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.
BKV and EnLink Midstream have announced a partnership to develop a carbon capture and sequestration (CCS) project in the Barnett Shale region of North Texas. The project aims to begin operations by the end of 2023, with plans to become one of the first permanent commercial sequestration projects in the U.S. BKV's CEO stated that this initiative will help achieve net-zero green natural gas production. EnLink's chairman emphasized the project's goal of significantly reducing carbon emissions, aligning with their 2030 emissions intensity reduction target.
EnLink Midstream has announced its agreement to acquire North Texas gathering and processing assets from Crestwood Equity Partners for $275 million, pending regulatory approval. This acquisition aligns with EnLink's strategy to enhance operational synergies and redeploy assets to other areas, promising attractive transaction economics with an expected 4.0x EBITDA multiple and high-teens unlevered returns. The assets will boost EnLink's position in the Barnett Shale, reduce capital expenditures, and improve emission intensity through electric compression.
Crestwood Equity Partners LP (NYSE: CEQP) announced strategic transactions to acquire Sendero Midstream Partners for $600 million and First Reserve's 50% interest in Crestwood Permian for $320 million. This increases Crestwood's natural gas processing capacity in the Delaware Basin and is expected to generate $190-$200 million in adjusted EBITDA for 2023, contributing about 20% to overall cash flow. The divestiture of Barnett Shale assets for $275 million supports asset optimization. The transactions maintain a strong balance sheet while enhancing operational synergies and cash flow.
WhiteWater, EnLink Midstream (NYSE: ENLC), Devon Energy (NYSE: DVN), and MPLX LP (NYSE: MPLX) have finalized the investment decision for the Matterhorn Express Pipeline, set to transport 2.5 billion cubic feet of natural gas per day across 490 miles from Texas to Houston. This project aims to enhance gas transportation from the Permian Basin and is expected to be operational by Q3 2024, subject to regulatory approvals. The partnership emphasizes increasing production capacity while minimizing flared volumes in West Texas.
EnLink Midstream reported strong first quarter 2022 results, with net income of $66 million and adjusted EBITDA of $304.3 million, up 22% YoY. The company generated $307.7 million in net cash from operations and $104.9 million in free cash flow after distributions. EnLink raised its full-year guidance, now expecting net income of $315-$375 million and adjusted EBITDA of $1.19-$1.25 billion. The company plans $325-$365 million in capital expenditures, emphasizing growth in its carbon capture and transportation business through a new agreement with Oxy Low Carbon Ventures.
EnLink Midstream and Oxy Low Carbon Ventures have signed a letter of intent for a Transportation Services Agreement to transport CO2 along the Mississippi River in Louisiana. EnLink will leverage existing and new pipeline infrastructure to facilitate this service, linking industrial emitters to OLCV's sequestration facility in Livingston Parish. The corridor is noted for its high industrial CO2 emissions. This collaboration aims to advance carbon management solutions and align with net-zero goals.
EnLink Midstream announced a cash distribution of $0.1125 per common unit for Q1 2022, consistent with the previous quarter. The distribution is payable on May 13, 2022, to unitholders of record on April 29, 2022. Additionally, the company will hold a conference call on May 4, 2022, at 8 a.m. CT to discuss its Q1 earnings. The quarterly report will be available on the company's website after market close on May 3, 2022.
EnLink Midstream has expanded its Carbon Solutions Group by appointing Robert "Bob" Purgason as Managing Director. Purgason, a seasoned energy expert with over 40 years of industry experience, is expected to leverage his extensive connections and business development skills to enhance EnLink's carbon capture, transportation, and sequestration (CCS) initiatives. Chairman and CEO Barry Davis emphasized the importance of strategic leadership in scaling the CCS business, which is seen as a significant opportunity in the energy transition.
EnLink Midstream (NYSE: ENLC) has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2021, with the SEC. The complete report is available on their website under the 'Investors' section. Unitholders can request a free hard copy of the audited financial statements. EnLink operates a differentiated midstream platform focused on creating long-term value through natural gas and crude oil services in key production areas like the Permian Basin and Gulf Coast. The company emphasizes financial strength and execution excellence.
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?
