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Rice Midstream Partners LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2018 10-Q, filed Apr 26, 2018. Its latest SEC filing is a SC 13G from Aug 7, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Gathers and compresses natural gas and supplies water for well completions, including collecting and recycling or disposing of well water, for natural-gas producers.

How Did They Make Money?

Natural-gas producers pay a fixed fee per unit of gas gathered and compressed; water-service fees vary with water delivered, recycled, or disposed of. The partnership earns these fees as it provides the services.

revenue

Who Were Their Customers?

EQT and other natural-gas producers contract for gathering and compression; EQT and third-party producers also use the partnership’s water services for well completions and water handling.

Did Revenues Turn Into Profits?

Yes. It kept 60 cents of every revenue dollar as net income in .

Operating income,
63% of revenue
▲ +105% vs ($62M, 54%)
Net income,
60% of revenue
▲ +132% vs ($52.5M, 46%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q1 FY2018, the three months to Mar 31, 2018
Revenue
Net income
  • Jul 23, 2018 EQT Midstream Partners completed its merger with Rice Midstream Partners Each Rice Midstream common unit was converted into the right to receive EQT Midstream units; trading was suspended.
  • Apr 26, 2018 Rice Midstream agreed to merge with EQT Midstream Partners Under the agreement, holders of Rice Midstream common units would receive EQT Midstream units.
  • Mar 20, 2018 Rice Midstream appointed a new president and CEO Steven T. Schlotterbeck resigned, and Jeremiah J. Ashcroft III became president and CEO.

Grew. Revenue grew 404.9x in 3 years, from $498K in to $201.6M in , about 640% a year.

Who Did They Compete With?

Competes with EQM

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