483 | 3,837 | 14,658 | 13,071 | |||||||||||
Distributable Cash Flow | $ | 27,723 | $ | 24,680 | $ | 117,031 | $ | 96,166 |
(unaudited) | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Twelve Months Ended December 31, 2017 | ||||||||||||||
Net Income | $ | 33,240 | $ | 29,752 | $ | 33,468 | $ | 37,602 | $ | 134,062 | |||||||||
Depreciation expense | 5,671 | 5,675 | 5,629 | 5,717 | 22,692 | ||||||||||||||
Interest expense | 1,038 | 1,124 | 1,197 | 1,201 | 4,560 | ||||||||||||||
EBITDA | 39,949 | 36,551 | 40,294 | 44,520 | 161,314 | ||||||||||||||
Non-cash unit-based compensation expense | 283 | 367 | 249 | 277 | 1,176 | ||||||||||||||
Loss on asset sales | 673 | 3,241 | — | — | 3,914 | ||||||||||||||
Adjusted EBITDA | 40,905 | 40,159 | 40,543 | 44,797 | 166,404 | ||||||||||||||
Less: | |||||||||||||||||||
Net income attributable to noncontrolling interest | 3,173 | 761 | 4,554 | 10,581 | 19,069 | ||||||||||||||
Depreciation expenses attributable to noncontrolling interest | 1,830 | 1,833 | 1,736 | 1,748 | 7,147 | ||||||||||||||
Other expenses attributable to noncontrolling interest | 82 | 112 | 92 | 108 | 394 | ||||||||||||||
Loss on asset sales attributable to noncontrolling interest | 639 | 3,079 | — | — | 3,718 | ||||||||||||||
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 35,181 | $ | 34,374 | $ | 34,161 | $ | 32,360 | $ | 136,076 | |||||||||
Less: cash interest paid, net | 1,000 | 1,079 | 1,154 | 1,154 | 4,387 | ||||||||||||||
Less: maintenance capital expenditures, net of reimbursements | 3,881 | 3,715 | 3,579 | 3,483 | 14,658 | ||||||||||||||
Distributable Cash Flow | $ | 30,300 | $ | 29,580 | $ | 29,428 | $ | 27,723 | $ | 117,031 | |||||||||
Net Cash Provided by Operating Activities | $ | 34,176 | $ | 42,258 | $ | 38,203 | $ | 40,913 | $ | 155,550 | |||||||||
Interest expense | 1,038 | 1,124 | 1,197 | 1,201 | 4,560 | ||||||||||||||
Loss on asset sales | 673 | 3,241 | — | — | 3,914 | ||||||||||||||
Other, including changes in working capital | 5,018 | (6,464 | ) | 1,143 | 2,683 | 2,380 | |||||||||||||
Adjusted EBITDA | 40,905 | 40,159 | 40,543 | 44,797 | 166,404 | ||||||||||||||
Less: | |||||||||||||||||||
Net income attributable to noncontrolling interest | 3,173 | 761 | 4,554 | 10,581 | 19,069 | ||||||||||||||
Depreciation expense attributable to noncontrolling interest | 1,830 | 1,833 | 1,736 | 1,748 | 7,147 | ||||||||||||||
Other expenses attributable to noncontrolling interest | 82 | 112 | 92 | 108 | 394 | ||||||||||||||
Loss on asset sales attributable to noncontrolling interest | 639 | 3,079 | — | — | 3,718 | ||||||||||||||
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 35,181 | $ | 34,374 | $ | 34,161 | $ | 32,360 | $ | 136,076 | |||||||||
Less: cash interest paid, net | 1,000 | 1,079 | 1,154 | 1,154 | 4,387 | ||||||||||||||
Less: maintenance capital expenditures, net of reimbursements | 3,881 | 3,715 | 3,579 | 3,483 | 14,658 | ||||||||||||||
Distributable Cash Flow | $ | 30,300 | $ | 29,580 | $ | 29,428 | $ | 27,723 | $ | 117,031 | |||||||||
Distributions Declared | $ | 18,842 | $ | 19,698 | $ | 20,573 | $ | 21,489 | $ | 80,602 | |||||||||
Distribution Coverage Ratio - Declared | 1.61 | x | 1.50 | x | 1.43 | x | 1.29 | x | 1.45 | x | |||||||||
Distributable Cash Flow | $ | 30,300 | $ | 29,580 | $ | 29,428 | $ | 27,723 | $ | 117,031 | |||||||||
Distributions Paid | $ | 18,004 | $ | 18,842 | $ | 19,698 | $ | 20,573 | $ | 77,117 | |||||||||
Distribution Coverage Ratio - Paid | 1.68 | x | 1.57 | x | 1.49 | x | 1.35 | x | 1.52 | x |
(unaudited) (in millions) | Forecast 2018 Estimate | ||
