Enlink Midstream Llc - ENLC STOCK NEWS

EnLink Midstream has appointed Tiffany (TJ) Thom Cepak to its Board of Directors. With extensive experience in the oil and gas industry, including roles in engineering, operations, and finance, Cepak will contribute valuable insights into the energy transition, particularly in carbon capture and growth opportunities. Her appointment expands the Board to nine directors, with two women. Cepak's background includes serving as CFO for multiple energy companies and holding engineering positions at Exxon Mobil. This strategic move aims to enhance EnLink's governance as it strives for sustainable value creation.

EnLink Midstream announced an increase in its quarterly distribution to $0.1125 per common unit, representing a 20% rise compared to Q3 2021. This change, effective from the fourth quarter, follows robust free cash flow generation and a strengthened balance sheet. Additionally, EnLink plans to refresh its common unit repurchase program, maintaining a buyback authority of $100 million, with approximately 6.5 million units repurchased at an average cost of $6.38 per unit. The company redeemed 3,300,330 Series B preferred units for $50 million.

EnLink Midstream reported third-quarter 2021 results, with a net income of $32.3 million and net cash from operating activities of $197 million. Adjusted EBITDA reached $256.4 million, surpassing internal expectations despite a $4 million impact from Hurricane Ida. The company anticipates 2021 net income to be between $125 and $165 million and adjusted EBITDA towards the higher end of $1.02 to $1.06 billion. Notable projects include the completion of Project War Horse and the initiation of Project Phantom, enhancing processing capacity.

EnLink Midstream declared a quarterly cash distribution of $0.09375 per common unit for Q3 2021, unchanged from Q2 2021. This distribution will be paid on November 12, 2021, to unitholders of record on November 1, 2021. Additionally, a conference call is scheduled for November 3, 2021, at 8 a.m. CT to discuss Q3 earnings, with an archived replay available on their website.

EnLink operates a reliable midstream platform across key U.S. oil and gas regions, focusing on creating long-term value.

EnLink Midstream (NYSE: ENLC) has donated 50,000 gallons of propane to assist residents of Southeast Louisiana affected by Hurricane Ida. In collaboration with O'Nealgas and the Louisiana Association of Business and Industry Foundation, the propane is being delivered to first responders and local residents to help power generators and support recovery efforts. EnLink's Chairman and CEO, Barry E. Davis, emphasized the company's commitment to aiding the community, highlighting its long-standing presence in Louisiana. The donation was received positively by local leaders, marking a significant contribution to recovery efforts.

EnLink Midstream (NYSE: ENLC) announced its participation in several upcoming virtual investor conferences. Key executives, including CEO Barry E. Davis and CFO Pablo G. Mercado, will present at the Citi One-on-One Midstream / Energy Infrastructure Conference on August 18-19, 2021. Scott Goldberg from the EnLink Carbon Solutions Group is scheduled to present at the Jefferies ESG Summit on September 1. Following that, Davis and Mercado will be involved in sessions at the Barclays CEO Energy-Power Conference on September 9. EnLink's quarterly report for Q2 2021 is available on its investors' page.

EnLink Midstream reported a second-quarter net income of $9.4 million and adjusted EBITDA of $257.5 million, representing a 6.5% increase from the same period in 2020. The company experienced increased producer activity, particularly in the Permian and Oklahoma segments, attributed to higher commodity prices. Free cash flow after distributions was $71.5 million, contributing to a total of $359.4 million over the trailing twelve months. EnLink plans to maintain a balanced approach in utilizing free cash flow while striving to reduce leverage to below 4x.

EnLink Midstream declared a cash distribution of $0.09375 per common unit for Q2 2021, maintaining the same rate as Q1. This distribution will be paid on August 13, 2021, to unitholders on record by July 30, 2021. EnLink will hold a conference call on August 4, 2021, at 8 a.m. Central time to discuss Q2 earnings. The quarterly report will be available after market close on August 3, 2021. EnLink operates a robust midstream platform focused on sustainable value creation and competitive returns.

EnLink Midstream has increased its financial guidance for 2021 due to strong commodity prices and rising producer activity. The company projects net income to rise by $60 million, reaching $135 million at the midpoint, and adjusted EBITDA is set to increase 7% to $1.04 billion. EnLink also forecasts $350 million in free cash flow after distributions. Additionally, EnLink announced the formation of the Carbon Solutions Group to explore carbon capture projects, leveraging its extensive Louisiana pipeline network to support decarbonization efforts.