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Enable Midstream Partners, LP (NYSE: ENBL) announced FERC's approval for the Gulf Run Pipeline project, enabling natural gas transport from key U.S. regions to the Gulf Coast. Supported by a 20-year commitment for 1.1 Bcf/d from Golden Pass LNG, the 42-inch pipeline boasts a capacity of 1.7 Bcf/d. The project, estimated at $540 million, utilizes existing assets to minimize costs and environmental impact, with operations expected by late 2022. This milestone positions ENBL favorably amidst rising global LNG demand.
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.
Cushing Asset Management and Swank Capital announced a change to The Cushing® 30 MLP Index. Following a merger agreement between Enable Midstream Partners (ENBL) and Energy Transfer (ET), ENBL common units will cease trading by May 10, 2021. A majority of ENBL unitholders have approved the merger. Consequently, Tellurian Inc (TELL) will replace ENBL in the Index after market close on May 7, 2021. The Index tracks 30 midstream energy companies, calculated by S&P Dow Jones Indices.
Cushing Asset Management and Swank Capital announced a change to the Cushing MLP Market Cap Index on April 30, 2021. Enable Midstream Partners (ENBL) and Energy Transfer (ET) have agreed to merge, pending approval from ENBL unitholders. A majority have already consented, allowing the merger to close as early as May 10, 2021. Consequently, ENBL will be replaced by Global Partners (GLP) in the Index after market close on May 7, 2021. No other constituents of the Index will be affected by this change.
Enable Midstream Partners, LP (NYSE: ENBL) has declared a quarterly cash distribution of $0.16525 per unit for the quarter ended March 31, 2021, unchanged from the previous quarter. This will be paid on May 25, 2021, to unitholders of record by May 13, 2021. Additionally, a cash distribution of $0.5873 per unit on Series A Preferred Units was also announced, based on a floating rate derived from LIBOR, to be paid on May 14, 2021, to those on record by April 26, 2021.
Enable Midstream Partners (NYSE: ENBL) is set to release its first quarter 2021 financial results on May 3 before market hours. A conference call will follow at 10 a.m. EDT to discuss the results, accessible via toll-free dial-in at 833-968-1938. Enable operates an extensive array of natural gas and crude oil infrastructure assets, boasting around 14,000 miles of pipelines, a processing capacity of 2.6 Bcf/d, and significant natural gas storage capabilities. Further details will be available on Enable's investor relations page.
Energy Transfer (NYSE: ET) and Enable Midstream (NYSE: ENBL) announced the approval of their merger by the two largest Enable unitholders, CenterPoint Energy and OGE Energy, which collectively hold approximately 79% of Enable's common units. While these consents suffice for the merger, Enable is seeking additional approval from all common unitholders. The deal is expected to close in mid-2021, pending standard closing conditions, including regulatory clearance.
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.
OGE Energy Corp. supports the merger between Energy Transfer LP and Enable Midstream Partners LP, enhancing its position as a pure-play electric utility. The merger will allow OGE to exit its midstream investment and focus on its electric infrastructure, with expectations of increased liquidity and shareholder value. Energy Transfer will acquire Enable's LP units at a 0.8595x exchange ratio, and OGE will receive $30 million from CenterPoint Energy. Financial details will be discussed in an upcoming earnings call on February 25, 2021.
