Welcome to our dedicated page for Enlink Midstream news (Ticker: ENLC), a resource for investors and traders seeking the latest updates and insights on Enlink Midstream stock.
This page provides a curated feed of news and disclosures related to EnLink Midstream, LLC (ENLC), a Dallas-headquartered midstream energy company that provides integrated infrastructure services for natural gas, crude oil, NGLs, and CO2 transportation for carbon capture and sequestration (CCS). Company and partner releases highlight EnLink’s activities across its major operating areas in the Permian Basin, Louisiana, Oklahoma, and North Texas.
News items for ENLC commonly include transaction and corporate structure updates, such as ONEOK, Inc.’s agreement to acquire all remaining publicly held EnLink common units and the subsequent unitholder approval of that transaction. Index provider announcements have also referenced EnLink’s removal from certain pipeline and decarbonization infrastructure indices as a result of the acquisition process.
Operational updates feature segment performance and volume trends in natural gas gathering and processing, crude gathering, NGL fractionation, and natural gas transportation. EnLink’s quarterly results coverage discusses segment profit, adjusted EBITDA, free cash flow after distributions, and contract activity, including long-term transportation capacity delivering natural gas to end users in Louisiana.
Because ONEOK is the managing member of EnLink and has moved to acquire the remaining public units, ENLC-related news increasingly appears in joint releases with ONEOK. Visitors can use this news stream to follow developments in EnLink’s midstream operations, its role within ONEOK’s broader energy infrastructure portfolio, and historical milestones affecting the ENLC ticker. Bookmark this page to access an organized archive of ENLC news, from financial updates to major corporate actions.
ONEOK (NYSE: OKE) reported strong Q3 2024 results with net income of $693 million ($1.18 per diluted share) and adjusted EBITDA of $1.55 billion. The company increased its 2024 financial guidance for the second time, with consolidated guidance including EnLink and Medallion contributions showing net income midpoint of $2.995 billion and adjusted EBITDA midpoint of $6.625 billion. Performance was driven by 7% increase in Rocky Mountain region NGL throughput, 5% increase in natural gas volumes, and 22% increase in Natural Gas Pipelines segment adjusted EBITDA. The company completed a $7 billion senior notes offering and acquired GIP's 43% stake in EnLink Midstream for $3.3 billion.
EnLink Midstream, (NYSE: ENLC) has announced the schedule for its third quarter 2024 earnings release. The company will issue its earnings press release and post an investor presentation on its website at Investors.EnLink.com after market close on Wednesday, November 6, 2024. EnLink has stated that it will not hold a conference call for this earnings release. The company has also noted that all dates and times are subject to change.
ONEOK, Inc. (NYSE: OKE) has declared a quarterly dividend of 99 cents per share, unchanged from the previous quarter. This results in an annualized dividend of $3.96 per share. The dividend is payable on Nov. 14, 2024, to shareholders of record at the close of business on Nov. 1, 2024.
ONEOK is a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids (NGLs), refined products, and crude oil. The company is also the managing member of EnLink Midstream, (NYSE: ENLC), owning 43% of EnLink's outstanding common units.
EnLink Midstream (NYSE: ENLC) announced changes to its Board of Directors following ONEOK's acquisition of Global Infrastructure Partner's (GIP) 43% equity interest in ENLC and EnLink Manager. Three new directors from ONEOK have been appointed:
1. Pierce H. Norton II - Board Chairman and Chairman of Governance and Compensation Committee
2. Walter S. Hulse III - Member of Sustainability Committee
3. Lyndon C. Taylor - Member of Governance and Compensation Committee
These appointments reflect ONEOK's new controlling interest. Leldon E. Echols remains as Lead Independent Director. The departing directors are Matthew C. Harris, Benjamin M. Daniel, and Scott E. Telesz from GIP. EnLink's CEO, Jesse Arenivas, expressed gratitude for GIP's contributions and welcomed the new ONEOK directors, highlighting their extensive midstream and energy experience.
