EnLink Midstream, LLC

CIK:0001592000|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenue from contracts with customers	$ 1,586.6	$ 1,768.2	$ 4,815.4	$ 5,042.6
Revenue, Product and Service [Extensible Enumeration]	Midstream services	Midstream services	Midstream services	Midstream services
Gain (loss) on derivative activity	$ 21.8	$ (22.0)	$ (8.0)	$ 1.2
Total revenues	1,608.4	1,746.2	4,807.4	5,043.8
Operating costs and expenses:
Cost of sales, exclusive of operating expenses and depreciation and amortization	$ 1,067.6	$ 1,244.7	$ 3,280.6	$ 3,535.6
Cost, Product and Service [Extensible Enumeration]	Midstream services	Midstream services	Midstream services	Midstream services
Operating expenses	$ 134.0	$ 143.3	$ 441.8	$ 412.5
Depreciation and amortization	186.1	163.8	514.0	489.5
Impairments	71.0	20.7	85.2	20.7
(Gain) loss on disposition of assets	0.7	(0.6)	(0.1)	(1.8)
General and administrative	30.0	30.4	115.4	87.8
Total operating costs and expenses	1,489.4	1,602.3	4,436.9	4,544.3
Operating income	119.0	143.9	370.5	499.5
Other income (expense):
Interest expense, net of interest income	(67.7)	(67.9)	(199.8)	(205.2)
Gain on extinguishment of debt	9.5	0.0	9.5	0.0
Income (loss) from unconsolidated affiliate investments	(11.6)	1.0	(12.1)	(3.7)
Other income (expense)	0.9	(0.6)	5.2	(0.2)
Total other expense	(68.9)	(67.5)	(197.2)	(209.1)
Income (loss) before non-controlling interest and income taxes	50.1	76.4	173.3	290.4
Income tax expense	(7.0)	(10.6)	(13.2)	(40.5)
Net income	43.1	65.8	160.1	249.9
Net income attributable to non-controlling interest	29.1	36.3	93.5	107.9
Net income attributable to ENLC	$ 14.0	$ 29.5	$ 66.6	$ 142.0
Net income attributable to ENLC per unit:
Basic common unit (in dollars per share)	$ (0.03)	$ 0.06	$ 0.08	$ 0.31
Diluted common unit (in dollars per share)	$ (0.03)	$ 0.06	$ 0.08	$ 0.30
Product sales
Revenues:
Revenue from contracts with customers	$ 1,292.3	$ 1,488.1	$ 3,975.9	$ 4,203.7
Midstream services
Revenues:
Revenue from contracts with customers	$ 294.3	$ 280.1	$ 839.5	$ 838.9

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 160.1	$ 249.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	514.0	489.5
Gain on disposition of assets	(0.1)	(1.8)
Non-cash unit-based compensation	16.5	14.2
Non-cash loss on derivatives recognized in net income	4.1	19.0
Gain on extinguishment of debt	(9.5)	0.0
Amortization of debt issuance costs and net discount of senior unsecured notes	4.6	4.9
Deferred income tax expense	12.0	39.0
Loss from unconsolidated affiliate investments	12.1	3.7
Impairments	85.2	20.7
Other operating activities	(2.5)	2.8
Changes in assets and liabilities, net of the effects of acquisitions:
Accounts receivable, accrued revenue, and other	117.7	33.3
Product inventory, prepaid expenses, and other	(65.7)	59.5
Accounts payable, accrued product purchases, and other accrued liabilities	(132.5)	(72.7)
Net cash provided by operating activities	716.0	862.0
Cash flows from investing activities:
Additions to property and equipment	(293.9)	(320.9)
Contributions to unconsolidated affiliate investments	(25.4)	(58.4)
Other investing activities	(5.8)	5.9
Net cash used in investing activities	(325.1)	(373.4)
Cash flows from financing activities:
Proceeds from borrowings	2,736.3	2,538.4
Repayments on borrowings	(2,465.2)	(2,544.4)
Distributions to members	(183.9)	(178.6)
Distributions to non-controlling interests	(122.4)	(132.2)
Payment to redeem mandatorily redeemable non-controlling interest	0.0	(10.5)
Contributions from non-controlling interests	24.7	51.5
Common unit repurchases	(166.5)	(162.4)
Payment of taxes related to the conversion of unit-based awards for common units	(17.9)	(19.3)
Other financing activities	(9.3)	(1.7)
Net cash used in financing activities	(409.2)	(463.1)
Net increase (decrease) in cash and cash equivalents	(18.3)	25.5
Cash and cash equivalents, beginning of period	28.7	22.6
Cash and cash equivalents, end of period	10.4	48.1
Supplemental disclosures of cash flow information:
Cash paid for interest	223.0	222.8
Cash paid for income taxes	1.1	1.5
Non-cash investing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	40.3	13.3
Non-cash accrual of property and equipment	(29.2)	34.4
Non-cash financing activities:
Issuance of ENLC common units from Series B Preferred Units exchange	234.9	0.0
Redemption of Series B Preferred Units from Series B Preferred Units exchange	(217.5)	0.0
Series B Preferred Stock
Cash flows from financing activities:
Repurchase of preferred units	(200.0)	0.0
Series C Preferred Stock
Cash flows from financing activities:
Repurchase of preferred units	$ (5.0)	$ (3.9)