The Dallas, Texas-based midstream operator EnLink Midstream reported net income of $9.4m, net cash provided by operating activities of $176.4m, and adjusted pretax earnings, net to EnLink, of $257.5m for the second quarter of 2021, driven by strong producer activity and continued focus on efficiencies.
The company grew its adjusted pretax earnings by 6.5% compared to the second quarter of 2020, after excluding the impact of now expired 2020 minimum volume commitments (MVC).
It continued to focus on operating efficiencies leading to approximately flat operating and G&A expenses in the first half of 2021 compared to the second half of 2020, net of Project War Horse and Winter Storm Uri impacts, while in a growth and inflationary environment.
It experienced increased producer activity during the quarter in EnLink’s Permian and Oklahoma segments as operators responded to the strengthened commodity price environment.
Barry E. Davis, EnLink chairman and CEO, said: “Our vision is to become the future of midstream by leading in innovation and creating sustainable value for EnLink and our unitholders. We took big steps toward achieving this vision with the creation of our Carbon Solutions Group, which will work on decarbonization projects that create compelling business opportunities for EnLink and our industrial partners, while also strengthening EnLink’s leading role in the global energy transition.”
During the second quarter the company published its green ambitions by developing the carbon solutions service offering built on EnLink’s footprint and longstanding customer relationships in Louisiana.
For more information visit: www.enlink.com