We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Archrock Partners, L.P. Representing Limited Partner Interests (delisted) | NASDAQ:APLP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.30 | 15.05 | 15.30 | 0 | 01:00:00 |
|
Delaware
|
22-3935108
|
||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
|
Trading Symbol
|
|
Name of exchange on which registered
|
None
|
|
N/A
|
|
N/A
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
Page
|
|
|
|
|
|
|
2018 Form 10-K
|
Archrock Partners, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2018
|
2021 Notes
|
$350.0 million of 6% senior notes due April 2021, issued in March 2013
|
2022 Notes
|
$350.0 million of 6% senior notes due October 2022, issued in April 2014
|
2027 Notes
|
$500.0 million of 6.875% senior notes due April 2027, issued in March 2019
|
Amendment No. 1
|
Amendment No. 1 to Credit Agreement dated February 23, 2018, which amended that certain Credit Agreement, dated as of March 30, 2017, which governs the Credit Facility
|
Archrock
|
Prior to the Merger: Archrock, Inc., individually and together with its wholly-owned subsidiaries
Subsequent to the Merger: Archrock, Inc., individually and together with its wholly-owned subsidiaries, excluding the Partnership
|
ASC 606 Revenue
|
Accounting Standards Codification Topic 606 Revenue from Contracts with Customers
|
ASC 842 Leases
|
Accounting Standards Codification Topic 842 Leases
|
ASU 2016-13
|
Accounting Standards Update No. 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
|
ASU 2017-12
|
Accounting Standards Update No. 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
|
ASU 2018-13
|
Accounting Standards Update No. 2018-13 Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement
|
Credit Facility
|
$1.25 billion asset-based revolving credit facility due March 2022, as amended by Amendment No. 1
|
EBITDA
|
Earnings before interest, taxes, depreciation and amortization
|
Elite Acquisition
|
Transaction expected to close in the third quarter of 2019 pursuant to the Asset Purchase Agreement entered into by Archrock and Elite Compression on June 23, 2019
|
Elite Compression
|
Elite Compression Services, LLC
|
Exchange Act
|
Securities Exchange Act of 1934, as amended
|
FASB
|
Financial Accounting Standards Board
|
Financial Statements
|
Condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q
|
GAAP
|
U.S. generally accepted accounting principles
|
General Partner
|
Archrock General Partner, L.P., the Partnership’s general partner, and an indirect, wholly-owned subsidiary of Archrock
|
Harvest
|
Harvest Four Corners, LLC
|
Harvest Sale
|
Transaction expected to close in the third quarter of 2019 pursuant to the Asset Purchase Agreement entered into by Archrock and Harvest on June 23, 2019
|
Hilcorp
|
Hilcorp Energy Company
|
Merger
|
Transaction completed on April 26, 2018 in which Archrock acquired all of the Partnership’s outstanding common units not already owned by Archrock pursuant to the Agreement and Plan of Merger, dated as of January 1, 2018, among Archrock and the Partnership, which was amended by Amendment No. 1 to Agreement and Plan of Merger on January 11, 2018
|
Omnibus Agreement
|
Partnership’s Fifth Amended and Restated Omnibus Agreement with certain Archrock entities, dated as of April 26, 2018, which governs various services and transactions that may occur between the Partnership and Archrock
|
Partnership, we, our, us
|
Archrock Partners, L.P., together with its subsidiaries
|
Revolving Loan Agreement
|
Agreement dated April 26, 2018 among the Partnership and Archrock under which the Partnership may make loans to Archrock
|
ROU
|
Right-of-use, as related to the new lease model under ASC 842 Leases
|
SEC
|
U.S. Securities and Exchange Commission
|
Securities Act
|
Securities Act of 1933, as amended
|
SG&A
|
Selling, general and administrative
|
U.S.
