CANONSBURG, Pa., Feb. 22, 2017 /PRNewswire/ -- Rice Midstream
Partners LP (NYSE: RMP) ("RMP" or the "Partnership") today
reported fourth quarter and full-year 2016 financial and operating
results. Highlights to date include:
- Fourth quarter average daily throughput of 1,203 MDth/d
- 2016 average daily throughput of 983 MDth/d, 3% above
guidance
- Net income of $34.3 million and
$121.6 million for the fourth quarter
and full year, respectively
- Fourth quarter Adjusted EBITDA(1) of $46.2 million driven by accelerated Rice Energy
(NYSE: RICE) water volumes
- 2016 Adjusted EBITDA(1) of $158.4 million, 6% above the high end of
guidance
- Distributable cash flow ("DCF")(1) of $41.9 million and $143.2
million for the fourth quarter and full year,
respectively
- DCF coverage ratio(1) of 1.58x and 1.70x for the
fourth quarter and full-year, respectively
- Raised fourth quarter distribution to $0.2505 per common unit, an increase of 27% over
the prior year quarter and 6% relative to third quarter 2016
- 2016 expansion capital of $104
million, 23% below guidance resulting from a combination of
projects under budget and shifted into 2017
- Acquired Vantage Energy's midstream assets for $600 million including an acreage dedication
covering 85,000 core dry gas Marcellus acres in Greene County, Pennsylvania
- Exited the quarter with strong liquidity of $682 million and leverage of 1.1x net debt to
2016 Adjusted EBITDA(1)
Commenting on the results, Daniel J.
Rice IV, Chief Executive Officer, said, "We delivered
another outstanding quarter of meeting or exceeding expectations,
as our sponsor's reliable production growth has allowed Rice
Midstream Partners to spend its capital effectively and grow
distributions at top-tier rates while maintaining ample
coverage. Additionally, the acquisition of Vantage Energy
provides a longer, more visible runway for our talented team to
execute and deliver top-tier distribution growth at healthy
coverage levels."
1.
|
Please see
"Supplemental Non-GAAP Financial Measures" for a description of
Adjusted EBITDA, distributable cash flow, DCF coverage ratio and
related reconciliations to comparable GAAP financial
measures.
|
Fourth Quarter 2016 Financial Results
For the three months ended December 31,
2016, gathering volumes averaged 1,203 MDth/d, a 71%
increase over the prior year quarter and a 26% increase relative to
third quarter 2016, with 24% attributable to third-party volumes.
Compression volumes averaged 825 MDth/d, a 778% increase over the
prior year quarter and an 11% increase relative to third quarter
2016, with 36% attributable to third-party volumes. Fresh water
delivery volumes were 321 MMgal, or an average of 3.5 MMgal/d, a
59% increase relative to the prior year quarter and a 138% increase
relative to third quarter 2016.
Operating revenues were $59.5 million, comprised
of $41.8 million in revenues from our gathering and
compression segment and $17.7 million in revenues from
our water services segment. Operation and maintenance expense
totaled $7.3 million, including
$2.9 million for gathering and
compression and $4.4 million for
water services. Net income was $34.3
million, or $0.33 per limited
partner unit. Adjusted EBITDA(1) was $46.2 million and, after giving effect to
$2.8 million of estimated maintenance
capital expenditures and cash interest expense of $1.6 million, DCF(1) was $41.9 million, resulting in a DCF coverage ratio
of 1.58x.
We invested approximately $22
million of net expansion capital, excluding acquisitions,
including $17 million to develop gas
gathering and compression assets and $5
million to develop our water services assets.
1.
|
Please see
"Supplemental Non-GAAP Financial Measures" for a description of
Adjusted EBITDA, distributable cash flow and related
reconciliations to comparable GAAP financial
measures.
|
Full-Year 2016 Financial Results
For the year ended December 31,
2016, gathering volumes averaged 983 MDth/d, a 52% increase
over the the prior year, with 27% attributable to third-party
volumes. Compression volumes averaged 572 MDth/d, a 794% increase
relative to the prior year, with 43% attributable to third-party
volumes. Fresh water delivery volumes were 1,253 MMgal, or an
average of 3.4 MMgal/d, with 11% attributable to third-party
volumes.
