Houston’s Noble Midstream Partners LP reported fourth quarter 2017 net income of $46 million from quarterly revenue totaling $68 million.
It resulted in a 4.7% increase over the third quarter of distribution per share totaling $0.4883. The company also said it represented a 24% year-over-year increase.
Noble also reported oil and gas gathering volumes of 122,000 barrels of oil equivalent a day, a 28% increase over the third quarter 2017 volumes and up nearly 100% year over year.
Naturally, company executives were excited.
“Noble Midstream ended 2017 by delivering another outstanding quarter, with strong growth in our core gathering systems driving an increase in key financial metrics,” said Terry R. Gerhart, Chief Executive Officer. ” I am proud of the operational and strategic milestones achieved during our first full year as a publicly traded partnership. We completed our inaugural drop-down, successfully executed our growth projects on time and on budget, and enhanced our third party business and downstream exposure through transformational business development activity.”
In the 4th quarter, the company had capital expenditures of $136 million. It completed an oil and produced water gathering system in the DJ Basin and connected 18 wells. It completed a gathering infrastructure in the Delaware Basin.