|
United States of America
|
•
|
the risk that cost savings, tax benefits and any other synergies from the Merger may not be fully realized or may take longer to realize than expected;
|
•
|
conditions in the oil and natural gas industry, including the level of production of, demand for or price of oil or natural gas;
|
•
|
our reduced profit margins or the loss of market share resulting from competition or the introduction of competing technologies by other companies;
|
•
|
our dependence on Archrock to provide personnel and services, including its ability to hire, train and retain key employees and to cost-effectively perform the services necessary to conduct our business;
|
•
|
changes in economic or political conditions, including terrorism and legislative changes;
|
•
|
the inherent risks associated with our operations, such as equipment defects, impairments, malfunctions and natural disasters;
|
•
|
the risk that counterparties will not perform their obligations under our financial instruments;
|
•
|
the financial condition of our customers;
|
•
|
our ability to implement certain business and financial objectives, such as:
|
–
|
winning profitable new business;
|
–
|
growing our asset base and enhancing asset utilization;
|
–
|
integrating acquired businesses;
|
–
|
generating sufficient cash; and
|
–
|
accessing the capital markets at an acceptable cost;
|
•
|
liability related to the use of our services;
|
•
|
changes in governmental safety, health, environmental or other regulations, which could require us to make significant expenditures; and
|
•
|
our level of indebtedness and ability to fund our business.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
229
|
|
|
$
|
264
|
|
Accounts receivable, trade, net of allowance of $1,064 and $1,253, respectively
|
84,003
|
|
|
80,606
|
|
||
Tax refund receivable
|
—
|
|
|
14,000
|
|
||
Derivative asset
|
336
|
|
|
3,185
|
|
||
Other current assets
|
81
|
|
|
123
|
|
||
Total current assets
|
84,649
|
|
|
98,178
|
|
||
Property, plant and equipment
|
3,106,909
|
|
|
2,933,568
|
|
||
Accumulated depreciation
|
(1,084,111
|
)
|
|
(1,042,182
|
)
|
||
Property, plant and equipment, net
|
2,022,798
|
|
|
1,891,386
|
|
||
Intangible assets, net
|
38,903
|
|
|
45,839
|
|
||
Contract costs, net
|
35,901
|
|
|
32,220
|
|
||
Loan receivable due from Archrock
|
9,500
|
|
|
20,000
|
|
||
Other assets
|
11,585
|
|
|
17,801
|
|
||
Total assets
|
$
|
2,203,336
|
|
|
$
|
2,105,424
|
|
|
|
|
|
||||
Liabilities and Partners’ Capital
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable, trade
|
$
|
10,158
|
|
|
$
|
10,646
|
|
Accrued liabilities
|
11,968
|
|
|
10,129
|
|
||
Deferred revenue
|
9,036
|
|
|
9,577
|
|
||
Accrued interest
|
17,249
|
|
|
11,999
|
|
||
Due to Archrock, net
|
1,132
|
|
|
17,251
|
|
||
Total current liabilities
|
49,543
|
|
|
59,602
|
|
||
Long-term debt
|
1,628,814
|
|
|
1,529,501
|
|
||
Other liabilities
|
11,837
|
|
|
9,175
|
|
||
Total liabilities
|
1,690,194
|
|
|
1,598,278
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
|
|||
Common units: 70,231,036 issued and outstanding
|
502,504
|
|
|
