0001647513-19-000006.txt : 20190219 0001647513-19-000006.hdr.sgml : 20190219 20190219074904 ACCESSION NUMBER: 0001647513-19-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20190219 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190219 DATE AS OF CHANGE: 20190219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Noble Midstream Partners LP CENTRAL INDEX KEY: 0001647513 STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610] IRS NUMBER: 473011449 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37640 FILM NUMBER: 19613432 BUSINESS ADDRESS: STREET 1: 1001 NOBLE ENERGY WAY CITY: HOUSTON STATE: TX ZIP: 77070 BUSINESS PHONE: 281-872-3100 MAIL ADDRESS: STREET 1: 1001 NOBLE ENERGY WAY CITY: HOUSTON STATE: TX ZIP: 77070 8-K 1 nblx-20181231x8kearningsre.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2019
nblxupdatedlogoa28.jpg 

NOBLE MIDSTREAM PARTNERS LP
(Exact name of Registrant as specified in its charter)
 
 
 
 
 
 
Delaware
 
001-37640
 
47-3011449
(State or other jurisdiction of
incorporation or organization)
 
Commission
File Number
 
(I.R.S. Employer
Identification No.)
 
 
1001 Noble Energy Way,
Houston, Texas
 
 
 
77070
(Address of principal executive offices)
 
 
 
(Zip Code)
Registrant’s telephone number, including area code: (281) 872-3100
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 2.02. Results of Operations and Financial Condition.
On February 19, 2019, Noble Midstream Partners LP (the Partnership) issued a press release announcing results for the fiscal year and quarter ended December 31, 2018. A copy of the press release issued by the Partnership is furnished as Exhibit 99.1 to this Current Report and will be published on the Partnership’s website at www.nblmidstream.com.
The information in this Item 2.02 (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act.
Item 7.01. Regulation FD Disclosure.
On February 19, 2019, the Partnership issued a press release with respect to its 2019 capital budget and operational and financial guidance. A copy of the press release issued by the Partnership is furnished as Exhibit 99.2 to this Current Report and will be published on the Partnership’s website at www.nblmidstream.com.
In addition, on February 19, 2019, the Partnership posted a presentation to its website at www.nblmidstream.com.
The information furnished in this Item 7.01 (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
NOBLE MIDSTREAM PARTNERS LP
 
 
 
 
By: Noble Midstream GP, LLC,
       Its General Partner
 
 
 
 
Date:
February 19, 2019
 
 
By: 
 
/s/ John F. Bookout, IV
 
 
 
 
 
 
John F. Bookout, IV
 
 
 
 
 
 
Chief Financial Officer



 EX-99.1 2 nblx-20181231erex991.htm EXHIBIT 99.1 Exhibit


nblxupdatedlogoa26.jpg
  
 
Exhibit 99.1

NEWS RELEASE
 
 
 
February 19, 2019
Noble Midstream Partners Reports Fourth Quarter and Full Year 2018 Results
Houston, Texas - Noble Midstream Partners LP (NYSE: NBLX) (Noble Midstream or the Partnership) today reported fourth quarter and full year 2018 financial and operational results. The Partnership’s results are consolidated to include the non-controlling interests in the Partnership’s development companies (DevCos) retained by Noble Energy, Inc. (Noble Energy) as well as Greenfield Midstream, LLC’s (Greenfield Midstream) 45.6% ownership of Black Diamond Gathering, LLC (Black Diamond Gathering); however, certain results are shown as “attributable to the Partnership,” which exclude the aforementioned non-controlling interests retained by Noble Energy and Greenfield Midstream. Noble Midstream believes the results “attributable to the Partnership” provide the best representation of the ongoing operations from which the Partnership’s unitholders will benefit.
Fourth Quarter Highlights Include:
•
Net Income of $57 million, or $42 million attributable to the Partnership
•
Adjusted EBITDA¹ attributable to the Partnership of $59 million, a 23% increase over the fourth quarter of 2017
•
Declared a 20% annual increase in distribution per unit to $0.5858, with a distribution coverage ratio¹ of 1.9x
•
Set records for gross oil, gas and produced water gathering throughput. Combined gathering and sales volumes for oil, gas and produced water increased 153% from the fourth quarter of 2017

“Noble Midstream reported record operating and financial results in 2018, supporting continued 20% distribution per unit growth with a distribution coverage ratio of approximately two times. Our fourth quarter performance reinforces the strength of our core gathering business and, combined with our recent Permian Basin portfolio additions, I am confident we have a leading growth platform and are well positioned to increase unitholder value in 2019 and beyond,” stated Terry R. Gerhart, Chief Executive Officer of the general partner of Noble Midstream.



