Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document and Entity Information [Line Items] | ||
Entity Registrant Name | Rice Midstream Partners LP | |
Trading Symbol | RMP | |
Entity Central Index Key | 1620928 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Units Outstanding | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,753,623 | |
Entity Subordinated Units Outstanding | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,753,623 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $8,670 | $26,832 |
Accounts receivable | 3,706 | 297 |
Accounts receivable - affiliate | 10,789 | 2,049 |
Deposits, prepaid expenses and other | 289 | 233 |
Total current assets | 23,454 | 29,411 |
Property and equipment, net | 317,651 | 280,077 |
Deferred financing costs, net | 2,734 | 2,874 |
Goodwill | 39,142 | 39,142 |
Intangible assets, net | 47,383 | 47,791 |
Total assets | 430,364 | 399,295 |
Current liabilities: | ||
Accounts payable | 14,865 | 109 |
Accrued capital expenditures | 12,781 | 4,103 |
Payable to affiliate | 0 | 156 |
Other accrued liabilities | 628 | 1,577 |
Total current liabilities | 28,274 | 5,945 |
Long-term liabilities: | ||
Other long-term liabilities | 23 | 0 |
Total liabilities | 28,297 | 5,945 |
Partners’ capital: | ||
Total partners’ capital | 402,067 | 393,350 |
Total liabilities and partners’ capital | 430,364 | 399,295 |
Common | ||
Partners’ capital: | ||
Common and subordinated units | 447,221 | 442,451 |
Subordinated | ||
Partners’ capital: | ||
Common and subordinated units | ($45,154) | ($49,101) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2015 | Dec. 31, 2014 |
Common | ||
Common and Subordinated units issued | 28,753,623 | 28,753,623 |
Common and Subordinated units outstanding | 28,753,623 | 28,753,623 |
Subordinated | ||
Common and Subordinated units issued | 28,753,623 | 28,753,623 |
Common and Subordinated units outstanding | 28,753,623 | 28,753,623 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Operating revenues: | ||||
Affiliate | $13,515,000 | $66,000 | ||
Third-party | 2,651,000 | 0 | ||
Total operating revenues | 16,166,000 | 66,000 | ||
Operating expenses: | ||||
Operation and maintenance expense | 1,381,000 | 442,000 | ||
General and administrative expense | 2,331,000 | [1] | 1,591,000 | [1] |
Incentive unit expense | 0 | [2] | 5,625,000 | [2] |
Stock compensation expense | 996,000 | 0 | ||
Depreciation expense | 1,449,000 | 248,000 | ||
Amortization of intangible assets | 408,000 | 0 | ||
Total operating expenses | 6,565,000 | 7,906,000 | ||
Operating income (loss) | 9,601,000 | -7,840,000 | ||
Other income | 5,000 | 0 | ||
Interest expense | -394,000 | [3] | -2,630,000 | [3] |
Amortization of deferred finance costs | -144,000 | 0 | ||
Income (loss) before income taxes and discontinued operations | 9,068,000 | -10,470,000 | ||
Income tax benefit | 0 | 2,010,000 | ||
Income (loss) from continuing operations | 9,068,000 | -8,460,000 | ||
Loss from discontinued operations, net of tax | 0 | -718,000 | ||
Net income (loss) | 9,068,000 | -9,178,000 | ||
Cash distributions declared per limited partner unit: | ||||
Cash distributions declared per limited partner unit: | $0.19 | [4] | ||
Rice energy | ||||
Cash distributions declared per limited partner unit: | ||||
General and administrative expenses from Rice Energy | 1,600,000 | 1,300,000 | ||
Common | ||||
Operating expenses: | ||||
Net income (loss) | 4,534,000 | |||
Net income per limited partner unit (basic and diluted) | ||||
Net income per limited partner unit (basic and diluted) | $0.16 | |||
Cash distributions declared per limited partner unit: | ||||
Cash distributions declared per limited partner unit: | $0.19 | [4] | ||
Subordinated | ||||
Operating expenses: | ||||
Net income (loss) | $4,534,000 | |||
Net income per limited partner unit (basic and diluted) | ||||
Net income per limited partner unit (basic and diluted) | $0.16 | |||
Cash distributions declared per limited partner unit: | ||||
Cash distributions declared per limited partner unit: | $0.19 | [4] | ||
[1] | General and administrative expenses include charges from Rice Energy of $1.6 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively. | |||
[2] | Incentive unit expense for the three months ended March 31, 2014 was allocated from Rice Energy. | |||
[3] | Interest expense for the three months ended March 31, 2014 was allocated from Rice Energy. | |||
[4] | See Note 11 for further discussion of cash distributions declared for the period presented. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $9,068 | ($9,178) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Loss from discontinued operations, net of tax | 0 | -718 | ||
Depreciation and amortization expense | 1,449 | 248 | ||
Amortization of intangibles | 408 | 0 | ||
Amortization of deferred financing costs | 144 | 0 | ||
Incentive unit expense | 0 | [1] | 5,625 | [1] |
Stock compensation expense | 996 | 0 | ||
Deferred income tax benefit | 0 | -2,010 | ||
Changes in operating assets and liabilities: | ||||
(Increase) in accounts receivable and receivable from affiliate | -12,150 | -104 | ||
(Increase) in prepaid expenses and other assets | -55 | -2,524 | ||
Increase in accounts payable and payable to affiliate | 1,025 | 185 | ||
(Decrease) increase in accrued liabilities and other | -954 | 25 | ||
Net cash used in operating activities of continuing operations | -69 | -7,015 | ||
Net cash used in operating activities of discontinued operations | 0 | -736 | ||
Net cash used in operating activities | -69 | -7,751 | ||
Cash flows from investing activities: | ||||
Capital expenditures | -16,769 | -11,019 | ||
Acquisition of Marcellus joint venture | 0 | -55,000 | ||
Net cash used in investing activities of continuing operations | -16,769 | -66,019 | ||
Net cash provided by investing activities of discontinued operations | 0 | 5,622 | ||
Net cash used in investing activities | -16,769 | -60,397 | ||
Cash flows from financing activities: | ||||
Costs related to IPO | -146 | 0 | ||
Additions to deferred financing costs | -4 | 0 | ||
Contributions from parent | 0 | 72,886 | ||
