EnLink Midstream, LLC has released its financial results for the first quarter of 2024, showcasing a solid performance across various metrics.
The highlights of the report include:
- Reported net income of $50.0 million and net cash provided by operating activities of $293.3 million for the first quarter of 2024.
- Generated adjusted EBITDA, net to EnLink, of $337.7 million for the first quarter of 2024, representing a growth of 4.3 percent compared to the first quarter of 2023.
- Delivered $74.0 million of free cash flow after distributions for the first quarter of 2024.
- Executed the first project in Phase 2 of Louisiana gas expansion, aimed at meeting customer needs in eastern Louisiana. The “Henry Hub to the River” project, scheduled for completion in the fourth quarter of 2025, involves additional compression to enhance capacity by approximately 210 million cubic feet per day
- Repurchased approximately $50.0 million of common units in the first quarter of 2024, with plans to complete the 2024 unit repurchase authorization of $200 million.
EnLink’s chief executive officer, Jesse Arenivas, expressed satisfaction with the quarter’s performance, attributing it to the resilience of EnLink’s assets and the diversified nature of its business. He highlighted the progress made in EnLink’s Louisiana segment, particularly with the execution of Phase 2 of the Louisiana growth strategy, the “Henry Hub to the River” project. Arenivas emphasized that such projects leverage EnLink’s existing footprint to drive high returns for the company.
Segment Updates for the First Quarter of 2024:
Permian Basin: Segment profit for the first quarter of 2024 was $89.0 million, with notable impacts from winter weather and a one-time utility expense. Despite sequential and yearly decreases in certain volumes, EnLink continues to benefit from strong producer drilling and completion activity.
Louisiana: Segment profit for the first quarter of 2024 was $110.4 million, driven by seasonal effects and market volatility. EnLink executed Phase 2 of the Louisiana gas market expansion with the “Henry Hub to the River” project, expected to increase natural gas supply to the Mississippi River corridor.
Oklahoma: Segment profit for the first quarter of 2024 was $85.7 million, impacted by lower volumes from winter weather and a one-time contract reset.
North Texas: Segment profit for the first quarter of 2024 was $59.8 million, also affected by lower volumes from winter weather and a one-time contract reset.
EnLink’s financial results demonstrate its commitment to delivering value to shareholders while strategically expanding its operations to meet evolving market demands.
For more information visit www.investors.enlink.com
