CNX Midstream Reports Second Quarter Results
PITTSBURGH, July 30, 2020 /PRNewswire/ -- CNX Midstream Partners LP (NYSE: CNXM) ("CNXM", "CNX Midstream" or the "Partnership") today reported financial and operational results for the three and six months ended June 30, 2020((1)).
Second Quarter Results
The Partnership continued its solid financial performance during the three months ended June 30, 2020 despite a decline in volumes. The net decrease in gathered volumes was the result of temporary production curtailments by our Sponsor and one of our third-party customers due to a decline in both natural gas and natural gas liquids pricing. Although a majority of the wet wells have since come back online due to a rebound in pricing, the concerns over storage capacity and other items could impact future periods. The impact of the lower wet gas volumes was partially offset by well turn-in-line activity that occurred over the past twelve months. Comparative results net to the Partnership, with the exception of net cash provided by operating activities, which is presented on a gross consolidated basis, were as follows:
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2020 2019 2020 2019
Net income $
32.6 $
46.7 $
77.8 $
81.9
Net cash provided by operating activities $
45.5 $
74.8 $
85.6 $
124.7
Adjusted EBITDA (non-GAAP)(2) $
49.7 $
59.3 $
110.1 $
113.8
Distributable cash flow (non-GAAP)(2) $
37.1 $
46.9 $
83.9 $
89.9
Distribution coverage ratio - Declared(2) 0.83x 1.53x 1.60x 1.51x
The Board of Directors of CNX Midstream GP LLC, recently declared a cash distribution of $0.50 per unit with respect to the second quarter of 2020, which resulted in the distribution coverage ratio declining to 0.83x.
There is no change to previously stated guidance.
Capital Investment and Resources
For the second quarter of 2020, CNX Midstream's total capital investment net to the Partnership was $14.1 million, which includes investment in expansion projects of $8.8 million and maintenance capital of $5.3 million.
As of June 30, 2020, CNX Midstream had outstanding borrowings of $319.0 million under its $600.0 million revolving credit facility.
CNX Acquiring All Outstanding Common Units of CNXM (the "take-private transaction")
On July 27, 2020, CNX Resources Corporation (NYSE: CNX) ("CNX") and CNX Midstream announced that they have entered into a definitive merger agreement pursuant to which CNX will acquire all of the outstanding common units of CNX Midstream that it does not already own in exchange for CNX common stock valued at approximately $357 million, based on the most recent closing price of CNX common stock.
Video Presentation
CNX and the Partnership have pre-recorded a video presentation that not only thoroughly examines the transaction, but also reviews the CNX investment thesis and why the company believes it is a non-replicable, best-in-class E&P company. The video can be accessed at: https://vimeo.com/441806879, or by visiting the "Investor Relations" page of CNX's website at www.cnx.com, or on the 'News and Events' page of the CNX Midstream website at cnxmidstream.com. Presentation materials are available on each company's website.
Second Quarter Financial and Operational Results Conference Call
In light of the take-private transaction, CNX Midstream has cancelled its previously announced earnings call scheduled for July 30.
((1) )The Partnership's current financial interests in the development companies are: 100% in the Anchor Systems and 5% in the Additional Systems. Because the Partnership owns a controlling interest in each of these two development companies, it fully consolidates their financial results. CNX Gathering, which is wholly owned by CNX Resources Corporation, owns a 95% noncontrolling interest in the Additional Systems of the Partnership.
((2) )Adjusted EBITDA and Distributable Cash Flow are not measures that are recognized under accounting principles generally accepted in the U.S. ("GAAP"). Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.
* * * * *
CNX Midstream is a growth-oriented master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin 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. More information is available at our website www.cnxmidstream.com.
