- Achieved higher net income attributable to limited partners,
Adjusted EBITDA and distributable cash flow (DCF) for first quarter
2021 compared to first quarter 2020 due to higher commodity prices,
asset optimization and increased billings related to Winter Storm
Uri
- Fully funded the partnership’s capital program and
distributions for first quarter 2021 while reducing total debt
levels
- Contracted or extended over 250,000 dekatherms per day (Dth/d)
of transportation capacity during first quarter 2021
- Locked in favorable pipe pricing for the Gulf Run Pipeline
project relative to market through strategic sourcing efforts
Enable Midstream Partners, LP (NYSE: ENBL) today announced
financial and operating results for first quarter 2021.
Net income attributable to limited partners was $164 million for
first quarter 2021, an increase of $52 million compared to $112
million of net income for first quarter 2020. Net income
attributable to common units was $155 million for first quarter
2021, an increase of $52 million compared to $103 million of net
income for first quarter 2020. Net cash provided by operating
activities was $223 million for first quarter 2021, an increase of
$23 million compared to $200 million for first quarter 2020.
Adjusted EBITDA was $328 million for first quarter 2021, an
increase of $42 million compared to $286 million for first quarter
2020. DCF was $261 million for first quarter 2021, an increase of
$47 million compared to $214 million for first quarter 2020.
For first quarter 2021, DCF exceeded declared distributions to
common unitholders by $189 million, resulting in a distribution
coverage ratio of 3.63x.
Enable uses derivatives to manage commodity price risk, and the
gain or loss associated with these derivatives is recognized in
earnings. Enable’s net income attributable to limited partners and
net income attributable to common units for first quarter 2021
included a $14 million loss on commodity derivative activity,
compared to a $20 million gain on commodity derivative activity for
first quarter 2020, resulting in a decrease in net income of $34
million. The decrease of $34 million is comprised of a decrease
related to the change in fair value of commodity derivatives of $20
million and a decrease in realized gain on commodity derivatives of
$14 million.
For additional information regarding the non-GAAP financial
measures Gross margin, Adjusted EBITDA, DCF, Adjusted interest
expense and distribution coverage ratio, please see “Non-GAAP
Financial Measures.”
MANAGEMENT PERSPECTIVE
“Our first quarter results highlight the strength of Enable’s
fully integrated midstream platform, which is a vital link between
sources of production and downstream markets,” said Rod Sailor,
president and CEO. “This was demonstrated during Winter Storm Uri
when Enable employees worked with producers and end-users to ensure
that natural gas supply continued to serve demand in critical
areas.
“Looking to the future, Enable continues to be well-positioned
to benefit from improving commodity prices and the pending merger
with Energy Transfer. Teams from both companies are currently
working hard to plan for a seamless integration.”
BUSINESS HIGHLIGHTS
While Enable experienced production curtailments during first
quarter 2021 due to Winter Storm Uri, substantially all production
impacted by the storm is back online, and average daily March
natural gas gathered volumes were approximately 4% higher than the
average daily natural gas gathered volumes for first quarter 2021.
As of April 26, 2021, there were 10 rigs across Enable’s footprint
that were drilling wells expected to be connected to Enable’s
gathering systems. Four of those rigs were in the Anadarko Basin,
five were in the Ark-La-Tex Basin and one was in the Williston
Basin. Producers have an inventory of drilled but uncompleted wells
(DUCs) behind Enable’s gathering systems with 88 DUCs in the
Anadarko Basin, 11 DUCs in the Ark-La-Tex Basin and 82 DUCs in the
Williston Basin. These 181 DUCs provide an inventory of wells
producers can complete without investing drilling capital.
In the transportation and storage segment, Enable contracted or
extended over 250,000 Dth/d of firm transportation capacity in
first quarter 2021 at a volume-weighted average contract life of
over four years. Backed by a firm, five-year commitment, Enable Gas
Transmission, LLC’s MASS project was placed into service April 1,
2021. The project transports natural gas from the Anadarko and
Arkoma Basins to delivery points with access to emerging Gulf Coast
markets and growing demand markets in the Southeast.