1 Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 4 of the financial tables which follow.
1

Fourth Quarter 2018 Results
Gathering throughput was above guidance across all product streams while fresh water delivery volumes were at the low end of guidance.
In the gathering business, oil and gas gathering and sales volumes of 284 thousand barrels of oil equivalent per day (MBoe/d) were up 26% compared to third quarter of 2018 and were up across all DevCos. Oil and gas gathering and sales volumes were up 26% in the DJ Basin and 29% in the Delaware Basin compared to the third quarter of 2018. Produced water gathering throughput of 148 thousand barrels of water per day (MBw/d) was up across all DevCos compared to the third quarter of 2018, growing 21% sequentially.
Average fresh water delivered in the fourth quarter in the DJ Basin was 8% lower than the third quarter of 2018; the previously announced reduction in completion activity from our customers was more pronounced than anticipated at year end. The Partnership delivered water to an average of 1.5 Noble Energy completion crews, primarily in the Green River DevCo, and 1.5 third-party completion crews in the Laramie River DevCo.
Fourth quarter investment income of $5.5 million was primarily comprised of approximately $1 million from the Partnership’s minority ownership in White Cliffs Pipeline LLC and approximately $4.5 million from the Partnership’s 50% ownership in the Advantage Pipeline, L.L.C.
Net income of $57 million was in line with guidance during the quarter. Adjusted EBITDA1 was $82 million in the fourth quarter, or 15% above the third quarter 2018, while Adjusted EBITDA1 attributable to the Partnership was flat from the third quarter of 2018 at $59 million due to the shift in customer activity to DevCos with a lower ownership percentage. The gathering segment represented approximately 87% of total Adjusted EBITDA1 attributable to the Partnership for the fourth quarter.
In the fourth quarter of 2018, cash interest expense attributable to the Partnership was $5.1 million and maintenance capital expenditures attributable to the Partnership totaled $5.7 million, resulting in distributable cash flow1 attributable to the Partnership of $48 million and a distribution coverage ratio1 of 1.9x.



2

Blanco River DevCo
Oil and gas gathering volumes at the Blanco River DevCo of 58 MBoe/d for the fourth quarter of 2018 were up 29% compared to the third quarter of 2018. The Partnership connected 14 wells during the quarter. Average central gathering facility (CGF) availability was 99.4%.
Trinity River DevCo
Strong customer demand at the Advantage Pipeline system continued during the fourth quarter of 2018, with quarterly volumes of 131 thousand barrels of oil per day (MBbl/d), up 24% from the third quarter of 2018 and 5% above the high end of quarterly guidance. Strong throughput growth during the quarter reflects the startup of services for a new customer in November across the major producing company’s 20,000 acres in the Southern Delaware Basin.
Green River DevCo
Green River results during the fourth quarter of 2018 reflect the significant contribution of oil, gas and produced water spec gathering services for Noble Energy’s Mustang development in the DJ Basin. Despite no new well connections during the fourth quarter of 2018, the continued production ramp of the 30 wells turned online during the second and third quarter of 2018 drove average oil and gas gathering throughput to approximately 25 MBoe/d, up from 7 MBoe/d in the prior quarter. Average produced water volumes of 11 MBw/d were up 35% versus the third quarter of 2018. Fresh water deliveries at Mustang during the fourth quarter totaled 89 MBw/d, up from 50 MBw/d in the third quarter of 2018.
Laramie River DevCo
Oil and gas gathering and sales volumes during the fourth quarter of 2018 were up 32% compared to the third quarter of 2018. Black Diamond Gathering fourth quarter throughput averaged 94 MBbl/d, representing a 32% increase over the third quarter 2018 and a 71% increase since the Black Diamond Gathering acquisition close in January 2018. The Partnership connected a combined 124 wells during the quarter on Black Diamond Gathering's system and the Partnership’s wholly-owned third party gathering system for oil gathering.


3

Colorado River DevCo
Colorado River oil and gas gathering volumes were up 1% in the fourth quarter of 2018 compared to the third quarter of 2018, totaling 89 MBoe/d; the decline in the East Pony development area was offset by 22 new well connections in the Wells Ranch development area during the quarter. The decline in fresh water volumes during the quarter from 72 MBw/d to 14 MBw/d reflects Noble Energy’s transition to Mustang area completions.
Capital Expenditures
Capital in the fourth quarter primarily reflected spending for customer well connections in the DJ Basin and Delaware Basin. Capital in the fourth quarter of $71 million was down 10% on a sequential basis while capital attributable to the Partnership of $38 million was down 6% on a sequential basis. These gross and net capital figures for the fourth quarter include the unplanned treatment of a Black Diamond Gathering line fill expenditure as capital ($5.5 million gross, $3 million net). Gross and net capital by DevCo is as follows:
 
 
 
4Q 2018 Capital Expenditures (in millions)
DevCo
Basin
NBLX Ownership
Gross
Net
Laramie River *
DJ
100%
$
36

$
26

Blanco River
Delaware
40%
$
11

$
4

Trinity River
Delaware
100%
$
—

$
—

Colorado River
DJ
100%
$
3

$
3

San Juan River
DJ
25%
$
—

$
—

Green River
DJ
25%
$
21

$
5

Total Organic Capital Expenditures
$
71

$
38

Acquisition Capital Expenditures
$
—

$
—

Total Capital Expenditures
$
71

$
38

*
Includes capital expenditures for Black Diamond, which is 54.4% owned by Noble Midstream.
Liquidity
As of December 31, 2018, the Partnership had $752 million of liquidity with $12 million in cash on hand and $740 million available under its $800 million unsecured revolving credit facility.
Quarterly Distribution
On January 24, 2019, the board of directors of Noble Midstream’s general partner, Noble Midstream GP LLC, declared a fourth quarter cash distribution of $0.5858 per unit, a 20% increase from the fourth quarter 2017 and

