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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rice Midstream Partners LP Common Units Representing Limited Partner Interests (delisted) | NYSE:RMP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.05 | 0.00 | 01:00:00 |
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Page
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PART I
|
|
|
|
PART II
|
|
|
|
•
|
the ability of Rice Energy or our other customers to meet their drilling and development plans on a timely basis or at all;
|
•
|
our business strategy;
|
•
|
realized natural gas, natural gas liquids (“NGLs”) and oil prices;
|
•
|
competition and government regulations;
|
•
|
actions taken by third-party producers, operators, processors and transporters;
|
•
|
pending legal or environmental matters;
|
•
|
costs of conducting our gathering and compression and water services operations;
|
•
|
general economic conditions;
|
•
|
credit and capital markets;
|
•
|
operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;
|
•
|
uncertainty regarding our future operating results; and
|
•
|
plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
|
•
|
“Rice Midstream Partners LP,” the “Partnership,” “we,” “our,” “us” or like terms refers to Rice Midstream Partners LP and its consolidated subsidiaries;
|
•
|
“our general partner” refers to Rice Midstream Management LLC, a subsidiary of Rice Energy;
|
•
|
“Rice Energy” refers to Rice Energy Inc. and its consolidated subsidiaries;
|
•
|
“GP Holdings” refers to Rice Midstream GP Holdings LP, a subsidiary of Rice Energy;
|
•
|
“PA Water” refers to Rice Water Services (PA) LLC, a wholly-owned subsidiary of Rice Midstream Partners LP;
|
•
|
“OH Water” refers to Rice Water Services (OH) LLC, a wholly-owned subsidiary of Rice Midstream Partners LP;
|
•
|
“Vantage” refers collectively to Vantage Energy, LLC and Vantage Energy II, LLC; and
|
•
|
“Vantage Midstream Entities” refers collectively to Vantage Energy II Access, LLC and Vista Gathering, LLC.
|
(in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
12,990
|
|
|
$
|
21,834
|
|
Accounts receivable
|
7,126
|
|
|
8,758
|
|
||
Accounts receivable - affiliate
|
15,035
|
|
|
11,838
|
|
||
Prepaid expenses, deposits and other
|
115
|
|
|
64
|
|
||
Total current assets
|
35,266
|
|
|
42,494
|
|
||
|
|
|
|
||||
Property and equipment, net
|
830,039
|
|
|
805,027
|
|
||
Deferred financing costs, net
|
11,542
|
|
|
12,591
|
|
||
Goodwill
|
494,580
|
|
|
494,580
|
|
||
Intangible assets, net
|
44,124
|
|
|
44,525
|
|
||
Total assets
|
$
|
1,415,551
|
|
|
$
|
1,399,217
|
|
|
|
|
|
||||
Liabilities and partners’ capital
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
6,848
|
