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FOR IMMEDIATE RELEASE
July 31, 2018
Investor Relations: Kate Walsh, Vice President of Investor Relations, 214-721-9696, kate.walsh@enlink.com
Media Relations: Jill McMillan, Vice President of Public & Industry Affairs, 214-721-9271, jill.mcmillan@enlink.com
EnLink Midstream Reports Second Quarter 2018 Results and Increases 2018 Guidance
DALLAS, July 31, 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 second quarter of 2018 and increased certain full-year 2018 guidance measures.
Highlights
· ENLK reported net income attributable to ENLK after non-controlling interest of approximately $99 million for the second quarter of 2018, compared to approximately $30 million for the second quarter of 2017, representing approximately 230 percent growth.
· ENLK achieved approximately $257 million of adjusted EBITDA net to ENLK for the second quarter of 2018, compared to approximately $210 million for the second quarter of 2017, representing approximately 23 percent growth. 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 $28 million for the second quarter of 2018, compared to approximately $6 million for the second quarter of 2017, representing approximately 367 percent growth.
· ENLC achieved approximately $58 million of cash available for distribution for the second quarter of 2018, compared to approximately $53 million for the second quarter of 2017, representing approximately 10 percent growth. Cash available for distribution is a non-GAAP measure and is explained in greater detail under Non-GAAP Financial Information.
· EnLinks strong financial and operational results for the first half of 2018 were primarily driven by continued growth across EnLinks Central Oklahoma footprint. Average gas gathering and transportation volumes in Oklahoma increased by approximately 18 percent from the first quarter of 2018 and 61 percent from the second quarter of 2017. Average processing volumes increased approximately 12 percent from the first quarter of 2018 and 64 percent from the second quarter of 2017.
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Gross operating margin in the Louisiana segment increased $15.0 million, which was due to an $8.5 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.
Gross operating margin in the Louisiana segment increased $30.3 million, which was primarily due to a $29.0 million increase in our NGL transmission and fractionation gross operating margin due to additional NGL volumes received from our Oklahoma and Permian Basin assets and fees earned from the start-up of our Ascension JV assets in April 2017, as well as a $1.3 million increase from volume increases within our gas gathering and transmission assets.
Gross operating margin in the Crude and Condensate segment increased $3.8 million, which was primarily due to a $1.5 million increase from our ORV assets related to renegotiated contracts and a $2.8 million increase due to higher volumes from continued expansion of our customer base on the Greater Chickadee gathering system.
We define adjusted EBITDA as net income loss plus interest expense, provision benefit for income taxes, depreciation and amortization expense, impairments, unit-based compensation, gain loss on non-cash derivatives, gain loss on disposition of assets, gain loss on extinguishment of debt, successful acquisition transaction costs, accretion expense associated with asset retirement obligations, non-cash rent, and distributions from unconsolidated affiliate investments, less payments under onerous performance obligations, non-controlling interest, income loss from unconsolidated affiliate investments, and non-cash revenue from contract restructuring.
Gross operating margin in the Crude and Condensate segment increased $8.1 million, which was primarily due to a $4.8 million increase from our ORV assets due to higher condensate stabilization volumes and improved margins due to contract renegotiations.
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Interest expense was $43.7 million...Read more
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Operating expenses were $113.4 million...Read more
Operating expenses were $222.6 million...Read more
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Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Enlink Midstream Partners, Lp provided additional information to their SEC Filing as exhibits
Ticker: ENLK
CIK: 1179060
Form Type: 10-Q Quarterly Report
Accession Number: 0001179060-18-000009
Submitted to the SEC: Wed Aug 01 2018 10:25:56 AM EST
Accepted by the SEC: Wed Aug 01 2018
Period: Saturday, June 30, 2018
Industry: Natural Gas Transmission