CONE Midstream Reports Strong Fourth Quarter Results

17 Feb, 2016, 07:00 ET from CONE Midstream Partners LP

CANONSBURG, Pa., Feb. 17, 2016 /PRNewswire/ -- CONE Midstream Partners LP (NYSE: CNNX) ("CONE Midstream" or the "Partnership") today reported financial and operational results for the three months and the full year ending December 31, 2015.(1)  The Partnership also announced financial guidance for 2016.

Fourth Quarter Results

Highlights of fourth quarter 2015 results attributable to the Partnership as compared to the fourth quarter of 2014 include:

  • Net income of $22.5 million as compared to $15.3 million
  • Average daily throughput volumes of 760 billion Btu per day (BBtu/d) as compared to 545 BBtu/d
  • Adjusted EBITDA(2) of $25.2 million as compared to $16.6 million
  • Distributable cash flow (DCF)(2) of $22.4 million as compared to $14.8 million
  • Cash distribution coverage of 1.59x on an as declared basis

Full Year 2015 Results

Highlights of full year 2015 results attributable to the Partnership include:

  • Net income of $71.2 million
  • Adjusted EBITDA(2) of $80.3 million
  • Distributable cash flow (DCF)(2) of $70.9 million

Management Comment

"We are pleased to report another quarter of excellent financial and operational results for CONE Midstream," said John T. Lewis, Chairman of the Board and Chief Executive Officer of CONE Midstream GP LLC (the "General Partner").  "Our throughput volume, net income, adjusted EBITDA and DCF all exhibited strong and steady growth during each consecutive quarter of 2015.  Fourth quarter average throughput increased by 215 BBtu/d which equates to volume growth of 39% over fourth quarter 2014.  Our focus on operational efficiencies and cost control boosted our financial results, with net income for the quarter increasing by 47% over last year, and fourth quarter adjusted EBITDA and DCF each growing by more than 50% from a year ago.

Mr. Lewis continued, "Based on these strong results and our current outlook, the Partnership paid a quarterly cash distribution of $0.2362 per unit on February 12th. The distribution rate represents a sequential quarterly increase of 3.6% which equates to an annual growth rate of 15.2%.  Our distribution coverage during 2015 also increased steadily each quarter and reached 1.59x for the fourth quarter on an as declared basis.

"We have maintained our strong financial position during 2015," concluded Mr. Lewis.  "Our business model was built for measured growth driven by a strong balance sheet, underlying organic growth with stacked pays, and potentially supplemented by the drop down of additional interests in our three different development companies.  In addition, CONE's business development function should help supplement sponsor driven revenues.  While commodity prices have receded and the MLP space faces various challenges, our robust balance sheet and distribution coverage ratio has CONE Midstream Partners advantageously positioned."

Quarterly Distribution

As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of $0.2362 per unit with respect to the fourth quarter of 2015.  The distribution payment was made on February 12, 2016 to unitholders of record on February 4, 2016.  The distribution, which equates to an annual rate of $0.9448 per unit, represents an increase of 3.6% over the prior quarter and an increase of 11.2% over the Minimum Quarterly Distribution as defined in our Partnership Agreement.

Capital Investment and Resources

CONE Midstream's allocated fourth quarter 2015 share of investment in expansion projects was $23.0 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $53.9 million,(3) with individual development company totals as follows:

  • Anchor Systems - $29.0 million
  • Growth Systems - $0.2 million
  • Additional Systems - $24.6 million

CONE Midstream's respective share of maintenance capital expenditures for the three development companies for fourth quarter 2015 was $2.6 million.  Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $4.4 million.

As of December 31, 2015,  CONE Midstream had outstanding borrowings of $73.5 million under its $250.0 million revolving credit facility.

2016 Guidance

Based on current expectations, management is providing the following guidance for 2016. Full year 2016 adjusted EBITDA attributable to the Partnership is expected to be in the range of $93 - $103 million and full year Distributable Cash Flow attributable to the Partnership is expected to be in the range of $79 - $89 million. Management currently anticipates that total 2016 capital expenditures attributable to the Partnership will be in the range of $30 to $35 million, of which approximately $10 to $12 million will be for maintenance capital.

CONE Midstream's  financial guidance is based on numerous assumptions about future events and conditions and, therefore, could vary materially from actual results. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.

