EnLink Midstream Reports Fourth Quarter and Full Year 2015 Results and 2016 Guidance
The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:
ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the
General Partner), today reported results for the fourth quarter of and
full-year 2015 and 2016 Guidance.
Fourth Quarter 2015 — EnLink Midstream Partners, LP Financial Results
The Partnership realized adjusted EBITDA of $186.1 million and
distributable cash flow of $148.8 million in the fourth quarter of 2015,
compared with adjusted EBITDA of $122.0 million and distributable cash
flow of $93.0 million in the fourth quarter of 2014.
The Partnership's net loss from continuing operations was $714.1 million
and net cash provided by operating activities was $137.6 million in the
fourth quarter of 2015, compared with net income from continuing
operations of $91.2 million and net cash provided by operating
activities of $99.1 million in the fourth quarter of 2014. The
Partnership's operating loss was $690.9 million in the fourth quarter of
2015 compared with operating income of $103.9 million in the fourth
quarter of 2014. The net loss in the fourth quarter of 2015 was
primarily due to a non-cash expense of $764.2 million related to
goodwill and asset impairments.
The Partnership’s gross operating margin was $308.6 million in the
fourth quarter of 2015 compared with gross operating margin of $303.7
million in the fourth quarter of 2014. Adjusted EBITDA, distributable
cash flow and gross operating margin are explained in greater detail
under "Non-GAAP Financial Information," and reconciliations of these
measures to their most directly comparable GAAP measures are included in
the tables at the end of this news release.
“EnLink achieved solid results in 2015 despite the challenges facing the
industry. We executed our strategic plan, delivered stable cash flows,
and enhanced our asset positions in the best oil and gas producing
basins,” said Barry E. Davis, EnLink President and Chief Executive
Officer. “We know 2016 will require continued focus and execution. We
plan to maximize cash flows from our assets, reduce costs, execute
growth in core areas, and deliver best-in-basin services. We are
committed to maintaining our financial strength and protecting our
balance sheet.”
The Partnership’s operating and reporting segments are based principally
upon geographic regions served and consist of the following: the Texas
segment, which includes natural gas gathering, processing, transmission
and fractionation operations located in north Texas and west Texas; the
Louisiana segment, which includes pipelines, processing plants and NGL
assets located in Louisiana; the Oklahoma segment, which includes
natural gas gathering and processing operations located in Oklahoma; the
Crude and Condensate segment, which includes rail, truck, pipeline,
storage and barge facilities to deliver crude and condensate in the Ohio
River Valley and Texas and brine disposal wells in the Ohio River
Valley; and the corporate segment, which includes operating activity for
intersegment eliminations and gains or losses from derivative activities.
Each business segment’s contribution to the fourth quarter 2015 gross
operating margin compared with fourth quarter 2014, and the factors
affecting those contributions, is described below:
-
The Texas segment had a decrease in gross operating margin of $1.1
million for the three months ended December 31, 2015 compared to the
three months ended December 31, 2014. This decrease was primarily
attributable to declines in gross operating margin of $13.9 million
resulting from volume declines in our North Texas gathering,
processing, and transmission assets. These declines were partially
offset by increases in gross operating margin of $12.8 million from
our Permian assets, which were primarily due to the Coronado, Matador
and Deadwood acquisitions.
-
The Oklahoma segment had an increase in gross operating margin of $3.9
million for the three months ended December 31, 2015 compared to the
three months ended December 31, 2014. Approximately $2.4 million of
this increase is the result of insurance proceeds received related to
business interruption coverage on the Cana Plant shut-down, which
occurred during the second quarter of 2015. The remainder is primarily
attributable to increased volumes in the Cana system.
-
The Louisiana segment had an increase in gross operating margin of
$9.5 million for the three months ended December 31, 2015 as compared
to the three months ended December 31, 2014. This increase was
primarily driven by an increase in fractionated volumes which
contributed $10.6 million. In addition, the Gulf Coast assets acquired
from Chevron contributed another $2.4 million. These increases were
partially offset by a decrease in gross operating margin of $2.2
million in our Louisiana natural gas processing and transmission
assets primarily due to price declines and declines in revenues from
firm transportation agreements.
-
The Crude and Condensate segment had an increase in gross operating
margin of $13.9 million for the three months ended December 31, 2015
as compared to the three months ended December 31, 2014. This increase
is primarily attributable to the acquisition of the LPC assets in the
Permian Basin in January 2015, which contributed $12.7 million. In
addition, there was an increase in gross operating margin related to
the Victoria Express drop-down transaction in the Eagle Ford of $1.3
million. Gross operating margin from the Ohio River Valley operations
increased by $2.8 million due to the commercial start-up of five
compression and condensate stabilization stations completed since the
fourth quarter of 2014. These increases were partially offset by a
decrease of gross operating margin of $2.9 million due to the early
termination of a contract in June 2015.
-
The Corporate segment had a decrease in gross operating margin of
$21.3 million for the three months ended December 31, 2015 compared to
the three months ended December 31, 2014. The decrease was due to
reduced gains attributable to derivative activities in 2015.
