Finance

EnLink Midstream Reports First Quarter 2021 Results and Reaffirms 2021 Guidance 

DALLAS, May 4, 2021 — EnLink Midstream, LLC (NYSE: ENLC) (EnLink) reported financial results for the first quarter of 2021 and reaffirmed 2021 financial guidance.

Adjusted EBITDA, segment cash flow, and free cash flow after distributions used in this press release are non-GAAP measures and are explained in greater detail under “Non-GAAP Financial Information” below.

Winter Storm Uri Impact

First Quarter 2021 Segment Updates

Permian Basin:

Louisiana:

Oklahoma:

Segment profit of $55.5 million for the first quarter of 2021 was approximately 26% lower as compared to the fourth quarter of 2020, excluding the $17.3 million impact from the expiration of a minimum volume commitment in the fourth quarter. Segment profit was also adversely impacted by lower volume, as a result of Winter Storm Uri.

Segment cash flow for the first quarter of 2021 was $53.6 million, and Oklahoma is expected to continue to generate strong segment cash flow for the remainder of 2021.

Average natural gas gathering volumes for the first quarter of 2021 were approximately 10% lower as compared to the fourth quarter of 2020. Average natural gas processing volumes for the first quarter of 2021 decreased by approximately 10% when compared to the fourth quarter of 2020.

The Devon and Dow Inc. joint venture began Phase 1 of its development plan, operating two rigs during the first quarter of 2021 with first volumes expected in the second half of 2021.
Average crude gathering volumes during the first quarter of 2021 were approximately 23% lower as compared to the fourth quarter of 2020.

North Texas:

Segment profit of $76.9 million for the first quarter of 2021 increased by approximately 25% as compared to the fourth quarter of 2020. While volumes were negatively impacted by Winter Storm Uri, the segment was able to support the local market during the storm with incremental gas sales.
Segment cash flow for the first quarter of 2021 was $74.5 million. North Texas is expected to generate strong segment cash flow for the remainder of 2021.
Average natural gas gathering and transportation volumes for the first quarter of 2021 decreased by approximately 3% as compared to the fourth quarter of 2020. Average natural gas processing volumes for the first quarter of 2021 were down 3% when compared to the fourth quarter of 2020.
BKV and other operators continued to focus on production optimization through re-stimulation activity in the basin.

Amarillo Rattler Acquisition

Emissions Targets and Third Sustainability Report

First Quarter 2021 Earnings Call Details

About EnLink Midstream

Non-GAAP Financial Information

This press release contains non-generally accepted accounting principles financial measures that we refer to as adjusted EBITDA, free cash flow after distributions, and segment cash flow.
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 extinguishment of debt; unit-based compensation; income tax expense (benefit); unrealized (gain) loss on commodity swaps; relocation costs associated with the War Horse processing facility; (gain) loss on disposition of assets; accretion expense associated with asset retirement obligations; (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 capital expenditures, excluding capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities); (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); (accrued cash distributions on Series B Preferred Units and Series C Preferred Units paid or expected to be paid); (relocation costs associated with the War Horse processing facility); (payments to terminate interest rate swaps); non-cash interest (income)/expense; (current income taxes); and proceeds from the sale of equipment and land.

This article was shared with Prittle Prattle News as a Press Release by PRNewswire

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