4

56% above the minimum quarterly cash distribution. The fourth quarter distribution was paid on February 11, 2019, to unitholders of record as of February 4, 2019.
Full Year 2018 Financial Results
Net income for the full year was $189 million, up 15% compared to 2017. Adjusted EBITDA attributable to the Partnership of $221 million was up 43% on an annual basis. During 2018, Noble Midstream benefited from an increase in well connections versus 2017, successfully integrated the Black Diamond Gathering system, and executed the busiest capital program in the Partnership's history. In addition, Noble Midstream realized significant third-party commercial success, including the commencement of third-party gathering in the Delaware Basin and a 40% increase in combined dedicated acres in the Blanco River and Laramie River DevCos. Throughput in 2018 on the Advantage Pipeline system and the Black Diamond Gathering system exceeded their respective acquisition cases. In 2018, the Partnership completed significant new growth projects, including three CGFs supporting Noble Energy’s development in the Delaware Basin, the spec gathering system for Noble Energy’s Mustang development in the DJ Basin, and the expansion of the Advantage Pipeline system’s capacity in the Permian Basin.
Conference Call
Noble Midstream will host a webcast and conference call today at 1:00 p.m. Central Time to discuss fourth quarter and full year 2018 financial and operational results as well as 2019 guidance. The live audio webcast and related presentation material is accessible on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com. Conference call numbers for participation are 877-883-0383, or 412-902-6506 for international calls. The passcode number is 9351622. A replay of the conference call will be available at the same web location following the event.

About Noble Midstream Partners
Noble Midstream is a growth-oriented Delaware master limited partnership formed by Noble Energy, to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.





5

Forward Looking Statements

This news release contains certain “forward-looking statements” within the meaning of federal securities law.

Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar
expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of
historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the
forward-looking statements contained in this news release will occur as projected and actual results may differ
materially from those projected. Forward-looking statements are based on current expectations, estimates and
assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially
from those projected. These risks include, without limitation, the Partnership's customers’ ability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and
natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan,
the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

This news release also contains certain non-GAAP measures of financial performance that management believes
are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial
performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this
news release to the most directly comparable GAAP financial measures.

This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section
1.1446-4(b) that 100% of the Partnership’s distributions to foreign investors are attributable to income that is
effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign
investors are subject to federal income tax withholding at the highest effective tax rate. Nominees, and not the
Partnership, are treated as withholding agents responsible for withholding on the distributions received by them on
behalf of foreign investors.


6



Contact:
Megan Repine
Investor Relations
(832) 639-7380
megan.repine@nblmidstream.com


7

Schedule 1
Noble Midstream Partners LP
Revenue and Throughput Volume Statistics
(unaudited)
 
Three Months Ended December 31,
 
Year Ended
December 31,
 
2018
 
2017
 
2018
 
2017
Colorado River DevCo LP
 
 
 
 
 
 
 
Crude Oil Gathering Volumes (Bbl/d)
58,177

 
66,092

 
62,255

 
56,531

Natural Gas Gathering Volumes (MMBtu/d)
239,007

 
201,723

 
221,942

 
172,284

Produced Water Gathering Volumes (Bbl/d)
15,903

 
20,177

 
16,984

 
14,097

Fresh Water Delivery Volumes (Bbl/d)
13,531

 
67,486

 
47,012

 
83,856

Gathering and Fresh Water Delivery Revenues — Affiliate (in thousands)
$
39,339

 
$
48,816

 
$
178,311

 
$
175,258

 
 
 
 
 
 
 
 
San Juan River DevCo LP
 
 
 
 
 
 
 
Fresh Water Delivery Volumes (Bbl/d)
—

 
34,007

 
—

 
34,676

Fresh Water Delivery Revenues — Affiliate (in thousands)
$
—

 
$
8,761

 
$
(325
)
 
$
37,590

 
 
 
 
 
 
 
 
Green River DevCo LP
 
 
 
 
 
 
 
Crude Oil Gathering Volumes (Bbl/d)
20,101

 
—

 
6,519

 
—

Natural Gas Gathering Volumes (MMBtu/d)
42,084

 
—

 
12,934

 
—

Produced Water Gathering Volumes (Bbl/d)
10,981

 
—

 
4,874

 
—

Fresh Water Delivery Volumes (Bbl/d)
88,672

 
—

 
68,312

 
—

Gathering and Fresh Water Delivery Revenues — Affiliate (in thousands)
$
17,238

 
$
—

 
$
49,962

 
$
—

 
 
 
 
 
 
 
 
Blanco River DevCo LP
 
 
 
 
 
 
 
Crude Oil Gathering Volumes (Bbl/d)
42,963

 
11,251

 
28,235

 
3,791

Natural Gas Gathering Volumes (MMBtu/d)
117,747

 
26,330

 
74,120

 
8,634

Produced Water Gathering Volumes (Bbl/d)
108,249

 
24,053

 
71,297

 
7,996

Gathering Revenues — Affiliate and Third Party (in thousands)
$
19,741

 
$
4,300

 
$
50,728

 
$
5,876

 
 
 
 
 
 
 
 
Laramie River DevCo LP
 
 
 
 
 
 
 
Crude Oil Gathering and Sales Volumes (Bbl/d)
111,995

 
15,806

 
80,450

 
5,333

Natural Gas Gathering Volumes (MMBtu/d)
415

 
—

 
1,091

 
—

Produced Water Gathering Volumes (Bbl/d)
12,727

 
4,510

 
8,045

 
2,338

Fresh Water Delivery Volumes (Bbl/d)
77,450

 
33,747

 
60,430

 
37,458

Gathering and Fresh Water Delivery Revenues — Third Party (in thousands)
$
55,720

