Noble Midstream Partners LP (NBLX) Tops Q1 EPS by 10c

Noble Midstream Partners LP (NYSE: NBLX) reported Q1 EPS of $0.77, $0.10 better than the analyst estimate of $0.67. Revenue for the quarter came in at $50.3 million versus the consensus estimate of $44.76 million.

First Quarter Results include:

• Record oil and gas gathering volumes in March of 66.5 thousand barrels of oil equivalent per day (MBoe/d), averaging 63.0 MBoe/d for the first quarter
• Net Income of $35 million, or $24 million attributable to the Partnership
• Net Cash Provided by Operating Activities of $32 million
• EBITDA1 of $37 million, or $26 million attributable to the Partnership
• Increased the Partnership’s distribution to $0.4108 per unit, a 4.7% increase from the first full quarter distribution and a 9.5% increase over the minimum quarterly cash distribution
• Distributable Cash Flow (\"DCF\")1 attributable to the Partnership of $24 million, resulting in DCF coverage of 1.8x on an as-declared basis

Second Quarter and Updated Full Year 2017 Guidance:

• Oil and gas gathering volumes of 65 - 70 MBoe/d in the second quarter
• Second quarter EBITDA1 of $33 - $36 million, or $25 - $28 million attributable to the Partnership
• DCF1 coverage estimated at 1.6x - 1.8x in the second quarter
• Increased full year 2017 EBITDA1 to $146 - $162 million, or $110 - $122 million attributable to the Partnership
• Increased full year 2017 capital budget attributable to the Partnership to $185 - $205 million to construct additional Delaware Basin facilities and infrastructure on newly dedicated acreage

For earnings history and earnings-related data on Noble Midstream Partners LP (NBLX) click here.

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