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.
EnLink Midstream declared a cash distribution of $0.125 per common unit for Q1 2023, unchanged from the previous quarter. This distribution will be paid on May 12, 2023, to unitholders on record as of April 28, 2023. The company will also hold a webcast and conference call on May 3, 2023, at 8 a.m. Central time, to discuss its earnings for the first quarter. The quarterly report and earnings press release will be available after market close on May 2, 2023. EnLink Midstream is committed to operational excellence and financial flexibility, focusing on natural gas and other midstream services across key U.S. production basins.
On March 30, 2023, EnLink Midstream announced the pricing of $300 million in additional 6.500% senior notes due 2030, priced at 99.000% of face value. This offering adds to the existing $700 million of the same series issued on August 31, 2022. The additional notes will share the same indenture and terms as the initial notes and are guaranteed by EnLink Midstream Partners, LP. Proceeds will be used to repay existing borrowings under its revolving credit facility. The offering is limited to qualified institutional buyers in accordance with Rule 144A and not registered under the Securities Act.
On March 30, 2023, EnLink Midstream announced plans to offer $300 million of 6.500% senior notes due 2030, pending market conditions. This offering is an addition to the existing $700 million senior notes issued on August 31, 2022. The Additional Notes will share the same terms as the Initial Notes and will be fully guaranteed on a senior basis by EnLink Midstream Partners, LP. Proceeds from the offering will be used to repay outstanding borrowings under their revolving credit facility. The offering is aimed at qualified institutional buyers and will not be registered under the Securities Act.
On March 15, 2023, EnLink Midstream (NYSE: ENLC) announced the appointment of Matthew C. Harris as Chairman of its Board of Directors, effective March 24, 2023. Harris returns to the Board after previously serving as a director from July 2018 to January 2019. He will replace William J. Brilliant and oversee the Governance and Compensation Committee. Leldon E. Echols will serve as Lead Independent Director. Harris, a Founding Partner of Global Infrastructure Partners, brings extensive experience in energy investments and strategy, which is expected to bolster EnLink's growth in traditional and carbon transportation sectors.
EnLink Midstream, LLC (NYSE: ENLC) filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission on February 15, 2023. The report can be accessed on EnLink's Investors website, where unitholders can also request a hard copy of the audited financial statements. EnLink operates within integrated midstream infrastructure, providing services for natural gas, crude oil, and carbon capture. The company aims to uphold financial flexibility and operational excellence while focusing on sustainable growth.
EnLink Midstream reported a record net income of $194.2 million for Q4 2022 and $500.7 million for the full year. Adjusted EBITDA reached $337.2 million in Q4 and $1.285 billion for 2022, up 22% year-over-year. Despite a $11 million negative impact from severe weather and downtime, the company generated $55.1 million in free cash flow after distributions (FCFAD) for Q4, totaling $312.4 million for the year. EnLink increased its quarterly distribution by 11% to $0.125 per unit and repurchased $53 million in common units. 2023 guidance projects adjusted EBITDA growth of 5% over 2022.
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