Distributions paid to unitholders | -1,174 | 0 | ||
Net cash (used in) provided by financing activities of continuing operations | -1,324 | 72,886 | ||
Net cash used in financing activities of discontinued operations | 0 | -4,886 | ||
Net cash (used in) provided by financing activities | -1,324 | 68,000 | ||
Net decrease in cash | -18,162 | -148 | ||
Cash at the beginning of the year | 26,832 | 148 | ||
Cash at the end of the period | $8,670 | $0 | ||
[1] | Incentive unit expense for the three months ended March 31, 2014 was allocated from Rice Energy. |
Statements_of_Condensed_Consol
Statements of Condensed Consolidated Partners' Captial (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance | $393,350 | $65,778 |
Contributions from parent | 74,753 | |
Stock compensation | 969 | |
Offering costs related to the IPO | -146 | |
Distributions to unitholders | -1,174 | |
Net income (loss) | 9,068 | -9,178 |
Balance | 402,067 | 131,353 |
Common | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Net income (loss) | 4,534 | |
Subordinated | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Net income (loss) | 4,534 | |
Limited Partners | Common | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance | 442,451 | |
Stock compensation | 969 | |
Offering costs related to the IPO | -146 | |
Distributions to unitholders | -587 | |
Net income (loss) | 4,534 | |
Balance | 447,221 | |
Limited Partners | Subordinated | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance | -49,101 | |
Stock compensation | 0 | |
Offering costs related to the IPO | 0 | |
Distributions to unitholders | -587 | |
Net income (loss) | 4,534 | |
Balance | -45,154 | |
Parent Net Equity | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance | 65,778 | |
Contributions from parent | 74,753 | |
Net income (loss) | -9,178 | |
Balance | $131,353 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared by the Partnership’s management in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. The unaudited condensed consolidated financial statements included herein contain all adjustments which are, in the opinion of management, necessary to present fairly the Partnership’s financial position as of March 31, 2015 and December 31, 2014 and its unaudited condensed consolidated statements of operations and of cash flows for the three months ended March 31, 2015 and 2014. For periods prior to December 22, 2014, those condensed consolidated financial statements have been prepared from the separate records maintained by Rice Energy and may not necessarily be indicative of the actual results of operations that might have occurred if the Predecessor had been operated separately during the periods prior to the Partnership’s IPO. Because a direct ownership relationship did not exist among the businesses comprising the Predecessor, the net investment in the Predecessor is shown as parent net equity in the condensed consolidated financial statements. Subsequent to the Partnership’s IPO, the unaudited condensed consolidated financial statements include the accounts of the Partnership and its subsidiaries, Rice Midstream OpCo LLC (“Rice Midstream OpCo”) and Rice Poseidon. Transactions between the Partnership and Rice Energy have been identified in the unaudited condensed consolidated financial statements as transactions between related parties. | |
The unaudited condensed consolidated financial statements and notes previously reported in periods prior to the distribution of all water distribution system assets have been recast to reflect the presentation of the water distribution assets as discontinued operations. Please see Note 7 for additional information regarding discontinued operations. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
Long-Term Debt | Long-Term Debt | |
On December 22, 2014, Rice Midstream OpCo entered into a revolving credit agreement (the “revolving credit facility”) with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of lenders with a maximum credit amount of $450.0 million with an additional $200.0 million of commitments available under an accordion feature subject to lender approval. The credit facility provides for a letter of credit sublimit of $50.0 million. As of March 31, 2015, Rice Midstream OpCo had no borrowings outstanding and no letters of credit under this facility. The revolving credit facility is available to fund working capital requirements and capital expenditures, to purchase assets, to pay distributions and repurchase units and for general partnership purposes. The Partnership and its restricted subsidiaries are the guarantors of the obligations under the revolving credit facility. | ||
Principal amounts borrowed are payable on the maturity date, and interest is payable quarterly for base rate loans and at the end of the applicable interest period for Eurodollar loans. The Partnership has a choice of borrowing in Eurodollars or at the base rate. Eurodollar loans bear interest at a rate per annum equal to the applicable LIBOR Rate plus an applicable margin ranging from 175 to 275 basis points, depending on the leverage ratio then in effect. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one month Eurodollar loans plus 100 basis points, plus an applicable margin ranging from 75 to 175 basis points, depending on the leverage ratio then in effect. The Partnership also pays a commitment fee based on the undrawn commitment amount ranging from 35 to 50 basis points. | ||
The revolving credit facility is secured by mortgages and other security interests on substantially all of its properties and guarantees from the Partnership and its restricted subsidiaries. | ||
The revolving credit facility limits the Partnership’s ability to, among other things: | ||
• | incur or guarantee additional debt; | |
• | redeem or repurchase units or make distributions under certain circumstances; | |
• | make certain investments and acquisitions; | |
• | incur certain liens or permit them to exist; | |
• | enter into certain types of transactions with affiliates; | |
• | merge or consolidate with another company; and | |
• | transfer, sell or otherwise dispose of assets. | |
