• CONE Midstream Reports Third Quarter Results

    Source: Nasdaq GlobeNewswire / 02 Nov 2017 06:55:37   America/New_York

    CANONSBURG, Pa., Nov. 02, 2017 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) ("CONE Midstream" or the "Partnership") today reported financial and operational results for the three months ended September 30, 2017(1).

    Third Quarter Results

    Highlights of third quarter 2017 results attributable to the Partnership as compared to the third quarter of 2016 include:(2)

    • Net income of $28.9 million as compared to $23.6 million
    • Average daily throughput volumes of 946 billion Btu per day (BBtu/d) as compared to 840 BBtu/d
    • Net cash provided by operating activities of $38.2 million as compared to $40.0 million
    • Adjusted EBITDA(3) of $34.2 million as compared to $26.8 million
    • Distributable cash flow (DCF)(3) of $29.4 million as compared to $23.3 million
    • Cash distribution coverage(3) of 1.43x on an as-declared basis

    Management Comment

    John T. Lewis, Chief Executive Officer of CONE Midstream GP LLC (the "General Partner"), said, "Our third quarter financial and operating results were in-line with expectations and reflected the benefit of our continued focus on improving efficiency and lowering costs.  Our results this quarter continued to benefit from the fourth quarter 2016 acquisition of the remaining 25% interest in the Anchor Systems.  As compared to the third quarter of 2016, Adjusted EBITDA increased by 28% and distributable cash flow was up by 26%.  These results keep us on-track to achieve full year 2017 results in line with our current EBITDA and DCF guidance."

    Quarterly Distribution and Termination of Subordination Period

    As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of  $0.3025 per unit with respect to the third quarter of 2017.  The distribution payment will be made on November 14, 2017 to unitholders of record at the close of business on November 3, 2017. The distribution, which equates to an annual rate of $1.21 per unit, represents an increase of 3.5% over the prior quarter and an increase of 15% over the distribution paid with respect to the third quarter of 2016.

    Upon the payment of the third quarter distribution, the financial tests required for conversion of the Partnership’s subordinated units will be met.  Accordingly, the Partnership’s 29,163,121 subordinated units will convert into common units on a one-for-one basis effective November 15, 2017, the first business day following the payment of the third-quarter distribution.  The conversion of the subordinated units will not impact the amount of cash distributions paid by the Partnership.

    Capital Investment and Resources

    CONE Midstream's allocated third quarter 2017 share of investment in expansion projects was $6.3 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $7.0 million. CONE Midstream's respective share of maintenance capital expenditures for the three development companies for the third quarter of 2017 was $3.6 million.  Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $4.4 million.

    Based on actual capital expenditures for the year-to-date and currently projected capital expenditures during the fourth quarter, the Partnership is reducing its guidance for full year capital expenditures.  Management currently projects the full year 2017 capital expenditures net to the Partnership will be in the range of $48 to $52 million.

    As of September 30, 2017,  CONE Midstream had outstanding borrowings of $157.0 million under its $250 million revolving credit facility and a cash balance of $3.8 million.

    Third Quarter Financial and Operational Results Conference Call

    A conference call and webcast, during which management will discuss third quarter 2017 financial and operational results and 2017 guidance, is scheduled for November 2, 2017 at 10:00 a.m. Eastern Time. Reference material for the call will be available on the "Events" page of our website, www.conemidstream.com, shortly before the start of the call.  Prepared remarks by members of management will be followed by a question and answer period.  Interested parties may listen via webcast by using the link posted on the "Events" page of our website or at  http://services.choruscall.com/links/cnnx171102.html. Participants who would like to ask questions may join the conference by phone at 888-349-0097 (international 412-902-0126) five to ten minutes prior to the scheduled start time (reference the CONE Midstream call).  An on-demand replay of the webcast will be also be available at  http://services.choruscall.com/links/cnnx171102.html shortly after the conclusion of the conference call.  A telephonic replay will be available through November 16, 2017 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10113444.

    _____________

    (1) Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies jointly owned by the Partnership and CONE Gathering LLC (“CONE Gathering”).  The Partnership's current economic interests in the development companies are: 100% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems.  Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results. CONE Gathering is a midstream joint venture formed by CONSOL Energy Inc. and Noble Energy, Inc. that owns non-controlling interests in the Partnership’s development companies.

