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• | business services, such as payroll, accounts payable and facilities management; |
• | corporate services, such as finance and accounting, legal, human resources and public and regulatory policy; and |
• | employee compensation. |
Predecessor | |||
(in thousands) | |||
Balance at December 31, 2015 | $ | 3,048 | |
Liabilities incurred | 46 | ||
Liabilities assumed in Vantage Midstream Asset Acquisition | 2,452 | ||
Liabilities settled | (46 | ) | |
Accretion expense | 290 | ||
Balance at December 31, 2016 | $ | 5,790 | |
Liabilities incurred | 384 | ||
Liabilities settled | (88 | ) | |
Accretion expense | 393 | ||
Revisions in estimated liabilities | 351 | ||
Balance at November 12, 2017 | $ | 6,830 | |
Successor | |||
Revisions in estimated liabilities (1) | 2,489 | ||
Balance at November 13, 2017 | 9,319 | ||
Liabilities settled | (20 | ) | |
Accretion expense | 22 | ||
Balance at December 31, 2017 | $ | 9,321 |
(1) | Revisions in estimated liabilities reflect changes in assumptions associated with retirement costs and/or the estimated timing of settling retirement obligations. These revisions were recorded as an opening balance sheet adjustment at the Merger Date. |
Successor | Predecessor | ||||||||||||||||
Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Years Ended December 31, | |||||||||||||||
(in thousands) | 2016 | 2015 | |||||||||||||||
Interest incurred: | |||||||||||||||||
Interest expensed | $ | 826 | $ | 7,053 | $ | 3,931 | $ | 3,164 | |||||||||
Interest capitalized | 605 | 594 | 175 | 222 | |||||||||||||
Total incurred | $ | 1,431 | $ | 7,647 | $ | 4,106 | $ | 3,386 |
(in thousands) | As of December 31, 2017 | As of December 31, 2016 | ||||||
Natural gas gathering assets | $ | 1,138,581 | $ | 675,830 | ||||
Natural gas gathering assets in progress | 101,154 | 3,780 | ||||||
Accumulated depreciation | (4,020 | ) | (21,615 | ) | ||||
Natural gas gathering assets, net | 1,235,715 | 657,995 | ||||||
Water service assets | 176,209 | 165,482 | ||||||
Water service assets in progress | 17,616 | 4,060 | ||||||
Accumulated depreciation | (3,363 | ) | (24,981 | ) | ||||
Water service assets, net | 190,462 | 144,561 | ||||||
Other property and equipment, net | 5,625 | 2,471 | ||||||
Property and equipment, net | $ | 1,431,802 | $ | 805,027 |
Predecessor | |||
(in thousands) | Goodwill | ||
Balance, December 31, 2015 | $ | 39,142 | |
Additions | 455,438 | ||
Balance, December 31, 2016 | $ | 494,580 | |
Additions | — | ||
Balance, November 12, 2017 | $ | 494,580 | |
Successor | |||
Additional goodwill related to pushdown accounting, net of previously recognized (1) | 852,338 | ||
Balance, December 31, 2017 | $ | 1,346,918 |
(1) | The Partnership has recorded goodwill as the excess of the estimated enterprise value over the sum of the fair value amounts allocated to the Partnership’s assets and liabilities. Goodwill was allocated to the value attributed to additional growth opportunities, synergies and operating leverage within the Partnership’s gathering and compression segment. See Note 2 for further information. |
|
(in thousands) | At November 13, 2017 | |||
Estimated Value of RMP | $ | 2,499,668 | ||
Estimated Fair Value of Assets Acquired and Liabilities Assumed: | ||||
Current assets | $ | 65,300 | ||
Property and equipment, net | 1,419,077 | |||
Other non-current assets | 47 | |||
Current liabilities | (56,351 | ) | ||
Revolving credit facility | (266,000 | ) | ||
Other non-current liabilities | (9,323 | ) | ||
Total estimated fair value of assets acquired and liabilities assumed | $ | 1,152,750 | ||