 
$
4,858

 
$
204,052

 
$
14,880

 
 
 
 
 
 
 
 
Total Gathering Systems
 
 
 
 
 
 
 
Crude Oil Gathering and Sales Volumes (Bbl/d)
233,236

 
93,149

 
177,459

 
65,655

Natural Gas Gathering Volumes (MMBtu/d)
399,253

 
228,053

 
310,087

 
180,918

Barrels of Oil Equivalent (Boe/d)
284,422

 
122,387

 
217,214

 
88,850

Produced Water Gathering Volumes (Bbl/d)
147,860

 
48,740

 
101,200

 
24,431

Gathering Revenues (in thousands)
$
113,133

 
$
46,670

 
$
394,117

 
$
146,835

 
 
 
 
 
 
 
 
Total Fresh Water Delivery
 
 
 
 
 
 
 
Fresh Water Delivery Volumes (Bbl/d)
179,653

 
135,240

 
175,754

 
155,990

Fresh Water Delivery Revenues (in thousands)
$
18,905

 
$
20,065

 
$
88,611

 
$
86,769


8


Schedule 2
Noble Midstream Partners LP
Consolidated Statements of Operations
(in thousands, except per unit amounts, unaudited)
 
Three Months Ended December 31,
 
Year Ended
December 31,
 
2018
 
2017
 
2018
 
2017
Midstream Services Revenues
 
 
 
 
 
 
 
Crude Oil, Natural Gas and Produced Water Gathering — Affiliate
$
63,351

 
$
44,273

 
$
207,920

 
$
142,864

Crude Oil, Natural Gas and Produced Water Gathering — Third Party
19,591

 
2,397

 
48,387

 
3,971

Fresh Water Delivery — Affiliate
12,492

 
17,604

 
69,266

 
75,860

Fresh Water Delivery — Third Party
6,413

 
2,461

 
19,345

 
10,909

Crude Oil Sales — Third Party
31,709

 
—

 
141,490

 
—

Other — Affiliate
996

 
1,338

 
3,976

 
5,677

Other — Third Party
2,101

 
—

 
5,136

 
—

Total Midstream Services Revenues
136,653

 
68,073

 
495,520

 
239,281

Costs and Expenses
 
 
 
 
 
 
 
Cost of Crude Oil Sales
30,538

 
—

 
136,368

 
—

Direct Operating
24,986

 
14,601

 
84,482

 
54,007

Depreciation and Amortization
19,238

 
4,470

 
65,314

 
12,953

General and Administrative
4,624

 
4,115

 
24,250

 
13,396

Other Operating Expense
1,806

 
—

 
1,806

 
—

Total Operating Expenses
81,192

 
23,186

 
312,220

 
80,356

Operating Income
55,461

 
44,887

 
183,300

 
158,925

Other (Income) Expense
 
 
 
 
 
 
 
Interest Expense, Net of Amount Capitalized
4,272

 
642

 
10,492

 
1,603

Investment Income
(5,464
)
 
(1,995
)
 
(16,289
)
 
(6,334
)
Total Other (Income) Expense
(1,192
)
 
(1,353
)
 
(5,797
)
 
(4,731
)
Income Before Income Taxes
56,653

 
46,240

 
189,097

 
163,656

Income Tax Provision
58

 
(13
)
 
221

 
20

Net Income
56,595

 
46,253

 
188,876

 
163,636

Less: Net Income Attributable to Noncontrolling Interests
14,423

 
3,285

 
26,142

 
23,064

Net Income Attributable to Noble Midstream Partners LP
42,172

 
42,968

 
162,734

 
140,572

Less: Net Income Attributable to Incentive Distribution Rights
2,421

 
520

 
5,836

 
835

Net Income Attributable to Limited Partners
$
39,751

 
$
42,448

 
$
156,898

 
$
139,737

 
 
 
 
 
 
 
 
Net Income Attributable to Limited Partners Per Limited Partner Common and Subordinated Unit
 
 
 
 
 
 
 
Basic
$
1.00

 
$
1.16

 
$
3.96

 
$
4.10

Diluted
$
1.00

 
$
1.16

 
$
3.96

 
$
4.10

 
 
 
 
 
 
 
 
Weighted Average Limited Partner Units Outstanding — Basic
 
 
 
 
 
 
 
Common Units
23,688

 
20,676

 
23,686

 
18,192

Subordinated Units
15,903

 
15,903

 
15,903

 
15,903

Total Limited Partner Units
39,591

 
36,579

 
39,589

 
34,095

 
 
 
 
 
 
 
 
Weighted Average Limited Partner Units Outstanding — Diluted
 
 
 
 
 
 
 
Common Units
23,703

 
20,692

 
23,701

 
18,204

Subordinated Units
15,903

 
15,903

 
15,903

 
15,903

Total Limited Partner Units
39,606

 
36,595

 
39,604

 
34,107


9


Schedule 3
Noble Midstream Partners LP
Consolidated Balance Sheets
(in thousands, unaudited)

 
December 31,
2018
 
December 31,
2017
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
10,740

 
$
18,026

Restricted Cash
951

 
37,505

Accounts Receivable — Affiliate
31,613

 
27,539

Accounts Receivable — Third Party
23,091

 
2,641

Crude Oil Inventory
2,200

 
—

Other Current Assets
2,724

 
389

Total Current Assets
71,319

 
86,100

Property, Plant and Equipment
 
 
 
