|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 43,636 |
$ 41,726 |
$ 37,951 |
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
61,856 |
35,491 |
11,675 |
| Amortization of deferred loan costs |
2,246 |
1,458 |
560 |
| Unit-based compensation |
3,016 |
1,876 |
3,440 |
| Loss on asset sales |
113 |
0 |
0 |
| Pay-in-kind interest on promissory notes payable to Sponsors |
0 |
5,426 |
2,025 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(15,147) |
(6,028) |
(17,238) |
| Due to/from affiliate |
1,427 |
(774) |
0 |
| Trade accounts payable |
(1,992) |
(2,164) |
2,468 |
| Change in deferred revenue |
16,685 |
9,994 |
0 |
| Ad valorem taxes payable |
1,264 |
3,072 |
0 |
| Accrued interest |
12,128 |
(484) |
500 |
| Other, net |
725 |
(105) |
(1,439) |
| Net cash provided by operating activities |
125,957 |
89,488 |
39,942 |
| Cash flows from investing activities: |
|
|
|
| Capital expenditures |
(81,911) |
(76,698) |
(78,248) |
| Proceeds from asset sales |
585 |
0 |
0 |
| Acquisition of gathering systems |
(210,000) |
0 |
(589,462) |
| Acquisition of gathering system from affiliate |
(200,000) |
0 |
0 |
| Net cash used in investing activities |
(491,326) |
(76,698) |
(667,710) |
| Cash flows from financing activities: |
|
|
|
| Distributions to unitholders |
(90,196) |
0 |
0 |
| Borrowings under revolving credit facility |
380,950 |
213,000 |
147,000 |
| Repayments under revolving credit facility |
(294,180) |
(160,770) |
0 |
| Issuance of senior notes |
300,000 |
0 |
0 |
| Contribution from SMP Holdings to Bison Midstream |
2,229 |
0 |
0 |
| Issuance of units to affiliate in connection with the Mountaineer Acquisition |
100,000 |
0 |
0 |
| Proceeds from issuance of units |
0 |
263,125 |
0 |
| Repurchase of DFW Net Profits Interests |
(11,957) |
0 |
0 |
| Deferred loan costs |
(10,608) |
(3,344) |
(5,248) |
| Repayment of promissory notes payable to Sponsors |
0 |
(209,230) |
200,000 |
| Distributions to Sponsors |
0 |
(123,138) |
(132,943) |
| Contributions from Sponsors |
0 |
0 |
425,000 |
| Net cash provided by (used in) financing activities |
376,238 |
(20,357) |
633,809 |
| Net change in cash and cash equivalents |
10,869 |
(7,567) |
6,041 |
| Cash and cash equivalents, beginning of period |
7,895 |
15,462 |
9,421 |
| Cash and cash equivalents, end of period |
18,764 |
7,895 |
15,462 |
| Supplemental Cash Flow Disclosures: |
|
|
|
| Cash interest paid |
9,016 |
8,283 |
2,463 |
| Less: capitalized interest |
4,209 |
2,784 |
3,362 |
| Interest paid (net of capitalized interest) |
4,807 |
5,499 |
(899) |
| Cash paid for income taxes |
660 |
650 |
223 |
| Noncash Investing and Financing Activities: |
|
|
|
| Capital expenditures in trade accounts payable (period-end accruals) |
10,245 |
7,829 |
11,332 |
| Issuance of units to affiliate to partially fund the Bison Drop Down |
48,914 |
0 |
0 |
| Contribution of net assets from SMP Holdings in excess of consideration paid for Bison Midstream |
56,535 |
0 |
0 |
| Pay-in-kind interest on promissory notes payable to Sponsors |
0 |
6,337 |
2,893 |
| Net assets retained by the Predecessor |
0 |
4,417 |
0 |
| Deferred initial public offering costs in trade accounts payable |
0 |
743 |
0 |
| Working capital acquired related to Grand River system acquisition |
$ 0 |
$ 0 |
$ 854 |