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NBLX Noble Midstream Partners

Noble Midstream Partners LP owns, operates, develops and acquires domestic midstream infrastructure assets. It operates through the following segments: Gathering Systems, Fresh Water Delivery, Investments in Midstream Entities and Corporate. The Gathering Systems segment involves in gathering crude oil, natural gas, and produced water. The Fresh Water Delivery segment provide services for both treated produced water and raw fresh water that has been withdrawn from a river or ground water. The Investments in Midstream Entities segment include investments in the Joint Venture and White Cliffs Interest as well as all general partnership activities. The Corporate segment includes all general Partnership activity and expenses. The company was founded on December 23, 2014 and is headquartered in Houston, TX.

Company profile

Ticker
NBLX
Exchange
CEO
Brent J. Smolik
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Noble Midstream Services, LLC • Colorado River LLC • San Juan River LLC • Green River DevCo LLC • Laramie River LLC • Blanco River LLC • Gunnison River DevCo GP LLC • Gunnison River DevCo LP • Trinity River DevCo LLC • Dos Rios DevCo LLC ...

NBLX stock data

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Calendar

4 May 21
24 Oct 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 May 21 Andy Viens Common Units Representing Limited Partner Interests Sale back to company Dispose D No No 0 27,967 0 0
11 May 21 Vanderhider Hallie A. Common Units Representing Limited Partner Interests Sale back to company Dispose D No No 0 28,500 0 0
11 May 21 John S Reuwer Common Units Representing Limited Partner Interests Sale back to company Dispose D No No 0 8,122 0 0
11 May 21 Aaron G Carlson Common Units Representing Limited Partner Interests Sale back to company Dispose D No No 0 5,044 0 0
11 May 21 Christensen Thomas W. Common Units Representing Limited Partner Interests Sale back to company Dispose D No No 0 20,157 0 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