    (2)  Effective November 16, 2016, the Partnership acquired the remaining 25% controlling interest in the Anchor Systems, which brought its controlling interest in that system to 100%.  As such, net results for the third quarter 2017 include 100% of the Anchor Systems, and net results for the third quarter 2016 include only 75% of the Anchor Systems.

    (3)  Adjusted EBITDA and DCF are not measures that are recognized under accounting principles generally accepted in the U.S. (“GAAP”).  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

    Contact:  
    Stephen R. Milbourne
    CONE Investor Relations
    Phone:
    724-485-4408
    Email:
    smilbourne@conemidstream.com 

    * * * * *

    CONE Midstream Partners LP is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin in Pennsylvania and West Virginia.  Our assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities. More information is available on our website www.conemidstream.com.

    * * * * *

    This press release serves a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b).  Nominees should treat one hundred percent (100.0%) of  CONE Midstream’s distributions to non-U.S. investors as being attributed to income that is effectively connected with a United States trade or business.  Accordingly, CONE Midstream's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.  Nominees, and not CONE Midstream, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

    * * * * *

    This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "will," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. You should not place undue reliance on forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  You should not place undue reliance on forward-looking statements.

    Although forward-looking statements reflect our good faith beliefs at the time they are made, they involve known and unknown risks, uncertainties and other factors.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, including, among others, that our business plans may change as circumstances warrant, please refer to the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

    * * * * *


    CONE MIDSTREAM PARTNERS LP
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per unit data)
    (unaudited)
     
     Three Months Ended September 30, Nine Months Ended September 30,
     2017 2016 2017 2016
    Revenue       
    Gathering revenue — related party$32,699  $60,729  $147,324  $181,384 
    Gathering revenue — third party23,959    24,826   
    Total Revenue56,658  60,729  172,150  181,384 
    Expenses       
    Operating expense — related party6,324  7,209  21,041  22,631 
    Operating expense — third party6,332  7,769  18,922  24,322 
    General and administrative expense — related party2,713  2,624  8,364  6,521 
    General and administrative expense — third party995  1,049  3,115  3,196 
    Loss on asset sales    3,914  10,083 
    Depreciation expense5,629  5,392  16,975  15,384 
    Interest expense1,197  305  3,359  1,105 
    Total Expense23,190  24,348  75,690  83,242 
    Net Income33,468  36,381  96,460  98,142 
    Less: Net income attributable to noncontrolling interest4,554  12,750  8,488  26,505 
    Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,914  $23,631  $87,972  $71,637 
            
    Calculation of Limited Partner Interest in Net Income:       
    Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,914  $23,631  $87,972  $71,637 
    Less: General partner interest in net income, including incentive distribution rights1,504  473  3,938  1,433 
    Limited partner interest in net income$27,410  $23,158  $84,034  $70,204 
            
    Net income per Limited Partner unit - Basic$0.43  $0.40  $1.32  $1.20 
    Net Income per Limited Partner unit - Diluted$0.43  $0.40  $1.32  $1.20 
            
    Limited Partner units outstanding - Basic63,588  58,343  63,580  58,343 
    Limited Partner unit outstanding - Diluted63,645  58,431  63,631  58,410 
            
    Cash distributions declared per unit (*)$0.3025  $0.2630  $0.8768  $0.7620 

    (*)   Represents the cash distributions declared during the month following the end of each respective quarterly period.


    CONE MIDSTREAM PARTNERS LP
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except number of units)
    (unaudited)
     
     September 30,
     2017
     December 31,
     2016
    ASSETS   
    Current Assets:   
    Cash$3,839  $6,421 
    Receivables — related party11,797  22,434 
    Receivables — third party7,759   
    Other current assets1,744  2,181 
    Total Current Assets25,139  31,036 
    Property and Equipment:   
    Property and equipment953,766  930,732 
    Less — accumulated depreciation67,932  52,172 
    Property and Equipment — Net885,834  878,560 
    Other assets634  8,961 
    TOTAL ASSETS$911,607  $918,557 
        
    LIABILITIES AND EQUITY   
    Current Liabilities:   
    Accounts payable$18,530  $18,007 
    Accounts payable — related party2,248  8,289 
    Total Current Liabilities20,778  26,296 
    Other Liabilities:   
    Revolving credit facility157,000  167,000 
    Total Liabilities177,778  193,296 
    Partners' Capital:   
    Common units (34,426,482 units issued and outstanding at September 30, 2017 and 34,363,371 units issued and outstanding at December 31, 2016)435,202  418,352 
    Subordinated units (29,163,121 units issued and outstanding at September 30, 2017 and December 31, 2016)(52,136) (65,986)
    General partner interest3,988  (2,311)
    Partners' capital attributable to CONE Midstream Partners LP387,054  350,055 
    Noncontrolling interest346,775  375,206 
    Total Partners' Capital733,829  725,261 
    TOTAL LIABILITIES AND PARTNERS' CAPITAL$911,607  $918,557 