Goodwill | $ | 1,346,918 |
Successor | Predecessor | ||||||||||||
Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Period from October 19. 2016 to December 31, 2016 | |||||||||||
(in thousands) | |||||||||||||
Operating revenues | $ | 6,529 | $ | 51,190 | $ | 8,571 | |||||||
Net income | $ | 5,412 | $ | 38,200 | $ | 4,303 |
Predecessor | ||||||||
Year Ended December 31, | ||||||||
(in thousands, except per unit data) | 2016 | 2015 | ||||||
Operating revenues | $ | 253,817 | $ | 156,944 | ||||
Limited partner net income | $ | 150,846 | $ | 67,199 | ||||
Earnings per common unit (basic) | $ | 1.54 | $ | 0.84 | ||||
Earnings per common unit (diluted) | $ | 1.54 | $ | 0.83 | ||||
Earnings per subordinated units | $ | 1.55 | $ | 0.84 |
|
• | an interest coverage ratio, which is the ratio of the Partnership’s consolidated EBITDA (as defined within the Revolving Credit Facility) to its consolidated current interest expense of at least 2.50 to 1.0 at the end of each fiscal quarter; |
• | a consolidated total leverage ratio, which is the ratio of consolidated debt to consolidated EBITDA, of not more than 4.75 to 1.0, and after electing to issue senior unsecured notes, a consolidated total leverage ratio of not more than 5.25 to 1.0, and, in each case, with certain increases in the permitted total leverage ratio following the completion of a material acquisition; and |
• | if the Partnership elects to issue senior unsecured notes, a consolidated senior secured leverage ratio, which is the ratio of consolidated senior secured debt to consolidated EBITDA, of not more than 3.50 to 1.0. |
|
|
Limited Partners | GP Holdings | ||||||||||
Common | Subordinated | Total | Ownership % | ||||||||
Balance, January 1, 2016 | 42,163,749 | 28,753,623 | 70,917,372 | 41 | % | ||||||
Equity offering in June 2016 | 9,200,000 | — | 9,200,000 | ||||||||
Equity offering in October 2016 | 20,930,233 | — | 20,930,233 | ||||||||
Common units issued under at the market program (1) | 944,700 | — | 944,700 | ||||||||
Vested phantom units, net | 280,451 | — | 280,451 | ||||||||
Balance, December 31, 2016 | 73,519,133 | 28,753,623 | 102,272,756 | 28 | % | ||||||
Vested phantom units, net(2) | 30,352 | — | 30,352 | — | % | ||||||
Balance, December 31, 2017 | 73,549,485 | 28,753,623 | 102,303,108 | 28 | % |
(1) | In May 2016, the Partnership entered into an equity distribution agreement that established an at the market common unit offering program, pursuant to which a group of managers, acting as sales agents, may sell RMP common units having an aggregate offering price of up to $100 million (the ATM Program). The Partnership has used the net proceeds from the sale of common units pursuant to the ATM Program for general partnership purposes, including repayment of debt, acquisitions and capital expenditures. |
(2) | All 2017 phantom unit vestings occurred prior to the Merger Date. |
|
Number of units | Weighted average grant date fair value | ||||||
Total unvested, January 1, 2016 | 432,628 | $ | 16.52 | ||||
Granted | 30,352 | 17.81 | |||||
Vested | (399,158 | ) | 16.52 | ||||
Forfeited | (33,470 | ) | 16.50 | ||||
Total unvested - December 31, 2016 | 30,352 | $ | 17.81 | ||||
Granted(1) | 20,688 | 24.41 | |||||
Vested(1) | (30,352 | ) | 17.81 | ||||
Total unvested - December 31, 2017 | 20,688 | $ | 24.41 |
(1) | All 2017 equity-based awards were granted or vested prior to the Merger Date. |
|
Successor | Predecessor | ||||||||||||||||
(in thousands, except per unit data) | Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Years Ended December 31, | ||||||||||||||
2016 | 2015 | ||||||||||||||||