488,209
|
|
||
General partner units: 1,422,458 issued and outstanding
|
11,876
|
|
|
11,630
|
|
||
Accumulated other comprehensive income (loss)
|
(1,238
|
)
|
|
7,307
|
|
||
Total partners’ capital
|
513,142
|
|
|
507,146
|
|
||
Total liabilities and partners’ capital
|
$
|
2,203,336
|
|
|
$
|
2,105,424
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
$
|
169,384
|
|
|
$
|
150,866
|
|
|
$
|
335,103
|
|
|
$
|
297,868
|
|
Cost of sales (excluding depreciation and amortization)
|
64,343
|
|
|
60,226
|
|
|
132,067
|
|
|
116,528
|
|
||||
Selling, general and administrative
|
21,502
|
|
|
19,344
|
|
|
42,609
|
|
|
39,145
|
|
||||
Depreciation and amortization
|
36,439
|
|
|
33,898
|
|
|
71,815
|
|
|
68,224
|
|
||||
Long-lived asset impairment
|
3,621
|
|
|
3,846
|
|
|
6,305
|
|
|
6,912
|
|
||||
Interest expense, net
|
25,720
|
|
|
22,542
|
|
|
49,148
|
|
|
44,151
|
|
||||
Debt extinguishment loss
|
3,653
|
|
|
—
|
|
|
3,653
|
|
|
—
|
|
||||
Transaction-related costs
|
2,292
|
|
|
1,340
|
|
|
2,292
|
|
|
2,716
|
|
||||
Other income, net
|
(1,413
|
)
|
|
(394
|
)
|
|
(861
|
)
|
|
(681
|
)
|
||||
Income before income taxes
|
13,227
|
|
|
10,064
|
|
|
28,075
|
|
|
20,873
|
|
||||
Provision for (benefit from) income taxes
|
586
|
|
|
(417
|
)
|
|
1,115
|
|
|
102
|
|
||||
Net income
|
$
|
12,641
|
|
|
$
|
10,481
|
|
|
$
|
26,960
|
|
|
$
|
20,771
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
12,641
|
|
|
$
|
10,481
|
|
|
$
|
26,960
|
|
|
$
|
20,771
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap gain (loss), net of reclassifications to earnings
|
(5,320
|
)
|
|
2,178
|
|
|
(8,545
|
)
|
|
7,163
|
|
||||
Amortization of terminated interest rate swaps
|
—
|
|
|
61
|
|
|
—
|
|
|
227
|
|
||||
Total other comprehensive income (loss)
|
(5,320
|
)
|
|
2,239
|
|
|
(8,545
|
)
|
|
7,390
|
|
||||
Comprehensive income
|
$
|
7,321
|
|
|
$
|
12,720
|
|
|
$
|
18,415
|
|
|
$
|
28,161
|
|
|
Partners’ Capital
|
|
Treasury Units
|
|
Accumulated
Other Comprehensive Income (Loss)
|
|
|
|||||||||||||||||||||
|
Common Units
|
|
General Partner Units
|
|
|
|
|
|||||||||||||||||||||
|
Amount
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Units
|
|
|
Total
|
||||||||||||||
Balance at April 1, 2018
|
$
|
506,035
|
|
|
70,363,681
|
|
|
$
|
11,650
|
|
|
1,422,458
|
|
|
$
|
(2,591
|
)
|
|
(132,645
|
)
|
|
$
|
9,627
|
|
|
$
|
524,721
|
|
Distribution of capital, net
|
(321
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(321
|
)
|
|||||||||||
Cash distributions ($0.221 per common unit)
|
(15,521
|
)
|
|
|
|
(315
|
)
|
|
|
|
|
|
|
|
|
|
(15,836
|
)
|
||||||||||
Merger-related adjustments
|
(2,591
|
)
|
|
(132,645
|
)
|
|
|
|
|
|
2,591
|
|
|
132,645
|
|
|
|
|
—
|
|
||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
10,273
|
|
|
|
|
208
|
|
|
|
|
|
|
|
|
|
|
10,481
|
|
||||||||||
Interest rate swap gain, net of reclassifications to earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
2,178
|
|
|
2,178
|
|
|||||||||||
Amortization of terminated interest rate swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
|
61
|
|
|||||||||||
Balance at June 30, 2018
|
$
|
497,875
|
|
|
