5. NET LOSS PER UNIT

The Partnership's consolidated statements of operations were recast to reflect the Azure System for periods prior to March 1, 2015 from November 15, 2013 in accordance with applicable accounting and financial reporting guidance. The Azure System had no units outstanding prior to the Transaction Date. Therefore, net loss per unit is presented for the period March 1, 2015 to December 31, 2015, which is the period the Partnership's results of operations are included within these consolidated financial statements and the period in which the Partnership's units were reflected as outstanding within these consolidated financial statements.

The Partnership’s net loss for the period March 1, 2015 to December 31, 2015 is allocated to the General Partner and our limited partners in accordance with their respective ownership percentages and, when applicable, giving effect to the IDR Units. The ETG System's net losses of $3.9 million have been allocated to the General Partner for the period March 1, 2015 to June 31, 2015 as this period preceded the contribution date of August 6, 2015. Basic and diluted net loss per unit is calculated by dividing the partner’s interest in net loss by the weighted average number of units outstanding during the period. There were no units or awards issued or outstanding during the period March 1, 2015 to December 31, 2015 that would be considered dilutive to the net loss per unit calculation, and, therefore, basic and diluted net loss per unit are the same for the period presented.

The following table illustrates the Partnership’s calculation of net loss per unit for common and subordinated partner units for the periods presented:


	March 1, 2015 to
In thousands, except per unit data	December 31, 2015
Net loss	$	(222,425)
Less: Net loss attributable to Azure System for the period January 1, 2015 to February 28, 2015		(3,543)
Less: Net loss attributable to the General Partner for the ETG System for the period March 1, 2015 to June 30, 2015		(3,939)
Net loss attributable to the Partnership		(214,943)
Less: Net loss attributable to the General Partner		(4,148)
Less: Net loss attributable to unvested phantom units		(3,572)
Net loss attributable to limited partners	$	(207,223)

Net loss per limited partner common and subordinated unit - basic and diluted	$	(10.21)

Weighted average limited partner units outstanding - basic and diluted:
Common units		11,577,680
Subordinated units		8,724,545
Total		20,302,225