The Partnership’s fourth quarter 2015 operating expenses were $107.3
million, an increase of $24.0 million from the fourth quarter of 2014.
General and administrative expenses for the fourth quarter of 2015
increased by $0.3 million from the fourth quarter of 2014. Depreciation
and amortization expense for the fourth quarter of 2015 increased by
$13.1 million from the fourth quarter of 2014. These increases were
primarily due to the acquisitions of LPC, Coronado, the Victoria Express
pipeline and the Gulf Coast assets acquired from Chevron. Net interest
expense for the fourth quarter of 2015 increased by $14.7 million from
the fourth quarter of 2014 primarily due to an increase in long-term
borrowings.
Net loss per limited partner common unit for the fourth quarter of 2015
was $2.17 per common unit compared with net income of $0.21 per common
unit for the fourth quarter of 2014.
Fourth Quarter 2015 — EnLink Midstream, LLC Financial Results
The General Partner reported a net loss of $723.4 million for the fourth
quarter of 2015 compared with net income of $75.6 million in the fourth
quarter of 2014. The net loss in the fourth quarter of 2015 was
primarily due to the previously mentioned non-cash expense of $764.2
million related to goodwill and asset impairments. The General Partner’s
cash available for distribution was $47.8 million in the fourth quarter
of 2015 compared with cash available for distribution of $66.3 million
in the fourth quarter of 2014. The year-over-year decline in cash
available for distribution was primarily due to the drop-down of EnLink
Midstream Holdings to the Partnership that was completed in 2015. The
resulting distribution coverage ratio for the fourth quarter of 2015 was
approximately 1.04x on the declared distribution of $0.255 per General
Partner unit. Cash available for distribution is explained in greater
detail under "Non-GAAP Financial Information," and a reconciliation of
this measure to its most directly comparable GAAP measure is included in
the tables at the end of this news release.
Full Year 2015 — EnLink Midstream Partners, LP Financial Results
The Partnership realized adjusted EBITDA of $678.3 million, a net loss
from continuing operations of $1,378.2 million, net cash provided by
operating activities of $645.6 million and distributable cash flow of
$529.3 million in 2015. The net loss in 2015 was primarily due to a
non-cash expense of $1,563.4 million related to goodwill and asset
impairments.
The Partnership’s gross operating margin was $1,206.8 million in 2015.
The Partnership's operating loss was $1,297.4 million in 2015. Each
business segment’s contribution to the 2015 gross operating margin is
below:
-
The Texas segment contributed $588.0 million of gross operating margin.
-
The Louisiana segment contributed $272.7 million of gross operating
margin.
-
The Oklahoma segment contributed $169.1 million of gross operating
margin.
-
The Crude and Condensate segment contributed $167.6 million of gross
operating margin.
-
The Corporate segment contributed $9.4 million of gross operating
margin.
The Partnership’s 2015 operating expenses, excluding non-cash
impairments, were $419.9 million; general and administrative expenses
were $132.4 million; depreciation and amortization expense was $387.3
million; and net interest expense was $102.5 million. The net loss per
limited partner common unit for 2015 was $4.66.
Full Year 2015 — EnLink Midstream, LLC Financial Results
The General Partner reported a net loss of $1,409.7 million in 2015. The
net loss was primarily due to a non-cash expense of $1,563.4 million
related to goodwill and intangible impairments. The General Partner's
cash available for distribution was $199.3 million, which resulted in a
1.17x coverage ratio on the declared distribution of $1.005 for 2015.
EnLink Midstream Provides 2016 Guidance
EnLink Midstream's 2016 Guidance expectations are shown in the table
below. EnLink Midstream currently forecasts to have 2016 consolidated
adjusted EBITDA of approximately $770 million, assuming West Texas
Intermediate (WTI) crude oil prices average $43.75 and Henry Hub natural
gas prices average $2.50 for the year. Assuming the achievement of 2016
guidance set out in the table below, the Partnership forecasts that it
will generate sufficient distributable cash flow to support 2016 annual
distributions of approximately $1.56 per unit of the Partnership, which
would allow for a distribution coverage ratio of approximately 1.0x. The
General Partner forecasts that it could pay 2016 annual distributions of
approximately $1.02 per unit of the General Partner, which would allow
for a distribution coverage ratio of approximately 1.1x. The General
Partner distribution forecast assumes the receipt of per unit
distributions from the Partnership consistent with the guidance stated
above. The payment and amount of distributions will be subject to
approval by the Boards of Directors of the Partnership and General
Partner and to economic conditions and other factors existing during the
time of determination.
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EnLink Midstream
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Guidance for Total Year 2016
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(All amounts in millions except percentages, ratios and per unit
amounts)
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2016 Guidance
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EnLink Midstream Consolidated
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Adjusted EBITDA
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$720 - $800
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Percentage of gross operating margin from fee-based contracts
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~ 95%
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Growth capital expenditures
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$445 - $570
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Maintenance capital expenditures
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~ $35
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EnLink Midstream Partners, LP
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Adjusted EBITDA
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$715 - $795
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Distributable cash flow
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$545 - $625
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ENLK annual distributions per unit
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$1.56
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Distribution coverage ratio
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~ 1.0x
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EnLink Midstream, LLC
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Cash available for distribution
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~ $205
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Cash taxes
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~ $2
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ENLC annual distributions per unit
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$1.02
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Distribution coverage ratio
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~ 1.1x
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Note: Guidance range assumes 2016 average WTI crude oil prices range
from $27.50 to $60 per barrel and 2016 average Henry Hub natural gas
prices range from $2 to $4 per MMBtu.
