Noble Midstream Partners LP (NBLX) Misses Q4 EPS by 13c, Revenues Beat

February 12, 2021 7:39 AM EST

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Noble Midstream Partners LP (NASDAQ: NBLX) reported Q4 EPS of $0.44, $0.13 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $207.27 million versus the consensus estimate of $140.57 million.

Fourth-Quarter 2020 and Recent Highlights

  • Generated $40 million Net Income Attributable to the Partnership, $85 million Net Cash Provided by Operating Activities, and $95 million in Adjusted Net EBITDA1,2
  • Self-funded $7 million in net organic capital expenditures and $23 million in equity method investments
  • Gathered 286,000 gross barrels of oil and gas equivalent per day (Boe/d) and 146,000 barrels of produced water per day (Bw/d)
  • Delivered 89,000 Bw/d fresh water as producer activity resumes across the Partnership’s dedication areas
  • Transported 768,000 gross (170,000 net) barrels of oil per day (Bbl/d) across intermediate and long-haul pipeline equity interests
  • Reduced flaring intensity in the Delaware Basin 53% and overall volume of unintentional releases by 90+% year-over-year

2021 Investment Program and Operational Guidance

  • $155 to $185 million in Net Income, $360 to $395 million in Adjusted Net EBITDA1,2 and $185 to $220 million in Free Cash Flow1
  • Total capital investments of $80 to $110 million, including net organic capital expenditures of $65 to $85 million
  • 275,000 to 305,000 Boe/d of oil and gas gathering volumes and 120,000 to 140,000 Bw/d of produced water gathering volumes
  • Leverage of 3.6x to 4.0x Net Debt to Trailing Twelve Months (TTM) EBITDA1

Robin Fielder, Chief Executive Officer of the Partnership stated, “Noble Midstream exited 2020 with five additional liquids transmission projects in-service while achieving material operating and capital cost savings during the year. These accomplishments, coupled with the resumption of completion activity late in 2020, position the Partnership for enhanced capital efficiency and returns. Our 2021 capital program is focused primarily on short-cycle investments, and we expect to generate material free cash flow and reduce leverage.”

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

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