CONE Midstream Reports Third Quarter Results And Increases Guidance

CANONSBURG, Pa., Nov. 04, 2016 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) ("CONE Midstream" or the "Partnership") today reported financial and operational results for the three months ended September 30, 2016. (1)  The Partnership also increased guidance for full year 2016 financial results.

Third Quarter Results

Highlights of third quarter 2016 results attributable to the Partnership as compared to the third quarter of 2015 include:
  • Net income of $23.6 million as compared to $19.7 million
  • Average daily throughput volumes of 840 billion Btu per day (BBtu/d) as compared to 642 BBtu/d
  • Net cash provided by operating activities of $40.0 million as compared to $38.8 million
  • Adjusted EBITDA (2) of $26.8 million as compared to $21.9 million
  • Distributable cash flow (DCF) (2) of $23.3 million as compared to $19.5 million
  • Cash distribution coverage of 1.47x on an as declared basis

Management Comment

John T. Lewis, Chairman of the Board and Chief Executive Officer of CONE Midstream GP LLC (the "General Partner"), commented, "It is a pleasure to report another strong quarter of financial and operational results for CNNX.  Net throughput volumes increased by 31% from the third quarter of 2015. Net income attributable to the Partnership, Adjusted EBITDA and distributable cash flow all increased by approximately 20% as compared to third quarter last year.  As anticipated, we were free-cash-flow positive again during the quarter, with net cash provided by operating activities exceeding our total capital investments and cash distribution payments, which allowed us to again reduce the balance drawn on our revolving credit facility. Our debt-to-Adjusted EBITDA ratio at the end of the quarter was 0.38x.

Mr. Lewis further noted that, "Based on our solid performance for the first nine months and our current outlook for the remainder of the year, we have increased our guidance for our full year 2016 results."

Quarterly Distribution

As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of  $0.263 per unit with respect to the third quarter of 2016.  The distribution payment will be made on November 14, 2016 to unitholders of record at the close of business on November 4, 2016. The distribution, which equates to an annual rate of $1.052 per unit, represents an increase of 3.5% over the prior quarter and an increase of 15.4% over the distribution paid with respect to the third quarter of 2015.

Capital Investment and Resources

CONE Midstream's allocated third quarter 2016 share of investment in expansion projects was $0.5 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $1.4 million. CONE Midstream's respective share of maintenance capital expenditures for the three development companies for the third quarter of 2016 was $3.3 million.  Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $5.3 million.

As of September 30, 2016, CONE Midstream had outstanding borrowings of $41.0 million under its $250 million revolving credit facility and a cash balance of $4.2 million.

2016 Guidance Update

Based on current expectations, management is providing the following updated guidance for 2016.  Full year 2016 Adjusted EBITDA attributable to the Partnership, previously projected to be in the range of $96 - $106 million, is now expected to be in the range of $103 - $108 million.  Full year distributable cash flow attributable to the Partnership, previously projected to be in the range of $82 - $92 million, is now expected to be in the range of $89 - $94 million.  CONE Midstream's  financial guidance is based on numerous assumptions about future events and conditions and, therefore, could vary materially from actual results. These estimates are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.

Third Quarter Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss third quarter 2016 financial and operational results, is scheduled for November 4, 2016 at 10:00 a.m. Eastern Time. Reference material for the call will be available on the "Events" page of our website, www.conemidstream.com, shortly before the start of the call. Prepared remarks by members of management will be followed by a question and answer period.  Interested parties may listen via webcast by using the link posted on the "Events" page of our website or at  http://services.choruscall.com/links/cnnx161104.html. Participants who would like to ask questions may join the conference by phone at 888-317-6016 (international 412-317-6016) five to ten minutes prior to the scheduled start time (reference the CONE Midstream call).  An on-demand replay of the webcast will be also be available at  http://services.choruscall.com/links/cnnx161104.html shortly after the conclusion of the conference call.  A telephonic replay will be available through November 11, 2016 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10093760.

_____________

(1)  Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies jointly owned by the Partnership and CONE Gathering LLC ("CONE Gathering").  Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results. The Partnership's current economic interests in the development companies are: 75% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems.  CONE Gathering is a midstream joint venture formed by CONSOL Energy Inc. and Noble Energy, Inc. and owns non-controlling interests in the Partnership's development companies.