The foregoing guidance for 2016 is estimated and, accordingly, remains
subject to changes that could be significant. See the section titled
“Forward-Looking Statements” of this press release. Adjusted EBITDA,
growth capital expenditures, maintenance capital expenditures,
distributable cash flow and cash available for distribution are non-GAAP
financial measures and are explained in greater detail under “Non-GAAP
Financial Information.”
The assumptions and estimates underlying the forecasted financial
information included in the guidance information in this press release
are inherently uncertain and, though considered reasonable by the EnLink
Midstream management team as of the date of its preparation, are subject
to a wide variety of significant business, economic, and competitive
risks and uncertainties that could cause actual results to differ
materially from those contained in the forecasted financial information.
Accordingly, there can be no assurance that the forecasted results are
indicative of EnLink Midstream’s future performance or that actual
results will not differ materially from those presented in the
forecasted financial information. Inclusion of the forecasted financial
information in this press release should not be regarded as a
representation by any person that the results contained in the
forecasted financial information will be achieved.
EnLink Midstream to Hold Earnings Conference Call on February 17, 2016
EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink
Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a
conference call to discuss 2015 financial results and 2016 Guidance on
Wednesday, February 17, 2016, at 9:00 a.m. Central time (10:00 a.m.
Eastern time). EnLink will post an operations report to its website at www.enlink.com
after market close on February 16. The dial-in number for the call is
1-855-656-0924. Callers outside the United States should dial
1-412-542-4172. Participants can also preregister for the conference
call by navigating to http://dpregister.com/10079411
where they will receive their dial-in information upon completion of
their preregistration.
Interested parties can access an archived replay of the call on the
Investors page of EnLink Midstream’s website at www.enlink.com.
About the EnLink Midstream Companies
EnLink Midstream is a leading, integrated midstream company with a
diverse geographic footprint and a strong financial foundation,
delivering tailored customer solutions for sustainable growth. EnLink
Midstream is publicly traded through two entities: EnLink Midstream, LLC
(NYSE: ENLC), the publicly traded general partner entity, and EnLink
Midstream Partners, LP (NYSE: ENLK), the master limited partnership.
EnLink Midstream’s assets are located in many of North America’s premier
oil and gas regions, including the Barnett Shale, Permian Basin,
Cana-Woodford Shale, the STACK, Arkoma-Woodford Shale, Eagle Ford Shale,
Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale.
Based in Dallas, Texas, EnLink Midstream’s assets include over 9,800
miles of gathering and transportation pipelines, 18 processing plants
with 3.8 billion cubic feet per day of processing capacity, seven
fractionators with 280,000 barrels per day of fractionation capacity, as
well as barge and rail terminals, product storage facilities, purchase
and marketing capabilities, brine disposal wells, an extensive crude oil
trucking fleet and equity investments in certain private midstream
companies.
Additional information about the EnLink companies can be found at www.enlink.com.
Non-GAAP Financial Information
This press release contains non-generally accepted accounting principle
financial measures that we refer to as adjusted EBITDA, distributable
cash flow, gross operating margin, growth capital expenditures,
maintenance capital expenditures and the General Partner's cash
available for distribution. We define adjusted EBITDA as net income from
continuing operations plus interest expense, provision for income taxes,
depreciation and amortization expense, impairments, unit-based
compensation, (gain) loss on noncash derivatives, transaction costs,
distribution of equity investment and non-controlling interest and
income (loss) from unconsolidated affiliates. We define distributable
cash flow as net cash provided by operating activities plus adjusted
EBITDA, net to EnLink Midstream Partners, LP, less interest expense,
litigation settlement adjustment, interest rate swap proceeds, cash
taxes and other, maintenance capital expenditures and the adjusted
EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings" and for
the period ended prior to March 7, 2014, "Predecessor"). Gross operating
margin is defined as revenue minus the cost of sales. Cash available for
distribution is defined as distributions due to the General Partner from
the Partnership and the General Partner's interest in adjusted EBITDA of
Midstream Holdings (as defined herein), less maintenance capital, the
General Partner's specific general and administrative costs as a
separate public reporting entity, the interest costs associated with the
General Partner's debt and current taxes attributable to the General
Partner's earnings. Growth capital expenditures generally include
capital expenditures made for acquisitions or capital improvements that
we expect will increase our asset base, operating income or operating
capacity over the long-term. Maintenance capital expenditures are
capital expenditures made to replace partially or fully depreciated
assets in order to maintain the existing operating capacity of the
assets and to extend their useful lives.
