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    EnLink Midstream Reports First Quarter 2024 Results

    4/30/24 5:03:00 PM ET
    $ENLC
    Natural Gas Distribution
    Utilities
    Get the next $ENLC alert in real time by email

    DALLAS, April 30, 2024 /PRNewswire/ -- EnLink Midstream, LLC (NYSE:ENLC) (EnLink) today reported financial results for the first quarter of 2024.

    EnLink Midstream Logo (PRNewsFoto/EnLink Midstream)

    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, [email protected]

    Media Relations:
    Megan Wright, Director of Corporate Communications, 214-721-9694, [email protected]

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/enlink-midstream-reports-first-quarter-2024-results-302132240.html

    SOURCE EnLink Midstream, LLC

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    • ONEOK Announces Higher Third Quarter 2024 Earnings; Increases 2024 Financial Guidance

      Increases Financial Guidance for the Second Time in 2024 TULSA, Okla., Oct. 29, 2024 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) today announced higher third quarter 2024 results and provided 2024 financial guidance on a consolidated basis that includes contributions from EnLink Midstream (EnLink) and the pending Medallion Midstream (Medallion) acquisition. ONEOK also increased its 2024 financial guidance on a stand-alone basis to be comparable with the previous guidance provided on April 30, 2024. Third Quarter 2024 Results, Compared With Third Quarter 2023: Net income of $693 million, resulting in $1.18 per diluted share.Adjusted EBITDA of $1.55 billion.7% increase in Rocky Mountain region NGL

      10/29/24 4:15:00 PM ET
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    • EnLink Midstream Schedules Third Quarter 2024 Earnings Release Date

      DALLAS, Oct. 22, 2024 /PRNewswire/ -- EnLink Midstream, LLC (NYSE:ENLC) (EnLink) today announced that it will issue its third quarter earnings press release and post an investor presentation on its website at Investors.EnLink.com after market close on Wednesday, November 6, 2024.   The company will not hold a conference call. All dates and times are subject to change. About EnLink MidstreamHeadquartered in Dallas, EnLink Midstream (NYSE:ENLC) provides integrated midstream infrastructure services for natural gas, crude oil, condensate, and NGLs, as well as CO2 transportation fo

      10/22/24 5:03:00 PM ET
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    • EVP and General Counsel Forman Adam S returned 126,905 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - EnLink Midstream, LLC (0001592000) (Issuer)

      1/31/25 8:03:26 PM ET
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    • EVP and CFO Lamb Benjamin D returned 557,962 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - EnLink Midstream, LLC (0001592000) (Issuer)

      1/31/25 8:02:08 PM ET
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    • EVP and COO Pinto Walter returned 345,560 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - EnLink Midstream, LLC (0001592000) (Issuer)

      1/31/25 8:01:45 PM ET
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    • Amendment: SEC Form SCHEDULE 13G/A filed by EnLink Midstream LLC

      SCHEDULE 13G/A - EnLink Midstream, LLC (0001592000) (Subject)

      2/13/25 10:59:31 AM ET
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    • SEC Form 15-15D filed by EnLink Midstream LLC

      15-15D - EnLink Midstream, LLC (0001592000) (Filer)

      2/10/25 5:04:32 PM ET
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    • SEC Form 15-15D filed by EnLink Midstream LLC

      15-15D - EnLink Midstream, LLC (0001592000) (Filer)

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    • EnLink Midstream downgraded by Raymond James

      Raymond James downgraded EnLink Midstream from Outperform to Mkt Perform

      11/8/24 7:48:23 AM ET
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    • Mizuho resumed coverage on EnLink Midstream with a new price target

      Mizuho resumed coverage of EnLink Midstream with a rating of Neutral and set a new price target of $15.00

      10/31/24 8:59:59 AM ET
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    • EnLink Midstream downgraded by UBS with a new price target

      UBS downgraded EnLink Midstream from Buy to Neutral and set a new price target of $16.00

      9/30/24 8:57:34 AM ET
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    • Amendment: SEC Form SC 13D/A filed by EnLink Midstream LLC

      SC 13D/A - EnLink Midstream, LLC (0001592000) (Subject)

      11/26/24 4:32:48 PM ET
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    • Amendment: SEC Form SC 13D/A filed by EnLink Midstream LLC

      SC 13D/A - EnLink Midstream, LLC (0001592000) (Subject)

      10/17/24 4:15:25 PM ET
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    • SEC Form SC 13D filed by EnLink Midstream LLC

