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Noble Midstream Partners shares 3Q16 results

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World Pipelines,

Noble Midstream Partners has recently reported its 3Q16 financial and operational results.

“We are pleased with the success of our IPO and of the strong financial and operational performance of all of our business segments,” said Terry Gerhart, Chief Executive Officer of Noble Midstream.

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.

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