    CONE MIDSTREAM PARTNERS LP
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
     
     Three Months Ended September 30,
     2017 2016
    Cash Flows from Operating Activities:   
    Net Income$33,468  $36,381 
    Adjustments to reconcile net income to net cash provided by operating activities:   
    Depreciation expense and amortization of debt issuance costs5,671  5,434 
    Unit-based compensation249  222 
    Other513  429 
    Changes in assets and liabilities:   
    Receivables — related party6,628  (2,874)
    Receivables — third party(6,892)  
    Other current and non-current assets(2,986) (216)
    Accounts payable1,771  572 
    Accounts payable — related party(219) 33 
    Net Cash Provided by Operating Activities38,203  39,981 
        
    Cash Flows from Investing Activities:   
    Capital expenditures(11,490) (6,742)
    Proceeds from sale of assets7,531  237 
    Net Cash Used in Investing Activities(3,959) (6,505)
        
    Cash Flows from Financing Activities:   
    Distributions to general partners and noncontrolling interest holders, net(11,573) (13,167)
    Quarterly distributions to unitholders(19,698) (15,209)
    Net payments on revolving credit facility(4,000) (6,000)
    Net Cash Used In Financing Activities(35,271) (34,376)
        
    Net Decrease in Cash(1,027) (900)
    Cash at Beginning of Period4,866  5,096 
    Cash at End of Period$3,839  $4,196 


    CONE MIDSTREAM PARTNERS LP
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
    (in thousands)

    Definition of Non-GAAP Financial Measures

    EBITDA and Adjusted EBITDA

    We define EBITDA as net income (loss) before net interest expense, depreciation and amortization, and Adjusted EBITDA as EBITDA adjusted for non-cash items which should not be included in the calculation of distributable cash flow. EBITDA and Adjusted EBITDA are used as supplemental financial measures 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 believe that the presentation of EBITDA and Adjusted EBITDA provides information that is useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Adjusted EBITDA are net income and net cash provided by operating activities. EBITDA and Adjusted EBITDA 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.  EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, EBITDA and Adjusted EBITDA as presented herein may not be comparable to similarly titled measures that other companies may use.

    Distributable Cash Flow

    We define distributable cash flow as Adjusted EBITDA less net income attributable to noncontrolling interest, cash interest paid and maintenance capital expenditures, each net to the Partnership. Distributable cash flow does not reflect changes in working capital balances.

    Distributable cash flow 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:

    • the ability of our assets to generate cash sufficient to support our indebtedness and make future cash distributions to our unitholders; and
    • the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

    We believe that the presentation of distributable cash flow in this release provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities. Distributable cash flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Distributable cash flow excludes some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, our distributable cash flow may not be comparable to similarly titled measures that other companies may use.

    The following table presents a reconciliation of the non-GAAP measures of adjusted EBITDA and distributable cash flow to the most directly comparable GAAP financial measures of net income and net cash provided by operating activities.

      Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
    (unaudited) 2017 2016 2017 2016
    Net Income $33,468  $36,381  $96,460  $98,142 
    Depreciation expense 5,629  5,392  16,975  15,384 
    Interest expense 1,197  305  3,359  1,105 
    EBITDA 40,294  42,078  116,794  114,631 
    Non-cash unit-based compensation expense 249  222  899  577 
    Loss on asset sales     3,914  10,083 
    Adjusted EBITDA 40,543  42,300  121,607  125,291 
    Less:        
    Net income attributable to noncontrolling interest 4,554  12,750  8,488  26,505 
    Depreciation expense attributable to noncontrolling interest 1,736  2,589  5,399  7,283 
    Other expenses attributable to noncontrolling interest 92  205  286  521 
    Loss on asset sales attributable to noncontrolling interest     3,718  9,579 
    Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $34,161  $26,756  $103,716  $81,403 
    Less:  cash interest paid, net 1,154  198  3,233  682 
    Less:  maintenance capital expenditures, net of reimbursements 3,579  3,283  11,175  9,234 
    Distributable Cash Flow $29,428  $23,275  $89,308  $71,487 
             
