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www.nblmidstream.com
Investor Handout
December 2018
www.nblmidstream.com
Forward Looking Statements
This presentation contains certain “forward-looking statements” within the meaning of federal securities law. Words such as“anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identifyforward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble MidstreamPartners LP’s (Noble Midstream or the Partnership) current views about future events. No assurances can be given that theforward-looking statements contained in this presentation will occur as projected and actual results may differ materially fromthose projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve anumber of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include,without limitation, our customers’ ability to meet their drilling and development plans, changes in general economic conditions,competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors andtransporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfullyimplement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the price andavailability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to theprice of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under“Risk Factors” and “Forward-Looking Statements” in the Partnership's most recent Annual Report on Form 10-K and in otherreports on we file with the Securities and Exchange Commission (SEC). These reports are also available from the Partnership’soffice or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of managementat the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statementsshould circumstances, management’s estimates, or opinions change.
This presentation also contains certain non-GAAP measures of financial performance that management believes are good toolsfor internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see slides21 and 22 for reconciliations of the non-GAAP financial measures used in this presentation to the most directly comparable GAAPfinancial measures.
2
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Noble Midstream Investment Thesis
3
Focused on Delaware Basin and DJ Basin
Organic 20% distribution per unit growth rate through 2022
Prudent long-term leverage and coverage targets
Safe and reliable delivery of growth projects
Positioned for further downstream expansion , 3rd party growth, and long-term drop down optionality
Future Growth and Value
Industry-Leading Execution
Disciplined Financial Principals
Differentiated Long-Term Outlook
Premier Basin Exposure
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Noble Midstream Partners LP Overview
4
▪ Noble Midstream Partners LP (“NBLX”) is a Midstream MLP Formed by Sponsor, Noble Energy, Inc. (“NBL”), to Support the Development of its Leading Liquids Shale Plays
▪ NBLX Provides a Diverse Set of Midstream Services
➢ Crude oil gathering, treating and transmission
➢ Natural gas gathering
➢ Produced water gathering and freshwater delivery
▪ NBLX’s Development Company (“DevCo”) Structure Provides Multiple Avenues for Organic and Drop Down Growth
▪ NBLX Holds Significant Dedications in Two Leading U.S. Oil Shale Basins
Partnership Overview Premier E&P Sponsorship
Noble Midstream GP LLC
(NYSE: NBL)
(NYSE: NBLX)
Noble Midstream Services, LLC
DevCos
Public Unitholders
0-95%Non-Controlling Interests
100%
100%
54.5% LP Interest
45.5 % LP Interest / IDRs
Non-economic GP Interest
5-100% Controlling Interests
www.nblmidstream.com
Strong 2018 Execution
5
