Enable Midstream Announces First Quarter 2021 Financial and Operating Results
Enable Midstream Partners reported a net income of $164 million for Q1 2021, up $52 million from $112 million in Q1 2020. Adjusted EBITDA reached $328 million, an increase of $42 million year-over-year. Net cash from operating activities was $223 million, compared to $200 million in Q1 2020. Despite production curtailments from Winter Storm Uri, natural gas gathered volumes are showing a recovery with a 4% increase in March 2021. The company continues to prepare for its merger with Energy Transfer, expected to close mid-2021, with significant support from major unitholder consents.
- Net income attributable to limited partners increased by $52 million to $164 million for Q1 2021.
- Adjusted EBITDA rose to $328 million, marking a $42 million increase compared to Q1 2020.
- Distribution coverage ratio of 3.63x, with DCF exceeding distributions by $189 million.
- Total revenues increased by $322 million to $970 million for Q1 2021.
- Net income included a $14 million loss on commodity derivative activity, impacting overall earnings.
- Natural gas gathered volumes decreased by 10% year-over-year to 4.09 TBtu/d.
- Crude oil and condensate gathered volumes fell by 19% compared to Q1 2020.
Enable Midstream Partners, LP (NYSE: ENBL) today announced financial and operating results for first quarter 2021.
Net income attributable to limited partners was
For first quarter 2021, DCF exceeded declared distributions to common unitholders by
Enable uses derivatives to manage commodity price risk, and the gain or loss associated with these derivatives is recognized in earnings. Enable’s net income attributable to limited partners and net income attributable to common units for first quarter 2021 included a
For additional information regarding the non-GAAP financial measures Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio, please see “Non-GAAP Financial Measures.”
MANAGEMENT PERSPECTIVE
“Our first quarter results highlight the strength of Enable’s fully integrated midstream platform, which is a vital link between sources of production and downstream markets,” said Rod Sailor, president and CEO. “This was demonstrated during Winter Storm Uri when Enable employees worked with producers and end-users to ensure that natural gas supply continued to serve demand in critical areas.
“Looking to the future, Enable continues to be well-positioned to benefit from improving commodity prices and the pending merger with Energy Transfer. Teams from both companies are currently working hard to plan for a seamless integration.”
BUSINESS HIGHLIGHTS
While Enable experienced production curtailments during first quarter 2021 due to Winter Storm Uri, substantially all production impacted by the storm is back online, and average daily March natural gas gathered volumes were approximately
In the transportation and storage segment, Enable contracted or extended over 250,000 Dth/d of firm transportation capacity in first quarter 2021 at a volume-weighted average contract life of over four years. Backed by a firm, five-year commitment, Enable Gas Transmission, LLC’s MASS project was placed into service April 1, 2021. The project transports natural gas from the Anadarko and Arkoma Basins to delivery points with access to emerging Gulf Coast markets and growing demand markets in the Southeast.
Enable continues to advance its Gulf Run Pipeline project, a project designed to move U.S. natural gas supplies from northern Louisiana to the Gulf Coast. The planned 42” pipeline scope provides for approximately 1.7 billion cubic feet per day (Bcf/d) of capacity, allowing for contracting upside potential beyond the cornerstone shipper’s 1.1 Bcf/d commitment. As a result of strategic sourcing efforts, pipe pricing for the project has been locked in at favorable levels relative to market, and the cost for the project is currently estimated at approximately
ENERGY TRANSFER TRANSACTION UPDATE
On April 7, 2021, the Securities and Exchange Commission declared effective the Form S-4 registration statement filed in connection with Energy Transfer LP’s (NYSE: ET) merger with Enable. CenterPoint Energy, Inc. and OGE Energy Corp. collectively own approximately
Enable and Energy Transfer have been working together to plan for a successful merger of the two companies. The transaction is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino Act clearance.
QUARTERLY DISTRIBUTIONS
As previously announced, on April 27, 2021, the board of directors of Enable’s general partner declared a quarterly cash distribution of
As also previously announced, the board declared a quarterly cash distribution of
KEY OPERATING STATISTICS
Natural gas gathered volumes were 4.09 trillion British thermal units per day (TBtu/d) for first quarter 2021, a decrease of
Natural gas processed volumes were 2.06 TBtu/d for first quarter 2021, a decrease of
Crude oil and condensate gathered volumes were 113.79 thousand barrels per day (MBbl/d) for first quarter 2021, a decrease of
Transported natural gas volumes were 6.10 TBtu/d for first quarter 2021, a decrease of
Interstate transportation firm contracted capacity was 6.52 Bcf/d for first quarter 2021, an increase of
Intrastate transportation average deliveries were 1.65 TBtu/d for first quarter 2021, a decrease of
FIRST QUARTER FINANCIAL PERFORMANCE
Revenues were
Gathering and processing segment revenues were
- an increase in revenues from natural gas liquids (NGL) sales primarily due to an increase in the average realized sales price from higher average market prices for NGL products combined with higher recoveries of ethane, partially offset by lower processed volumes,
- an increase in revenues from natural gas sales due to higher average sales prices and
- an increase in processing service revenues due to higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to higher average market prices, partially offset by lower processed volumes under fee-based arrangements.
