Enable Midstream Partners, LP

CIK:0001591763|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues (including revenues from affiliates (Note 13)):
Total Revenues	$ 956	$ 596	$ 2,713	$ 1,759
Cost and Expenses (including expenses from affiliates (Note 13)):
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)	565	250	1,510	653
Operation and maintenance	92	96	267	313
General and administrative	27	28	89	73
Depreciation and amortization	104	105	313	314
Impairments of property, plant and equipment and goodwill (Note 7)	0	0	0	28
Taxes other than income tax	16	17	52	52
Total Cost and Expenses	804	496	2,231	1,433
Operating Income	152	100	482	326
Other Income (Expense):
Interest expense	(41)	(43)	(125)	(136)
Equity in earnings (losses) of equity method affiliate, net	4	(222)	5	(211)
Other, net	1	2	7	7
Total Other Expense	(36)	(263)	(113)	(340)
Income (Loss) Before Income Tax
Income (Loss) Before Income Tax	116	(163)	369	(14)
Income tax benefit	0	0	0	0
Net Income (Loss)
Net Income (Loss)	116	(163)	369	(14)
Less: Net income (loss) attributable to noncontrolling interest
Less: Net income (loss) attributable to noncontrolling interest	0	1	2	(6)
Net Income (Loss) Attributable to Limited Partners
Net Income (Loss) Attributable to Limited Partners	116	(164)	367	(8)
Less: Series A Preferred Unit distributions (Note 6)
Less: Series A Preferred Unit distributions (Note 6)	9	9	26	27
Net Income (Loss) Attributable to Common Units (Note 5)
Net Income (Loss) Attributable to Common Units (Note 5)	107	(173)	341	(35)
Common Unit [Member]
Net Income (Loss) Attributable to Common Units (Note 5)
Net Income (Loss) Attributable to Common Units (Note 5)	$ 107	$ (173)	$ 341	$ (35)
Basic and Diluted earnings per unit and weighted average number of units outstanding
Basic and diluted earnings (loss) per unit (Note 5)	$ 0.24	$ (0.40)	$ 0.78	$ (0.08)
Diluted	$ 0.24	$ (0.40)	$ 0.76	$ (0.08)
Product
Revenues (including revenues from affiliates (Note 13)):
Total Revenues	$ 623	$ 280	$ 1,710	$ 764
Natural Gas, Gathering, Transportation, Marketing and Processing
Revenues (including revenues from affiliates (Note 13)):
Total Revenues	$ 333	$ 316	$ 1,003	$ 995

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 369	$ (14)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	313	314
Deferred income taxes	0	1
Impairments of property, plant and equipment and goodwill	0	28
Net loss on sale/retirement of assets	1	17
Equity in (earnings) losses of equity method affiliate, net	(5)	211
Return on investment in equity method affiliate	5	14
Equity-based compensation	12	10
Amortization of debt costs and discount	4	3
Other, net	(7)	(5)
Changes in other assets and liabilities:
Accounts receivable, net	(136)	14
Accounts receivable—affiliated companies	6	13
Inventory	(1)	4
Gas imbalance assets	16	(3)
Other current assets, net	(11)	0
Other assets	3	4
Accounts payable	67	(47)
Accounts payable—affiliated companies	0	1
Gas imbalance liabilities	9	(5)
Other current liabilities	42	(14)
Other liabilities	(9)	(3)
Net cash provided by operating activities	678	543
Cash Flows from Investing Activities:
Capital expenditures (excluding equity AFUDC)	(204)	(152)
Proceeds from sale of assets	3	19
Proceeds from insurance	0	1
Return of investment in equity method affiliate	0	9
Other, net	3	3
Net cash used in investing activities	(198)	(120)
Cash Flows from Financing Activities:
Decrease in short-term debt	(200)	179
Repayment of long-term debt	0	(267)
Proceeds from Revolving Credit Facility	0	869
Repayment of Revolving Credit Facility	0	(869)
Distributions to common unitholders	(216)	(288)
Distributions to preferred unitholders	(26)	(27)
Distributions to non-controlling interests	(3)	(5)
Cash paid for employee equity-based compensation	(2)	(1)
Net cash used in financing activities	(447)	(409)
Net Increase in Cash, Cash Equivalents and Restricted Cash	33	14
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	3	4
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 36	$ 18

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 36	$ 3
Accounts receivable, net of allowance for doubtful accounts (Note 1)	384	248
Accounts receivable—affiliated companies	9	15
Inventory	43	42
Gas imbalances	26	42
Other current assets, net of allowance for doubtful accounts (Note 1)	38	31
Total current assets	536	381
Property, Plant and Equipment:
Property, plant and equipment	13,396	13,220
Less: Accumulated depreciation and amortization	2,785	2,555
Property, plant and equipment, net	10,611	10,665
Other Assets:
Intangible assets, net	492	539
Investment in equity method affiliate	76	76
Other	65	68
Total other assets	633	683
Total Assets	11,780	11,729
Current Liabilities:
Accounts payable	220	149
Accounts payable—affiliated companies	2	2
Current portion of long-term debt	800	0
Short-term debt	50	250
Taxes accrued	55	34
Gas imbalances	28	19
Other	144	128
Total current liabilities	1,299	582
Other Liabilities:
Accumulated deferred income taxes, net	4	5
Regulatory liabilities	27	25
Other	63	71
Total other liabilities	94	101
Long-Term Debt	3,154	3,951
Commitments and Contingencies (Note 14)
Partners’ Equity:
Series A Preferred Units (14,520,000 issued and outstanding at September 30, 2021 and December 31, 2020)	362	362
Common Units (435,877,546 issued and outstanding at September 30, 2021 and 435,549,892 issued and outstanding at December 31, 2020)	6,848	6,713
Accumulated other comprehensive loss	(2)	(6)
Noncontrolling interest	25	26
Total Partners’ Equity	7,233	7,095
Total Liabilities and Partners’ Equity	$ 11,780	$ 11,729