|
|
$
|
4,172
|
|
Accrued capital expenditures
|
11,951
|
|
|
9,074
|
|
||
Other accrued liabilities
|
7,139
|
|
|
8,376
|
|
||
Total current liabilities
|
25,938
|
|
|
21,622
|
|
||
|
|
|
|
||||
Long-term liabilities:
|
|
|
|
||||
Long-term debt
|
190,000
|
|
|
190,000
|
|
||
Other long-term liabilities
|
5,967
|
|
|
5,189
|
|
||
Total liabilities
|
221,905
|
|
|
216,811
|
|
||
|
|
|
|
||||
Partners’ capital:
|
|
|
|
||||
Common units (73,519,133 issued and outstanding at March 31, 2017 and December 31, 2016)
|
1,283,901
|
|
|
1,276,036
|
|
||
Subordinated units (28,753,623 issued and outstanding at March 31, 2017 and December 31, 2016)
|
(90,255
|
)
|
|
(93,630
|
)
|
||
Total partners’ capital
|
1,193,646
|
|
|
1,182,406
|
|
||
Total liabilities and partners’ capital
|
$
|
1,415,551
|
|
|
$
|
1,399,217
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except unit data)
|
|
2017
|
|
2016
|
||||
Operating revenues:
|
|
|
|
|
||||
Affiliate
|
|
$
|
52,797
|
|
|
$
|
44,385
|
|
Third-party
|
|
9,953
|
|
|
10,158
|
|
||
Total operating revenues
|
|
62,750
|
|
|
54,543
|
|
||
|
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
||||
Operation and maintenance expense
|
|
8,179
|
|
|
8,611
|
|
||
General and administrative expense
(1)
|
|
5,839
|
|
|
4,676
|
|
||
Depreciation expense
|
|
7,621
|
|
|
5,370
|
|
||
Acquisition costs
|
|
—
|
|
|
73
|
|
||
Amortization of intangible assets
|
|
402
|
|
|
408
|
|
||
Other expense (income)
|
|
113
|
|
|
(212
|
)
|
||
Total operating expenses
|
|
22,154
|
|
|
18,926
|
|
||
|
|
|
|
|
||||
Operating income
|
|
40,596
|
|
|
35,617
|
|
||
Other income
|
|
11
|
|
|
—
|
|
||
Interest expense
|
|
(1,943
|
)
|
|
(1,047
|
)
|
||
Amortization of deferred finance costs
|
|
(1,049
|
)
|
|
(144
|
)
|
||
Net income
|
|
$
|
37,615
|
|
|
$
|
34,426
|
|
|
|
|
|
|
||||
Calculation of limited partner interest in net income:
|
|
|
|
|
||||
Net income
|
|
$
|
37,615
|
|
|
$
|
34,426
|
|
Less: General partner interest in net income attributable to incentive distribution rights
|
|
1,239
|
|
|
—
|
|
||
Limited partner net income
|
|
$
|
36,376
|
|
|
$
|
34,426
|
|
|
|
|
|
|
||||
Net income per limited partner unit:
|
|
|
|
|
||||
Common units (basic)
|
|
$
|
0.36
|
|
|
$
|
0.49
|
|
Common units (diluted)
|
|
$
|
0.36
|
|
|
$
|
0.48
|
|
Subordinated units (basic and diluted)
|
|
$
|
0.36
|
|
|
$
|
0.49
|
|
|
|
|
|
|
||||
Cash distributions declared per limited partner unit:
|
|
|
|
|
||||
Common units
|
|
$
|
0.2608
|
|
|
$
|
0.2100
|
|
Subordinated units
|
|
$
|
0.2608
|
|
|
$
|
0.2100
|
|
(1)
|
General and administrative expense includes charges from Rice Energy of
$4.9 million
and
$4.3 million
for the
three months ended March 31, 2017
and
2016
, respectively.