These increases were partially offset by:
- a decrease in changes in the fair value of natural gas, condensate and NGL derivatives,
- an increase in realized losses on natural gas, condensate and NGL derivatives,
- a decrease in natural gas gathering revenues due to lower gathered volumes, inclusive of volume curtailments and production freeze-offs related to Winter Storm Uri, partially offset by higher assessed producer imbalance penalties and
- a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil and condensate volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin.
Transportation and storage segment revenues were
- an increase in revenues from natural gas sales primarily due to higher average sales prices,
-
an increase in volume-dependent transportation and storage revenues due to an increase in assessed shipper imbalance penalties, partially offset by lower off-system intrastate transported volumes due to decreased production activity in the Anadarko Basin, inclusive of disruptions in natural gas supply associated with Winter Storm Uri and the recognition in 2020 of
$1 million of revenue upon the settlement of the Enable Mississippi River Transmission, LLC (MRT) rate case with no comparable item in 2021 and - an increase in revenues from NGL sales due to higher average sales prices, partially offset by lower volumes.
These increases were partially offset by:
-
a decrease in firm transportation and storage services due to the recognition in 2020 of
$16 million of previously reserved revenue upon the settlement of the MRT rate case with no comparable item in 2021, partially offset by higher interstate contracted capacity and - a decrease in changes in the fair value of natural gas derivatives.
Gross margin was
Gathering and processing segment gross margin was
- a decrease in changes in the fair value of natural gas, condensate and NGL derivatives,
- an increase in realized losses on natural gas, condensate and NGL derivatives,
- a decrease in revenues from natural gas sales due to higher intra month natural gas purchase costs during Winter Storm Uri,
- a decrease in natural gas gathering fees due to lower gathered volumes, inclusive of volume curtailments and production freeze-offs related to Winter Storm Uri, partially offset by higher assessed producer imbalance penalties and
- a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil and condensate volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin.
These decreases were partially offset by:
- an increase in revenues from NGL sales primarily due to an increase in the average realized sales price from higher average market prices for NGL products combined with higher recoveries of ethane, partially offset by lower processed volumes and
- an increase in processing service revenues due to higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to higher average market prices, partially offset by lower processed volumes under fee-based arrangements.
Transportation and storage segment gross margin was
- an increase in system management activities primarily due to higher average natural gas sales prices,
-
an increase in volume-dependent transportation and storage revenues due to an increase in assessed shipper imbalance penalties, partially offset by lower off-system intrastate transported volumes due to decreased production activity in the Anadarko Basin, inclusive of disruptions in natural gas supply associated with Winter Storm Uri, and the recognition in 2020 of
$1 million of revenue upon the settlement of the MRT rate case with no comparable item in 2021 and - a reduction in lower of cost or net realizable value adjustments related to natural gas storage inventories.
These increases were partially offset by:
-
a decrease in firm transportation and storage services due to the recognition in 2020 of
$16 million of previously reserved revenue upon the settlement of the MRT rate case with no comparable item in 2021, partially offset by higher interstate contracted capacity and - a decrease in changes in the fair value of natural gas derivatives.
Operation and maintenance and general and administrative expenses were
Depreciation and amortization expense was
There were no impairments of property, plant and equipment and goodwill for first quarter 2021, compared to
Interest expense was
Capital expenditures were
EARNINGS CONFERENCE CALL AND WEBCAST
A conference call discussing first quarter results is scheduled today at 10 a.m. EDT (9 a.m. CDT). The toll-free dial-in number to access the conference call is 833-968-1938, and the international dial-in number is 778-560-2726. The conference call ID is 4373909. Investors may also listen to the call via Enable’s website at https://investors.enablemidstream.com. A replay of the conference call will be available on Enable’s website.
