EnLink Midstream Reports First Quarter 2023 Results.

DALLAS: EnLink Midstream, LLC (NYSE: ENLC) (EnLink) reported financial results for the first quarter of 2023.

Highlights

Reported net income of $94.2 million and net cash provided by operating activities of $272.1 million for the first quarter of 2023.

Generated adjusted EBITDA, net to EnLink, of $323.7 million for the first quarter of 2023. The lingering impact from severe winter weather throughout Texas and Oklahoma, along with unscheduled downtime after an earthquake in the Permian, late in the fourth quarter of 2022 adversely impacted first quarter of 2023 adjusted EBITDA by approximately $6 million.

Grew first quarter of 2023 adjusted EBITDA 6% compared to the first quarter of 2022.

Repurchased approximately $50 million of common units in the first quarter of 2023. EnLink is on pace to complete the 2023 unit repurchase authorization of $200 million.1

Subsequent to the quarter, EnLink completed a $300 million tack-on offering to the 2030 notes. Taken together with the $400 million interest rate swap executed in January, these financing activities reduce EnLink's exposure to interest rate fluctuations and increase available liquidity.

"EnLink's momentum from 2022 is carrying through into 2023, resulting in a solid first quarter marked by strong activity across each of our segments," EnLink Chief Executive Officer Jesse Arenivas said. "We continue to see solid activity across each of our systems, and we remain well positioned to achieve the midpoint of our adjusted EBITDA guidance, driven by our largest segment, the Permian.

"The growth in our gathering and processing platforms helps drive our Louisiana business, including our Carbon Solutions segment. EnLink has a clear line of sight to succeed through the energy transition by capitalizing on our existing Louisiana pipeline network and expertise to become the CO2 transporter of choice in the state. We expect to announce more carbon transportation commercial success in 2023 and beyond, as we see the state's business development spurred by its support for innovative climate reduction strategies like carbon capture and sequestration."

Adjusted EBITDA and FCFAD used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.

1Includes $23.2 million of common units repurchased from GIP pursuant to our Unit Repurchase Agreement, which settled on May 1, 2023.

First Quarter 2023 Financial Results and Highlights

$MM, unless noted

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