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 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.
EnLink Midstream (NYSE: ENLC) announced cash tender offers through its subsidiary, EnLink Midstream Partners, LP (ENLK), to purchase up to $500 million of its senior notes due 2024, 2025, and 2026, totaling $2.3 billion in outstanding notes. The offers aim to reduce outstanding debt and are funded through a new $500 million senior note issuance due 2030. The tender offers expire on September 13, 2022, with early tender submissions due by August 29, 2022. Conditions for the offers include successful completion of the new note issuance.
EnLink Midstream has announced a proposed offering of $500 million in senior notes due 2030 to fund the repurchase of existing senior notes totaling $500 million. The initiative aims to consolidate debts with 4.40%, 4.15%, and 4.85% interest rates, which are due in 2024, 2025, and 2026, respectively. The offering is contingent upon market conditions and is available only to qualified institutional buyers under Rule 144A of the Securities Act. The company is committed to maintaining a strong financial foundation as it navigates market uncertainties.
EnLink Midstream reported a second-quarter 2022 net income of $123.9 million and adjusted EBITDA of $299.7 million, marking a 16% increase year-over-year. The company raised its full-year guidance for net income to $390-$430 million and adjusted EBITDA to $1.25-$1.29 billion. EnLink generated $67.5 million in free cash flow after distributions and repurchased $52 million in common units. The acquisition of North Texas assets for $275 million is expected to yield operational synergies. With anticipated growth in 2023, EnLink plans to invest $300-$330 million in growth capital projects.
EnLink Midstream (NYSE: ENLC) declared a quarterly cash distribution of $0.1125 per common unit for Q2 2022, consistent with Q1 2022. This distribution will be paid on August 12, 2022, to unitholders of record by July 29, 2022. Furthermore, the company will host a conference call on August 4, 2022, at 8 a.m. CT, to discuss its Q2 earnings. Additional details can be accessed on EnLink's website following their quarterly report on August 3, 2022.
EnLink Midstream announced the upcoming retirement of Chairman and CEO Barry Davis on June 20, 2022, after over 25 years in leadership. Jesse Arenivas, previously with Kinder Morgan, will succeed him as CEO. Leldon E. Echols will take over as Chairman of the Board. Under Davis, EnLink grew significantly, projecting $1.2 billion in adjusted EBITDA for 2022, up from $15 million at its IPO in 2002. The management transition aims to ensure continuity and enhance EnLink's focus on energy transition opportunities.
Honeywell (HON) and EnLink Midstream (ENLC) are collaborating to develop carbon capture solutions targeting industrial CO2 emissions along the Louisiana Gulf Coast. The partnership will leverage Honeywell's advanced carbon capture technology and EnLink's pipeline infrastructure for efficient CO2 transportation and sequestration. A feasibility study will assess retrofitting Honeywell's Louisiana facilities to integrate this solution. The initiative aligns with Honeywell's commitment to carbon neutrality by 2035, aiming to significantly reduce environmental impacts in a key industrial region.
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