Noble Midstream Partners Reports Second Quarter 2019 Results

HOUSTON–(BUSINESS WIRE)–Noble Midstream Partners LP (NYSE: NBLX) (Noble Midstream or the Partnership) today reported second quarter 2019 financial and operational results. The Partnership’s consolidated results include noncontrolling interests which represent equity ownership interests that are not attributable to the Partnership; however, certain results are shown as “attributable to the Partnership,” which exclude the aforementioned noncontrolling interests. 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.

Second Quarter Highlights Include:

  • Net Income of $53 million, or $36 million attributable to the Partnership
  • Adjusted EBITDA¹ of $81 million, a 25% increase over the second quarter of 2018
  • Adjusted EBITDA¹ attributable to the Partnership of $56 million, a 13% increase over the second quarter of 2018
  • Organic capital expenditures attributable to the Partnership of $29 million, a 59% reduction compared to the second quarter of 2018
  • Declared a 20% annual increase in distribution per unit to $0.6418, with DCF¹ of $41 million and a distribution coverage ratio¹ of 1.4x
  • Record oil and gas gathering and sales volumes of 295 thousand barrels of oil equivalent per day (MBoe/d), up 54% versus the second quarter of 2018
  • Record produced water gathering volumes of 164 thousand barrels of water per day (MBw/d), nearly double the second quarter of 2018

“Capital efficiency momentum continued in the second quarter of 2019, with the Partnership delivering quarterly throughput and EBITDA consistent with guidance on capital that was below expectations. The team has delivered meaningful and sustainable capital savings and we are pleased to be in a position to lower annual capital guidance today. At the same time, DJ and Delaware throughput and EBITDA growth is underway in the third quarter as planned. With the strength in our base business and the construction of the EPIC Crude, EPIC Y-Grade and Delaware Crossing projects progressing according to schedule and budget, we remain confident in the company’s strong multi-year cash flow growth profile,” Terry R. Gerhart, Chief Executive Officer of Noble Midstream stated.

1 Adjusted EBITDA, DCF and Distribution Coverage Ratio are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 4 of the financial tables which follow.

Second Quarter 2019 Results

Actual results were consistent with or better than guidance across all operational and financial categories in the second quarter of 2019.

Second quarter revenue totaled $158 million, increasing 7% compared to the first quarter of 2019. An increase in revenue from gathering and crude oil sales was somewhat offset by lower fresh water delivery revenue.

The second quarter investment loss of $1.8 million was primarily comprised of a loss from the Delaware Crossing, EPIC Crude and EPIC Y-Grade joint ventures of $4.6 million driven by startup expenses prior to service commencement; this was offset by income of approximately $2.8 million from the Partnership’s minority ownership in White Cliffs Pipeline LLC and from the Partnership’s 50% ownership in the Advantage Pipeline, LLC.

Net income of $53 million was slightly above the high end of guidance during the quarter due to lower interest expense. Adjusted EBITDA¹ was $81 million while Adjusted EBITDA¹ attributable to the Partnership was $56 million in the second quarter, both consistent with guidance. The sequential decline in Adjusted EBITDA¹ attributable to the Partnership was driven by lower Wells Ranch gathering volumes as well as a $4 million credit issued to Noble Energy, Inc. (Noble Energy) related to the Wells Ranch fresh water minimum volume commitment (MVC).

Versus the first quarter of 2019, second quarter cash interest expense attributable to the Partnership increased $1.5 million to $8 million on higher debt levels. Distributions from joint ventures declined from $7 million to $0.3 million as forecasted. Maintenance capital expenditures attributable to the Partnership totaled $5.8 million during the second quarter of 2019. This resulted in lower distributable cash flow¹ attributable to the Partnership of $41 million and a distribution coverage ratio¹ of 1.4x.

Strong Volume Performance Versus Guidance

In the gathering business, oil and gas throughput came in at the high-end of guidance while produced water gathering volumes were consistent with expectations.

Gross oil and gas gathering and sales volumes of 295 MBoe/d were up 3% from the first quarter of 2019 as an increase in the Delaware Basin was offset by planned lower volumes in the DJ Basin. Produced water gathering throughput was up 16% compared to the first quarter of 2019 driven primarily by new well connections in the Delaware Basin.

Fresh water delivery volumes came in above guidance for the quarter as customer completion activity was higher than forecasted. Average fresh water delivered in the second quarter was 179 thousand barrels of water per day (MBw/d), down from 220 MBw/d in the first quarter of 2019. The sequential decline in fresh water volumes reflects water delivery to approximately 2.3 completion crews on dedicated acreage in the DJ Basin during the quarter, compared to approximately 4 in the first quarter of 2019.

