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CONE Midstream Reports Fourth Quarter and Full Year 2016 Results and Announces 2017 Guidance

CANONSBURG, Pa., Feb. 16, 2017 (GLOBE NEWSWIRE) -- CONE Midstream Partners LP (NYSE:CNNX) (“CONE Midstream” or the “Partnership”) today reported financial and operational results for the three months and the full year ending December 31, 2016.(1) The Partnership also announced financial guidance for 2017.

Fourth Quarter Results

Highlights of fourth quarter 2016 results attributable to the Partnership as compared to the fourth quarter of 2015 include:

  • Net income of $24.8 million as compared to $22.5 million
  • Average daily throughput volumes of 933 billion Btu per day (BBtu/d) as compared to 760 BBtu/d
  • Net cash provided by operating activities of $37.2 million as compared to $16.7 million
  • Adjusted EBITDA(2) of $29.1 million as compared to $25.2 million
  • Distributable cash flow (DCF)(2) of $24.7 million as compared to $22.4 million
  • Cash distribution coverage(2) of 1.37x on an as declared basis

Full Year 2016 Results

Highlights of full year 2016 results attributable to the Partnership as compared to full year 2015 include:

  • Net income of $96.5 million as compared to $71.2 million
  • Net cash provided by operating activities of $160.1 million as compared to $116.0 million
  • Adjusted EBITDA(2) of $110.5 million as compared to $80.3 million
  • Distributable cash flow (DCF)(2) of $96.2 million as compared to $70.9 million

Management Comment

"Our fourth quarter capped another year of growth and strong financial and operating performance for CONE Midstream," said John T. Lewis, Chief Executive Officer of CONE Midstream GP LLC (the "General Partner"). "For the full year 2016, CNNX reported a 35% increase in net income, a 38% increase in net cash provided by operating activities, a 38% increase in Adjusted EBITDA over 2015 results, and distributable cash flow for the year grew by 36%. Our cash distribution with respect to the fourth quarter of $0.2724 per unit represents a 15.3% increase over the distribution paid with respect to the fourth quarter of 2015.

"In addition, the quarter saw two significant events for CONE," continued Mr. Lewis. "We completed the acquisition of the remaining interest in the Anchor Systems, which will provide additional support for distribution growth for the future. Also, our Sponsors announced and closed a transaction to separate their upstream joint venture, allowing each Sponsor to have more flexibility in the timing and pace of development."

Quarterly Distribution

As previously announced, the Board of Directors of the General Partner declared a quarterly cash distribution of $0.2724 per unit with respect to the fourth quarter of 2016. The distribution payment was made on February 14, 2017 to unitholders of record on February 6, 2017. The distribution, which equates to an annual rate of $1.0896 per unit, represents an increase of 3.6% over the third quarter of 2016 and an increase of 15.3% over the distribution paid with respect to the fourth quarter of 2015.

Capital Investment and Resources

CONE Midstream's allocated fourth quarter 2016 share of investment in expansion projects was $4.8 million. Total expansion capital investment at the three development companies in which CONE Midstream holds controlling interests was $4.9 million. CONE Midstream's respective share of maintenance capital expenditures for the three development companies for fourth quarter 2016 was $3.8 million. Maintenance capital expenditures in the aggregate for the development companies in which CONE Midstream holds controlling interests totaled $5.3 million.

As of December 31, 2016, CONE Midstream had outstanding borrowings of $167 million under its $250 million revolving credit facility.

2017 Guidance

Based on current expectations, management is providing the following guidance for 2017. Full year 2017 Adjusted EBITDA(2) attributable to the Partnership is expected to be in the range of $128 to $138 million and full year distributable cash flow(2) attributable to the Partnership is expected to be in the range of $105 to $115 million. Management currently anticipates that 2017 capital expenditures attributable to the Partnership will be in the range of $65 to $75 million, of which approximately $17 to $18 million will be for maintenance capital.

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, including capital expenditure plans, are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.

Fourth Quarter and Full Year 2016 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss fourth quarter and full year 2016 financial and operational results and guidance for 2017, is scheduled for February 16, 2017 at 11:00 a.m. Eastern Time. Prepared remarks by members of management will be followed by a question and answer period. Interested parties may listen via webcast at http://services.choruscall.com/links/cnnx170216.html. Participants who would like to ask questions may join the conference by phone at 888-349-0097 (international 412-902-0126) 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/cnnx170216.html shortly after the conclusion of the conference call. A telephonic replay will be available through March 2, 2017 by dialing 877-344-7529 (international: 412-317-0088) and using the conference playback number 10099756.

