Enlink Midstream Stock Price, News & Analysis

EnLink Midstream, LLC (NYSE: ENLC) is a midstream energy company headquartered in Dallas that provides integrated midstream infrastructure services for natural gas, crude oil, and natural gas liquids (NGLs), as well as CO₂ transportation for carbon capture and sequestration (CCS). According to company disclosures in multiple news releases, EnLink’s asset base consists of large-scale, cash-flow-generating platforms located in key U.S. production basins and demand centers, including the Permian Basin, Louisiana, Oklahoma, and North Texas.

EnLink operates in the pipeline transportation of natural gas industry within the broader transportation and warehousing sector. The company’s business is centered on gathering, processing, fractionation, transportation, storage, and related midstream services that move hydrocarbons from producing regions to end-use markets. EnLink describes its approach as focused on maintaining financial flexibility and operational excellence in order to pursue strategic growth and create sustainable value.

Business focus and operations

EnLink’s operations are organized around providing midstream infrastructure for multiple energy commodities. Company materials describe services that span natural gas transportation and processing, crude oil gathering, NGL fractionation, and CO₂ transportation for CCS projects. EnLink highlights that its platforms are positioned both in premier production basins, such as the Permian Basin, and in core demand centers, particularly in Louisiana and North Texas.

In a detailed quarterly update, EnLink outlined segment-level activity in four primary operating areas: the Permian Basin, Louisiana, Oklahoma, and North Texas. Across these segments, EnLink reports volumes and segment profit associated with natural gas gathering and processing, crude gathering, NGL fractionation, and natural gas transportation. The company also notes long-term transportation contracts delivering natural gas to end users in Louisiana, reflecting its role in last-mile delivery of natural gas in that region.

Corporate structure and strategic context

EnLink Midstream is structured as a limited liability company whose common units have traded on the New York Stock Exchange under the symbol ENLC. In several joint news releases, ONEOK, Inc. (NYSE: OKE) and EnLink disclosed that ONEOK is the managing member of EnLink and owns a significant portion of EnLink’s outstanding common units. ONEOK has described EnLink as providing integrated midstream infrastructure services for natural gas, crude oil, and NGLs.

On November 24, 2024, ONEOK and EnLink announced a definitive merger agreement under which ONEOK would acquire all outstanding publicly held common units of EnLink in a stock-for-unit transaction. Subsequent communications on December 31, 2024, detailed the filing of a definitive proxy statement for a special meeting of EnLink unitholders to vote on the transaction. On January 30, 2025, ONEOK and EnLink reported that EnLink unitholders approved ONEOK’s acquisition of the remaining publicly held common units, and that EnLink common units were expected to cease trading on the New York Stock Exchange prior to market open on January 31, 2025. These events indicate that ENLC’s public trading status has been transitioning as EnLink becomes wholly owned by ONEOK.

Geographic footprint and asset base

EnLink emphasizes that its midstream asset platforms are located in what it describes as premier production basins and core demand centers. Company descriptions consistently reference the Permian Basin, Louisiana, Oklahoma, and North Texas as key regions. In Louisiana, EnLink highlights natural gas transportation capacity and storage projects, as well as demand for last-mile natural gas delivery to end users in southeast Louisiana. In the Permian Basin, EnLink reports natural gas and crude gathering and processing volumes, supported by producer activity across a diversified customer mix.

EnLink also participates in joint ventures related to NGL and gas processing infrastructure, such as the Ascension JV and the Delaware Basin JV, which own NGL and gas processing assets connected to EnLink’s broader system. These arrangements are referenced in EnLink’s discussion of segment profit and adjusted EBITDA, underscoring the company’s use of joint ventures to expand its midstream footprint.

Financial and operating metrics (structural, not time-specific)

EnLink regularly reports non-GAAP measures such as adjusted EBITDA and free cash flow after distributions (FCFAD) as key indicators of its performance. In its own explanation, EnLink defines adjusted EBITDA by adjusting net income for interest expense, depreciation and amortization, impairments, income or loss from unconsolidated affiliates, distributions from unconsolidated affiliates, gains or losses on asset dispositions and debt extinguishment, unit-based compensation, income taxes, unrealized gains or losses on commodity derivatives, plant relocation costs, accretion expense associated with asset retirement obligations, transaction costs, non-cash changes in contingent consideration, and non-controlling interest share of adjusted EBITDA from joint ventures.

Free cash flow after distributions is defined by EnLink as adjusted EBITDA, net to ENLC, less growth and maintenance capital expenditures (with certain adjustments), interest expense, distributions on common and preferred units, and other specified cash items, plus proceeds from selected asset sales. EnLink states that these measures are used internally for performance evaluation and to assess cash flow after meeting capital and distribution requirements, while cautioning that they are non-GAAP metrics and should not be viewed as substitutes for GAAP measures.