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
37,615
|
|
|
$
|
34,426
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation expense
|
7,621
|
|
|
5,370
|
|
||
Amortization of intangibles
|
402
|
|
|
408
|
|
||
Amortization of deferred financing costs
|
1,049
|
|
|
144
|
|
||
Equity compensation expense
|
132
|
|
|
919
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable and receivable from affiliate
|
(1,566
|
)
|
|
(7,775
|
)
|
||
Prepaid expenses and other assets
|
(52
|
)
|
|
(47
|
)
|
||
Accounts payable and payable to affiliate
|
1,863
|
|
|
(102
|
)
|
||
Accrued liabilities and other
|
(855
|
)
|
|
3,092
|
|
||
Net cash provided by operating activities
|
46,209
|
|
|
36,435
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(28,506
|
)
|
|
(36,243
|
)
|
||
Net cash used in investing activities
|
(28,506
|
)
|
|
(36,243
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
—
|
|
|
28,000
|
|
||
Repayments of borrowings
|
—
|
|
|
(12,000
|
)
|
||
Additions to deferred financing costs
|
(40
|
)
|
|
(82
|
)
|
||
Contributions from parent
|
—
|
|
|
39
|
|
||
Distributions to related parties
|
(8,091
|
)
|
|
(5,650
|
)
|
||
Distributions to public unitholders
|
(18,416
|
)
|
|
(8,284
|
)
|
||
Net cash (used in) provided by financing activities
|
(26,547
|
)
|
|
2,023
|
|
||
|
|
|
|
||||
Net (decrease) increase in cash
|
(8,844
|
)
|
|
2,215
|
|
||
Cash at the beginning of the year
|
21,834
|
|
|
7,597
|
|
||
Cash at the end of the period
|
$
|
12,990
|
|
|
$
|
9,812
|
|
|
|
|
|
||||
(in thousands)
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Capital expenditures financed by accounts payable
|
$
|
3,008
|
|
|
$
|
8,612
|
|
Capital expenditures financed by accrued capital expenditures
|
$
|
11,951
|
|
|
$
|
13,716
|
|
|
|
Limited Partners
|
|
|
||||||||
(in thousands)
|
|
Common
|
|
Subordinated & Incentive Distribution Right Holders
|
|
Total
|
||||||
Balance, January 1, 2016
|
|
$
|
624,557
|
|
|
$
|
(112,723
|
)
|
|
$
|
511,834
|
|
Contributions from parent
|
|
—
|
|
|
39
|
|
|
39
|
|
|||
Equity compensation expense
|
|
1,032
|
|
|
—
|
|
|
1,032
|
|
|||
Distributions to unitholders
|
|
(8,284
|
)
|
|
(5,650
|
)
|
|
(13,934
|
)
|
|||
Net income
|
|
20,468
|
|
|
13,958
|
|
|
34,426
|
|
|||
Balance, March 31, 2016
|
|
$
|
637,773
|
|
|
$
|
(104,376
|
)
|
|
$
|
533,397
|
|
|
|
|
|
|
|
|
||||||
Balance, January 1, 2017
|
|
$
|
1,276,036
|
|
|
$
|
(93,630
|
)
|
|
$
|
1,182,406
|
|
Equity compensation expense
|
|
132
|
|
|
—
|
|
|
132
|
|
|||
Distributions to unitholders
|
|
(18,416
|
)
|
|
(8,091
|
)
|
|
(26,507
|
)
|
|||
Net income
|
|
26,149
|
|
|
11,466
|
|
|
37,615
|
|
|||
Balance, March 31, 2017
|
|
$
|
1,283,901
|
|
|
$
|
(90,255
|
)
|
|
$
|
1,193,646
|
|
1.
|
Basis of Presentation
|
2.
|
Acquisitions
|
(in thousands)
|
|
|
||
Operating revenues
|
|
$
|
12,180
|
|
Net income
|
|
$
|
7,694
|
|
|
|
Pro Forma
|
||
(in thousands, except per share data)
|
|
Three Months Ended March 31, 2016
|
||
Operating revenues
|
|
$
|
73,150
|
|
Limited partner net income
|
|
$
|
45,088
|
|
Earnings per common unit (basic)
|
|
$
|
0.49
|
|
Earnings per common unit (diluted)
|
|
$
|
0.49
|
|
Earnings per subordinated units
|
|
$
|
0.49
|
|
3.
|
Long-Term Debt
|
4.
|
Commitments and Contingencies
|
5.
|
Partners’ Capital
|
|
Limited Partners
|
|
|
|||||
|
Common
|
|
Subordinated
|
|
Total
|
|||
Balance, January 1, 2016
|
42,163,749
|
|
|
28,753,623
|
|
|
70,917,372
|
|
Equity offering in June 2016
|
9,200,000
|
|
|
—
|
|
|
9,200,000
|
|
Equity offering in October 2016
|
20,930,233
|
|
|
—
|
|
|
20,930,233
|
|
Common units issued under ATM program
|
944,700
|
|
|
—
|
|
|
944,700
|
|
Vested phantom units, net
|
280,451
|
|
|
—
|
|
|
280,451
|
|
Balance, December 31, 2016
|
73,519,133
|
|
|
28,753,623
|
|
|
102,272,756
|
|
|
|
|
|
|
|
|||
Balance, March 31, 2017
|
73,519,133
|
|
|
28,753,623
|
|
|
102,272,756
|
|
6.