Operating revenues were $201.6 million, comprised
of $132.1 million in revenues from our gathering and
compression segment and $69.5 million in revenues from
our water services segment. Operation and maintenance expense
totaled $24.6 million, including
$8.0 million for gathering and
compression and $16.6 million for
water services. Net income was $121.6
million, or $1.46 per limited
partner unit. Adjusted EBITDA(1) was $158.4 million and, after giving effect to
$11.2 million of estimated
maintenance capital expenditures and cash interest expense of
$3.9 million, DCF(1) was
$143.2 million, resulting in a DCF
coverage ratio of 1.70x.
We invested approximately $104
million of net expansion capital, excluding acquisitions,
including $99 million to develop gas
gathering and compression assets and $5
million to develop our water services assets.
|
|
Average Daily
Throughput (MDth/d)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
Gathering
Assets
|
|
December 31,
2016
|
|
December 31,
2016
|
Affiliate
|
|
910
|
|
714
|
Third-party
|
|
293
|
|
269
|
Total
|
|
1,203
|
|
983
|
%
Third-party
|
|
24%
|
|
27%
|
|
|
|
|
Average Daily
Compression Volumes (MDth/d)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
Compression
Assets
|
|
December 31,
2016
|
|
December 31,
2016
|
Affiliate
|
|
531
|
|
327
|
Third-party
|
|
294
|
|
245
|
Total
|
|
825
|
|
572
|
%
Third-party
|
|
36%
|
|
43%
|
|
|
|
|
Average Water
Volumes (MMGal)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
Water Services
Assets
|
|
December 31,
2016
|
|
December 31,
2016
|
Pennsylvania
Water
|
|
149
|
|
521
|
Ohio Water
|
|
172
|
|
732
|
Total
|
|
321
|
|
1,253
|
%
Third-party
|
|
—%
|
|
11%
|
On October 19, 2016, concurrent with Rice
Energy's acquisition of Vantage Energy, we purchased
entities owning the Vantage Energy midstream assets
from Rice Energy for $600 million. The assets are
located in Greene County, Pennsylvania and include 30
miles of dry gas gathering and compression assets. In connection
with the acquisition, Rice Energy dedicated the
acquired 85,000 net acres to RMP to provide gas gathering,
compression and freshwater distribution services.
1.
|
Please see
"Supplemental Non-GAAP Financial Measures" for a description of
Adjusted EBITDA, distributable cash flow and related
reconciliations to comparable GAAP financial
measures.
|
Financial Position and Liquidity
As of December 31, 2016, we had
$660 million of availability on our
revolving credit facility and $22
million of cash on hand, resulting in $682 million of total liquidity to fund our 2017
capital budget. We exited the year with a low leverage of 1.1x net
debt to 2016 Adjusted EBITDA(1).
1.
|
Please see
"Supplemental Non-GAAP Financial Measures" for a description of
Adjusted EBITDA and related reconciliations to comparable GAAP
financial measures.
|
Quarterly Cash Distribution
On January 20, 2017, we declared a quarterly distribution
of $0.2505 per unit for the fourth
quarter 2016, an increase of $0.0135
per unit relative to third quarter 2016. The distribution was
payable on February 16, 2017 to unitholders of record as of
February 7, 2017.
Conference Call
RMP will host a conference call on February 23, 2017 at 11:00
a.m. Eastern time (10:00 a.m. Central
time) to discuss fourth quarter and full-year 2016 financial
and operating results. To listen to a live audio webcast of the
conference call, please visit RMP's website at
www.ricemidstream.com. A replay of the conference call will
be available following the call for two weeks and can be accessed
from RMP's homepage.
Rice Energy will host a conference call on February 23, 2017 at 10:00
a.m. Eastern time (9:00 a.m. Central
time) to discuss fourth quarter and full-year quarter 2016
financial and operating results and we encourage RMP investors to
listen-in. To listen to a live audio webcast of the conference
call, please visit Rice Energy's website at www.riceenergy.com. A
replay of the conference call will be available for two weeks and
can be accessed from Rice's homepage.
About Rice Midstream Partners
Rice Midstream Partners LP is a fee-based, growth-oriented
limited partnership formed by Rice Energy Inc. (NYSE: RICE) to own,
operate, develop and acquire midstream assets in the Appalachian
basin. RMP provides midstream services to Rice Energy and
third-party companies through its natural gas gathering,
compression and water assets in the rapidly developing dry gas
cores of the Marcellus and Utica Shales.
