Nine Months Ended September 30, 2023 | ||||||
As Reported | Pro Forma Adjustments | Pro Forma | ||||
Revenues | ||||||
Gathering and transportation lease revenues | $ | 18,332 | $ | - | $ | 18,332 |
Total revenues | 18,332 | - | 18,332 | |||
Expenses | ||||||
Operating expenses | ||||||
Transportation operating expenses | 7,450 | - | 7,450 | |||
General and administrative expenses | 6,313 | - | 6,313 | |||
General and administrative (benefit) expense - related entities | (1,163) | 42 | (a) | (1,121) | ||
Unit-based compensation expense | 33 | - | 33 | |||
Depreciation and amortization | 13,296 | - | 13,296 | |||
Accretion expense | 340 | - | 340 | |||
Total operating expenses | 26,269 | 42 | 26,311 | |||
Other (income) expense | ||||||
Interest expense, net | 1,435 | (930) | (b) | 505 | ||
Interest expense, net - related entities | 43,751 | - | 43,751 | |||
(Earnings) loss from equity investment | (1,436) | 1,436 | (c) | - | ||
Other income | (2) | - | (2) | |||
Total other expenses | 43,748 | 506 | 44,254 | |||
Total expenses | 70,017 | 548 | 70,565 | |||
Loss before income taxes | (51,685) | (548) | (52,233) | |||
Income tax expense | 54 | - | 54 | |||
Net loss | $ | (51,739) | $ | (548) | $ | (52,287) |
Net loss per unit prior to conversion | ||||||
Common units - Basic and Diluted | $ | (0.23) | $ | - | $ | (0.23) |
Weighted Average Units Outstanding prior to conversion | ||||||
Common units - Basic and Diluted | 228,596,208 | 228,596,208 | 228,596,208 | |||
Net loss per unit after conversion(1) | ||||||
Common units - Basic and Diluted | $ | (6.82) | $ | (0.07) | $ | (6.89) |
Weighted Average Units Outstanding after conversion(1) | ||||||
Common units - Basic and Diluted | 7,589,082 | 7,589,082 | 7,589,082 |
Year Ended December 31, 2022 | ||||||
As Reported | Pro Forma Adjustments | Pro Forma | ||||
Revenues | ||||||
Gathering and transportation lease revenues | $ | 36,109 | $ | - | $ | 36,109 |
Total revenues | 36,109 | - | 36,109 | |||
Expenses | ||||||
Operating expenses | ||||||
Transportation operating expenses | 9,877 | - | 9,877 | |||
General and administrative expenses | 12,404 | - | 12,404 | |||
General and administrative benefit - related entities | (6,375) | (110) | (a) | (6,485) | ||
Unit-based compensation expense | 53 | - | 53 | |||
Loss (gain) on sale of assets | 4,408 | (6,802) | (d) | (2,394) | ||
Depreciation and amortization | 18,516 | - | 18,516 | |||
Accretion expense | 421 | - | 421 | |||
Total operating expenses | 39,304 | (6,912) | 32,392 | |||
Other (income) expense | ||||||
Interest expense, net | 1,924 | (967) | (b) | 957 | ||
Interest expense, net - related entities | 53,306 | - | 53,306 | |||
(Earnings) loss from equity investment | (6,139) | 6,139 | (e) | - | ||
Other expense | 719 | - | 719 | |||
Total other expenses | 49,810 | 5,172 | 54,982 | |||
Total expenses | 89,114 | (1,740) | 87,374 | |||
Loss before income taxes | (53,005) | 1,740 | (51,265) | |||
Income tax expense | 132 | 54 | (f) | 186 | ||
Net loss | $ | (53,137) | $ | 1,686 | $ | (51,451) |
Net loss per unit prior to conversion | ||||||
Common units - Basic and Diluted | $ | (0.35) | $ | 0.01 | $ | (0.34) |
Weighted Average Units Outstanding prior to conversion | ||||||
Common units - Basic and Diluted | 152,638,640 | 152,638,640 | 152,638,640 | |||
Net loss per unit after conversion(1) | ||||||
Common units - Basic and Diluted | $ | (10.44) | $ | 0.33 | $ | (10.11) |
Weighted Average Units Outstanding after conversion(1) | ||||||
Common units - Basic and Diluted | 5,087,955 | 5,087,955 | 5,087,955 |
September 30, 2023 | |||||||
As Reported | Pro Forma Adjustments | Pro Forma | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 2,122 | $ | 1,897 | (b) | $ | 4,019 |
Accounts receivable | 4,117 | - | 4,117 | ||||
Prepaid expenses | 606 | - | 606 | ||||
Deferred lease incentive | 1,122 | - | 1,122 | ||||
Total current assets | 7,967 | 1,897 | 9,864 | ||||
