Enable Midstream Announces Fourth Quarter and Year-End 2020 Financial and Operating Results
Enable Midstream Partners, LP (NYSE: ENBL) reported strong financial results for Q4 2020, with net income attributable to limited partners rising to $96 million, up from $18 million in Q4 2019. However, full-year 2020 net income fell to $88 million, a decrease of $308 million year-over-year. Adjusted EBITDA for Q4 2020 was $249 million, down from $274 million a year prior. Notably, the company announced a merger agreement with Energy Transfer LP, with an expected close in mid-2021, allowing Enable unitholders to own 12% of Energy Transfer's common units upon completion.
- Net income attributable to limited partners increased to $96 million in Q4 2020, up from $18 million in Q4 2019.
- Distribution coverage ratio of 2.24x for Q4 2020, exceeding declared distributions by $89 million.
- Enable contracted over 2,000,000 Dth/d of firm transportation capacity in 2020, increasing remaining contract life from 4.1 years to 4.7 years.
- Full-year 2020 net income decreased by $308 million to $88 million compared to 2019.
- Adjusted EBITDA fell to $988 million for 2020, down from $1,147 million in 2019.
- Q4 2020 revenues decreased by $27 million to $704 million compared to Q4 2019.
Enable Midstream Partners, LP (NYSE: ENBL) today announced financial and operating results for fourth quarter and year-end 2020.
Net income attributable to limited partners was
Net income attributable to limited partners was
For fourth quarter 2020, DCF exceeded declared distributions to common unitholders by
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
“I am proud of our team’s accomplishments in 2020, from maintaining safe and reliable operations through the collapse in crude prices and global pandemic to generating solid financial and operational results,” said Rod Sailor, president and CEO. “Our team’s strength and dedication were further on display during Winter Storm Uri as Enable employees across the company immediately went to work around the clock to maximize vital natural gas deliveries.”
BUSINESS HIGHLIGHTS
Enable contracted over 2,000,000 Dth/d of firm transportation capacity in 2020. These contracting efforts have extended the firm transportation volume-weighted-average remaining contract life for Enable Gas Transmission, LLC, Enable Mississippi River Transmission, LLC (MRT) and Enable Oklahoma Interstate Transmission (EOIT) from 4.1 years at year-end 2019 to 4.7 years at year-end 2020, further demonstrating the long-term value of Enable’s transportation assets. Enable’s SESH joint venture also recently renewed 200,000 Dth/d of firm capacity with an electric utility customer through 2030.
The Gulf Run Pipeline project is progressing on schedule. Enable has responded to all Federal Energy Regulatory Commission (FERC) data requests and remains optimistic the project will receive its final certificate in the coming months. The project is backed by a 20-year commitment for 1.1 billion cubic feet per day (Bcf/d) from cornerstone shipper Golden Pass LNG and is expected to be placed into service in late 2022, subject to FERC approval. While the currently filed project scope provides for capacity in excess of Golden Pass’s firm commitment, Enable continues to review the scope in light of current contracting levels, commercial dialogue and construction costs.
Construction continues on EGT’s MASS project, and the project is still anticipated to be placed into service during the second quarter of 2021. The MASS project is underpinned by a firm, five-year commitment, and the project is designed to deliver gas from the Anadarko and Arkoma Basins to delivery points with access to emerging Gulf Coast markets and growing demand markets in the Southeast.
As of Feb. 17, 2021, there were 11 rigs across Enable’s footprint that were drilling wells expected to be connected to Enable’s gathering systems. Five of those rigs were in the Anadarko Basin, and six were in the Ark-La-Tex Basin. There remains an inventory of drilled but uncompleted wells (DUCs) behind Enable’s gathering systems with 75 DUCs in the Anadarko Basin, four DUCs in the Ark-La-Tex Basin and 82 DUCs in the Williston Basin. These DUCs provide an inventory of wells producers can complete without investing drilling capital.
