DALLAS, April 30,
2024 /PRNewswire/ -- EnLink Midstream, LLC (NYSE:
ENLC) (EnLink) today reported financial results for the first
quarter of 2024.
Highlights
- Reported net income of $50.0
million and net cash provided by operating activities of
$293.3 million for the first quarter
of 2024.
- Generated adjusted EBITDA, net to EnLink, of $337.7 million for the first quarter of 2024,
which represents growth of 4.3% compared to the first quarter of
2023.
- Delivered $74.0 million of free
cash flow after distributions (FCFAD) for the first quarter of
2024.
- Executed the first project in Phase 2 of Louisiana gas expansion to meet customer needs
in eastern Louisiana. Through
additional compression, the "Henry Hub to the River" project
represents a quick-to-market solution with a targeted in-service
date in the fourth quarter of 2025.
- Repurchased approximately $50.0
million1 of common units in the first quarter of
2024. EnLink is on pace to complete the 2024 unit repurchase
authorization of $200 million.
"EnLink delivered a solid quarter due to the resilience of our
assets and diversified nature of our business," EnLink Chief
Executive Officer Jesse Arenivas
said. "We continue to find additional opportunities for our
Louisiana segment, which is
outperforming. Last quarter, we announced a three-phase
Louisiana growth strategy that
positions EnLink to benefit from the shifting dynamics of today's
natural gas demand market. We've made great progress on Phase 1,
renewing the vast majority of our existing contracts at higher
rates and longer tenor. I'm pleased to announce that we've also
executed on Phase 2 of this strategy with our new 'Henry Hub to the
River' project, which will add approximately 210 million cubic feet
per day (MMcf/d) of expanded capacity and is the exact type of
quick-to-market, debottlenecking project that we believe leverages
our existing footprint to drive high returns for EnLink."
Adjusted EBITDA and FCFAD used in this press release are
non-GAAP measures and are explained in greater detail under
"Non-GAAP Financial Information" below.
|
1
Includes $23.1 million of common units repurchased from GIP
pursuant to our Unit Repurchase Agreement, which settled on April
29, 2024.
|
First Quarter 2024 Financial Results and
Highlights
|
$MM, unless
noted
|
First Quarter
2024
|
Fourth Quarter
2023
|
First Quarter
2023
|
|
Net Income
(1)
|
50
|
100
|
94
|
|
Adjusted EBITDA, net to
EnLink
|
338
|
351
|
324
|
|
Net Cash Provided by
Operating Activities
|
293
|
361
|
272
|
|
Capex, Plant Relocation
Costs, net to EnLink & Investment Contributions
|
111
|
122
|
157
|
|
Free Cash Flow After
Distributions
|
74
|
79
|
6
|
|
Debt to Adjusted
EBITDA, net to EnLink (2)
|
3.3x
|
3.3x
|
3.4x
|
|
Common Units
Outstanding (3)
|
451,304,161
|
453,176,911
|
465,989,285
|
|
|
|
(1)
|
Net income is before
non-controlling interest.
|
|
(2)
|
Calculated according to
credit facility leverage covenant.
|
|
(3)
|
Outstanding common
units as of April 25, 2024, February 14, 2024, and
April 27, 2023, respectively.
|
First Quarter 2024 Segment Updates
Permian Basin:
- Segment profit for the first quarter of 2024 was $89.0 million, including operating expenses
related to plant relocation of $9.3
million and unrealized derivative losses of $2.4 million. Excluding plant relocation
operating expenses and unrealized derivative activity, segment
profit in the first quarter of 2024 decreased approximately 10%
sequentially but grew approximately 12% over the first quarter of
2023. Segment results during the first quarter of 2024 were
adversely impacted by lower volumes from winter weather and a
one-time utility expense that increased Permian operating expenses
by approximately $5 million.
- Average natural gas gathering volumes for the first quarter of
2024 were approximately 2% lower compared to the fourth quarter of
2023 but were approximately 13% higher compared to the first
quarter of 2023.