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(1) Unless otherwise indicated, the reporting measures included in this news release reflect the unallocated total activity of the three development companies that have been jointly owned by the Partnership and CONE Gathering LLC (“CONE Gathering”) since completion of the Partnership’s initial public offering ("IPO") in September 2014. Effective November 16, 2016, the Partnership acquired the remaining 25% controlling interest in the Anchor Systems, which brought its controlling interest in that system to 100%. The Partnership's current financial interests in the development companies are: 100% in the Anchor Systems, 5% in the Growth Systems, and 5% in the Additional Systems. Because the Partnership owns a controlling interest in each of the three development companies, it fully consolidates their financial results. CONE Gathering is a midstream joint venture formed by CONSOL Energy Inc. and Noble Energy, Inc. that continues to own noncontrolling interests in two of the Partnership’s development companies.

(2) Adjusted EBITDA, DCF and cash distribution coverage are not Generally Accepted Accounting Principles (“GAAP”) measures. Definitions and reconciliations of these non-GAAP measures to their nearest comparable GAAP reporting measures appear in the financial tables which follow.

* * * * *

CONE Midstream Partners 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.

* * * * *

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 "will," "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. You should not place undue reliance on 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. You should not place undue reliance on forward-looking statements.

Although forward-looking statements reflect our good faith beliefs at the time they are made, they involve known and unknown risks, uncertainties and other factors. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, including, among others, that our business plans may change as circumstances warrant, please refer to the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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
December 31,
Twelve Months Ended
December 31,
2016 2015 2016 2015
Revenue
Gathering revenue — related party $57,827 $58,785 $239,211 $203,423
Total Revenue 57,827 58,785 239,211 203,423
Expenses
Operating expense — third party 6,084 6,781 30,405 28,987
Operating expense — related party 7,140 7,858 29,771 29,937
General and administrative expense — third party 1,978 911 5,174 4,444
General and administrative expense — related party 4,135 2,251 10,656 8,636
Pipe revaluation 10,083
Depreciation expense 5,818 4,623 21,201 15,053
Interest expense 694 565 1,799 835
Total Expense 25,849 22,989 109,089 87,892
Net Income 31,978 35,796 130,122 115,531
Less: Net income attributable to noncontrolling interest 7,130 13,330 33,636 44,284
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $24,848 $22,466 $96,486 $71,247
Calculation of Limited Partner Interest in Net Income:
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP $24,848 $22,466 $96,486 $71,247
Less: General partner interest in net income, including incentive distribution rights 1,093 449 2,526 1,425
Limited partner interest in net income $23,755 $22,017 $93,960 $69,822
Net income per limited partner unit - Basic $0.38 $0.38 $1.59 $1.20
Net Income per limited partner unit - Diluted $0.38 $0.38 $1.58 $1.20
Limited partner unit outstanding - Basic 61,799 58,326 59,207 58,326
Limited partner unit outstanding - Diluted 61,911 58,337 59,289 58,340


CONE MIDSTREAM PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of units)
(Unaudited)
December 31,
2016
December 31,
2015
ASSETS
Current Assets:
Cash $6,421 $217
Receivables — related party 22,434 36,418
Inventory 18,916
Other current assets 2,181 2,037
Total Current Assets 31,036 57,588
Property and Equipment:
Property and equipment 930,732 897,918
Less — accumulated depreciation 52,172 31,609
Property and Equipment — Net 878,560 866,309
Other assets 8,961 528
TOTAL ASSETS $918,557 $924,425
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable $18,007 $46,155
Accounts payable — related party 8,289 1,628
Total Current Liabilities 26,296 47,783
Other Liabilities:
Revolving credit facility 167,000 73,500
Total Liabilities 193,296 121,283
Partners' Capital:
Common units - (34,363,371 units issued and outstanding at December 31, 2016 and 29,163,121 units issued and outstanding at December 31, 2015) 418,352 399,399
Subordinated units (29,163,121 units issued and outstanding at December 31, 2016 and 2015) (65,986) (82,900)
General partner interest (2,311) (3,389)
Partners' capital attributable to CONE Midstream Partners LP 350,055 313,110
Noncontrolling interest 375,206 490,032
Total Partners' Capital 725,261 803,142
TOTAL LIABILITIES AND PARTNERS' CAPITAL $918,557 $924,425


CONE MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2016 2015
(Unaudited)
Cash Flows from Operating Activities:
Net Income$130,122 $115,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense and amortization of debt issuance costs21,364 15,217
Unit-based compensation775 402
Pipe revaluation10,083
Other695
Changes in assets and liabilities:
Receivables — related party7,265 (3,148)
Other current and non-current assets(144) (673)
Accounts payable(16,691) (10,954)
Accounts payable - related party6,620 (358)
Net Cash Provided by Operating Activities160,089 116,017
Cash Flows from Investing Activities:
Capital expenditures(50,660) (291,211)
Proceeds from sale of assets5,332
Net Cash Used in Investing Activities(45,328) (291,211)
Cash Flows from Financing Activities:
Partner and noncontrolling interest holder activity(2,344) 182,053
Quarterly distribution to unitholders(59,690) (52,094)
Net proceeds on revolving credit facility93,500 42,200
Vested units withheld for unitholder taxes(23)
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems (140,000)
Net Cash (Used In) Provided by Financing Activities(108,557) 172,159
Net Increase (Decrease) in Cash6,204 (3,035)
Cash at Beginning of Period217 3,252
Cash at End of Period$6,421 $217


