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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 No.
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PART I. FINANCIAL INFORMATION
|
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PART II. OTHER INFORMATION
|
|
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|
Abbreviations
|
Measurements
|
ASU
- Accounting Standards Update
|
Btu
= one British thermal unit
|
CPI
- Consumer Price Index
|
BBtu
= billion British thermal units
|
FASB
- Financial Accounting Standards Board
|
BBtu/d
= billion British thermal units per day
|
GAAP
- United States Generally Accepted Accounting Principles
|
MMgal
= million gallons
|
IDRs
- Incentive Distribution Rights
|
|
NGLs
- Natural gas liquids
|
|
SEC
- Securities and Exchange Commission
|
|
(in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
46,518
|
|
|
$
|
10,538
|
|
Accounts receivable
|
7,205
|
|
|
12,246
|
|
||
Accounts receivable - affiliate
|
76,542
|
|
|
48,428
|
|
||
Prepaid expenses and other
|
2,208
|
|
|
1,327
|
|
||
Total current assets
|
132,473
|
|
|
72,539
|
|
||
|
|
|
|
||||
Property and equipment
|
1,461,405
|
|
|
1,439,222
|
|
||
Less: accumulated depreciation
|
(21,209
|
)
|
|
(7,420
|
)
|
||
Net property and equipment
|
1,440,196
|
|
|
1,431,802
|
|
||
|
|
|
|
||||
Goodwill
|
1,346,918
|
|
|
1,346,918
|
|
||
Other assets
|
6,123
|
|
|
—
|
|
||
Total assets
|
$
|
2,925,710
|
|
|
$
|
2,851,259
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
22,312
|
|
|
$
|
24,634
|
|
Due to related party
|
18,743
|
|
|
2,246
|
|
||
Other accrued liabilities
|
4,530
|
|
|
4,200
|
|
||
Total current liabilities
|
45,585
|
|
|
31,080
|
|
||
|
|
|
|
||||
Revolving credit facility
|
325,000
|
|
|
286,000
|
|
||
Other long-term liabilities
|
9,465
|
|
|
9,360
|
|
||
Total liabilities
|
380,050
|
|
|
326,440
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Common units (102,303,108 and 73,549,485 units issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
|
2,198,570
|
|
|
1,566,625
|
|
||
Subordinated units (zero and 28,753,623 units issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
|
—
|
|
|
612,454
|
|
||
General partner
|
347,090
|
|
|
345,740
|
|
||
Total equity
|
2,545,660
|
|
|
2,524,819
|
|
||
Total liabilities and equity
|
$
|
2,925,710
|
|
|
$
|
2,851,259
|
|
|
|
Successor
|
|
|
Predecessor
|
||||
|
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands, except per unit amounts)
|
|
|
|
||||||
Operating revenues
(1)
|
|
$
|
84,464
|
|
|
|
$
|
62,750
|
|
Operating expenses:
|
|
|
|
|
|
||||
Operation and maintenance expense
(2)
|
|
7,900
|
|
|
|
8,292
|
|
||
General and administrative expense
(2)
|
|
7,204
|
|
|
|
5,839
|
|
||
Depreciation expense
|
|
13,895
|
|
|
|
7,621
|
|
||
Amortization of intangible assets
|
|
—
|
|
|
|
402
|
|
||
Total operating expenses
|
|
28,999
|
|
|
|
22,154
|
|
||
Operating income
|
|
55,465
|
|
|
|
40,596
|
|
||
Net interest expense
|
|
1,954
|
|
|
|
2,992
|
|
||
Other income
|
|
6
|
|
|
|
11
|
|
||
Net income
|
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
|
|
|
|
|
|
||||
Calculation of limited partner interest in net income:
|
|
|
|
|
|
||||
Net income
|
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
Less: General partner interest in net income attributable to IDRs
|
|
(4,353
|
)
|
|
|
(1,239
|
)
|
||
Limited partner interest in net income
|
|
$
|
49,164
|
|
|
|
$
|
36,376
|
|
|
|
|
|
|
|
||||
Net income per limited partner unit:
|
|
|
|
|
|
||||
Common units - basic and diluted
|
|
$
|
0.48
|
|
|
|
$
|
0.36
|
|
Subordinated units - basic and diluted
|
|
$
|
—
|
|
|
|
$
|
0.36
|
|
|
|
|
|
|
|
||||
Weighted average limited partner units outstanding - basic
|
|
102,303
|
|
|
|
102,273
|
|
||
Weighted average limited partner units outstanding - diluted
|
|
102,324
|
|
|
|
102,297
|
|
||
|
|
|
|
|
|
||||
Cash distributions declared per limited partner unit
(3)
|
|
$
|
0.3049
|
|
|
|
$
|
0.2608
|
|
(1)
|
Operating revenues included affiliate revenues from EQT Corporation (EQT) of
$84.0 million
for the
three months ended March 31, 2018
and affiliate revenues from Rice Energy Inc. (Rice Energy) of
$52.8 million
for the three months ended March 31,
2017
. See Note H. For the three months ended March 31, 2017, RMP recorded revenues from EQT of
$9.9 million
.