1. Figures are Non-GAAP; see definition in Appendix hereto; Annualized leverage defined as 3Q Debt / (3Q EBITDA * 4) $549 million /( $59 million *4)2. Includes crude oil sales
6489
206-211
0
50
100
150
200
250
4Q16 Annualized 2017 2018E
+226%
Gross Oil and Gas Gathering and Sales² (MBoe/d)
108
155
219-225
0
50
100
150
200
250
4Q16 Annualized 2017 2018E
+106%
Net Adjusted EBITDA ¹ ($MM)▪ Quarterly Results In-line or Exceeding Guidance
▪ 2018 Major Growth Projects Delivered
▪ Black Diamond Gathering Integration Complete and Results Exceeding Acquisition Case
▪ Additional Progress Towards Goal of 50% Net Adjusted EBITDA¹ Contribution from the Permian Basin by the End of 2020
▪ Maintained Significant Financial Strength and Flexibility
▪ 3Q18 annualized leverage¹ of 2.3x
▪ $750 MM available under $800 MM unsecured revolving credit facility; accordion feature to $1.15 B
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Visible Catalysts Drive Future Momentum and Value
6
Near Term Catalysts
▪ Superior Operational Execution
▪ Anticipate 11% growth in oil and gas gathering throughput in 4Q18 vs. 3Q18
▪ Enhanced Future Capital Efficiency With 4Q18 Activity Focused on Well Connections
▪ Finalization of 50/50 Joint Venture with Salt Creek Midstream, LLC (SCM) for Delaware Basin Crude Oil Gathering and Transportation System
▪ Increasing Contribution From Third-party Business Development Success into 2019
▪ Additional third-party gathering activity expected at Blanco River
▪ Service for new Advantage Pipeline customer commenced in November
www.nblmidstream.com
Durable Distribution Supported by Ample Coverage
7
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
$0.30
$0.35
$0.40
$0.45
$0.50
$0.55
$0.60
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
DPU Distribution Coverage Ratio¹
1.3x Coverage Fence Post
3Q 2018 NBLX Net Adjusted EBITDA andDistribution Coverage Ratio 1,2
44
59
Gathering Adjusted EBITDA Column1 Total Adjusted EBITDA
Gathering EBITDA
Total Adjusted EBITDA
Implied Distribution Coverage of 3Q Distribution
x
2.1x
1.4x
$ in millions
Fresh Water Delivery EBITDA
Quarterly Distribution per Unit (DPU) and Distribution Coverage Ratio1
1. Figures are Non-GAAP; see definition in Appendix hereto2. G&A allocated to gathering and freshwater delivery based on proportionate share of adjusted EBITDA; coverage figures reflect full net maintenance capital totals3. Assumes 20% distribution growth target
▪ Gathering Segment Alone Provides Ample Distribution Coverage¹
▪ 1.4x Distribution Coverage Ratio¹ excluding Fresh Water in 3Q18
▪ Gathering Segment Represented Approximately 75% of 3Q18 Net Adjusted EBITDA¹
▪ Full-Year 2018 Guidance: 20% Distribution Growth with Distribution Coverage Ratio1 Equivalent to 2017 at 2.0x – 2.1x
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▪ 90 MBbl/d of Crude Oil Gathering Capacity (115 MBoe/d) Provides Long Runway for Sponsor Planned Activity
▪ Strong Average CGF Availability of 98.4% During 3Q18
▪ Connected Initial Third-party Well for Infield Oil, Gas, & Water Gathering (~13,000 Dedicated Acres) at Blanco River
▪ Additional activity on dedicated acres anticipated in 2019
• Advantage Pipeline Capacity Expansion to 200 MBbl/d from 150 MBbl/d Completed in July▪ Long-term contract to service facilities for a major producer with ~20,000 acres in Delaware Basin;
service commenced in November 2018
▪ 4Q18E volumes anticipated at 115 to 125 MBbl/d
▪ NBL Temporarily Reducing Completion Activity in 4Q18
▪ Anticipate ~10 -15 wells to come online in 4Q18; additional completion activity expected early in 2019
Delaware Basin- Backbone Infrastructure Complete
