Noble Midstream Partners shares 3Q16 results

Highlights for the quarter compared to 2Q16,include:

• Completed US$323 million IPO of 14 375 000 units at a price of UA$22.50 per common unit.
• Net income of US$22.4 million, an amount that is up 55%.
• Net income attributable to the Partnership of US$16.9 million, up 58% from 2Q16.
• Net cash of US$33.6 million from operating activities, up 4%.
• EBITDA of US$38.2 million, up 51%, or $29.6 million attributable to the Partnership, up 63%.
• Distributable cash flow (DCF) attributable to the partnership of US$27.7 million or US$3.1 million for the 10 day post IPO period.
• Record oil and gas gathering volumes of 63 thousand boe/d.

“Our inaugural results for 3Q16 reinforces our confidence in our ability to deliver 20% long-term distribution per unit growth.”

Oil and gas gathered volume for 3Q16 averaged 63 thousand boe/d, an increase of 36% over 3Q15 and 7% over 2Q16.

In this quarter, Noble Midstream delivered fresh water for the completion of 42 equivalent wells in the DJ Basin.

Third quarter revenues were US$48.2 million, with US$27.0 million largely from the company’s gathering business and US$21.2 million from its fresh water business. Total revenue is up 41% compared to 2Q16, while total operating expenses were US$12.3 million for 3Q16. This results in operating income of US$35.9 million and net income of US$22.4 million. Net cash provided by operating activities of US$33.6 million is up 4% compared to 2Q16.

Read the article online at: https://www.worldpipelines.com/business-news/03112016/noble-midstream-partners-shares-3q16-results/