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2Q 2019 Earnings Presentation – CNX Midstream Partners

CNX Midstream Partners · Jul 30, 2019 · 11 slides

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Slides

  1. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 1
    Earnings Results Second Quarter 2019 July 30, 2019
  2. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 2
    Q2 2019 Results Average net daily throughput of 1,730 Bbtu/d in Q2 2019; up 9% compared to Q1 2019 - Excluding third-party volumes under high-pressure short-haul agreements, average daily throughput of 1,557 Bbtu/d; up 6% compared to…
  3. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 3
    Guidance Update Full-Year 2019-2020 Guidance Update 2020E Guidance Significant step down in capital investment levels as major SWPA build-out commissioned ( in millions) 2019E 2020E Expect to generate 130MM of Free Cash Flow in…
  4. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 4
    2019 Capital Program Update 2019 Capital Expenditure Ramp Driving Expansion 2019E Major Capital Projects of SWPA Gathering System Midway though the year, 2019 capital projects remain on track Morris Station Upgrade Richhill Area -…
  5. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 5
    Minimum Well and Volume Commitments Support Distribution Agreement Time Period & Activity Commitment Total Amounts to roughly one new Commitments Min. Volume Shirley-Penns MVC 2018 2019 2020 2021 2022 2023 pad per year…
  6. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 6
    CNXM DevCo Overview and Organizational Structure DevCo I NYSE: CNX CPA 100% SWPA Central CNX Gathering LLC Shirley- 33.4% LP Interest Pennsboro 100% CNX Midstream GP LLC DevCo III The General Partner Public Airport…
  7. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 7
    Appendix
  8. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 8
    Non-GAAP Reconciliation 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 non-cash items which should not be included…
  9. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 9
    Non-GAAP Reconciliation ( in thousands) Three Months Ended June 30, (unaudited) 2019 2018 Net Income 46,463 30,282 Depreciation expense 5,860 5,443 Interest expense 7,685 7,119 EBITDA 60,008 42,844 Non-cash unit-based compensation…
  10. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 10
    Non-GAAP Reconciliation ( in millions) Forecast Forecast (unaudited) 2019 2020 Estimate Estimate Net Income 151 194 Depreciation expense 26 29 Interest expense 35 43 EBITDA 212 266 Non-cash unit-based compensation expense 3 3…
  11. 2Q 2019 Earnings Presentation – CNX Midstream Partners – slide 11
    Non-GAAP Reconciliation ( in thousands) Twelve Months Ended (unaudited) 6/30/2019 6/30/2018 12/31/2018 Net Income 156,447 135,057 138,995 Depreciation expense 22,150 22,645 21,939 Interest expense 29,030 12,006 23,614 EBITDA…

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