Fourth Quarter Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss fourth quarter 2015 financial and operational results, is scheduled for February 17, 2016 at 1:00 p.m. Eastern Time.  Prepared remarks by members of management will be followed by a question and answer period.  Interested parties may listen via webcast at https://www.webcaster4.com/webcast/page/998/12905. Participants who would like to ask questions may join the conference by phone at 888-349-0097 (international 412-902-0126) five to ten minutes prior to the scheduled start time (reference the CONE Midstream call).  An on-demand replay of the webcast will be also be available at https://www.webcaster4.com/webcast/page/998/12905 shortly after the conclusion of the conference.  A telephonic replay will be available through February 24, 2016 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10079438.

_______________

(1)

Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies jointly owned by the Partnership and CONE Gathering LLC ("CONE Gathering").  Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results. The Partnership's current financial interests in the development companies are: 75% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems.  CONE Gathering is a midstream joint venture formed by CONSOL Energy Inc. and Noble Energy, Inc. and owns non-controlling interests in the Partnership's development companies.

(2)

Adjusted EBITDA and DCF are not Generally Accepted Accounting Principles ("GAAP") measures.  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

(3)

Detail may not foot due to rounding.

 

Contact:

Stephen R. Milbourne

CONE Investor Relations

Phone:

724-485-4408

Email:

smilbourne@conemidstream.com  

* * * * *

CONE Midstream Partners is a master limited partnership formed by CONSOL Energy Inc. (NYSE: CNX)  and Noble Energy, Inc. (NYSE: NBL), referred to as our Sponsors, to own, operate, develop and acquire natural gas gathering and other midstream energy assets to service our Sponsors' production in the Marcellus Shale in Pennsylvania and West Virginia.  Our assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities.

* * * * *

This press release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of  CONE Midstream's distributions to non-U.S. investors as being attributed to income that is effectively connected with a United States trade or business.  Accordingly, CONE Midstream's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.  Nominees, and not CONE Midstream, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

* * * * *

This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  These forward-looking statements involve certain risks and uncertainties, including, among others, that our business plans may change as circumstances warrant.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

 

 

CONE MIDSTREAM PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2015

2014

2015

2014

Revenue

Gathering Revenue — Related Party

$

58,785

$

42,400

$

203,423

$

130,087

Other Income

85

85

Total Revenue

58,785

42,485

203,423

130,172

Expenses

Operating Expense — Third Party

6,781

9,035

28,987

27,371

Operating Expense — Related Party

7,858

5,519

29,937

24,072

General and Administrative Expense — Third Party

911

886

4,444

1,822

General and Administrative Expense — Related Party

2,251

1,769

8,636

4,726

Depreciation Expense

4,623

2,225

15,053

7,330

Interest Expense

565

24

835

24

Total Expense

22,989

19,458

87,892

65,345

Net Income

35,796

23,027

115,531

64,827

Less: Net Income Attributable to Noncontrolling Interest

13,330

7,776

44,284

7,858

Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

22,466

$

15,251

$

71,247

$

56,969

Calculation of Limited Partner Interest in Net Income:

Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP (1)

$

22,466

$

15,251

$

71,247

$

15,378

Less: General Partner Interest in Net Income

449

305

1,425

308

Limited Partner Interest in Net Income

$

22,017

$

14,946

$

69,822

$

15,070

Net Income per Limited Partner Unit - Basic

$

0.38

$

0.26

$

1.20

$

0.26

Net Income per Limited Partner Unit - Diluted

$

0.38

$

0.26

$

1.20

$

0.26

Limited Partner Units Outstanding - Basic

58,326

58,326

58,326

58,326

Limited Partner Unit Outstanding - Diluted

58,337

58,326

58,340

58,326

(1)

Reflective of general and limited partner interest in net income since closing of the IPO.

 

 

CONE MIDSTREAM PARTNERS LP RECONCILIATION OF NET INCOME TO EBITDA AND DISTRIBUTABLE CASH FLOW (in thousands) (unaudited)

 

Definition of Non-GAAP Financial Measures

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) before net interest expense, depreciation and amortization, as adjusted for non-cash items which should not be included in the calculation of distributable cash flow. 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 believe that the presentation of adjusted EBITDA provides information that is useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to adjusted EBITDA are net income and net cash provided by operating activities. Adjusted EBITDA should not be considered an alternative to net income, net cash provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  Adjusted EBITDA excludes some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

We define distributable cash flow as adjusted EBITDA less net income attributable to noncontrolling interest, net cash interest paid and maintenance capital expenditures. Distributable cash flow does not reflect changes in working capital balances.