70,231,036
|
|
|
$
|
11,543
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
11,866
|
|
|
$
|
521,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at April 1, 2019
|
$
|
506,032
|
|
|
70,231,036
|
|
|
$
|
11,933
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
4,082
|
|
|
$
|
522,047
|
|
Distribution of capital, net
|
(1,488
|
)
|
|
|
|
(54
|
)
|
|
|
|
|
|
|
|
|
|
(1,542
|
)
|
||||||||||
Contribution of capital - excess of fair market value of equipment sold to Archrock over equipment purchased from Archrock
|
2,427
|
|
|
|
|
86
|
|
|
|
|
|
|
|
|
|
|
2,513
|
|
||||||||||
Cash distributions ($0.240 per common unit)
|
(16,856
|
)
|
|
|
|
(341
|
)
|
|
|
|
|
|
|
|
|
|
(17,197
|
)
|
||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
12,389
|
|
|
|
|
252
|
|
|
|
|
|
|
|
|
|
|
12,641
|
|
||||||||||
Interest rate swap loss, net of reclassifications to earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,320
|
)
|
|
(5,320
|
)
|
|||||||||||
Balance at June 30, 2019
|
$
|
502,504
|
|
|
70,231,036
|
|
|
$
|
11,876
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
(1,238
|
)
|
|
$
|
513,142
|
|
|
Partners’ Capital
|
|
Treasury Units
|
|
Accumulated
Other Comprehensive Income (Loss)
|
|
|
|||||||||||||||||||||
|
Common Units
|
|
General Partner Units
|
|
|
|
|
|||||||||||||||||||||
|
Amount
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Units
|
|
|
Total
|
||||||||||||||
Balance at January 1, 2018
|
$
|
501,023
|
|
|
70,310,590
|
|
|
$
|
11,582
|
|
|
1,421,768
|
|
|
$
|
(2,341
|
)
|
|
(113,609
|
)
|
|
$
|
4,476
|
|
|
$
|
514,740
|
|
Issuance of common units for vesting of phantom units
|
|
|
53,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Treasury units purchased
|
|
|
|
|
|
|
|
|
(250
|
)
|
|
(19,036
|
)
|
|
|
|
(250
|
)
|
||||||||||
Issuance of general partner units
|
|
|
|
|
9
|
|
|
690
|
|
|
|
|
|
|
|
|
9
|
|
||||||||||
Contribution of capital, net
|
1,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,504
|
|
|||||||||||
Cash distributions ($0.506 per common unit)
|
(35,571
|
)
|
|
|
|
(720
|
)
|
|
|
|
|
|
|
|
|
|
(36,291
|
)
|
||||||||||
Unit-based compensation expense
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
314
|
|
|||||||||||
Impact of adoption of ASC 606 Revenue
|
12,462
|
|
|
|
|
252
|
|
|
|
|
|
|
|
|
|
|
12,714
|
|
||||||||||
Impact of adoption of ASU 2017-12
|
375
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
383
|
|
||||||||||
Merger-related adjustments
|
(2,591
|
)
|
|
(132,645
|
)
|
|
|
|
|
|
2,591
|
|
|
132,645
|
|
|
|
|
—
|
|
||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
20,359
|
|
|
|
|
412
|
|
|
|
|
|
|
|
|
|
|
20,771
|
|
||||||||||
Interest rate swap gain, net of reclassifications to earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
7,163
|
|
|
7,163
|
|
|||||||||||
Amortization of terminated interest rate swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
227
|
|
|
227
|
|
|||||||||||
Balance at June 30, 2018
|
$
|
497,875
|
|
|
70,231,036
|
|
|
$
|
11,543
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
11,866
|
|
|
$
|
521,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at January 1, 2019