Cost Focus Driving Enhanced Capital Efficiencies

Capital expenditures in the second quarter primarily reflected spending for customer well connections in the DJ Basin and Delaware Basin. Second quarter gross capital expenditures of $57 million and capital expenditures attributable to the partnership of $29 million were below guidance due primarily to a consistent cost focus and to a lesser extent, the timing of customer activity. Cost saving initiatives include optimization of infrastructure designs and construction processes as well as an enhanced contracting strategy. In addition, the Partnership had additions to investments totaling $144 million during the second quarter of 2019. This primarily included capital contributions of $113 million related to the EPIC Crude and $26 million for the EPIC Y-Grade joint ventures.

 

 

 

2Q 2019 Capital Expenditures

(in millions)

DevCo

Basin

NBLX Ownership

Gross

Net

Laramie River *

DJ

100%

$

28

 

$

17

 

Blanco River

Delaware

40%

$

17

 

$

7

 

Trinity River

Delaware

100%

$

 

$

 

Colorado River

DJ

100%

$

3

 

$

3

 

San Juan River

DJ

25%

$

$

 

Green River

DJ

25%

$

9

 

$

2

 

Total Capital Expenditures

$

57

 

$

29

 

Additions to Investments

$

144

 

$

144

 

Capital Expenditures and Investments

$

201

 

$

173

 

* Includes capital expenditures for Black Diamond, which is 54.4% owned by Noble Midstream.

Green River DevCo Leading DJ Basin Throughput Growth

Green River results during the second quarter of 2019 reflect record oil, gas and produced water throughput for Noble Energy’s Mustang development in the DJ Basin. The Partnership connected 20 wells during the second quarter of 2019, driving average oil and gas gathering throughput to approximately 49 MBoe/d, up 41% from the prior quarter. Average produced water volumes of 17 MBw/d were up 62% compared to the first quarter of 2019. Fresh water deliveries in Mustang during the second quarter of 2019 totaled 71 MBw/d, down from 120 MBw/d in the first quarter of 2019. Completion activity and water concentration levels both declined quarter-over-quarter.

Laramie River and Colorado River DevCo Throughput Declines as Planned

Laramie River oil and gas gathering and sales volumes during the second quarter of 2019 were down 3% compared to the first quarter of 2019. Second quarter Black Diamond Gathering throughput averaged 86 thousand barrels of oil per day (MBbl/d), representing a 7% decline over the first quarter and a 56% increase since the Black Diamond Gathering acquisition close in January 2018. The sequential decline reflects third-party downtime and lower levels of well connections in the first half of 2019. The Partnership connected a combined 66 wells during the quarter on Black Diamond Gathering’s system and the Partnership’s wholly-owned third party gathering system for oil gathering.

Consistent with guidance, Colorado River oil and gas gathering volumes were down 11% in the second quarter of 2019 compared to the first quarter of 2019, totaling 77 MBoe/d. An increase in East Pony volume was offset by a decline in Wells Ranch with fewer well connections and planned maintenance at the central gathering facility. No new wells were connected during the first quarter and a total of 16 wells were brought online during the second quarter; throughput from the second quarter wells brought online continues to ramp in the third quarter.

Inflection Point in Permian Basin Contribution

Oil and gas gathering volumes at Blanco River of 59 MBoe/d for the second quarter of 2019 were up 16% compared to the first quarter of 2019 while produced water gathering volumes were up 18% on a sequential basis. The growth in gathering throughput reflects 26 new well connections during the quarter, including one third-party customer well. Average CGF availability was 98%.

In the Trinity River DevCo, quarterly volumes on the Advantage Pipeline system totaled 66 MBbl/d, compared to 95 MBbl/d during the first quarter. The sequential decline was primarily driven by a key volume commitment shipper temporarily utilizing volume credits earned in 2018; these credits are anticipated to expire by year-end 2019, with the shipper anticipated to resume volume matching at that time.

Maintaining Prudent Liquidity and Balance Sheet While Executing Opportunities

As of June 30, 2019, the Partnership had $439 million of liquidity with $9 million in cash on hand and $430 million available under its unsecured revolving credit facility. In addition, the revolving credit facility has a $350 million accordion feature. The balance of the preferred equity commitment for the EPIC Crude pipeline was $99.6 million at the end of the second quarter, up from $96.8 million in the first quarter. The increase reflects the Partnership’s decision to accrue its $3 million second quarter dividend (6.5% annual dividend rate) rather than pay in cash. As previously disclosed, during any quarter in which a dividend is accrued, the accreted value of the preferred equity will be increased by the accrued but unpaid dividend. The preferred equity is reported net of offering costs as mezzanine equity on the Partnership’s balance sheet.