Distributable cash flow is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

  • the ability of our assets to generate cash sufficient to support our indebtedness and make future cash distributions to our unitholders; and
  • the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

We believe that the presentation of distributable cash flow in this report provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities. Distributable cash flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Distributable cash flow excludes some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, our distributable cash flow may not be comparable to similarly titled measures of other companies.

 

 

CONE MIDSTREAM PARTNERS LP RECONCILIATION OF NET INCOME TO EBITDA AND DISTRIBUTABLE CASH FLOW (in thousands) (unaudited)

The following table presents a reconciliation of the non-GAAP measures adjusted EBITDA and distributable cash flow with the most directly comparable GAAP financial measures of net income and net cash provided by operating activities.

Three Months Ended December 31,

Twelve Months Ended December 31,

2015

2014

2015

2014

Net Income

$

35,796

$

23,027

$

115,531

$

64,827

Interest Expense

565

24

835

24

Depreciation Expense

4,623

2,225

15,053

7,330

EBITDA

40,984

25,276

131,419

72,181

Non-Cash Unit-Based Compensation

92

402

Adjusted EBITDA

41,076

25,276

131,821

72,181

Less:

  Net Income Attributable to Noncontrolling Interest

13,330

7,776

44,284

7,858

  Interest Expense Attributable to Noncontrolling Interest

331

428

  Depreciation Expense Attributable to Noncontrolling Interest

2,246

857

6,799

863

Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

25,169

$

16,643

$

80,310

$

63,460

Less:  Cash Interest Paid, net

234

407

Less: Ongoing Maintenance Capital Expenditures, Net of Expected Reimbursements

2,554

1,799

8,984

6,008

Distributable Cash Flow

$

22,381

$

14,844

$

70,919

$

57,452

Net Cash Provided by Operating Activities

$

16,749

$

22,331

$

116,017

$

84,694

Interest Expense

565

24

835

24

Other, Including Changes in Working Capital

23,762

2,921

14,969

(12,537)

Adjusted EBITDA

41,076

25,276

131,821

72,181

Less:

  Net Income Attributable to Noncontrolling Interest

13,330

7,776

44,284

7,858

  Interest Expense Attributable to Noncontrolling Interest

331

428

  Depreciation Expense Attributable to Noncontrolling Interest

2,246

857

6,799

863

Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

25,169

$

16,643

$

80,310

$

63,460

Less:  Cash Interest Paid, net

234

407

Less: Ongoing Maintenance Capital Expenditures, Net of Expected Reimbursements

2,554

1,799

8,984

6,008

Distributable Cash Flow

$

22,381

$

14,844

$

70,919

$

57,452

 

 

The following table presents a reconciliation of the non-GAAP measures adjusted EBITDA and distributable cash flow by quarter and for the most recently completed twelve month period with the most directly comparable GAAP financial measures, which are net income and net cash provided by operating activities.

(unaudited)

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Twelve Months Ended December 31, 2015

Net Income

$

21,216

$

24,905

$

33,614

$

35,796

$

115,531

Interest Expense

65

47

158

565

835

Depreciation Expense

2,994

3,667

3,769

4,623

15,053

EBITDA

24,275

28,619

37,541

40,984

131,419

Non-Cash Unit-Based Compensation Expense

96

96

118

92

402

Adjusted EBITDA

24,371

28,715

37,659

41,076

131,821

Less:

  Net Income Attributable to Noncontrolling Interest

7,004

9,993

13,957

13,330

44,284

  Interest Expense Attributable to Noncontrolling Interest

20

14

63

331

428

  Depreciation Expense Attributable to Noncontrolling Interest

1,166

1,659

1,728

2,246

6,799

Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

16,181

$

17,049

$

21,911

$

25,169

$

80,310

  Less: Cash Interest Paid, net

45

33

95

234

407

  Less:  Ongoing Maintenance Capital Expenditures, Net of     Expected Reimbursements

1,991

2,148

2,291

2,554

8,984

Distributable Cash Flow

$

14,145

$

14,868

$

19,525

$

22,381

$

70,919

Net Cash Provided by Operating Activities

$

10,206

$

50,254

$

38,808

$

16,749

$

116,017

  Interest Expense

65

47

158

565

835

  Other, Including Changes in Working Capital

14,100

(21,586)

