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.
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.
EnLink Midstream (NYSE: ENLC) announced a quarterly distribution of
EnLink Midstream has announced the appointment of Benjamin D. Lamb as Executive Vice President and Chief Financial Officer, and Walter Pinto as Executive Vice President and Chief Operating Officer as of November 28, 2022. Lamb brings valuable experience from his previous roles and will oversee capital allocation decisions, while Pinto aims to enhance operational efficiency. Furthermore, the company will appoint a new Chief Commercial Officer to lead business development, reporting directly to CEO Jesse Arenivas until then. This restructuring is designed to capitalize on growth opportunities.
EnLink Midstream reported record financial results for Q3 2022, achieving a net income of $116.6 million and adjusted EBITDA of $343.4 million, marking a 34% increase year-over-year. The company anticipates ending 2022 at the top of its adjusted EBITDA guidance, ranging from $1.25 billion to $1.29 billion. EnLink generated $84.9 million in free cash flow post-distributions and repurchased $72 million of common units. A significant transportation service agreement with ExxonMobil for carbon dioxide delivery was also signed, reinforcing EnLink’s competitive advantage in its pipeline network.
EnLink Midstream has declared a cash distribution of $0.1125 per common unit for Q3 2022, maintaining the same rate as the previous quarter. This distribution is scheduled for payment on November 14, 2022, to unitholders on record by October 28, 2022. Additionally, EnLink will host a webcast and conference call on November 2 at 8 a.m. Central time to discuss its earnings report, which will be available after market close on November 1.
EnLink Midstream has signed a transportation service agreement (TSA) with ExxonMobil to utilize its pipeline network for carbon dioxide delivery in Louisiana. The agreement allows for an ultimate capacity of 10 million metric tonnes per year, starting with 3.2 million metric tonnes in early 2025. This project aims to support decarbonization efforts in a region emitting approximately 80 million metric tonnes of CO2 annually. Both companies see this as a vital step toward reducing emissions and meeting environmental goals.
EnLink Midstream announced early tender results for cash tender offers by its subsidiary, EnLink Midstream Partners, LP. The company increased its maximum purchase amount from $500 million to $700 million for certain senior notes due 2024, 2025, and 2026. As of the early tender date, validly tendered amounts included $404 million of 2024 Notes and $490 million of 2025 Notes. The company intends to fund these offers through proceeds from a separate offering of $700 million senior notes due 2030. Final settlements are expected by August 31, 2022.
EnLink Midstream has announced the pricing of its upsized offering of $700 million in 6.500% senior notes maturing in September 2030, closing on August 31, 2022. This offering increased from a previous $500 million target. Proceeds will be used to repurchase existing senior notes due 2024, 2025, and 2026, totaling $500 million. The offering is intended for qualified institutional buyers only and will not be registered under the Securities Act. EnLink aims to strengthen its financial position through this transaction.
FAQ
What is the current stock price of ENLINK MIDSTREAM (ENLC)?
What is the market cap of ENLINK MIDSTREAM (ENLC)?
What does EnLink Midstream do?
Where is EnLink Midstream headquartered?
What regions does EnLink Midstream operate in?
What is the focus of EnLink Midstream's financial strategy?
How is EnLink Midstream contributing to environmental sustainability?
What recent financial achievements has EnLink Midstream announced?
What is the significance of the Louisiana segment for EnLink Midstream?
Who are the key leadership figures at EnLink Midstream?
When was EnLink Midstream formed?
How can investors access EnLink Midstream's financial reports?