ONEOK has successfully completed its acquisition of Global Infrastructure Partners' (GIP) entire interest in EnLink Midstream, for approximately $3.3 billion. The acquisition includes 43% of EnLink's outstanding common units at $14.90 per unit and 100% of the interests in the managing member for $300 million. This strategic move expands ONEOK's integrated assets in key production basins, including the Permian Basin, and establishes a new asset position in Louisiana.
With this transaction, ONEOK gains control of EnLink's managing member and has appointed new board members. The company intends to pursue the acquisition of the publicly held common units of EnLink in a tax-free transaction. The combined asset bases are expected to enhance synergies, reduce leverage, and increase accretion to ONEOK shareholders. EnLink will become a consolidated subsidiary of ONEOK for GAAP financial reporting purposes, while both companies' stocks will continue to be publicly traded on the NYSE.
EnLink Midstream (NYSE: ENLC) has declared its quarterly distribution for the third quarter of 2024. The company's Board of Directors has approved a cash distribution of $0.1325 per common unit, which remains unchanged from the previous quarter. This distribution will be paid on November 14, 2024, to unitholders of record as of November 1, 2024.
EnLink Midstream, (NYSE: ENLC) has announced that its subsidiary, EnLink Midstream Partners, LP (ENLK), will redeem all of its 6.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units on September 17, 2024. The redemption price is set at $1,008.28 per unit, which includes accumulated and unpaid distributions up to the redemption date. ENLC plans to finance this redemption using borrowings from its revolving credit facility. This move signifies a strategic financial decision by EnLink Midstream to manage its capital structure and potentially reduce its overall cost of capital.
ONEOK (NYSE: OKE) has announced two major acquisitions valued at $5.9 billion, significantly expanding its presence in the Permian Basin and other key regions. The company will acquire Global Infrastructure Partners' (GIP) 43% stake in EnLink Midstream (NYSE: ENLC) for $3.3 billion and Medallion Midstream for $2.6 billion. These transactions are expected to be immediately accretive to earnings per share and free cash flow, while maintaining ONEOK's strong investment-grade credit ratings.
The acquisitions will establish a fully integrated Permian Basin platform at scale, expand ONEOK's footprint in the Mid-Continent, North Texas, and Louisiana, and provide significant synergies through complementary asset positions. ONEOK anticipates annual synergies of $250-450 million within three years. The company also intends to pursue a tax-free acquisition of the publicly held interests in EnLink following the closing of these transactions.
EnLink Midstream, (NYSE: ENLC) has announced the pricing of $500 million aggregate principal amount of its 5.650% senior notes due 2034 at 99.618% of face value. The sale is expected to settle on August 15, 2024, subject to customary closing conditions. The notes will be fully guaranteed by EnLink Midstream Partners, LP (ENLK). ENLC plans to use the net proceeds for general purposes, including repaying borrowings under the revolving credit facility and accounts receivable securitization facility, partly used to purchase ENLK's Series B Cumulative Convertible Preferred Units on August 5, 2024. BofA Securities, Citigroup Global Markets, Mizuho Securities USA, and RBC Capital Markets are acting as joint book-running managers for the offering.
EnLink Midstream, (NYSE: ENLC) has announced its intention to offer senior notes in an underwritten public offering, subject to market conditions. The notes will be fully guaranteed by EnLink Midstream Partners, LP (ENLK), a subsidiary of ENLC. The net proceeds will be used for general purposes, including repaying borrowings under the revolving credit facility and the accounts receivable securitization facility. Part of these borrowings were used to purchase ENLK's outstanding Series B Cumulative Convertible Preferred Units on August 5, 2024.
BofA Securities, Citigroup Global Markets, Mizuho Securities USA, and RBC Capital Markets are acting as representatives and joint book-running managers for the offering. The senior notes and ENLK's guarantee will be offered and sold under an effective shelf registration statement previously filed with the SEC.