Historical formation

According to a historical description, EnLink Midstream was formed in 2014 when Devon Energy agreed to combine substantially all of its midstream assets with Crosstex Energy. This transaction created an integrated midstream company with increased size and scale in core operating regions. That combination is described as having been intended to enhance unitholder value and support growth by consolidating midstream assets under the EnLink platform.

Relationship with ONEOK and corporate status

ONEOK has described itself as the managing member of EnLink and has disclosed ownership of a large minority interest in EnLink’s common units. On October 15, 2024, ONEOK reported that it had completed the acquisition of Global Infrastructure Partners’ entire interest in EnLink. Later, ONEOK announced its agreement to acquire the remaining publicly held EnLink common units in a tax-free transaction, followed by the filing of a registration statement and definitive proxy materials.

On January 30, 2025, ONEOK and EnLink jointly announced that EnLink unitholders approved ONEOK’s acquisition of the remaining publicly held common units and that EnLink common units were expected to cease trading on the NYSE prior to market open on January 31, 2025. Index provider communications have also referenced EnLink’s removal from certain pipeline and MLP indices as a result of the announced acquisition. These disclosures indicate that ENLC has transitioned from a widely held public security toward being wholly owned within ONEOK’s corporate structure. Users researching ENLC should therefore consider that the symbol may represent a historical listing and that current economic exposure to EnLink’s business may be through ONEOK rather than through publicly traded ENLC units.

Risk and regulatory considerations

In multiple joint communications, ONEOK and EnLink include extensive forward-looking statement disclaimers. They note that their businesses are subject to risks such as integration challenges related to acquisitions, the possibility that anticipated cost savings or synergies may not be fully realized, potential changes in credit ratings, commodity price volatility, economic downturns, and changes in governmental regulations or enforcement practices, particularly in environmental, health, and safety matters. These statements are presented as cautionary language around projections and expectations rather than as guarantees of future performance.

FAQs about EnLink Midstream (ENLC)

• What does EnLink Midstream do?
  EnLink Midstream provides integrated midstream infrastructure services for natural gas, crude oil, and NGLs, and also offers CO₂ transportation for carbon capture and sequestration. Its activities include gathering, processing, fractionation, transportation, and related services that move hydrocarbons from production areas to demand centers.
• Where is EnLink Midstream headquartered?
  EnLink states that it is headquartered in Dallas. This location is referenced in multiple company news releases describing the firm as “Headquartered in Dallas, EnLink Midstream (NYSE: ENLC).”
• In which regions does EnLink operate its major asset platforms?
  EnLink highlights large-scale asset platforms in the Permian Basin, Louisiana, Oklahoma, and North Texas. These regions are described as premier production basins and core demand centers for the company’s midstream services.
• What commodities does EnLink handle?
  Company descriptions state that EnLink handles natural gas, crude oil, and natural gas liquids (NGLs), and provides CO₂ transportation services for carbon capture and sequestration projects.
• How is EnLink related to ONEOK?
  ONEOK has disclosed that it is the managing member of EnLink and owns a significant portion of EnLink’s outstanding common units. ONEOK and EnLink entered into a definitive merger agreement under which ONEOK would acquire all remaining publicly held EnLink common units, and EnLink unitholders subsequently approved this acquisition.
• Does ENLC still trade as a public security?
  In a joint announcement on January 30, 2025, ONEOK and EnLink stated that EnLink common units were expected to cease trading on the New York Stock Exchange prior to market open on January 31, 2025, following unitholder approval of ONEOK’s acquisition of the remaining publicly held units. This indicates that ENLC’s status as an independently traded public security has been ending as part of that transaction.
• What non-GAAP financial measures does EnLink emphasize?
  EnLink frequently reports adjusted EBITDA and free cash flow after distributions (FCFAD). The company provides detailed definitions for these metrics, explaining how they adjust net income for items such as interest, depreciation, unrealized derivative gains or losses, plant relocation costs, and other non-cash or non-recurring items.
• What are EnLink’s main operating segments?
  In its financial reporting, EnLink discusses segment results for the Permian Basin, Louisiana, Oklahoma, and North Texas. For each segment, the company reports segment profit and operating metrics tied to natural gas gathering and processing, crude gathering, NGL fractionation, and transportation volumes.
• How did EnLink Midstream originate?
  A historical description notes that EnLink Midstream was formed in 2014 when Devon Energy agreed to combine substantially all of its midstream assets with Crosstex Energy, creating an integrated midstream company with increased scale in core operating regions.
• What role does EnLink play in carbon capture and sequestration?
  EnLink states that it provides CO₂ transportation for carbon capture and sequestration (CCS). This positions the company within emerging low-carbon infrastructure activities, although detailed project-level information is not provided in the supplied materials.