The amounts included in the calculation of these measures are computed
in accordance with generally accepted accounting principles (GAAP) with
the exception of maintenance capital expenditures and the adjusted
EBITDA of Midstream Holdings. Adjusted EBITDA of Midstream Holdings is
defined as Midstream Holdings' earnings plus depreciation, provisions
for income taxes and distribution of equity investment less income on
equity investment.
The Partnership and General Partner believe these measures are useful to
investors because they may provide users of this financial information
with meaningful comparisons between current results and prior-reported
results and a meaningful measure of the Partnership’s and the General
Partner's cash flow after it has satisfied the capital and related
requirements of its operations.
Gross operating margin, adjusted EBITDA, distributable cash flow,
maintenance capital expenditures, growth capital expenditures and cash
available for distribution, as defined above, are not measures of
financial performance or liquidity under GAAP. They should not be
considered in isolation or as an indicator of the Partnership’s and the
General Partner's performance. Furthermore, they should not be seen as a
substitute for metrics prepared in accordance with GAAP. Reconciliations
of these measures to their most directly comparable GAAP measures are
included in the following tables.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Although these statements
reflect the current views, assumptions and expectations of our
management, the matters addressed herein involve certain assumptions,
risks and uncertainties that could cause actual activities, performance,
outcomes and results to differ materially from those indicated. Such
forward-looking statements include, but are not limited to, statements
about future financial and operating results, guidance, projected or
forecasted financial results, objectives, project timing, expectations
and intentions and other statements that are not historical facts.
Factors that could result in such differences or otherwise materially
affect our financial condition, results of operations and cash flows
include, without limitation,(a) the dependence on Devon for a
substantial portion of the natural gas that we gather, process and
transport, (b) developments that materially and adversely affect Devon
or our other customers, (c) adverse developments in the midstream
business may reduce our ability to make distributions, (d) our
vulnerability to having a significant portion of our operations
concentrated in the Barnett Shale, (e) the amount of hydrocarbons
transported in our gathering and transmission lines and the level of our
processing and fractionation operations, (f) impairments to goodwill,
long-lived assets and equity method investments, (g) our ability to
balance our purchases and sales, (h) fluctuations in oil, natural gas
and NGL prices, (i) construction risks in our major development
projects, (j) reductions in our credit ratings, (k) our debt levels and
restrictions contained in our debt documents, (l) our ability to
consummate future acquisitions, successfully integrate any acquired
businesses, realize any cost savings and other synergies from any
acquisition, (m) changes in the availability and cost of capital, (n)
competitive conditions in our industry and their impact on our ability
to connect hydrocarbon supplies to our assets, (o) operating hazards,
natural disasters, weather-related delays, casualty losses and other
matters beyond our control, (p) a failure in our computing systems or a
cyber-attack on our systems, and (q) the effects of existing and future
laws and governmental regulations, including environmental and climate
change requirements and other uncertainties. These and other applicable
uncertainties, factors and risks are described more fully in EnLink
Midstream Partners, LP’s and EnLink Midstream, LLC’s filings with the
Securities and Exchange Commission, including EnLink Midstream Partners,
LP’s and EnLink Midstream, LLC’s Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Neither EnLink
Midstream Partners, LP nor EnLink Midstream, LLC assumes any obligation
to update any forward-looking statements.
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EnLink Midstream Partners, LP
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Selected Financial Data
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(All amounts in millions except per unit amounts)
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Three Months Ended
December 31,
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Years Ended December 31,
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2015
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2014
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2015
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2014
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(Unaudited)
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Total revenues
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$
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1,066.5
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$
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1,000.2
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$
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4,452.1
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$
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3,507.8
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Cost of sales
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757.9
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696.5
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3,245.3
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2,494.5
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Gross Operating Margin
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308.6
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303.7
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1,206.8
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1,013.3
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Operating costs and expenses:
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Operating expenses