Enable continues to advance its Gulf Run Pipeline project, a
project designed to move U.S. natural gas supplies from northern
Louisiana to the Gulf Coast. The planned 42” pipeline scope
provides for approximately 1.7 billion cubic feet per day (Bcf/d)
of capacity, allowing for contracting upside potential beyond the
cornerstone shipper’s 1.1 Bcf/d commitment. As a result of
strategic sourcing efforts, pipe pricing for the project has been
locked in at favorable levels relative to market, and the cost for
the project is currently estimated at approximately $540 million.
The contractor bidding process is expected to begin in the second
quarter of 2021, and the project is anticipated to be placed into
service in late 2022, subject to FERC approval.
ENERGY TRANSFER TRANSACTION
UPDATE
On April 7, 2021, the Securities and Exchange Commission
declared effective the Form S-4 registration statement filed in
connection with Energy Transfer LP’s (NYSE: ET) merger with Enable.
CenterPoint Energy, Inc. and OGE Energy Corp. collectively own
approximately 79% of Enable’s outstanding common units and have
each delivered written consents to approve the merger. While the
consents of CenterPoint Energy, Inc. and OGE Energy Corp. are
sufficient to approve the transaction, all unitholders as of the
record date have the opportunity to return written consents before
the consent deadline.
Enable and Energy Transfer have been working together to plan
for a successful merger of the two companies. The transaction is
expected to close in mid-2021, subject to the satisfaction of
customary closing conditions, including Hart-Scott-Rodino Act
clearance.
QUARTERLY DISTRIBUTIONS
As previously announced, on April 27, 2021, the board of
directors of Enable’s general partner declared a quarterly cash
distribution of $0.16525 per unit on all outstanding common units
for the quarter ended March 31, 2021. The distribution is unchanged
from the previous quarter and represents Enable’s 28th consecutive
quarterly distribution since the partnership’s initial public
offering in April 2014. The quarterly cash distribution of $0.16525
per unit on all outstanding common units will be paid May 25, 2021,
to unitholders of record at the close of business May 13, 2021.
As also previously announced, the board declared a quarterly
cash distribution of $0.5873 per unit on all outstanding Series A
Preferred Units for the quarter ended March 31, 2021. On Feb. 18,
2021, the Series A Preferred Units converted from a fixed annual
rate of 10% to a floating rate, with the holders receiving a
quarterly cash distribution based on a percentage of the stated
liquidation preference equal to the sum of a three-month LIBOR rate
plus 8.5%, which was 8.7375% for the relevant days in the three
months ended March 31, 2021. The quarterly cash distribution of
$0.5873 per unit on all outstanding Series A Preferred Units will
be paid May 14, 2021, to unitholders of record at the close of
business April 26, 2021.
KEY OPERATING STATISTICS
Natural gas gathered volumes were 4.09 trillion British thermal
units per day (TBtu/d) for first quarter 2021, a decrease of 10%
compared to 4.52 TBtu/d for first quarter 2020. The decrease was
primarily a result of lower production activity and weather-related
impacts from Winter Storm Uri.
Natural gas processed volumes were 2.06 TBtu/d for first quarter
2021, a decrease of 16% compared to 2.44 TBtu/d for first quarter
2020. The decrease was due to lower processed volumes across all
basins.
Crude oil and condensate gathered volumes were 113.79 thousand
barrels per day (MBbl/d) for first quarter 2021, a decrease of 19%
compared to 141.25 MBbl/d for first quarter 2020. The decrease was
primarily due to a decrease in crude oil and condensate gathered
volumes in the Anadarko Basin, partially offset by an increase in
crude oil gathered volumes in the Williston Basin.
Transported natural gas volumes were 6.10 TBtu/d for first
quarter 2021, a decrease of 7% compared to 6.56 TBtu/d for first
quarter 2020. The decrease was primarily due to decreased
production in the Anadarko Basin, which contributed to lower
utilization of Enable’s interstate and intrastate pipelines.
Interstate transportation firm contracted capacity was 6.52
Bcf/d for first quarter 2021, an increase of 1% compared to 6.48
Bcf/d for first quarter 2020.