Consistent Quarterly Distribution Increase

On July 25, 2019, the board of directors of Noble Midstream’s general partner, Noble Midstream GP LLC, declared a second quarter cash distribution of $0.6418 per unit, a 20% increase from the second quarter 2018 and 71% above the minimum quarterly cash distribution. The second quarter distribution is payable on August 12, 2019, to unitholders of record as of August 5, 2019. On May 14, as the requirements for the conversion of all subordinated units were satisfied under the Partnership agreement, all subordinated units converted to common units in accordance with the First Amended and Restated Limited Partnership Agreement of Noble Midstream and now participate on terms equal with all other common units in distributions of available cash. The conversion did not impact the amount of the cash distributions paid by the Partnership or the total units outstanding.

Third Quarter 2019 and Full Year Guidance

The Partnership has lowered full-year organic net capital expectations due to year to-date progress on sustainable costs savings. At the midpoint, full-year net capital expenditures are now estimated $45 million below original plan, or 23% lower. For the third quarter of 2019, organic net capital expenditures are anticipated between $40 million and $50 million. Investments in equity investments in 2019 are still anticipated within original guidance of $570 million to $615 million, with the bulk of the remaining spend anticipated in the third quarter of 2019.

Full year 2019 Adjusted EBITDA¹ attributable to the Partnership is anticipated to be $245 million to $255 million compared to prior guidance of $245 million to $270 million. This is based on year to-date performance as well as the Partnership’s updated outlook for DJ Basin third-party customer gathering volumes, fresh water delivery volumes, and contributions from equity investments. Adjusted EBITDA¹ attributable to the partnership is anticipated to increase 11% in the second half of 2019 compared to the first half of the year. This reflects higher gross gathering throughput as well as more activity in the 100% owned Colorado River DevCo. Full year 2019 DCF coverage¹ remains unchanged at 1.5x to 1.6x.

Tightened volume guidance ranges for the full-year of 2019 result in midpoint expectations which are largely unchanged for combined oil and gas gathering, produced water gathering and fresh water delivery volumes.

We anticipate continued gathering volume growth throughout this year, with the second and third quarters representing the periods with the most well connections for the Partnership. This should drive combined oil and gas gathering and sales volume up 9% in the second half of 2019 above the first half average. Produced water gathering volumes are also expected to continue to set records, growing 22% over the first half average.

Based on strong year to-date performance, full year 2019 fresh water delivery volumes are now anticipated between 145 MBw/d and 170 MBw/d compared to prior guidance of 140 MBw/d to 170 MBw/d. Updated fresh water delivery volumes reflect potential reductions in customer activity in the second half of the year, particularly during the fourth quarter of 2019. The financial impact of any decline would be mitigated by the 50 MBbl/d MVC for Wells Ranch fresh water delivery from Noble Energy.

 

 

 

 

 

Guidance

 

1Q19

2Q19

 

 

3Q19

 

2019

Gross Volumes

 

 

 

 

 

 

 

 

 

 

 

Oil Gathered (MBbl/d)¹

228

226

 

 

230

240

 

230

240

Gas Gathered (MMcf/d)

353

413

 

 

425

445

 

415

425

Oil and Gas Gathered (MBoe/d)¹

287

295

 

 

301

314

 

299

311

Produced Water Gathered (MBw/d)

142

164

 

 

175

185

 

165

175

Fresh Water Delivered (MBw/d)

220

179

 

 

135

155

 

145

170

 

 

 

 

 

 

 

 

 

 

 

 

Financials ($MM)

 

 

 

 

 

 

 

 

 

 

 

Net Income

$63

$53

 

 

$57

$66

 

$237

$247

Gross Adjusted EBITDA2

$91

$81

 

 

$89

$94

 

$355

$365

Net Adjusted EBITDA2

$63

$56

 

 

$59

$64

 

$245

$255

Distributable Cash Flow2

$54

$41

 

 

$44

$46.5

 

$190

$195

Distribution Coverage Ratio2,3

1.9x

1.4x

 

 

1.4x

1.4x

 

1.5x

1.6x

 

 

 

 

 

 

 

 

 

 

 

 

Gross Capital, Excluding Investments

$76

$57

 

 

$81

$91

 

$285

$315

Net Capital, Excluding Investments

$36

$29

 

 

$40

$50

 

$140

$160

Further details with respect to the second quarter results and guidance can be found in the supplemental presentation on the Partnership’s website, www.nblmidstream.com.