- Average natural gas processing volumes for the first quarter of
2024 were approximately 1% lower compared to the fourth quarter of
2023 but were approximately 12% higher compared to the first
quarter of 2023. EnLink continues to benefit from strong producer
drilling and completion activity.
- Average crude gathering volumes for the first quarter of 2024
were approximately 12% lower compared to the fourth quarter of 2023
but were approximately 15% higher compared to the first quarter of
2023.
- EnLink's third plant relocation, Tiger II, is in the process of
coming online in May.
Louisiana:
- Segment profit for the first quarter of 2024 was $110.4 million, including unrealized derivative
losses of $19.5 million. Excluding
unrealized derivative activity, segment profit in the first quarter
of 2024 grew approximately 26% sequentially, driven by normal
seasonal effects in the natural gas liquids (NGL) segment and
benefits from market volatility in the natural gas segment, and
grew 23% over the first quarter of 2023.
- Average natural gas transportation volumes for the first
quarter of 2024 were approximately 11% higher compared to the
fourth quarter of 2023 and approximately 2% higher compared to the
first quarter of 2023.
- NGL fractionation volumes for the first quarter of 2024 were
approximately 4% lower compared to the fourth quarter of 2023 but
were flat compared to the first quarter of 2023.
- EnLink executed on Phase 2 of the Louisiana gas market expansion with the Henry
Hub to the River project. Through this capital-efficient,
debottlenecking project, EnLink will increase natural gas supply to
the Mississippi River corridor by approximately 210 MMcf/d by
adding compression. The total project is expected to cost
approximately $70 million,
representing a mid-single-digit EBITDA investment multiple, with an
in-service date in the fourth quarter of 2025.
Oklahoma:
- Segment profit for the first quarter of 2024 was $85.7 million, including unrealized derivative
losses of $4.1 million. Excluding
unrealized derivative activity, segment profit in the first quarter
of 2024 decreased 19% sequentially and decreased approximately 7%
over the first quarter of 2023. Segment results during the first
quarter of 2024 were adversely impacted by lower volumes from
winter weather and the previously discussed one-time contract
reset.
- Average natural gas gathering volumes for the first quarter of
2024 were approximately 7% lower compared to the fourth quarter of
2023 and approximately 3% lower compared to the first quarter of
2023.
- Average natural gas processing volumes for the first quarter of
2024 were approximately 8% lower compared to the fourth quarter of
2023 and approximately 6% lower compared to the first quarter of
2023.
- Average crude gathering volumes during the first quarter of
2024 were approximately 19% lower compared to the fourth quarter of
2023 and approximately 25% lower compared to the first quarter of
2023.
North Texas:
- Segment profit for the first quarter of 2024 was $59.8 million, including unrealized derivative
losses of $0.1 million. Excluding
unrealized derivative activity, segment profit in the first quarter
of 2024 decreased approximately 12% sequentially and decreased
approximately 18% over the first quarter of 2023. Segment results
during the first quarter of 2024 were adversely impacted by lower
volumes from winter weather and the previously discussed one-time
contract reset.
- Average natural gas gathering and transportation volumes for
the first quarter of 2024 were approximately 6% lower compared to
the fourth quarter of 2023 and approximately 10% lower compared to
the first quarter of 2023.
- Average natural gas processing volumes for the first quarter of
2024 were approximately 8% lower compared to the fourth quarter of
2023 and approximately 10% lower compared to the first quarter of
2023.
First Quarter 2024 Webcast Details
EnLink will
host a webcast and conference call to discuss first quarter 2024
results on May 1, 2024, at 8 a.m. Central time. The
conference call will be broadcast via an internet webcast, which
can be accessed on the Investors page of EnLink's website at
investors.enlink.com. Interested parties can access an archived
replay of the webcast on EnLink's website for at least 90 days
following the event.