Total Property, Plant and Equipment, Gross
1,500,609

 
706,039

Less: Accumulated Depreciation and Amortization
(79,357
)
 
(44,271
)
Total Property, Plant and Equipment, Net
1,421,252

 
661,768

Intangible Assets, Net
310,202

 
—

Goodwill
109,734

 
—

Investments
82,317

 
80,461

Other Noncurrent Assets
3,093

 
1,429

Total Assets
$
1,997,917

 
$
829,758

LIABILITIES
 
 
 
Current Liabilities
 
 
 
Accounts Payable — Affiliate
$
2,778

 
$
1,616

Accounts Payable — Third Party
92,756

 
109,893

Other Current Liabilities
9,217

 
2,876

Total Current Liabilities
104,751

 
114,385

Long-Term Liabilities
 
 
 
Long-Term Debt
559,021

 
85,000

  Asset Retirement Obligations
17,330

 
10,416

Other Long-Term Liabilities
582

 
3,727

Total Liabilities
681,684

 
213,528

EQUITY
 
 
 
Partners’ Equity
 
 
 
Limited Partner
 
 
 
Common Units (23,759 and 23,712 units outstanding, respectively)
699,866

 
642,616

Subordinated Units (15,903 units outstanding)
(130,207
)
 
(168,136
)
General Partner
2,421

 
520

Total Partners’ Equity
572,080

 
475,000

Noncontrolling Interests
744,153

 
141,230

Total Equity
1,316,233

 
616,230

Total Liabilities and Equity
$
1,997,917

 
$
829,758



10


Schedule 4
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures

Non-GAAP Financial Measures
This news release, the financial tables and other supplemental information include Adjusted EBITDA, Distributable Cash Flow,
and Distribution Coverage Ratio, all of which are non-GAAP measures which may be used periodically by management when
discussing our financial results with investors and analysts.

We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization,
transaction expenses, unit-based compensation and certain other items that we do not view as indicative of our ongoing performance. Adjusted 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 define Distributable Cash Flow as Adjusted EBITDA less estimated maintenance capital expenditures and cash interest
expense. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement
requires us to distribute all available cash on a quarterly basis, and Distributable Cash Flow is one of the factors used by the
board of directors of our general partner to help determine the amount of available cash that is available to our unitholders for a
given period. We define Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The
Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter.

We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, and Distribution Coverage Ratio provide
information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly
comparable to Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio is net income. Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other
measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow
and Distribution Coverage Ratio exclude some, but not all, items that affect net income, and these measures may vary from
those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio as
presented herein may not be comparable to similarly titled measures of other companies

Noble Midstream does not provide guidance on the reconciling items between forecasted Net Income, forecasted Adjusted
EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio due to the uncertainty regarding
timing and estimates of these items. Noble Midstream provides a range for the forecasts of Net Income, Adjusted EBITDA,
Distributable Cash Flow and Distribution Coverage Ratio to allow for the variability in timing and uncertainty of estimates of
reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and
forecasted Distribution Coverage Ratio. Therefore, the Partnership cannot reconcile forecasted Net Income to forecasted
Adjusted EBITDA, forecasted Distributable Cash Flow or forecasted Distribution Coverage Ratio without unreasonable effort.

In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is
net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives
to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in
accordance with GAAP. Due to the forward-looking nature of net cash provided by operating activities, management cannot
reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as
future impairments and future changes in working capital. Accordingly, Noble Midstream is unable to present a quantitative
reconciliation of the aforementioned forward-looking non-GAAP financial measures to net cash provided by operating
activities. Amounts excluded from these non-GAAP measures in future periods could be significant.


11


Schedule 4 (Continued)
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures


Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)
and Distributable Cash Flow (Non-GAAP)
(in thousands, unaudited)
 
Three Months Ended December 31,
 
2018
 
2017
Reconciliation from Net Income (GAAP)
 
 
 
Net Income (GAAP)
$
56,595

 
$
46,253

Add:
 
 
 
Depreciation and Amortization
19,238

 
4,470

Interest Expense, Net of Amount Capitalized
4,272

 
642

Income Tax Provision
58

 
(13
)
Transaction and Integration Expenses
52

 
—

Unit-Based Compensation and Other
1,335

 
209

Adjusted EBITDA (Non-GAAP)
81,550

 
51,561

Less:
 
 
 
Adjusted EBITDA Attributable to Noncontrolling Interests
22,393

 
3,438

Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP)
59,157

 
48,123

Less:
 
 
 
Cash Interest Paid
5,065

 
1,498

Maintenance Capital Expenditures
5,721

 
3,836

Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP)
$
48,371

 
$
42,789

Distributions (Declared)
$
25,613

 
$
19,851

Distribution Coverage Ratio (Declared)
1.9x

 
2.2x



12


Schedule 4 (Continued)
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures


Reconciliation of Net Cash Provided by Operating Activities (GAAP) to
Adjusted EBITDA (Non-GAAP) and Distributable Cash Flow (Non-GAAP)
(in thousands, unaudited)
 
Three Months Ended December 31,
 
2018
 
2017
Reconciliation from Net Cash Provided by Operating Activities (GAAP)
 
 
 
Net Cash Provided by Operating Activities (GAAP)
$
71,861

 
$
41,871

Add:
 
 
 