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Risks
  • In the event any customer, including Noble, elects to sell acreage that is dedicated to us to a third party, the third party’s financial condition could be materially worse than the customer with whom we have contracted, and thus we could be subject to the nonpayment or nonperformance by the third party.
  • We may not generate sufficient distributable cash flow to enable us to make quarterly distributions to our unitholders at our current distribution rate.
  • Because of the natural decline in production from existing wells, our success, in part, depends on our ability to maintain or increase hydrocarbon throughput volumes on our midstream systems, which depends on our customers’ levels of development and completion activity on our dedicated acreage.
  • Our midstream assets are currently primarily located in the DJ Basin in Colorado and the Delaware Basin in Texas, making us vulnerable to risks associated with operating in a limited geographic area.
  • While we have been granted a right of first refusal to provide midstream services on certain acreage that Noble currently owns and on certain acreage that Noble acquires onshore in the U.S., portions of this acreage may be subject to preexisting dedications that may require Noble to use third parties for midstream services.
  • We may not be able to economically accept an offer from Noble for us to provide services or purchase assets with respect to which we have a right of first refusal.
  • We may be unable to grow by acquiring midstream assets retained, acquired or developed by Noble, which could limit our ability to increase our distributable cash flow.
  • We may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets or properties, and any ability to do so may disrupt our business and hinder our ability to grow and an acquisition from Noble or a third party may reduce, rather than increase, our distributable cash flow or may disrupt our business.
  • We may not be able to attract dedications of additional third-party volumes, in part because our industry is highly competitive, which could limit our ability to grow and increase our dependence on Noble. Further, increased competition from other companies that provide midstream services, or from alternative fuel sources, could have a negative impact on the demand for our services, which could adversely affect our financial results.
  • To grow our business, we will be required to make substantial capital expenditures. If we are unable to obtain needed capital or financing on satisfactory terms, our ability to make cash distributions may be diminished or our financial leverage could increase.
  • The amount of cash we have available for distribution to our unitholders depends primarily on our cash flow and not solely on our profitability, which may prevent us from making distributions, even during periods in which we record net income.
  • We are subject to regulation by multiple governmental agencies, which could adversely impact our business, results of operations and financial condition.
  • The rates of our regulated assets are subject to review and reporting by federal regulators, which could adversely affect our revenues.
  • Federal and state legislative and regulatory initiatives relating to pipeline safety that require the use of new or more stringent safety controls or result in more stringent enforcement of applicable legal requirements could subject us to increased capital costs, operational delays and costs of operation.
  • Our investments in joint ventures involve numerous risks that may affect the ability of such joint ventures to make distributions to us.
  • Our exposure to commodity price risk may change over time and we cannot guarantee the terms of any existing or future agreements for our midstream services with our customers.
  • Restrictions in our revolving credit facility and term loan credit facility could adversely affect our business, financial condition, results of operations and ability to make quarterly cash distributions to our unitholders.
  • Our contracts are subject to renewal risks.
  • Our business involves many hazards and operational risks, some of which may not be fully covered by insurance. The occurrence of a significant accident or other event that is not fully insured could curtail our operations and have a material adverse effect on our ability to make cash distributions and, accordingly, the market price for our Common Units.
  • We do not own in fee some of the land on which our pipelines and facilities are located, which could result in disruptions to our operations.
  • Terrorist attacks or cyber-attacks could have a material adverse effect on our business, financial condition or results of operations.
  • A cyber incident could result in information theft, data corruption, operational disruption and/or financial loss.
  • Events outside of our control, including a pandemic, epidemic or outbreak of an infectious disease, such as the recent global outbreak of COVID-19, political unrest and economic recessions occurring around the globe, could have a material adverse impact on our financial position, results of operations and cash flows.
  • Increased regulation of hydraulic fracturing could result in reductions or delays in crude oil and natural gas production by our customers, which could reduce the throughput on our gathering and other midstream systems, which could adversely impact our revenues.
  • We, Noble or any third-party customers may incur significant liability under, or costs and expenditures to comply with, environmental and worker health and safety regulations, which are complex and subject to frequent change.
  • Our and our customers’ operations are subject to a series of risks related to climate change and associated government action that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, and reduce demand for the products and services we provide.
  • A change in the jurisdictional characterization of some of our assets by federal, state or local regulatory agencies or a change in policy by those agencies may result in increased regulation of our assets, which may cause our operating expenses to increase, limit the rates we charge for certain services and decrease the amount of cash we have available for distribution.
  • Our asset inspection, maintenance or repair costs may increase in the future. In addition, there could be service interruptions due to unforeseen events or conditions or increased downtime associated with our pipelines that could have a material adverse effect on our business and results of operations.
  • A shortage of equipment and skilled labor could reduce equipment availability and labor productivity and increase labor and equipment costs, which could have a material adverse effect on our business and results of operations.
  • The loss of key personnel could adversely affect our ability to operate.
  • We do not have any officers or employees and rely on officers of our General Partner and employees of Chevron.