About the EnLink Midstream Companies
Headquartered in
Dallas, EnLink Midstream (NYSE:
ENLC) provides integrated midstream infrastructure services for
natural gas, crude oil, and NGLs, as well as CO2
transportation for carbon capture and sequestration (CCS). Our
large-scale, cash-flow-generating asset platforms are in premier
production basins and core demand centers, including the Permian
Basin, Louisiana, Oklahoma, and North
Texas. EnLink is focused on maintaining the financial
flexibility and operational excellence that enables us to
strategically grow and create sustainable value. Visit
www.EnLink.com to learn how EnLink connects energy to life.
Non-GAAP Financial Information
This press release
contains non-generally accepted accounting principles financial
measures that we refer to as adjusted EBITDA and free cash flow
after distributions (FCFAD).
We define adjusted EBITDA as net income (loss) plus (less)
interest expense, net of interest income; depreciation and
amortization; impairments; (income) loss from unconsolidated
affiliate investments; distributions from unconsolidated affiliate
investments; (gain) loss on disposition of assets; (gain) loss on
extinguishment of debt; (gain) loss on litigation settlement;
unit-based compensation; income tax expense (benefit); unrealized
(gain) loss on commodity derivatives; costs associated with the
relocation of processing facilities; accretion expense associated
with asset retirement obligations; transaction costs; non-cash
expense related to changes in the fair value of contingent
consideration; (non-cash rent); and (non-controlling interest share
of adjusted EBITDA from joint ventures).
We define free cash flow after distributions as adjusted EBITDA,
net to ENLC, plus (less) (growth and maintenance capital
expenditures, excluding capital expenditures that were contributed
by other entities and relate to the non-controlling interest share
of our consolidated entities); (interest expense, net of interest
income); (distributions declared on common units); (cash
distributions earned by the Series B Preferred Units and the Series
C Preferred Units); (payment to redeem mandatorily redeemable
non-controlling interest); (earnout payments related to the
Amarillo Rattler Acquisition and the Central Oklahoma Acquisition);
(costs associated with the relocation of processing facilities,
excluding costs that were contributed by other entities and relate
to the non-controlling interest share of our consolidated
entities); non-cash interest (income)/expense; (contributions to
investment in unconsolidated affiliates); (payments to terminate
interest rate swaps); (current income taxes); (non-cash gain
associated with a lease modification); and proceeds from the sale
of equipment and land.
EnLink believes these measures are useful to investors because
they may provide users of this financial information with
meaningful comparisons between current results and
previously-reported results and a meaningful measure of the
company's cash flow after it has satisfied the capital and related
requirements of its operations. In addition, adjusted EBITDA is
used as a metric in our short-term incentive program for
compensating employees and in our performance awards for
executives.
Adjusted EBITDA and free cash flow after distributions, as
defined above, are not measures of financial performance or
liquidity under GAAP. They should not be considered in isolation or
as an indicator of EnLink's performance. Furthermore, they should
not be seen as a substitute for metrics prepared in accordance with
GAAP. Reconciliations of these measures to their most directly
comparable GAAP measures are included in the following tables. See
EnLink's filings with the Securities and Exchange Commission for
more information.
Other definitions and explanations of terms used in this
press release:
Segment profit (loss) is defined as revenues,
less cost of sales (exclusive of operating expenses and
depreciation and amortization), less operating expenses. Segment
profit (loss) includes non-cash compensation expenses reflected in
operating expenses. See "Item 8. Financial Statements and
Supplementary Data - Note 16 - Segment Information" in ENLC's
Annual Report on Form 10-K for the year ended December 31,
2023, and, when available, "Item 1. Financial Statements - Note
13—Segment Information" in ENLC's Quarterly Report on Form 10-Q for
the three months ended March 31, 2024, for further information
about segment profit (loss).
The Ascension JV is a joint venture between a subsidiary of
EnLink and a subsidiary of Marathon Petroleum Corporation in which
EnLink owns a 50% interest and Marathon Petroleum Corporation owns
a 50% interest. The Ascension JV, which began operations in
April 2017, owns an NGL pipeline that
connects EnLink's Riverside
fractionator to Marathon Petroleum Corporation's Garyville refinery.
