Noble Midstream Partners Reports Third Quarter 2016 Results

Noble Midstream Partners LP (NYSE: NBLX) ("Noble Midstream" or the "Partnership") today reported third quarter 2016 financial and operational results. Highlights for the quarter, as compared to the second quarter, include:
  • Completed $323 million IPO of 14,375,000 units at a price of $22.50 per common unit
  • Net income of $22.4 million, up 55%; net income attributable to the Partnership of $16.9 million, up 58%
  • Net cash provided by operating activities of $33.6 million, up 4%
  • EBITDA (1) of $38.2 million, up 51%, or $29.6 million attributable to the Partnership, up 63%
  • Distributable Cash Flow ("DCF") (1) attributable to the Partnership of $27.7 million, or $3.1 million for the 10 day post IPO period
  • Record oil and gas gathering volumes of 63.0 thousand barrels of oil equivalent per day (MBoe/d)
  • Record produced water gathering and fresh water delivery volumes of 11.6 thousand barrels of water per day (MBw/d) and 136.0 MBw/d, respectively

"We are pleased with the success of our IPO and the strong financial and operational performance of all of our business segments," said Terry R. Gerhart, Chief Executive Officer of Noble Midstream. "Our gathering and fresh water businesses set new volume records, which translated to record EBITDA and DCF for the quarter. Our inaugural results for the third quarter reinforces our confidence in our ability to deliver 20% long-term distribution per unit growth. We remain focused on executing our growth projects while providing excellent midstream service for our customers."

In this release, we refer to certain results as "attributable to the Partnership." Unless otherwise noted herein, this reflects the results of the Partnership as if it had been in existence for the entire second and third quarters of 2016 and excludes the non-controlling interests in the development companies ("DevCos") retained by Noble Energy, Inc. ("Noble Energy") in connection with the closing of our initial public offering ("IPO") on September 20, 2016. We believe the results "attributable to the Partnership" provide the best representation of the ongoing operations from which our unitholders will benefit.

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