|
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107.3
|
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83.3
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419.9
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283.6
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General and administrative
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30.1
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29.8
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132.4
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94.5
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Depreciation and amortization
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99.9
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86.8
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387.3
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284.3
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(Gain) loss on disposition of property
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(2.0
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)
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(0.1
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)
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1.2
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(0.1
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)
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Impairments
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764.2
|
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|
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—
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1,563.4
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—
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Gain on litigation settlement
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|
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—
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—
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—
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(6.1
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)
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Total operating costs and expenses
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999.5
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199.8
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2,504.2
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656.2
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Operating income (loss)
|
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|
|
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(690.9
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)
|
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|
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103.9
|
|
|
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(1,297.4
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)
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357.1
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|
Other income (expense):
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|
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Interest expense, net of interest income
|
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(31.0
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)
|
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|
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(16.3
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)
|
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(102.5
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)
|
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(47.4
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)
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Income from unconsolidated affiliates
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4.3
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4.6
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20.4
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18.9
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Gain on extinguishment of debt
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|
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—
|
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|
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—
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—
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3.2
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Other income (expense)
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0.1
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0.3
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0.8
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(0.5
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)
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Total other income (expense)
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(26.6
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)
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(11.4
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)
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(81.3
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)
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(25.8
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)
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Income (loss) from continuing operations before non-controlling
interest and income taxes
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(717.5
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)
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92.5
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(1,378.7
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)
|
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331.3
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Income tax (provision) benefit
|
|
|
|
|
3.4
|
|
|
|
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(1.3
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)
|
|
|
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0.5
|
|
|
|
|
(22.0
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)