(2)  Adjusted EBITDA and DCF are not measures that are recognized under accounting principles generally accepted in the U.S. ("GAAP").  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

* * * * *

CONE Midstream Partners LP is a master limited partnership formed by CONSOL Energy Inc. (NYSE:CNX)  and Noble Energy, Inc. (NYSE:NBL), referred to as our Sponsors, to own, operate, develop and acquire natural gas gathering and other midstream energy assets to service our Sponsors' production in the Marcellus Shale in Pennsylvania and West Virginia.  Our assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities. More information is available on our website www.conemidstream.com.

* * * * *

This press release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of CONE Midstream's distributions to non-U.S. investors as being attributed to income that is effectively connected with a United States trade or business.  Accordingly, CONE Midstream's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.  Nominees, and not CONE Midstream, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

* * * * *

This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, among others: the effects of changes in market prices of natural gas, NGLs and crude oil on our Sponsors' drilling and development plan on our dedicated acreage and the volumes of natural gas and condensate that are produced on our dedicated acreage; changes in our Sponsors' drilling and development plan in the Marcellus Shale and Utica Shale; our Sponsors' ability to meet their drilling and development plan in the Marcellus Shale and Utica Shale; the demand for natural gas and condensate gathering services; changes in general economic conditions; competitive conditions in our industry; actions taken by third-party operators, gatherers, processors and transporters; our ability to successfully implement our business plan; and our ability to complete internal growth projects on time and on budget. You should not place undue reliance on our forward-looking statements.  Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described under "Risk Factors" and "Forward-Looking Statements" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

CONE MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit data) (unaudited)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2016   2015   2016   2015
Revenue              
Gathering revenue — related party $ 60,729     $ 53,753     $ 181,384     $ 144,638  
Total Revenue 60,729     53,753     181,384     144,638  
Expenses              
Operating expense — third party 7,769     4,736     24,322     22,205  
Operating expense — related party 7,209     8,095     22,631     22,079  
General and administrative expense — third party 1,049     968     3,196     3,533  
General and administrative expense — related party 2,624     2,413     6,521     6,385  
Pipe revaluation         10,083      
Depreciation expense 5,392     3,769     15,384     10,430  
Interest expense 305     158     1,105     270  
Total Expense 24,348     20,139     83,242     64,902  
Net Income 36,381     33,614     98,142     79,736  
Less: Net income attributable to noncontrolling interest 12,750     13,957     26,505     30,954  
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $ 23,631     $ 19,657     $ 71,637     $ 48,782  
               
Calculation of Limited Partner Interest in Net Income:              
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $ 23,631     $ 19,657     $ 71,637     $ 48,782  
Less: General partner interest in net income 473     393     1,433     976  
Limited partner interest in net income $ 23,158     $ 19,264     $ 70,204     $ 47,806  
               
Net income per Limited Partner unit - Basic $ 0.40     $ 0.33     $ 1.20     $ 0.82  
Net Income per Limited Partner unit - Diluted $ 0.40     $ 0.33     $ 1.20     $ 0.82  
               
Limited Partner units outstanding - Basic 58,343     58,326     58,343     58,326  
Limited Partner unit outstanding - Diluted 58,431     58,333     58,410     58,331  
               
Cash distributions declared per unit (*) $ 0.2630     $ 0.2280     $ 0.7620     $ 0.6605  
 
(*) Represents the cash distributions declared during the month following the respective quarterly reporting period ends.

CONE MIDSTREAM PARTNERS LP  CONSOLIDATED BALANCE SHEETS  (in thousands, except number of units)  (unaudited)
  September 30,  2016   December 31,  2015
ASSETS      
Current Assets:      
Cash $ 4,196     $ 217  
Receivables — related party 20,287     36,418  
Inventory     18,916  
Other current assets 1,431     2,037  
Total Current Assets 25,914     57,588  
Property and Equipment:      
Property and equipment 922,498     897,918  
Less — accumulated depreciation 46,698     31,609  
Property and Equipment — Net 875,800     866,309  
Other assets 9,001     528  
TOTAL ASSETS $ 910,715     $ 924,425  
       