|
(2)
|
Operating and maintenance expense included charges from EQT of
$1.3 million
for the
three months ended March 31, 2018
and
$1.4 million
from Rice Energy for the three months ended March 31,
2017
. General and administrative expense included charges from EQT of
$6.3 million
for the
three months ended March 31, 2018
and
$4.9 million
from Rice Energy for the three months ended March 31,
2017
.
|
(3)
|
Represents the cash distributions declared related to the period presented. See Note F.
|
|
Successor
|
|
|
Predecessor
|
||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands)
|
|
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation expense
|
13,895
|
|
|
|
7,621
|
|
||
Amortization of intangible assets
|
—
|
|
|
|
402
|
|
||
Amortization of deferred financing costs
|
—
|
|
|
|
1,049
|
|
||
Non-cash compensation expense
|
168
|
|
|
|
132
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
5,041
|
|
|
|
1,632
|
|
||
Accounts payable
|
7,216
|
|
|
|
1,863
|
|
||
Due to/from affiliates
|
(11,617
|
)
|
|
|
(3,198
|
)
|
||
Other assets and liabilities
|
(5,684
|
)
|
|
|
(907
|
)
|
||
Net cash provided by operating activities
|
62,536
|
|
|
|
46,209
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
(32,712
|
)
|
|
|
(28,506
|
)
|
||
Net cash used in investing activities
|
(32,712
|
)
|
|
|
(28,506
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from borrowings
|
50,000
|
|
|
|
—
|
|
||
Repayments of borrowings
|
(11,000
|
)
|
|
|
—
|
|
||
Fees on revolving credit facility
|
—
|
|
|
|
(40
|
)
|
||
Distributions paid to unitholders
|
(32,844
|
)
|
|
|
(26,507
|
)
|
||
Net cash provided by (used in) financing activities
|
6,156
|
|
|
|
(26,547
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
35,980
|
|
|
|
(8,844
|
)
|
||
Cash and cash equivalents at the beginning of the period
|
10,538
|
|
|
|
21,834
|
|
||
Cash and cash equivalents at the end of the period
|
$
|
46,518
|
|
|
|
$
|
12,990
|
|
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest, net of amount capitalized
|
$
|
1,938
|
|
|
|
$
|
1,882
|
|
|
|
Limited Partners
|
|
|
|
|
||||||||||
(in thousands)
|
|
Common
|
|
Subordinated
|
|
General Partner
|
|
Total
|
||||||||
Predecessor
|
|
|
|
|
|
|
|
|
||||||||
Balance, January 1, 2017
|
|
$
|
1,275,935
|
|
|
$
|
(94,417
|
)
|
|
$
|
888
|
|
|
$
|
1,182,406
|
|
Net income
|
|
26,149
|
|
|
10,227
|
|
|
1,239
|
|
|
37,615
|
|
||||
Equity-based compensation expense
|
|
132
|
|
|
—
|
|
|
—
|
|
|
132
|
|
||||
Distributions paid to unitholders
|
|
(18,416
|
)
|
|
(7,203
|
)
|
|
(888
|
)
|
|
(26,507
|
)
|
||||
Balance, March 31, 2017
|
|
$
|
1,283,800
|
|
|
$
|
(91,393
|
)
|
|
$
|
1,239
|
|
|
$
|
1,193,646
|
|
|
|
|
|
|
|
|
|
|
||||||||
Successor
|
|
|
|
|
|
|
|
|
||||||||
Balance, January 1, 2018
|
|
$
|
1,566,625
|
|
|
$
|
612,454
|
|
|
$
|
345,740
|
|
|
$
|
2,524,819
|
|
Net income
|
|
49,164
|
|
|
—
|
|
|
4,353
|
|
|
53,517
|
|
||||
Equity-based compensation expense
|
|
168
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||
Distributions paid to unitholders
|
|
(21,454
|
)
|
|
(8,387
|
)
|
|
(3,003
|
)
|
|