ENERGY TRANSFER TRANSACTION
As previously announced, Energy Transfer LP (NYSE: ET) and Enable have entered into a definitive merger agreement whereby Energy Transfer will acquire Enable in an all-equity transaction valued at approximately
QUARTERLY DISTRIBUTIONS
As previously announced, on Feb. 12, 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 4.28 trillion British thermal units per day (TBtu/d) for fourth quarter 2020, a decrease of
Natural gas processed volumes were 2.23 TBtu/d for fourth quarter 2020, a decrease of
Crude oil and condensate gathered volumes were 125.82 thousand barrels per day (MBbl/d) for fourth quarter 2020, a decrease of
Transported natural gas volumes were 5.05 TBtu/d for fourth quarter 2020, a decrease of
Interstate transportation firm contracted capacity was 6.20 Bcf/d for fourth quarter 2020, a decrease of
Intrastate transportation average deliveries were 1.70 TBtu/d for fourth quarter 2020, a decrease of
FOURTH QUARTER FINANCIAL PERFORMANCE
Revenues were
Gathering and processing segment revenues were
- a decrease in revenues from natural gas liquids (NGL) sales primarily driven by lower sales due to lower processed volumes, partially offset by higher recoveries of ethane,
- a decrease in natural gas gathering revenues due to lower gathered volumes in the Anadarko Basin and lower shortfall fees associated with the expiration of certain minimum volume commitment contracts in the Ark-La-Tex Basin,
- a decrease in realized gains on natural gas, condensate and NGL derivatives,
- a decrease in processing service revenues due to lower processed volumes under fee-based arrangements, partially offset by higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to an increase in retained volumes at higher average market prices and
- a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin and by customer project reimbursements.
These decreases were partially offset by:
- an increase in revenues from natural gas sales due to higher average sales prices, partially offset by lower sales volumes and
- an increase in changes in the fair value of natural gas, condensate and NGL derivatives.
Transportation and storage segment revenues were
- an increase in revenues from natural gas sales primarily due to higher sales volumes and higher average sales prices and
- an increase in firm transportation and storage services due to higher recognized rates subsequent to the settlement of the MRT rate case, partially offset by lower interstate contracted capacity.
These increases were partially offset by:
- a decrease in volume-dependent transportation and storage revenues due to lower off-system intrastate transportation rates and lower transported volumes due to decreased production activity in the Anadarko Basin and
- a decrease in realized gain on natural gas derivatives.
Gross margin was
Gathering and processing segment gross margin was
- a decrease in natural gas gathering fees due to lower gathered volumes and lower shortfall fees associated with the expiration of certain minimum volume commitment contracts in the Ark-La-Tex Basin,
- a decrease in revenues from natural gas sales due to lower sales volumes, partially offset by higher average sales prices,
- a decrease in realized gains on natural gas, condensate and NGL derivatives,
- a decrease in processing service revenues due to lower processed volumes under fee-based arrangements, partially offset by higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to an increase in retained volumes at higher average market prices and
- a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin and by customer project reimbursements.
These decreases were partially offset by:
- an increase in revenues from NGL sales due to higher recoveries of ethane at higher average market prices and
- an increase in changes in the fair value of natural gas, condensate and NGL derivatives.
Transportation and storage segment gross margin was
- an increase in firm transportation and storage services due to higher recognized rates subsequent to the settlement of the MRT rate case, partially offset by lower interstate contracted capacity,
- an increase due to write-downs to lower of cost or net realizable value adjustments related to natural gas storage inventories for fourth quarter 2019 with none for fourth quarter 2020 and
- an increase in changes in the fair value of natural gas derivatives.
These increases were partially offset by:
- a decrease in volume-dependent transportation and storage revenues due to lower off-system intrastate transportation rates and lower transported volumes due to decreased production activity in the Anadarko Basin and
- a decrease in realized gain on natural gas derivatives.
