CONE Midstream, a joint venture between CONSOL Energy and Noble Energy (CO from CONSOL and NE from Noble Energy) was formed in summer 2014 (see CONSOL & Noble Energy Form New Marcellus Midstream Company). CONE Midstream has been a small but stellar performer in the midstream (pipeline) sector. Although it’s been almost a month since they released their fourth quarter and full year 2016 update, we thought it important to highlight the latest from CONE. Once again, as with previous quarterly (and annual) updates, CONE continues to impress. For all of 2016, CONE made a $96 million profit, up from making $71 million in 2015. They report flowing an average of 933 million cubic feet per day (MMcf/d) of gas through the system in 4Q16, up from an average of 760 MMcf/d in 4Q15. Below is the February update, along with the latest PowerPoint slide deck, the company’s 10-K filing with the SEC, and excerpts from their 2016 earnings call…