(1,307)

23,762

14,969

Adjusted EBITDA

24,371

28,715

37,659

41,076

131,821

Less:

  Net Income Attributable to Noncontrolling Interest

7,004

9,993

13,957

13,330

44,284

  Interest Expense Attributable to Noncontrolling Interest

20

14

63

331

428

  Depreciation Expense Attributable to Noncontrolling Interest

1,166

1,659

1,728

2,246

6,799

Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

16,181

$

17,049

$

21,911

$

25,169

$

80,310

  Less: Cash Interest Paid, net

45

33

95

234

407

  Less:  Ongoing Maintenance Capital Expenditures, Net of     Expected Reimbursements

1,991

2,148

2,291

2,554

8,984

Distributable Cash Flow

$

14,145

$

14,868

$

19,525

$

22,381

$

70,919

Distributions Declared

$

12,647

$

13,094

$

13,570

$

14,062

$

53,373

Distribution Coverage Ratio - Declared

1.12

x

1.14

x

1.44

x

1.59

x

1.33

x

Distributable Cash Flow

$

14,145

$

14,868

$

19,525

$

22,381

$

70,919

Distributions Paid

$

12,784

$

12,647

$

13,094

$

13,570

$

52,095

Distribution Coverage Ratio - Paid

1.11

x

1.18

x

1.49

x

1.65

x

1.36

x

 

 

CONE MIDSTREAM PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(in thousands, except number of units)

(Unaudited)

December 31,  2015

December 31,  2014

ASSETS

Current Assets:

Cash

$

217

$

3,252

Receivables — Related Party

36,418

58,749

Inventory

18,916

Prepaid Expenses

1,873

1,280

Other Current Assets

164

164

Total Current Assets

57,588

63,445

Property and Equipment:

Property and Equipment

897,918

639,735

Less — Accumulated Depreciation

31,609

16,989

Property and Equipment — Net

866,309

622,746

Other Non-Current Assets

528

613

TOTAL ASSETS

$

924,425

$

686,804

LIABILITIES AND EQUITY

Current Liabilities:

Accounts Payable

$

46,155

$

70,635

Accounts Payable — Related Party

1,628

2,106

  Total Current Liabilities

47,783

72,741

Other Liabilities:

Revolving Credit Facility

73,500

31,300

Total Liabilities

121,283

104,041

Partners' Capital:

Common Units - (29,163,121 Units Issued and Outstanding at December 31, 2015 and 2014)

399,399

389,612

Subordinated Units (29,163,121 Units Issued and Outstanding at December 31, 2015 and 2014)

(82,900)

(92,285)

General Partner Interest

(3,389)

(3,772)

Capital Attributable to CONE Midstream Partners LP

313,110

293,555

  Noncontrolling Interest

490,032

289,208

Total Partners' Capital

803,142

582,763

TOTAL LIABILITIES AND PARTNERS' CAPITAL

$

924,425

$

686,804

 

 

CONE MIDSTREAM PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

Twelve Months Ended December 31,

2015

2014

Cash Flows from Operating Activities:

Net Income

$

115,531

$

64,827

Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:

  Depreciation Expense and Amortization of Debt Issuance Costs

15,217

7,330

  Gain on Disposition of Equipment

(85)

  Unit Based Compensation

402

Changes in Operating Assets:

Receivables — Related Party

(3,148)

(9,029)

Inventory

(2,284)

Prepaid Expenses

(663)

(1,280)

Non-Current Assets

(10)

Changes in Operating Liabilities:

Accounts Payable

(8,670)

23,806

Accounts Payable — Related Party

(358)

(875)

Net Cash Provided by Operating Activities

116,017

84,694

Cash Flows from Investing Activities:

Capital Expenditures

(291,211)

(269,686)

Proceeds on Sale of Equipment

85

Net Cash Used in Investing Activities

(291,211)

(269,601)

Cash Flows from Financing Activities:

Investments by Partners and Noncontrolling Interest Holders

182,053

146,626

Proceeds from Issuance of Common Units, Net of Offering Costs

413,005

Distribution of Proceeds

(407,971)

Distributions to Unitholders

(52,094)

Payment of Revolver Fees

(777)

Proceeds from Revolver

42,200

31,300

Net Cash Provided by Financing Activities

172,159

182,183

Net Decrease in Cash

(3,035)

(2,724)

Cash at Beginning of Period

3,252

5,976

Cash at End of Period

$

217

$

3,252

 