For more information, please visit our website at
www.ricemidstream.com.
Forward Looking Statements
This release includes forward-looking statements that are
subject to a number of risks and uncertainties, many of which are
beyond our control. All statements, other than historical facts
included in this release, that address activities, events or
developments that we expect or anticipate will or may occur in the
future, including such things as, forecasted gathering volumes,
revenues, Adjusted EBITDA, distribution growth, and distributable
cash flow, the timing of completion of midstream projects, future
capital expenditures (including the amount and nature thereof),
business strategy and measures to implement strategy, competitive
strengths, goals, expansion and growth of our business and
operations, plans, market conditions, references to future success,
references to intentions as to future matters and other such
matters are forward-looking statements. All forward-looking
statements speak only as of the date of this release. Although we
believe that the plans, intentions and expectations reflected in or
suggested by the forward-looking statements are reasonable, there
is no assurance that these plans, intentions or expectations will
be achieved. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in
such statements.
We caution you that these forward-looking statements are subject
to risks and uncertainties, most of which are difficult to predict
and many of which are beyond our control, incident to our gathering
and compression and water services businesses. These risks include,
but are not limited to: commodity price volatility; inflation;
environmental risks; regulatory changes; the uncertainty inherent
in projecting future throughput volumes, cash flow and access to
capital; and the timing of development expenditures of Rice
Energy or our other customers. Information concerning these
and other factors can be found in our filings with
the Securities and Exchange Commission, including our Forms
10-K, 10-Q and 8-K. Consequently, all of the forward-looking
statements made in this news release are qualified by these
cautionary statements and there can be no assurances that the
actual results or developments anticipated by us will be realized,
or even if realized, that they will have the expected consequences
to or effects on us, our business or operations. We have no
intention, and disclaim any obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future results or otherwise.
Rice Midstream
Partners LP
|
Statements of
Operations
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
(in thousands,
except per unit data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
Affiliate
|
|
$
|
46,993
|
|
|
$
|
21,379
|
|
|
$
|
152,260
|
|
|
$
|
93,668
|
|
Third-party
|
|
12,473
|
|
|
7,935
|
|
|
49,363
|
|
|
20,791
|
|
Total operating
revenues
|
|
59,466
|
|
|
29,314
|
|
|
201,623
|
|
|
114,459
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Operation and
maintenance expense
|
|
7,297
|
|
|
4,882
|
|
|
24,589
|
|
|
14,910
|
|
General and
administrative expense
|
|
6,022
|
|
|
3,072
|
|
|
18,759
|
|
|
13,394
|
|
Incentive unit
(income) expense (1)
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
1,044
|
|
Equity compensation
expense (1)
|
|
145
|
|
|
1,185
|
|
|
2,873
|
|
|
4,501
|
|
Depreciation
expense
|
|
7,456
|
|
|
5,944
|
|
|
25,170
|
|
|
16,399
|
|
Acquisition
costs
|
|
52
|
|
|
—
|
|
|
125
|
|
|
—
|
|
Amortization of
intangible assets
|
|
412
|
|
|
408
|
|
|
1,634
|
|
|
1,632
|
|
Other
expense
|
|
1,292
|
|
|
51
|
|
|
1,531
|
|
|
543
|
|
Total operating
expenses
|
|
22,676
|
|
|
15,538
|
|
|
74,681
|
|
|
52,423