1 Includes crude oil sales volume

2 Results “attributable to the Partnership” exclude the non-controlling interests in the DevCos retained by Noble Energy. Adjusted EBITDA, DCF, and Distribution Coverage Ratio are not financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). For definitions of these non-GAAP measures, see “Non-GAAP Financial Measures” below.

3 Assumes 20% annualized distribution growth

Conference Call

Noble Midstream will host a webcast and conference call today at 10:00 a.m. Central Time to discuss second quarter 2019 financial and operational results. Conference call numbers for participation are 877-883-0383, or 412-902-6506 for international calls. The passcode number is 0765742. The live audio webcast and related presentation material is accessible on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com. A replay of the conference call will be available at the same web location following the event.

About Noble Midstream

Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.

Forward Looking Statements

This news release 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 identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the Partnership’s 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 and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price 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 other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

This news release also contains certain non-GAAP measures of financial performance that management believes are useful tools for internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this news release to the most directly comparable GAAP financial measures.

This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) that 100% of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

Schedule 1

Noble Midstream Partners LP

Revenue and Throughput Volume Statistics

(unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

Colorado River DevCo LP

 

 

 

 

 

 

 

Crude Oil Gathering Volumes (Bbl/d)

46,047

 

 

65,289

 

 

49,340

 

 

65,910

 

Natural Gas Gathering Volumes (MMBtu/d)

239,429

 

 

217,202

 

 

251,297

 

 

212,551

 

Produced Water Gathering Volumes (Bbl/d)

11,550

 

 

20,829

 

 

12,460

 

 

18,537

 

Fresh Water Delivery Volumes (Bbl/d)

78,925

 

 

1,116

 

 

46,715

 

 

51,219

 

Gathering and Fresh Water Delivery Revenues Affiliate (in thousands)

$

40,429

 

 

$

39,236

 

 

$

84,130

 

 

$

91,510

 

 

 

 

 

 

 

 

 

San Juan River DevCo LP

 

 

 

 

 

 

 

Fresh Water Delivery Volumes (Bbl/d)

 

 

 

 

20,007

 

 

 

Gathering and Fresh Water Delivery Revenues Affiliate (in thousands)

$

546

 

 

$

(779

)

 

$

8,267

 

 

$

(332

)

 

 

 

 

 

 

 

 

Green River DevCo LP

 

 

 

 

 

 

 

Crude Oil Gathering Volumes (Bbl/d)

28,929

 

 

108

 

 

26,042

 

 

54

 

Natural Gas Gathering Volumes (MMBtu/d)

156,854

 

 

172

 

 

124,075

 

 

87

 

Produced Water Gathering Volumes (Bbl/d)

16,999

 

 

236

 

 

13,761

 

 

119

 

Fresh Water Delivery Volumes (Bbl/d)

70,543

 

 

112,379

 

 

95,359

 

 

67,437

 

Gathering and Fresh Water Delivery Revenues Affiliate (in thousands)

$

23,385

 

 

$

17,888

 

 

$

44,999

 

 

$

21,332

 

 

 

 

 

 

 

 

 

Blanco River DevCo LP

 

 

 

 

 

 

 

Crude Oil Gathering Volumes (Bbl/d)

42,128

 

 

21,506

 

 

40,314

 

 

17,978

 

Natural Gas Gathering Volumes (MMBtu/d)

132,550

 

 

48,743

 

 

115,694

 

 

44,248

 

Produced Water Gathering Volumes (Bbl/d)

122,595

 

 

59,682

 

 

113,471

 

 

42,927

 

Gathering Revenues Affiliate and Third Party (in thousands)

$

19,229

 

 

$

9,018

 

 

$

36,558

 

 

$

15,776

 

 

 

 

 

 

 

 

 

Laramie River DevCo LP

 

 

 

 

 

 

 

Crude Oil Gathering and Sales Volumes (Bbl/d) (1)

109,259

 

 

70,761

 

 

111,347

 

 

61,787

 

Natural Gas Gathering Volumes (MMBtu/d)

8,099

 

 

1,970

 

 

6,942

 

 

1,489

 

Produced Water Gathering Volumes (Bbl/d)

13,282

 

 

5,665

 

 

13,727

 

 

5,222

 

Fresh Water Delivery Volumes (Bbl/d)

29,821

 

 

46,379

 

 

37,309

 

 

45,132

 

Gathering and Fresh Water Delivery Revenues Third Party (in thousands)

$

70,212

 

 

$

54,446

 

 

$

124,308

 

 

$

87,028

 

 

 

 

 

 

 

 

 

Total Gathering Systems

 

 

 

 

 

 

 

Crude Oil Gathering and Sales Volumes (Bbl/d) (1)

226,363

 

 

157,664

 