(32,844
|
)
|
||||
Subordinated units conversion
(1)
|
|
604,067
|
|
|
(604,067
|
)
|
|
—
|
|
|
—
|
|
||||
Balance, March 31, 2018
|
|
$
|
2,198,570
|
|
|
$
|
—
|
|
|
$
|
347,090
|
|
|
$
|
2,545,660
|
|
(1)
|
All subordinated units were converted to common units on a
one
-for-one basis on February 15, 2018. For purposes of calculating net income per common and subordinated unit, the conversion of the subordinated units was deemed to have occurred on January 1, 2018. See Note F.
|
A.
|
Financial Statements
|
B.
|
Revenue Recognition
|
•
|
Gas gathering contracts
: Gathering revenues represent fees charged by RMP for gathering, compressing, dehydrating and delivering gas to a customer at a specified delivery point. All of RMP’s gathering revenues are generated pursuant to long-term, fixed price per unit, interruptible service contracts with customers in the Appalachian Basin. Interruptible service contracts include volumetric based fees, which are charges for the volume of gas actually gathered and do not guarantee access to the pipeline. The performance obligation for volumetric based fee revenues is generally satisfied upon RMP's monthly billing to the customer for actual volumes gathered during the month. The amount billed corresponds directly to the value of RMP’s performance to date as the customer obtains value as each volume is gathered. For gathering arrangements, the customer is typically invoiced on a monthly basis and the payment terms are usually 21 days after the receipt of the invoice. Gathering, compression and dehydration services are all necessary components of delivering gas to a customer; these activities are significantly affected by each other and are not separable.
|
•
|
Water services contracts
: Water services revenues represent fees charged by RMP for the delivery of fresh water to a customer at a specified delivery point. All of RMP’s water services revenues are generated pursuant to variable price per volume contracts with customers in the Appalachian Basin. For water services contracts, the only performance obligation in each contract is for RMP to provide water (usually a minimum daily volume) to the customer at any designated delivery point and is generally satisfied upon RMP’s monthly billing to the customer for the volume of water provided during the month. For water services arrangements, the customer is typically invoiced on a monthly basis and the payment terms are usually 21 days after the receipt of the invoice.
|
C.
|
Mergers and Acquisitions
|
(in thousands)
|
|
At November 13, 2017
|
||
Estimated Value of RMP
|
|
$
|
2,499,668
|
|
|
|
|
||
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
|
|
|
||
Current assets
|
|
$
|
65,300
|
|
Property and equipment, net
|
|
1,419,077
|
|
|
Other non-current assets
|
|
47
|
|
|
Current liabilities
|
|
(56,351
|
)
|
|
Revolving credit facility
|
|
(266,000
|
)
|
|
Other non-current liabilities
|
|
(9,323
|
)
|
|
Total estimated fair value of assets acquired and liabilities assumed
|
|
$
|
1,152,750
|
|
Goodwill
|
|
$
|
1,346,918
|
|
D.
|
Revolving Credit Facility
|
E.