Intrastate transportation average deliveries were 1.65 TBtu/d
for first quarter 2021, a decrease of 20% compared to 2.07 TBtu/d
for first quarter 2020. The decrease was primarily due to decreased
production activity in the Anadarko Basin and weather-related
impacts from Winter Storm Uri.
FIRST QUARTER FINANCIAL
PERFORMANCE
Revenues were $970 million for first quarter 2021, an increase
of $322 million compared to $648 million for first quarter 2020.
Revenues are net of $136 million of intercompany eliminations for
first quarter 2021 and $63 million of intercompany eliminations for
first quarter 2020.
Gathering and processing segment revenues were $624 million for
first quarter 2021, an increase of $147 million compared to $477
million for first quarter 2020. The increase in gathering and
processing segment revenues was primarily due to:
- an increase in revenues from natural gas liquids (NGL) sales
primarily due to an increase in the average realized sales price
from higher average market prices for NGL products combined with
higher recoveries of ethane, partially offset by lower processed
volumes,
- an increase in revenues from natural gas sales due to higher
average sales prices and
- an increase in processing service revenues due to higher
consideration received from percent-of-proceeds, percent-of-liquids
and keep-whole processing arrangements due to higher average market
prices, partially offset by lower processed volumes under fee-based
arrangements.
These increases were partially offset by:
- a decrease in changes in the fair value of natural gas,
condensate and NGL derivatives,
- an increase in realized losses on natural gas, condensate and
NGL derivatives,
- a decrease in natural gas gathering revenues due to lower
gathered volumes, inclusive of volume curtailments and production
freeze-offs related to Winter Storm Uri, partially offset by higher
assessed producer imbalance penalties and
- a decrease in crude oil, condensate and produced water
gathering revenues primarily due to a decrease in gathered crude
oil and condensate volumes in the Anadarko Basin, partially offset
by an increase in gathered crude oil volumes in the Williston
Basin.
Transportation and storage segment revenues were $482 million
for first quarter 2021, an increase of $248 million compared to
$234 million for first quarter 2020. The increase in transportation
and storage segment revenues was primarily due to:
- an increase in revenues from natural gas sales primarily due to
higher average sales prices,
- an increase in volume-dependent transportation and storage
revenues due to an increase in assessed shipper imbalance
penalties, partially offset by lower off-system intrastate
transported volumes due to decreased production activity in the
Anadarko Basin, inclusive of disruptions in natural gas supply
associated with Winter Storm Uri and the recognition in 2020 of $1
million of revenue upon the settlement of the Enable Mississippi
River Transmission, LLC (MRT) rate case with no comparable item in
2021 and
- an increase in revenues from NGL sales due to higher average
sales prices, partially offset by lower volumes.
These increases were partially offset by:
- a decrease in firm transportation and storage services due to
the recognition in 2020 of $16 million of previously reserved
revenue upon the settlement of the MRT rate case with no comparable
item in 2021, partially offset by higher interstate contracted
capacity and
- a decrease in changes in the fair value of natural gas
derivatives.
Gross margin was $451 million for first quarter 2021, an
increase of $29 million compared to $422 million for first quarter
2020.
Gathering and processing segment gross margin was $226 million
for first quarter 2021, a decrease of $40 million compared to $266
million for first quarter 2020. The decrease in gathering and
processing segment gross margin was primarily due to:
- a decrease in changes in the fair value of natural gas,
condensate and NGL derivatives,
- an increase in realized losses on natural gas, condensate and
NGL derivatives,
- a decrease in revenues from natural gas sales due to higher
intra month natural gas purchase costs during Winter Storm
Uri,
- a decrease in natural gas gathering fees due to lower gathered
volumes, inclusive of volume curtailments and production
freeze-offs related to Winter Storm Uri, partially offset by higher
assessed producer imbalance penalties and
- a decrease in crude oil, condensate and produced water
gathering revenues primarily due to a decrease in gathered crude
oil and condensate volumes in the Anadarko Basin, partially offset
by an increase in gathered crude oil volumes in the Williston
Basin.