Net income | $ | 25,134 | $ | 152,839 | $ | 121,610 | $ | 52,495 | |||||||||
Less: Pre-acquisition net income allocated to general partner (1) | — | — | — | 7,296 | |||||||||||||
Less: General partner interest in net income attributable to incentive distribution rights | 1,599 | 6,182 | 1,428 | — | |||||||||||||
Limited partner net income | $ | 23,535 | $ | 146,657 | $ | 120,182 | $ | 45,199 | |||||||||
Net income allocable to common units | $ | 16,920 | $ | 105,432 | $ | 76,985 | $ | 23,340 | |||||||||
Net income allocable to subordinated units | 6,615 | 41,225 | 43,197 | 21,859 | |||||||||||||
Limited partner net income | $ | 23,535 | $ | 146,657 | $ | 120,182 | $ | 45,199 | |||||||||
Weighted-average limited partner units outstanding - basic: | |||||||||||||||||
Common units | 73,549,485 | 73,535,414 | 52,822,030 | 30,700,864 | |||||||||||||
Subordinated units | 28,753,623 | 28,753,623 | 28,753,623 | 28,753,623 | |||||||||||||
Total | 102,303,108 | 102,289,037 | 81,575,653 | 59,454,487 | |||||||||||||
Weighted-average limited partner units outstanding - diluted: | |||||||||||||||||
Common units (2) | 73,558,609 | 73,544,497 | 53,065,865 | 30,807,972 | |||||||||||||
Subordinated units | 28,753,623 | 28,753,623 | 28,753,623 | 28,753,623 | |||||||||||||
Total | 102,312,232 | 102,298,120 | 81,819,488 | 59,561,595 | |||||||||||||
Net income per limited partner unit - basic: | |||||||||||||||||
Common units | $ | 0.23 | $ | 1.43 | $ | 1.46 | $ | 0.76 | |||||||||
Subordinated units (3) | 0.23 | 1.43 | 1.50 | 0.76 | |||||||||||||
Total | $ | 0.23 | $ | 1.43 | $ | 1.47 | $ | 0.76 | |||||||||
Net income per limited partner unit - diluted: | |||||||||||||||||
Common units | $ | 0.23 | $ | 1.43 | $ | 1.45 | $ | 0.76 | |||||||||
Subordinated units (3) | 0.23 | 1.43 | 1.50 | 0.76 | |||||||||||||
Total | $ | 0.23 | $ | 1.43 | $ | 1.47 | $ | 0.76 |
(1) | Pre-acquisition net income allocated to the general partner relates to operations of the Water Assets for periods prior to their acquisition. |
(2) | Diluted weighted-average limited partner common units includes the effect of 9,124, 9,083, 243,835 and 107,108 units for the period from November 13, 2017 to December 31, 2017, the period from January 1, 2017 to November 12, 2017 and for the years ended December 31, 2016 and 2015, respectively. |
Marginal Percentage Interest in Distributions | |||||
Total Quarterly Distribution Per Unit | Unitholders | Incentive Distribution Rights Holders | |||
Minimum Quarterly Distribution | $0.1875 | 100% | —% | ||
First Target Distribution | above $0.1875 up to $0.2156 | 100% | —% | ||
Second Target Distribution | above $0.2156 up to $0.2344 | 85% | 15% | ||
Third Target Distribution | above $0.2344 up to $0.2813 | 75% | 25% | ||
Thereafter | above $0.2813 | 50% | 50% |
Quarters Ended | Total Quarterly Distribution per Unit | Date of Distribution | ||||
March 31, 2016 | $ | 0.2100 | May 12, 2016 | |||
June 30, 2016 | $ | 0.2235 | August 11, 2016 | |||
September 30, 2016 | $ | 0.2370 | November 10, 2016 | |||
December 31, 2016 | $ | 0.2505 | February 16, 2017 | |||
March 31, 2017 | $ | 0.2608 | May 18, 2017 | |||
June 30, 2017 | $ | 0.2711 | August 17, 2017 | |||
September 30, 2017 | $ | 0.2814 | November 16, 2017 | |||
December 31, 2017 | $ | 0.2917 | February 14, 2018 |
|
|
|
Successor | |||||||||||
Period from November 13, 2017 to December 31, 2017 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 30,614 | $ | 13,605 | $ | 44,219 | |||||
Total operating expenses | 8,814 | 9,460 | 18,274 | ||||||||
Operating income | $ | 21,800 | $ | 4,145 | $ | 25,945 | |||||
Segment assets | $ | 2,640,682 | $ | 208,331 | $ | 2,849,013 | |||||
