Sanchez Midstream Partners LP (NYSE American:SNMP) (“SNMP” or the
“Partnership”) today reported first quarter 2018 results.
Highlights from the report include:
- The Partnership reported net income
of $1.4 million for the first quarter 2018, which compares to a net
loss of $7.7 million for the first quarter 2017;
- Adjusted EBITDA (a non-GAAP
financial measure) was $18.6 million for the first quarter 2018,
which is more than 75 percent higher when compared to the
Partnership’s first quarter 2017 Adjusted EBITDA;
- A first quarter 2018 cash
distribution on common units of $0.4508 per unit ($1.8032 per unit
annualized) has been declared by the Partnership, which is payable
May 31, 2018; and
- The Partnership’s first quarter
2018 cash available for distribution (a non-GAAP financial measure)
was $7.1 million, resulting in a distribution coverage ratio of
greater than 1.0 times.
MANAGEMENT COMMENTARY“The
Partnership had another solid quarter to start 2018,” said Gerry
Willinger, Chief Executive Officer of the general partner of
SNMP. “With the completion of the Raptor Gas Processing
Facility and Seco Pipeline now behind us, our first quarter 2018
Adjusted EBITDA increased by more than 75 percent when compared to
Adjusted EBITDA for the first quarter 2017. As a result, our
cash available for distribution in the first quarter 2018 was
approximately $7.1 million, which covered our distribution on
common units by greater than 1.0 times.
“In addition to earnings, we are today
announcing our forecast for the full year 2018. We currently
project Western Catarina Midstream volumes will range between 170
million cubic feet per day (“MMcf/d”) to 180 MMcf/d of natural gas
and between 13.1 thousand barrels per day (“MBbls/d”) to 13.9
MBbls/d of oil, with combined Catarina and Comanche volumes on the
non-operated Carnero Gathering Line and Raptor Gas Processing
Facility, each 50 percent owned and operated by Targa Resources
Corporation (“Targa”), estimated at 255 MMcf/d. The Seco
Pipeline, which like the Western Catarina Midstream asset is wholly
owned by the Partnership, is expected to flow between 80 MMcf/d to
90 MMcf/d of dry gas from its interconnection at the Raptor Gas
Processing Facility to markets in South Texas.
“On the production side of the Partnership’s
business, we currently project total volume for 2018 of
approximately 475 thousand barrels of oil equivalent (“MBoe”) to
535 MBoe. As we opportunistically expand our midstream
activities in South Texas, we continue to work through the
strategic divestiture of producing assets to reduce the
Partnership’s exposure to production activities which, by their
nature, are sensitive to commodity prices and are less suited for
our business model going forward.”
FINANCIAL RESULTSThe
Partnership’s revenue totaled $18.5 million during the first
quarter 2018. Included in total revenue for the first quarter
2018 is $14.0 million from the midstream activities of Western
Catarina Midstream and the Seco Pipeline and approximately $6.4
million from production activities. The balance of the
Partnership’s first quarter 2018 total revenue came from a loss on
hedge settlements ($0.2 million) and a loss on mark-to-market
activities ($1.7 million), which is a non-cash item.
Earnings from the Partnership’s midstream joint
ventures with Targa totaled $4.3 million during the first quarter
2018. The Partnership has received cash distributions from
the joint ventures totaling $6.1 million related to first quarter
2018 operating results.
On a GAAP basis, the Partnership recorded net
income of $1.4 million for the first quarter 2018, which compares
to net income of $0.3 million for the fourth quarter 2017 and a net
loss of $7.7 million in the first quarter 2017.
Adjusted EBITDA (a non-GAAP financial measure)
for the first quarter 2018 was approximately $18.6 million, which
is more than 75 percent higher when compared to the first quarter
2017. The Partnership’s calculation of Adjusted EBITDA is
discussed in further detail below.
LIQUIDITY UPDATEAs of March 31,
2018, the Partnership had $184 million in debt outstanding under
its credit facility, which has a current borrowing base of $249.3
million and an elected commitment amount of $200 million. The
midstream portion of the borrowing base is approximately $211
million, which results in the Partnership’s midstream collateral
more than covering the $200 million elected commitment
amount.
