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CNX Midstream Partners LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Jul 30, 2020. Its latest SEC filing is a SC 13G/A from Feb 9, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Gathers natural gas and handles condensate for natural gas producers in Pennsylvania and West Virginia, using pipelines, compression and dehydration facilities.

How Did They Make Money?

The partnership charges based on the volume of natural gas gathered each day; customers pay after the month in which it was gathered.

revenue

Who Were Their Customers?

CNX Resources and HG Energy have long-term gathering agreements with the partnership, which gathers their production from dedicated acreage.

Did Revenues Turn Into Profits?

Yes. It kept 57 cents of every revenue dollar as net income in .

Net income,
57% of revenue
▲ +26% vs ($139M, 54%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q2 FY2020, the three months to Jun 30, 2020
Revenue
▼ −15%
vs $78.1M in Q2 FY2019
Net income
▼ −29%
vs $46.5M in Q2 FY2019
  • Sep 28, 2020 CNX completed its merger with CNX Midstream Public units were exchanged for CNX shares, and CNX Midstream units were suspended from NYSE trading.

Grew. Revenue grew 50% in 4 years, from $203.4M in to $305.8M in , about 11% a year.

Utica service area The older report described gathering services for sponsor production primarily in the Marcellus Shale; the latest report also describes service in the Utica Shale.

Growth and Moundsville assets The older report included Growth Systems and Moundsville-area assets; the latest says the partnership distributed its Growth Systems and Moundsville assets, which CNX Gathering transferred to HG Energy.

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