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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 (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.
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.
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