The revolving credit facility also requires the Partnership to maintain the following financial ratios: | ||
• | an interest coverage ratio, which is the ratio of the Partnership’s consolidated EBITDA (as defined within the revolving credit facility) to its consolidated current interest expense of at least 2.50 to 1.0 at the end of each fiscal quarter; | |
• | a consolidated total leverage ratio, which is the ratio of consolidated debt to consolidated EBITDA, of not more than 4.75 to 1.0, and after electing to issue senior unsecured notes, a consolidated total leverage ratio of not more than 5.25 to 1.0, and, in each case, with certain increases in the permitted total leverage ratio following the completion of a material acquisition; and | |
• | if the Partnership elects to issue senior unsecured notes, a consolidated senior secured leverage ratio, which is the ratio of consolidated senior secured debt to consolidated EBITDA, of not more than 3.50 to 1.0. | |
The Partnership was in compliance with such covenants and ratios effective as of March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Lease Obligations | |
The Partnership has lease obligations for compression equipment under existing contracts with third parties. Rent expense included in operation and maintenance expense for the three months ended March 31, 2015 and 2014 was $0.4 million and $0.1 million, respectively. Future payments for this equipment as of March 31, 2015 totaled $6.6 million (2015-$1.3 million, 2016-$1.6 million, 2017-$0.9 million, 2018-$0.9 million, 2019-$0.9 million and thereafter-$1.0 million). | |
Environmental Obligations | |
The Partnership is subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal and other environmental matters. The Partnership believes there are currently no such regulatory or environmental matters that will have a material adverse effect on its results of operations, cash flows or financial position. |
Partners_Capital
Partners' Capital | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Partners' Capital | Partners’ Capital |
On December 22, 2014, the Partnership completed an underwritten IPO of 28,750,000 common units representing limited partner interests in the Partnership. Rice Energy retained a 50% equity interest in the Partnership, consisting of 3,623 common units and 28,753,623 subordinated units. Concurrent with the IPO, Rice Energy contributed to the Partnership 100% of Rice Poseidon. A wholly-owned subsidiary of Rice Energy serves as the general partner of the Partnership. | |
The Partnership received cash proceeds, net of issuance costs, of approximately $444.1 million upon the closing of the IPO. Approximately $414.4 million of the proceeds were distributed to Rice Energy, $25.0 million was retained by the Partnership to fund 2015 expansion capital expenditures, approximately $2.0 million was retained to pay expenses of the IPO and $2.7 million was used by the Partnership to pay origination fees associated with the credit agreement entered into by the Partnership at the closing of the IPO. |
Phantom_Unit_Awards
Phantom Unit Awards | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Phantom Unit Awards | Phantom Unit Awards |
In connection with the closing of the IPO, the Partnership’s general partner granted phantom unit awards under the Rice Midstream Partners LP 2014 Long Term Incentive Plan (the “LTIP”) to certain non-employee directors of the Partnership and executive officers and employees of Rice Energy. The Partnership recorded $1.0 million of stock compensation expense related to these awards in the three months ended March 31, 2015. Total unrecognized compensation expense expected to be recognized over the remaining vesting periods as of March 31, 2015 is $5.9 million for these awards. |
Net_Income_per_Limited_Partner
Net Income per Limited Partner Unit and Cash Distributions | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Net Income per Limited Partner Unit and Cash Distributions | Net Income per Limited Partner Unit and Cash Distributions | |||||
The Partnership’s net income is allocated to the limited partners, including subordinated unitholders, in accordance with their respective ownership percentages, and when applicable, giving effect to the incentive distribution rights held by Rice Midstream Holdings LLC, a wholly-owned subsidiary of Rice Energy (“Rice Midstream Holdings”). The allocation of undistributed earnings, or net income in excess of distributions, to the incentive distribution rights is limited to cash available for distribution for the period. The Partnership’s net income allocable to the limited partners is allocated between common and subordinated unitholders by applying the provisions of the Partnership’s partnership agreement that govern actual cash distributions as if all earnings for the period had been distributed. Any common units issued during the period are included on a weighted-average basis for the days in which they were outstanding. | ||||||
Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the LTIP, were exercised, settled or converted into common units. When it is determined that potential common units should be included in diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method. | ||||||
The following table presents Partnership’s calculation of net income per limited partner unit for common and subordinated limited partner units. Net income attributable to the periods prior to the IPO is not allocated to the limited partners for purposes of calculating net income per limited partner unit. | ||||||
(in thousands, except unit data) | Three Months Ended March 31, 2015 | |||||
Limited partner net income | $ | 9,068 | ||||
Net income allocable to common units | $ | 4,534 | ||||
Net income allocable to subordinated units | 4,534 | |||||
Limited partner net income | $ | 9,068 | ||||
Weighted-average limited partner units outstanding - basic: | ||||||
Common units | 28,753,623 | |||||
Subordinated units | 28,753,623 | |||||
Total | 57,507,246 | |||||
Weighted-average limited partner units outstanding - diluted: | ||||||
Common units (1) | 28,753,623 | |||||