|
Equity
|
|
Limited Partners
|
|
|
|||||
|
Common
|
|
Subordinated
|
|
Total
|
|||
Balance, January 1, 2017
|
73,519,133
|
|
|
28,753,623
|
|
|
102,272,756
|
|
Vested phantom units, net
(1)
|
30,352
|
|
|
—
|
|
|
30,352
|
|
Balance, December 31, 2017
|
73,549,485
|
|
|
28,753,623
|
|
|
102,303,108
|
|
Subordinated units conversion
(2)
|
28,753,623
|
|
|
(28,753,623
|
)
|
|
—
|
|
Balance, March 31, 2018
|
102,303,108
|
|
|
—
|
|
|
102,303,108
|
|
(1)
|
All 2017 phantom unit vestings occurred prior to the Merger Date.
|
(2)
|
As a result of the declaration of RMP’s fourth quarter 2017 cash distribution, which was paid on February 14, 2018, the subordination period with respect to RMP’s
28,753,623
subordinated units expired on February 15, 2018 and all of the outstanding RMP subordinated units converted into RMP common units on a
one
-for-one basis on that day.
|
F.
|
Net Income per Limited Partner Unit and Cash Distributions
|
|
Successor
|
|
|
Predecessor
|
||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands, except per unit amounts)
|
|
|
||||||
Net income
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
Less: General partner interest in net income attributable to IDRs
|
(4,353
|
)
|
|
|
(1,239
|
)
|
||
Limited partner interest in net income
|
$
|
49,164
|
|
|
|
$
|
36,376
|
|
|
|
|
|
|
||||
Net income allocable to common units
|
$
|
49,164
|
|
|
|
$
|
26,149
|
|
Net income allocable to subordinated units
(1)
|
—
|
|
|
|
10,227
|
|
||
Limited partner interest in net income
|
$
|
49,164
|
|
|
|
$
|
36,376
|
|
|
|
|
|
|
||||
Weighted average limited partner units outstanding - basic:
|
|
|
|
|
||||
Common units
|
102,303
|
|
|
|
73,519
|
|
||
Subordinated units
(1)
|
—
|
|
|
|
28,754
|
|
||
Total
|
102,303
|
|
|
|
102,273
|
|
||
|
|
|
|
|
||||
Weighted average limited partner units outstanding - diluted:
|
|
|
|
|
||||
Common units
(2)
|
102,324
|
|
|
|
73,543
|
|
||
Subordinated units
(1)
|
—
|
|
|
|
28,754
|
|
||
Total
|
102,324
|
|
|
|
102,297
|
|
||
|
|
|
|
|
||||
Net income per limited partner unit - basic:
|
|
|
|
|
||||
Common units
|
$
|
0.48
|
|
|
|
$
|
0.36
|
|
Subordinated units
(1)
|
—
|
|
|
|
0.36
|
|
||
Total
|
$
|
0.48
|
|
|
|
$
|
0.36
|
|
|
|
|
|
|
||||
Net income per limited partner unit - diluted:
|
|
|
|
|
||||
Common units
(2)
|
$
|
0.48
|
|
|
|
$
|
0.36
|
|
Subordinated units
(1)
|
—
|
|
|
|
0.36
|
|
||
Total
|
$
|
0.48
|
|
|
|
$
|
0.36
|
|
|
|
|
|
|
(1)
|
See discussion of the conversion of the subordinated units to common units in the following section.
|
(2)
|
Diluted weighted average limited partner common units includes the effect of
20,688
units for the
three months ended March 31, 2018
, and
23,748
units for the
three months ended March 31, 2017
, in each case related to the Rice Midstream Partners LP 2014 Long-Term Incentive Plan.
|
G.