|
Net Income per Limited Partner Unit and Cash Distributions
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except unit data)
|
2017
|
|
2016
|
||||
Net income
|
$
|
37,615
|
|
|
$
|
34,426
|
|
Less: General partner interest in net income attributable to incentive distribution rights
|
1,239
|
|
|
—
|
|
||
Limited partner net income
|
$
|
36,376
|
|
|
$
|
34,426
|
|
|
|
|
|
||||
Net income allocable to common units
|
$
|
26,149
|
|
|
$
|
20,468
|
|
Net income allocable to subordinated units
|
10,227
|
|
|
13,958
|
|
||
Limited partner net income
|
$
|
36,376
|
|
|
$
|
34,426
|
|
|
|
|
|
||||
Weighted-average limited partner units outstanding - basic:
|
|
|
|
||||
Common units
|
73,519,133
|
|
|
42,163,749
|
|
||
Subordinated units
|
28,753,623
|
|
|
28,753,623
|
|
||
Total
|
102,272,756
|
|
|
70,917,372
|
|
||
|
|
|
|
||||
Weighted-average limited partner units outstanding - diluted:
|
|
|
|
||||
Common units
(1)
|
73,542,881
|
|
|
42,387,313
|
|
||
Subordinated units
|
28,753,623
|
|
|
28,753,623
|
|
||
Total
|
102,296,504
|
|
|
71,140,936
|
|
||
|
|
|
|
||||
Net income per limited partner unit - basic:
|
|
|
|
||||
Common units
|
$
|
0.36
|
|
|
$
|
0.49
|
|
Subordinated units
|
0.36
|
|
|
0.49
|
|
||
Total
|
$
|
0.36
|
|
|
$
|
0.49
|
|
|
|
|
|
||||
Net income per limited partner unit - diluted:
|
|
|
|
||||
Common units
|
$
|
0.36
|
|
|
$
|
0.48
|
|
Subordinated units
(2)
|
0.36
|
|
|
0.49
|
|
||
Total
|
$
|
0.36
|
|
|
$
|
0.48
|
|
|
|
|
|
||||
Cash distributions declared per limited partner unit:
(3)
|
|
|
|
||||
Common units
|
$
|
0.2608
|
|
|
$
|
0.2100
|
|
Subordinated units
|
0.2608
|
|
|
0.2100
|
|
||
Total
|
$
|
0.2608
|
|
|
$
|
0.2100
|
|
(1)
|
Diluted weighted-average limited partner common units includes the effect of
23,748
units for the
three months ended March 31, 2017
, and
223,564
units for the
three months ended March 31, 2016
, in each case related to the LTIP Plan.
|
(2)
|
Basic and diluted income per limited partner unit is presented as if all earnings for the period had been distributed. While it appears that more income is allocated to the subordinated unitholders than the common unitholders for the three months ended March 31, 2016, our partnership agreement prevents us from making a distribution to the subordinated unitholders in excess of those to the common unitholders.
|
(3)
|
See below for further discussion of cash distributions declared for the period presented.
|
|
|
|
Marginal Percentage Interest in Distributions
|
||
|
Total Quarterly Distribution Per Unit
|
|
Unitholders
|
|
Incentive Distribution Rights Holders
|
Minimum Quarterly Distribution
|
$0.1875
|
|
100%
|
|
—%
|
First Target Distribution
|
above $0.1875 up to $0.2156
|
|
100%
|
|
—%
|
Second Target Distribution
|
above $0.2156 up to $0.2344
|
|
85%
|
|
15%
|
Third Target Distribution
|
above $0.2344 up to $0.2813
|
|
75%
|
|
25%
|
Thereafter
|
above $0.2813
|
|
50%
|
|
50%
|
7.