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
36,790
|
|
|
13,776
|
|
|
126,942
|
|
|
62,036
|
|
Other (expense)
income
|
|
78
|
|
|
—
|
|
|
78
|
|
|
11
|
|
Interest expense
(1)
|
|
(1,562)
|
|
|
(1,094)
|
|
|
(3,931)
|
|
|
(3,164)
|
|
Amortization of
deferred finance costs
|
|
(1,046)
|
|
|
(144)
|
|
|
(1,479)
|
|
|
(576)
|
|
Income (loss) before
income taxes
|
|
34,260
|
|
|
12,538
|
|
|
121,610
|
|
|
58,307
|
|
Income tax
expense
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(5,812)
|
|
Net income
|
|
$
|
34,260
|
|
|
$
|
12,521
|
|
|
$
|
121,610
|
|
|
$
|
52,495
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
34,260
|
|
|
$
|
12,521
|
|
|
$
|
121,610
|
|
|
$
|
52,495
|
|
Less: Pre-acquisition
net income (loss) allocated to general partner
|
|
—
|
|
|
992
|
|
|
—
|
|
|
7,296
|
|
Less: General partner
interest in net income attributable to incentive distribution
rights
|
|
888
|
|
|
—
|
|
|
1,428
|
|
|
—
|
|
Net income
attributable to limited partners
|
|
$
|
33,372
|
|
|
$
|
11,529
|
|
|
$
|
120,182
|
|
|
$
|
45,199
|
|
|
|
|
|
|
|
|
|
|
Weighted average
limited partner units (in millions)
|
|
|
|
|
|
|
|
|
Common units
(basic)
|
|
72.0
|
|
|
36.5
|
|
|
52.8
|
|
|
30.7
|
|
Common units
(diluted)
|
|
72.2
|
|
|
36.7
|
|
|
53.1
|
|
|
30.8
|
|
Subordinated units
(basic and diluted)
|
|
28.8
|
|
|
28.8
|
|
|
28.8
|
|
|
28.8
|
|
Net income
attributable to RMP per limited partner unit
(2)
|
|
|
|
|
|
|
|
|
Common units
(basic)
|
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
1.46
|
|
|
$
|
0.76
|
|
Common units
(diluted)
|
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
1.45
|
|
|
$
|
0.76
|
|
Subordinated units
(basic and diluted)
|
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
1.50
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(3)
|
|
$
|
46,225
|
|
|
$
|
19,065
|
|
|
$
|
158,353
|
|
|
$
|
63,780
|
|
Distributable cash
flow (4)
|
|
$
|
41,863
|
|
|
$
|
16,997
|
|
|
$
|
143,222
|
|
|
$
|
56,944
|
|
|
|
|
|
|
|
|
|
|
Quarterly
distribution per unit
|
|
$
|
0.2505
|
|
|
$
|
0.1965
|
|
|
$
|
0.9210
|
|
|
$
|
0.7680
|
|
|
|
|
|
|
|
|
|
|
Distribution
declared:
|
|
|
|
|
|
|
|
|
Limited partner units
- Public
|
|
$
|
18,416
|
|
|
$
|
8,284
|
|
|
$
|
56,371
|
|
|
$
|
24,715
|
|
Limited partner units
- GP Holdings
|
|
7,204
|
|
|
5,651
|
|
|
26,485
|
|
|
22,086
|
|
General
Partner
|
|
888
|
|
|
—
|
|
|
1,429
|
|
|
—
|
|
Total distributions
declared
|
|
$
|
26,508
|
|
|
$
|
13,935
|
|
|
$
|
84,285
|
|
|
$
|
46,801
|
|
|
|
|
|
|
|
|
|
|
DCF coverage ratio
(5)
|
|
1.58
|
|
1.22
|
|
1.70
|
|
1.22
|
|
|
1.
|
Prior to their
acquisition by us, our water assets were allocated incentive unit
expense, equity compensation expense and interest expense initially
recognized by Rice Energy. These non-cash charges are described in
more detail in Note 9 to the consolidated financial statements in
our Form 10-K.
|
2.
|
Net income per
limited partner unit does not include results attributable to the
water assets prior to their acquisition as these results are not
attributable to our limited partners.
|
3.
|
We define Adjusted
EBITDA as net income (loss) before interest expense, depreciation
expense, amortization expense, non-cash equity compensation
expense, amortization of deferred financing costs and other
non-recurring items. Please read "Supplemental Non-GAAP Financial
Measures."
|
4.
|
We define
distributable cash flow as Adjusted EBITDA less interest expense,
and estimated maintenance capital expenditures. Please read
"Supplemental Non-GAAP Financial Measures."
|
5.
|
We define DCF
coverage ratio as distributable cash flow divided by total
distributions declared. Please read "Supplemental Non-GAAP
Financial Measures."