The Delaware Basin JV is a
joint venture between EnLink and an affiliate of NGP Natural
Resources XI, L.P. ("NGP") in which EnLink owns a 50.1% interest
and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in
August 2016, owns the Lobo processing
facilities and the Tiger processing plant located in the
Delaware Basin in Texas.
Forward-Looking Statements
This press
release contains forward-looking statements within the meaning of
the federal securities laws. Although these statements reflect the
current views, assumptions and expectations of our management, the
matters addressed herein involve certain assumptions, risks and
uncertainties that could cause actual activities, performance,
outcomes and results to differ materially from those indicated
herein. Therefore, you should not rely on any of these
forward-looking statements. All statements, other than statements
of historical fact, included in this press release constitute
forward-looking statements, including but not limited to statements
identified by the words "forecast," "may," "believe," "will,"
"shall," "should," "plan," "predict," "anticipate," "intend,"
"estimate," "expect," "continue," and similar expressions. Such
forward-looking statements include, but are not limited to,
statements about guidance, projected or forecasted financial and
operating results, future results and growth of our CCS
business, future transactions with CCS counterparties, expected
financial and operational results associated with certain projects,
acquisitions, or growth capital expenditures, timing for completion
of construction or expansion projects, results in certain basins,
cost savings or operational, environmental, and climate change
initiatives, profitability, financial or leverage metrics,
repurchases of common or preferred units, our future capital
structure and credit ratings, objectives, strategies, expectations,
and intentions, and other statements that are not historical facts.
Factors that could result in such differences or otherwise
materially affect our financial condition, results of operations,
or cash flows include, without limitation (a) potential
conflicts of interest of Global Infrastructure Partners ("GIP")
with us and the potential for GIP to compete with us or favor GIP's
own interests to the detriment of our other unitholders, (b)
adverse developments in the midstream business that may reduce our
ability to make distributions, (c) competition for crude oil,
condensate, natural gas, and NGL supplies and any decrease in the
availability of such commodities, (d) decreases in the volumes that
we gather, process, fractionate, or transport, (e) our ability or
our customers' ability to receive or renew required government or
third party permits and other approvals, (f) increased federal,
state, and local legislation, and regulatory initiatives, as well
as government reviews relating to hydraulic fracturing resulting in
increased costs and reductions or delays in natural gas production
by our customers, (g) climate change legislation and regulatory
initiatives resulting in increased operating costs and reduced
demand for the natural gas and NGL services we provide, (h) changes
in the availability and cost of capital, (i) volatile prices and
market demand for crude oil, condensate, natural gas, and NGLs that
are beyond our control, (j) debt levels that could limit our
flexibility and adversely affect our financial health or limit our
flexibility to obtain financing and to pursue other business
opportunities, (k) operating hazards, natural disasters,
weather-related issues or delays, casualty losses, and other
matters beyond our control, (l) reductions in demand for NGL
products by the petrochemical, refining, or other industries or by
the fuel markets, (m) our dependence on significant customers for a
substantial portion of the natural gas and crude that we gather,
process, and transport, (n) construction risks in our major
development projects, (o) challenges we may face in connection with
our strategy to build a CCS transportation business and to enter
into other new lines of business related to the energy transition,
(p)our ability to effectively integrate and manage assets we
acquire through acquisitions, (q) the impact of the coronavirus
(COVID-19) pandemic (including the impact of any new variants of
the virus) and similar pandemics, (r) impairments to goodwill,
long-lived assets and equity method investments, and (s) the
effects of existing and future laws and governmental regulations,
and other uncertainties. These and other applicable uncertainties,
factors, and risks are described more fully in EnLink Midstream,
LLC's filings with the Securities and Exchange Commission,
including EnLink Midstream, LLC's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
EnLink assumes no obligation to update any forward-looking
statements.
