Noble Midstream Partners LP (NBLX) Tops Q2 EPS by 6c, Revenues Beat

Noble Midstream Partners LP (NYSE: NBLX) reported Q2 EPS of $0.90, $0.06 better than the analyst estimate of $0.84. Revenue for the quarter came in at $121.97 million versus the consensus estimate of $112.66 million.

Second Quarter Highlights Include:

• Net Income of $44 million, or $37 million attributable to the Partnership
• Adjusted EBITDA1 of $64 million, a 10% increase over the first quarter of 2018
• Adjusted EBITDA1 attributable to the Partnership of $49 million was in the upper half of guidance but down 9% on sequential basis due to the previously indicated fresh water activity shift from the Colorado River DevCo (100% owned by Partnership) to the Green River DevCo (25% owned by the Partnership)
• Declared a 20% annual increase in distribution per unit to $0.5348, with a distribution coverage ratio1 of 1.8x
• Combined gathering and sales volumes for oil, gas and produced water were up 30% versus the first quarter of 2018
• Increased total gathering dedicated acres in the DJ and Delaware basins by 5% to ~ 580,000 acres

“We achieved significant milestones during the quarter, including the continued build-out of our customer base and the completion of four major projects. All five Delaware Basin CGFs and the DJ Basin gathering system at Mustang are online for Noble Energy, while the Advantage Pipeline expansion is complete. This provides significant capital efficiency and a long future growth runway,” Terry R. Gerhart, Chief Executive Officer of Noble Midstream stated.

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

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