PennTex Midstream Partners, LP (NASDAQ:PTXP) (the
“Partnership”) today reported first quarter 2017 financial and
operational results.
First Quarter 2017 Results
For the three months ended March 31, 2017 the Partnership
had operating revenues of $17.1 million and total operating
expenses of $9.6 million, resulting in operating income of $7.5
million. In addition, the Partnership recorded $9.5 million of
deferred revenue primarily related to undelivered minimum volume
commitments. The Partnership reported a net income of $5.9 million,
or $0.14 per unit, and net operating cash flow of $19.6
million.
For the three months ended March 31, 2017, the Partnership
generated Adjusted EBITDA of $20.5 million and distributable cash
flow of $19.2 million, corresponding to a distribution coverage
ratio of 1.60x for the first quarter 2017 and a leverage ratio of
2.11x as of March 31, 2017. Please see “Supplemental
Non-GAAP Financial Measures” for a description and reconciliation
of Adjusted EBITDA and distributable cash flow.
Processing volumes averaged 235 MDth/d during the first quarter
2017, and minimum volume commitments under the Partnership’s
gathering and processing agreements with its primary customer were
460 MDth/d for the quarter.
First Quarter 2017 Distribution
On April 26, 2017, the Partnership announced a quarterly
distribution of $0.2950 per unit, or $1.1800 per unit on an
annualized basis, for the first quarter 2017. The distribution is
the same amount as the distribution declared for the fourth
quarter. The distribution will be paid on May 12, 2017 to
unitholders of record as of May 5, 2017.
Financial Position and Liquidity
As of March 31, 2017, the Partnership had $4.5 million in
cash on hand. As of March 31, 2017, the Partnership’s total
indebtedness was $157.5 million, including letters of credit
outstanding, and the Partnership had an additional $117.5 million
available borrowing capacity under its revolving credit
facility.
Additional Information
The Partnership will not host a conference call. The
Partnership’s financial statements and related footnotes will be
available in its Quarterly Report on Form 10-Q for the three months
ended March 31, 2017, which will be filed with the U.S.
Securities and Exchange Commission (“SEC”) on May 4, 2017 or
shortly thereafter.
About PennTex Midstream Partners, LP
PennTex Midstream Partners, LP provides natural gas gathering
and processing and residue gas and natural gas liquids
transportation services to producers in northern Louisiana. Energy
Transfer Partners, L.P. owns the general partner of the
Partnership. For more information, visit www.penntex.com.
For further information, please direct all inquiries
to:
Energy TransferInvestor
Relations:Helen Ryoo, Lyndsay Hannah, Brent Ratliff,
214-981-0795 (office)
Media Relations:Vicki Granado, 214-981-0761
Cautionary Note
Disclosures in this press release contain certain
forward-looking statements within the meaning of the federal
securities laws. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are
forward-looking statements and speak only as of the date on which
such statement is made. These statements contain words such
as “expect, “will” and “anticipate” and are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Partnership. These include, but are not
limited to, risks related to volatility of commodity prices; the
success of producers in the area in which we operate, market demand
for natural gas and natural gas liquids; competition in the
midstream industry; general economic conditions; and the effects of
government regulations and policies. Although we believe that
the assumptions reflected in or suggested by the forward-looking
statements are reasonable, should any of the underlying assumptions
prove incorrect, or should one or more of these risks or
uncertainties occur, the Partnership’s actual results and plans
could differ materially from those implied or expressed by any
forward-looking statements. Accordingly, readers should not
place undue reliance on forward-looking statements as a prediction
of actual results. For more information concerning factors
that could cause actual results to differ materially from those
conveyed in the forward-looking statements, please refer to the
“Risk Factors” section of the Partnership’s Annual Report on Form
10-K for the year ended December 31, 2016 filed with the U.S.
Securities and Exchange Commission on February 3, 2017.
Except as otherwise required by applicable law, the Partnership
undertakes no obligation to publicly update or revise any such
forward-looking statements to reflect events or circumstances that
occur, or of which the Partnership becomes aware, after the date
hereof.