Depreciation expense | $ | 3,965 | $ | 3,515 | $ | 7,480 | |||||
Capital expenditures for segment assets | $ | 28,320 | $ | 6,233 | $ | 34,553 |
Predecessor | |||||||||||
Period from January 1, 2017 to November 12, 2017 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 167,492 | $ | 82,982 | $ | 250,474 | |||||
Total operating expenses | 46,743 | 40,253 | 86,996 | ||||||||
Operating income | $ | 120,749 | $ | 42,729 | $ | 163,478 | |||||
Depreciation expense | $ | 11,324 | $ | 15,096 | $ | 26,420 | |||||
Capital expenditures for segment assets | $ | 113,373 | $ | 10,394 | $ | 123,767 |
Predecessor | |||||||||||
Year Ended December 31, 2016 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 132,099 | $ | 69,524 | $ | 201,623 | |||||
Total operating expenses | 38,951 | 35,730 | 74,681 | ||||||||
Operating income | $ | 93,148 | $ | 33,794 | $ | 126,942 | |||||
Segment assets | $ | 1,260,681 | $ | 138,536 | $ | 1,399,217 | |||||
Depreciation expense | $ | 10,840 | $ | 14,330 | $ | 25,170 | |||||
Capital expenditures for segment assets | $ | 113,033 | $ | 8,054 | $ | 121,087 |
Predecessor | |||||||||||
Year Ended December 31, 2015 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 77,211 | $ | 37,248 | $ | 114,459 | |||||
Total operating expenses | 28,326 | 24,097 | 52,423 | ||||||||
Operating income | $ | 48,885 | $ | 13,151 | $ | 62,036 | |||||
Segment assets | $ | 547,810 | $ | 141,980 | $ | 689,790 | |||||
Depreciation expense | $ | 6,310 | $ | 10,089 | $ | 16,399 | |||||
Capital expenditures for segment assets | $ | 149,706 | $ | 98,757 | $ | 248,463 |
|
Predecessor | Successor | |||||||||||||||||||
Year ended December 31, 2017: (1) | First quarter | Second quarter | Third quarter | Period from October 1 to November 12 | Period from November 13 to December 31 | |||||||||||||||
Operating revenues | $ | 62,750 | $ | 72,377 | $ | 81,701 | $ | 33,646 | $ | 44,219 | ||||||||||
Operating expenses | 22,154 | 25,363 | 27,054 | 12,424 | 18,274 | |||||||||||||||
Operating income | 40,596 | 47,014 | 54,647 | 21,222 | 25,945 | |||||||||||||||
Net income | $ | 37,615 | $ | 44,060 | $ | 51,454 | $ | 19,710 | $ | 25,134 | ||||||||||
Net income per limited partner unit - basic | $ | 0.36 | $ | 0.42 | $ | 0.48 | $ | 0.18 | $ | 0.23 | ||||||||||
Net income per limited partner unit - diluted | $ | 0.36 | $ | 0.42 | $ | 0.48 | $ | 0.18 | $ | 0.23 |
Predecessor | |||||||||||||||
Year ended December 31, 2016: (1) | First quarter | Second quarter | Third quarter | Fourth quarter (2) | |||||||||||
Operating revenues | $ | 54,543 | $ | 46,547 | $ | 41,067 | $ | 59,466 | |||||||
Operating expenses | 18,926 | 17,547 | 15,531 | 22,677 | |||||||||||
Operating income | 35,617 | 29,000 | 25,536 | 36,789 | |||||||||||
Net income | $ | 34,426 | $ | 27,936 | $ | 24,989 | $ | 34,529 | |||||||
Net income per limited partner unit - basic | $ | 0.49 | $ | 0.38 | $ | 0.30 | $ | 0.33 | |||||||
Net income per limited partner unit - diluted | $ | 0.48 | $ | 0.38 | $ | 0.30 | $ | 0.33 |
(1) | The sum of quarterly data in some cases may not equal the yearly total due to rounding. |
(2) | Includes the results of the Vantage Midstream Entities for the period from October 19, 2016 to December 31, 2016. |
|
• | business services, such as payroll, accounts payable and facilities management; |
• | corporate services, such as finance and accounting, legal, human resources and public and regulatory policy; and |
• | employee compensation. |
(in thousands) | As of December 31, 2017 | As of December 31, 2016 | ||||||
Natural gas gathering assets | $ | 1,138,581 | $ | 675,830 | ||||
Natural gas gathering assets in progress | 101,154 | 3,780 | ||||||
