Noble Midstream Partners LP (Noble Midstream) has reported its 4Q16 and annual 2016 financial and operations results.
Net cash provided by operating activities of US$38 million.
EBITDA of US$38 million – or US$27 million attributable to the partnership – an increase over the 4Q15 of 22%, or 16%, respectively.
Increased first full quarter distribution to US$0.3925 (US$1.57 annualised), a 4.7% increase from the minimum quarterly distribution.
Distributable cash flow attributable to Noble Midstream of US$25 million, resulting in distributable cash flow coverage of 2.0x, based on the first full quarter distribution.
Noble Midstream ended the year with US$57 million in cash on hand and an undrawn US$350 million credit facility.
Record oil and gas gathering volumes of 64 thousand boe/d, up 5% from the prior year quarter.
“I’m very pleased with the continued strength of our business, leading to an increased distribution in our first full quarter since our IPO while maintaining very strong coverage,” stated Terry R. Gerhart, CEO of Noble Midstream.
“This distribution increase commences our 20% annual distribution per unit growth objective, significantly accelerated from the IPO expectation. Driving the increase is the continued strong performance across all segments and activity acceleration in both the Delaware and DJ Basins.”