|
PENNTEX MIDSTREAM PARTNERS, LP |
UNAUDITED CONSOLIDATED STATEMENT OF
OPERATIONS |
(in thousands, except per unit
amounts) |
|
|
|
Three months ended March 31, |
|
|
2017 |
|
2016 |
Revenues |
|
$ |
17,071 |
|
|
$ |
17,649 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Cost of
revenues |
|
2,688 |
|
|
2,192 |
|
General
and administrative expense |
|
1,672 |
|
|
3,935 |
|
Operating
and maintenance expense |
|
1,484 |
|
|
2,619 |
|
Depreciation and amortization expense |
|
3,435 |
|
|
3,346 |
|
Taxes
other than income taxes |
|
281 |
|
|
227 |
|
Total
operating expenses |
|
9,560 |
|
|
12,319 |
|
Operating income |
|
7,511 |
|
|
5,330 |
|
Interest
expense, net |
|
1,615 |
|
|
1,813 |
|
Net
income |
|
$ |
5,896 |
|
|
$ |
3,517 |
|
|
|
|
|
|
Earnings per
common unit: |
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.12 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
|
|
|
|
Weighted
average common and common equivalent units outstanding: |
|
|
|
|
Basic |
|
20,714 |
|
|
20,000 |
|
Diluted |
|
20,714 |
|
|
20,000 |
|
|
|
|
|
|
|
|
PENNTEX MIDSTREAM PARTNERS,
LPSUPPLEMENTAL NON-GAAP FINANCIAL
MEASURES(Unaudited)
Adjusted EBITDA and distributable cash flow are non-GAAP
financial measures. The GAAP liquidity measure most directly
comparable to Adjusted EBITDA and distributable cash flow is net
cash provided by operating activities. Adjusted EBITDA and
distributable cash flow should not be considered alternatives to
net income, operating income, cash flows from operations or any
other measure of financial performance or liquidity presented in
accordance with GAAP.
Adjusted EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some but not
all items that affect net income and net cash provided by operating
activities. Additionally, because Adjusted EBITDA and distributable
cash flow may be defined differently by other companies in our
industry, our definition of Adjusted EBITDA and distributable cash
flow may not be comparable to similarly titled measures of other
companies, thereby diminishing their utility. You should not
consider Adjusted EBITDA or distributable cash flow in isolation or
as substitutes for analysis of results as reported under GAAP.
Adjusted EBITDA is defined as net income (loss), plus interest
expense, income taxes, depreciation and amortization, changes in
deferred revenues, equity-based compensation expense, non-cash
general and administrative expense, non-cash loss (income) related
to derivative instruments and impairments on long-term assets.
Distributable cash flow is defined as Adjusted EBITDA, less cash
interest expense related to operating activities, net of interest
income, income taxes paid and maintenance capital expenditures, and
distribution equivalents paid in cash.
The following table reconciles Adjusted EBITDA to the most
directly comparable GAAP financial and liquidity measures for the
periods presented, and further reconciles Adjusted EBITDA to
distributable cash flow attributable to the Partnership:
|
|
|
|
|
Three months ended March 31, |
|
|
2017 |
|
2016 |
|
|
(in thousands) |
Reconciliation
to Net Cash Provided by Operating Activities: |
|
|
|
|
Net cash
provided by operating activities |
|
$ |
19,558 |
|
|
$ |
11,742 |
|
Plus: |
|
|
|
|
Cash
interest expense related to operating activities |
|
1,280 |
|
|
1,481 |
|
Changes
in working capital |
|
(372 |
) |
|
1,877 |
|
Adjusted
EBITDA |
|
20,466 |
|
|
15,100 |
|
Less: |
|
|
|
|
Cash
interest expense related to operating activities |
|
1,280 |
|
|
1,481 |
|
Maintenance capital expenditures |
|
— |
|
|
158 |
|
Distribution equivalents paid in cash(1) |
|
— |
|
|
174 |
|
Distributable
cash flow |
|
$ |
19,186 |
|
|
$ |
13,287 |
|
(1) Represents distribution equivalents paid in cash in respect
of the applicable period to the extent reflected as changes in
equity.
The following table provides the calculation of Adjusted EBITDA
as defined above:
|
|
Three months ended March 31, |
|
|
2017 |
|
2016 |
|
|
(in thousands) |
Net income |
|
$ |
5,896 |
|
|
$ |
3,517 |
|
Add: |
|
|
|
|
Interest
expense, net |
|
1,615 |
|
|
1,813 |
|
Depreciation and amortization expense |
|
3,435 |
|
|
3,346 |
|
Changes
to deferred revenue, net |
|
9,520 |
|
|
4,116 |
|
Equity-based compensation expense |
|
— |
|
|
1,151 |
|
Non-cash
contribution for general and administrative expense |
|
— |
|
|
1,157 |
|
Adjusted EBITDA |
|
$ |
20,466 |
|
|
$ |
15,100 |
|
|
|
|
|
|
|
|
|
|
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