* * * * *
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 CNX 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, CNX 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 CNX 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. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded partnership and our capital programs. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any 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. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following: the possibility that the market price of CNX Resource's common stock will fluctuate prior to the completion of the take-private transaction causing the value of the merger consideration to change; the risk that a condition to the closing of the take-private transaction may not be satisfied on a timely basis, if at all; the timing of the completion of the take-private transaction; the substantial transaction-related costs that may be incurred by CNX Resources and CNXM in connection with the take-private transaction; the possibility that CNX Resources and CNXM may, under certain specified circumstances, be responsible for the other party's expenses; the possibility that CNX Resources and CNXM may be the targets of securities class actions and derivative lawsuits; the limited duties CNXM's partnership agreement places on the general partner for actions taken by the general partner; the risk that certain officers and directors of CNX Resources and the general partner have interests in the take-private transaction that are different from, or in addition to, the interests they may have as CNXM's unitholders or the CNX Resources' stockholders, respectively; the possibility that financial projections by CNX Resources and CNXM may not prove to be reflective of actual future results; our ability to grow, or maintain, our current rate of cash distributions; our reliance on our customers, including our Sponsor, CNX Resources Corporation; the effects of changes in market prices of natural gas, NGLs and crude oil on our customers' drilling and development plans on our dedicated acreage and the volumes of natural gas and condensate that are produced on our dedicated acreage because of the natural decline in production from existing wells, our success, in part, depends on our ability to maintain or increase natural gas and condensate throughput volumes on our midstream systems, which depends on the level of development and completion activity on acreage dedicated to us; changes in our customers' drilling and development plans in the Marcellus Shale and Utica Shale, and our customers' ability to meet such plans; our ability to maintain or increase volumes of natural gas and condensate on our midstream systems; the demand for natural gas and condensate gathering services, changes in general economic condition, and competitive conditions in our industry, including competition from the same and alternative energy sources; actions taken by third-party operators, gatherers, processors and transporters; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; our ability to generate adequate returns on capital; the price and availability of debt and equity financing; the availability and price of oil and natural gas to the consumer compared to the price of alternative and competing fuels; prolonged customer curtailments; the availability of storage capacity for refined products such as crude, and refinery inputs including condensate, c5+ and butane; energy efficiency and technology trends; operating hazards and other risks incidental to our midstream services; natural disasters, weather-related delays, casualty losses and other matters beyond our control; the impact of outbreaks of communicable diseases such as the novel highly transmissible and pathogenic coronavirus (COVID-19) on business activity, the Partnership's operations and national and global economic conditions, generally; interest rates; labor relations; defaults by our customers under our gathering agreements; changes in availability and cost of capital; changes in our tax status; the effect of existing and future laws and government regulations; and the effects of future litigation.
Although forward-looking statements reflect CNXM's 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 CNXM's business plans may change as circumstances warrant, please refer to the "Risk Factors" and "Forward-Looking Statements" sections of CNXM's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Commission on February 10, 2020 and subsequent Quarterly Reports on Form 10-Q. CNXM undertakes 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.
CNX MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
Revenue
Gathering revenue - related party $
54,203 $
59,205 $
116,381 $
112,981
Gathering revenue - third party 11,749 18,896 29,702 37,339
Miscellaneous income 86 151
Total Revenue 66,038 78,101 146,234 150,320
Expenses
Operating expense - related party 4,367 6,514 8,195 12,062
Operating expense - third party 6,049 6,188 14,645 12,162
General and administrative expense - related party 2,748 4,027 5,605 7,994
General and administrative expense - third party 1,585 1,364 4,350 2,900
Loss on asset sales and abandonments 1,663 1,652 7,229
Depreciation expense 8,209 5,860 15,787 11,510
Interest expense 8,617 7,685 17,410 15,024
Total Expense 33,238 31,638 67,644 68,881
Net Income 32,800 46,463 78,590 81,439
Less: Net income (loss) attributable to noncontrolling interest 250 (282) 821 (413)
Net Income Attributable to General and Limited Partner $
32,550 $
46,745 $
77,769 $
81,852
Ownership Interest in CNX Midstream Partners LP
Calculation of Limited Partner Interest in Net Income:
Net Income Attributable to General and Limited Partner Ownership $
32,550 $
46,745 $
77,769 $
81,852
Interest in CNX Midstream Partners LP
Less: General partner interest in net income, including incentive - 6,325 11,604
distribution rights
Limited partner interest in net income $
32,550 $
40,420 $
77,769 $
70,248
Earnings per limited partner unit:
Basic $
0.36 $
0.63 $
0.87 $
1.10
Diluted $
0.35 $
0.63 $
0.84 $
1.10
Weighted average number of limited partner units outstanding (in
thousands):
Basic 89,799 63,732 89,798 63,715
Diluted 92,817 63,755 92,820 63,759
Cash distributions declared per unit (*) $
0.5000 $
0.3865 $
0.5829 $
0.7597
(*) Represents the cash distributions declared during the month following the end of each respective quarterly period.
