Enlink Midstream Llc Stock Price, News & Analysis

On March 15, 2023, EnLink Midstream (NYSE: ENLC) announced the appointment of Matthew C. Harris as Chairman of its Board of Directors, effective March 24, 2023. Harris returns to the Board after previously serving as a director from July 2018 to January 2019. He will replace William J. Brilliant and oversee the Governance and Compensation Committee. Leldon E. Echols will serve as Lead Independent Director. Harris, a Founding Partner of Global Infrastructure Partners, brings extensive experience in energy investments and strategy, which is expected to bolster EnLink's growth in traditional and carbon transportation sectors.

EnLink Midstream, LLC (NYSE: ENLC) filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission on February 15, 2023. The report can be accessed on EnLink's Investors website, where unitholders can also request a hard copy of the audited financial statements. EnLink operates within integrated midstream infrastructure, providing services for natural gas, crude oil, and carbon capture. The company aims to uphold financial flexibility and operational excellence while focusing on sustainable growth.

EnLink Midstream reported a record net income of $194.2 million for Q4 2022 and $500.7 million for the full year. Adjusted EBITDA reached $337.2 million in Q4 and $1.285 billion for 2022, up 22% year-over-year. Despite a $11 million negative impact from severe weather and downtime, the company generated $55.1 million in free cash flow after distributions (FCFAD) for Q4, totaling $312.4 million for the year. EnLink increased its quarterly distribution by 11% to $0.125 per unit and repurchased $53 million in common units. 2023 guidance projects adjusted EBITDA growth of 5% over 2022.

EnLink Midstream (NYSE: ENLC) announced a quarterly distribution of $0.125 per common unit for Q4 2022, reflecting an 11% increase from Q3 2022. This distribution will be paid on February 13, 2023, to unitholders of record as of January 30, 2023. Additionally, EnLink will hold a webcast and conference call on February 15, 2023, at 8 a.m. Central time to discuss its Q4 and full-year 2022 earnings, alongside guidance for 2023. The quarterly report will be available after market close on February 14, 2023.

EnLink Midstream has announced the appointment of Benjamin D. Lamb as Executive Vice President and Chief Financial Officer, and Walter Pinto as Executive Vice President and Chief Operating Officer as of November 28, 2022. Lamb brings valuable experience from his previous roles and will oversee capital allocation decisions, while Pinto aims to enhance operational efficiency. Furthermore, the company will appoint a new Chief Commercial Officer to lead business development, reporting directly to CEO Jesse Arenivas until then. This restructuring is designed to capitalize on growth opportunities.

EnLink Midstream reported record financial results for Q3 2022, achieving a net income of $116.6 million and adjusted EBITDA of $343.4 million, marking a 34% increase year-over-year. The company anticipates ending 2022 at the top of its adjusted EBITDA guidance, ranging from $1.25 billion to $1.29 billion. EnLink generated $84.9 million in free cash flow post-distributions and repurchased $72 million of common units. A significant transportation service agreement with ExxonMobil for carbon dioxide delivery was also signed, reinforcing EnLink’s competitive advantage in its pipeline network.

EnLink Midstream has declared a cash distribution of $0.1125 per common unit for Q3 2022, maintaining the same rate as the previous quarter. This distribution is scheduled for payment on November 14, 2022, to unitholders on record by October 28, 2022. Additionally, EnLink will host a webcast and conference call on November 2 at 8 a.m. Central time to discuss its earnings report, which will be available after market close on November 1.

EnLink Midstream has signed a transportation service agreement (TSA) with ExxonMobil to utilize its pipeline network for carbon dioxide delivery in Louisiana. The agreement allows for an ultimate capacity of 10 million metric tonnes per year, starting with 3.2 million metric tonnes in early 2025. This project aims to support decarbonization efforts in a region emitting approximately 80 million metric tonnes of CO₂ annually. Both companies see this as a vital step toward reducing emissions and meeting environmental goals.

EnLink Midstream announced early tender results for cash tender offers by its subsidiary, EnLink Midstream Partners, LP. The company increased its maximum purchase amount from $500 million to $700 million for certain senior notes due 2024, 2025, and 2026. As of the early tender date, validly tendered amounts included $404 million of 2024 Notes and $490 million of 2025 Notes. The company intends to fund these offers through proceeds from a separate offering of $700 million senior notes due 2030. Final settlements are expected by August 31, 2022.