EnLink Midstream Partners, LP

CIK:0001179060|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenue from contracts with customers	$ 933.6	$ 1,400.5	$ 2,837.8	$ 4,881.0
Gain (loss) on derivative activity	(5.1)	7.5	(8.3)	16.2
Total revenues	928.5	1,408.0	2,829.5	4,897.2
Operating costs and expenses:
Cost of sales	549.5	999.5	1,702.5	3,663.0
Operating expenses	94.3	119.2	283.1	351.6
General and administrative	25.6	38.3	79.9	108.8
(Gain) loss on disposition of assets	(1.8)	(3.0)	2.8	(2.9)
Depreciation and amortization	160.3	157.3	481.3	463.1
Impairments	0.0	0.0	169.9	0.0
Loss on secured term loan receivable	0.0	0.0	0.0	52.9
Total operating costs and expenses	827.9	1,311.3	2,719.5	4,636.5
Operating income	100.6	96.7	110.0	260.7
Other income (expense):
Interest expense, net of interest income	(55.5)	(56.6)	(166.3)	(160.2)
Gain on extinguishment of debt	0.0	0.0	32.0	0.0
Income (loss) from unconsolidated affiliates	(0.2)	4.0	0.8	14.0
Other income (expense)	0.4	(0.2)	0.4	0.1
Total other expense	(55.3)	(52.8)	(133.1)	(146.1)
Income (loss) before non-controlling interest and income taxes	45.3	43.9	(23.1)	114.6
Income tax expense	(0.3)	(0.3)	(1.8)	(0.5)
Net income (loss)	45.0	43.6	(24.9)	114.1
Net income attributable to non-controlling interest	3.4	1.2	9.3	4.8
Net income (loss) attributable to ENLK	41.6	42.4	(34.2)	109.3
Product sales
Revenues:
Revenue from contracts with customers	696.1	1,137.2	2,121.6	4,118.5
Midstream services
Revenues:
Revenue from contracts with customers	$ 237.5	$ 263.3	$ 716.2	$ 762.5

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (24.9)	$ 114.1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairments	169.9	0.0
Depreciation and amortization	481.3	463.1
Loss on secured term loan receivable	0.0	52.9
Non-cash unit-based compensation	24.6	31.0
(Gain) loss on derivatives recognized in net income (loss)	8.3	(16.2)
Cash settlements on derivatives	(1.0)	12.5
Gain on extinguishment of debt	(32.0)	0.0
Amortization of debt issue costs, net discount (premium) of notes	3.1	3.9
Distribution of earnings from unconsolidated affiliates	1.6	14.7
Income from unconsolidated affiliates	(0.8)	(14.0)
Other operating activities	2.9	(6.5)
Changes in assets and liabilities:
Accounts receivable, accrued revenue, and other	87.4	331.6
Natural gas and NGLs inventory, prepaid expenses, and other	(13.6)	1.9
Accounts payable, accrued product purchases, and other accrued liabilities	(150.4)	(219.2)
Net cash provided by operating activities	556.4	769.8
Cash flows from investing activities:
Additions to property and equipment	(254.4)	(594.5)
Proceeds from sale of property	7.2	13.7
Other investing activities	(3.5)	(2.2)
Net cash used in investing activities	(250.7)	(583.0)
Cash flows from financing activities:
Proceeds from borrowings	690.0	3,593.5
Payments on borrowings	(776.0)	(3,330.0)
Debt financing costs	0.0	(10.0)
Distributions to non-controlling interests	(21.8)	(18.0)
Contributions by non-controlling interests	52.2	78.6
Distributions to common unitholders and to general partner	(186.2)	(432.0)
Other financing activities	0.0	(4.4)
Net cash used in financing activities	(304.2)	(184.6)
Net increase in cash and cash equivalents	1.5	2.2
Cash and cash equivalents, beginning of period	77.4	99.5
Cash and cash equivalents, end of period	78.9	101.7
Supplemental disclosures of cash flow information:
Cash paid for interest	125.7	127.7
Cash paid for income taxes	1.1	2.1
Non-cash investing activities:
Non-cash accrual of property and equipment	(27.2)	24.6
Right-of-use assets obtained in exchange for operating lease liabilities	9.1	98.4
Non-cash financing activities:
Redemption of non-controlling interest	(4.0)	0.0
Series B Preferred Unitholders
Cash flows from financing activities:
Distributions to Series B Preferred Units	(50.4)	(50.3)
Series C Preferred Unitholders
Cash flows from financing activities:
Distributions to Series B Preferred Units	$ (12.0)	$ (12.0)

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 78.9	$ 77.4
Accounts receivable:
Trade, net of allowance for bad debt of $0.5 and $0.5, respectively	58.3	36.2
Accrued revenue and other	352.9	460.1
Related party	16.0	18.1
Fair value of derivative assets	9.6	12.9
Other current assets	81.7	56.9
Total current assets	597.4	661.6
Property and equipment, net of accumulated depreciation of $3,775.9 and $3,418.6, respectively	6,742.0	7,081.3
Intangible assets, net of accumulated amortization of $638.0 and $545.9, respectively	1,156.2	1,249.9
Investment in unconsolidated affiliates	41.9	43.1
Fair value of derivative assets	5.4	4.3
Other assets, net	87.3	94.4
Total assets	8,630.2	9,134.6
Current liabilities:
Accounts payable and drafts payable	54.4	70.6
Accounts payable to related party	0.9	1.1
Accrued gas, NGLs, condensate, and crude oil purchases	214.8	354.8
Fair value of derivative liabilities	33.1	14.4
Other current liabilities	188.8	201.7
Total current liabilities	492.0	642.6
Long-term debt, including $1,648.7 and $1,700.0 from related parties, respectively	4,650.0	4,764.3
Asset retirement obligations	16.1	15.5
Other long-term liabilities	83.5	90.8
Deferred tax liability	45.2	44.5
Fair value of derivative liabilities	4.5	6.8
Redeemable non-controlling interest	0.0	5.2
Partners’ equity:
Common unitholders (144,358,720 units issued and outstanding)	1,419.2	1,681.2
General partner interest (1,594,974 equivalent units outstanding)	215.7	216.6
Accumulated other comprehensive loss	(24.9)	(14.5)
Non-controlling interest	431.7	391.4
Total partners’ equity	3,338.9	3,564.9
Total liabilities and partners’ equity	8,630.2	9,134.6
Series B Preferred Unitholders
Partners’ equity:
Preferred unitholders	896.1	895.1
Series C Preferred Unitholders
Partners’ equity:
Preferred unitholders	$ 401.1	$ 395.1