|
|
Net income from continuing operations
|
|
|
|
|
(714.1
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)
|
|
|
|
91.2
|
|
|
|
|
(1,378.2
|
)
|
|
|
|
309.3
|
|
|
Discontinued operations:
|
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|
|
|
|
|
|
|
|
|
|
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Income from discontinued operations, net of tax
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
Discontinued operations, net of tax
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
Net income (loss)
|
|
|
|
|
(714.1
|
)
|
|
|
|
91.2
|
|
|
|
|
(1,378.2
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)
|
|
|
|
310.3
|
|
|
Net loss attributable to the non-controlling interest
|
|
|
|
|
(0.1
|
)
|
|
|
|
(0.4
|
)
|
|
|
|
(0.4
|
)
|
|
|
|
(0.2
|
)
|
|
Net income (loss) attributable to EnLink Midstream Partners, LP
|
|
|
|
$
|
(714.0
|
)
|
|
|
$
|
91.6
|
|
|
|
$
|
(1,377.8
|
)
|
|
|
$
|
310.5
|
|
|
Predecessor interest in net income (loss) (1)
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
35.5
|
|
|
General partner interest in net income
|
|
|
|
$
|
6.1
|
|
|
|
$
|
41.4
|
|
|
|
$
|
58.0
|
|
|
|
$
|
138.3
|
|
|
Limited partners' interest in net income (loss) attributable to
EnLink Midstream Partners, LP
|
|
|
|
$
|
(704.7
|
)
|
|
|
$
|
50.2
|
|
|
|
$
|
(1,405.2
|
)
|
|
|
$
|
136.7
|
|
|
Class C partners' interest in net loss attributable to EnLink
Midstream Partners, LP
|
|
|
|
$
|
(15.4
|
)
|
|
|
$
|
—
|
|
|
|
$
|
(30.6
|
)
|
|
|
$
|
—
|
|
|
Net income (loss) attributable to EnLink Midstream Partners, LP per
limited partners' unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common unit
|
|
|
|
$
|
(2.17
|
)
|
|
|
$
|
0.21
|
|
|
|
$
|
(4.66
|
)
|
|
|
$
|
0.59
|
|
|
Diluted common unit
|
|
|
|
$
|
(2.17
|
)
|
|
|
$
|
0.21
|
|
|
|
$
|
(4.66
|
)
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents net income attributable to the Predecessor for the
periods prior to March 7, 2014.
|
|
|
|
|
|
|
|
|
|
EnLink Midstream Partners, LP
|
|
Reconciliation of Net Income to Adjusted EBITDA and Distributable
Cash Flow
|
|
(All amounts in millions except ratios and per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Net income (loss) from continuing operations
|
|
|
|
$
|
(714.1
|
)
|
|
|
$
|
91.2
|
|
|
|
$
|
(1,378.2
|
)
|
|
|
$
|
309.3
|
|
|
Interest expense
|
|
|
|
|
31.0
|
|
|
|
|
16.3
|
|
|
|
|
102.5
|
|
|
|
|
47.4
|
|
|
Depreciation and amortization
|
|
|
|
|
99.9
|
|
|
|
|
86.8
|
|
|
|
|
387.3
|
|
|
|
|
284.3
|
|
|
Impairments
|
|
|
|
|
764.2
|
|
|
|
|
—
|
|
|
|
|
1,563.4
|
|
|
|
|
—
|
|
|
(Gain) loss on sale of property
|
|
|
|
|
(2.0
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
1.2
|
|
|
|
|
(0.1
|
)
|
|
Income from unconsolidated affiliate investments
|
|
|
|
|
(4.3
|
)
|
|
|
|
(4.6
|
)
|
|
|
|
(20.4
|
)
|
|
|
|
(18.9
|
)
|
|
Gain on extinguishment of debt
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3.2
|
)
|
|
Distribution from unconsolidated affiliate investments
|
|
|
|
|
11.3
|
|
|
|
|
9.8
|
|
|
|
|
42.7
|
|
|
|
|
23.7
|
|
|
Stock-based compensation
|
|
|
|
|
7.1
|
|
|
|
|
6.7
|
|
|
|
|
35.7
|
|
|
|
|
22.2
|
|
|
Income tax provision (benefit)
|
|
|
|
|
(3.4
|
)
|
|
|
|
1.3
|
|
|
|
|
(0.5
|
)
|
|
|
|
22.0
|
|
|
Payments under onerous performance obligation offset to other
current and long-term liabilities
|
|
|
|
|
(4.4
|
)
|
|
|
|
(4.5
|
)
|
|
|
|
(17.9
|
)
|
|
|
|
(14.7
|
)
|
|
Other (1)
|
|
|
|
|
1.8
|
|
|
|
|
(20.5
|
)
|
|
|
|
19.0
|
|
|
|
|
(18.4
|
)
|
|
Adjusted EBITDA before non-controlling interest
|
|
|
|
$
|
187.1
|
|
|
|
$
|
182.4
|
|
|
|
$
|
734.8
|
|
|
|
$
|
653.6
|
|
|
Non-controlling interest share of adjusted EBITDA
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
(0.2
|
)
|
|
Transferred interest adjusted EBITDA (2)
|
|
|
|
|
(1.1
|
)
|
|
|
|
(60.4
|
)
|
|
|
|
(56.9
|
)
|
|
|
|
(193.0
|
)
|
|
Predecessor adjusted EBITDA (3)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(82.8
|
)
|
|
Adjusted EBITDA
|
|
|
|
$
|
186.1
|
|
|
|
$
|
122.0
|
|
|
|
$
|
678.3
|
|
|
|
$
|
377.6
|
|
|
Interest expense
|
|
|
|
|
(31.0
|
)
|
|
|
|
(15.2
|
)
|
|
|
|
(102.5
|
)
|
|
|
|
(46.3
|
)
|
|
Non-cash adjustment for mandatorily redeemable non-controlling
interest
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
(1.8
|
)
|
|
|
|
—
|
|
|
Litigation settlement adjustment
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(4.7
|
)
|
|
Interest rate swap (4)
|
|
|
|
|
—
|
|
|
|
|
(3.6
|
)
|
|
|
|
(3.6
|
)
|
|
|
|
(3.6
|
)
|
|
Cash taxes and other
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
(2.8
|
)
|
|
|
|
(0.1
|
)
|
|
Maintenance capital expenditures (5)
|
|
|
|
|
(6.3
|
)
|
|
|
|
(10.1
|
)
|
|
|
|
(38.3
|
)
|
|
|
|
(21.5
|
)
|
|
Distributable cash flow
|
|
|
|
$
|
148.8
|
|
|
|
$
|
93.0
|
|
|
|
$
|
529.3
|
|
|
|
$
|
301.4
|
|
|
Distribution Coverage
|
|
|
|
1.05x
|
|
|
0.92x
|
|
|
1.02x
|
|
|
|
|
Distributions declared per limited partner unit
|
|
|
|
$
|
0.390
|
|
|
|
$
|
0.375
|
|
|
|
$
|
1.545
|
|
|
|
$
|
1.470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes financial derivatives marked-to-market, accretion expense
associated with asset retirement obligations, reimbursed costs from
Devon and successful acquisition transaction costs.
|
|
(2)
|
|
Represents recast E2, Midstream Holdings and VEX adjusted EBITDA
prior to the date of the drop down of the respective assets or
interests from ENLC and Devon.
|
|
(3)
|
|
Represents Predecessor's adjusted EBITDA for the period from January
1, 2014 through March 7, 2014.
|
|
(4)
|
|
During the second quarter of 2015 and fourth quarter of 2014, we
entered into interest rate swap arrangements to mitigate our
exposure to interest rate movements prior to our note issuances. The
gains on settlements of the interest rate swaps were considered
excess proceeds for the note issuance, and therefore, excluded from
distributable cash flow.
|
|
(5)
|
|
Maintenance capital expenditures presented in our reconciliation to
distributable cash flows above include only (i) our expenditures
incurred at or after March 7, 2014 and (ii) our interest of the
expenditures of Midstream Holdings incurred at or after March 7,
2014. Maintenance capital expenditures prior to March 7, 2014 of
