EnLink Midstream has announced an increase to its financial guidance for full-year 2021 following continued commodity price strength and an increasing of producer activity.
Net Income guidance is increasing $60m to $135m at the midpoint. Adjusted pre-tax earnings guidance is increasing approximately 7% at the midpoint to $1.04bn from $970m. EnLink now forecasts to generate $350m in free cash flow after distributions at the midpoint of the guidance range.
“We are pursuing exciting growth opportunities in the Permian and Louisiana, as well as experiencing improved activity in Oklahoma and North Texas,” said Barry E. Davis, EnLink chairman and CEO. “Coupled with our commitment to capital efficiency and execution excellence, these opportunities have resulted in a substantial increase to our 2021 EBITDA and free cash flow outlook.”
The midstream provider also announced the formation of the EnLink Carbon Solutions group to pursue energy transition opportunities, including projects in carbon capture, use, and sequestration (CCUS).
EnLink has the largest intrastate network in Louisiana, which connects it to industrial customers in one of the areas with the highest concentrations of C02 emissions in the nation. It is uniquely positioned to launch CCUS ventures that will move EnLink and its industrial partners toward mutually beneficial decarbonization goals that support the global energy transition.
EnLink and its predecessors have decades of experience operating in Louisiana. EnLink Carbon Solutions will build upon longstanding customer relationships by developing carbon solutions service offerings that are mutually beneficial for EnLink, its customers, and the State of Louisiana. The group will specifically focus on opportunities for additional assets and service offerings that are tailored to meet energy demand and are supportive of the ongoing energy transition.
EnLink has appointed Scott Goldberg as the leader of the Carbon Solutions Group. Goldberg joined EnLink over a decade ago and has a background in engineering, legal, and corporate development that will be well suited to developing opportunities in his new role.
For more information visit: www.enlink.com