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We are a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons. Originally formed in September 2010, we are a Delaware master limited partnership and our business is …
Operating margin is thin at 3.00%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 9.0% YoY. Margins deteriorated 23.1pp alongside, both lines moving the wrong way.
Net debt of $3.35B represents 23.1x FCF, leverage limits flexibility. Operating margin contracted 23.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$3.16B
▼ -9.0% YoY
Net Income (TTM)
-$142M
▼ -461.4% YoY
Op. Margin
3.00%
▼ -23.1pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$145M
▲ +180.1% YoY
Op. Cash Flow (TTM)
$366M
▲ +23.0% YoY
Net Debt
$3.35B
Cash & Equiv.
$9M
5Y CAGR: -9.6%
5Y CAGR: +4.3%
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