These decreases were partially offset by:
- an increase in revenues from NGL sales primarily due to an
increase in the average realized sales price from higher average
market prices for NGL products combined with higher recoveries of
ethane, partially offset by lower processed volumes and
- an increase in processing service revenues due to higher
consideration received from percent-of-proceeds, percent-of-liquids
and keep-whole processing arrangements due to higher average market
prices, partially offset by lower processed volumes under fee-based
arrangements.
Transportation and storage segment gross margin was $225 million
for first quarter 2021, an increase of $69 million compared to $156
million for first quarter 2020. The increase in transportation and
storage segment gross margin was primarily due to:
- an increase in system management activities primarily due to
higher average natural gas sales prices,
- an increase in volume-dependent transportation and storage
revenues due to an increase in assessed shipper imbalance
penalties, partially offset by lower off-system intrastate
transported volumes due to decreased production activity in the
Anadarko Basin, inclusive of disruptions in natural gas supply
associated with Winter Storm Uri, and the recognition in 2020 of $1
million of revenue upon the settlement of the MRT rate case with no
comparable item in 2021 and
- a reduction in lower of cost or net realizable value
adjustments related to natural gas storage inventories.
These increases were partially offset by:
- a decrease in firm transportation and storage services due to
the recognition in 2020 of $16 million of previously reserved
revenue upon the settlement of the MRT rate case with no comparable
item in 2021, partially offset by higher interstate contracted
capacity and
- a decrease in changes in the fair value of natural gas
derivatives.
Operation and maintenance and general and administrative
expenses were $121 million for first quarter 2021, a decrease of $5
million compared to $126 million for first quarter 2020. The
decrease in operation and maintenance and general and
administrative expenses was primarily due to a decrease in
payroll-related costs as a result of lower headcount, a decrease in
field equipment rentals, a decrease in operation and maintenance
outside services and a decrease due to insurance proceeds partially
offset by remediation costs associated with our Williston Basin
operations. These decreases were partially offset by an increase in
professional services primarily due to transaction costs related to
the pending merger with Energy Transfer, an increase in the
allowance for doubtful accounts and an increase due to lower
capitalized overhead costs.
Depreciation and amortization expense was $106 million for first
quarter 2021, an increase of $2 million compared to $104 million
for first quarter 2020. The increase in depreciation and
amortization expense was primarily due to revised estimates of
remaining useful lives for certain assets.
There were no impairments of property, plant and equipment and
goodwill for first quarter 2021, compared to $28 million of
impairments for first quarter 2020.
Interest expense was $42 million for first quarter 2021, a
decrease of $5 million compared to $47 million for first quarter
2020. The decrease was primarily due to lower debt levels and lower
interest rates on short-term borrowings.
Capital expenditures were $80 million for first quarter 2021,
compared to $54 million for first quarter 2020. Expansion capital
expenditures were $64 million for first quarter 2021, compared to
$38 million for first quarter 2020. Maintenance capital
expenditures were $16 million for first quarter 2021, compared to
$16 million for first quarter 2020.
EARNINGS CONFERENCE CALL AND
WEBCAST
A conference call discussing first quarter results is scheduled
today at 10 a.m. EDT (9 a.m. CDT). The toll-free dial-in number to
access the conference call is 833-968-1938, and the international
dial-in number is 778-560-2726. The conference call ID is 4373909.
Investors may also listen to the call via Enable’s website at
https://investors.enablemidstream.com. A replay of the conference
call will be available on Enable’s website.
AVAILABLE INFORMATION
Enable files annual, quarterly and other reports and other
information with the U.S. Securities and Exchange Commission (SEC).
Enable’s SEC filings are also available at the SEC’s website at
https://www.sec.gov which contains information regarding issuers
that file electronically with the SEC. Information about Enable may
also be obtained at the offices of the NYSE, 20 Broad Street, New
York, New York 10005, or on Enable’s website at
https://enablemidstream.com. On the Investor Relations section of
Enable’s website, https://investors.enablemidstream.com, Enable
makes available free of charge a variety of information to
investors. Enable’s goal is to maintain the Investor Relations
section of its website as a portal through which investors can
easily find or navigate to pertinent information about Enable,
including but not limited to:
- Enable’s annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and any amendments to those
reports as soon as reasonably practicable after Enable
electronically files that material with or furnishes it to the
SEC;
- press releases on quarterly distributions, quarterly earnings
and other developments;
- governance information, including Enable’s governance
guidelines, committee charters and code of ethics and business
conduct;
- information on events and presentations, including an archive
of available calls, webcasts and presentations;
- news and other announcements that Enable may post from time to
time that investors may find useful or interesting; and
- opportunities to sign up for email alerts and RSS feeds to have
information pushed in real time.