|
$
|
488,209
|
|
|
70,231,036
|
|
|
$
|
11,630
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
7,307
|
|
|
$
|
507,146
|
|
Distribution of capital, net
|
(3,268
|
)
|
|
|
|
(110
|
)
|
|
|
|
|
|
|
|
|
|
(3,378
|
)
|
||||||||||
Contribution of capital - excess of fair market value of equipment sold to Archrock over equipment purchased from Archrock
|
4,267
|
|
|
|
|
86
|
|
|
|
|
|
|
|
|
|
|
4,353
|
|
||||||||||
Cash distributions ($0.480 per common unit)
|
(33,711
|
)
|
|
|
|
(683
|
)
|
|
|
|
|
|
|
|
|
|
(34,394
|
)
|
||||||||||
Cash contributions from Archrock
|
20,583
|
|
|
|
|
417
|
|
|
|
|
|
|
|
|
|
|
21,000
|
|
||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
26,424
|
|
|
|
|
536
|
|
|
|
|
|
|
|
|
|
|
26,960
|
|
||||||||||
Interest rate swap loss, net of reclassifications to earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,545
|
)
|
|
(8,545
|
)
|
|||||||||||
Balance at June 30, 2019
|
$
|
502,504
|
|
|
70,231,036
|
|
|
$
|
11,876
|
|
|
1,422,458
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
(1,238
|
)
|
|
$
|
513,142
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
26,960
|
|
|
$
|
20,771
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
71,815
|
|
|
68,224
|
|
||
Long-lived asset impairment
|
6,305
|
|
|
6,912
|
|
||
Amortization of deferred financing costs
|
3,041
|
|
|
2,862
|
|
||
Amortization of debt discount
|
545
|
|
|
694
|
|
||
Amortization of terminated interest rate swaps
|
—
|
|
|
227
|
|
||
Debt extinguishment loss
|
3,653
|
|
|
—
|
|
||
Interest rate swaps
|
(802
|
)
|
|
327
|
|
||
Unit-based compensation expense
|
—
|
|
|
314
|
|
||
Provision for (benefit from) doubtful accounts
|
(15
|
)
|
|
549
|
|
||
Gain on sale of property, plant and equipment
|
(527
|
)
|
|
(618
|
)
|
||
Deferred income tax provision (benefit)
|
892
|
|
|
(140
|
)
|
||
Amortization of contract costs
|
8,834
|
|
|
4,758
|
|
||
Deferred revenue recognized in earnings
|
(9,385
|
)
|
|
(5,403
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts and other receivables
|
4,746
|
|
|
(2,477
|
)
|
||
Contract costs, net
|
(12,515
|
)
|
|
(13,102
|
)
|
||
Deferred revenue
|
9,039
|
|
|
8,118
|
|
||
Other assets and liabilities
|
7,131
|
|
|
1,707
|
|
||
Net cash provided by operating activities
|
119,717
|
|
|
93,723
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(219,910
|
)
|
|
(115,510
|
)
|
||
Proceeds from sale of property, plant and equipment
|
18,760
|
|
|
13,719
|
|
||
Proceeds from insurance and other settlements
|
676
|
|
|
252
|
|
||
Loans receivable from Archrock, net
|
10,500
|
|
|
(60,500
|
)
|
||
Net cash used in investing activities
|
(189,974
|
)
|
|
(162,039
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from borrowings of long-term debt
|
1,254,000
|
|
|
272,830
|
|
||
Repayments of long-term debt
|
(1,151,000
|
)
|
|
(176,636
|
)
|
||
Payments for debt issuance costs
|
(8,829
|
)
|
|
(3,332
|
)
|
||
(Payments for) proceeds from settlement of interest rate swaps that include financing elements
|
800
|
|
|
(207
|
)
|
||
Distributions paid to unitholders
|
(34,394
|
)
|
|
(36,291
|
)
|
||