Net Income | $ | 142 | |
Depreciation expense | 23 | ||
Interest expense | 6 | ||
EBITDA | 171 | ||
Non-cash unit-based compensation expense | 1 | ||
Adjusted EBITDA | 172 | ||
Less: | |||
Net income attributable to noncontrolling interest | 27 | ||
Depreciation and other expenses attributable to noncontrolling interest | 7 | ||
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 138 | |
Less: cash interest paid, net | 6 | ||
Less: maintenance capital expenditures, net of reimbursements | 13 | ||
Distributable Cash Flow | $ | 119 |
Three Months Ended December 31, 2017 | |||||||||||||||
Development Company | |||||||||||||||
Anchor | Growth | Additional | TOTAL | ||||||||||||
Income Summary | |||||||||||||||
Revenue | $ | 44,830 | $ | 1,942 | $ | 14,926 | $ | 61,698 | |||||||
Expenses | 18,364 | 1,422 | 4,310 | 24,096 | |||||||||||
Net Income | 26,466 | 520 | 10,616 | 37,602 | |||||||||||
Less: Net income attributable to noncontrolling interest | — | 494 | 10,087 | 10,581 | |||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 26,466 | $ | 26 | $ | 529 | $ | 27,021 | |||||||
Operating Statistics - Gathered Volumes | |||||||||||||||
Dry gas (BBtu/d) | 567 | 45 | 16 | 628 | |||||||||||
Wet gas (BBtu/d) | 369 | 4 | 313 | 686 | |||||||||||
Condensate (Bcfe/d) | 5 | — | 25 | 30 | |||||||||||
Total Gathered Volumes | 941 | 49 | 354 | 1,344 | |||||||||||
Total Volumes Net to CNX Midstream Partners LP | 941 | 2 | 18 | 961 | |||||||||||
Capital Investment | |||||||||||||||
Maintenance capital | $ | 3,430 | $ | 185 | $ | 884 | $ | 4,499 | |||||||
Expansion capital | 7,512 | (418 | ) | 1,868 | 8,962 | ||||||||||
Total Capital Investment | $ | 10,942 | $ | (233 | ) | $ | 2,752 | $ | 13,461 | ||||||
Capital Investment Net to CNX Midstream Partners LP | |||||||||||||||
Maintenance capital | $ | 3,430 | $ | 9 | $ | 44 | $ | 3,483 | |||||||
Expansion capital | 7,512 | (21 | ) | 93 | 7,584 | ||||||||||
Total Capital Investment Net to CNX Midstream Partners LP | $ | 10,942 | $ | (12 | ) | $ | 137 | $ | 11,067 |
Three Months Ended December 31, 2016 | |||||||||||||||
Development Company | |||||||||||||||
Anchor | Growth | Additional | TOTAL | ||||||||||||
Income Summary | |||||||||||||||
Revenue | $ | 48,728 | $ | 2,173 | $ | 6,926 | $ | 57,827 | |||||||
Expenses | 20,013 | 1,593 | 4,243 | 25,849 | |||||||||||
Net Income | 28,715 | 580 | 2,683 | 31,978 | |||||||||||
Less: Net income attributable to noncontrolling interest | 4,030 | 551 | 2,549 | 7,130 | |||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CNX Midstream Partners LP | $ | 24,685 | $ | 29 | $ | 134 | $ | 24,848 | |||||||
Operating Statistics - Gathered Volumes | |||||||||||||||
Dry gas (BBtu/d) | 665 | 59 | 26 | 750 | |||||||||||
Wet gas (BBtu/d) | 387 | 5 | 155 | 547 | |||||||||||
Condensate (Bcfe/d) | 4 | — | 4 | 8 | |||||||||||
Total Gathered Volumes | 1,056 | 64 | 185 | 1,305 | |||||||||||
Total Volumes Net to CNX Midstream Partners LP | 921 | 3 | 9 | 933 | |||||||||||
Capital Investment | |||||||||||||||
Maintenance capital | $ | 4,328 | $ | 271 | $ | 715 | $ | 5,314 | |||||||
Expansion capital | 5,696 | 125 | (941 | ) | 4,880 | ||||||||||
Total Capital Investment | $ | 10,024 | $ | 396 | $ | (226 | ) | $ | 10,194 | ||||||
Capital Investment Net to CNX Midstream Partners LP | |||||||||||||||
Maintenance capital | $ | 3,787 | $ | 14 | $ | 36 | $ | 3,837 | |||||||
Expansion capital | 4,803 | 6 | (47 | ) | 4,762 | ||||||||||
Total Capital Investment Net to CNX Midstream Partners LP | $ | 8,590 | $ | 20 | $ | (11 | ) | $ | 8,599 |
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