Subordinated units | 28,753,623 | |||||
Total | 57,507,246 | |||||
Net income per limited partner unit - basic: | ||||||
Common units | $ | 0.16 | ||||
Subordinated units | 0.16 | |||||
Total | $ | 0.16 | ||||
Net income per limited partner unit - diluted: | ||||||
Common units | $ | 0.16 | ||||
Subordinated units | 0.16 | |||||
Total | $ | 0.16 | ||||
Cash distributions declared per limited partner unit: (2) | ||||||
Common units | $ | 0.1875 | ||||
Subordinated units | 0.1875 | |||||
Total | $ | 0.1875 | ||||
(1) Net income per limited partner unit excludes 23,746 common units attributable to phantom units that are considered anti-dilutive for the three months ended March 31, 2015. | ||||||
-2 | See Note 11 for further discussion of cash distributions declared for the period presented. | |||||
Subordinated Units | ||||||
Rice Midstream Holdings owns all of the Partnership’s subordinated units. The principal difference between the Partnership’s common units and subordinated units is that, for any quarter during the “subordination period,” holders of the subordinated units will not be entitled to receive any distribution from operating surplus until the common units have received the minimum quarterly distribution for such quarter plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. Subordinated units will not accrue arrearages. When the subordination period ends, each outstanding subordinated unit will convert into one common unit, which will then participate pro rata with the other common units in distributions. | ||||||
Incentive Distribution Rights | ||||||
All of the incentive distribution rights are held by Rice Midstream Holdings. Incentive distribution rights represent the right to receive increasing percentages (15%, 25% and 50%) of quarterly distributions from operating surplus after the minimum quarterly distribution and the target distribution levels (described below) have been achieved. | ||||||
For any quarter in which the Partnership has distributed cash from operating surplus to the common and subordinated unitholders in an amount equal to the minimum distribution, then the Partnership will distribute any additional available cash from operating surplus for that quarter among the unitholders and the incentive distribution rights holders within 60 days after the end of each quarter in the following manner: | ||||||
Marginal Percentage Interest in Distributions | ||||||
Total Quarterly Distribution Per Unit | Unitholders | Incentive Distribution Rights Holders | ||||
Minimum Quarterly Distribution | $0.19 | 100% | —% | |||
First Target Distribution | above $0.1875 up to $0.2156 | 100% | —% | |||
Second Target Distribution | above $0.2156 up to $0.2344 | 85% | 15% | |||
Third Target Distribution | above $0.2344 up to $0.2813 | 75% | 25% | |||
Thereafter | above $0.2813 | 50% | 50% | |||
On February 20, 2015, a prorated cash distribution of $0.0204 per common unit was paid to limited partners related to the fourth quarter of 2014. This was the first distribution declared by the Partnership and the prorated amount corresponds to the minimum quarterly distribution of $0.1875 per unit, or $0.75 on an annualized basis. The Partnership adjusted its first cash distribution for the 10-day period following the closing of the IPO on December 22, 2014 through December 31, 2014. On April 24, 2015, the Board of Directors of the Partnership’s general partner declared a cash distribution to the Partnership’s unitholders for the first quarter of 2015 of $0.1875 per common and subordinated unit. The cash distribution will be paid on May 14, 2015 to unitholders of record at the close of business on May 5, 2015. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | Discontinued Operations | |||
Concurrent with the closing of the IPO, all of the Predecessor’s fresh water distribution assets and related operations were distributed to Rice Midstream Holdings. Such fresh water distribution assets had not generated any revenue for the Predecessor and no gain or loss was recognized as a result of the distribution. The following table summarizes the components of discontinued operations activity for the three months ended March 31, 2014. | ||||
(in thousands) | Three Months Ended March 31, 2014 | |||
Operating expenses | $ | (1,174 | ) | |
Loss from discontinued operations before income taxes | (1,174 | ) | ||
Income tax benefit | 456 | |||
Loss from discontinued operations, net of tax | $ | (718 | ) | |
Included in the loss from discontinued operations before income taxes is allocated interest expense from Rice Energy of $0.4 million for the three months ended March 31, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Partnership is not subject to federal and state income taxes as a result of its limited partner structure. For federal and state income tax purposes, all income, expenses, gains, losses and tax credits generated by the Partnership flow through to the unitholders. As such, the Partnership does not record a provision for income taxes in the current period. Prior to the IPO, the Partnership’s income was included as part of Rice Energy’s consolidated federal tax return. The Partnership did not report any income tax benefit or expense for periods prior to January 29, 2014, which was the date of Rice Energy’s initial public offering, because Rice Energy’s accounting predecessor was a limited liability company that was not subject to federal income tax. For the period beginning January 29, 2014 and ending December 21, 2014, Rice Energy allocated an income tax benefit to the Predecessor. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