Contributions from Archrock
|
21,000
|
|
|
—
|
|
||
Net proceeds from issuance of general partner units
|
—
|
|
|
9
|
|
||
Purchases of treasury units
|
—
|
|
|
(250
|
)
|
||
Increase (decrease) in amounts due to Archrock, net
|
(11,355
|
)
|
|
4,166
|
|
||
Net cash provided by financing activities
|
70,222
|
|
|
60,289
|
|
||
Net decrease in cash
|
(35
|
)
|
|
(8,027
|
)
|
||
Cash, beginning of period
|
264
|
|
|
8,078
|
|
||
Cash, end of period
|
$
|
229
|
|
|
$
|
51
|
|
Supplemental disclosure of non-cash investing and financing transactions:
|
|
|
|
|
|
||
Contribution of capital for equipment overhauls and swaps
|
$
|
2,178
|
|
|
$
|
1,504
|
|
Distribution of capital for net book value difference of intercompany equipment sales
|
(5,556
|
)
|
|
—
|
|
||
Contribution of capital for net excess of fair market value of intercompany equipment sales
|
4,353
|
|
|
—
|
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2019 |
||||||||||||
|
Sold to Archrock
|
|
Purchased from Archrock
|
|
Sold to Archrock
|
|
Purchased from Archrock
|
||||||||
Compressor units
|
24
|
|
|
29
|
|
|
35
|
|
|
59
|
|
||||
Horsepower
|
7,860
|
|
|
10,030
|
|
|
16,301
|
|
|
20,119
|
|
||||
Net book value
|
$
|
7,342
|
|
|
$
|
4,653
|
|
|
$
|
14,335
|
|
|
$
|
8,779
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Credit Facility
|
$
|
792,500
|
|
|
$
|
839,500
|
|
|
|
|
|
||||
2027 Notes
|
500,000
|
|
|
—
|
|
||
Less: Deferred financing costs, net of amortization
|
(8,550
|
)
|
|
—
|
|
||
|
491,450
|
|
|
—
|
|
||
|
|
|
|
||||
2022 Notes
|
350,000
|
|
|
350,000
|
|
||
Less: Debt discount, net of amortization
|
(2,411
|
)
|
|
(2,766
|
)
|
||
Less: Deferred financing costs, net of amortization
|
(2,725
|
)
|
|
(3,133
|
)
|
||
|
344,864
|
|
|
344,101
|
|
||
|
|
|
|
||||
2021 Notes
|
—
|
|
|
350,000
|
|
||
Less: Debt discount, net of amortization
|
—
|
|
|
(1,789
|
)
|
||
Less: Deferred financing costs, net of amortization
|
—
|
|
|
(2,311
|
)
|
||
|
—
|
|
|
345,900
|
|
||
Long-term debt
|
$
|
1,628,814
|
|
|
$
|
1,529,501
|
|
(1)
|
Subject to a temporary increase to
5.5
to 1.0 for any quarter during which an acquisition satisfying certain thresholds is completed and for the two quarters immediately following such quarter.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
0 - 1,000 horsepower per unit
|
$
|
57,826
|
|
|
$
|
54,389
|
|
|
$
|
115,987
|
|
|
$
|
108,816
|
|
1,001 - 1,500 horsepower per unit
|
69,546
|
|
|
63,390
|
|
|
137,753
|
|
|
124,084
|
|
||||
Over 1,500 horsepower per unit
|
41,684
|
|
|
32,465
|
|
|
80,709
|
|
|
63,900
|
|
||||
Other
(1)
|
328
|
|
|
622
|
|
|
654
|
|
|
1,068
|
|
||||
Total revenue
(2)
|
$
|
169,384
|
|
|
$
|
150,866
|
|
|
$
|
335,103
|
|
|
$
|
297,868
|
|
(1)
|
Primarily relates to fees associated with owned non-compressor equipment.
|
(2)
|
Included
$2.1 million
and
$1.4 million
for the three months ended
June 30, 2019
and
2018
, respectively, and
$4.2 million
and
$2.5 million
for the
six
months ended
June 30, 2019
and
2018
, respectively, related to billable maintenance on owned units that was recognized at a point in time. All other revenue is recognized over time.
