Welcome to our dedicated page for ENLINK MIDSTREAM news (Ticker: ENLC), a resource for investors and traders seeking the latest updates and insights on ENLINK MIDSTREAM stock.
EnLink Midstream, LLC (NYSE: ENLC) is a prominent, integrated midstream company providing tailored customer solutions across North America's prolific oil and gas regions. Formed in 2014 through a strategic combination of Devon Energy's midstream assets and Crosstex Energy, EnLink has become a leading entity with enhanced size and scale in key operating regions.
Headquartered in Dallas, EnLink's expansive infrastructure network includes gathering, processing, fractionation, transportation, and logistics assets located in the Gulf Coast, Permian Basin, STACK, Cana, Arkoma-Woodford, North Texas, Haynesville, Utica, Marcellus, and Eagle Ford. The company is committed to delivering growth and unlocking value for customers, employees, and investors through its diversified assets and strategic relationships.
EnLink's operations are segmented into key areas such as the Permian Basin, North Texas, Oklahoma, Louisiana, and Corporate. The Louisiana segment generates the maximum revenue, featuring natural gas pipelines, processing plants, storage facilities, fractionation facilities, and NGL assets.
In recent developments, EnLink has made significant strides in carbon capture and sequestration (CCS) projects, highlighting their commitment to reducing greenhouse gas emissions. For instance, their partnership in the Barnett Zero project marks one of the first commercial CCS operations in the U.S., aiming to sequester up to 210,000 metric tons of CO2 annually.
EnLink continues to demonstrate financial resilience and strategic growth. Their quarterly distribution for the first quarter of 2024 remains solid at $0.1325 per common unit. The company also completed a $250 million common unit repurchase program in 2023 and has authorized a new $200 million repurchase plan for 2024.
For more updates and detailed financial information, visit the EnLink Midstream Investor page.
ONEOK (NYSE: OKE) has announced a definitive merger agreement to acquire all outstanding publicly held common units of EnLink Midstream (NYSE: ENLC) for $4.3 billion in ONEOK common stock. The tax-free transaction will convert each EnLink unit into 0.1412 shares of ONEOK common stock, based on EnLink's closing price of $15.75 per unit. ONEOK will issue approximately 37.0 million shares, representing about 6.0% of total shares outstanding post-transaction. The merger, expected to close in Q1 2025, requires approval from EnLink unitholders, with ONEOK already committed to vote its 44% stake in favor. This follows ONEOK's recent acquisition of Global Infrastructure Partners' interest in EnLink for $3.3 billion.
ONEOK (NYSE: OKE) has agreed to sell its three wholly owned interstate natural gas pipeline systems to DT Midstream for $1.2 billion in cash. The transaction includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems. The purchase price represents 10.8x previous 12-month EBITDA as of June 30, 2024. The deal, expected to close in Q4 2024, aims to enhance ONEOK's capital allocation priorities and support its deleveraging target of 3.5x by 2026. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.
ONEOK Foundation has donated $100,000 to the North Dakota Stockmen's Association (NDSA) and Foundation's Out of the Ashes Wildfire Disaster Relief Program, bringing the total relief fund to $723,114.56. The program aims to support cattle producers affected by recent North Dakota wildfires that devastated approximately 126,000 acres in early October. The relief fund will provide financial assistance for losses in pasture, hay, fencing, building structures, and livestock. Several ONEOK employees participated as first responders and volunteer firefighters during the emergency. The program is accepting donations through the North Dakota Stockmen's Foundation to support ongoing recovery efforts.
ONEOK (NYSE: OKE) announces its participation in the BofA Securities Global Energy Conference on November 13, 2024, in Houston. The company's management team will engage in a fireside chat session at 2:20 p.m. Eastern Time. The session will be webcast live and available for replay on ONEOK's website.
ONEOK operates as a leading midstream company with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, NGLs, refined products, and crude oil. As of October 15, 2024, ONEOK owns 43% of EnLink Midstream's outstanding common units and serves as its managing member.
EnLink Midstream (ENLC) reported strong Q3 2024 financial results with net income of $43.1 million and operating cash flow of $260.1 million. The company generated adjusted EBITDA of $345.0 million and delivered $122.4 million in free cash flow after distributions. Key developments include securing additional 200,000 MMBtu/d of long-term gas transportation capacity in Louisiana, repurchasing $45.4 million of common units, and receiving a credit rating upgrade to 'BBB' from S&P Global. EnLink remains on track to achieve the midpoint of its 2024 adjusted EBITDA guidance range of $1.31-1.41 billion, with FCFAD expected to reach the upper end of $265-315 million guidance.
ONEOK (NYSE: OKE) has completed the acquisition of Medallion Midstream from Global Infrastructure Partners for $2.6 billion in cash. The acquisition includes the largest privately held crude oil gathering and transportation system in the Permian's Midland Basin, comprising over 1,200 miles of crude oil gathering pipelines with 1.3 million barrels per day capacity and 1.5 million barrels of crude oil storage. The assets connect with ONEOK's existing long-haul crude oil pipelines, enabling commercial synergies and expanding the company's Permian Basin platform.
ONEOK (NYSE: OKE) reported strong Q3 2024 results with net income of $693 million ($1.18 per diluted share) and adjusted EBITDA of $1.55 billion. The company increased its 2024 financial guidance for the second time, with consolidated guidance including EnLink and Medallion contributions showing net income midpoint of $2.995 billion and adjusted EBITDA midpoint of $6.625 billion. Performance was driven by 7% increase in Rocky Mountain region NGL throughput, 5% increase in natural gas volumes, and 22% increase in Natural Gas Pipelines segment adjusted EBITDA. The company completed a $7 billion senior notes offering and acquired GIP's 43% stake in EnLink Midstream for $3.3 billion.
EnLink Midstream, (NYSE: ENLC) has announced the schedule for its third quarter 2024 earnings release. The company will issue its earnings press release and post an investor presentation on its website at Investors.EnLink.com after market close on Wednesday, November 6, 2024. EnLink has stated that it will not hold a conference call for this earnings release. The company has also noted that all dates and times are subject to change.
ONEOK, Inc. (NYSE: OKE) has declared a quarterly dividend of 99 cents per share, unchanged from the previous quarter. This results in an annualized dividend of $3.96 per share. The dividend is payable on Nov. 14, 2024, to shareholders of record at the close of business on Nov. 1, 2024.
ONEOK is a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids (NGLs), refined products, and crude oil. The company is also the managing member of EnLink Midstream, (NYSE: ENLC), owning 43% of EnLink's outstanding common units.
EnLink Midstream (NYSE: ENLC) announced changes to its Board of Directors following ONEOK's acquisition of Global Infrastructure Partner's (GIP) 43% equity interest in ENLC and EnLink Manager. Three new directors from ONEOK have been appointed:
1. Pierce H. Norton II - Board Chairman and Chairman of Governance and Compensation Committee
2. Walter S. Hulse III - Member of Sustainability Committee
3. Lyndon C. Taylor - Member of Governance and Compensation Committee
These appointments reflect ONEOK's new controlling interest. Leldon E. Echols remains as Lead Independent Director. The departing directors are Matthew C. Harris, Benjamin M. Daniel, and Scott E. Telesz from GIP. EnLink's CEO, Jesse Arenivas, expressed gratitude for GIP's contributions and welcomed the new ONEOK directors, highlighting their extensive midstream and energy experience.
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