In the ordinary course of business, the Partnership has transactions with affiliated companies. During the three months ended March 31, 2015 and 2014, related parties included Rice Energy and certain of its subsidiaries. Prior to the IPO, the push-down impact of the transactions were recorded in the consolidated statements of operations, and although no cash settlement occurred, all transactions with Rice Energy and its subsidiaries were recorded in parent net equity. Upon completion of the IPO, the Partnership entered into an omnibus agreement (the “Omnibus Agreement”) with its general partner, Rice Energy, Rice Poseidon and Rice Midstream Holdings. Pursuant to the Omnibus Agreement, Rice Energy performs centralized corporate and general and administrative services for the Partnership, such as financial and administrative, information technology, legal, health, safety and environmental, human resources, procurement, engineering, business development, investor relations, insurance and tax. In exchange, the Partnership reimburses Rice Energy for the expenses incurred in providing these services, except for any expenses associated with Rice Energy’s long-term incentive programs as these are not expenses of the Partnership subsequent to the IPO. | |
Also upon completion of the IPO, the Partnership entered into a 15 year, fixed-fee gas gathering and compression agreement (the “Gas Gathering and Compression Agreement”) with Rice Drilling B and Alpha Shale, pursuant to which the Partnership gathers Rice Energy’s natural gas and provides compression services on the Partnership’s gathering systems located in Washington County and Greene County, Pennsylvania. Pursuant to the Gas Gathering and Compression Agreement, the Partnership will charge Rice Energy a gathering fee of $0.30 per Dth and a compression fee of $0.07 per Dth per stage of compression, each subject to annual adjustment for inflation based on the Consumer Price Index. The Gas Gathering and Compression Agreement covers substantially all of the Rice Energy’s acreage position in the dry gas core of the Marcellus Shale in southwestern Pennsylvania as of March 31, 2015 and any future acreage it acquires within these counties, other than 22,000 gross acres subject to a pre-existing third-party dedication. | |
The expenses for which the Partnership reimburses Rice Energy and its subsidiaries may not necessarily reflect the actual expenses that the Partnership would incur on a stand-alone basis; however, the Partnership believes that these costs would not have been materially different had they been incurred on a stand-alone basis. Additionally, it would be impracticable to estimate what the costs related to administrative services provided by Rice Energy would have been with an unrelated third party. | |
Prior to Rice Energy’s initial public offering on January 29, 2014, the only long-term incentives offered to certain executives were through grants of incentive units, which were profits interests representing an interest in the future profits (once a certain level of proceeds has been generated) of Rice Energy’s predecessor parent entity Rice Energy Appalachia, LLC (“REA”) and granted pursuant to the limited liability company agreement of REA. The compensation expense recognized in these unaudited condensed consolidated financial statements is a non-cash charge, with the settlement obligation resting on NGP Rice Holdings, LLC (“NGP Holdings”) and Rice Energy Holdings LLC (“Rice Holdings”). Payments on the incentive units will be made by Rice Holdings and NGP Holdings and not by Rice Energy, Rice Poseidon or the Partnership, and as such are not dilutive to Rice Energy, Rice Poseidon or the Partnership. Incentive unit expense allocated to the Partnership based on its estimate of the expense attributable to its operations was $5.6 million for the three months ended March 31, 2014. No expense was recognized prior to Rice Energy’s initial public offering as the performance conditions related to the incentive units were deemed not probable of occurring. For periods subsequent to the IPO, no incentive unit expense has been allocated to the Partnership by Rice Energy. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the FASB issued ASU, No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU No. 2014-09. The FASB created Topic 606 which supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 will enhance comparability of revenue recognition practices across entities, industries and capital markets compared to existing guidance. Additionally, ASU 2014-09 will reduce the number of requirements to which an entity must consider in recognizing revenue as this update will replace multiple locations for guidance. The FASB and International Accounting Standards Board initiated this joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for both U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal and interim periods beginning after December 15, 2016 and should be applied retrospectively. Early adoption of this standard is not permitted. On April 1, 2015, the FASB voted to propose a one-year deferral of the effective date while at the same time permitting entities to adopt the standard on the original effective date if they choose. If the deferral is approved, the standard will be effective for interim and annual periods beginning after December 15, 2017. The Partnership has not yet selected a transition method and is currently evaluating the standard and the impact on its consolidated financial statements and footnote disclosures. | |
In April 2015, the FASB issued ASU, 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplification of Debt Issuance Costs.” ASU 2015-03 was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. ASU 2015-03 is effective for periods beginning after December 15, 2015 with early adoption permitted. The Partnership is currently evaluating the impact of the provisions of ASU 2015-03. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 24, 2015, the Board of Directors of the Partnership’s general partner declared a cash distribution to the Partnership’s unitholders for the first quarter of 2015 of $0.1875 per common and subordinated unit. The cash distribution will be paid on May 14, 2015 to unitholders of record at the close of business on May 5, 2015. