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4Q 2019 Earnings Presentation – CNX Midstream Partners

CNX Midstream Partners · Jan 30, 2020 · 18 slides

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Slides

  1. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 1
    Earnings Results Fourth Quarter 2019 January 30, 2020
  2. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 2
    Q4 2019 and Full Year Results 2019 capital program completed at 316 million, within previously stated guidance of 310-330 million 19th consecutive quarterly cash distribution increase at targeted 15% annual growth rate Average net…
  3. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 3
    Strong Track Record of Delivering on Expectations and Cash Flow Growth Adjusted EBITDA 2015-2021E 300 Over the past five 250 years, CNXM's distributable cash 200 flow per LP unit in millions 150 grew at a compound annual…
  4. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 4
    Continued History of Value Creation for CNXM and Sponsor GP Acquisition & Enhanced HG Asset Exchange Agreement SWPA System Expansion IDR Elimination Transaction Commercial Agreement CNX acquires remaining 50% GP Additional +145mm…
  5. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 5
    Incentive Distribution Rights Elimination Transaction Overview Pro Forma Structure The incentive distribution rights and economic general partner interest in CNXM owned by CNX were exchanged for the following: Public 26 million CNXM…
  6. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 6
    Transaction Benefits Immediately Accretive to Deferred nature of Class B units and cash ensure immediate distributable cash flow per unit accretion in 2020 that Distributable Cash Flow Per LP Unit grows in 2021 Simplifies Capital…
  7. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 7
    Pro Forma 2020 Guidance and 2021 Outlook ( in millions) 2020E 2021E Guidance Preliminary Outlook Throughput (BBtu/d)(1) 1,600 - 1,750 Capital Expenditures 80 - 100 55 Adjusted EBITDA(2) 250 270 300 Distributable Cash Flow(2) 185 -…
  8. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 8
    Capital Program Update 2019 Major Capital Projects Successful 2019 Capital Expenditure Ramp Driving Expansion of SWPA Gathering System Richhill Area Morris Station Upgrade - In service Buildout includes two new compressor stations and…
  9. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 9
    Operating Expense Q4 2014 Q4 2019 Operating Expense 7.78 mm Operating Expense 7.02 mm Unit Operating Expense 0.117 / MMbtu Unit Operating Expense 0.048 / MMbtu Demonstrates positive operating 1,601 Bbtu/d leverage of our assets…
  10. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 10
    Minimum Well and Volume Commitments Support Distribution Agreement Time Period & Activity Commitment Total Minimum Revenue Commitments Min. Volume Shirley-Penns MVC(1) 2018 2019 2020 2021 2022 2023 Commitment (Bbtu/d) 130 130 153…
  11. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 11
    Revenue/MWC/MVC Commitments Continue to Provide Cash Flow Certainty Minimum Activity Commitment / Minimum Volume Commitment Distributable Cash Flow (DCF) 300 250 200 in millions 150 100 50 - 2019 2020E 2021E…
  12. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 12
    Resilient Business Model 1 IDR Transaction Puts CNXM in Right Capital Structure 2 Low Leverage Balance Sheet and Commercial Strategy Designed to Insulate from Commodity and Capital Market downturns 3 Well and Volume Commitments…
  13. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 13
    Appendix
  14. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 14
    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…
  15. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 15
    Non-GAAP Reconciliation ( in thousands) Three Months Ended December 31, (unaudited) 2019 2018 Net Income 50,196 41,433 Depreciation expense 6,677 5,334 Interest expense 7,668 6,751 EBITDA 64,541 53,518 Non-cash unit-based…
  16. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 16
    Non-GAAP Reconciliation ( in millions) Forecast Forecast (unaudited) 2020 2021 Estimate Estimate Net Income 194 235 Depreciation expense 29 31 Interest expense 43 39 EBITDA 266 305 Non-cash unit-based compensation expense 3 3…
  17. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 17
    Non-GAAP Reconciliation ( in thousands) Twelve Months Ended (unaudited) 12/31/2019 12/31/2018 9/30/2019 Net Income 175,300 138,995 166,537 Depreciation expense 24,371 21,939 23,028 Interest expense 30,293 23,614 29,376 EBITDA…
  18. 4Q 2019 Earnings Presentation – CNX Midstream Partners – slide 18
    Non-GAAP Reconciliation ( in thousands) Twelve Months Ended (unaudited) 12/31/2017 12/31/2016 12/31/2015 Net Income 134,062 130,122 115,531 Depreciation expense 22,692 21,201 15,053 Interest expense 4,560 1,799 835 EBITDA 161,314…

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