The EnLink management team based the forecasted financial
information included herein on certain information and assumptions,
including, among others, the producer budgets / forecasts to which
EnLink has access as of the date of this press release and the
projects / opportunities expected to require capital expenditures
as of the date of this press release. The assumptions, information,
and estimates underlying the forecasted financial information
included in the guidance information in this press release are
inherently uncertain and, though considered reasonable by the
EnLink management team as of the date of its preparation, are
subject to a wide variety of significant business, economic, and
competitive risks and uncertainties that could cause actual results
to differ materially from those contained in the forecasted
financial information. Accordingly, there can be no assurance that
the forecasted results are indicative of EnLink's future
performance or that actual results will not differ materially from
those presented in the forecasted financial information. Inclusion
of the forecasted financial information in this press release
should not be regarded as a representation by any person that the
results contained in the forecasted financial information will be
achieved.
|
EnLink Midstream,
LLC
|
|
Selected Financial
Data
|
|
(All amounts in
millions except per unit amounts)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
Total revenues
(1)
|
$ 1,647.9
|
|
$ 1,767.5
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
Cost of sales,
exclusive of operating expenses and depreciation and amortization
(2)
|
1,150.4
|
|
1,271.9
|
|
Operating
expenses
|
152.6
|
|
132.4
|
|
Depreciation and
amortization
|
165.3
|
|
160.4
|
|
Impairments
|
14.2
|
|
—
|
|
Gain on disposition of
assets
|
(1.7)
|
|
(0.4)
|
|
General and
administrative
|
55.2
|
|
29.5
|
|
Total operating costs
and expenses
|
1,536.0
|
|
1,593.8
|
|
Operating
income
|
111.9
|
|
173.7
|
|
Other income
(expense):
|
|
|
|
|
Interest expense, net
of interest income
|
(65.4)
|
|
(68.5)
|
|
Loss from
unconsolidated affiliate investments
|
(0.8)
|
|
(0.1)
|
|
Other income
|
0.5
|
|
—
|
|
Total other
expense
|
(65.7)
|
|
(68.6)
|
|
Income before
non-controlling interest and income taxes
|
46.2
|
|
105.1
|
|
Income tax benefit
(expense)
|
3.8
|
|
(10.9)
|
|
Net income
|
50.0
|
|
94.2
|
|
Net income attributable
to non-controlling interest
|
35.5
|
|
36.0
|
|
Net income attributable
to ENLC
|
$
14.5
|
|
$
58.2
|
|
Net income attributable
to ENLC per unit:
|
|
|
|
|
Basic common
unit
|
$
0.03
|
|
$
0.12
|
|
Diluted common
unit
|
$
0.03
|
|
$
0.12
|
|
|
|
|
|
Weighted average common
units outstanding (basic)
|
451.3
|
|
468.9
|
|
Weighted average common
units outstanding (diluted)
|
454.2
|
|
473.3
|
________________________________
|
(1)
|
Includes related party
revenue of $0.5 million and $0.7 million for the three months ended
March 31, 2024 and 2023, respectively.
|
|
(2)
|
Includes related party
cost of sales of $1.4 million and $1.5 million for the three months
ended March 31, 2024 and 2023, respectively.
|
|
EnLink Midstream,
LLC
|
|
Reconciliation of
Net Income to Adjusted EBITDA
|
|
(All amounts in
millions)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
Net income
|
$
50.0
|
|
$
94.2
|
|
Interest expense, net
of interest income
|
65.4
|
|
68.5
|
|
Depreciation and
amortization
|
165.3
|
|
160.4
|
|
Impairments
|
14.2
|
|
—
|
|
Loss from
unconsolidated affiliate investments
|
0.8
|
|
0.1
|
|
Distributions from
unconsolidated affiliate investments
|
—
|
|
0.1
|
|
Gain on disposition of
assets
|
(1.7)
|
|
(0.4)
|
|
Loss on litigation
settlement (1)
|
23.0
|
|
—
|
|
Unit-based
compensation
|
5.6
|
|
4.0
|
|
Income tax expense
(benefit)
|
(3.8)
|
|
10.9
|
|
Unrealized loss on
commodity derivatives
|
26.1
|
|
1.4
|
|
Costs associated with
the relocation of processing facilities (2)
|
9.3
|
|
0.4
|
|
Other (3)
|
1.6
|
|
0.3
|
|
Adjusted EBITDA before
non-controlling interest
|
355.8
|
|
339.9
|
|
Non-controlling
interest share of adjusted EBITDA from joint ventures
(4)
|
(18.1)
|
|
(16.2)
|
|
Adjusted EBITDA, net to
ENLC
|
$
337.7
|
|
$
323.7
|
____________________________
|
(1)
|
Relates to the loss
incurred to settle litigation that arose from Winter Storm Uri and
is not part of our ongoing operations.