Accumulated depreciation | (4,020 | ) | (21,615 | ) | ||||
Natural gas gathering assets, net | 1,235,715 | 657,995 | ||||||
Water service assets | 176,209 | 165,482 | ||||||
Water service assets in progress | 17,616 | 4,060 | ||||||
Accumulated depreciation | (3,363 | ) | (24,981 | ) | ||||
Water service assets, net | 190,462 | 144,561 | ||||||
Other property and equipment, net | 5,625 | 2,471 | ||||||
Property and equipment, net | $ | 1,431,802 | $ | 805,027 |
Predecessor | |||
(in thousands) | Goodwill | ||
Balance, December 31, 2015 | $ | 39,142 | |
Additions | 455,438 | ||
Balance, December 31, 2016 | $ | 494,580 | |
Additions | — | ||
Balance, November 12, 2017 | $ | 494,580 | |
Successor | |||
Additional goodwill related to pushdown accounting, net of previously recognized (1) | 852,338 | ||
Balance, December 31, 2017 | $ | 1,346,918 |
(1) | The Partnership has recorded goodwill as the excess of the estimated enterprise value over the sum of the fair value amounts allocated to the Partnership’s assets and liabilities. Goodwill was allocated to the value attributed to additional growth opportunities, synergies and operating leverage within the Partnership’s gathering and compression segment. See Note 2 for further information. |
|
Predecessor | |||
(in thousands) | |||
Balance at December 31, 2015 | $ | 3,048 | |
Liabilities incurred | 46 | ||
Liabilities assumed in Vantage Midstream Asset Acquisition | 2,452 | ||
Liabilities settled | (46 | ) | |
Accretion expense | 290 | ||
Balance at December 31, 2016 | $ | 5,790 | |
Liabilities incurred | 384 | ||
Liabilities settled | (88 | ) | |
Accretion expense | 393 | ||
Revisions in estimated liabilities | 351 | ||
Balance at November 12, 2017 | $ | 6,830 | |
Successor | |||
Revisions in estimated liabilities (1) | 2,489 | ||
Balance at November 13, 2017 | 9,319 | ||
Liabilities settled | (20 | ) | |
Accretion expense | 22 | ||
Balance at December 31, 2017 | $ | 9,321 |
(1) | Revisions in estimated liabilities reflect changes in assumptions associated with retirement costs and/or the estimated timing of settling retirement obligations. These revisions were recorded as an opening balance sheet adjustment at the Merger Date. |
Successor | Predecessor | ||||||||||||||||
Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Years Ended December 31, | |||||||||||||||
(in thousands) | 2016 | 2015 | |||||||||||||||
Interest incurred: | |||||||||||||||||
Interest expensed | $ | 826 | $ | 7,053 | $ | 3,931 | $ | 3,164 | |||||||||
Interest capitalized | 605 | 594 | 175 | 222 | |||||||||||||
Total incurred | $ | 1,431 | $ | 7,647 | $ | 4,106 | $ | 3,386 |
(in thousands) | As of December 31, 2017 | As of December 31, 2016 | ||||||
Natural gas gathering assets | $ | 1,138,581 | $ | 675,830 | ||||
Natural gas gathering assets in progress | 101,154 | 3,780 | ||||||
Accumulated depreciation | (4,020 | ) | (21,615 | ) | ||||
Natural gas gathering assets, net | 1,235,715 | 657,995 | ||||||
Water service assets | 176,209 | 165,482 | ||||||
Water service assets in progress | 17,616 | 4,060 | ||||||
Accumulated depreciation | (3,363 | ) | (24,981 | ) | ||||
Water service assets, net | 190,462 | 144,561 | ||||||
Other property and equipment, net | 5,625 | 2,471 | ||||||
Property and equipment, net | $ | 1,431,802 | $ | 805,027 |
Predecessor | |||
(in thousands) | Goodwill | ||
Balance, December 31, 2015 | $ | 39,142 | |
Additions | 455,438 | ||
Balance, December 31, 2016 | $ | 494,580 | |
Additions | — | ||
Balance, November 12, 2017 | $ | 494,580 | |
Successor | |||
Additional goodwill related to pushdown accounting, net of previously recognized (1) | 852,338 | ||