      SC 13D - EnLink Midstream, LLC (0001592000) (Subject)

      10/15/24 6:15:45 PM ET
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    • BKV Appoints Dilanka Seimon as Company's First Chief Commercial Officer

      BKV Corporation ("BKV" or the "Company") (NYSE:BKV) today announced it has appointed Dilanka Seimon as Chief Commercial Officer, effective immediately. In this newly created role, Seimon will be responsible for strengthening the Company's commercial midstream, gas marketing and new products teams, leveraging its carbon capture, utilization and sequestration ("CCUS") portfolio and strong tailwinds in power demand. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250403757013/en/BKV Appoints Dilanka Seimon as Company's First Chief Commercial Officer A seasoned global energy executive with over 20 years of expertise across the energy

      4/3/25 7:00:00 AM ET
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    • EnLink Unitholders Approve ONEOK Acquisition of Remaining Public Units

      Transaction Expected to Close on Jan. 31, 2025 TULSA, Okla., Jan. 30, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) ("ONEOK") and EnLink Midstream, LLC (NYSE:ENLC) ("EnLink") today announced that EnLink unitholders approved ONEOK's previously announced acquisition of the remaining publicly held common units of EnLink. According to preliminary results of the EnLink Special Meeting of Unitholders, approximately 99.8% of the common units voted, or 379.1 million units, were cast in favor of the transaction, resulting in 82.9% of outstanding units voting in favor. EnLink will disclose the final vote results of its Special Meeting on a Form 8-K filed with the U.S. Securities and Exchange Commission

      1/30/25 3:12:00 PM ET
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    • Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend EnLink Unitholders Vote "FOR" Pending ONEOK Acquisition

      TULSA, Okla., Jan. 22, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) ("ONEOK") and EnLink Midstream, LLC (NYSE:ENLC) ("EnLink") today announced that the two leading independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (Glass Lewis), have recommended that EnLink unitholders vote in favor of ONEOK's pending acquisition of the remaining publicly held common units of EnLink at the upcoming Special Meeting of EnLink Unitholders (the "Special Meeting"). The Special Meeting is scheduled to take place at 10 a.m. Central Time (11 a.m. Eastern Time) on Jan. 30, 2025, and will be held virtually. The EnLink Board of Directors and the Conflicts Committee of

      1/22/25 4:05:00 PM ET
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    • BKV Appoints Dilanka Seimon as Company's First Chief Commercial Officer

      BKV Corporation ("BKV" or the "Company") (NYSE:BKV) today announced it has appointed Dilanka Seimon as Chief Commercial Officer, effective immediately. In this newly created role, Seimon will be responsible for strengthening the Company's commercial midstream, gas marketing and new products teams, leveraging its carbon capture, utilization and sequestration ("CCUS") portfolio and strong tailwinds in power demand. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250403757013/en/BKV Appoints Dilanka Seimon as Company's First Chief Commercial Officer A seasoned global energy executive with over 20 years of expertise across the energy

      4/3/25 7:00:00 AM ET
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    • Amplify Energy Appoints Two New Independent Directors

      HOUSTON, April 07, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify" or the "Company") (NYSE:AMPY) announced the appointment today of Deborah ("Debbie") G. Adams and Eric T. Greager to the Amplify Board of Directors ("Board"). Ms. Adams and Mr. Greager join the Board following a comprehensive process, conducted with the assistance of a nationally recognized board recruitment firm, to complement the Board's existing credentials and qualifications. Ms. Adams was most recently the Senior Vice President of Health, Safety, and Environmental ("HSE"), Projects and Procurement at Phillips 66, where she oversaw all regulatory affairs and processes. Mr. Greager is the former President, Chie

      4/7/22 4:30:00 PM ET
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    • EnLink Midstream Appoints New Director to Board

      DALLAS, Dec. 20, 2021 /PRNewswire/ -- EnLink Midstream, LLC (NYSE:ENLC) (EnLink) announced today the appointment of Tiffany (TJ) Thom Cepak to its Board of Directors (Board). ENLC) (EnLink) announced today the appointment of Tiffany (TJ) Thom Cepak to its Board of Directors." alt="EnLink Midstream, LLC (NYSE:ENLC) (EnLink) announced today the appointment of Tiffany (TJ) Thom Cepak to its Board of Directors."> "We are pleased to welcome TJ to the EnLink Board," said Barry E. Davis, EnLink Chairman and Chief Executive Officer. "Her extensive experience in the oil and gas industr

      12/20/21 7:05:00 AM ET
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