Noble Midstream Partners LP (NBLX) Misses Q1 EPS by 6c, Revenues Beat

Noble Midstream Partners LP (NYSE: NBLX) reported Q1 EPS of $1.01, $0.06 worse than the analyst estimate of $1.07. Revenue for the quarter came in at $147.96 million versus the consensus estimate of $141.93 million.

• Net Income of $63 million, or $44 million attributable to the Partnership
• Adjusted EBITDA¹ attributable to the Partnership of $63 million, a 14% increase over the first quarter of 2018
• Organic capital expenditures attributable to the Partnership of $36 million, a 72% reduction compared to the first quarter of 2018
• Declared a 20% annual increase in distribution per unit to $0.6132, with a distribution coverage ratio¹ of 1.9x
• Record oil and gas gathering and sales volumes of 287 thousand barrels of oil equivalent per day (MBoe/d), up 73% versus first quarter of 2018
• Reported fresh water delivery volumes of 220 thousand barrels of water per day (MBw/d), up 31% from the first quarter of 2018
• Closed transformative Permian equity investments in the EPIC Crude Pipeline (30% interest), EPIC Y-Grade Pipeline (15% interest), and Delaware Crossing joint venture (50% interest)
• Secured a $200 million preferred equity commitment for the EPIC Crude Pipeline, with an initial $100 million funded during the first quarter of 2019

“We continued strong execution and captured meaningful capital efficiencies during the first quarter of 2019, delivering quarterly throughput and EBITDA according to plan on capital that was below expectations. This, combined with closing of our transformative Permian joint ventures, provides a leading growth platform with meaningful geographic, service and customer diversification. We’ve accomplished a lot in a short period to build a business with a strong multi-year cash flow growth profile,” 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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