CNX MIDSTREAM PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except number of limited partner units)
(Unaudited)
June 30, December 31,
2020 2019
ASSETS
Current Assets:
Cash $
989 $
31
Receivables - related party 16,583 21,076
Receivables - third party 8,615 7,935
Other current assets 1,672 1,976
Total Current Assets 27,859 31,018
Property and Equipment:
Property and equipment 1,329,543 1,302,566
Less - accumulated depreciation 122,804 106,975
Property and Equipment - Net 1,206,739 1,195,591
Other Assets:
Operating lease right-of-use assets 1,594 4,731
Other assets 2,698 3,262
Total Other Assets 4,292 7,993
TOTAL ASSETS $
1,238,890 $
1,234,602
LIABILITIES AND PARTNERS' CAPITAL
Current Liabilities:
Trade accounts payable $
9,312 $
15,683
Accrued interest payable 7,794 7,973
Accrued liabilities 14,825 43,634
Due to related party 52,191 4,787
Total Current Liabilities 84,122 72,077
Other Liabilities:
Long-term liabilities - related party 85,000
Long-Term Debt:
Revolving credit facility 319,000 311,750
Senior Notes 394,635 394,162
Total Long-Term Debt 713,635 705,912
TOTAL LIABILITIES 882,757 777,989
Partners' Capital and Noncontrolling Interest:
Limited partner units (89,799,224 issued and outstanding at June 30, 2020 and 251,862 380,473
63,736,622 issued and outstanding at December 31, 2019)
Class B units (3,000,000 issued and outstanding at June 30, 2020 and none issued and 34,590
outstanding at December 31, 2019)
General partner interest - 7,280
Partners' capital attributable to CNX Midstream Partners LP 286,452 387,753
Noncontrolling interest 69,681 68,860
Total Partners' Capital and Noncontrolling Interest 356,133 456,613
TOTAL LIABILITIES AND PARTNERS' CAPITAL $
1,238,890 $
1,234,602
CNX MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
Cash Flows from Operating Activities:
Net income $
32,800 $
46,463 $
78,590 $
81,439
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation expense and amortization of debt issuance costs 8,680 6,328 16,730 12,449
Unit-based compensation 380 541 884 1,153
Loss on asset sales and abandonments 1,663 1,652 7,229
Other 133 30 144 41
Changes in assets and liabilities:
Due to/from affiliate 5,962 (1,346) 2,256 (3,269)
Receivables - third party (3,635) (101) (680) 347
Other current and non-current assets 2,035 1,932 3,535 (7,039)
Accounts payable and other accrued liabilities (2,523) 20,906 (17,493) 32,316
Net Cash Provided by Operating Activities 45,495 74,753 85,618 124,666
Cash Flows from Investing Activities:
Capital expenditures (14,377) (104,310) (47,036) (182,867)
Proceeds from sale of assets 80 80
Net Cash Used in Investing Activities (14,297) (104,310) (46,956) (182,867)
Cash Flows from Financing Activities:
Contributions from general partner and noncontrolling interest - 30
holders, net
Vested units withheld for unitholders taxes - (26) (309) (690)
Quarterly distributions to unitholders (7,444) (28,940) (44,645) (56,208)
Net (payments) borrowings on secured $600.0 million credit facility (28,000) 71,350 7,250 124,000
Debt issuance costs - (1,220) (1,220)
Net Cash (Used in) Provided by Financing Activities (35,444) 41,164 (37,704) 65,912
Net (Decrease) Increase in Cash (4,246) 11,607 958 7,711
Cash at Beginning of Period 5,235 70 31 3,966
Cash at End of Period $
989 $
11,677 $
989 $
11,677
CNX MIDSTREAM PARTNERS LP
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
(Dollars in thousands)
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 gains or losses on asset sales and abandonments and other 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 Provided by Operating Activities, and these measures may vary from those of other companies. As a result, EBITDA and Adjusted EBITDA as presented below 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, cash interest expense and maintenance capital expenditures, each net to the Partnership. 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 that is 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 Provided by Operating Activities, 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 that other companies may use.
