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 reported a net loss of $124 million for Q4 2020 but generated robust cash flows, exceeding adjusted EBITDA and free cash flow guidance. The company achieved a 29% profit growth in its Permian segment year-over-year and reduced leverage to 4.1x. Despite significant actions to stabilize finances, EnLink anticipates a net income of $45-$105 million for 2021, with an adjusted EBITDA forecasted between $940-$1,000 million. The company aims to enhance sustainability and reduce emissions while maintaining strong cash flow across all segments.
EnLink Midstream has declared a cash distribution of $0.09375 per common unit for Q4 2020, unchanged from Q3 2020. This distribution will be paid on February 12, 2021, to unitholders of record on February 1, 2021. The company will host a conference call on February 17 at 8 a.m. Central time to discuss its Q4 and full-year 2020 earnings, along with guidance for 2021. The quarterly report will be available after market close on February 16.
On December 23, 2020, EnLink Midstream announced the appointment of two new directors to its Board, Richard P. Schifter and Scott E. Telesz. Schifter, a senior advisor at TPG, replaces Christopher Ortega, while Telesz, from GIP, takes over for the retiring William A. Woodburn. Both new directors bring extensive expertise and strategic experience to the board. The total number of directors remains at 10. EnLink’s Chairman Barry E. Davis expressed confidence in their contributions to the company’s future.
EnLink Midstream announced the pricing of $500 million in 5.625% senior notes due January 2028, at 100% of face value. The notes will be fully guaranteed by EnLink Midstream Partners, LP and are set to close on December 17, 2020. Proceeds will be used to reduce a portion of an $850 million term loan due in December 2021. The offering is aimed at qualified institutional buyers under Rule 144A of the Securities Act, and registration is not available under the Securities Act.
EnLink Midstream, LLC announced plans to offer $500 million in senior notes due January 2028, subject to market conditions. These notes will be guaranteed by EnLink Midstream Partners, LP. The proceeds will be utilized to repay part of an $850 million term loan due in December 2021. The offering targets qualified institutional buyers under Rule 144A and Regulation S, with no registration under the Securities Act.
EnLink Midstream announced participation in key investor conferences: the RBC Capital Markets Midstream and Energy Infrastructure Conference on November 18, 2020, and the Wells Fargo Midstream and Utility Symposium on December 8-9, 2020. The company’s third-quarter 2020 presentation is available for download on www.EnLink.com. EnLink operates a robust midstream platform focused on natural gas, crude oil, and NGL capabilities across premier production basins, ensuring long-term value creation for stakeholders.
EnLink Midstream reported a strong Q3 2020 with a net income of $39.2 million and net cash from operating activities of $244.2 million. The company achieved adjusted EBITDA of $261.6 million, unchanged year-over-year, and expects to exceed its full-year adjusted EBITDA guidance. Notably, EnLink announced a $100 million common unit repurchase program to enhance shareholder value. With strong performance across segments, particularly in Permian and Oklahoma, EnLink continues to demonstrate resilience amid market volatility.
EnLink Midstream, LLC (NYSE: ENLC) announced a $250 million accounts receivable financing facility with PNC Bank. This facility will enhance financial flexibility by repaying outstanding borrowings on the company's revolving credit facility. EnLink aims to utilize this financing to support its capital structure and de-lever its balance sheet, aiming to repay a $850 million term loan by the end of 2021. Current net debt has decreased by about $145 million, and borrowings under EnLink's revolving credit facility are approximately $75 million.
EnLink Midstream announced a third-quarter 2020 cash distribution of $0.09375 per common unit, consistent with the previous quarter. This distribution will be paid on November 13, 2020 to unitholders recorded by October 30, 2020. EnLink emphasizes its focus on long-term, sustainable value creation through its midstream platform, providing essential services across premier production areas. This announcement reflects the company's commitment to maintaining consistent returns for its investors amid market fluctuations.
EnLink Midstream will host a webcast and conference call on November 5 at 8 a.m. CT to discuss its third quarter 2020 financial and operational results. The earnings call can be accessed by dialing 1-855-656-0924 in the U.S. or 1-412-542-4172 for international participants. An archived replay will be available on EnLink's Investors page post-event. The third quarter report and press release will be released after market close on November 4. Further details will be communicated prior to the event.
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?