$4.6 million were excluded from the reconciliation to distributable
cash flow because they represent the cash flows of the Predecessor
which were not available for distribution. Prior to March 7, 2014
these assets were owned by Devon, and therefore, all cash flow from
these assets was distributed to Devon.
|
|
|
|
|
|
|
|
EnLink Midstream Partners, LP
|
|
Reconciliation of Net Cash Provided by Operating Activities to
Adjusted EBITDA
|
|
and Distributable Cash Flow
|
|
(All amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$
|
137.6
|
|
|
|
$
|
99.1
|
|
|
|
$
|
645.6
|
|
|
|
$
|
479.4
|
|
|
Interest expense, net (1)
|
|
|
|
|
30.5
|
|
|
|
|
16.5
|
|
|
|
|
104.0
|
|
|
|
|
48.6
|
|
|
Unit-based compensation (2)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2.8
|
|
|
Current income tax
|
|
|
|
|
0.2
|
|
|
|
|
6.4
|
|
|
|
|
3.1
|
|
|
|
|
6.7
|
|
|
Distributions from unconsolidated affiliate investment in excess of
earnings
|
|
|
|
|
6.8
|
|
|
|
|
3.3
|
|
|
|
|
21.1
|
|
|
|
|
10.9
|
|
|
Other (3)
|
|
|
|
|
0.3
|
|
|
|
|
1.9
|
|
|
|
|
10.7
|
|
|
|
|
3.5
|
|
|
Changes in operating assets and liabilities which provided cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, accrued revenues, inventories and other
|
|
|
|
|
(95.7
|
)
|
|
|
|
112.8
|
|
|
|
|
(201.6
|
)
|
|
|
|
98.1
|
|
|
Accounts payable, accrued purchases and other (4)
|
|
|
|
|
107.4
|
|
|
|
|
(57.6
|
)
|
|
|
|
151.9
|
|
|
|
|
3.6
|
|
|
Adjusted EBITDA before non-controlling interest
|
|
|
|
|
187.1
|
|
|
|
|
182.4
|
|
|
|
|
734.8
|
|
|
|
|
653.6
|
|
|
Non-controlling interest share of adjusted EBITDA
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
(0.2
|
)
|
|
Transferred interest adjusted EBITDA (5)
|
|
|
|
|
(1.1
|
)
|
|
|
|
(60.4
|
)
|
|
|
|
(56.9
|
)
|
|
|
|
(193.0
|
)
|
|
Predecessor adjusted EBITDA (6)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(82.8
|
)
|
|
Adjusted EBITDA, net to EnLink Midstream Partners, LP
|
|
|
|
|
186.1
|
|
|
|
|
122.0
|
|
|
|
|
678.3
|
|
|
|
|
377.6
|
|
|
Interest expense
|
|
|
|
|
(31.0
|
)
|
|
|
|
(15.2
|
)
|
|
|
|
(102.5
|
)
|
|
|
|
(46.3
|
)
|
|
Non-cash adjustment for mandatorily redeemable non-controlling
interest
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
(1.8
|
)
|
|
|
|
—
|
|
|
Litigation settlement adjustment
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(4.7
|
)
|
|
Interest rate swap (7)
|
|
|
|
|
—
|
|
|
|
|
(3.6
|
)
|
|
|
|
(3.6
|
)
|
|
|
|
(3.6
|
)
|
|
Cash taxes and other
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
(2.8
|
)
|
|
|
|
(0.1
|
)
|
|
Maintenance capital expenditures (8)
|
|
|
|
|
(6.3
|
)
|
|
|
|
(10.1
|
)
|
|
|
|
(38.3
|
)
|
|
|
|
(21.5
|
)
|
|
Distributable cash flow
|
|
|
|
$
|
148.8
|
|
|
|
$
|
93.0
|
|
|
|
$
|
529.3
|
|
|
|
$
|
301.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Net of amortization of debt issuance costs, discount and premium,
and valuation adjustment for mandatorily redeemable non-controlling
interest included in interest expense.
|
|
(2)
|
|
Represents Predecessor stock-based compensation contributed through
equity and reflected in net distributions to Predecessor in cash
flows from financing activities in the Consolidated Statements of
Cash Flows.
|
|
(3)
|
|
Includes successful acquisition transaction costs and reimbursed
employee costs from Devon and LPC.
|
|
(4)
|
|
Net of payments under onerous performance obligation offset to other
current and long-term liabilities.
|
|
(5)
|
|
Represents recast E2, Midstream Holdings and VEX adjusted EBITDA
prior to the date of the drop down of the respective assets or
interests from ENLC and Devon as applicable.
|
|
(6)
|
|
Represents Predecessor's adjusted EBITDA for the period from January
1, 2014 through March 7, 2014.
|
|
(7)
|
|
During the second quarter of 2015 and fourth quarter of 2014, we
entered into interest rate swap arrangements to mitigate our
exposure to interest rate movements prior to our note issuances. The
gains on settlements of the interest rate swaps were considered
excess proceeds for the note issuance, and therefore, excluded from
distributable cash flow.
|
|
(8)
|
|
Maintenance capital expenditures presented in our reconciliation to
distributable cash flows above include only (i) our expenditures
incurred at or after March 7, 2014 and (ii) our interest of the
expenditures of Midstream Holdings incurred at or after March 7,
2014. Maintenance capital expenditures prior to March 7, 2014 of
$4.6 million were excluded from the reconciliation to distributable
cash flow because they represent the cash flows of the Predecessor
which were not available for distribution. Prior to March 7, 2014
these assets were owned by Devon, and therefore, all cash flow from
these assets was distributed to Devon.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EnLink Midstream Partners, LP
|
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Midstream Volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and Transportation (MMBtu/d)
|
|
|
|
2,806,500
|
|
|
2,899,000
|
|
|
2,849,600
|
|
|
2,958,000
|
|
Processing (MMBtu/d)
|
|
|
|
1,225,000
|
|
|
1,134,000
|
|
|
1,222,700
|
|
|
1,146,000
|
|
Louisiana (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and Transportation (MMBtu/d)
|
|
|
|
1,614,700
|
|
|
968,000
|
|
|
1,468,300
|
|
|
615,200
|
|
Processing (MMBtu/d)
|
|
|
|
574,300
|
|
|
526,000
|
|
|
506,100
|
|
|
547,000
|
|
NGL Fractionation (Gals/d)
|
|
|
|
5,994,400
|
|
|
5,448,000
|
|
|
5,771,500
|
|
|
3,804,300
|
|
Oklahoma (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and Transmission (MMBtu/d)
|
|
|
|
476,300
|
|
|
467,000
|
|
|
428,600
|
|
|
471,000
|
|
Processing (MMBtu/d)
|
|
|
|
442,000
|
|
|
420,000
|
|
|
359,600
|
|
|
442,000
|
|
Crude and Condensate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Handling (Bbls/d)
|
|
|
|
140,300
|
|
|
17,700
|
|
|
131,500
|
|
|
26,300
|
|
Brine Disposal (Bbls/d)
|
|
|
|
3,900
|
|
|
3,700
|
|
|
3,900
|
|
|
4,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Volumes include volumes per day based on 365 day period for the
years ended December 31, 2015 and 2014 for Midstream Holdings
operations. Volumes include volumes per day based on the 300 day
period from March 7 to December 31, 2014 for the year ended December
31, 2014 for our legacy operations in Texas.