Operation and maintenance and general and administrative expenses were
Depreciation and amortization expense was
Interest expense was
Capital expenditures were
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 fourth quarter 2020 included a
EARNINGS CONFERENCE CALL AND WEBCAST
A conference call discussing fourth quarter and year-end results is scheduled today at 10 a.m. EST (9 a.m. CST). 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 2070646. Investors may also listen to the call via Enable’s website at https://investors.enablemidstream.com. Replays of the conference call will be available on Enable’s website.
ANNUAL REPORT
Enable today filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (SEC).
The Form 10-K is available to view, print or download from the SEC filings page under the Investor Relations section on the Enable Midstream website at https://investors.enablemidstream.com.
Unitholders may order a printed copy of the Form 10-K by contacting Enable Midstream Investor Relations at 405-558-4600 or ir@enablemidstream.com.
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, 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
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In millions, except per unit data) |
||||||||||||||
Revenues (including revenues from affiliates): |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
368 |
|
|
$ |
377 |
|
|
$ |
1,132 |
|
|
$ |
1,533 |
|
Service revenue |
336 |
|
|
354 |
|
|
1,331 |
|
|
1,427 |
|
||||
Total Revenues |
704 |
|
|
731 |
|
|
2,463 |
|
|
2,960 |
|
||||
Cost and Expenses (including expenses from affiliates): |
|
|
|
|
|
|
|
||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) |
312 |
|
|
321 |
|
|
965 |
|
|
1,279 |
|
||||
Operation and maintenance |
105 |
|
|
116 |
|
|
418 |
|
|
423 |
|
||||
General and administrative |
25 |
|
|
21 |
|
|
98 |
|
|
103 |
|
||||
Depreciation and amortization |
106 |
|
|
110 |
|
|
420 |
|
|
433 |
|
||||
Impairments of property, plant and equipment and goodwill |
— |
|
|
86 |
|
|
28 |
|
|
86 |
|
||||
Taxes other than income tax |
17 |
|
|
15 |
|
|
69 |
|
|
67 |
|
||||
Total Cost and Expenses |
565 |
|
|
669 |
|
|
1,998 |
|
|
2,391 |
|
||||
Operating Income |
139 |
|
|
62 |
|
|
465 |
|
|
569 |
|
||||
Other Income (Expense): |
|
|
|
|
|
|
|
||||||||
Interest expense |
(42 |
) |
|
(48 |
) |
|
(178 |
) |
|
(190 |
) |
||||
Equity in earnings (loss) of equity method affiliate, net |
1 |
|
|
5 |
|
|
(210 |
) |
|
17 |
|
||||
Other, net |
(1 |
) |
|
1 |
|
|
6 |
|
|
3 |
|
||||
Total Other Expense |
(42 |
) |
|
(42 |
) |
|
(382 |
) |
|
(170 |
) |
||||
Income Before Income Tax |
97 |
|
|
20 |
|
|
83 |
|
|
399 |
|
||||
Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
||||
Net Income |
$ |
97 |
|
|
$ |
20 |
|
|
$ |
83 |
|
|
$ |
400 |
|
Less: Net income (loss) attributable to noncontrolling interest |
1 |
|
|
2 |
|
|
(5 |
) |
|
4 |
|
||||
Net Income Attributable to Limited Partners |
$ |
96 |
|
|
$ |
18 |
|
|
$ |
88 |
|
|
$ |
396 |
|
Less: Series A Preferred Unit distributions |
9 |
|
|
9 |
|
|
36 |
|
|
36 |
|
||||
Net Income Attributable to Common Units |
$ |
87 |
|
|
$ |