Interest Expense, Net of Amount Capitalized
4,272

 
642

Changes in Operating Assets and Liabilities
9,381

 
8,199

Transaction and Integration Expenses
52

 
—

Change in Income Tax Payable
58

 
(13
)
Other Adjustments
(4,074
)
 
862

Adjusted EBITDA (Non-GAAP)
81,550

 
$
51,561

Less:
 
 
 
Adjusted EBITDA Attributable to Noncontrolling Interests
22,393

 
3,438

Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP)
59,157

 
48,123

Less:
 
 
 
Cash Interest Paid
5,065

 
1,498

Maintenance Capital Expenditures
5,721

 
3,836

Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP)
$
48,371

 
$
42,789

Distributions (Declared)
$
25,613

 
$
19,851

Distribution Coverage Ratio (Declared)
1.9x

 
2.2x


13
 EX-99.2 3 nblx-20181231erex992.htm EXHIBIT 99.2 Exhibit


nblxupdatedlogoa28.jpg
  
 
Exhibit 99.2

NEWS RELEASE
 
 
 
 
 
 
 
February 19, 2019

Noble Midstream Partners Announces 2019 Capital Budget and Guidance

Houston - Noble Midstream Partners LP (NYSE: NBLX) (Noble Midstream or the Partnership) today announced its 2019 guidance, including planned capital expenditures, anticipated volumes and expected financial outcomes.

“Entering 2019, we are extremely focused on driving significant capital efficiencies in our base gathering business, while our recently announced equity investments will meaningfully expand Noble Midstream’s presence in the Permian Basin. Our team has done a fantastic job transforming the company from a single customer gatherer to a more diverse multi-basin MLP, providing services to a growing customer base. The added stability of Partnership cash flows increases our confidence in delivering on our promises to unitholders,” stated Terry R. Gerhart, Chief Executive Officer of Noble Midstream.

“In a $50 per barrel oil price environment, we continue to believe the Partnership’s strong business fundamentals and significant Permian additions have enhanced an already strong growth outlook and offer further support for our 20% distribution per unit growth target. This is coupled with very strong distribution coverage. We have secured transformational Permian investments in the EPIC and Delaware Crossing pipelines while committing to a prudent long-term leverage target of approximately three times, organically, as these projects begin contributing meaningfully to the Partnership.”


2019 Guidance Highlights:
2019 guidance assumes no impact from EPIC projects to financials with the exception of leverage targets and incremental interest expense from project investment

•
GAAP Net Income expected in the range of $229 to $268 million
•
Adjusted EBITDA1 between $340 and $390 million, a 24% to 42% increase as reported to 2018
•
Adjusted EBITDA1 attributable to the Partnership anticipated between $245 and $270 million, an 11% to 22% increase to the Partnership as reported to 2018
•
Capital budget attributable to the Partnership in the range of $180 to $210 million, a 24% to 35% decrease to the Partnership versus 2018 (excluding Delaware Crossing and EPIC investments)


1


•
In addition, Noble Midstream estimates combined equity investments in the Delaware Crossing, EPIC Crude, and EPIC Y-Grade pipelines of between $570 and $615 million, prior to any financing specific to Noble Midstream's EPIC Crude investment
•
The core gathering segment is expected to represent over 80% of Adjusted EBITDA1 attributable to the Partnership
•
Targeted 2019 distribution per unit (DPU) growth of 20%, or $2.63 per unit
•
Distributable Cash Flow (DCF)¹ coverage of 1.5x - 1.7x
•
Combined gross oil, gas and produced water gathering growth of nearly 40% in the DJ Basin and approximately 80% in the Delaware Basin at the midpoint of guidance

2020 Preview and Long-Term Outlook:
•
Anticipate adjusted EBITDA1 attributable to the Partnership of at least $300 million in 2020, representing at least 17% growth versus the midpoint of 2019 guidance, prior to contribution from the EPIC Crude and EPIC Y-Grade pipelines. This assumes a $50 per barrel crude oil price
•
Exiting 2020, expect Noble Midstream's proportionate share of annualized EPIC Crude and Y-Grade equity cash flows totaling $50-70 million and anticipate combined long-term equity investment multiple compression to between 6x and 7x; these figures are prior to any financing specific to Noble Midstream's EPIC Crude investment
•
Continuing 20% annual DPU growth with at least a 1.3x DCF coverage1 through 2022
•
Annualized year-end leverage1 is anticipated to be between 4.0x and 4.25x in 2019 during the construction period for the Delaware Crossing and EPIC pipeline projects; annualized leverage1 is anticipated to gradually decline to approximately 3.5x by year-end 2020 with a long term target of approximately 3x
•
Reaffirming target of 50% Partnership Adjusted EBITDA1 contribution from the Permian by the end of 2020

1 Adjusted EBITDA, Annualized Leverage, and DCF are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 1 of the financial tables which follow.

The Partnership’s results are consolidated to include the non-controlling interests in the Partnership’s development companies (DevCos) retained by Noble Energy, Inc. (Noble Energy) as well as Greenfield Midstream, LLC’s (Greenfield Midstream) 45.6% ownership of Black Diamond Gathering, LLC (Black Diamond Gathering); however, certain results are shown as “attributable to the Partnership,” which exclude the aforementioned non-controlling interests retained by Noble Energy and Greenfield Midstream. Noble Midstream believes the results “attributable to the Partnership” provide the best representation of the ongoing operations from which the Partnership’s unitholders will benefit.