|
Rice Midstream
Partners LP
|
Segment Results of
Operations
|
(Unaudited)
|
|
Gathering and
Compression Segment
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2016
|
|
December 31,
2016
|
(in
thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Affiliate gathering
volumes (MDth/d)
|
910
|
|
|
577
|
|
|
714
|
|
|
547
|
|
Third-party gathering
volumes (MDth/d)
|
293
|
|
|
126
|
|
|
269
|
|
|
100
|
|
Total gathering
volumes (MDth/d)
|
1,203
|
|
|
703
|
|
|
983
|
|
|
647
|
|
|
|
|
|
|
|
|
|
Affiliate compression
volumes (MDth/d)
|
531
|
|
|
9
|
|
|
327
|
|
|
33
|
|
Third-party
compression volumes (MDth/d)
|
294
|
|
|
85
|
|
|
245
|
|
|
31
|
|
Total compression
volumes (MDth/d)
|
825
|
|
|
94
|
|
|
572
|
|
|
64
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
Affiliate
|
$
|
29,286
|
|
|
$
|
16,434
|
|
|
$
|
86,347
|
|
|
$
|
61,180
|
|
Third-party
|
12,473
|
|
|
4,739
|
|
|
45,752
|
|
|
16,031
|
|
Total operating
revenues
|
41,759
|
|
|
21,173
|
|
|
132,099
|
|
|
77,211
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Operation and
maintenance expense
|
2,897
|
|
|
2,021
|
|
|
7,987
|
|
|
6,006
|
|
General and
administrative expense
|
4,731
|
|
|
2,617
|
|
|
15,044
|
|
|
9,961
|
|
Equity compensation
expense
|
128
|
|
|
965
|
|
|
2,270
|
|
|
3,925
|
|
Depreciation
expense
|
3,814
|
|
|
1,778
|
|
|
10,840
|
|
|
6,310
|
|
Acquisition
costs
|
52
|
|
|
—
|
|
|
125
|
|
|
—
|
|
Amortization of
intangible assets
|
412
|
|
|
408
|
|
|
1,634
|
|
|
1,632
|
|
Other
expense
|
902
|
|
|
—
|
|
|
1,051
|
|
|
492
|
|
Total operating
expenses
|
12,936
|
|
|
7,789
|
|
|
38,951
|
|
|
28,326
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
28,823
|
|
|
$
|
13,384
|
|
|
$
|
93,148
|
|
|
$
|
48,885
|
|
Water Services
Segment
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
(in
thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Water service volumes
(MMgal)
|
321
|
|
|
202
|
|
|
1,253
|
|
|
777
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
Affiliate
|
$
|
17,707
|
|
|
$
|
4,945
|
|
|
$
|
65,913
|
|
|
$
|
32,488
|
|
Third-party
|
—
|
|
|
3,196
|
|
|
3,611
|
|
|
4,760
|
|
Total operating
revenues
|
17,707
|
|
|
8,141
|
|
|
69,524
|
|
|
37,248
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Operation and
maintenance expense
|
4,400
|
|
|
2,861
|
|
|
16,602
|
|
|
8,904
|
|
General and
administrative expense
|
1,291
|
|
|
455
|
|
|
3,714
|
|
|
3,433
|
|
Incentive unit
(income) expense
|
—
|
|
|
(4)
|
|
|
—
|
|
|
1,044
|
|
Equity compensation
expense
|
17
|
|
|
220
|
|
|
603
|
|
|
576
|
|
Depreciation
expense
|
3,642
|
|
|
4,166
|
|
|
14,330
|
|
|
10,089
|
|
Other operating
expense
|
390
|
|
|
51
|
|
|
480
|
|
|
51
|
|
Total operating
expenses
|
9,740
|
|
|
7,749
|
|
|
35,729
|
|
|
24,097
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
7,967
|
|
|
$
|
392
|
|
|
33,795
|
|
|
$
|
13,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rice Midstream Partners LP
Supplemental Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA, distributable cash flow and DCF coverage ratio
are non-GAAP supplemental financial measures that management and
external users of our consolidated financial statements, such as
industry analysts, investors, lenders and rating agencies, may use
to assess the financial performance of our assets, without regard
to financing methods, capital structure or historical cost basis;
our operating performance and return on capital as compared to
other companies in the midstream energy sector, without regard to
historical cost basis or, in the case of Adjusted EBITDA, financing
or capital structure; our ability to incur and service debt and
fund capital expenditures; the ability of our assets to generate
sufficient cash flow to make distributions to our unitholders; and
the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
We define Adjusted EBITDA as net income (loss) before
interest expense, depreciation expense, amortization of intangible
assets, non-cash equity compensation expense, amortization of
deferred financing costs and other non-recurring items.