LIABILITIES AND EQUITY      
Current Liabilities:      
Accounts payable $ 19,124     $ 46,155  
Accounts payable — related party 1,680     1,628  
Total Current Liabilities 20,804     47,783  
Other Liabilities:      
Revolving credit facility 41,000     73,500  
Total Liabilities 61,804     121,283  
Partners' Capital:      
Common units (29,180,217 units issued and outstanding at September 30, 2016 and 29,163,121 units issued and outstanding at December 31, 2015) 413,610     399,399  
Subordinated units (29,163,121 units issued and outstanding at September 30, 2016 and December 31, 2015) (69,248 )   (82,900 )
General partner interest (2,921 )   (3,389 )
Partners' capital attributable to CONE Midstream Partners LP 341,441     313,110  
Noncontrolling interest 507,470     490,032  
Total Partners' Capital 848,911     803,142  
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 910,715     $ 924,425  

CONE MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
  Three Months Ended
September 30,
  2016   2015
Cash Flows from Operating Activities:      
Net Income $ 36,381     $ 33,614  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense and amortization of debt issuance costs 5,434     3,810  
Unit-based compensation 222     118  
Other 429      
Changes in assets and liabilities:      
Receivables — related party (2,874 )   (10,894 )
Other current and non-current assets (216 )   (62 )
Accounts payable 572     7,853  
Accounts payable — related party 33     4,369  
Net Cash Provided by Operating Activities 39,981     38,808  
       
Cash Flows from Investing Activities:      
Capital expenditures (6,742 )   (94,781 )
Proceeds from sale of long-lived assets 237      
Net Cash Used in Investing Activities (6,505 )   (94,781 )
       
Cash Flows from Financing Activities:      
Partner and noncontrolling interest holder activity (13,167 )   36,611  
Distributions to unitholders (15,209 )   (13,094 )
Net (payment) proceeds on revolver (6,000 )   33,500  
Net Cash (Used In) Provided By Financing Activities (34,376 )   57,017  
       
Net (Decrease) Increase in Cash (900 )   1,044  
Cash at Beginning of Period 5,096     161  
Cash at End of Period $ 4,196     $ 1,205  

CONE MIDSTREAM PARTNERS LP RECONCILIATION OF NET INCOME TO EBITDA AND DISTRIBUTABLE CASH FLOW (in thousands)

Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

We define EBITDA as net income (loss) before net interest expense, depreciation and amortization, and Adjusted EBITDA as EBITDA adjusted for non-cash items which should not be included in the calculation of distributable cash flow. EBITDA and Adjusted EBITDA are used as supplemental financial measures by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:
  • our operating performance as compared to those of other companies in the midstream energy industry, without regard to financing methods, historical cost basis or capital structure;
  • the ability of our assets to generate sufficient cash flow to make distributions to our partners;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of EBITDA and Adjusted EBITDA provides information that is useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Adjusted EBITDA are net income and net cash provided by operating activities. EBITDA and Adjusted EBITDA should not be considered an alternative to net income, net cash provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, EBITDA and Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

We define distributable cash flow as Adjusted EBITDA less net income attributable to noncontrolling interest, net cash interest paid and maintenance capital expenditures. Distributable cash flow does not reflect changes in working capital balances.

Distributable cash flow is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:
  • the ability of our assets to generate cash sufficient to support our indebtedness and make future cash distributions to our unitholders; and
  • the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

We believe that the presentation of distributable cash flow in this report provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities. Distributable cash flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Distributable cash flow excludes some, but not all, items that affect net income or net cash, and these measures may vary from those of other companies. As a result, our distributable cash flow may not be comparable to similarly titled measures of other companies.