8
Recent Highlights
12
3945
87
135
0
20
40
60
80
100
120
140
3Q17 4Q17 1Q18 2Q18 3Q18
Delaware Basin Oil, Gas and Water Gathering Throughput (MBoew/d)
+18% +92% +55%+210%
30
60
88
105 106
0
20
40
60
80
100
120
Apr-17 4Q17 1Q18 2Q18 3Q18
Advantage Pipeline Oil Throughput (MBbl/d)
www.nblmidstream.com
Enhancing Noble Midstream’s Permian Opportunities
9
Entity
Infield In-Basin Transportation Long-haul / Fractionation
Service
Offerings
Customer
Mix
Ownership
Blanco River Trinity River
• Crude gathering
• Gas gathering
• Produced water
gathering
• Central facilities
Gas Compression
Acreage Dedicated
NBL
Third Party
Acreage Dedicated
NBL
40% NBLX
60% NBL100% NBLX
Trinity River SCM JV
Advantage Pipeline
Crude Transportation
(Reeves to Crane,
Midland)
Crude Gathering and
Transportation
(Pecos, Reeves to
Wink)
Customer Count
NBL
Third Party
50% NBLX
50% PAA
50% NBLX
50% SCM
(LOI)¹
EPIC Crude EPIC Y-Grade
• Crude Long-Haul
(Permian to
Corpus Christi)
• Marine storage
• NGL Long-haul
(Permian to
Corpus Christi)
• Fractionation
• Purity product
transport
MDQ Capacity
NBL
Third Party
30% NBL (Option)²15% NBLX
(Option)²
Acreage Dedicated
NBL
Third Party
Recent Opportunity Addition
Acreage Dedicated
NBL
Third Party
1. Closing anticipated in early January 20192. Option expires February 2019
Goal of 50% net EBITDA¹ contribution from the Permian Basin by the end of 2020
www.nblmidstream.com
NBLX Asset Map: Delaware Basin
10
Area: Delaware Basin
Blanco River DevCo (40%)• Oil Gathering• Gas Gathering• PW Gathering
Trinity River DevCo (100%)• HP Gas Compression
Advantage JV (50%)
Trinity River DevCo (100%)• Oil Transmission
Map excludes 13k 3rd-party acres dedicated for oil, gas and produced water gathering in Blanco River.
LOI For SCM JV (50%)- Early Jan 2019 Closing
Trinity River DevCo (100%)• Oil Gathering and Transmission
www.nblmidstream.com
Strategic Delaware Basin Partnership Opportunity with Salt Creek
11
730 Miles of
Pipe
▪ Signed a Letter of Intent with Salt Creek to Form a 50/50 Partnership on a Delaware Crude Oil Pipeline and Gathering System
▪ Closing anticipated in early January 2019
▪ Strategically Located Asset Would Expand Oil Infield and Intermediate Crude Gathering and Transmission Footprint in Delaware Basin
▪ NBLX’s 50% Net Capital Investment Anticipated to Total $60-$80 Million over Five Years
▪ ~75-80% of net capital funded by year-end 2019E
▪ Economics Supported By Acreage Dedications and Production Ramp From 6 Customers (Including NBL):
▪ Existing dedications totaling ~180,000 acres
▪ Line of sight to additional dedications totaling ~100,000 acres
▪ Peak Build Adjusted EBITDA² Multiple of ~3.5x to 4.5x
NewCo Crude Transportation JV• ~180,000 contributed acres
• 6 existing customers• 2019E rig activity: 8-10
100%
Dedication of Southern Portion of
Reeves County Acreage
Jointly Develop 20” Wink Trunk Line
Crude Gathering and Transportation
Dedications
Trinity River DevCoLLC
50%50%
Proposed Joint Venture Structure¹Agreement Summary
1. Simplified organizational structure2. Figures are Non-GAAP; see definition in Appendix hereto
www.nblmidstream.com
Expanding Delaware Basin Footprint with JV System
12
730 Miles of
Pipe▪ SCM Commenced Construction on Newbuild
Pipeline with Targeted 2Q19 In-service Date
▪ 95-Mile, 20 Inch Crude Oil Trunk Line
▪ 200 MBbl/d initial throughput capacity
▪ Provides “Wellhead to Water” Solution for Customers via Planned EPIC Connectivity
▪ Pipeline Originates in Pecos County, TX, Connects in Reeves County, TX, and Provides Access to Wink Hub