2


2019 Gross Gathering and Fresh Water Volume Outlook

Gathering throughput growth in 2019 will be led by activity in the Green River, Laramie River and Blanco River DevCos, somewhat offset by a decline in the Colorado River DevCo, driven primarily by East Pony oil.

Noble Midstream anticipates 2019 gross oil and gas gathering and sales volumes of 297 to 328 thousand barrels of oil equivalent per day (MBoe/d), up 44% compared to 2018 at the midpoint. In total, the Partnership anticipates approximately 500 well connections in 2019, excluding our investments in the Advantage Pipeline and Delaware Crossing systems.

Produced water gathering throughput is anticipated to be 160 to 190 thousand barrels of water per day (MBw/d), up 73% compared to 2018 at the midpoint.

Based on our current customer development plans, total gross fresh water delivery volumes are anticipated to be 150 to 190 thousand barrels of water per day (MBw/d), down 3% compared to 2018 volumes at the midpoint. Noble Midstream anticipates delivery to approximately three completion crews in the DJ Basin. Noble Energy completion activity is anticipated in the Green River, Colorado River and San Juan River DevCos.


2019 Capital Budget

Noble Midstream’s 2019 capital budget is anticipated between $335 and $375 million, or $180 to $210 million attributable to the Partnership. In addition, Noble Midstream estimates combined equity investments in the Delaware Crossing, EPIC Crude, and EPIC Y-Grade pipelines of between $570 and $615 million, prior to any financing specific to Noble Midstream's EPIC Crude investment.

Approximately 65% of capital attributable to the Partnership will be spent supporting customer well connections in the DJ and Delaware Basins. Other 2019 capital projects include:
•
Blanco River DevCo (NBLX ownership: 40%) The Partnership is constructing a trunkline connecting the Billy Miner and Jesse James central gathering facilities (CGFs) in the Northern portion of Noble Energy’s Delaware Basin acreage. This will optimize the use of facility capacity and ensure high utilization rates
•
Laramie River DevCo (NBLX ownership: 100%) On the wholly-owned system, the Partnership is expanding fresh and produced water backbone infrastructure in the Southern portion of the customer’s acreage position to support 2019 and 2020 activity plans. In addition, capital is planned at Black Diamond Gathering for expansion of the Milton terminal to 360 thousand barrels of oil per day (MBbl/d) (54.4% Noble Midstream ownership, 45.6% Greenfield Midstream ownership)



3


Equity Investments

Delaware Crossing (50% equity interest)

Noble Midstream’s 50% share of the Delaware Crossing system buildout in 2019 is anticipated at approximately $75 to $85 million. The Delaware Crossing crude oil pipeline and gathering system in the Delaware Basin will have an initial capacity of 160 MBbl/d, which is expandable to 210 MBbl/d. The 95-mile, 16-inch diameter pipeline system will originate in Pecos County, Texas, with additional connections in Reeves County and Winkler County, Texas. Gathering is anticipated to commence during the third quarter of 2019, with the main trunkline to Wink complete in the fourth quarter of 2019.

EPIC Crude Pipeline (30% equity interest) and EPIC Y-Grade Pipeline (15% equity interest)

Both pipelines are anticipated to be funded through non-recourse project level debt as well as equity commitments from project partners.

Noble Midstream’s total cash equity investment is anticipated to be approximately $165 to $180 million for the EPIC Y-Grade Pipeline, with substantially all of the investment anticipated in 2019. Noble Midstream intends to fund its equity investment in the EPIC Y-Grade pipeline with its revolving credit facility.

Noble Midstream’s total cash equity investment is anticipated to be approximately $330 to $350 million for the EPIC Crude Oil Pipeline, with substantially all of the investment anticipated in 2019. Noble Midstream intends to fund its equity investment with its revolving credit facility and is evaluating a $200 million financing specific to the Partnership's EPIC Crude investment. Closing of the Partnership’s equity interest in the EPIC Crude Oil Pipeline is anticipated in the first quarter of 2019 and subject to certain conditions precedent.

Because of high customer demand for crude oil transportation, EPIC announced in October 2018 the decision to utilize the third and final phase of its EPIC Y-Grade Pipeline from Crane, Texas to Corpus Christi, Texas for crude oil service while the EPIC Crude Oil Pipeline and EPIC NGL fractionator remains under construction.  Interim service remains on track for startup in the third quarter of 2019. The EPIC Y-Grade Pipeline will convert back to NGL service at completion of the EPIC Crude Oil Pipeline in the first quarter of 2020.



4


2019 Guidance
 
Assumes no impact from EPIC projects to 2019 financials with the exception of incremental leverage and interest expense from project investment.

 
 
Year Ended December 31,
 
 
2018
 
2019 (E)
 
% Change
Gross Volumes
 
 
 
 
 
 
Oil Gathered (MBbl/d)
 
177

 
235 - 260
 
39%

Gas Gathered (MMcf/d)
 
239

 
370 - 410
 
63%

Oil and Gas Gathered (MBoe/d)
 
217

 
297 - 328
 
44%

 
 
 
 
 
 
 
Produced Water Gathered (MBw/d)
 
101

 
160 - 190
 
73%

Fresh Water Delivered (MBw/d)
 
176

 
150 - 190
 
-3%

 
 
 
 
 
 
 
Financial Information - Gross (in millions)
 
 
 
 
 
 
Net Income4
 
$
189

 
$ 229 - 268
 
32%

Adjusted EBITDA1,4
 
$
275

 
$ 340 - 390
 
33%

 
 