The Partnership had approximately $1.8 million
in cash and cash equivalents as of March 31, 2018.
HEDGE UPDATEFor the full year
2018, the Partnership has hedged approximately 497,328 million
British thermal units (“MMBtu”) of its natural gas production at an
effective NYMEX fixed price of approximately $3.00 per
MMBtu and approximately 259.6 thousand barrels of its crude oil
production at an effective NYMEX fixed price of
approximately $59.73 per barrel. The Partnership
has additional hedges covering a portion of its production in 2019
and 2020. Additional information about SNMP’s hedges can be
found in the Partnership’s documents on file with the U.S.
Securities and Exchange Commission (www.sec.gov) and in the
“Investor Presentation” available on the Partnership’s website
(www.sanchezmidstream.com).
DISTRIBUTIONSOn May 9, 2018,
the Partnership declared a first quarter 2018 cash distribution on
its common units of $0.4508 per unit ($1.8032 per unit
annualized). The Partnership also declared a first quarter
2018 distribution to the holders of its Class B preferred units
equal to $0.28225 per Class B preferred unit.
Based on first quarter 2018 Adjusted EBITDA of
$18.6 million, cash interest expense of $2.3 million, maintenance
capital of $0.4 million, and $8.8 million in preferred
distributions, the Partnership generated approximately $7.1 million
in cash available for distribution (a non-GAAP financial measure)
during the first quarter 2018, resulting in a distribution coverage
ratio of greater than 1.0 times.
FULL YEAR 2018
FORECASTAdditional details on the Partnership’s Full Year
2018 Forecast can be found in the tables to this news release.
CONFERENCE CALL INFORMATIONThe
Partnership will host a conference call at 10:00 a.m. Central Time
(11:00 a.m. Eastern Time) on Thursday, May 10, 2018 to discuss
first quarter 2018 results.
To participate in the conference call, analysts,
investors, media and the public in the U.S. may dial (844) 824-3837
shortly before 10:00 a.m. Central Time (11:00 a.m. Eastern
Time). The international phone number is (412)
317-5161. Callers should request the “Sanchez Midstream
Partners First Quarter 2018 Conference Call” once reaching the
operator.
A live audio webcast of the conference call and
the earnings release will be available on the Partnership’s website
(www.sanchezmidstream.com) under the Investor Relations page.
A replay will be available approximately three hours after the
call through May 17, 2018, at 10:59 p.m. Central
Time (11:59 p.m. Eastern Time). The replay may be accessed by
dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International),
and referencing the replay passcode: 10119826.
ABOUT THE PARTNERSHIPSanchez
Midstream Partners LP (NYSE American:SNMP) is a growth-oriented
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream and other energy
related assets in North America. The Partnership has
ownership stakes in oil and natural gas gathering systems, natural
gas pipelines, and a natural gas processing facility, all located
in the Western Eagle Ford in South Texas.
ADDITIONAL
INFORMATIONAdditional information about SNMP can be found
in the Partnership’s documents on file with the U.S. Securities and
Exchange Commission (www.sec.gov) and in the “Investor
Presentation” available on the Partnership’s website
(www.sanchezmidstream.com).
NON-GAAP MEASURESWe present
Adjusted EBITDA and cash available for distribution, non-GAAP
financial measures, in addition to our reported net income (loss),
the most comparable GAAP financial measure, in this news
release.
Adjusted EBITDA is a non-GAAP financial measure
that is defined as net income (loss) adjusted by: (i) interest
(income) expense, net, which includes interest expense, interest
expense net (gain) loss on interest rate derivative contracts, and
interest (income); (ii) income tax expense (benefit);
(iii) depreciation, depletion and amortization;
(iv) asset impairments; (v) accretion expense;
(vi) (gain) loss on sale of assets; (vii) unit-based
compensation expense; (viii) unit-based asset management fees;
(ix) distributions in excess of equity earnings; (x) (gain)
loss on mark-to-market activities; (xi) commodity derivatives
settled early; (xii) (gain) loss on embedded derivatives; and
(xiii) acquisition and divestiture costs. For a
reconciliation of Adjusted EBITDA to Net Income (Loss), the most
directly comparable GAAP measure, see the tables at the end of this
news release. Cash available for distribution is defined as
Adjusted EBITDA less cash interest expense; distributions on
preferred units; and maintenance capital. For a
reconciliation of cash available for distribution to Net Income
(Loss), the most directly comparable GAAP measure, see the tables
at the end of this news release.