AVAILABLE INFORMATION
Enable files annual, quarterly and other reports and other information with the U.S. Securities and Exchange Commission (SEC). Enable’s SEC filings are also available at the SEC’s website at https://www.sec.gov which contains information regarding issuers that file electronically with the SEC. Information about Enable may also be obtained at the offices of the NYSE, 20 Broad Street, New York, New York 10005, or on Enable’s website at https://enablemidstream.com. On the Investor Relations section of Enable’s website, https://investors.enablemidstream.com, Enable makes available free of charge a variety of information to investors. Enable’s goal is to maintain the Investor Relations section of its website as a portal through which investors can easily find or navigate to pertinent information about Enable, including but not limited to:
- Enable’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after Enable electronically files that material with or furnishes it to the SEC;
- press releases on quarterly distributions, quarterly earnings and other developments;
- governance information, including Enable’s governance guidelines, committee charters and code of ethics and business conduct;
- information on events and presentations, including an archive of available calls, webcasts and presentations;
- news and other announcements that Enable may post from time to time that investors may find useful or interesting; and
- opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (
NON-GAAP FINANCIAL MEASURES
Enable has included the non-GAAP financial measures Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio in this press release based on information in its consolidated financial statements.
Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio are supplemental financial measures that management and external users of Enable’s financial statements, such as industry analysts, investors, lenders and rating agencies may use, to assess:
- Enable’s operating performance as compared to those of other publicly traded partnerships in the midstream energy industry, without regard to capital structure or historical cost basis;
- The ability of Enable’s assets to generate sufficient cash flow to make distributions to its partners;
- Enable’s ability to incur and service debt and fund capital expenditures; and
- The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
This press release includes a reconciliation of Gross margin to total revenues, Adjusted EBITDA and DCF to net income attributable to limited partners, Adjusted EBITDA to net cash provided by operating activities and Adjusted interest expense to interest expense, the most directly comparable GAAP financial measures as applicable, for each of the periods indicated. Distribution coverage ratio is a financial performance measure used by management to reflect the relationship between Enable’s financial operating performance and cash distributions. Enable believes that the presentation of Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio provides information useful to investors in assessing its financial condition and results of operations. Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio should not be considered as alternatives to net income, operating income, total revenue, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP measures. Additionally, because Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio may be defined differently by other companies in Enable’s industry, its definitions of these measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
FORWARD-LOOKING STATEMENTS
Some of the information in this press release may contain forward-looking statements. Forward-looking statements give our current expectations and contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements pertaining to our pending merger with Energy Transfer LP and our expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, as updated by this press release. In particular, our statements with respect to continuity plans and preparedness measures we have implemented in response to the novel coronavirus (COVID-19) pandemic and its expected impact on our business, operations, earnings and results are forward-looking statements. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.
A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this press release and our Annual Report on Form 10-K for the year ended Dec. 31, 2020 (Annual Report). Those risk factors and other factors noted throughout this press release and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information or otherwise, except as required by applicable law.
