Partnership Distributions

12 Months Ended

Dec. 31, 2019

Note 12. 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:



					Distributions
					Limited Partners
Period	Record Date	Distribution Date	Distribution per Limited Partner Unit		Common Unitholders⁽¹⁾		Subordinated Unitholders⁽²⁾		Holder of IDRs ⁽³⁾		Total
Q4 2016 ⁽⁴⁾	February 6, 2017	February 14, 2017	$	0.4333	$	6,891	$	6,891	$	—	$	13,782
Q1 2017	May 8, 2017	May 16, 2017	0.4108		6,533		6,533		—		13,066
Q2 2017	August 7, 2017	August 14, 2017	0.4457		8,909		7,088		92		16,089
Q3 2017	November 6, 2017	November 13, 2017	0.4665		9,330		7,418		223		16,971
Q4 2017	February 5, 2018	February 12, 2018	0.4883		11,566		7,765		520		19,851
Q1 2018	May 7, 2018	May 14, 2018	0.5110		12,103		8,126		819		21,048
Q2 2018	August 6, 2018	August 13, 2018	0.5348		12,668		8,504		1,134		22,306
Q3 2018	November 5, 2018	November 13, 2018	0.5597		13,258		8,901		1,462		23,621
Q4 2018	February 4, 2019	February 11, 2019	0.5858		13,876		9,316		2,421		25,613
Q1 2019	May 6, 2019	May 13, 2019	0.6132		14,534		9,751		3,507		27,792
Q2 2019	August 5, 2019	August 12, 2019	0.6418		25,418		—		4,640		30,058
Q3 2019	November 4, 2019	November 12, 2019	0.6716		26,598		—		5,820		32,418


⁽¹⁾	Distributions to common unitholders does not include distribution equivalent rights on units that vested under the LTIP.


⁽²⁾	See Conversion of Subordinated Units, below.


⁽³⁾	In November 2019, we acquired all of Noble’s IDRs. See Note 3. Transactions with Affiliates.


⁽⁴⁾	The distribution for the fourth quarter 2016 is comprised of $0.3925 per unit for the fourth quarter 2016 and $0.0408 per unit for the 10-day period beginning on the closing of the IPO on September 20, 2016 and ending on September 30, 2016.

Conversion of Subordinated Units On April 25, 2019, the board of directors of our General Partner declared a quarterly cash distribution of $0.6132 per unit for the quarter ended March 31, 2019. The distribution was paid on May 13, 2019 to unitholders of record as of the close of business on May 6, 2019. Upon payment of the distribution, the requirements for the conversion of all Subordinated Units were satisfied under our partnership agreement. As a result, on May 14, 2019, all 15,902,584 Subordinated Units, which were owned entirely by Noble, converted into Common Units on a one-for-one basis and thereafter will participate on terms equal with all other Common Units in distributions from available cash.

Cash Distributions On January 23, 2020, the Board of our General Partner declared a quarterly cash distribution of $0.6878 per limited partner unit. The distribution will be paid on February 14, 2020, to unitholders of record on February 4, 2020.