Adjusted EBITDA and cash available for
distribution are significant performance metrics used by our
management to indicate (prior to the establishment of any cash
reserves by the board of directors of our general partner) the
distributions that we would expect to pay to our unitholders.
Specifically, these financial measures indicate to investors
whether or not we are generating cash flow at a level that can
sustain or support a quarterly distribution or any increase in our
quarterly distribution rates. Adjusted EBITDA and cash available
for distribution are also used as quantitative standards by our
management and by external users of our financial statements such
as investors, research analysts, our lenders and others to assess:
(i) the financial performance of our assets without regard to
financing methods, capital structure or historical cost basis;
(ii) the ability of our assets to generate cash sufficient to
pay interest costs and support our indebtedness; and (iii) our
operating performance and return on capital as compared to those of
other companies in our industry, without regard to financing or
capital structure.
We believe that the presentation of Adjusted
EBITDA and cash available for distribution provides useful
information to investors in assessing our financial condition and
results of operations. The GAAP measure most directly comparable to
Adjusted EBITDA and cash available for distribution is net income
(loss). Our non-GAAP financial measures of Adjusted EBITDA and cash
available for distribution should not be considered as an
alternative to GAAP net income (loss). Adjusted EBITDA and cash
available for distribution have important limitations as analytical
tools because they exclude some but not all items that affect net
income (loss). Adjusted EBITDA and cash available for distribution
should not be considered in isolation or as substitutes for
analysis of our results as reported under GAAP. Because Adjusted
EBITDA and cash available for distribution may be defined
differently by other companies in our industry, our definition of
Adjusted EBITDA and cash available for distribution may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility. For reconciliations of Adjusted EBITDA
and cash available for distribution to net income (loss), the most
comparable GAAP financial metric, please see the tables below.
FORWARD-LOOKING STATEMENTSThis
news release contains, and the officers and representatives of the
Partnership and its general partner may from time to time make,
statements that are considered forward–looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond our control, which may include statements about our:
business strategy; acquisition strategy; financing strategy;
ability to make, maintain and grow distributions; the ability of
our customers to meet their drilling and development plans on a
timely basis or at all and perform under gathering, processing and
other agreements; future operating results; the ability of our
partners to perform under our joint ventures and partnerships;
future capital expenditures; and plans, objectives, expectations,
forecasts, outlook and intentions. All of these types of
statements, other than statements of historical fact included in
this news release, are forward-looking statements. In
some cases, forward-looking statements can be identified by
terminology such as “may,” “could,” “should,” “expect,” “plan,”
“project,” “intend,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “pursue,” “target,” “continue,” the
negative of such terms or other comparable terminology.
The forward-looking statements contained in this
news release are largely based on our expectations, which reflect
estimates and assumptions made by the management of our general
partner. These estimates and assumptions reflect our best
judgment based on currently known market conditions and other
factors. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our
control. In addition, management’s assumptions about future
events may prove to be inaccurate. Management cautions all readers
that the forward-looking statements contained in this news release
are not guarantees of future performance, and we cannot assure any
reader that such statements will be realized or the forward-looking
events and circumstances will occur. The forward-looking
statements speak only as of the date made, and other than as
required by law, we do not intend to publicly update or revise any
forward-looking statements as a result of new information, future
events or otherwise. These cautionary statements qualify
all forward-looking statements attributable to us or persons acting
on our behalf.
