Cone Midstream reports 1Q results
CANONSBURG – Cone Midstream Partners LP, a partnership formed by Consol Energy Inc. and Noble Energy Inc. for their midstream assets in the Marcellus Shale plays, Monday reported net income of $14.2 million for the first quarter, which ended March 31.
That compared to net income of $9.45 million for the comparable quarter of 2014.
During the quarter, the Southpointe-based master limited partnership’s midstream infrastructure processed average daily throughput volumes of 549 billion British thermal units.
Earnings before taxes, depreciation and administrative expenses was $16.1 million.
“Financial and operational results for the first quarter were good and exceeded our expectations,” said John T. Lewis, Cone’s chairman and CEO said in a news release.
Lewis also announced the company was increasing and narrowing the range of its financial guidance for full-year 2015 results.
“Our current expectation is that 2015 EBITDA attributable to CNNX will be in the rtange of $66 to $72 millionOur current expectation is that 2015 EBITDA attributable to CNNX will be in the range of $66 million to $72 million and full year distributable cash flow will be in the range of $55 million to $62 million.
“With our good first quarter results, the continued progress on volume and cost initiatives, and increasing clarity on our sponsors’ 2015 plan, we are increasingly bullish on this year’s performance.
“Although the commodity price environment has changed since our IPO, we remain committed to multi-year distribution growth in the 15 to-20 percent range.”