    Net Cash Provided by Operating Activities $38,203  $39,981  $114,637  $122,938 
    Interest expense 1,197  305  3,359  1,105 
    Loss on asset sales     3,914  10,083 
    Other, including changes in working capital 1,143  2,014  (303) (8,835)
    Adjusted EBITDA 40,543  42,300  121,607  125,291 
    Less:        
    Net income attributable to noncontrolling interest 4,554  12,750  8,488  26,505 
    Depreciation expense attributable to noncontrolling interest 1,736  2,589  5,399  7,283 
    Other expense attributable to noncontrolling interest 92  205  286  521 
    Loss on asset sales attributable to noncontrolling interest     3,718  9,579 
    Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $34,161  $26,756  $103,716  $81,403 
    Less:  cash interest paid, net 1,154  198  3,233  682 
    Less:  maintenance capital expenditures, net of reimbursements 3,579  3,283  11,175  9,234 
    Distributable Cash Flow $29,428  $23,275  $89,308  $71,487 


    The following table presents a reconciliation of the non-GAAP measures adjusted EBITDA and distributable cash flow by quarter and for the most recently completed twelve month period with the most directly comparable GAAP financial measures, which are net income and net cash provided by operating activities.

    (unaudited) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Twelve Months Ended September 30, 2017
    Net Income $31,978  $33,240  $29,752  $33,468  $128,438 
    Depreciation expense 5,818  5,671  5,675  5,629  22,793 
    Interest expense 694  1,038  1,124  1,197  4,053 
    EBITDA 38,490  39,949  36,551  40,294  155,284 
    Non-cash unit-based compensation expense 198  283  367  249  1,097 
    Loss on asset sales   673  3,241    3,914 
    Adjusted EBITDA 38,688  40,905  40,159  40,543  160,295 
    Less:          
    Net income attributable to noncontrolling interest 7,130  3,173  761  4,554  15,618 
    Depreciation expense attributable to noncontrolling interest 2,313  1,830  1,833  1,736  7,712 
    Other expenses attributable to noncontrolling interest 100  82  112  92  386 
    Loss on asset sales attributable to noncontrolling interest   639  3,079    3,718 
    Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $29,145  $35,181  $34,374  $34,161  $132,861 
    Less:  cash interest paid, net 628  1,000  1,079  1,154  3,861 
    Less:  maintenance capital expenditures, net of reimbursements 3,837  3,881  3,715  3,579  15,012 
    Distributable Cash Flow $24,680  $30,300  $29,580  $29,428  $113,988 
               
    Net Cash Provided by Operating Activities $37,151  $34,176  $42,258  $38,203  $151,788 
    Interest expense 694  1,038  1,124  1,197  4,053 
    Loss on asset sales   673  3,241    3,914 
    Other, including changes in working capital 843  5,018  (6,464) 1,143  540 
    Adjusted EBITDA 38,688  40,905  40,159  40,543  160,295 
    Less:          
    Net income attributable to noncontrolling interest 7,130  3,173  761  4,554  15,618 
    Depreciation expense attributable to noncontrolling interest 2,313  1,830  1,833  1,736  7,712 
    Other expenses attributable to noncontrolling interest 100  82  112  92  386 
    Loss on asset sales attributable to noncontrolling interest   639  3,079    3,718 
    Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $29,145  $35,181  $34,374  $34,161  $132,861 
    Less:  cash interest paid, net 628  1,000  1,079  1,154  3,861 
    Less:  maintenance capital expenditures, net of reimbursements 3,837  3,881  3,715  3,579  15,012 
    Distributable Cash Flow $24,680  $30,300  $29,580  $29,428  $113,988 
    Distributions Declared $18,004  $18,842  $19,698  $20,573  $77,117 
    Distribution Coverage Ratio - Declared 1.37x 1.61x 1.50x 1.43x 1.48x
               
    Distributable Cash Flow $24,680  $30,300  $29,580  $29,428  $113,988 
    Distributions Paid $15,827  $18,004  $18,842  $19,698  $72,371 
    Distribution Coverage Ratio - Paid 1.56x 1.68x 1.57x 1.49x 1.58x


    The following table presents a reconciliation of the non-GAAP measures of the Partnership's projected adjusted EBITDA and projected distributable cash flow with the most directly comparable GAAP financial measure, which is projected net income.  The following projections represent the approximate midpoint of the previously announced full year 2017 expected guidance ranges of adjusted EBITDA ($128-$138 million) and full year distributable cash flow ($105-$115 million) attributable to the Partnership.  CONE Midstream’s financial guidance is based on numerous assumptions about future events and conditions and, therefore, could vary materially from actual results.  These estimates are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.

