CONE Midstream reports strong 3Q
CONE Midstream Partners LP, formed by CNX Gas and Noble Energy Inc., reported third-quarter financial and operational results Friday.
The Southpointe-based partnership listed net income of $23.6 million this year compared with $19.7 million from the third quarter of 2015, and the average daily volume up to 840 billion Btu per day for 642 BBtu/d a year earlier. Net cash provided by operating activities also increased, to $40.0 million from $38.8 million in quarter three of 2015.
John T. Lewis, board chairman and CEO, said: “It is a pleasure to report another strong quarter of financial and operational results for CNNX. As anticipated, we were free-cash-flow positive again during the quarter. … based on our solid performance for the first nine months and our current outlook for the remainder of the year, we have increased our guidance for our full year 2016 results.”
The announcement came four days after Consol and Noble said they have agreed to separate their five-year-old 50-50 joint venture in Marcellus Shale properties in Pennsylvania and West Virginia.