PARTNERSHIP CONTACTKevin
SmithVP of Investor Relations(281) 925-4828
General Inquiries: (713)
783-8000 www.sanchezmidstream.com
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Sanchez
Midstream Partners LP |
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Operating
Statistics |
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Three Months Ended
March 31, |
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|
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2018 |
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|
|
2017 |
|
Gathering and
Transportation Throughput: |
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|
|
|
|
|
|
|
|
Seco
Pipeline |
|
|
|
|
Natural
Gas (MMcf) |
|
|
6,114 |
|
|
|
— |
|
Western
Catarina Midstream |
|
|
|
|
Oil
(MBbls) |
|
|
1,027 |
|
|
|
1,021 |
|
Natural
Gas (MMcf) |
|
|
13,653 |
|
|
|
13,656 |
|
|
|
|
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|
Net Production
in MBoe: |
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|
|
|
|
|
|
|
Total production
(MBoe) |
|
|
141 |
|
|
|
310 |
|
Average daily
production (Boe/d) |
|
|
1,567 |
|
|
|
3,444 |
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|
|
|
|
Average Sales
Price per Boe: |
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|
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|
|
|
|
|
Net realized price,
including hedges (1) |
|
$ |
44.24 |
|
|
$ |
32.82 |
|
Net realized price,
excluding hedges (2) |
|
$ |
45.87 |
|
|
$ |
27.74 |
|
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|
|
|
|
|
|
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|
|
(1) Excludes
impact of mark-to-market gains (losses). |
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|
(2) Excludes the
impact of all hedging gains (losses). |
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|
|
|
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|
|
|
Sanchez
Midstream Partners LP |
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|
|
Condensed
Consolidated Statements of Operations |
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|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
($ in thousands, except per unit
amounts) |
|
|
|
|
|
Oil, liquids, and gas
sales |
|
$ |
6,238 |
|
|
$ |
10,116 |
|
Gathering and
transportation sales |
|
|
1,688 |
|
|
|
11,211 |
|
Gathering and
transportation lease revenues |
|
|
12,318 |
|
|
|
— |
|
Gain (loss) on
mark-to-market activities |
|
|
(1,708 |
) |
|
|
4,480 |
|
Total
revenues |
|
|
18,536 |
|
|
|
25,807 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Lease
operating expenses |
|
|
1,971 |
|
|
|
4,983 |
|
Transportation operating expenses |
|
|
2,847 |
|
|
|
3,296 |
|
Cost of
sales |
|
|
— |
|
|
|
37 |
|
Production taxes |
|
|
322 |
|
|
|
473 |
|
General
and administrative |
|
|
5,165 |
|
|
|
5,609 |
|
Unit-based compensation expense |
|
|
1,438 |
|
|
|
540 |
|
Depreciation, depletion and amortization |
|
|
6,628 |
|
|
|
12,181 |
|
Asset
impairments |
|
|
— |
|
|
|
4,688 |
|
Accretion
expense |
|
|
126 |
|
|
|
258 |
|
Total
operating expenses |
|
|
18,497 |
|
|
|
32,065 |
|
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
Interest
expense |
|
|
2,599 |
|
|
|
1,883 |
|
Earnings
from equity investments |
|
|
(4,272 |
) |
|
|
(482 |
) |
Other
expense |
|
|
270 |
|
|
|
— |
|
Total
expenses, net |
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17,094 |
|
|
|
33,466 |
|
Income (loss) before
income taxes |
|
|
1,442 |
|
|
|
(7,659 |
) |
Income
tax expense |
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
|
1,442 |
|
|
|
(7,659 |
) |
Less: |
|
|
|
|
Preferred
unit distributions paid in common units |
|
|
— |
|
|
|
(2,625 |
) |
Preferred
unit distributions |
|
|
(8,750 |
) |
|
|
(7,000 |
) |
Preferred
unit amortization |
|
|
(531 |
) |
|
|
(404 |
) |
Net loss attributable
to common unitholders |
