Enlink Midstream, Llc (ENLC) 10-Q Quarterly Report Wed May 02 2018

DALLAS, May 1, 2018 — The EnLink Midstream companies (EnLink), EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC), reported financial results for the first quarter of 2018, reaffirmed full-year 2018 guidance, and announced an expansion of its crude oil gathering system in Central Oklahoma.

Highlights

· ENLK reported net income attributable to ENLK after non-controlling interest of approximately $60 million for the first quarter of 2018, compared to approximately $18 million for the first quarter of 2017. This represents approximately 230 percent growth quarter over quarter.

· ENLK achieved approximately $244 million of adjusted EBITDA net to ENLK for the first quarter of 2018, compared to approximately $208 million for the first quarter of 2017. This represents approximately 17 percent growth quarter over quarter. Adjusted EBITDA is a non-GAAP measure and is explained in greater detail under “Non-GAAP Financial Information.”

· ENLC reported net income attributable to ENLC after non-controlling interest of approximately $12 million for the first quarter of 2018, compared to a net loss of approximately $2 million for the first quarter of 2017. This represents approximately $14 million growth quarter over quarter.

· ENLC achieved approximately $57 million of cash available for distribution for the first quarter of 2018, compared to approximately $51 million for the first quarter of 2017. This represents approximately 12 percent growth quarter over quarter. Cash available for distribution is a non-GAAP measure and is explained in greater detail under “Non-GAAP Financial Information.”

· EnLink reaffirmed full-year 2018 guidance for both ENLK and ENLC.

The following information was filed by Enlink Midstream, Llc (ENLC) on Tuesday, May 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enlink Midstream, Llc's 10-Q Quarterly Report:

Financial - Earnings Highlight
Gross operating margin in the Louisiana segment increased $15.3 million, which was primarily due to a $20.5 million increase from our NGL transmission and fractionation assets as a result of higher volumes received from our Permian Basin and Oklahoma assets and fees earned from the Ascension JV, which commenced operations in April 2017.

Financial - Earnings Highlight
Gross operating margin in the Crude and Condensate segment decreased $4.3 million, which was primarily due to a $3.2 million decrease as a result of condensate stabilization volume declines and transportation rate decreases on our ORV assets.
Financial - Earnings Highlight
Gross operating margin in the Oklahoma segment increased $48.6 million, which was primarily due to higher volumes as a result of continued producer development in the region.
Financial - Debt Highlight
We expect to fund growth capital expenditures from the proceeds of borrowings under the ENLK Credit Facility and proceeds from other debt and equity sources, including capital contributions by joint venture partners that relate to the non-controlling interest share of our consolidated entities.
M & A - Other Highlight
Growth capital expenditures generally include capital expenditures made for acquisitions or capital improvements that we expect will increase our asset base, operating income, or operating capacity over the long-term.
Other - Other
Narrower basis spreads in recent...Read more
Financial - Earnings
Under margin contract arrangements, our...Read more
Other - Other
Such statements reflect our current...Read more
Financial - Earnings
This increase was primarily due...Read more
Financial - Earnings
Gross operating margin was $380.2...Read more
Financial - Expense
Operating expenses in the Oklahoma...Read more
Financial - Earnings
Gross operating margin results under...Read more
Financial - Earnings
Gross operating margin results under...Read more
Other - Other
As of March 31, 2018,...Read more
Other - Other
As of March 31, 2018,...Read more
Financial - Earnings
We realize higher gross operating...Read more
Financial - Expense
Interest expense was $44.5 million...Read more
Financial - Income
The increase in income tax...Read more
Other - Other
Beginning with the quarter ended...Read more
Financial - Expense
General and administrative expenses were...Read more
Financial - Expense
Depreciation and amortization expenses were...Read more
Revenue - Product
The increase was primarily due...Read more
M & A - Other
Examples of growth capital expenditures...Read more
Financial - Shares
Includes projected growth capital contributions...Read more
Financial - Expense
Operating expenses in the Crude...Read more
Financial - Income
Income tax expense was $7.0...Read more
Revenue - Product
We record revenue under MVC...Read more
Revenue - Product
However, over time, the supplies...Read more
Financial - Shares
Includes growth capital expenditures that...Read more
Financial - Expense
Operating expenses were $109.2 million...Read more
Other - Other
Distributions on the Series C...Read more
Legal - Other
There was no gain on...Read more
Other - Other
For the three months ended...Read more
Other - Other
For the three months ended...Read more
Financial - Income
Income from unconsolidated affiliate investments...Read more
Other - Other
The corresponding realized gain on...Read more
Financial - Earnings
Approximately 95% of our gross...Read more
Other - Other
Payment of installment payable for...Read more
Other - Other
Gain on Litigation Settlement....Read more
Financial - Earnings
Gross operating margin is a...Read more
Financial - Cash Flow
Our contractual cash obligations for...Read more
Financial - Earnings
Our gross operating margin may...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Enlink Midstream, Llc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ENLC
CIK: 1592000
Form Type: 10-Q Quarterly Report
Accession Number: 0001592000-18-000006
Submitted to the SEC: Wed May 02 2018 8:57:46 AM EST
Accepted by the SEC: Wed May 02 2018
Period: Saturday, March 31, 2018
Industry: Natural Gas Transmission

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Enlink Midstream, Llc (ENLC) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

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