|
|
(2)
|
Represents cost
incurred to execute discrete, project-based strategic initiatives
aimed at realigning available processing capacity from our Oklahoma
and North Texas segments to the Permian segment. These costs are
not part of our ongoing operations.
|
|
(3)
|
Includes transaction
costs, non-cash expense related to changes in the fair value of
contingent consideration, accretion expense associated with asset
retirement obligations, and non-cash rent, which relates to lease
incentives pro-rated over the lease term.
|
|
(4)
|
Non-controlling
interest share of adjusted EBITDA from joint ventures includes NGP
Natural Resources XI, L.P. ("NGP")'s 49.9% share of adjusted EBITDA
from the Delaware Basin JV and Marathon Petroleum Corporation's 50%
share of adjusted EBITDA from the Ascension JV.
|
|
EnLink Midstream,
LLC
|
|
Reconciliation of
Net Cash Provided by Operating Activities to Adjusted
EBITDA
|
|
and Free Cash Flow
After Distributions
|
|
(All amounts in
millions except ratios and per unit amounts)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
Net cash provided by
operating activities
|
$
293.3
|
|
$
272.1
|
|
Interest expense
(1)
|
63.9
|
|
67.0
|
|
Costs associated with
the relocation of processing facilities (2)
|
9.3
|
|
0.4
|
|
Loss on litigation
settlement (3)
|
23.0
|
|
—
|
|
Other (4)
|
3.8
|
|
(1.2)
|
|
Changes in operating
assets and liabilities which (provided) used cash:
|
|
|
|
|
Accounts receivable,
accrued revenues, inventories, and other
|
(138.0)
|
|
(169.4)
|
|
Accounts payable,
accrued product purchases, and other accrued liabilities
|
100.5
|
|
171.0
|
|
Adjusted EBITDA before
non-controlling interest
|
355.8
|
|
339.9
|
|
Non-controlling
interest share of adjusted EBITDA from joint ventures
(5)
|
(18.1)
|
|
(16.2)
|
|
Adjusted EBITDA, net
to ENLC
|
337.7
|
|
323.7
|
|
Growth capital
expenditures, net to ENLC (6)
|
(80.8)
|
|
(92.7)
|
|
Maintenance capital
expenditures, net to ENLC (6)
|
(14.3)
|
|
(14.2)
|
|
Interest expense, net
of interest income
|
(65.4)
|
|
(68.5)
|
|
Distributions declared
on common units
|
(59.7)
|
|
(58.7)
|
|
ENLK preferred unit
cash distributions earned (7)
|
(24.4)
|
|
(23.6)
|
|
Earnout payments
(8)
|
(2.5)
|
|
—
|
|
Payment to redeem
mandatorily redeemable non-controlling interest (9)
|
—
|
|
(10.5)
|
|
Costs associated with
the relocation of processing facilities, net to ENLC
(2)(6)
|
(6.3)
|
|
(0.4)
|
|
Contributions to
investment in unconsolidated affiliates
|
(9.4)
|
|
(49.7)
|
|
Other (10)
|
(0.9)
|
|
0.3
|
|
Free cash flow after
distributions
|
$ 74.0
|
|
$
5.7
|
|
|
|
|
|
Actual declared
distribution to common unitholders
|
$ 59.7
|
|
$ 58.7
|
|
Distribution
coverage
|
3.83
x
|
|
3.50
x
|
|
Distributions declared
per ENLC unit
|
$ 0.1325
|
|
$ 0.1250
|
____________________________
|
(1)
|
Net of amortization of
debt issuance costs, net discount of senior unsecured notes, and
designated cash flow hedge, which are included in interest expense
but not included in net cash provided by operating activities, and
non-cash interest income, which is netted against interest expense
but not included in adjusted EBITDA.