|
Financial Information by Business Segment
|
|
Three Months Ended March 31, 2017
|
||||||||||
(in thousands)
|
Gathering and Compression
|
|
Water Services
|
|
Consolidated Total
|
||||||
Total operating revenues
|
$
|
42,002
|
|
|
$
|
20,748
|
|
|
$
|
62,750
|
|
Total operating expenses
|
11,465
|
|
|
10,689
|
|
|
22,154
|
|
|||
Operating income
|
$
|
30,537
|
|
|
$
|
10,059
|
|
|
$
|
40,596
|
|
|
|
|
|
|
|
||||||
Depreciation expense
|
$
|
3,270
|
|
|
$
|
4,351
|
|
|
$
|
7,621
|
|
Capital expenditures for segment assets
|
$
|
26,621
|
|
|
$
|
1,885
|
|
|
$
|
28,506
|
|
Segment assets
|
$
|
1,281,567
|
|
|
$
|
133,984
|
|
|
$
|
1,415,551
|
|
Goodwill
|
$
|
494,580
|
|
|
$
|
—
|
|
|
$
|
494,580
|
|
|
Three Months Ended March 31, 2016
|
||||||||||
(in thousands)
|
Gathering and Compression
|
|
Water Services
|
|
Consolidated Total
|
||||||
Total operating revenues
|
$
|
26,800
|
|
|
$
|
27,743
|
|
|
$
|
54,543
|
|
Total operating expenses
|
7,691
|
|
|
11,235
|
|
|
18,926
|
|
|||
Operating income
|
$
|
19,109
|
|
|
$
|
16,508
|
|
|
$
|
35,617
|
|
|
|
|
|
|
|
||||||
Depreciation expense
|
$
|
1,935
|
|
|
$
|
3,435
|
|
|
$
|
5,370
|
|
Capital expenditures for segment assets
|
$
|
34,861
|
|
|
$
|
1,382
|
|
|
$
|
36,243
|
|
|
As of December 31, 2016
|
||||||||||
(in thousands)
|
Gathering and Compression
|
|
Water Services
|
|
Consolidated Total
|
||||||
Segment assets
|
$
|
1,260,681
|
|
|
$
|
138,536
|
|
|
$
|
1,399,217
|
|
Goodwill
|
$
|
494,580
|
|
|
$
|
—
|
|
|
$
|
494,580
|
|
8.
|
Income Taxes
|
9.
|
Related Party Transactions
|
10.
|
New Accounting Pronouncements
|
11.
|
Subsequent Events
|
|
|
Remaining Term (Years)
|
|
Gathering Fee
|
|
Compression Fee
(1)
|
|
Escalation /Adjustment Mechanism
(2)
|
|
Dedicated Acres
|
Rice Energy
|
|
13
|
|
$0.30 / Dth
|
|
$0.07 / stage / Dth
|
|
Yes
|
|
Washington and Greene Counties
(3)
|
Third Parties
(4)
|
|
14
|
|
$0.40 / Dth
|
|
varies
|
|
Yes
|
|
66,000 acres in Washington County
|
(1)
|
Compression fees under our gas gathering and compression agreements with Rice Energy and third parties are typically derived on a per stage basis. However, under certain of our third-party agreements, the per stage fees charged for compression varies depending on line pressure as opposed to being a flat fee per stage. Accordingly, the third-party compression fee is shown on a weighted average based on historical throughput.
|
(2)
|
The gathering and compression fees we receive under our gathering and compression agreements can be annually escalated based upon changes in the Consumer Price Index (“CPI”).
