Partnership Distributions

3 Months Ended

Mar. 31, 2021

Note 8. Partnership Distributions

Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date. The following table details the distributions paid in respect of the periods presented below:




Period	Record Date	Distribution Date	Distribution per Limited Partner Unit		Distribution to Common Unitholders(1) (in thousands)












Q4 2019	February 4, 2020	February 14, 2020	$	0.6878	$	62,012



Q4 2020	February 5, 2021	February 12, 2021	$	0.1875	$	16,907

(1)Distributions to common unitholders does not include distribution equivalent rights on units that vested under the Noble Midstream Partners LP 2016 Long-Term Incentive Plan (the “LTIP”).

Under the terms of the NBLX Merger Agreement, at the closing, all of the publicly held Common Units representing limited partner interests in the Partnership will convert into the right to receive newly issued shares of Chevron common stock. As a

result, Partnership unitholders are not expected to receive a quarterly distribution from the Partnership for the quarter ended March 31, 2021, and instead, unitholders are expected to receive a quarterly dividend, payable June 10, 2021, from Chevron for the quarter ended March 31, 2021, provided that such unitholders continue to hold the shares of Chevron common stock received in the NBLX Merger on May 19, 2021, the record date for the Chevron quarterly dividend.

Noble Midstream Partners LP 10-Q