Gathering and transportation assets, net | 83,962 | - | 83,962 | ||||
Intangible assets, net | 98,541 | - | 98,541 | ||||
Equity investments | 14,696 | (14,696) | (c)(g) | - | |||
Deferred lease incentive, net | 8,972 | - | 8,972 | ||||
Right of use assets, net | 3,938 | - | 3,938 | ||||
Other non-current assets | 50 | - | 50 | ||||
Total assets | $ | 218,126 | $ | (12,799) | $ | 205,327 | |
LIABILITIES AND PARTNERS' DEFICIT | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 3,399 | $ | 54 | (f) | $ | 3,453 |
Other current liabilities | 359 | - | 359 | ||||
Short-term debt, net of debt issuance costs | - | - | - | ||||
Class C preferred units - related entities | 442,157 | - | 442,157 | ||||
Short-term lease liabilities | 2,286 | - | 2,286 | ||||
Total current liabilities | 448,201 | 54 | 448,255 | ||||
Other liabilities | |||||||
Accrued shared services fees - related entities | 2,677 | (68) | (a) | 2,609 | |||
Asset retirement obligation | 5,461 | - | 5,461 | ||||
Long-term debt, net of discount and debt issuance costs | 17,049 | (13,923) | (g) | 3,126 | |||
Long-term lease liabilities | 1,048 | - | 1,048 | ||||
Stonepeak warrant - related entities | 1,328 | - | 1,328 | ||||
Other liabilities | 303 | - | 303 | ||||
Total other liabilities | 27,866 | (13,991) | 13,875 | ||||
Total liabilities | 476,067 | (13,937) | 462,130 | ||||
Commitments and contingencies | |||||||
Partners' deficit | |||||||
Common units, 8,443,516(1) units issued and outstanding as of September 30, 2023 | (257,941) | 1,138 | (h) | (256,803) | |||
Total partners' deficit | (257,941) | 1,138 | (256,803) | ||||
Total liabilities and partners' deficit | $ | 218,126 | $ | (12,799) | $ | 205,327 |
December 31, 2022 | |||||||
As Reported | Pro Forma Adjustments | Pro Forma | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 2,785 | $ | 967 | (b) | $ | 3,752 |
Accounts receivable | 2,415 | - | 2,415 | ||||
Prepaid expenses | 371 | - | 371 | ||||
Deferred lease incentive | 1,122 | - | 1,122 | ||||
Total current assets | 6,693 | 967 | 7,660 | ||||
Gathering and transportation assets, net | 87,478 | - | 87,478 | ||||
Intangible assets, net | 106,752 | - | 106,752 | ||||
Equity investments | 14,964 | (14,964) | (d)(e)(i)(j) | - | |||
Deferred lease incentive, net | 9,813 | - | 9,813 | ||||
Right of use assets, net | 5,899 | - | 5,899 | ||||
Other non-current assets | 75 | - | 75 | ||||
Total assets | $ | 231,674 | $ | (13,997) | $ | 217,677 | |
LIABILITIES AND PARTNERS' DEFICIT | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 4,675 | $ | 54 | (f) | $ | 4,729 |
Other current liabilities | 438 | - | 438 | ||||
Short-term debt, net of debt issuance costs | 19,793 | (15,627) | (d)(i)(j) | 4,166 | |||
Class C preferred units - related entities | 411,800 | - | 411,800 | ||||
Short-term lease liabilities | 2,204 | - | 2,204 | ||||
Total current liabilities | 438,910 | (15,573) | 423,337 | ||||
Other liabilities | |||||||
Accrued shared services fees - related entities | 3,839 | (110) | (a) | 3,729 | |||
Asset retirement obligation | 5,121 | - | 5,121 | ||||
Long-term lease liabilities | 2,773 | - | 2,773 | ||||
Stonepeak warrant - related entities | 2,853 | - | 2,853 | ||||
Other liabilities | 287 | - | 287 | ||||
Total other liabilities | 14,873 | (110) | 14,763 | ||||
Total liabilities | 453,783 | (15,683) | 438,100 | ||||
Commitments and contingencies | |||||||
Partners' deficit | |||||||
Common units, 7,510,186(1)units issued and outstanding as of December 31, 2022 | (222,109) | 1,686 | (h) | (220,423) | |||
Total partners' deficit | (222,109) | 1,686 | (220,423) | ||||
Total liabilities and partners' deficit | $ | 231,674 | $ | (13,997) | $ | 217,677 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Evolve Transition Infrastructure LP published this content on 02 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2024 21:22:37 UTC.