 

CONE MIDSTREAM PARTNERS LP

SUPPLEMENTAL STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended December 31,

2015

2014

Cash Flows from Operating Activities:

Net Income

$

35,796

$

23,027

Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:

  Depreciation Expense and Amortization of Debt Issuance Costs

4,664

2,225

  Gain on Disposition of Equipment

(85)

  Unit Based Compensation

92

Changes in Operating Assets:

Receivables — Related Party

(2,046)

(9,344)

Prepaid Expenses

(1,133)

(798)

Non-Current Assets

168

Changes in Operating Liabilities:

Accounts Payable

(15,482)

9,404

Accounts Payable — Related Party

(5,142)

(2,266)

Net Cash Provided by Operating Activities

16,749

22,331

Cash Flows from Investing Activities:

Capital Expenditures

(58,261)

(83,985)

Proceeds on Sale of Equipment

85

Net Cash Used in Investing Activities

(58,261)

(83,900)

Cash Flows from Financing Activities:

Investments by Partners and Noncontrolling Interest Holders

37,093

26,000

Proceeds from Issuance of Common Units, Net of Offering Costs

264

Distribution to Unitholders

(13,569)

Payment of Revolver Fees

(91)

Proceeds from Revolver

17,000

31,300

Net Cash Provided by Financing Activities

40,524

57,473

Net Decrease in Cash

(988)

(4,096)

Cash at Beginning of Period

1,205

7,348

Cash at End of Period

$

217

$

3,252

 

 

Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP

Operating Income Summary, Selected Operating Statistics and Capital Investment

(in thousands)

(unaudited)

Three Months Ended December 31, 2015

 Development Company

Anchor

Growth

Additional

 TOTAL

Income Summary

Revenue

$

46,063

$

3,080

$

9,642

$

58,785

Expenses

16,525

1,546

4,918

22,989

Net Income

29,538

1,534

4,724

35,796

Less: Net Income Attributable to Noncontrolling Interest

7,385

1,457

4,488

13,330

Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

22,153

$

77

$

236

$

22,466

Operating Statistics - Gathered Volumes

Dry Gas (BBtu/d)

614

73

11

698

Wet Gas (BBtu/d)

372

8

196

576

Condensate (Bcfe/d)

7

10

17

Total Gathered Volumes

993

81

217

1,291

Total Volumes Net to CONE Midstream Partners LP

745

4

11

760

Capital Investment

Maintenance Capital

$

3,333

$

352

$

725

$

4,410

Expansion Capital

29,034

188

24,629

53,851

Total Capital Investment

$

32,367

$

540

$

25,354

$

58,261

Capital Investment Net to CNNX

Maintenance Capital

$

2,500

$

18

$

36

$

2,554

Expansion Capital

21,776

9

1,231

23,016

Total Capital Investment Net to CNNX

$

24,276

$

27

$

1,267

$

25,570

 

 

Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP

Operating Income Summary, Selected Operating Statistics and Capital Investment

(in thousands)

(unaudited)

Three Months Ended December 31, 2014

 Development Company

Anchor

Growth

Additional

 TOTAL

Income Summary

Revenue

$

35,166

$

2,464

$

4,855

$

42,485

Expenses

15,025

1,847

2,586

19,458

Net Income

20,141

617

2,269

23,027

Less: Net Income Attributable to Noncontrolling Interest

5,035

586

2,155

7,776

Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP

$

15,106

$

31

$

114

$

15,251

Operating Statistics - Gathered Volumes

Dry Gas (BBtu/d)

389

71

17

477

Wet Gas (BBtu/d)

313

81

394

Condensate (Bcfe/d)

12

12

Total Gathered Volumes

714

71

98

883

Total Volumes Net to CONE Midstream Partners LP

536

4

5

545

Capital Investment

Maintenance Capital

$

2,372

$

230

$

157

$

2,759

Expansion Capital

18,465

22,296

40,465

81,226

Total Capital Investment

$

20,837

$

22,526

$

40,622

$

83,985

Capital Investment Net to CNNX

Maintenance Capital

$

1,779

$

12

$

8

$

1,799

Expansion Capital

13,849

1,114

2,023

16,986

Total Capital Investment Net to CNNX

$

15,628

$

1,126

$

2,031

$

18,785

 

SOURCE CONE Midstream Partners LP



RELATED LINKS

http://www.conemidstream.com