Noble Midstream Partners LP (NBLX) Q1 2019 Earnings Call Transcript
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Logo of jester cap with thought bubble.

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Noble Midstream Partners LP (NYSE: NBLX)
Q1 2019 Earnings Call
May. 03, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks

  • Questions and Answers

  • Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Noble Midstream First Quarter 2019 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to Megan Repine. Please go ahead.

Megan Repine -- Investor Relations

Thank you, Gary. Good morning and thank you for joining the Noble Midstream Partners First Quarter 2019 Earnings Call. With me today to review our results is Terry Gerhart, CEO; John Nicholson, COO; and John Bookout, CFO. Following our prepared remarks, we will open the call to questions from analysts.

This morning we announced our first quarter 2019 results as well as second quarter and updated full-year guidance. The press release and supplemental slides are on the investor section of our website, noblemidstream.com. Upon filing later today, our 10-Q will be available in the same location. As a reminder, today's discussion will contain forward-looking statements and certain non-GAAP financial metrics. Please refer to our latest news releases for non-GAAP reconciliations as well as our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements. At this time, I'll turn the call over to Terry.

Terry Gerhart -- Chief Executive Officer and Director

Thanks, Megan and thank you everyone for joining. I'm very pleased with the results we posted earlier today, with the first quarter 2019 representing a strong start to an important and exciting year for Noble Midstream. We entered the year with a focus on driving significant organic capital efficiency and scale in our base business and progressing our Permian equity investment opportunities for sustainable long-term contribution. I'm excited to share with you our progress so far this year.

We delivered quarterly throughput and adjusted EBITDA according to plan in the first quarter on capital that was well below expectations. While we did see some shift in customer activity during the quarter, we are also seeing sustainable capital reductions from an intense focus from cost control and efficiencies. As I look at the accomplishments so far, I'm also proud of enhancements made to our platform, which is growing in scale, diversity and strength. We have been particularly focused on building our value chain across commodities, customers and further downstream in the Permian Basin. Closing our equity investments in the EPIC pipelines and Delaware Crossing intermediate gathering system in the first quarter was a critical milestone and puts us closer to our ultimate goal of 50% net adjusted EBITDA contribution from the Permian by the end of 2020.