Adjusted EBITDA is not a measure of net income as determined by
GAAP. We define distributable cash flow as Adjusted EBITDA less
cash interest expense, and estimated maintenance capital
expenditures. We define DCF coverage ratio as distributable cash
flow divided by total distributions declared. Distributable cash
flow does not reflect changes in working capital balances and is
not a presentation made in accordance with GAAP.
We believe that the presentation of Adjusted EBITDA,
distributable cash flow and DCF coverage ratio will provide useful
information to investors in assessing our financial condition and
results of operations. The GAAP measures most directly comparable
to Adjusted EBITDA and distributable cash flow are net income and
net cash provided by operating activities, respectively. Our
non-GAAP financial measures of Adjusted EBITDA and distributable
cash flow should not be considered as alternatives to GAAP net
income or net cash provided by operating activities. Each of
Adjusted EBITDA and distributable cash flow has important
limitations as an analytical tool because they exclude some but not
all items that affect net income and net cash provided by operating
activities. You should not consider Adjusted EBITDA, distributable
cash flow or DCF coverage ratio in isolation or as a substitute for
analysis of our results as reported under GAAP. Because Adjusted
EBITDA, distributable cash flow and DCF coverage ratio may be
defined differently by other companies in our industry, our
definitions of Adjusted EBITDA, distributable cash flow and DCF
coverage ratio may not be comparable to similarly titled measures
of other companies, thereby diminishing its utility.
|
Three Months
Ended
|
|
Year
Ended
|
(in
thousands)
|
December 31,
2016
|
|
December 31,
2016
|
Adjusted EBITDA
reconciliation to loss from continuing operations:
|
|
|
|
Net income
|
$
|
34,260
|
|
|
$
|
121,610
|
|
Interest expense
|
1,562
|
|
|
3,931
|
|
Depreciation
expense
|
7,456
|
|
|
25,170
|
|
Amortization of intangible
assets
|
412
|
|
|
1,634
|
|
Acquisition
costs
|
52
|
|
|
125
|
|
Non-cash equity compensation
expense
|
145
|
|
|
2,873
|
|
Amortization of deferred
financing costs
|
1,046
|
|
|
1,479
|
|
Other expense
|
1,292
|
|
|
1,531
|
|
Adjusted
EBITDA
|
$
|
46,225
|
|
|
$
|
158,353
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
46,225
|
|
|
$
|
158,353
|
|
Cash interest
expense
|
(1,562)
|
|
|
(3,931)
|
|
Estimated maintenance
capital expenditures
|
(2,800)
|
|
|
(11,200)
|
|
Distributable cash
flow
|
$
|
41,863
|
|
|
$
|
143,222
|
|
|
|
|
|
Total distributions
declared
|
$
|
26,508
|
|
|
$
|
84,285
|
|
DCF coverage
ratio
|
1.58
|
|
|
1.70
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA to Cash:
|
|
|
|
Adjusted
EBITDA
|
$
|
46,225
|
|
|
$
|
158,353
|
|
Interest
expense
|
(1,562)
|
|
|
(3,931)
|
|
Other income
(expense)
|
(1,292)
|
|
|
(1,531)
|
|
Acquisition
costs
|
(52)
|
|
|
(125)
|
|
Changes in operating
assets and liabilities which used cash
|
1,295
|
|
|
1,350
|
|
Net cash provided by
operating activities
|
$
|
44,614
|
|
|
$
|
154,116
|
|
Net cash used in
investing activities
|
(623,408)
|
|
|
(721,087)
|
|
Net cash provided by
financing activities
|
592,995
|
|
|
581,207
|
|
Net (decrease)
increase in cash
|
14,201
|
|
|
14,236
|
|
Cash at the beginning
of the period
|
7,634
|
|
|
7,597
|
|
Cash at the end of
the period
|
$
|
21,835
|
|
|
$
|
21,833
|
|
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SOURCE Rice Midstream Partners LP