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared by the Partnership’s management in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. The unaudited condensed consolidated financial statements included herein contain all adjustments which are, in the opinion of management, necessary to present fairly the Partnership’s financial position as of March 31, 2015 and December 31, 2014 and its unaudited condensed consolidated statements of operations and of cash flows for the three months ended March 31, 2015 and 2014. For periods prior to December 22, 2014, those condensed consolidated financial statements have been prepared from the separate records maintained by Rice Energy and may not necessarily be indicative of the actual results of operations that might have occurred if the Predecessor had been operated separately during the periods prior to the Partnership’s IPO. Because a direct ownership relationship did not exist among the businesses comprising the Predecessor, the net investment in the Predecessor is shown as parent net equity in the condensed consolidated financial statements. Subsequent to the Partnership’s IPO, the unaudited condensed consolidated financial statements include the accounts of the Partnership and its subsidiaries, Rice Midstream OpCo LLC (“Rice Midstream OpCo”) and Rice Poseidon. Transactions between the Partnership and Rice Energy have been identified in the unaudited condensed consolidated financial statements as transactions between related parties. |
The unaudited condensed consolidated financial statements and notes previously reported in periods prior to the distribution of all water distribution system assets have been recast to reflect the presentation of the water distribution assets as discontinued operations. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the FASB issued ASU, No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU No. 2014-09. The FASB created Topic 606 which supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 will enhance comparability of revenue recognition practices across entities, industries and capital markets compared to existing guidance. Additionally, ASU 2014-09 will reduce the number of requirements to which an entity must consider in recognizing revenue as this update will replace multiple locations for guidance. The FASB and International Accounting Standards Board initiated this joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for both U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal and interim periods beginning after December 15, 2016 and should be applied retrospectively. Early adoption of this standard is not permitted. On April 1, 2015, the FASB voted to propose a one-year deferral of the effective date while at the same time permitting entities to adopt the standard on the original effective date if they choose. If the deferral is approved, the standard will be effective for interim and annual periods beginning after December 15, 2017. The Partnership has not yet selected a transition method and is currently evaluating the standard and the impact on its consolidated financial statements and footnote disclosures. | |
In April 2015, the FASB issued ASU, 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplification of Debt Issuance Costs.” ASU 2015-03 was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. ASU 2015-03 is effective for periods beginning after December 15, 2015 with early adoption permitted. The Partnership is currently evaluating the impact of the provisions of ASU 2015-03. |
Net_Income_per_Limited_Partner1
Net Income per Limited Partner Unit and Cash Distributions (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ||||||
The following table presents Partnership’s calculation of net income per limited partner unit for common and subordinated limited partner units. Net income attributable to the periods prior to the IPO is not allocated to the limited partners for purposes of calculating net income per limited partner unit. | ||||||
(in thousands, except unit data) | Three Months Ended March 31, 2015 | |||||
Limited partner net income | $ | 9,068 | ||||
Net income allocable to common units | $ | 4,534 | ||||
Net income allocable to subordinated units | 4,534 | |||||
Limited partner net income | $ | 9,068 | ||||
Weighted-average limited partner units outstanding - basic: | ||||||
Common units | 28,753,623 | |||||
Subordinated units | 28,753,623 | |||||
Total | 57,507,246 | |||||
Weighted-average limited partner units outstanding - diluted: | ||||||
Common units (1) | 28,753,623 | |||||
Subordinated units | 28,753,623 | |||||
Total | 57,507,246 | |||||
Net income per limited partner unit - basic: | ||||||
Common units | $ | 0.16 | ||||
Subordinated units | 0.16 | |||||
Total | $ | 0.16 | ||||
Net income per limited partner unit - diluted: | ||||||
Common units | $ | 0.16 | ||||
Subordinated units | 0.16 | |||||
Total | $ | 0.16 | ||||
Cash distributions declared per limited partner unit: (2) | ||||||
Common units | $ | 0.1875 | ||||
Subordinated units | 0.1875 | |||||
Total | $ | 0.1875 | ||||
(1) Net income per limited partner unit excludes 23,746 common units attributable to phantom units that are considered anti-dilutive for the three months ended March 31, 2015. | ||||||
-2 | See Note 11 for further discussion of cash distributions declared for the period presented. | |||||
Schedule of Incentive Distribution Rights | For any quarter in which the Partnership has distributed cash from operating surplus to the common and subordinated unitholders in an amount equal to the minimum distribution, then the Partnership will distribute any additional available cash from operating surplus for that quarter among the unitholders and the incentive distribution rights holders within 60 days after the end of each quarter in the following manner: | |||||
Marginal Percentage Interest in Distributions | ||||||
Total Quarterly Distribution Per Unit | Unitholders | Incentive Distribution Rights Holders | ||||
Minimum Quarterly Distribution | $0.19 | 100% | —% | |||
First Target Distribution | above $0.1875 up to $0.2156 | 100% | —% | |||
Second Target Distribution | above $0.2156 up to $0.2344 | 85% | 15% | |||
Third Target Distribution | above $0.2344 up to $0.2813 | 75% | 25% | |||
Thereafter | above $0.2813 | 50% | 50% |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Schedule of Components of Discontinued Operations Activity | The following table summarizes the components of discontinued operations activity for the three months ended March 31, 2014. | |||
