Noble Midstream Partners Issues 2018 Capital Budget And Guidance

(RTTNews) - Noble Midstream Partners LP (NBLX) announced its 2018 capital budget and guidance as well as an updated long-term outlook through 2022. It expects GAAP net income to be in the range of $220 million - $260 million for 2018.

Excluding acquisition capital, Noble Midstream's 2018 capital budget is $485 million - $535 million, or $255 - $285 million attributable to the Partnership, primarily on growth projects in the DJ Basin and the Delaware Basin. The capital budget does not assume any drop-downs.

Full year throughput is anticipated to grow significantly in 2018, and accelerate in the second half of the year, as customers increase activity and multiple new projects are expected to be placed in service.

The Partnership anticipates organic DPU growth of 20% annually through 2022 excluding drop downs from Noble Energy of its retained DevCo interests or wholly owned midstream assets. Additionally, DCF coverageis expected to exceed 1.3x in all years through the same period.