 

227,043

 

 

145,729

 

Natural Gas Gathering Volumes (MMBtu/d)

536,932

 

 

268,087

 

 

498,008

 

 

258,375

 

Barrels of Oil Equivalent (Boe/d)

295,200

 

 

192,034

 

 

290,890

 

 

178,854

 

Produced Water Gathering Volumes (Bbl/d)

164,426

 

 

86,412

 

 

153,419

 

 

66,805

 

Gathering Revenues (in thousands)

$

135,382

 

 

$

98,216

 

 

$

250,121

 

 

$

169,920

 

 

 

 

 

 

 

 

 

Total Fresh Water Delivery

 

 

 

 

 

 

 

Fresh Water Delivery Volumes (Bbl/d)

179,289

 

 

159,874

 

 

199,390

 

 

163,788

 

Fresh Water Delivery Revenues (in thousands)

$

20,821

 

 

$

22,175

 

 

$

52,217

 

 

$

46,361

 

(1)

Includes crude oil gathering volumes as well as crude oil that is sold to customers and transported on our gathering systems.

Schedule 2

Noble Midstream Partners LP

Consolidated Statement of Operations

(in thousands, except per unit amounts, unaudited)

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2019

2018

2019

2018

Revenues

 

 

 

 

Crude Oil, Natural Gas and Produced Water Gathering Affiliate

$

66,749

$

46,871

 

$

130,322

 

$

89,895

 

Crude Oil, Natural Gas and Produced Water Gathering — Third Party

16,851

$

9,767

 

35,147

 

16,337

 

Fresh Water Delivery Affiliate

18,367

19,074

 

45,954

 

39,358

 

Fresh Water Delivery — Third Party

2,454

3,101

 

6,263

 

7,003

 

Crude Oil Sales — Third Party

51,782

41,578

 

84,652

 

63,688

 

Other — Affiliate

766

979

 

1,602

 

1,934

 

Other — Third Party

1,292

601

 

2,281

 

1,489

 

Total Revenues

158,261

121,971

 

306,221

 

219,704

 

Costs and Expenses

 

 

 

 

Cost of Crude Oil Sales

48,079

40,012

 

78,977

 

61,451

 

Direct Operating

27,697

18,393

 

55,134

 

35,541

 

Depreciation and Amortization

20,285

16,371

 

39,636

 

27,700

 

General and Administrative

4,838

4,980

 

8,861

 

15,422

 

Total Operating Expenses

100,899

79,756

 

182,608

 

140,114

 

Operating Income

57,362

42,215

 

123,613

 

79,590

 

Other Expense (Income)

 

 

 

 

Interest Expense, Net of Amount Capitalized

2,325

1,681

 

7,555

 

2,714

 

Investment Loss (Income)

1,748

(4,091

)

(593

)

(6,959

)

Total Other Expense (Income)

4,073

(2,410

)

6,962

 

(4,245

)

Income Before Income Taxes

53,289

44,625

 

116,651

 

83,835

 

State Income Tax Provision

91

183

 

198

 

257

 

Net Income

53,198

44,442

 

116,453

 

83,578

 

Less: Net Income Attributable to Noncontrolling Interests

16,789

7,858

 

36,485

 

7,633

 

Net Income Attributable to Noble Midstream Partners LP

36,409

36,584

 

79,968

 

75,945

 

Less: Net Income Attributable to Incentive Distribution Rights

4,640

1,134

 

8,147

 

1,953

 

Net Income Attributable to Limited Partners

$

31,769

$

35,450

 

$

71,821

 

$

73,992

 

 

 

 

 

 

Net Income Attributable to Limited Partners Per Limited Partner Unit Basic and Diluted

 

 

 

 

Common Units

$

0.79

$

0.90

 

$

1.77

 

$

1.87

 

Subordinated Units

$

0.84

$

0.90

 

$

1.91

 

$

1.87

 

 

 

 

 

 

Weighted Average Limited Partner Units Outstanding Basic

 

 

 

 

Common Units

32,090

23,686

 

27,916

 

23,684

 

Subordinated Units

7,514

15,903

 

11,685

 

15,903

 

Total Limited Partner Units

39,604

39,589

 

39,601

 

39,587

 

 

 

 

 

 

Weighted Average Limited Partner Units Outstanding Diluted

 

 

 

 

Common Units

32,121

23,700

 

27,944

 

23,699

 

Subordinated Units

7,514

15,903

 

11,685

 

15,903

 

Total Limited Partner Units

39,635

39,603

 

39,629

 

39,602

 

Contacts

Megan Repine

Investor Relations

(832) 639-7380

megan.repine@nblmidstream.com

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