The following table presents a reconciliation of the non-GAAP measures of EBITDA, Adjusted EBITDA and distributable cash flow to the most directly comparable GAAP financial measures of net income and net cash provided by operating activities.
    Three Months Ended September 30,   Nine Months Ended September 30,
(unaudited)   2016   2015   2016   2015
Net Income   $ 36,381     $ 33,614     $ 98,142     $ 79,736  
Depreciation expense   5,392     3,769     15,384     10,430  
Interest expense   305     158     1,105     270  
EBITDA   42,078     37,541     114,631     90,436  
Non-cash unit-based compensation expense   222     118     577     310  
Pipe revaluation           10,083      
Adjusted EBITDA   42,300     37,659     125,291     90,746  
Less:                
Net income attributable to noncontrolling interest   12,750     13,957     26,505     30,954  
Depreciation expense attributable to noncontrolling interest   2,589     1,728     7,283     4,553  
Other expenses attributable to noncontrolling interest   205     63     521     97  
Pipe revaluation attributable to noncontrolling interest           9,579      
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP   $ 26,756     $ 21,911     $ 81,403     $ 55,142  
Less:  cash interest paid, net   198     95     682     173  
Less:  ongoing maintenance capital expenditures, net of expected reimbursements   3,283     2,291     9,234     6,430  
Distributable Cash Flow   $ 23,275     $ 19,525     $ 71,487     $ 48,539  
                 
Net Cash Provided by Operating Activities   $ 39,981     $ 38,808     $ 122,938     $ 99,268  
Interest expense   305     158     1,105     270  
Pipe revaluation           10,083      
Other, including changes in working capital   2,014     (1,307 )   (8,835 )   (8,792 )
Adjusted EBITDA   42,300     37,659     125,291     90,746  
Less:                
Net income attributable to noncontrolling interest   12,750     13,957     26,505     30,954  
Depreciation expense attributable to noncontrolling interest   2,589     1,728     7,283     4,553  
Other expense attributable to noncontrolling interest   205     63     521     97  
Pipe revaluation attributable to noncontrolling interest           9,579      
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP   $ 26,756     $ 21,911     $ 81,403     $ 55,142  
Less:  cash interest paid, net   198     95     682     173  
Less:  ongoing maintenance capital expenditures, net of expected reimbursements   3,283     2,291     9,234     6,430  
Distributable Cash Flow   $ 23,275     $ 19,525     $ 71,487     $ 48,539  

The following table presents a reconciliation of the non-GAAP measures EBITDA, Adjusted EBITDA and distributable cash flow by quarter and for the most recently completed twelve month period with the most directly comparable GAAP financial measures, which are net income and net cash provided by operating activities.

(unaudited)   Q4 2015   Q1 2016   Q2 2016   Q3 2016   Twelve Months Ended September 30, 2016
Net Income   $ 35,796     $ 37,295     $ 24,468     $ 36,381     $ 133,940  
Depreciation expense   4,623     4,839     5,152     5,392     20,006  
Interest expense   565     419     381     305     1,670  
EBITDA   40,984     42,553     30,001     42,078     155,616  
Non-cash unit-based compensation expense   92     136     219     222     669  
Pipe revaluation           10,083         10,083  
Adjusted EBITDA   41,076     42,689     40,303     42,300     166,368  
Less:                    
Net income attributable to noncontrolling interest   13,330     12,505     1,251     12,750     39,836  
Depreciation expense attributable to noncontrolling interest   2,246     2,286     2,409     2,589     9,530  
Other expenses attributable to noncontrolling interest   331     189     127     205     852  
Pipe revaluation attributable to noncontrolling interest           9,579         9,579  
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP   $ 25,169     $ 27,709     $ 26,937     $ 26,756     $ 106,571  
Less:  cash interest paid, net   234     230     254     198     916  
Less:  ongoing maintenance capital expenditures, net of expected reimbursements   2,554     2,839     3,112     3,283     11,788  
Distributable Cash Flow   $ 22,381     $ 24,640     $ 23,571     $ 23,275     $ 93,867  
                     
Net Cash Provided by Operating Activities   $ 16,749     $ 41,180     $ 41,777     $ 39,981     $ 139,687  
Interest expense   565     419     381     305     1,670  
Pipe revaluation           10,083         10,083  
Other, including changes in working capital   23,762     1,090     (11,938 )   2,014     14,928  
Adjusted EBITDA   41,076     42,689     40,303     42,300     166,368  
Less:                    
Net income attributable to noncontrolling interest   13,330     12,505     1,251     12,750     39,836  
Depreciation expense attributable to noncontrolling interest   2,246     2,286     2,409     2,589     9,530  
Other expenses attributable to noncontrolling interest   331     189     127     205     852  
Pipe revaluation attributable to noncontrolling interest           9,579         9,579  
Adjusted EBITDA Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP   $ 25,169     $ 27,709     $ 26,937     $ 26,756     $ 106,571  
Less:  cash interest paid, net   234     230     254     198     916  
Less:  ongoing maintenance capital expenditures, net of expected reimbursements   2,554     2,839     3,112     3,283     11,788  
Distributable Cash Flow   $ 22,381     $ 24,640     $ 23,571     $ 23,275     $ 93,867  
Distributions Declared   $ 14,062     $ 14,591     $ 15,209     $ 15,827     $ 59,689  
Distribution Coverage Ratio - Declared   1.59 x   1.69 x   1.55 x   1.47 x   1.57 x
                     