9 |
|
|
$ |
52 |
|
|
$ |
360 |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per unit |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.20 |
|
|
$ |
0.02 |
|
|
$ |
0.12 |
|
|
$ |
0.83 |
|
Diluted |
$ |
0.19 |
|
|
$ |
0.02 |
|
|
$ |
0.12 |
|
|
$ |
0.82 |
|
ENABLE MIDSTREAM PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In millions) |
||||||||||||||
Reconciliation of Gross margin to Total Revenues: |
|
|
|
|
|
|
|
||||||||
Consolidated |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
368 |
|
|
$ |
377 |
|
|
$ |
1,132 |
|
|
$ |
1,533 |
|
Service revenue |
336 |
|
|
354 |
|
|
1,331 |
|
|
1,427 |
|
||||
Total Revenues |
704 |
|
|
731 |
|
|
2,463 |
|
|
2,960 |
|
||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
312 |
|
|
321 |
|
|
965 |
|
|
1,279 |
|
||||
Gross margin |
$ |
392 |
|
|
$ |
410 |
|
|
$ |
1,498 |
|
|
$ |
1,681 |
|
|
|
|
|
|
|
|
|
||||||||
Reportable Segments |
|
|
|
|
|
|
|
||||||||
Gathering and Processing |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
348 |
|
|
$ |
353 |
|
|
$ |
1,087 |
|
|
$ |
1,449 |
|
Service revenue |
207 |
|
|
226 |
|
|
799 |
|
|
889 |
|
||||
Total Revenues |
555 |
|
|
579 |
|
|
1,886 |
|
|
2,338 |
|
||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
305 |
|
|
308 |
|
|
936 |
|
|
1,203 |
|
||||
Gross margin |
$ |
250 |
|
|
$ |
271 |
|
|
$ |
950 |
|
|
$ |
1,135 |
|
|
|
|
|
|
|
|
|
||||||||
Transportation and Storage |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
127 |
|
|
$ |
106 |
|
|
$ |
340 |
|
|
$ |
487 |
|
Service revenue |
132 |
|
|
130 |
|
|
541 |
|
|
551 |
|
||||
Total Revenues |
259 |
|
|
236 |
|
|
881 |
|
|
1,038 |
|
||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) |
117 |
|
|
97 |
|
|
332 |
|
|
491 |
|
||||
Gross margin |
$ |
142 |
|
|
$ |
139 |
|
|
$ |
549 |
|
|
$ |
547 |
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(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 |
$ |
96 |
|
|
$ |
18 |
|
|
$ |
88 |
|
|
$ |
396 |
|
Depreciation and amortization expense |
106 |
|
|
110 |
|
|
420 |
|
|
433 |
|
||||
Interest expense, net of interest income |
42 |
|
|
47 |
|
|
177 |
|
|
188 |
|
||||
Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
||||
Distributions received from equity method affiliate in excess of equity earnings |
(1 |
) |
|
— |
|
|
8 |
|
|
8 |
|
||||
Impairment of investment in equity method affiliate |
— |
|
|
— |
|
|
225 |
|
|
— |
|
||||
Non-cash equity-based compensation |
3 |
|
|
3 |
|
|
13 |
|
|
16 |
|
||||
Change in fair value of derivatives (1) |
(4 |
) |
|
8 |
|
|
13 |
|
|
11 |
|
||||
Other non-cash losses (2) |
8 |
|
|
3 |
|
|
31 |
|
|
12 |
|
||||
Impairments of property, plant and equipment and goodwill |
— |
|
|
86 |
|
|
28 |
|
|
86 |
|
||||
Gain on extinguishment of debt |
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
||||
Noncontrolling Interest Share of Adjusted EBITDA |
(1 |
) |
|
(1 |
) |
|
(10 |
) |
|
(2 |
) |
||||
Adjusted EBITDA |
$ |
249 |
|
|
$ |
274 |
|
|
$ |
988 |
|
|
$ |
1,147 |
|
Series A Preferred Unit distributions (3) |
(9 |
) |
|
(9 |
) |
|
(36 |
) |
|
(36 |
) |
||||
Distributions for phantom and performance units (4) |