ENABLE MIDSTREAM PARTNERS, LP CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||||
|
Three Months Ended March 31, |
||||||||
|
2021 |
|
2020 |
||||||
|
|
|
|
||||||
|
(In millions, except per unit data) |
||||||||
Revenues (including revenues from affiliates): |
|
|
|
||||||
Product sales |
$ |
627 |
|
|
|
$ |
288 |
|
|
Service revenue |
343 |
|
|
|
360 |
|
|
||
Total Revenues |
970 |
|
|
|
648 |
|
|
||
Cost and Expenses (including expenses from affiliates): |
|
|
|
||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) |
519 |
|
|
|
226 |
|
|
||
Operation and maintenance |
84 |
|
|
|
102 |
|
|
||
General and administrative |
37 |
|
|
|
24 |
|
|
||
Depreciation and amortization |
106 |
|
|
|
104 |
|
|
||
Impairments of property, plant and equipment and goodwill |
— |
|
|
|
28 |
|
|
||
Taxes other than income tax |
18 |
|
|
|
18 |
|
|
||
Total Cost and Expenses |
764 |
|
|
|
502 |
|
|
||
Operating Income |
206 |
|
|
|
146 |
|
|
||
Other Income (Expense): |
|
|
|
||||||
Interest expense |
(42 |
) |
|
|
(47 |
) |
|
||
Equity in earnings of equity method affiliate |
1 |
|
|
|
6 |
|
|
||
Total Other Expense |
(41 |
) |
|
|
(41 |
) |
|
||
Income Before Income Tax |
165 |
|
|
|
105 |
|
|
||
Income tax benefit |
— |
|
|
|
— |
|
|
||
Net Income |
$ |
165 |
|
|
|
$ |
105 |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
1 |
|
|
|
(7 |
) |
|
||
Net Income Attributable to Limited Partners |
$ |
164 |
|
|
|
$ |
112 |
|
|
Less: Series A Preferred Unit distributions |
9 |
|
|
|
9 |
|
|
||
Net Income Attributable to Common Units |
$ |
155 |
|
|
|
$ |
103 |
|
|
|
|
|
|
||||||
Basic and diluted earnings per unit |
|
|
|
||||||
Basic |
$ |
0.35 |
|
|
|
$ |
0.24 |
|
|
Diluted |
$ |
0.33 |
|
|
|
$ |
0.19 |
|
|
ENABLE MIDSTREAM PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
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|
Three Months Ended March 31, |
||||||
|
2021 |
|
2020 |
||||
|
|
|
|
||||
|
(In millions) |
||||||
Reconciliation of Gross margin to Total Revenues: |
|
|
|
||||
Consolidated |
|
|
|
||||
Product sales |
$ |
627 |
|
|
$ |
288 |
|
Service revenue |
343 |
|
|
360 |
|
||
Total Revenues |
970 |
|
|
648 |
|
||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
519 |
|
|
226 |
|
||
Gross margin |
$ |
451 |
|
|
$ |
422 |
|
|
|
|
|
||||
Reportable Segments |
|
|
|
||||
Gathering and Processing |
|
|
|
||||
Product sales |
$ |
428 |
|
|
$ |
275 |
|
Service revenue |
196 |
|
|
202 |
|
||
Total Revenues |
624 |
|
|
477 |
|
||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
398 |
|
|
211 |
|
||
Gross margin |
$ |
226 |
|
|
$ |
266 |
|
|
|
|
|
||||
Transportation and Storage |
|
|
|
||||
Product sales |
$ |
332 |
|
|
$ |
75 |
|
Service revenue |
150 |
|
|
159 |
|
||
Total Revenues |
482 |
|
|
234 |
|
||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
257 |
|
|
78 |
|
||
Gross margin |
$ |
225 |
|
|
$ |
156 |
|
|
Three Months Ended March 31, |
|||||
|
2021 |
2020 |
||||
|
|
|
||||
|
(In millions, except Distribution coverage ratio) |
|||||
Reconciliation of Adjusted EBITDA and DCF to net income attributable to limited partners and calculation of Distribution coverage ratio: |
|
|
||||
Net income attributable to limited partners |
$ |
164 |
|
$ |
112 |
|
Depreciation and amortization expense |
106 |
|
104 |
|
||
Interest expense, net of interest income |
42 |
|
47 |
|
||
Distributions received from equity method affiliate in excess of equity earnings |
3 |
|
4 |
|
||
Non-cash equity-based compensation |
4 |
|
4 |
|
||
Change in fair value of derivatives (1) |
10 |
|
(10 |
) |
||
Other non-cash (gains) losses (2) |
(1 |
) |
5 |
|
||
Impairments of property, plant and equipment and goodwill |
— |
|
28 |
|
||
Noncontrolling Interest Share of Adjusted EBITDA |
— |
|
(8 |
) |
||
Adjusted EBITDA |
$ |
328 |
|
$ |
286 |
|
Series A Preferred Unit distributions (3) |
(9 |
) |
(9 |
) |
||
Adjusted interest expense (4) |
(42 |
) |
(47 |
) |
||
Maintenance capital expenditures |
(16 |
) |
(16 |
) |
||
DCF |
$ |
261 |
|
$ |
214 |
|
|
|
|
||||
Distributions related to common unitholders (5) |
$ |
72 |
|
$ |
72 |
|
|
|
|
||||
Distribution coverage ratio (6) |
3.63 |
|
2.97 |
|
||
___________________ |
|
(1) |
Change in fair value of derivatives includes changes in the fair value of derivatives that are not designated as hedging instruments. |
(2) |