CONE MIDSTREAM PARTNERS LP
SUPPLEMENTAL STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended December 31,
2016 2015
Cash Flows from Operating Activities:
Net income$31,978 $35,796
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense and amortization of debt issuance costs5,857 4,664
Unit-based compensation198 92
Other115
Changes in assets and liabilities:
Receivables — related party(2,146) (2,046)
Other current and non-current assets(750) (1,133)
Accounts payable(4,728) (15,482)
Accounts payable — related party6,627 (5,142)
Net Cash Provided by Operating Activities37,151 16,749
Cash Flows from Investing Activities:
Capital expenditures(10,194) (58,261)
Proceeds from sale of assets5,095
Net Cash Used in Investing Activities(5,099) (58,261)
Cash Flows from Financing Activities:
Partners and noncontrolling interest holders activity 37,093
Quarterly distribution to unitholders
(15,827) (13,569)
Net proceeds on revolver credit facility126,000 17,000
Acquisition of remaining 25.0% noncontrolling interest in the Anchor Systems (140,000)
Net Cash (Used In) Provided By Financing Activities(29,827) 40,524
Net Increase (Decrease) in Cash2,225 (988)
Cash at Beginning of Period4,196 1,205
Cash at End of Period$6,421 $217

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

Definition of 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 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 herein 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 release 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.

CONE MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
(in thousands)
(unaudited)

The following table presents a reconciliation of the non-GAAP measures Adjusted EBITDA and distributable cash flow with the most directly comparable GAAP financial measures of net income and net cash provided by operating activities.

Three Months Ended December 31, Twelve Months Ended December 31,
2016 2015 2016 2015
Net Income $31,978 $35,796 $130,122 $115,531
Depreciation expense 5,818 4,623 21,201 15,053
Interest expense 694 565 1,799 835
EBITDA 38,490 40,984 153,122 131,419
Non-cash unit-based compensation 198 92 775 402
Pipe revaluation 10,083
Adjusted EBITDA 38,688 41,076 163,980 131,821
Less:
Net income attributable to noncontrolling interest 7,130 13,330 33,636 44,284
Depreciation expense attributable to noncontrolling interest 2,313 2,246 9,597 6,799
Other expenses attributable to noncontrolling interest 100 331 621 428
Pipe revaluation attributable to noncontrolling interest 9,579
Adjusted EBITDA attributable to general and limited partner ownership interest in CONE Midstream Partners LP $29,145 $25,169 $110,547 $80,310
Less: cash interest paid, net 628 234 1,310 407
Less: ongoing maintenance capital expenditures, net of expected reimbursements 3,837 2,554 13,071 8,984
Distributable Cash Flow $24,680 $22,381 $96,166 $70,919
Net Cash Provided by Operating Activities $37,151 $16,749 $160,089 $116,017
Interest expense 694 565 1,799 835
Pipe revaluation 10,083
Other, including changes in working capital 843 23,762 (7,991) 14,969
Adjusted EBITDA 38,688 41,076 163,980 131,821
Less:
Net income attributable to noncontrolling interest 7,130 13,330 33,636 44,284
Depreciation expense attributable to noncontrolling interest 2,313 2,246 9,597 6,799
Other expenses attributable to noncontrolling interest 100 331 621 428
Pipe revaluation attributable to noncontrolling interest 9,579
Adjusted EBITDA attributable to general and limited partner ownership interest in CONE Midstream Partners LP $29,145 $25,169 $110,547 $80,310
Less: cash interest paid, net 628 234 1,310 407
Less: ongoing maintenance capital expenditures, net of expected reimbursements 3,837 2,554 13,071 8,984
Distributable Cash Flow $24,680 $22,381 $96,166 $70,919