▪ Wink is a key origination point for all recently announced long-haul pipes, including premium Gulf Coast markets
▪ Project Scope Includes 200 MBbls of Incremental Crude Oil Storage
▪ About Salt Creek:
▪ Formed in 2017 by ARM Energy Holdings LLC and Ares Management, LP
▪ Full-service midstream provider, offering gas and crude gathering, compression, cryogenic processing and treating services
System MapSystem Details
www.nblmidstream.com
EPIC Crude (NBL) and Y-Grade Pipeline (NBLX) Opportunities
13
▪ NBL Option on Up to 30% Equity Interest Through Feb 1st 2019
▪ 650+ Mile Pipeline from Multiple Origination Points to Corpus Christi
▪ Upsized from 24” to 30” diameter
▪ Steel order has been placed, all major pumps and equipment on hand
▪ Terminals in Orla, Saragosa, Crane, Wink, Midland, Helena, and Gardendale, with export access
▪ Base Capacity from the Permian of 590 MBbl/d (Expandable to 900 MBbl/d)
▪ Interim Crude Service via NGL Pipeline (Crane to Corpus- Christi) Anticipated in 3Q19
▪ Permanent service anticipated in 1Q20
NBL EPIC Crude Pipeline
▪ Option Period Allows for More Construction and Commercial Progress Before Making Decision on Equity Investment
▪ Options expire February 2019
▪ Operational and Capital Synergies from Shared Right of Way of Crude and NGL Lines
▪ NBLX Option on 15% Equity Interest Through Feb 1st
2019
▪ 700+ Mile Pipeline from Permian and Eagle Ford to Corpus Christi
▪ 24” diameter
▪ 440 MBbl/d Transportation Capacity
▪ Significant plant dedication and volumes committed from Permian processing plants
▪ Fractionation in Corpus Christi (180 MBbl/d)
▪ Future total for up to 5 potential trains
▪ Purity Product Pipelines in Corpus Christi
NBLX EPIC Y-Grade Pipeline
www.nblmidstream.com
• Decisive Victory Defeating Proposition 112
• Broad support for oil and gas development in Colorado
• Oil, Gas and Produced Water Gathering and Sales Throughput Increased 11% in 3Q Over 2Q
• Continued growth in 4Q18E driven by Green River and Laramie River
• Significant Contribution from Mustang IDP Gathering at Green River DevCo• 3Q18 oil and gas gathering throughput exited at over 20 MBoe/d• Diversified gas outlets with delivery to 3 processing providers by the end of 4Q18
▪ Continue to Expect Black Diamond 2018 Exit Volumes Higher than Acquisition Case at 80-90 MBbl/d (75 MBbl/d in Acquisition Case)
▪ October throughput of >80 MBbl/d
DJ Basin- Solid Performance and Outlook
14
110
132
167
191
212
100
120
140
160
180
200
220
3Q17 4Q17 1Q18 2Q18 3Q18
DJ Basin Oil, Gas and Water Gathering and Sales Throughput (MBoew/d)
+21% +26% +15% +11%
Recent Highlights
www.nblmidstream.com
▪ NBL Received ~12,900 Net Acres from PDCE in Exchange for ~12,300 Net Acres in an All Undeveloped Acreage Transaction
▪ Majority of inbound NBL (outbound PDCE) acreage adds dedications to Colorado River and Green River DevCos
▪ Inbound PDCE (outbound NBL) acreage dedicated to Black Diamond Gathering in Laramie River DevCo
▪ NBLX Value Creation From:
▪ Development timing as customers gain acreage in core focus areas with current activity
▪ Trade promotes longer laterals which enhances gathering economics
▪ Optimizes the use of existing infrastructure
DJ Customer Acreage Trade Creates Positive Value for NBLX
15
www.nblmidstream.com
NBLX Asset Map: DJ Basin
16
Black Diamond (54.4%)
Laramie River DevCo (100%)• Oil Gathering
Area: East Pony
Colorado River DevCo (100%)• Oil Gathering
San Juan River DevCo (25%)• FW Delivery
Area: Mustang
Green River DevCo (25%)• Oil Gathering• Gas Gathering• PW Gathering• FW Delivery
Area: Wells Ranch
Colorado River DevCo (100%)• Oil Gathering• Gas Gathering• PW Gathering• FW Delivery