— |
|
|
— |
|
|
(1 |
) |
|
(10 |
) |
||||
Adjusted interest expense (5) |
(41 |
) |
|
(48 |
) |
|
(175 |
) |
|
(191 |
) |
||||
Maintenance capital expenditures |
(38 |
) |
|
(40 |
) |
|
(107 |
) |
|
(126 |
) |
||||
Current income tax |
— |
|
|
— |
|
|
1 |
|
|
— |
|
||||
DCF |
$ |
161 |
|
|
$ |
177 |
|
|
$ |
670 |
|
|
$ |
784 |
|
|
|
|
|
|
|
|
|
||||||||
Distributions related to common unitholders (6) |
$ |
72 |
|
|
$ |
144 |
|
|
$ |
288 |
|
|
$ |
570 |
|
|
|
|
|
|
|
|
|
||||||||
Distribution coverage ratio (7) |
2.24 |
|
1.23 |
|
|
2.33 |
|
1.38 |
|
||||||
___________________ |
|
(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 losses includes write-downs and net loss on sale and retirement of assets. |
(3) |
Represents the quarterly cash distributions on the Series A Preferred Units declared for the three and nine months ended December 31, 2020 and 2019. 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) |
Distributions for phantom and performance units represent distribution equivalent rights paid in cash. Phantom unit distribution equivalent rights are paid during the vesting period and performance unit distribution equivalent rights are paid at vesting. |
(5) |
See below for a reconciliation of Adjusted interest expense to Interest expense. |
(6) |
Represents cash distributions declared for common units outstanding as of each respective period. Amounts for 2020 reflect estimated cash distributions for common units outstanding for the quarter ended December 31, 2020. |
(7) |
Distribution coverage ratio is computed by dividing DCF by Distributions related to common unitholders. |
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In millions) |
||||||||||||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
214 |
|
|
$ |
251 |
|
|
$ |
757 |
|
|
$ |
942 |
|
Interest expense, net of interest income |
42 |
|
|
47 |
|
|
177 |
|
|
188 |
|
||||
Noncontrolling interest share of cash provided by operating activities |
(2 |
) |
|
(2 |
) |
|
(5 |
) |
|
(4 |
) |
||||
Current income tax |
— |
|
|
— |
|
|
1 |
|
|
— |
|
||||
Other non-cash items (1) |
— |
|
|
(2 |
) |
|
— |
|
|
2 |
|
||||
Proceeds from insurance |
— |
|
|
1 |
|
|
1 |
|
|
1 |
|
||||
Changes in operating working capital which (provided) used cash: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
22 |
|
|
(21 |
) |
|
(5 |
) |
|
(37 |
) |
||||
Accounts payable |
(37 |
) |
|
(32 |
) |
|
9 |
|
|
78 |
|
||||
Other, including changes in noncurrent assets and liabilities |
15 |
|
|
24 |
|
|
32 |
|
|
(42 |
) |
||||
Return of investment in equity method affiliate |
(1 |
) |
|
— |
|
|
8 |
|
|
8 |
|
||||
Change in fair value of derivatives (2) |
(4 |
) |
|
8 |
|
|
13 |
|
|
11 |
|
||||
Adjusted EBITDA |
$ |
249 |
|
|
$ |
274 |
|
|
$ |
988 |
|
|
$ |
1,147 |
|
____________________ |
|
(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
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In millions) |
||||||||||||||
Reconciliation of Adjusted interest expense to Interest expense: |
|
|
|
|
|
|
|
||||||||
Interest expense |
$ |
42 |
|
|
$ |
48 |
|
|
$ |
178 |
|
|
$ |
190 |
|
Interest income |
— |
|
