Noble Midstream Partners Lifts Q3 Guidance - Quick Facts

(RTTNews) - Noble Midstream Partners LP (NBLX) Monday increased third quarter 2017 guidance, reflecting an increased range above the high end of the previous guidance range.

The company said the revision reflects the successful startup of the Partnership's two recent growth projects, the first central gathering facility in the Delaware Basin and the oil and produced water gathering system for the Partnership's third-party customer in the DJ Basin, as well as continued strong well performance from Noble Energy, Inc.'s Wells Ranch and East Pony areas.

The company now expects third-quarter net income in the range of $42 million to $43 million from previous estimate of $33 million to $36 million, reflecting a 23 percent increase from the mid point.

EBITDA is now expected to be $45 - $49 million, or $43 - $47 million attributable to the Partnership, a mid-point increase of 24% and 27%, respectively. The previous outlook was $35 million to $41 million or $32 million to $39 million, attributable to the Partnership.

Oil and gas gathering volumes are anticipated at 92 - 97 MBoe/d, approximately 15% above the prior guidance. Produced water gathering and fresh water delivery mid-point volumes raised 30% and 52%, respectively, above the prior guidance mid-point.

John Nicholson, Chief Operating Officer of Noble Midstream, "We are encouraged by the performance of our systems in both basins and believe we can begin to de-risk our throughput outlook and timing on our 2018 growth projects."