Area: Greeley Crescent
Laramie River DevCo (100%)• Oil Gathering• PW Gathering• FW Delivery
Area: Bronco
Gunnison River DevCo (5%)• Oil Gathering• PW Gathering• FW Delivery
www.nblmidstream.com
Healthy Fresh Water Segment Complements Core Gathering Business
▪ Record Fresh Water Delivery Volumes in 3Q18 Reflect Delivery to 5 Completion Crews
▪ Sponsor resumed completions at Wells Ranch (Colorado River, 100% owned) and continued activity in Mustang (Green River, 25% owned)
▪ Two completion crews operated on third-party acreage during the quarter
▪ 3Q18 fresh water volumes negatively impacted by ~15 MBw/d due to a release of a pad; however, customer reimbursement for lost volumes reflected in 3Q18 revenue and Adjusted EBITDA
▪ Fresh Water Net Adjusted EBITDA¹ Decline Somewhat Offset by Gathering Net Adjusted EBITDA¹Growth in 4Q18E Compared to 3Q18
▪ Delivery to 4 completion crews in 4Q18 compared to 5 crews during 3Q18
▪ NBL completion activity heavily weighted to the Mustang Development (Green River, 25% owned)
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
50
100
150
200
3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Gross MBw/d % Green River & San Juan River (25% owned by NBLX)
Check with
Gross Fresh Water Delivery Volumes and Mix
1. Figures are Non-GAAP; see definition in Appendix hereto
17
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2018 Capital Budget Detail
18
Colorado
River
2%
Laramie
River²
24%
Green River
17%
Other
1%
Blanco River
51%
Trinity River
5%
Gross Capital1
$538 - 550MM
1. Excludes acquisition capital2. Includes Black Diamond Gathering capital
Colorado
River
4%Laramie
River²
34%
Green River
9%Other, 0%
Blanco
River
41%
Trinity River
11%
Net Capital1
(attributable to the Partnership)
$270- 275MM
▪ 3Q18 Gross Capital at High-end While Net Capital at Low-end of Guidance
▪ Higher Blanco River and Green River infrastructure capital
▪ Recently Lowered High-end of 2018E Net Capital Guidance by 4%
▪ Capital Focused on Efficient Well Connects in 4Q18
128
71
4031-36
-10
10
30
50
70
90
110
130
1Q18 2Q18 3Q18 4Q18E
Material Decline in 2H18E Net Capital
Requirements ($MM)
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Leading Organic Long-Term Outlook
19
Organic – No Drop Downs 2018E 2019-2022E
Distribution per Unit 20% 20%
Coverage (in all years) (1) 2.0 – 2.1x > 1.3x
Year-End Annualized Leverage(1) Goals
<2.8x2019: <2.752020: <2.25
2021+: <2.0x
ROACE (1, 3) > 15% 13 – 16%
DCF Funding % of Capex and Distributions (4) ~50% ~90% (cumulative)
1. Figures are Non-GAAP, see definition provided in appendix hereto2. Reflects combined Black Diamond, Advantage, and 2017 drop-down net acquisition cost divided by net adjusted EBTIDA; definition of adjusted EBITDA provided in appendix3. Return on average capital employed: earnings before interest and taxes divided by (average total assets – average current liabilities); see definition provided in appendix4. % of distributions + capex funded by distributable cash flow
Substantial organic growth with upside potential
Material Upside to Outlook
▪ Prudent Commodity Price View: Based on $50/Bbl and $3/McfPrice Deck vs. Current Strip
▪ Continued Business Development Success, Leveraging Asset Footprints
▪ Permian Crude / Y-Grade Project and Other Long-Haul
▪ Significant and Growing Drop-Down Inventory
www.nblmidstream.com
50%
NBLX Structure
20
GreenRiver
San JuanRiver
Gunnison River
ColoradoRiver
LaramieRiver
TrinityRiver
BlancoRiver
ControllingInterest
Noble MidstreamServices, LLC
Public Unitholders (LP)
White Cliffs Pipeline L.L.C.