|
(3)
|
The dedicated area from Rice Energy excludes the first 20.0 MDth/d of Rice Energy’s Marcellus Shale dry gas production under an existing dedication to a third party in which Rice Energy owned approximately
9,000
gross acres as of
March 31, 2017
.
|
(4)
|
Amounts shown for third parties represent weighted averages based on historical throughput in the case of remaining term, gathering fee and compression fee (based on the period March 31, 2015 through
March 31, 2017
), and in the case of dedications, aggregate acres.
|
|
Three Months Ended March 31,
|
|
|
||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
||||||
Statement of operations data
|
|
|
|
|
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Affiliate
|
$
|
52,797
|
|
|
$
|
44,385
|
|
|
$
|
8,412
|
|
Third-party
|
9,953
|
|
|
10,158
|
|
|
(205
|
)
|
|||
Total operating revenues
|
62,750
|
|
|
54,543
|
|
|
8,207
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Operation and maintenance expense
|
8,179
|
|
|
8,611
|
|
|
(432
|
)
|
|||
General and administrative expense
|
5,839
|
|
|
4,676
|
|
|
1,163
|
|
|||
Depreciation expense
|
7,621
|
|
|
5,370
|
|
|
2,251
|
|
|||
Acquisition costs
|
—
|
|
|
73
|
|
|
(73
|
)
|
|||
Amortization of intangible assets
|
402
|
|
|
408
|
|
|
(6
|
)
|
|||
Other expense (income)
|
113
|
|
|
(212
|
)
|
|
325
|
|
|||
Total operating expenses
|
22,154
|
|
|
18,926
|
|
|
3,228
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
40,596
|
|
|
35,617
|
|
|
4,979
|
|
|||
Other income
|
11
|
|
|
—
|
|
|
11
|
|
|||
Interest expense
|
(1,943
|
)
|
|
(1,047
|
)
|
|
(896
|
)
|
|||
Amortization of deferred finance costs
|
(1,049
|
)
|
|
(144
|
)
|
|
(905
|
)
|
|||
Net income
|
$
|
37,615
|
|
|
$
|
34,426
|
|
|
$
|
3,189
|
|
|
Three Months Ended March 31,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Operating data:
|
|
|
|
|
|
||||||
Gathering volumes: (in MDth/d)
|
|
|
|
|
|
||||||
Affiliate
|
1,003
|
|
|
618
|
|
|
385
|
|
|||
Third-party
|
232
|
|
|
217
|
|
|
15
|
|
|||
Total gathering volumes
|
1,235
|
|
|
835
|
|
|
400
|
|
|||
|
|
|
|
|
|
||||||
Compression volumes: (in MDth/d)
|
|
|
|
|
|
||||||
Affiliate
|
594
|
|
|
9
|
|
|
585
|
|
|||
Third-party
|
232
|
|
|
143
|
|
|
89
|
|
|||
Total compression volumes
|
826
|
|
|
152
|
|
|
674
|
|
|||
|
|
|
|
|
|
||||||
Statement of income data: (in thousands)
|
|
|
|
|
|
||||||
Gathering revenues:
|
|
|
|
|
|
||||||
Affiliate
|
$
|
27,944
|
|
|
$
|
17,250
|
|
|
$
|
10,694
|
|
Third-party
|
8,276
|
|
|
8,436
|
|
|
(160
|
)
|
|||
Total gathering revenues
|
36,220
|
|
|
25,686
|
|
|
10,534
|
|
|||
|
|
|
|
|
|
||||||
Compression revenues:
|
|
|
|
|
|
||||||
Affiliate
|
4,105
|
|
|
56
|
|
|
4,049
|
|
|||
Third-party
|
1,677
|
|
|
1,058
|
|
|
619
|
|
|||
Total compression revenues
|
5,782
|
|
|
1,114
|
|
|
4,668
|
|
|||
Total operating revenues
|
42,002
|
|
|
26,800
|
|
|
15,202
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Operation and maintenance expense
|
2,729
|
|
|
1,816
|
|
|
913
|
|
|||
General and administrative expense
|
4,951
|