The following table presents a reconciliation of the non-GAAP measures 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)Q1 2016 Q2 2016 Q3 2016 Q4 2016 Twelve
Months
Ended
December
31, 2016
Net Income$37,295 $24,468 $36,381 $31,978 $130,122
Depreciation expense4,839 5,152 5,392 5,818 21,201
Interest expense419 381 305 694 1,799
EBITDA42,553 30,001 42,078 38,490 153,122
Non-cash unit-based compensation expense136 219 222 198 775
Pipe revaluation 10,083 10,083
Adjusted EBITDA42,689 40,303 42,300 38,688 163,980
Less:
Net income attributable to noncontrolling interest12,505 1,251 12,750 7,130 33,636
Depreciation expenses attributable to noncontrolling interest2,286 2,409 2,589 2,313 9,597
Other expenses attributable to noncontrolling interest189 127 205 100 621
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$27,709 $26,937 $26,756 $29,145 $110,547
Less: cash interest paid, net230 254 198 628 1,310
Less: ongoing maintenance capital expenditures, net of expected reimbursements2,839 3,112 3,283 3,837 13,071
Distributable Cash Flow$24,640 $23,571 $23,275 $24,680 $96,166
Net Cash Provided by Operating Activities$41,180 $41,777 $39,981 $37,151 $160,089
Interest expense419 381 305 694 1,799
Pipe revaluation 10,083 10,083
Other, including changes in working capital1,090 (11,938) 2,014 843 (7,991)
Adjusted EBITDA42,689 40,303 42,300 38,688 163,980
Less:
Net income attributable to noncontrolling interest12,505 1,251 12,750 7,130 33,636
Depreciation expense attributable to noncontrolling interest2,286 2,409 2,589 2,313 9,597
Other expenses attributable to noncontrolling interest189 127 205 100 621
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$27,709 $26,937 $26,756 $29,145 $110,547
Less: cash interest paid, net230 254 198 628 1,310
Less: ongoing maintenance capital expenditures, net of expected reimbursements2,839 3,112 3,283 3,837 13,071
Distributable Cash Flow$24,640 $23,571 $23,275 $24,680 $96,166
Distributions Declared$14,591 $15,209 $15,827 $18,004 $63,631
Distribution Coverage Ratio - Declared1.69x 1.55x 1.47x 1.37x 1.51x
Distributable Cash Flow$24,640 $23,571 $23,275 $24,680 $96,166
Distributions Paid$14,062 $14,591 $15,209 $15,827 $59,689
Distribution Coverage Ratio - Paid1.75x 1.62x 1.53x 1.56x 1.61x


Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
Three Months Ended December 31, 2016
Development Company
Anchor Growth Additional TOTAL
Income Summary
Revenue$48,728 $2,173 $6,926 $57,827
Expenses20,013 1,593 4,243 25,849
Net Income28,715 580 2,683 31,978
Less: Net income attributable to noncontrolling interest4,030 551 2,549 7,130
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$24,685 $29 $134 $24,848
Operating Statistics - Gathered Volumes
Dry gas (BBtu/d)665 59 26 750
Wet gas (BBtu/d)387 5 155 547
Condensate (Bcfe/d)4 4 8
Total Gathered Volumes1,056 64 185 1,305
Total Volumes Net to CONE Midstream Partners LP921 3 9 933
Capital Investment
Maintenance capital$4,328 $271 $715 $5,314
Expansion capital5,696 125 (941) 4,880
Total Capital Investment$10,024 $396 $(226) $10,194
Capital Investment Net to CONE Midstream Partners LP
Maintenance capital$3,787 $14 $36 $3,837
Expansion capital4,803 6 (47) 4,762
Total Capital Investment Net to CONE Midstream Partners LP$8,590 $20 $(11) $8,599


Development Companies Jointly Owned by CONE Gathering LLC and CONE Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(in thousands)
(unaudited)
Three Months Ended December 31, 2015
Development Company
Anchor Growth Additional TOTAL
Income Summary
Revenue$46,063 $3,080 $9,642 $58,785
Expenses16,525 1,546 4,918 22,989
Net Income29,538 1,534 4,724 35,796
Less: Net income attributable to noncontrolling interest7,385 1,457 4,488 13,330
Net Income Attributable to General and Limited Partner Ownership Interest in CONE Midstream Partners LP$22,153 $77 $236 $22,466
Operating Statistics - Gathered Volumes
Dry gas (BBtu/d)614 73 11 698
Wet gas (BBtu/d)372 8 196 576
Condensate (Bcfe/d)7 10 17
Total Gathered Volumes993 81 217 1,291
Total Volumes Net to CONE Midstream Partners LP745 4 11 760
Capital Investment
Maintenance capital$3,333 $352 $725 $4,410
Expansion capital29,034 188 24,629 53,851
Total Capital Investment$32,367 $540 $25,354 $58,261
Capital Investment Net to CONE Midstream Partners LP
Maintenance capital$2,500 $18 $36 $2,554
Expansion capital21,776 9 1,231 23,016
Total Capital Investment Net to CONE Midstream Partners LP$24,276 $27 $1,267 $25,570


Contact: Stephen R. Milbourne CONE Investor Relations Phone: 724-485-4408 Email: smilbourne@conemidstream.com

Source:CONE Midstream Partners