|
$ |
(7,839 |
) |
|
$ |
(17,688 |
) |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
18,578 |
|
|
$ |
10,538 |
|
|
|
|
|
|
Net loss per unit |
|
|
|
|
Common
units - Basic |
|
$ |
(0.53 |
) |
|
$ |
(1.32 |
) |
Weighted Average Units
Outstanding |
|
|
|
|
Common
units - Basic |
|
|
14,738,528 |
|
|
|
13,400,138 |
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|
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Sanchez
Midstream Partners LP |
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Condensed
Consolidated Balance Sheets |
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|
March 31, |
|
Dec. 31, |
|
|
|
2018 |
|
|
|
2017 |
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|
($ in thousands) |
|
|
|
|
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Current assets |
|
$ |
10,972 |
|
|
$ |
17,527 |
|
Midstream and
production assets, net |
|
|
210,623 |
|
|
|
213,145 |
|
Other assets |
|
|
291,367 |
|
|
|
297,751 |
|
Total
assets |
|
$ |
512,962 |
|
|
$ |
528,423 |
|
|
|
|
|
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Current
liabilities |
|
$ |
12,759 |
|
|
$ |
13,413 |
|
Long-term debt, net of
debt issuance costs |
|
|
182,928 |
|
|
|
187,808 |
|
Other long-term
liabilities |
|
|
13,695 |
|
|
|
12,598 |
|
Total
liabilities |
|
|
209,382 |
|
|
|
213,819 |
|
|
|
|
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Mezzanine equity |
|
|
344,443 |
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|
|
343,912 |
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Partners' deficit |
|
|
(40,863 |
) |
|
|
(29,308 |
) |
Total partners'
deficit |
|
|
(40,863 |
) |
|
|
(29,308 |
) |
Total
liabilities and partners' capital |
|
$ |
512,962 |
|
|
$ |
528,423 |
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Sanchez
Midstream Partners LP |
|
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Reconciliation
of Net Income (Loss) to Adjusted EBITDA and Cash Available for
Distribution |
|
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|
Three Months Ended
March 31, |
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
($ in thousands) |
|
|
|
|
|
Net income (loss) |
|
$ |
1,442 |
|
|
$ |
(7,659 |
) |
Adjusted by: |
|
|
|
|
Interest
expense, net |
|
|
2,599 |
|
|
|
1,883 |
|
Depreciation, depletion and amortization |
|
|
6,628 |
|
|
|
12,181 |
|
Asset
impairments |
|
|
— |
|
|
|
4,688 |
|
Accretion
expense |
|
|
126 |
|
|
|
258 |
|
Unit-based compensation expense |
|
|
1,438 |
|
|
|
540 |
|
Unit-based asset management fees |
|
|
2,279 |
|
|
|
2,030 |
|
Distributions in excess of equity earnings |
|
|
1,837 |
|
|
|
968 |
|
(Gain)
loss on mark-to-market activities |
|
|
1,978 |
|
|
|
(4,480 |
) |
Acquisition and divestiture costs |
|
|
251 |
|
|
|
129 |
|
Adjusted EBITDA
(1) |
|
$ |
18,578 |
|
|
$ |
10,538 |
|
Adjusted by: |
|
|
|
|
Maintenance capital expenditures(2) |
|
|
(400 |
) |
|
|
(600 |
) |
Cash
interest expense |
|
|
(2,300 |
) |
|
|
(1,587 |
) |
Preferred
unit distributions |
|
|
(8,750 |
) |
|
|
(7,000 |
) |
Cash available for
distribution |
|
$ |
7,128 |
|
|
$ |
1,351 |
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|
|
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(1) To supplement our financial results and guidance
presented in accordance with U.S. generally accepted accounting
principles (“GAAP”), we use Adjusted EBITDA, a non-GAAP financial
measure, in this quarterly report. We believe that non-GAAP
financial measures are helpful in understanding our past financial
performance and potential future results, particularly in light of
the effect of various transactions effected by us. We define
Adjusted EBITDA as net income (loss) adjusted by: (i) interest
(income) expense, net, which includes interest expense, interest
expense net, (gain) loss on interest rate derivative contracts, and