Distribution Coverage Ratio
We define Distributable Coverage Ratio as Distributable Cash Flow divided by cash distributions declared or paid.
Free Cash Flow
We define Free Cash Flow as Distributable Cash Flow less expansion capital expenditures, net to the Partnership.
The following table presents a reconciliation of the non-GAAP measures of Adjusted EBITDA and Distributable Cash Flow to the most directly comparable GAAP financial measures of Net Income and Net Cash Provided by Operating Activities.
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) 2020 2019 2020 2019
Net Income $
32,800 $
46,463 $
78,590 $
81,439
Depreciation expense 8,209 5,860 15,787 11,510
Interest expense 8,617 7,685 17,410 15,024
EBITDA 49,626 60,008 111,787 107,973
Non-cash unit-based compensation expense 380 541 884 1,153
Loss on asset sales and abandonments 1,663 1,652 7,229
Adjusted EBITDA 51,669 60,549 114,323 116,355
Less:
Net income (loss) attributable to noncontrolling interest 250 (282) 821 (413)
Depreciation expense attributable to noncontrolling interest 483 395 963 789
Other expenses attributable to noncontrolling interest 1,154 1,098 2,327 2,218
Loss on asset sales attributable to noncontrolling interest 110 110
Adjusted EBITDA Attributable to General and Limited Partner $
49,672 $
59,338 $
110,102 $
113,761
Ownership Interest in CNX Midstream Partners LP
Less: cash interest expense, net to the Partnership 7,286 7,282 15,191 13,886
Less: maintenance capital expenditures, net to the Partnership 5,310 5,168 10,983 10,003
Distributable Cash Flow $
37,076 $
46,888 $
83,928 $
89,872
Net Cash Provided by Operating Activities $
45,495 $
74,753 $
85,618 $
124,666
Interest expense 8,617 7,685 17,410 15,024
Loss on asset sales and abandonments 1,663 1,652 7,229
Other, including changes in working capital (4,106) (21,889) 9,643 (30,564)
Adjusted EBITDA 51,669 60,549 114,323 116,355
Less:
Net income (loss) attributable to noncontrolling interest 250 (282) 821 (413)
Depreciation expense attributable to noncontrolling interest 483 395 963 789
Other expenses attributable to noncontrolling interest 1,154 1,098 2,327 2,218
Loss on asset sales attributable to noncontrolling interest 110 110
Adjusted EBITDA Attributable to General and Limited Partner $
49,672 $
59,338 $
110,102 $
113,761
Ownership Interest in CNX Midstream Partners LP
Less: cash interest expense, net to the Partnership 7,286 7,282 15,191 13,886
Less: maintenance capital expenditures, net to the Partnership 5,310 5,168 10,983 10,003
Distributable Cash Flow $
37,076 $
46,888 $
83,928 $
89,872
Less: expansion capital expenditures, net to the Partnership 8,755 98,204 $
34,458 $
169,306
Free Cash Flow $
28,321 $
(51,316) $
49,470 $
(79,434)
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) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Twelve
Months
Ended
June 30,
2020
Net Income $
43,665 $
50,196 $
45,790 $
32,800 $
172,451
Depreciation expense 6,184 6,677 7,578 8,209 28,648
Interest expense 7,601 7,668 8,793 8,617 32,679
EBITDA 57,450 64,541 62,161 49,626 233,778
Non-cash unit-based compensation expense 328 399 504 380 1,611
(Gain) loss on asset sales and abandonments (11) 1,663 1,652
Adjusted EBITDA 57,778 64,940 62,654 51,669 237,041