Balance, December 31, 2017 | $ | 1,346,918 |
(1) | The Partnership has recorded goodwill as the excess of the estimated enterprise value over the sum of the fair value amounts allocated to the Partnership’s assets and liabilities. Goodwill was allocated to the value attributed to additional growth opportunities, synergies and operating leverage within the Partnership’s gathering and compression segment. See Note 2 for further information. |
|
(in thousands) | At November 13, 2017 | |||
Estimated Value of RMP | $ | 2,499,668 | ||
Estimated Fair Value of Assets Acquired and Liabilities Assumed: | ||||
Current assets | $ | 65,300 | ||
Property and equipment, net | 1,419,077 | |||
Other non-current assets | 47 | |||
Current liabilities | (56,351 | ) | ||
Revolving credit facility | (266,000 | ) | ||
Other non-current liabilities | (9,323 | ) | ||
Total estimated fair value of assets acquired and liabilities assumed | $ | 1,152,750 | ||
Goodwill | $ | 1,346,918 |
Successor | Predecessor | ||||||||||||
Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Period from October 19. 2016 to December 31, 2016 | |||||||||||
(in thousands) | |||||||||||||
Operating revenues | $ | 6,529 | $ | 51,190 | $ | 8,571 | |||||||
Net income | $ | 5,412 | $ | 38,200 | $ | 4,303 |
Predecessor | ||||||||
Year Ended December 31, | ||||||||
(in thousands, except per unit data) | 2016 | 2015 | ||||||
Operating revenues | $ | 253,817 | $ | 156,944 | ||||
Limited partner net income | $ | 150,846 | $ | 67,199 | ||||
Earnings per common unit (basic) | $ | 1.54 | $ | 0.84 | ||||
Earnings per common unit (diluted) | $ | 1.54 | $ | 0.83 | ||||
Earnings per subordinated units | $ | 1.55 | $ | 0.84 |
|
Limited Partners | GP Holdings | ||||||||||
Common | Subordinated | Total | Ownership % | ||||||||
Balance, January 1, 2016 | 42,163,749 | 28,753,623 | 70,917,372 | 41 | % | ||||||
Equity offering in June 2016 | 9,200,000 | — | 9,200,000 | ||||||||
Equity offering in October 2016 | 20,930,233 | — | 20,930,233 | ||||||||
Common units issued under at the market program (1) | 944,700 | — | 944,700 | ||||||||
Vested phantom units, net | 280,451 | — | 280,451 | ||||||||
Balance, December 31, 2016 | 73,519,133 | 28,753,623 | 102,272,756 | 28 | % | ||||||
Vested phantom units, net(2) | 30,352 | — | 30,352 | — | % | ||||||
Balance, December 31, 2017 | 73,549,485 | 28,753,623 | 102,303,108 | 28 | % |
(1) | In May 2016, the Partnership entered into an equity distribution agreement that established an at the market common unit offering program, pursuant to which a group of managers, acting as sales agents, may sell RMP common units having an aggregate offering price of up to $100 million (the ATM Program). The Partnership has used the net proceeds from the sale of common units pursuant to the ATM Program for general partnership purposes, including repayment of debt, acquisitions and capital expenditures. |
(2) | All 2017 phantom unit vestings occurred prior to the Merger Date. |
|
Number of units | Weighted average grant date fair value | ||||||
Total unvested, January 1, 2016 | 432,628 | $ | 16.52 | ||||
Granted | 30,352 | 17.81 | |||||
Vested | (399,158 | ) | 16.52 | ||||
Forfeited | (33,470 | ) | 16.50 | ||||
Total unvested - December 31, 2016 | 30,352 | $ | 17.81 | ||||
Granted(1) | 20,688 | 24.41 | |||||
Vested(1) | (30,352 | ) | 17.81 | ||||
Total unvested - December 31, 2017 | 20,688 | $ | 24.41 |
(1) | All 2017 equity-based awards were granted or vested prior to the Merger Date. |
|
Successor | Predecessor | ||||||||||||||||
