Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets
Cone Midstream Reports $23 MM Distributable Cash Flow
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Cone Midsteam reported its 3rd quarter results.
- Net income of $23.6 million as compared to $19.7 million
- Average daily throughput volumes of 840 billion Btu per day (BBtu/d) as compared to 642 BBtu/d
- Net cash provided by operating activities of $40.0 million as compared to $38.8 million
- Adjusted EBITDA(2) of $26.8 million as compared to $21.9 million
- Distributable cash flow (DCF)(2) of $23.3 million as compared to $19.5 million
- Cash distribution coverage of 1.47x on an as declared basis
2016 Guidance Update
Based on current expectations, management is providing the following updated guidance for 2016. Full year 2016 Adjusted EBITDA attributable to the Partnership, previously projected to be in the range of $96 – $106 million, is now expected to be in the range of $103 – $108 million. Full year distributable cash flow attributable to the Partnership, previously projected to be in the range of $82 – $92 million, is now expected to be in the range of $89 – $94 million.
CONE Midstream’s financial guidance is based on numerous assumptions about future events and conditions and, therefore, could vary materially from actual results. These estimates are meant to provide guidance only and are subject to revision for acquisitions or operating environment changes.
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