ROFR/Wholly Owned Assets:• East Pony Gas Gathering• East Pony Gas Processing• Eagle Ford Shale Midstream• Additional DJ Acreage• Additional Delaware Basin Services• EPIC Crude Option¹
Noble EnergyNYSE: NBL
Noble MidstreamPartners LPNYSE: NBLX
Noble Midstream GP LLC45.5% Limited
Partner Interest
100%
100%100%100%5%25%25%40%
75% 95%
3.33% Non-OperatingMembership Interest
54.5% LimitedPartner Interest
100%
Non-Economic GeneralPartner Interest
AdvantageJV
60% 75%
Black Diamond
Non-ControllingInterest
54.4%
EPIC Y-Grade
Option¹
SCM JV²(LOI)
1. Option expires February 20192. Closing anticipated in 4Q18
50%
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Non-GAAP Financial Measures
21
This presentation includes Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE, all of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts.
We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization and unit-based compensation. 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 define Distributable Cash Flow as Adjusted EBITDA less estimated maintenance capital expenditures and cash interest expense. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all cash on a quarterly basis, and Distributable Cash Flow is one of the factors used by the board of directors of our general partner to help determine the amount of available cash that is available to our unitholders for a given period. We calculate our Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter.
We define ROACE as earnings before interest and taxes divided by (average total assets – average current liabilities). ROACE is used by management to measure the efficiency of the utilization of the capital that we employ.
We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE provide information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE is Net Income. Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE exclude some, but not all, items that affect net income, and these measures may vary from those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow, Distribution Coverage Ratio and ROACE as presented herein may not be comparable to similarly titled measures of other companies.
Noble Midstream does not provide guidance on the reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio due to the uncertainty regarding timing and estimates of these items. Noble Midstream provides a range for the forecasts of Net Income, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio to allow for the variability in timing and uncertainty of estimates of reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio. Therefore, the Partnership cannot reconcile forecasted Net Income to forecasted Adjusted EBITDA, forecasted Distributable Cash Flow or forecasted Distribution Coverage Ratio without unreasonable effort.
In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Due to the forward-looking nature of net cash provided by operating activities, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, Noble Midstream is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to net cash provided by operating activities. Amounts excluded from these non-GAAP measures in future periods could be significant.
www.nblmidstream.com
Non-GAAP Reconciliation
22
2016 2017 2018
$ in millions 4Q 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4QE FYE
Net Income $ 35 $ 35 $ 39 $ 44 $ 46 $ 164 39 44 49 52 - 57 184 - 189
Add: Depreciation and Amortization 2 2 2 4 4 13 11 16 18 19 65
Add: Interest Expense, Net of Amount Capitalized 0.3 0 0 1 1 1 1 2 4 4 10
Add: Income Tax Provision - - 0 (0) 0 0 0 0 0 0
Add: Unit-Based Compensation 0 0 0 0 1 0 0 0 0 2
Add: Transaction Expenses 6 1 0 0 8
EBITDA $ 38 $ 37 $ 42 $ 48 $ 52 $ 179 58 64 71 75- 80 268 - 273
Less: EBITDA Attributable to Noncontrolling Interests 11 11 8 2 3 24 4 16 12 18 49
EBITDA Attributable to NBLX $ 27 $ 26 $ 34 $ 46 $ 48 $ 155 54 49 59 57 - 62 219 -225
Less: Maintenance Capital Expenditures & Cash Interest 2 3 4 5 5 17 7 9 10 9 - 9.5 35
DCF Attributable to NBLX $ 25 $ 24 $ 30 $ 41 $ 43 $ 138 47 40 49 48 - 53 184 - 190
Distribution Coverage 2.0x 1.8x 1.9x 2.4x 2.2x 2.1x 2.3x 1.8x 2.1x 1.9x - 2.1x 2.0x - 2.1x
www.nblmidstream.com
1001 Noble Energy WayHouston, TX 77070
Contact Information
Megan Repine
Investor Relations
megan.repine@nblmidstream.com
832.639.7380
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