|
Financial Information by Business Segment
|
|
Successor
|
|
|
Predecessor
|
||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands)
|
|
|
||||||
Revenues from external customers (including affiliates):
|
|
|
|
|
||||
Gathering
|
$
|
61,501
|
|
|
|
$
|
42,002
|
|
Water
|
22,963
|
|
|
|
20,748
|
|
||
Total operating revenues
|
$
|
84,464
|
|
|
|
$
|
62,750
|
|
|
|
|
|
|
||||
Operating income:
|
|
|
|
|
||||
Gathering
|
$
|
44,095
|
|
|
|
$
|
30,537
|
|
Water
|
11,370
|
|
|
|
10,059
|
|
||
Total operating income
|
$
|
55,465
|
|
|
|
$
|
40,596
|
|
|
|
|
|
|
||||
Reconciliation of operating income to net income:
|
|
|
|
|
||||
Net interest expense
|
$
|
1,954
|
|
|
|
$
|
2,992
|
|
Other income
|
6
|
|
|
|
11
|
|
||
Net income
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
(in thousands)
|
March 31, 2018
|
|
|
December 31, 2017
|
||||
Segment assets:
|
|
|
|
|
||||
Gathering
|
$
|
2,725,820
|
|
|
|
$
|
2,642,928
|
|
Water
|
199,890
|
|
|
|
208,331
|
|
||
Total assets
|
$
|
2,925,710
|
|
|
|
$
|
2,851,259
|
|
|
Successor
|
|
|
Predecessor
|
||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands)
|
|
|
||||||
Depreciation expense:
|
|
|
|
|
||||
Gathering
|
$
|
8,124
|
|
|
|
$
|
3,270
|
|
Water
|
5,771
|
|
|
|
4,351
|
|
||
Total depreciation expense
|
$
|
13,895
|
|
|
|
$
|
7,621
|
|
|
|
|
|
|
||||
Expenditures for segment assets:
|
|
|
|
|
||||
Gathering
|
$
|
20,940
|
|
|
|
$
|
28,603
|
|
Water
|
2,375
|
|
|
|
2,780
|
|
||
Total expenditures for segment assets
(1)
|
$
|
23,315
|
|
|
|
$
|
31,383
|
|
(1)
|
RMP accrues capital expenditures when work has been completed but the associated bills have not yet been paid. These accrued amounts are excluded from capital expenditures in the statements of consolidated cash flows until they are paid in a subsequent period. Accrued capital expenditures were approximately
$15.2 million
and
$24.6 million
at March 31, 2018 and December 31, 2017, respectively. Accrued capital expenditures were approximately
$12.0 million
and
$9.1 million
at March 31, 2017 and December 31, 2016, respectively.
|
H.
|
Related Party Transactions
|
I.
|
Subsequent Events
|
|
Successor
|
|
|
Predecessor
|
|
|
|||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
|
|
|||||
|
|
|
|
Change (%)
|
|||||||
Operating data: (BBtu/d)
|
|
|
|
|
|
|
|||||
Gathering volumes
|
1,697
|
|
|
|
1,235
|
|
|
37
|
%
|
||
Compression volumes
|
1,248
|
|
|
|
826
|
|
|
51
|
%
|
||
|
|
|
|
|
|
|
|||||
Statement of income data: (in thousands)
|
|
|
|
|
|
|
|||||
Operating revenues:
|
|
|
|
|
|
|
|||||
Gathering revenues
|
$
|
52,730
|
|
|
|
$
|
36,220
|
|
|
46
|
%
|
Compression revenues
|
8,771
|
|
|
|
5,782
|
|
|
52
|
%
|
||
Total operating revenues
|
61,501
|
|
|
|
42,002
|
|
|
46
|
%
|
||
|
|
|
|
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|||||
Operation and maintenance expense
|
3,189
|
|
|
|
2,842
|
|
|
12
|
%
|
||
General and administrative expense
|
6,093
|
|
|
|
4,951
|
|
|
23
|
%
|
||
Depreciation expense
|
8,124
|
|
|
|
3,270
|
|
|
148
|
%
|
||
Amortization of intangible assets
|
—
|
|
|
|
402
|
|
|
(100
|
)%
|
||
Total operating expenses
|
17,406
|
|
|
|
11,465
|
|
|
52
|
%
|
||
|
|
|
|
|
|
|
|
||||
Operating income
|
$
|
44,095
|
|
|
|
$
|
30,537
|
|
|
44
|