ABOUT ENABLE MIDSTREAM
PARTNERS
Enable owns, operates and develops strategically located natural
gas and crude oil infrastructure assets. Enable’s assets include
approximately 14,000 miles of natural gas, crude oil, condensate
and produced water gathering pipelines, approximately 2.6 Bcf/d of
natural gas processing capacity, approximately 7,800 miles of
interstate pipelines (including Southeast Supply Header, LLC of
which Enable owns 50%), approximately 2,200 miles of intrastate
pipelines and seven natural gas storage facilities comprising 84.5
billion cubic feet of storage capacity. For more information, visit
https://enablemidstream.com.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100%) of Enable’s distributions to foreign
investors as being attributable to income that is effectively
connected with a United States trade or business. Accordingly,
Enable’s distributions to foreign investors are subject to federal
income tax withholding at the highest applicable effective tax
rate. Brokers and nominees, and not Enable, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
NON-GAAP FINANCIAL
MEASURES
Enable has included the non-GAAP financial measures Gross
margin, Adjusted EBITDA, DCF, Adjusted interest expense and
distribution coverage ratio in this press release based on
information in its consolidated financial statements.
Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense
and distribution coverage ratio are supplemental financial measures
that management and external users of Enable’s financial
statements, such as industry analysts, investors, lenders and
rating agencies may use, to assess:
- Enable’s operating performance as compared to those of other
publicly traded partnerships in the midstream energy industry,
without regard to capital structure or historical cost basis;
- The ability of Enable’s assets to generate sufficient cash flow
to make distributions to its partners;
- Enable’s ability to incur and service debt and fund capital
expenditures; and
- The viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
This press release includes a reconciliation of Gross margin to
total revenues, Adjusted EBITDA and DCF to net income attributable
to limited partners, Adjusted EBITDA to net cash provided by
operating activities and Adjusted interest expense to interest
expense, the most directly comparable GAAP financial measures as
applicable, for each of the periods indicated. Distribution
coverage ratio is a financial performance measure used by
management to reflect the relationship between Enable’s financial
operating performance and cash distributions. Enable believes that
the presentation of Gross margin, Adjusted EBITDA, DCF, Adjusted
interest expense and distribution coverage ratio provides
information useful to investors in assessing its financial
condition and results of operations. Gross margin, Adjusted EBITDA,
DCF, Adjusted interest expense and distribution coverage ratio
should not be considered as alternatives to net income, operating
income, total revenue, cash flow from operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. Gross margin, Adjusted EBITDA, DCF, Adjusted
interest expense and distribution coverage ratio have important
limitations as analytical tools because they exclude some but not
all items that affect the most directly comparable GAAP measures.
Additionally, because Gross margin, Adjusted EBITDA, DCF, Adjusted
interest expense and distribution coverage ratio may be defined
differently by other companies in Enable’s industry, its
definitions of these measures may not be comparable to similarly
titled measures of other companies, thereby diminishing their
utility.
FORWARD-LOOKING
STATEMENTS
Some of the information in this press release may contain
forward-looking statements. Forward-looking statements give our
current expectations and contain projections of results of
operations or of financial condition, or forecasts of future
events. Words such as “could,” “will,” “should,” “may,” “assume,”
“forecast,” “position,” “predict,” “strategy,” “expect,” “intend,”
“plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,”
“potential,” or “continue,” and similar expressions are used to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release include statements pertaining to our pending
merger with Energy Transfer LP and our expectations of plans,
strategies, objectives, growth and anticipated financial and
operational performance, as updated by this press release. In
particular, our statements with respect to continuity plans and
preparedness measures we have implemented in response to the novel
coronavirus (COVID-19) pandemic and its expected impact on our
business, operations, earnings and results are forward-looking
statements. Forward-looking statements can be affected by
assumptions used or by known or unknown risks or uncertainties.
