EnLink Midstream LLC ( (ENLC) ) has released its Q3 earnings. Here is a breakdown of the information EnLink Midstream LLC presented to its investors.
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EnLink Midstream LLC is a company specializing in integrated midstream infrastructure services, including natural gas, crude oil, and NGLs, as well as CO2 transportation for carbon capture and sequestration, with operations centered in major production basins like the Permian Basin, Louisiana, Oklahoma, and North Texas.
In its latest earnings report for the third quarter of 2024, EnLink Midstream LLC announced a net income of $43.1 million and net cash from operating activities amounting to $260.1 million. The company also reported an adjusted EBITDA of $345 million and free cash flow after distributions of $122.4 million, highlighting a significant repurchase of common units and an expansion in its natural gas transportation capacity.
Key financial highlights include the execution of long-term transportation contracts in Louisiana, anticipated to generate $15 million in annual cash flows, and a continued focus on strategic plant relocations in the Permian Basin. The company also improved its financial structure with the redemption of Series C preferred units and received a credit rating upgrade from S&P Global Ratings post the ONEOK transaction.
In segment-specific performance, EnLink reported varied results across its regions, with the Permian Basin showing substantial growth in natural gas processing and crude gathering volumes, while Louisiana experienced a decline in natural gas liquids fractionation volumes. Oklahoma and North Texas segments also showed mixed results, reflecting strategic adjustments and market conditions.
Looking ahead, EnLink remains on track to achieve its financial guidance targets for 2024, focusing on generating robust free cash flow and maintaining financial flexibility to support its growth strategies and create shareholder value.