|
|
(2)
|
Represents cost
incurred to execute discrete, project-based strategic initiatives
aimed at realigning available processing capacity from our Oklahoma
and North Texas segments to the Permian segment. These costs are
not part of our ongoing operations.
|
|
(3)
|
Relates to the loss
incurred to settle litigation that arose from Winter Storm Uri and
is not part of our ongoing operations.
|
|
(4)
|
Includes utility
credits redeemed, distributions from unconsolidated affiliate
investments in excess of earnings, transaction costs, current
income tax expense, and non-cash rent, which relates to lease
incentives pro-rated over the lease term.
|
|
(5)
|
Non-controlling
interest share of adjusted EBITDA from joint ventures includes
NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV and
Marathon Petroleum Corporation's 50% share of adjusted EBITDA from
the Ascension JV.
|
|
(6)
|
Excludes capital
expenditures and costs associated with the relocation of processing
facilities that were contributed by other entities and relate to
the non-controlling interest share of our consolidated
entities.
|
|
(7)
|
Represents the cash
distributions earned by the Series B Preferred Units and Series C
Preferred Units, which are not available to common
unitholders.
|
|
(8)
|
Earnout payments were
made in connection to the consideration paid for the Amarillo
Rattler Acquisition and the Central Oklahoma Acquisition, both of
which included a contingent component payable beginning in
2024.
|
|
(9)
|
In January 2023, we
settled the redemption of the mandatorily redeemable
non-controlling interest in one of our non-wholly owned
subsidiaries.
|
|
(10)
|
Includes current income
tax expense, a reduction for non-cash gain associated with a lease
modification, and proceeds from the sale of surplus or unused
equipment and land, which occurred in the normal operation of our
business.
|
|
EnLink Midstream,
LLC
|
|
Operating
Data
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
Midstream
Volumes:
|
|
|
|
|
Permian
Segment
|
|
|
|
|
Gathering and
Transportation (MMBtu/d)
|
1,899,300
|
|
1,683,700
|
|
Processing
(MMBtu/d)
|
1,745,300
|
|
1,560,700
|
|
Crude Oil Handling
(Bbls/d)
|
164,700
|
|
142,600
|
|
Louisiana
Segment
|
|
|
|
|
Gathering and
Transportation (MMBtu/d)
|
2,753,900
|
|
2,693,500
|
|
Crude Oil Handling
(Bbls/d)
|
—
|
|
18,300
|
|
NGL Fractionation
(Bbls/d)
|
183,700
|
|
183,100
|
|
Brine Disposal
(Bbls/d)
|
—
|
|
3,000
|
|
Oklahoma
Segment
|
|
|
|
|
Gathering and
Transportation (MMBtu/d)
|
1,144,400
|
|
1,178,400
|
|
Processing
(MMBtu/d)
|
1,090,900
|
|
1,164,300
|
|
Crude Oil Handling
(Bbls/d)
|
20,400
|
|
27,200
|
|
North Texas
Segment
|
|
|
|
|
Gathering and
Transportation (MMBtu/d)
|
1,449,900
|
|
1,617,100
|
|
Processing
(MMBtu/d)
|
668,800
|
|
744,600
|
Investor Relations: Brian
Brungardt, Director of Investor Relations, 214-721-9353,
brian.brungardt@enlink.com
Media Relations: Megan Wright,
Director of Corporate Communications, 214-721-9694,
megan.wright@enlink.com
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SOURCE EnLink Midstream, LLC