Consequently, no forward-looking statements can be guaranteed.
A forward-looking statement may include a statement of the
assumptions or bases underlying the forward-looking statement. We
believe that we have chosen these assumptions or bases in good
faith and that they are reasonable. However, when considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in this press release and
our Annual Report on Form 10-K for the year ended Dec. 31, 2020
(Annual Report). Those risk factors and other factors noted
throughout this press release and in our Annual Report could cause
our actual results to differ materially from those disclosed in any
forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on
which such statement is made, and we undertake no obligation to
correct or update any forward-looking statement, whether as a
result of new information or otherwise, except as required by
applicable law.
ENABLE MIDSTREAM PARTNERS,
LP
CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended March
31,
2021
2020
(In millions, except per unit
data)
Revenues (including revenues from
affiliates):
Product sales
$
627
$
288
Service revenue
343
360
Total Revenues
970
648
Cost and Expenses (including expenses
from affiliates):
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization shown
separately)
519
226
Operation and maintenance
84
102
General and administrative
37
24
Depreciation and amortization
106
104
Impairments of property, plant and
equipment and goodwill
—
28
Taxes other than income tax
18
18
Total Cost and Expenses
764
502
Operating Income
206
146
Other Income (Expense):
Interest expense
(42
)
(47
)
Equity in earnings of equity method
affiliate
1
6
Total Other Expense
(41
)
(41
)
Income Before Income Tax
165
105
Income tax benefit
—
—
Net Income
$
165
$
105
Less: Net income (loss) attributable to
noncontrolling interest
1
(7
)
Net Income Attributable to Limited
Partners
$
164
$
112
Less: Series A Preferred Unit
distributions
9
9
Net Income Attributable to Common
Units
$
155
$
103
Basic and diluted earnings per
unit
Basic
$
0.35
$
0.24
Diluted
$
0.33
$
0.19
ENABLE MIDSTREAM PARTNERS,
LP
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended March
31,
2021
2020
(In millions)
Reconciliation of Gross margin to Total
Revenues:
Consolidated
Product sales
$
627
$
288
Service revenue
343
360
Total Revenues
970
648
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
519
226
Gross margin
$
451
$
422
Reportable Segments
Gathering and Processing
Product sales
$
428
$
275
Service revenue
196
202
Total Revenues
624
477
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
398
211
Gross margin
$
226
$
266
Transportation and Storage
Product sales
$
332
$
75
Service revenue
150
159
Total Revenues
482
234
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
257
78
Gross margin
$
225
$
156
Three Months Ended March
31,
2021
2020
(In millions, except
Distribution coverage ratio)
Reconciliation of Adjusted EBITDA and
DCF to net income attributable to limited partners and calculation
of Distribution coverage ratio:
Net income attributable to limited
partners
$
164
$
112
Depreciation and amortization expense
106
104
Interest expense, net of interest
income
42
47
Distributions received from equity method
affiliate in excess of equity earnings
3
4
Non-cash equity-based compensation
4
4
Change in fair value of derivatives
(1)
10
(10
)
Other non-cash (gains) losses (2)
(1
)
5
Impairments of property, plant and
equipment and goodwill
—
28
Noncontrolling Interest Share of Adjusted
EBITDA
—
(8
)
Adjusted EBITDA
$
328
$
286
Series A Preferred Unit distributions
(3)
(9
)
(9
)
Adjusted interest expense (4)
(42
)
(47
)
Maintenance capital expenditures
(16
)
(16
)
DCF
$
261
$
214
Distributions related to common
unitholders (5)
$
72
$
72
Distribution coverage ratio (6)
3.63
2.97
___________________
(1)
Change in fair value of derivatives
includes changes in the fair value of derivatives that are not
designated as hedging instruments.
(2)
Other non-cash (gains) losses includes
write-downs and gains and loss on sale and retirement of
assets.