|
|
3,671
|
|
|
1,280
|
|
|||
Depreciation expense
|
3,270
|
|
|
1,935
|
|
|
1,335
|
|
|||
Acquisition costs
|
—
|
|
|
73
|
|
|
(73
|
)
|
|||
Amortization of intangible assets
|
402
|
|
|
408
|
|
|
(6
|
)
|
|||
Other (income) expense
|
113
|
|
|
(212
|
)
|
|
325
|
|
|||
Total operating expenses
|
11,465
|
|
|
7,691
|
|
|
3,774
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
$
|
30,537
|
|
|
$
|
19,109
|
|
|
$
|
11,428
|
|
|
Three Months Ended March 31,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Operating data:
|
|
|
|
|
|
||||||
Water services volumes: (in MMgal)
|
|
|
|
|
|
||||||
Affiliate
|
365
|
|
|
445
|
|
|
(80
|
)
|
|||
Third-party
|
—
|
|
|
18
|
|
|
(18
|
)
|
|||
Total water services volumes
|
365
|
|
|
463
|
|
|
(98
|
)
|
|||
|
|
|
|
|
|
||||||
Statement of income data: (in thousands)
|
|
|
|
|
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Affiliate
|
$
|
20,748
|
|
|
$
|
27,079
|
|
|
$
|
(6,331
|
)
|
Third-party
|
—
|
|
|
664
|
|
|
(664
|
)
|
|||
Total operating revenues
|
20,748
|
|
|
27,743
|
|
|
(6,995
|
)
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Operation and maintenance expense
|
5,450
|
|
|
6,795
|
|
|
(1,345
|
)
|
|||
General and administrative expense
|
888
|
|
|
1,005
|
|
|
(117
|
)
|
|||
Depreciation expense
|
4,351
|
|
|
3,435
|
|
|
916
|
|
|||
Total operating expenses
|
10,689
|
|
|
11,235
|
|
|
(546
|
)
|
|||
|
|
|
|
|
|
||||||
Operating income
|
$
|
10,059
|
|
|
$
|
16,508
|
|
|
$
|
(6,449
|
)
|
•
|
Expansion capital expenditures
: Expansion capital expenditures are cash expenditures to construct new midstream infrastructure and those expenditures incurred in order to extend the useful lives of our assets, reduce costs, increase revenues or increase system capacity from current levels, including well connections that increase existing
|
•
|
Maintenance capital expenditures
: Maintenance capital expenditures are cash expenditures (including expenditures for the construction or development of new capital assets or the replacement, improvement or expansion of existing capital assets) made to maintain, over the long term, our capacity or revenue. Examples of maintenance capital expenditures are expenditures to repair, refurbish and replace pipelines, to connect new wells and water sources, to maintain gathering, compression and impoundment facilities, to maintain equipment reliability, integrity and safety and to address environmental laws and regulations.
|
|
|
|
RICE MIDSTREAM PARTNERS LP
|
|
|
|
|
Date:
|
May 4, 2017
|
By:
|
Rice Midstream Management LLC, its general partner
|
|
|
By:
|
/s/ Daniel J. Rice IV
|
|
|
|
Daniel J. Rice IV
|
|
|
|
Director, Chief Executive Officer
|
|
|
|
|
|
|
|
|
Date:
|
May 4, 2017
|
By:
|
Rice Midstream Management LLC, its general partner
|
|
|
By:
|
/s/ Grayson T. Lisenby
|
|
|
|
Grayson T. Lisenby
|
|
|
|
Senior Vice President and Chief Financial Officer
|
1 Year RICE MIDSTREAM PARTNERS LP Chart |
1 Month RICE MIDSTREAM PARTNERS LP Chart |
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