(in thousands, except per unit data) | Period from November 13, 2017 to December 31, 2017 | Period from January 1, 2017 to November 12, 2017 | Years Ended December 31, | ||||||||||||||
2016 | 2015 | ||||||||||||||||
Net income | $ | 25,134 | $ | 152,839 | $ | 121,610 | $ | 52,495 | |||||||||
Less: Pre-acquisition net income allocated to general partner (1) | — | — | — | 7,296 | |||||||||||||
Less: General partner interest in net income attributable to incentive distribution rights | 1,599 | 6,182 | 1,428 | — | |||||||||||||
Limited partner net income | $ | 23,535 | $ | 146,657 | $ | 120,182 | $ | 45,199 | |||||||||
Net income allocable to common units | $ | 16,920 | $ | 105,432 | $ | 76,985 | $ | 23,340 | |||||||||
Net income allocable to subordinated units | 6,615 | 41,225 | 43,197 | 21,859 | |||||||||||||
Limited partner net income | $ | 23,535 | $ | 146,657 | $ | 120,182 | $ | 45,199 | |||||||||
Weighted-average limited partner units outstanding - basic: | |||||||||||||||||
Common units | 73,549,485 | 73,535,414 | 52,822,030 | 30,700,864 | |||||||||||||
Subordinated units | 28,753,623 | 28,753,623 | 28,753,623 | 28,753,623 | |||||||||||||
Total | 102,303,108 | 102,289,037 | 81,575,653 | 59,454,487 | |||||||||||||
Weighted-average limited partner units outstanding - diluted: | |||||||||||||||||
Common units (2) | 73,558,609 | 73,544,497 | 53,065,865 | 30,807,972 | |||||||||||||
Subordinated units | 28,753,623 | 28,753,623 | 28,753,623 | 28,753,623 | |||||||||||||
Total | 102,312,232 | 102,298,120 | 81,819,488 | 59,561,595 | |||||||||||||
Net income per limited partner unit - basic: | |||||||||||||||||
Common units | $ | 0.23 | $ | 1.43 | $ | 1.46 | $ | 0.76 | |||||||||
Subordinated units (3) | 0.23 | 1.43 | 1.50 | 0.76 | |||||||||||||
Total | $ | 0.23 | $ | 1.43 | $ | 1.47 | $ | 0.76 | |||||||||
Net income per limited partner unit - diluted: | |||||||||||||||||
Common units | $ | 0.23 | $ | 1.43 | $ | 1.45 | $ | 0.76 | |||||||||
Subordinated units (3) | 0.23 | 1.43 | 1.50 | 0.76 | |||||||||||||
Total | $ | 0.23 | $ | 1.43 | $ | 1.47 | $ | 0.76 |
(1) | Pre-acquisition net income allocated to the general partner relates to operations of the Water Assets for periods prior to their acquisition. |
(2) | Diluted weighted-average limited partner common units includes the effect of 9,124, 9,083, 243,835 and 107,108 units for the period from November 13, 2017 to December 31, 2017, the period from January 1, 2017 to November 12, 2017 and for the years ended December 31, 2016 and 2015, respectively. |
Marginal Percentage Interest in Distributions | |||||
Total Quarterly Distribution Per Unit | Unitholders | Incentive Distribution Rights Holders | |||
Minimum Quarterly Distribution | $0.1875 | 100% | —% | ||
First Target Distribution | above $0.1875 up to $0.2156 | 100% | —% | ||
Second Target Distribution | above $0.2156 up to $0.2344 | 85% | 15% | ||
Third Target Distribution | above $0.2344 up to $0.2813 | 75% | 25% | ||
Thereafter | above $0.2813 | 50% | 50% |
Quarters Ended | Total Quarterly Distribution per Unit | Date of Distribution | ||||
March 31, 2016 | $ | 0.2100 | May 12, 2016 | |||
June 30, 2016 | $ | 0.2235 | August 11, 2016 | |||
September 30, 2016 | $ | 0.2370 | November 10, 2016 | |||
December 31, 2016 | $ | 0.2505 | February 16, 2017 | |||
March 31, 2017 | $ | 0.2608 | May 18, 2017 | |||
June 30, 2017 | $ | 0.2711 | August 17, 2017 | |||
September 30, 2017 | $ | 0.2814 | November 16, 2017 | |||
December 31, 2017 | $ | 0.2917 | February 14, 2018 |
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Successor | |||||||||||
Period from November 13, 2017 to December 31, 2017 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 30,614 | $ | 13,605 | $ | 44,219 | |||||