Other non-cash (gains) losses includes write-downs and gains and loss on sale and retirement of assets. |
(3) |
This amount represents the quarterly cash distributions on the Series A Preferred Units declared for the three months ended March 31, 2021 and 2020. In accordance with the Partnership Agreement, the Series A Preferred Unit distributions are deemed to have been paid out of available cash with respect to the quarter immediately preceding the quarter in which the distribution is made. |
(4) |
See below for a reconciliation of Adjusted interest expense to Interest expense. |
(5) |
Represents cash distributions declared for common units outstanding as of each respective period. Amounts for 2021 reflect estimated cash distributions for common units outstanding for the quarter ended March 31, 2021. |
(6) |
Distribution coverage ratio is computed by dividing DCF by Distributions related to common unitholders. |
|
Three Months Ended March 31, |
|||||
|
2021 |
2020 |
||||
|
|
|
||||
|
(In millions) |
|||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities: |
|
|
||||
Net cash provided by operating activities |
$ |
223 |
|
$ |
200 |
|
Interest expense, net of interest income |
42 |
|
47 |
|
||
Noncontrolling interest share of cash provided by operating activities |
(1 |
) |
(1 |
) |
||
Other non-cash items (1) |
(3 |
) |
4 |
|
||
Proceeds from insurance |
1 |
|
— |
|
||
Changes in operating working capital which (provided) used cash: |
|
|
||||
Accounts receivable |
34 |
|
(60 |
) |
||
Accounts payable |
(10 |
) |
58 |
|
||
Other, including changes in noncurrent assets and liabilities |
29 |
|
44 |
|
||
Return of investment in equity method affiliate |
3 |
|
4 |
|
||
Change in fair value of derivatives (2) |
10 |
|
(10 |
) |
||
Adjusted EBITDA |
$ |
328 |
|
$ |
286 |
|
___________________ |
|
(1) |
Other non-cash losses includes write-downs of assets. |
(2) |
Change in fair value of derivatives includes changes in the fair value of derivatives that are not designated as hedging instruments. |
|
Three Months Ended March 31, |
||||||
|
2021 |
|
2020 |
||||
|
|
|
|
||||
|
(In millions) |
||||||
Reconciliation of Adjusted interest expense to Interest expense: |
|
|
|
||||
Interest expense |
$ |
42 |
|
|
$ |
47 |
|
Amortization of premium on long-term debt |
— |
|
|
1 |
|
||
Capitalized interest on expansion capital |
1 |
|
|
— |
|
||
Amortization of debt expense and discount |
(1) |
|
|
(1) |
|
||
Adjusted interest expense |
$ |
42 |
|
|
$ |
47 |
|
ENABLE MIDSTREAM PARTNERS, LP OPERATING DATA |
|||||
|
Three Months Ended March 31, |
||||
|
2021 |
|
2020 |
||
|
|
|
|
||
Operating Data: |
|
||||
Natural gas gathered volumes—TBtu |
368 |
|
|
411 |
|
Natural gas gathered volumes—TBtu/d |
4.09 |
|
|
4.52 |
|
Natural gas processed volumes—TBtu (1) |
185 |
|
|
222 |
|
Natural gas processed volumes—TBtu/d (1) |
2.06 |
|
|
2.44 |
|
NGLs produced—MBbl/d (1)(2) |
118.90 |
|
|
120.86 |
|
NGLs sold—MBbl/d (2)(3) |
119.86 |
|
|
121.32 |
|
Condensate sold—MBbl/d |
6.78 |
|
|
8.23 |
|
Crude oil and condensate gathered volumes—MBbl/d |
113.79 |
|
|
141.25 |
|
Transported volumes—TBtu |
549 |
|
|
597 |
|
Transported volumes—TBtu/d |
6.10 |
|
|
6.56 |
|
Interstate firm contracted capacity—Bcf/d |
6.52 |
|
|
6.48 |
|
Intrastate average deliveries—TBtu/d |
1.65 |
|
|
2.07 |
|
___________________ |
|
(1) |
Includes volumes under third-party processing arrangements. |
(2) |
Excludes condensate. |
(3) |
NGLs sold includes volumes of NGLs withdrawn from inventory or purchased for system balancing purposes. |
|
Three Months Ended March 31, |
||||
|
2021 |
|
2020 |
||
|
|
|
|
||
Anadarko |
|
|
|
||
Gathered volumes—TBtu/d |
1.98 |
|
|
2.29 |
|
Natural gas processed volumes—TBtu/d (1) |
1.80 |
|
|
2.08 |
|
NGLs produced—MBbl/d (1)(2) |
108.04 |
|
|
106.58 |
|
Crude oil and condensate gathered volumes—MBbl/d |
81.18 |
|
|
114.48 |
|
Arkoma |
|
|
|
||
Gathered volumes—TBtu/d |
0.39 |
|
|
0.44 |
|
Natural gas processed volumes—TBtu/d (1) |
0.06 |
|
|
0.08 |
|
NGLs produced—MBbl/d (1)(2) |
3.49 |
|
|
3.90 |
|
Ark-La-Tex |
|
|
|
||
Gathered volumes—TBtu/d |
1.72 |
|
|
1.79 |
|
Natural gas processed volumes—TBtu/d |
0.20 |
|
|
0.28 |
|
NGLs produced—MBbl/d (2) |
7.37 |
|
|
10.38 |
|
Williston |
|
|
|
||
Crude oil gathered volumes—MBbl/d |
32.61 |
|
|
26.77 |
|
___________________ |
|
(1) |
Includes volumes under third-party processing arrangements. |
(2) |
Excludes condensate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005260/en/
FAQ
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