(in thousands) | Three Months Ended March 31, 2014 | |||
Operating expenses | $ | (1,174 | ) | |
Loss from discontinued operations before income taxes | (1,174 | ) | ||
Income tax benefit | 456 | |||
Loss from discontinued operations, net of tax | $ | (718 | ) |
Basis_of_Presentation_Details
Basis of Presentation (Details) (Predecessor, Alpha Shale Joint Venture) | Jan. 29, 2014 | Jan. 28, 2014 |
Predecessor | Alpha Shale Joint Venture | ||
Subsidiary, Sale of Stock [Line Items] | ||
Percentage of voting interests acquired | 50.00% | |
Equity investment ownership percentage | 50.00% |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (Revolving Credit Facility, USD $) | 0 Months Ended | |
Dec. 22, 2014 | Mar. 31, 2015 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee based on undrawn commitment (basis points) | 0.35% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee based on undrawn commitment (basis points) | 0.50% | |
London Interbank Offered Rate (LIBOR) | Minimum | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 1.75% | |
London Interbank Offered Rate (LIBOR) | Maximum | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 2.75% | |
Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 0.50% | |
One Month Eurodollar | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 1.00% | |
One Month Eurodollar, Additional Margin | Minimum | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 0.75% | |
One Month Eurodollar, Additional Margin | Maximum | ||
Debt Instrument [Line Items] | ||
Applicable margin (basis points) | 1.75% | |
Wells Fargo Bank, N.A. | ||
Debt Instrument [Line Items] | ||
Maximum credit amount | 450,000,000 | |
Additional commitments available under accordion feature | 200,000,000 | |
Borrowings outstanding | 0 | |
Consolidated current interest expense ratio | 2.5 | |
Consolidated total leverage ratio | 4.75 | |
Consolidated total leverage ratio after electing to issue senior unsecured notes | 5.25 | |
Wells Fargo Bank, N.A. | Minimum | ||
Debt Instrument [Line Items] | ||
Consolidated senior secured leverage ratio | 3.5 | |
Wells Fargo Bank, N.A. | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Maximum credit amount | 50,000,000 | |
Borrowings outstanding | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Compression equipment, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Commitments [Line Items] | ||
Future payments for equipment | $6.60 | |
2015 | 1.3 | |
2016 | 1.6 | |
2017 | 0.9 | |
2018 | 0.9 | |
2019 | 0.9 | |
Thereafter | 1 | |
Operation and Maintenance Expense | ||
Other Commitments [Line Items] | ||
Rent expense | $0.40 | $0.10 |
Partners_Capital_Details
Partners' Capital (Details) (USD $) | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 22, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Common | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common and Subordinated units outstanding | 28,753,623 | 28,753,623 | |
Subordinated | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common and Subordinated units outstanding | 28,753,623 | 28,753,623 | |
IPO | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of common units underwritten in IPO | 28,750,000 | ||
Cash proceeds received net of issuance costs | $444.10 | ||
Proceeds distributed to Rice Energy | 414.4 | ||
Proceeds retained to pre-fund certain maintenance capital expenditures | 25 | ||
Proceeds retained to pay expenses of IPO | 2 | ||
Proceeds used to pay origination fees associated with the credit agreement | $2.70 | ||
Rice Energy | |||
Subsidiary, Sale of Stock [Line Items] | |||
Equity interest retained in partnership (percentage) | 50.00% | ||
Rice Energy | IPO | Subsidiary of Common Parent | |||
Subsidiary, Sale of Stock [Line Items] | |||
Percentage of interest of Rice Poseidon contributed to Partnership | 100.00% | ||
Rice Energy | IPO | Common | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common and Subordinated units outstanding | 3,623 | ||
Rice Energy | IPO | Subordinated | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common and Subordinated units outstanding | 28,753,623 |
Phantom_Unit_Awards_Details
Phantom Unit Awards (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $996,000 | $0 |
Rice Midstream Partners LP 2014 LTIP | Phantom unit awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 1,000,000 | |
Unrecorded compensation expense | $5,900,000 |
Net_Income_per_Limited_Partner2
Net Income per Limited Partner Unit and Cash Distributions (Schedule of Calculation of Net Income per Limited Partner Unit) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Limited partner net income | $9,068 | ($9,178) | |
Weighted-average limited partner units outstanding - basic: | |||
Weighted-average limited partner units outstanding - basic: | 57,507,246 | ||
Weighted-average limited partner units outstanding - diluted: | |||
Weighted-average limited partner units outstanding - diluted: | 57,507,246 | ||
Net income per limited partner unit - basic: | |||
Net income per limited partner unit - basic: | $0.16 | ||
Net income per limited partner unit - diluted: | |||
Net income per limited partner unit - diluted: | $0.16 | ||
Unitholders | |||
Cash distributions declared per limited partner unit: | $0.19 | [1] | |
Common | |||
Unitholders | |||
Shares considered anti-dilutive | 23,746 | ||
Common | |||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Limited partner net income | 4,534 | ||
Weighted-average limited partner units outstanding - basic: | |||
Weighted-average limited partner units outstanding - basic: | 28,753,623 | ||
Weighted-average limited partner units outstanding - diluted: | |||
Weighted-average limited partner units outstanding - diluted: | 28,753,623 | [2] | |
Net income per limited partner unit - basic: | |||
Net income per limited partner unit - basic: | $0.16 | ||
Net income per limited partner unit - diluted: | |||
Net income per limited partner unit - diluted: | $0.16 | ||
Unitholders | |||
Cash distributions declared per limited partner unit: | $0.19 | [1] | |