Total operating expenses | 8,814 | 9,460 | 18,274 | ||||||||
Operating income | $ | 21,800 | $ | 4,145 | $ | 25,945 | |||||
Segment assets | $ | 2,640,682 | $ | 208,331 | $ | 2,849,013 | |||||
Depreciation expense | $ | 3,965 | $ | 3,515 | $ | 7,480 | |||||
Capital expenditures for segment assets | $ | 28,320 | $ | 6,233 | $ | 34,553 |
Predecessor | |||||||||||
Period from January 1, 2017 to November 12, 2017 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 167,492 | $ | 82,982 | $ | 250,474 | |||||
Total operating expenses | 46,743 | 40,253 | 86,996 | ||||||||
Operating income | $ | 120,749 | $ | 42,729 | $ | 163,478 | |||||
Depreciation expense | $ | 11,324 | $ | 15,096 | $ | 26,420 | |||||
Capital expenditures for segment assets | $ | 113,373 | $ | 10,394 | $ | 123,767 |
Predecessor | |||||||||||
Year Ended December 31, 2016 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 132,099 | $ | 69,524 | $ | 201,623 | |||||
Total operating expenses | 38,951 | 35,730 | 74,681 | ||||||||
Operating income | $ | 93,148 | $ | 33,794 | $ | 126,942 | |||||
Segment assets | $ | 1,260,681 | $ | 138,536 | $ | 1,399,217 | |||||
Depreciation expense | $ | 10,840 | $ | 14,330 | $ | 25,170 | |||||
Capital expenditures for segment assets | $ | 113,033 | $ | 8,054 | $ | 121,087 |
Predecessor | |||||||||||
Year Ended December 31, 2015 | |||||||||||
(in thousands) | Gathering and Compression | Water Services | Consolidated Total | ||||||||
Total operating revenues | $ | 77,211 | $ | 37,248 | $ | 114,459 | |||||
Total operating expenses | 28,326 | 24,097 | 52,423 | ||||||||
Operating income | $ | 48,885 | $ | 13,151 | $ | 62,036 | |||||
Segment assets | $ | 547,810 | $ | 141,980 | $ | 689,790 | |||||
Depreciation expense | $ | 6,310 | $ | 10,089 | $ | 16,399 | |||||
Capital expenditures for segment assets | $ | 149,706 | $ | 98,757 | $ | 248,463 |
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Predecessor | Successor | |||||||||||||||||||
Year ended December 31, 2017: (1) | First quarter | Second quarter | Third quarter | Period from October 1 to November 12 | Period from November 13 to December 31 | |||||||||||||||
Operating revenues | $ | 62,750 | $ | 72,377 | $ | 81,701 | $ | 33,646 | $ | 44,219 | ||||||||||
Operating expenses | 22,154 | 25,363 | 27,054 | 12,424 | 18,274 | |||||||||||||||
Operating income | 40,596 | 47,014 | 54,647 | 21,222 | 25,945 | |||||||||||||||
Net income | $ | 37,615 | $ | 44,060 | $ | 51,454 | $ | 19,710 | $ | 25,134 | ||||||||||
Net income per limited partner unit - basic | $ | 0.36 | $ | 0.42 | $ | 0.48 | $ | 0.18 | $ | 0.23 | ||||||||||
Net income per limited partner unit - diluted | $ | 0.36 | $ | 0.42 | $ | 0.48 | $ | 0.18 | $ | 0.23 |
Predecessor | |||||||||||||||
Year ended December 31, 2016: (1) | First quarter | Second quarter | Third quarter | Fourth quarter (2) | |||||||||||
Operating revenues | $ | 54,543 | $ | 46,547 | $ | 41,067 | $ | 59,466 | |||||||
Operating expenses | 18,926 | 17,547 | 15,531 | 22,677 | |||||||||||
Operating income | 35,617 | 29,000 | 25,536 | 36,789 | |||||||||||
Net income | $ | 34,426 | $ | 27,936 | $ | 24,989 | $ | 34,529 | |||||||
Net income per limited partner unit - basic | $ | 0.49 | $ | 0.38 | $ | 0.30 | $ | 0.33 | |||||||
Net income per limited partner unit - diluted | $ | 0.48 | $ | 0.38 | $ | 0.30 | $ | 0.33 |
(1) | The sum of quarterly data in some cases may not equal the yearly total due to rounding. |
(2) | Includes the results of the Vantage Midstream Entities for the period from October 19, 2016 to December 31, 2016. |
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