Less:
Net (loss) income attributable to noncontrolling interest (298) 1,700 571 250 2,223
Depreciation expense attributable to noncontrolling interest 392 399 480 483 1,754
Other expenses attributable to noncontrolling interest 1,152 1,136 1,173 1,154 4,615
Loss on asset sales attributable to noncontrolling interest 110 110
Adjusted EBITDA Attributable to General and Limited Partner $
56,532 $
61,705 $
60,430 $
49,672 $
228,339
Ownership Interest in CNX Midstream Partners LP
Less: cash interest expense, net to the Partnership 7,528 7,812 7,905 7,286 30,531
Less: maintenance capital expenditures, net to the Partnership 5,388 5,494 5,673 5,310 21,865
Distributable Cash Flow $
43,616 $
48,399 $
46,852 $
37,076 $
175,943
Net Cash Provided by Operating Activities $
51,014 $
41,382 $
40,123 $
45,495 $
178,014
Interest expense 7,601 7,668 8,793 8,617 32,679
(Gain) loss on asset sales and abandonments (11) 1,663 1,652
Other, including changes in working capital (837) 15,890 13,749 (4,106) 24,696
Adjusted EBITDA 57,778 64,940 62,654 51,669 237,041
Less:
Net (loss) income attributable to noncontrolling interest (298) 1,700 571 250 2,223
Depreciation expense attributable to noncontrolling interest 392 399 480 483 1,754
Other expenses attributable to noncontrolling interest 1,152 1,136 1,173 1,154 4,615
Loss on asset sales attributable to noncontrolling interest 110 110
Adjusted EBITDA Attributable to General and Limited Partner $
56,532 $
61,705 $
60,430 $
49,672 $
228,339
Ownership Interest in CNX Midstream Partners LP
Less: cash interest expense, net to the Partnership 7,528 7,812 7,905 7,286 30,531
Less: maintenance capital expenditures, net to the Partnership 5,388 5,494 5,673 5,310 21,865
Distributable Cash Flow $
43,616 $
48,399 $
46,852 $
37,076 $
175,943
Distributions Declared $
32,371 $
37,201 $
7,444 $
44,900 $
121,916
Distribution Coverage Ratio - Declared 1.35x 1.30x 6.29x 0.83x 1.44x
Distributable Cash Flow $
43,616 $
48,399 $
46,852 $
37,076 $
175,943
Distributions Paid $
30,637 $
32,371 $
37,201 $
7,444 $
107,653
Distribution Coverage Ratio - Paid 1.42x 1.50x 1.26x 4.98x 1.63x
Development Companies Jointly Owned by CNX Gathering LLC and CNX Midstream Partners LP
Operating Income Summary, Selected Operating Statistics and Capital Investment
(Dollars in thousands)
(Unaudited)
Three Months Ended June 30, 2020
Anchor Additional Total
Income Summary
Revenue $
63,060 $
2,978 $
66,038
Expenses 30,524 2,714 33,238
Net Income $
32,536 $
264 $
32,800
Operating Statistics - Gathered Volumes
Dry gas (BBtu/d) 993 48 1,041
Wet gas (BBtu/d) 327 46 373
Other (BBtu/d)* 273 273
Total Gathered Volumes 1,593 94 1,687
Capital Investment
Maintenance capital $
5,294 $
328 $
5,622
Expansion capital 8,755 8,755
Total Capital Investment $
14,049 $
328 $
14,377
Capital Investment Net to CNX Midstream Partners LP
Maintenance capital $
5,294 $
16 $
5,310
Expansion capital 8,755 8,755
Total Capital Investment Net to CNX Midstream Partners LP $
14,049 $
16 $
14,065
*Includes third-party volumes we gather under high-pressure short-haul agreements (271 BBtu/d) as well as condensate handling.
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SOURCE CNX Midstream Partners LP