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
||||
Amortization of premium on long-term debt |
— |
|
|
2 |
|
|
1 |
|
|
6 |
|
||||
Capitalized interest on expansion capital |
— |
|
|
1 |
|
|
2 |
|
|
2 |
|
||||
Amortization of debt expense and discount |
(1 |
) |
|
(2 |
) |
|
(5 |
) |
|
(5 |
) |
||||
Adjusted interest expense |
$ |
41 |
|
|
$ |
48 |
|
|
$ |
175 |
|
|
$ |
191 |
|
ENABLE MIDSTREAM PARTNERS, LP OPERATING DATA |
|||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
|
|
|
|
|
|
|
|
||||
Operating Data: |
|
||||||||||
Natural gas gathered volumes—TBtu |
394 |
|
|
426 |
|
|
1,558 |
|
|
1,666 |
|
Natural gas gathered volumes—TBtu/d |
4.28 |
|
|
4.62 |
|
|
4.26 |
|
|
4.56 |
|
Natural gas processed volumes—TBtu (1) |
205 |
|
|
236 |
|
|
802 |
|
|
925 |
|
Natural gas processed volumes—TBtu/d (1) |
2.23 |
|
|
2.57 |
|
|
2.19 |
|
|
2.53 |
|
NGLs produced—MBbl/d (1)(2) |
127.74 |
|
|
128.45 |
|
|
123.66 |
|
|
128.58 |
|
NGLs sold—MBbl/d (2)(3) |
130.61 |
|
|
131.9 |
|
|
128.40 |
|
|
131.59 |
|
Condensate sold—MBbl/d |
6.42 |
|
|
7.56 |
|
|
6.48 |
|
|
7.41 |
|
Crude oil and condensate gathered volumes—MBbl/d |
125.82 |
|
|
153.06 |
|
|
124.84 |
|
|
128.46 |
|
Transported volumes—TBtu |
462 |
|
|
551 |
|
|
1,993 |
|
|
2,254 |
|
Transported volumes—TBtu/d |
5.05 |
|
|
5.99 |
|
|
5.45 |
|
|
6.18 |
|
Interstate firm contracted capacity—Bcf/d |
6.20 |
|
|
6.30 |
|
|
6.05 |
|
|
6.31 |
|
Intrastate average deliveries—TBtu/d |
1.70 |
|
|
2.09 |
|
|
1.79 |
|
|
2.14 |
|
____________________ |
|
(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
|
|
Year Ended
|
||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
|
|
|
|
|
|
|
|
||||
Anadarko |
|
|
|
|
|
|
|
||||
Gathered volumes—TBtu/d |
2.14 |
|
|
2.42 |
|
|
2.07 |
|
|
2.34 |
|
Natural gas processed volumes—TBtu/d (1) |
1.96 |
|
|
2.19 |
|
|
1.87 |
|
|
2.10 |
|
NGLs produced—MBbl/d (1)(2) |
115.75 |
|
|
116.78 |
|
|
110.91 |
|
|
113.20 |
|
Crude oil and condensate gathered volumes—MBbl/d |
91.46 |
|
|
122.23 |
|
|
95.44 |
|
|
92.70 |
|
Arkoma |
|
|
|
|
|
|
|
||||
Gathered volumes—TBtu/d |
0.41 |
|
|
0.44 |
|
|
0.42 |
|
|
0.47 |
|
Natural gas processed volumes—TBtu/d (1) |
0.06 |
|
|
0.08 |
|
|
0.08 |
|
|
0.09 |
|
NGLs produced—MBbl/d (1)(2) |
3.65 |
|
|
4.04 |
|
|
3.88 |
|
|
5.42 |
|
Ark-La-Tex |
|
|
|
|
|
|
|
||||
Gathered volumes—TBtu/d |
1.73 |
|
|
1.76 |
|
|
1.77 |
|
|
1.75 |
|
Natural gas processed volumes—TBtu/d |
0.21 |
|
|
0.30 |
|
|
0.24 |
|
|
0.34 |
|
NGLs produced—MBbl/d (2) |
8.34 |
|
|
7.63 |
|
|
8.87 |
|
|
9.96 |
|
Williston |
|
|
|
|
|
|
|
||||
Crude oil gathered volumes—MBbl/d |
34.36 |
|
|
30.83 |
|
|
29.40 |
|
|
35.76 |
|
__________________ |
|
(1) |
Includes volumes under third-party processing arrangements. |
(2) |
Excludes condensate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005256/en/
FAQ
What were Enable Midstream's Q4 2020 financial results?
What is the distribution coverage ratio for Enable Midstream in Q4 2020?
How did Enable Midstream's 2020 net income compare to 2019?
What merger agreement did Enable Midstream enter into?
When is the expected closure date for the Energy Transfer merger?
