Noble Midstream Partners LP (Noble Midstream or the Partnership) has reported 1Q20 financial and operational results. The Partnership’s results are consolidated to include Noble Midstream’s 54.4% ownership of Black Diamond Gathering, LLC (Black Diamond Gathering).
Certain results are shown as ‘attributable to the Partnership’, which exclude the non-controlling interests in Black Diamond Gathering retained by 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.
1Q20 and recent highlights
- Gathered 335 000 boe/d of gross oil and gas and 204 000 bbls of produced water per day.
- Generated US$10 million of net income, US$107 million of adjusted net EBITDA1 and US$94 million of distributable cash flow attributable to the Partnership.
- Closed the acquisition of Black Diamond’s 20% interest in the Saddlehorn Pipeline in the DJ Basin, increasing Noble Midstream’s exposure to high-quality, contracted cash flows.
- Commenced full service from the EPIC Crude pipeline (30% interest), connecting the Delaware Basin to Gulf Coast refining and export capacity.
- Commenced full service on the Delaware Crossing intermediate oil pipeline (50% interest), connecting the southern Delaware Basin to a growing pricing hub in Wink, Texas (US).
“Noble Midstream extended the positive momentum from the back half of 2019 and began 2020 with strong first quarter results. We have adjusted to the current macro challenges and will continue to focus on safely executing projects and managing daily operations for all of our customers. We offer best-in-class connectivity to major market hubs, with improving operational and cost efficiencies in each part of the business.” stated Brent J. Smolik, Chief Executive Officer of the general partner of Noble Midstream.
Read the article online at: https://www.worldpipelines.com/business-news/11052020/noble-midstream-partners-reports-1q20-results/