  • Debt we incur in the future may limit our flexibility to obtain financing and to pursue other business opportunities.
  • Increases in interest rates could adversely affect our business.
  • Our General Partner and its affiliates have conflicts of interest with us and our partnership agreement eliminates their default fiduciary duties to us and our unitholders and replaces them with contractual standards that may allow our General Partner and its affiliates to favor their own interests to our detriment and that of our unitholders. Additionally, we have no control over the business decisions and operations of Chevron, and Chevron is under no obligation to adopt a business strategy that favors us.
  • We expect to distribute a substantial portion of our cash available for distribution, which could limit our ability to grow and make acquisitions.
  • Our partnership agreement replaces our General Partner’s fiduciary duties to holders of our Common Units with contractual standards governing its duties.
  • Our partnership agreement restricts the remedies available to holders of our units and for actions taken by our General Partner that might otherwise constitute breaches of fiduciary duty.
  • Our partnership agreement restricts the voting rights of certain unitholders owning 20% or more of our Common Units.
  • Cost reimbursements and fees due to our General Partner and its affiliates for services provided will be substantial and will reduce the amount of cash we have available for distribution to unitholders.
  • Unitholders have very limited voting rights and, even if they are dissatisfied, they cannot remove our General Partner.
  • Our General Partner interest or the control of our General Partner may be transferred to a third party without unitholder consent.
  • We may issue an unlimited number of additional partnership interests without unitholder approval, which would dilute unitholder interests.
  • Our General Partner has a call right that may require our unitholders to sell their Common Units at an undesirable time or price.
  • Unitholders may have to repay distributions that were wrongfully distributed to them.
  • Chevron may sell units in the public or private markets, and such sales could have an adverse impact on the trading price of the Common Units.
  • Our General Partner’s discretion in establishing cash reserves may reduce the amount of cash we have available to distribute to unitholders.
  • Affiliates of our General Partner, including Noble, may compete with us, and neither our General Partner nor its affiliates have any obligation to present business opportunities to us except with respect to dedications contained in our commercial agreements and rights of first refusal and rights of first offer contained in our omnibus agreement.
  • Units held by persons who our General Partner determines are not “eligible holders” at the time of any requested certification in the future may be subject to redemption.
  • Our partnership agreement designates the Court of Chancery of the State of Delaware as the exclusive forum for certain types of actions and proceedings that may be initiated by our unitholders, which would limit our unitholders’ ability to choose the judicial forum for disputes with us or our General Partner’s directors, officers or other employees. Our partnership agreement also provides that any unitholder bringing an unsuccessful action will be obligated to reimburse us for any costs we have incurred in connection with such unsuccessful action.
  • Our partnership agreement provides that unitholders irrevocably waive the right to trial by jury in any claim, suit, action or proceeding under either state or federal laws, including any claim under U.S. federal securities laws, which could result in less favorable outcomes to unitholders in any such action.
  • Nasdaq does not require a publicly traded limited partnership like us to comply with certain of its corporate governance requirements.
  • If we are deemed an “investment company” under the Investment Company Act of 1940, it would adversely affect the price of our Common Units and could have a material adverse effect on our business.
  • Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes. If the IRS were to treat us as a corporation for U.S. federal income tax purposes, which would subject us to entity-level taxation, or if we were otherwise subjected to a material amount of entity-level taxation, then our distributable cash flow to our unitholders would be substantially reduced.
  • The tax treatment of publicly traded partnerships or an investment in our Common Units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
  • Our unitholders’ share of our income is taxable to them for U.S. federal income tax purposes even if they do not receive any cash distributions from us.
  • If the IRS contests the U.S. federal income tax positions we take, the market for our Common Units may be adversely impacted and our cash available to our unitholders might be substantially reduced.
  • Tax-exempt entities face unique tax issues from owning our Common Units that may result in adverse tax consequences to them.
  • Tax gain or loss on the disposition of our Common Units could be more or less than expected.
  • Unitholders may be subject to limitations on their ability to deduct interest expense we incur.
  • Non-U.S. unitholders will be subject to U.S. federal income taxes and withholding with respect to their income and gain from owning our Common Units.
  • We treat each purchaser of Common Units as having the same tax benefits without regard to the actual Common Units purchased. The IRS may challenge this treatment, which could adversely affect the value of the Common Units.
  • We prorate our items of income, gain, loss and deduction between transferors and transferees of our Common Units each month based upon the ownership of our Common Units on the first day of each month, instead of on the basis of the date a particular Common Unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
  • A unitholder whose Common Units are the subject of a securities loan (e.g., a loan to a “short seller” to cover a short sale of Common Units) may be considered to have disposed of those Common Units. If so, the unitholder would no longer be treated for U.S. federal income tax purposes as a partner with respect to those Common Units during the period of the loan and may recognize gain or loss from the disposition.
  • As a result of investing in our Common Units, our unitholders will likely be subject to state and local taxes and return filing requirements in jurisdictions where we operate or own or acquire properties.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide a narrative about our business from the perspective of our management. Our MD&A is presented in the following major sections:
  • •Liquidity and Capital Resources.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
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