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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 reported strong financial results for Q4 2021, with net income of $88.6 million and adjusted EBITDA of $286.4 million, reflecting robust producer activity. The company achieved free cash flow after distributions of $67.4 million despite a 20% increase in distribution. EnLink anticipates continued growth in 2022, projecting adjusted EBITDA between $1.11 billion and $1.19 billion, and announced a partnership with Talos Energy for carbon capture solutions in Louisiana. The company reduced total debt by $235 million in 2021, marking financial stability.
Talos Energy and EnLink Midstream have signed a memorandum of understanding to jointly develop a CO2 capture, transportation, and sequestration solution in Louisiana. This initiative will target the Mississippi River corridor, a major CO2 emissions area, leveraging EnLink's existing pipeline infrastructure and Talos's River Bend CCS site. The project aims to provide efficient, cost-effective CO2 management for industries in the region, significantly contributing to decarbonization efforts while utilizing Talos's geological expertise and EnLink's midstream capabilities.
On February 15, 2022, EnLink Midstream (NYSE: ENLC) and Talos Energy (NYSE: TALO) announced a memorandum of understanding to develop a comprehensive carbon capture, transportation, and sequestration (CCS) solution in Louisiana. This initiative targets industrial emitters along the Mississippi River corridor, leveraging EnLink's 4,000-mile pipeline network and Talos's River Bend CCS site with over 500 million metric tonnes of sequestration capacity. The collaboration aims to reduce emissions and accelerate decarbonization in a key industrial region.
EnLink Midstream announced a quarterly distribution of $0.1125 per common unit for Q4 2021, reflecting a 20% increase from the previous quarter. The distribution is scheduled for payment on February 11, 2022, to unitholders of record by January 31, 2022. Additionally, a webcast and conference call will be held on February 16, 2022, at 8 a.m. CT to discuss Q4 and full-year 2021 earnings and 2022 financial guidance. The company emphasizes its commitment to sustainable value creation across its midstream platform.
EnLink Midstream has appointed Tiffany (TJ) Thom Cepak to its Board of Directors. With extensive experience in the oil and gas industry, including roles in engineering, operations, and finance, Cepak will contribute valuable insights into the energy transition, particularly in carbon capture and growth opportunities. Her appointment expands the Board to nine directors, with two women. Cepak's background includes serving as CFO for multiple energy companies and holding engineering positions at Exxon Mobil. This strategic move aims to enhance EnLink's governance as it strives for sustainable value creation.
EnLink Midstream announced an increase in its quarterly distribution to $0.1125 per common unit, representing a 20% rise compared to Q3 2021. This change, effective from the fourth quarter, follows robust free cash flow generation and a strengthened balance sheet. Additionally, EnLink plans to refresh its common unit repurchase program, maintaining a buyback authority of $100 million, with approximately 6.5 million units repurchased at an average cost of $6.38 per unit. The company redeemed 3,300,330 Series B preferred units for $50 million.
EnLink Midstream reported third-quarter 2021 results, with a net income of $32.3 million and net cash from operating activities of $197 million. Adjusted EBITDA reached $256.4 million, surpassing internal expectations despite a $4 million impact from Hurricane Ida. The company anticipates 2021 net income to be between $125 and $165 million and adjusted EBITDA towards the higher end of $1.02 to $1.06 billion. Notable projects include the completion of Project War Horse and the initiation of Project Phantom, enhancing processing capacity.
EnLink Midstream declared a quarterly cash distribution of $0.09375 per common unit for Q3 2021, unchanged from Q2 2021. This distribution will be paid on November 12, 2021, to unitholders of record on November 1, 2021. Additionally, a conference call is scheduled for November 3, 2021, at 8 a.m. CT to discuss Q3 earnings, with an archived replay available on their website.
EnLink operates a reliable midstream platform across key U.S. oil and gas regions, focusing on creating long-term value.
EnLink Midstream (NYSE: ENLC) has donated 50,000 gallons of propane to assist residents of Southeast Louisiana affected by Hurricane Ida. In collaboration with O'Nealgas and the Louisiana Association of Business and Industry Foundation, the propane is being delivered to first responders and local residents to help power generators and support recovery efforts. EnLink's Chairman and CEO, Barry E. Davis, emphasized the company's commitment to aiding the community, highlighting its long-standing presence in Louisiana. The donation was received positively by local leaders, marking a significant contribution to recovery efforts.
EnLink Midstream (NYSE: ENLC) announced its participation in several upcoming virtual investor conferences. Key executives, including CEO Barry E. Davis and CFO Pablo G. Mercado, will present at the Citi One-on-One Midstream / Energy Infrastructure Conference on August 18-19, 2021. Scott Goldberg from the EnLink Carbon Solutions Group is scheduled to present at the Jefferies ESG Summit on September 1. Following that, Davis and Mercado will be involved in sessions at the Barclays CEO Energy-Power Conference on September 9. EnLink's quarterly report for Q2 2021 is available on its investors' page.
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