(3)
This amount represents the quarterly cash
distributions on the Series A Preferred Units declared for the
three months ended March 31, 2021 and 2020. In accordance with the
Partnership Agreement, the Series A Preferred Unit distributions
are deemed to have been paid out of available cash with respect to
the quarter immediately preceding the quarter in which the
distribution is made.
(4)
See below for a reconciliation of Adjusted
interest expense to Interest expense.
(5)
Represents cash distributions declared for
common units outstanding as of each respective period. Amounts for
2021 reflect estimated cash distributions for common units
outstanding for the quarter ended March 31, 2021.
(6)
Distribution coverage ratio is computed by
dividing DCF by Distributions related to common unitholders.
Three Months Ended March
31,
2021
2020
(In millions)
Reconciliation of Adjusted EBITDA to
net cash provided by operating activities:
Net cash provided by operating
activities
$
223
$
200
Interest expense, net of interest
income
42
47
Noncontrolling interest share of cash
provided by operating activities
(1
)
(1
)
Other non-cash items (1)
(3
)
4
Proceeds from insurance
1
—
Changes in operating working capital which
(provided) used cash:
Accounts receivable
34
(60
)
Accounts payable
(10
)
58
Other, including changes in noncurrent
assets and liabilities
29
44
Return of investment in equity method
affiliate
3
4
Change in fair value of derivatives
(2)
10
(10
)
Adjusted EBITDA
$
328
$
286
___________________
(1)
Other non-cash losses includes write-downs
of assets.
(2)
Change in fair value of derivatives
includes changes in the fair value of derivatives that are not
designated as hedging instruments.
Three Months Ended March
31,
2021
2020
(In millions)
Reconciliation of Adjusted interest
expense to Interest expense:
Interest expense
$
42
$
47
Amortization of premium on long-term
debt
—
1
Capitalized interest on expansion
capital
1
—
Amortization of debt expense and
discount
(1)
(1)
Adjusted interest expense
$
42
$
47
ENABLE MIDSTREAM PARTNERS,
LP
OPERATING DATA
Three Months Ended March
31,
2021
2020
Operating Data:
Natural gas gathered volumes—TBtu
368
411
Natural gas gathered volumes—TBtu/d
4.09
4.52
Natural gas processed volumes—TBtu (1)
185
222
Natural gas processed volumes—TBtu/d
(1)
2.06
2.44
NGLs produced—MBbl/d (1)(2)
118.90
120.86
NGLs sold—MBbl/d (2)(3)
119.86
121.32
Condensate sold—MBbl/d
6.78
8.23
Crude oil and condensate gathered
volumes—MBbl/d
113.79
141.25
Transported volumes—TBtu
549
597
Transported volumes—TBtu/d
6.10
6.56
Interstate firm contracted
capacity—Bcf/d
6.52
6.48
Intrastate average deliveries—TBtu/d
1.65
2.07
___________________
(1)
Includes volumes under third-party
processing arrangements.
(2)
Excludes condensate.
(3)
NGLs sold includes volumes of NGLs
withdrawn from inventory or purchased for system balancing
purposes.
Three Months Ended March
31,
2021
2020
Anadarko
Gathered volumes—TBtu/d
1.98
2.29
Natural gas processed volumes—TBtu/d
(1)
1.80
2.08
NGLs produced—MBbl/d (1)(2)
108.04
106.58
Crude oil and condensate gathered
volumes—MBbl/d
81.18
114.48
Arkoma
Gathered volumes—TBtu/d
0.39
0.44
Natural gas processed volumes—TBtu/d
(1)
0.06
0.08
NGLs produced—MBbl/d (1)(2)
3.49
3.90
Ark-La-Tex
Gathered volumes—TBtu/d
1.72
1.79
Natural gas processed volumes—TBtu/d
0.20
0.28
NGLs produced—MBbl/d (2)
7.37
10.38
Williston
Crude oil gathered volumes—MBbl/d
32.61
26.77
___________________
(1)
Includes volumes under third-party
processing arrangements.
(2)
Excludes condensate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210503005260/en/
Media Leigh Ann Williams (405) 553-6947
Investor Matt Beasley (405) 558-4600
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