Subordinated | |||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Limited partner net income | $4,534 | ||
Weighted-average limited partner units outstanding - basic: | |||
Weighted-average limited partner units outstanding - basic: | 28,753,623 | ||
Weighted-average limited partner units outstanding - diluted: | |||
Weighted-average limited partner units outstanding - diluted: | 28,753,623 | ||
Net income per limited partner unit - basic: | |||
Net income per limited partner unit - basic: | $0.16 | ||
Net income per limited partner unit - diluted: | |||
Net income per limited partner unit - diluted: | $0.16 | ||
Unitholders | |||
Cash distributions declared per limited partner unit: | $0.19 | [1] | |
[1] | See Note 11 for further discussion of cash distributions declared for the period presented. | ||
[2] | Net income per limited partner unit excludes 23,746 common units attributable to phantom units that are considered anti-dilutive for the three months ended March 31, 2015. |
Net_Income_per_Limited_Partner3
Net Income per Limited Partner Unit and Cash Distributions (Incentive Distribution Rights) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Feb. 20, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Apr. 24, 2015 | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||||
Period after the end of each quarter in which the partnership intends to distribute the minimum quarterly distribution | 60 days | ||||
Minimum Quarterly Distribution, Total Quarterly Distribution Per Unit | $0.19 | ||||
Unitholders | |||||
Minimal Quarterly Distribution, Marginal Percentage Interest in Distributions, Unitholders | 100.00% | ||||
First Target Distribution, Marginal Percentage Interest in Distributions, Unitholders | 100.00% | ||||
Second Target Distribution, Marginal Percentage Interest in Distributions, Unitholders | 85.00% | ||||
Third Target Distribution, Marginal Percentage Interest in Distributions, Unitholders | 75.00% | ||||
Thereafter, Marginal Percentage Interest in Distributions, Unitholders | 50.00% | ||||
Incentive Distribution Rights Holders | |||||
Minimal Quarterly Distribution, Marginal Percentage Interest in Distributions, Incentive Distribution Rights Holders | 0.00% | ||||
First Target Distribution, Marginal Percentage Interest in Distributions, Incentive Distribution Rights Holders | 0.00% | ||||
Second Target Distribution, Marginal Percentage Interest in Distributions, Incentive Distribution Rights Holders | 15.00% | ||||
Third Target Distribution, Marginal Percentage Interest in Distributions, Incentive Distribution Rights Holders | 25.00% | ||||
Thereafter, Marginal Percentage Interest in Distributions, Incentive Distribution Rights Holders | 50.00% | ||||
Prorated cash distributions paid per common unit | $0.02 | ||||
Annualized minimum distribution | $0.75 | ||||
Period used to adjust first distribution following IPO | 10 days | ||||
Cash distributions declared per limited partner unit | $0.19 | [1] | |||
Subsequent Event | |||||
Incentive Distribution Rights Holders | |||||
Cash distributions declared per limited partner unit | $0.19 | ||||
Minimum | |||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||||
First Target Distribution, Total Quarterly Distribution Per Unit | $0.19 | ||||
Second Target Distribution, Total Quarterly Distribution Per Unit | $0.22 | ||||
Third Target Distribution, Total Quarterly Distribution Per Unit | $0.23 | ||||
Thereafter, Total Quarterly Distribution Per Unit | $0.28 | ||||
Maximum | |||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||||
First Target Distribution, Total Quarterly Distribution Per Unit | $0.22 | ||||
Second Target Distribution, Total Quarterly Distribution Per Unit | $0.23 | ||||
Third Target Distribution, Total Quarterly Distribution Per Unit | $0.28 | ||||
[1] | See Note 11 for further discussion of cash distributions declared for the period presented. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss from discontinued operations, net of tax | $0 | ($718,000) |
Fresh Water Distribution Assets and Related Operations | Predecessor | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Operating expenses | -1,174,000 | |
Loss from discontinued operations before income taxes | -1,174,000 | |
Income tax benefit | 456,000 | |
Loss from discontinued operations, net of tax | -718,000 | |
Fresh Water Distribution Assets and Related Operations | Rice energy | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Allocated interest expense from Rice Energy | $400,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 22, 2014 | ||
Related Party Transaction [Line Items] | |||||
Incentive unit expense | $0 | [1] | $5,625 | [1] | |
Fixed-Fee Gas Gathering and Compression Agreement | Gas Gathering and Compression Agreement | Subsidiary of Common Parent | |||||
Related Party Transaction [Line Items] | |||||
Duration of fixed fee gas gathering and compression agreement | 15 years | ||||
Gas Gathering and Compression Agreement, Gathering Fee | Gas Gathering and Compression Agreement | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Gathering fee (per Dth) | 0.3 | ||||
Gas Gathering and Compression Agreement, Compression Fee | Gas Gathering and Compression Agreement | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Gathering fee (per Dth) | 0.07 | ||||
Gross Acres subject to Pre-existing Third Party Dedication | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Gross acres covered | 22,000 | ||||
Incentive Units Granted Pursuant to Limited Liability Company Agreement of REA | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive unit expense | $5,625 | ||||
[1] | Incentive unit expense for the three months ended March 31, 2014 was allocated from Rice Energy. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | ||
Subsequent Event [Line Items] | |||
Cash distributions declared per limited partner unit | $0.19 | [1] | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash distributions declared per limited partner unit | $0.19 | ||
[1] | See Note 11 for further discussion of cash distributions declared for the period presented. |