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Total
|
||||||||||||||
Remaining performance obligations
|
$
|
134,148
|
|
|
$
|
109,586
|
|
|
$
|
35,531
|
|
|
$
|
8,295
|
|
|
$
|
1,122
|
|
|
$
|
293
|
|
|
$
|
288,975
|
|
Expiration Date
|
Notional Value
|
||
May 2020
|
$
|
100
|
|
March 2022
|
300
|
|
|
|
$
|
400
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Derivative asset
|
$
|
336
|
|
|
$
|
3,185
|
|
Other assets
|
—
|
|
|
4,122
|
|
||
Total derivative assets
|
$
|
336
|
|
|
$
|
7,307
|
|
|
|
|
|
||||
Other liabilities
|
$
|
(1,574
|
)
|
|
$
|
—
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total amount of interest expense, net in which the effects of cash flow hedges are recorded
|
$
|
25,720
|
|
|
$
|
22,542
|
|
|
$
|
49,148
|
|
|
$
|
44,151
|
|
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense, net
|
791
|
|
|
207
|
|
|
1,717
|
|
|
153
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Interest rate swaps asset
|
$
|
336
|
|
|
$
|
7,307
|
|
Interest rate swaps liability
|
(1,574
|
)
|
|
—
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Carrying amount of fixed rate debt
(1)
|
$
|
836,314
|
|
|
$
|
690,001
|
|
Fair value of fixed rate debt
|
881,000
|
|
|
674,000
|
|
(1)
|
Carrying amounts are shown net of unamortized debt discounts and unamortized deferred financing costs. See
Note 4 (“Long-Term Debt”)
.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Idle compressor units retired from the active fleet
|
75
|
|
|
70
|
|
|
90
|
|
|
105
|
|
||||
Horsepower of idle compressor units retired from the active fleet
|
19,000
|
|
|
17,000
|
|
|
32,000
|
|
|
30,000
|
|
||||
Impairment recorded on idle compressor units retired from the active fleet
|
$
|
3,621
|
|
|
$
|
3,846
|
|
|
$
|
6,305
|
|
|
$
|
6,912
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
335,103
|
|
|
$
|
297,868
|
|
Cost of sales (excluding depreciation and amortization)
|
132,067
|
|
|
116,528
|
|
||
Selling, general and administrative
|
42,609
|
|
|
39,145
|
|
||
Depreciation and amortization
|
71,815
|
|
|
68,224
|
|
||
Long-lived asset impairment
|
6,305
|
|
|
6,912
|
|
||
Interest expense, net
|
49,148
|
|
|
44,151
|
|
||
Debt extinguishment loss
|
3,653
|
|
|
—
|
|
||
Transaction-related costs
|
2,292
|
|
|
2,716
|
|
||
Other income, net
|
(861
|
)
|
|
(681
|
)
|
||
Provision for income taxes
|
1,115
|
|
|
102
|
|
||
Net income
|
$
|
26,960
|
|
|
$
|
20,771
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Idle compressor units retired from the active fleet
|
90
|
|
|
105
|
|
||
Horsepower of idle compressor units retired from the active fleet
|
32,000
|
|
|
30,000
|
|
||
Impairment recorded on idle compressor units retired from the active fleet
|
$
|
6,305
|
|
|
$
|
6,912
|
|
Exhibit No.
|
|
Description
|
2.1
|
|
|
2.2
|
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
3.6
|
|
|
3.7
|
|
|
3.8
|
|
|
3.9
|
|
|
3.10
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
32.2**
|
|
|
101.1*
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T
|
*
|
Filed herewith.
|
**
|
Furnished, not filed.
|
|
ARCHROCK PARTNERS, L.P.
|
|
|
|
|
|
By:
|
ARCHROCK GENERAL PARTNER, L.P.
|
|
|
its General Partner
|
|
|
|
|
By:
|
ARCHROCK GP LLC
|
|
|
its General Partner
|
|
|
|
|
By:
|
/s/ DOUGLAS S. ARON
|
|
|
Douglas S. Aron
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
By:
|
/s/ DONNA A. HENDERSON
|
|
|
Donna A. Henderson
|
|
|
Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
July 30, 2019
|
1 Year Archrock Partners, L.P. Chart |
1 Month Archrock Partners, L.P. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions