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 has successfully completed its acquisition of Global Infrastructure Partners' (GIP) entire interest in EnLink Midstream, for approximately $3.3 billion. The acquisition includes 43% of EnLink's outstanding common units at $14.90 per unit and 100% of the interests in the managing member for $300 million. This strategic move expands ONEOK's integrated assets in key production basins, including the Permian Basin, and establishes a new asset position in Louisiana.
With this transaction, ONEOK gains control of EnLink's managing member and has appointed new board members. The company intends to pursue the acquisition of the publicly held common units of EnLink in a tax-free transaction. The combined asset bases are expected to enhance synergies, reduce leverage, and increase accretion to ONEOK shareholders. EnLink will become a consolidated subsidiary of ONEOK for GAAP financial reporting purposes, while both companies' stocks will continue to be publicly traded on the NYSE.
EnLink Midstream (NYSE: ENLC) has declared its quarterly distribution for the third quarter of 2024. The company's Board of Directors has approved a cash distribution of $0.1325 per common unit, which remains unchanged from the previous quarter. This distribution will be paid on November 14, 2024, to unitholders of record as of November 1, 2024.
EnLink Midstream, (NYSE: ENLC) has announced that its subsidiary, EnLink Midstream Partners, LP (ENLK), will redeem all of its 6.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units on September 17, 2024. The redemption price is set at $1,008.28 per unit, which includes accumulated and unpaid distributions up to the redemption date. ENLC plans to finance this redemption using borrowings from its revolving credit facility. This move signifies a strategic financial decision by EnLink Midstream to manage its capital structure and potentially reduce its overall cost of capital.
ONEOK (NYSE: OKE) has announced two major acquisitions valued at $5.9 billion, significantly expanding its presence in the Permian Basin and other key regions. The company will acquire Global Infrastructure Partners' (GIP) 43% stake in EnLink Midstream (NYSE: ENLC) for $3.3 billion and Medallion Midstream for $2.6 billion. These transactions are expected to be immediately accretive to earnings per share and free cash flow, while maintaining ONEOK's strong investment-grade credit ratings.
The acquisitions will establish a fully integrated Permian Basin platform at scale, expand ONEOK's footprint in the Mid-Continent, North Texas, and Louisiana, and provide significant synergies through complementary asset positions. ONEOK anticipates annual synergies of $250-450 million within three years. The company also intends to pursue a tax-free acquisition of the publicly held interests in EnLink following the closing of these transactions.
EnLink Midstream, (NYSE: ENLC) has announced the pricing of $500 million aggregate principal amount of its 5.650% senior notes due 2034 at 99.618% of face value. The sale is expected to settle on August 15, 2024, subject to customary closing conditions. The notes will be fully guaranteed by EnLink Midstream Partners, LP (ENLK). ENLC plans to use the net proceeds for general purposes, including repaying borrowings under the revolving credit facility and accounts receivable securitization facility, partly used to purchase ENLK's Series B Cumulative Convertible Preferred Units on August 5, 2024. BofA Securities, Citigroup Global Markets, Mizuho Securities USA, and RBC Capital Markets are acting as joint book-running managers for the offering.
EnLink Midstream, (NYSE: ENLC) has announced its intention to offer senior notes in an underwritten public offering, subject to market conditions. The notes will be fully guaranteed by EnLink Midstream Partners, LP (ENLK), a subsidiary of ENLC. The net proceeds will be used for general purposes, including repaying borrowings under the revolving credit facility and the accounts receivable securitization facility. Part of these borrowings were used to purchase ENLK's outstanding Series B Cumulative Convertible Preferred Units on August 5, 2024.
BofA Securities, Citigroup Global Markets, Mizuho Securities USA, and RBC Capital Markets are acting as representatives and joint book-running managers for the offering. The senior notes and ENLK's guarantee will be offered and sold under an effective shelf registration statement previously filed with the SEC.
EnLink Midstream (NYSE: ENLC) has released its 2023 Sustainability Report, highlighting significant progress in its environmental initiatives. The company announced it has achieved its methane emissions intensity reduction target ahead of schedule, successfully reducing scope 1 methane emissions intensity by 30% from a 2020 baseline. This milestone was reached in late 2023, a full year earlier than initially planned.
The report, available at http://sustainability.enlink.com, provides a comprehensive overview of EnLink's sustainability program and the strides made throughout 2023. It demonstrates the company's commitment to environmental stewardship and its ability to meet and exceed its sustainability goals, positioning EnLink as a leader in responsible energy infrastructure operations.
EnLink Midstream (NYSE: ENLC) reported net income of $67.0 million and adjusted EBITDA of $306.0 million for Q2 2024. The company generated $53.3 million in free cash flow after distributions. Key highlights include:
1. Reached final investment decision on an 8 Bcf expansion of Jefferson Island Storage & Hub.
2. Repurchased $50 million of common units in Q2, totaling $100 million in H1 2024.
3. Increased 2024 common unit repurchase authorization by $50 million to $250 million.
4. Purchased $200 million of Series B preferred units, reducing outstanding amount by nearly 50% since early 2024.
Segment performance varied, with Permian Basin showing growth, Louisiana experiencing seasonal effects, Oklahoma mixed results, and North Texas declining due to a contract reset.
EnLink Midstream (NYSE: ENLC) has announced its quarterly distribution for Q2 2024 and scheduled its earnings call. The company declared a cash distribution of $0.1325 per common unit, unchanged from Q1 2024. This distribution will be paid on August 14, 2024, to unitholders of record on August 2, 2024.
EnLink will host a webcast and conference call on Wednesday, August 7, at 8 a.m. Central time to discuss Q2 2024 earnings. The company's investor presentation and earnings press release will be available on its website after market close on Tuesday, August 6. An archived replay of the webcast will be accessible on EnLink's website for at least 90 days following the event.
EnLink Midstream, (NYSE: ENLC) reported strong financial results for the first quarter of 2024, with net income of $50.0 million and adjusted EBITDA of $337.7 million, up 4.3% from Q1 2023. The company generated $293.3 million in net cash from operating activities and $74.0 million in free cash flow after distributions. EnLink completed the first project in Phase 2 of Louisiana gas expansion, aiming to meet customer needs in eastern Louisiana by the fourth quarter of 2025. The company repurchased $50.0 million of common units in Q1 2024, on pace to fulfill the $200 million repurchase authorization for 2024.
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