    (unaudited) (in millions) Forecast 2017 (E)
    Net Income $137.4 
    Depreciation expense 23.2 
    Interest expense 5.4 
    EBITDA 166.0 
    Non-cash unit-based compensation expense 0.8 
    Adjusted EBITDA 166.8 
    Less:  
    Net income attributable to noncontrolling interest 17.4 
    Depreciation and other expenses attributable to noncontrolling interest 16.2 
    Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $133.2 
    Less:  cash interest paid, net 5.1 
    Less:  maintenance capital expenditures, net of reimbursements 17.5 
    Distributable Cash Flow $110.6 

    The Partnership is unable to project net cash provided by operating activities or provide the related reconciliation of projected net cash provided by operating activities to projected distributable cash flow, the most comparable financial measure calculated in accordance with GAAP, because net cash provided by operating activities includes the impact of changes in operating assets and liabilities. Changes in operating assets and liabilities relate to the timing of the Partnership’s cash receipts and disbursements that may not relate to the period in which the operating activities occurred, and the Partnership is unable to project these timing differences with any reasonable degree of accuracy.


    Development Companies Jointly Owned by CONE Midstream Partners LP
    Operating Income Summary, Selected Operating Statistics and Capital Investment
    (in thousands)
    (unaudited)
     
     Three Months Ended September 30, 2017
      Development Company
     Anchor Growth Additional  TOTAL
    Income Summary       
    Revenue$45,729  $1,967  $8,962  $56,658 
    Expenses17,053  2,333  3,804  23,190 
    Net Income28,676  (366) 5,158  33,468 
    Less: Net income attributable to noncontrolling interest  (347) 4,901  4,554 
    Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$28,676  $(19) $257  $28,914 
            
    Operating Statistics - Gathered Volumes       
    Dry gas (BBtu/d)562  45  5  612 
    Wet gas (BBtu/d)364  4  218  586 
    Condensate (MMcfe/d)6    2  8 
    Total Gathered Volumes932  49  225  1,206 
            
    Total Volumes Net to CONE Midstream Partners LP932  3  11  946 
            
    Capital Investment       
    Maintenance capital$3,533  $197  $719  $4,449 
    Expansion capital6,234  (83) 890  7,041 
    Total Capital Investment$9,767  $114  $1,609  $11,490 
            
    Capital Investment Net to CONE Midstream Partners LP       
    Maintenance capital$3,533  $10  $36  $3,579 
    Expansion capital6,234  (4) 45  6,275 
    Total Capital Investment Net to CONE Midstream Partners LP$9,767  $6  $81  $9,854 


    Development Companies Jointly Owned by CONE Midstream Partners LP
    Operating Income Summary, Selected Operating Statistics and Capital Investment
    (in thousands)
    (unaudited)
     
     Three Months Ended September 30, 2016
      Development Company
     Anchor Growth Additional  TOTAL
    Income Summary       
    Revenue$50,005  $2,587  $8,137  $60,729 
    Expenses18,846  1,475  4,027  24,348 
    Net Income31,159  1,112  4,110  36,381 
    Less: Net income attributable to noncontrolling interest7,790  1,055  3,905  12,750 
    Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$23,369  $57  $205  $23,631 
            
    Operating Statistics - Gathered Volumes       
    Dry gas (BBtu/d)767  61  14  842 
    Wet gas (BBtu/d)331  5  177  513 
    Condensate (MMcfe/d)4    5  9 
    Total Gathered Volumes1,102  66  196  1,364 
            
    Total Volumes Net to CONE Midstream Partners LP827  3  10  840 
            
    Capital Investment       
    Maintenance capital$4,308  $465  $568  $5,341 
    Expansion capital560    841  1,401 
    Total Capital Investment$4,868  $465  $1,409  $6,742 
            
    Capital Investment Net to CONE Midstream Partners LP       
    Maintenance capital$3,231  $23  $29  $3,283 
    Expansion capital420    42  462 
    Total Capital Investment Net to CONE Midstream Partners LP$3,651  $23  $71  $3,745 

     

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