 
 
 
 
 
Financial Information - Attributable to the Partnership (in millions)
 
 
 
 
 
 
Adjusted EBITDA1,4
 
$
221

 
$ 245 - 270
 
17%

Distributable Cash Flow1,4
 
$
185

 
$ 190 - 215
 
9%

Distribution Coverage Ratio1, 3,4
 
2.0x

 
1.5x - 1.7x
 
—

 
 
 
 
 
 
 
(1) 
Results “attributable to the Partnership” exclude the non-controlling interests in the DevCos retained by Noble Energy.
(2) 
Adjusted EBITDA, DCF, and Distribution Coverage Ratio are not financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). For definitions of these non-GAAP measures, see “Non-GAAP Financial Measures” below.
(3) 
Assumes 20% Distribution Growth
(4) 
Assumes no impact from EPIC projects to 2019 financials with the exception of incremental leverage and interest expense from project investment


Conference Call
Noble Midstream will host a webcast and conference call today at 1:00 p.m. Central Time to discuss fourth quarter and full year 2018 financial and operational results as well as 2019 guidance. The live audio webcast and related presentation material is accessible on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com. Conference call numbers for participation are 877-883-0383, or 412-902-6506 for international calls. The passcode number is 9351622. A replay of the conference call will be available at the same web location following the event.



About Noble Midstream Partners LP
Noble Midstream is a growth-oriented Delaware master limited partnership formed by Noble Energy, to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.

5





Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the Partnership's customers' ability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership's most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

This news release also contains certain non-GAAP measures of financial performance that management believes
are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial
performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this
news release to the most directly comparable GAAP financial measures.



Contact:
Megan Repine
Investor Relations
(832) 639- 7380
megan.repine@nblmidstream.com

6


Schedule 1
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
This news release, the financial tables and other supplemental information include Adjusted EBITDA, Annualized Leverage, Distributable Cash Flow, and Distribution Coverage Ratio, all of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts.

We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and
Amortization, unit-based compensation and certain other items that we do not view as indicative of our ongoing performance. Adjusted 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 define Distributable Cash Flow as Adjusted EBITDA less estimated maintenance capital expenditures and cash
interest expense. Distributable Cash Flow is used by management to evaluate our overall performance. Our
partnership agreement requires us to distribute all available cash on a quarterly basis, and Distributable Cash Flow
is one of the factors used by the board of directors of our general partner to help determine the amount of available
cash that is available to our unitholders for a given period.

We define Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter.

We define Annualized Leverage as total debt divided by quarterly adjusted EBITDA attributable to the Partnership, annualized for four quarters. Annualized Leverage is used by management to assess our ability to incur and service debt and fund capital expenditures.

We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, Annualized Leverage and Distribution Coverage Ratio provide information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA, Distributable Cash Flow, Annualized Leverage and Distribution Coverage Ratio is net income. Adjusted EBITDA, Distributable Cash Flow, Annualized Leverage and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow, Annualized Leverage and Distribution Coverage Ratio exclude some, but not all, items that affect net income, and these measures may vary from those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow, Annualized Leverage and Distribution Coverage Ratio as presented herein may not be comparable to similarly titled measures of other companies.

Noble Midstream does not provide guidance on the reconciling items between forecasted Net Income, forecasted
Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio due to the
uncertainty regarding timing and estimates of these items. Noble Midstream provides a range for the forecasts of
Net Income, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio to allow for the
variability in timing and uncertainty of estimates of reconciling items between forecasted Net Income, forecasted
Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio. Therefore, the
Partnership cannot reconcile forecasted Net Income to forecasted Adjusted EBITDA, forecasted Distributable Cash
Flow or forecasted Distribution Coverage Ratio without unreasonable effort.

In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable
Cash Flow is net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow should not

7


be considered alternatives to net income, net cash provided by operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP. Due to the forward-looking nature of net cash
provided by operating activities, management cannot reliably predict certain of the necessary components of the
most directly comparable forward-looking GAAP measures, such as future impairments and future changes in
working capital. Accordingly, Noble Midstream is unable to present a quantitative reconciliation of the
aforementioned forward-looking non-GAAP financial measures to net cash provided by operating activities.
Amounts excluded from these non-GAAP measures in future periods could be significant.


Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)
and Distributable Cash Flow (Non-GAAP)
(in millions, unaudited)

 
Year Ended December 31,
 
2018
 
2019 (Est.)
Reconciliation from Net Income (GAAP) to Distributable Cash Flow (Non-GAAP)
 
 
 
Net Income and Comprehensive Income (GAAP)
$
189

 
$ 229 - 268
Add:
 
 
 
Depreciation and Amortization
65

 
85 - 90

Interest Expense, Net of Amount Capitalized
11

 
25 - 30

Unit-Based Compensation and Other
2

 
1 - 2

Transaction Expenses
7

 
—

Income Tax Provision (Benefit)
—

 
—

Adjusted EBITDA (Non-GAAP)
275

 
$ 340 - 390

Adjusted EBITDA Attributable to Noncontrolling Interests
54

 
95 - 120

Adjusted EBITDA Attributable to the Partnership
221

 
$ 245 - 270
Less:
 
 
 
Maintenance Capital Expenditures and Cash Interest Paid
37

 
55

Distributable Cash Flow
$
185

 
$ 190 - 215

Distribution Coverage Ratio
2.0x

 
1.5x - 1.7x


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