Distributable Cash Flow   $ 22,381     $ 24,640     $ 23,571     $ 23,275     $ 93,867  
Distributions Paid   $ 13,570     $ 14,062     $ 14,591     $ 15,209     $ 57,432  
Distribution Coverage Ratio - Paid   1.65 x   1.75 x   1.62 x   1.53 x   1.63 x

Development Companies Jointly Owned by CONE Midstream Partners LP Operating Income Summary, Selected Operating Statistics and Capital Investment (in thousands) (unaudited)
  Three Months Ended September 30, 2016
   Development Company
  Anchor   Growth   Additional    TOTAL
Income Summary              
Revenue $ 50,005     $ 2,587     $ 8,137     $ 60,729  
Expenses 18,846     1,475     4,027     24,348  
Net Income 31,159     1,112     4,110     36,381  
Less: Net income attributable to noncontrolling interest 7,790     1,055     3,905     12,750  
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $ 23,369     $ 57     $ 205     $ 23,631  
               
Operating Statistics - Gathered Volumes              
Dry gas (BBtu/d) 767     61     14     842  
Wet gas (BBtu/d) 331     5     177     513  
Condensate (MMcfe/d) 4         5     9  
Total Gathered Volumes 1,102     66     196     1,364  
               
Total Volumes Net to CONE Midstream Partners LP 827     3     10     840  
               
Capital Investment              
Maintenance capital $ 4,308     $ 465     $ 568     $ 5,341  
Expansion capital 560         841     1,401  
Total Capital Investment $ 4,868     $ 465     $ 1,409     $ 6,742  
               
Capital Investment Net to CONE Midstream Partners LP              
Maintenance capital $ 3,231     $ 23     $ 29     $ 3,283  
Expansion capital 420         42     462  
Total Capital Investment Net to CONE Midstream Partners LP $ 3,651     $ 23     $ 71     $ 3,745  

Development Companies Jointly Owned by CONE Midstream Partners LP Operating Income Summary, Selected Operating Statistics and Capital Investment (in thousands) (unaudited)
  Three Months Ended September 30, 2015
   Development Company
  Anchor   Growth   Additional    TOTAL
Income Summary              
Revenue $ 40,327     $ 3,467     $ 9,959     $ 53,753  
Expenses 14,647     1,881     3,611     20,139  
Net Income 25,680     1,586     6,348     33,614  
Less: Net income attributable to noncontrolling interest 6,420     1,506     6,031     13,957  
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $ 19,260     $ 80     $ 317     $ 19,657  
               
Operating Statistics - Gathered Volumes              
Dry gas (BBtu/d) 480     82     6     568  
Wet gas (BBtu/d) 348     10     207     565  
Condensate (MMcfe/d) 7         16     23  
Total Gathered Volumes 835     92     229     1,156  
               
Total Volumes Net to CONE Midstream Partners LP 626     5     11     642  
               
Capital Investment              
Maintenance capital $ 2,990     $ 346     $ 628     $ 3,964  
Expansion capital 45,108     2,202     43,507     90,817  
Total Capital Investment $ 48,098     $ 2,548     $ 44,135     $ 94,781  
               
Capital Investment Net to CONE Midstream Partners LP              
Maintenance capital $ 2,243     $ 17     $ 31     $ 2,291  
Expansion capital 33,831     110     2,175     36,116  
Total Capital Investment Net to CONE Midstream Partners LP $ 36,074     $ 127     $ 2,206     $ 38,407  
________________CONTACT:Stephen R. MilbourneCONE Investor Relations724-485-4408smilbourne@conemidstream.com

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March 24 Full-Day Course Offering: Professional Approach to Trading SPX