%
|
|
Successor
|
|
|
Predecessor
|
|
|
|||||
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
|
|
|||||
|
|
|
|
Change (%)
|
|||||||
Operating data: (in MMgal)
|
|
|
|
|
|
|
|||||
Water services volumes
|
434
|
|
|
|
365
|
|
|
19
|
%
|
||
|
|
|
|
|
|
|
|||||
Statement of income data: (in thousands)
|
|
|
|
|
|
|
|||||
Water services revenues
|
$
|
22,963
|
|
|
|
$
|
20,748
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|||||
Operation and maintenance expense
|
4,711
|
|
|
|
5,450
|
|
|
(14
|
)%
|
||
General and administrative expense
|
1,111
|
|
|
|
888
|
|
|
25
|
%
|
||
Depreciation expense
|
5,771
|
|
|
|
4,351
|
|
|
33
|
%
|
||
Total operating expenses
|
11,593
|
|
|
|
10,689
|
|
|
8
|
%
|
||
|
|
|
|
|
|
|
|
||||
Operating income
|
$
|
11,370
|
|
|
|
$
|
10,059
|
|
|
13
|
%
|
•
|
the financial performance of RMP’s assets, without regard to financing methods, capital structure or historical cost basis;
|
•
|
RMP’s 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;
|
•
|
RMP’s ability to incur and service debt and fund capital expenditures;
|
•
|
the ability of RMP’s assets to generate sufficient cash flow to make distributions to RMP’s unitholders; and
|
•
|
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
|
|
|
Successor
|
|
|
Predecessor
|
||||
|
|
Three Months Ended March 31, 2018
|
|
|
Three Months Ended March 31, 2017
|
||||
(in thousands)
|
|
|
|
||||||
Net income
|
|
$
|
53,517
|
|
|
|
$
|
37,615
|
|
Net interest expense
|
|
1,954
|
|
|
|
2,992
|
|
||
Depreciation expense
|
|
13,895
|
|
|
|
7,621
|
|
||
Amortization of intangible assets
|
|
—
|
|
|
|
402
|
|
||
Non-cash compensation expense
|
|
168
|
|
|
|
132
|
|
||
Adjusted EBITDA
|
|
$
|
69,534
|
|
|
|
$
|
48,762
|
|
Less:
|
|
|
|
|
|
||||
Net interest expense, excluding amortization of deferred financing costs
|
|
(1,954
|
)
|
|
|
(1,943
|
)
|
||
Capitalized interest
|
|
(1,282
|
)
|
|
|
—
|
|
||
Estimated maintenance capital expenditures
|
|
(5,500
|
)
|
|
|
(4,375
|
)
|
||
Distributable cash flow
|
|
$
|
60,798
|
|
|
|
$
|
42,444
|
|
|
|
|
|
|
|
||||
Net cash provided by operating activities
|
|
$
|
62,536
|
|
|
|
$
|
46,209
|
|
Capitalized interest
|
|
(1,282
|
)
|
|
|
—
|
|
||
Estimated maintenance capital expenditures
|
|
(5,500
|
)
|
|
|
(4,375
|
)
|
||
Changes in operating assets and liabilities
|
|
5,044
|
|
|
|
610
|
|
||
Distributable cash flow
|
|
$
|
60,798
|
|
|
|
$
|
42,444
|
|
•
|
we will be required to pay our costs relating to the transactions, such as legal, accounting and financial advisory expenses, whether or not the transactions are completed;
|
•
|
time and resources committed by our management to matters relating to the transactions could otherwise have been devoted to pursuing other beneficial opportunities; and
|
•
|
the market price of our common units could decline to the extent that the current market price reflects a market assumption that the transactions will be completed.
|
|
|
|
RICE MIDSTREAM PARTNERS LP
|
|
|
|
|
Date:
|
April 26, 2018
|
By:
|
Rice Midstream Management LLC, its General Partner
|
|
|
By:
|
/s/ Robert J. McNally
|
|
|
|
Robert J. McNally
|
|
|
|
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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