interest (income); (ii) income tax expense (benefit); (iii)
depreciation, depletion and amortization; (iv) asset impairments;
(v) accretion expense; (vi) (gain) loss on sale of assets; (vii)
unit-based compensation expense; (viii) unit-based asset management
fees; (ix) distributions in excess of equity earnings; (x) (gain)
loss on mark-to-market activities; (xi) commodity derivatives
settled early; (xii) (gain) loss on embedded derivatives; and
(xiii) acquisition and divestiture costs. |
|
(2) Represents estimated maintenance capital expenditures
attributable to our controlling interest in our midstream and
production assets. Maintenance capital expenditures are cash
expenditures made to maintain, over the long-term, our operating
capacity, operating income or asset base. Examples of maintenance
capital expenditures are expenditures to develop and replace our
oil and natural gas reserves as well as the repair, refurbishment
and replacement of gathering and transportation assets, to maintain
equipment reliability, integrity and safety and to address
environmental laws and regulations. |
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|
Sanchez Midstream Partners LP |
|
|
Full Year 2018 Forecast |
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MIDSTREAM ACTIVITIES |
|
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Western
Catarina Midstream: |
|
|
|
Natural Gas
Volumes |
170 to 180 MMcf/d |
|
Operating Margin on
Natural Gas Volumes and Water |
$0.62 per Mcf |
|
Oil Volumes |
13.1 to 13.9 MBbls/d |
|
Incremental Oil
Revenue |
$1.00 per Bbl |
|
|
|
|
|
Seco
Pipeline: |
|
|
|
Natural Gas Volumes
(Dry) |
80 to 90 MMcf/d |
|
Operating Margin |
$0.20 per Mcf |
|
|
|
|
|
Carnero
Gathering Line (Non-Operated): |
|
|
|
Catarina Natural Gas
Volumes |
120 to 130 MMcf/d |
|
Operating Margin on
Catarina Volumes |
$0.29 per Mcf |
|
Comanche Natural Gas
Volumes |
135 to 125 MMcf/d |
|
Incremental Comanche
Revenue |
$0.19 per Mcf |
|
|
|
|
|
Raptor Gas
Processing Facility (Non-Operated): |
|
|
|
Catarina Natural Gas
Volumes |
120 to 130 MMcf/d |
|
Operating Margin on
Catarina Volumes |
$0.30 per Mcf |
|
Comanche Natural Gas
Volumes |
135 to 125 MMcf/d |
|
Incremental Comanche
Revenue |
$0.24 per Mcf |
|
|
|
|
|
SNMP Interest in
Non-Operated Midstream Assets |
50% |
|
|
|
|
|
|
|
|
NOTES: |
|
|
- All Western Catarina Midstream operating expenses are included
in the Natural Gas and Water Operating Margin.
- All Carnero Gathering Line and Raptor Gas Processing Facility
operating expenses are included in the Catarina Volume Operating
Margin.
- Carnero Gathering Line and Raptor Gas Processing Facility
natural gas volumes from Catarina are 50 MMcf/d below Western
Catarina Midstream Natural Gas Volumes.
- Assumes Carnero Gathering Line and Raptor Gas Processing
Facility capacity of 255 MMcf/d.
|
|
|
|
|
|
|
|
|
Sanchez Midstream Partners
LP |
|
|
Full Year 2018 Forecast
(con't) |
|
|
|
|
|
|
PRODUCTION ACTIVITIES |
|
|
|
|
|
|
|
Total Volume |
475 to 535 MBoe |
|
|
|
|
|
Production by
Product |
Oil |
63 |
% |
|
|
Natural
Gas |
21 |
% |
|
|
NGLs |
16 |
% |
|
|
|
|
|
Commodity Pricing |
Oil |
$64.00
per Bbl |
|
|
|
Natural
Gas |
$2.75
per MMBtu |
|
|
|
NGLs |
40% of
Oil Pricing |
|
|
|
|
|
|
|
Pricing
Differentials |
Oil |
$(2.35)
per Bbl |
|
|
|
Natural
Gas |
$(0.29)
per MMBtu |
|
|
|
|
|
|
Operating Expenses |
$15.00 per Boe |
|
|
|
|
|
Severance and Ad
Valorem Taxes |
6.5% of Production Revenue |
|
|
|
|
2018 HEDGES |
|
|
|
|
|
|
|
Oil Volume |
259.6 MBbls |
|
Oil Price |
$59.73 per Bbl |
|
|
|
|
|
Natural Gas Volume |
497,328 MMBtu |
|
Natural Gas Price |
$3.00 per MMBtu |
|
|
|
|
OTHER PARTNERSHIP COSTS |
|
|
|
|
|
|
|
General &
Administrative |
$12.5 million |
|
Interest Expense |
$9.1 million |
|
Maintenance
Capital |
$1.6 million |
|
|
|
|
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