|
|
(2)
|
|
Volumes include volumes per day based on the 300 day period from
March 7 to December 31, 2014 for the year ended December 31, 2014
for our legacy operations. Midstream Holdings does not have any
operations in Louisiana or Ohio.
|
|
(3)
|
|
Volumes include volumes per day based on 365 day period for the
years ended December 31, 2015 and 2014, respectively, for Midstream
Holdings operations. We did not have any legacy operations in
Oklahoma.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EnLink Midstream, LLC
|
|
Selected Financial Data
|
|
(All amounts in millions except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
1,066.5
|
|
|
|
$
|
1,000.2
|
|
|
|
$
|
4,452.1
|
|
|
|
$
|
3,507.8
|
|
|
Cost of sales
|
|
|
|
|
757.9
|
|
|
|
|
696.5
|
|
|
|
|
3,245.3
|
|
|
|
|
2,494.5
|
|
|
Gross Operating Margin
|
|
|
|
|
308.6
|
|
|
|
|
303.7
|
|
|
|
|
1,206.8
|
|
|
|
|
1,013.3
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
107.3
|
|
|
|
|
83.3
|
|
|
|
|
419.9
|
|
|
|
|
283.6
|
|
|
General and administrative
|
|
|
|
|
31.2
|
|
|
|
|
30.4
|
|
|
|
|
136.9
|
|
|
|
|
97.3
|
|
|
Depreciation and amortization
|
|
|
|
|
99.9
|
|
|
|
|
85.7
|
|
|
|
|
387.3
|
|
|
|
|
284.3
|
|
|
Gain (loss) on disposition of property
|
|
|
|
|
(2.0
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
1.2
|
|
|
|
|
(0.1
|
)
|
|
Impairments
|
|
|
|
|
764.2
|
|
|
|
|
—
|
|
|
|
|
1,563.4
|
|
|
|
|
—
|
|
|
Gain on litigation settlement
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(6.1
|
)
|
|
Total operating costs and expenses
|
|
|
|
|
1,000.6
|
|
|
|
|
199.3
|
|
|
|
|
2,508.7
|
|
|
|
|
659.0
|
|
|
Operating income (loss)
|
|
|
|
|
(692.0
|
)
|
|
|
|
104.4
|
|
|
|
|
(1,301.9
|
)
|
|
|
|
354.3
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
|
|
|
(31.2
|
)
|
|
|
|
(16.7
|
)
|
|
|
|
(103.3
|
)
|
|
|
|
(49.8
|
)
|
|
Income from unconsolidated affiliates
|
|
|
|
|
4.3
|
|
|
|
|
4.6
|
|
|
|
|
20.4
|
|
|
|
|
18.9
|
|
|
Gain on extinguishment of debt
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.2
|
|
|
Other income (expense)
|
|
|
|
|
0.1
|
|
|
|
|
0.2
|
|
|
|
|
0.8
|
|
|
|
|
(0.5
|
)
|
|
Total other income (expense)
|
|
|
|
|
(26.8
|
)
|
|
|
|
(11.9
|
)
|
|
|
|
(82.1
|
)
|
|
|
|
(28.2
|
)
|
|
Income (loss) from continuing operations before non-controlling
interest and income taxes
|
|
|
|
|
(718.8
|
)
|
|
|
|
92.5
|
|
|
|
|
(1,384.0
|
)
|
|
|
|
326.1
|
|
|
Income tax provision
|
|
|
|
|
(4.6
|
)
|
|
|
|
(16.9
|
)
|
|
|
|
(25.7
|
)
|
|
|
|
(76.4
|
)
|
|
Net income (loss) from continuing operations
|
|
|
|
|
(723.4
|
)
|
|
|
|
75.6
|
|
|
|
|
(1,409.7
|
)
|
|
|
|
249.7
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
Discontinued operations, net of tax
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
Net income (loss)
|
|
|
|
|
(723.4
|
)
|
|
|
|
75.6
|
|
|
|
|
(1,409.7
|
)
|
|
|
|
250.7
|
|
|
Net income (loss) attributable to the non-controlling interest
|
|
|
|
|
(528.4
|
)
|
|
|
|
46.2
|
|
|
|
|
(1,054.5
|
)
|
|
|
|
126.7
|
|
|
Net income (loss) attributable to Enlink Midstream, LLC
|
|
|
|
$
|
(195.0
|
)
|
|
|
$
|
29.4
|
|
|
|
$
|
(355.2
|
)
|
|
|
$
|
124.0
|
|
|
Predecessor interest in net income (1)
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
35.5
|
|
|
Devon investment interest in net income (loss)
|
|
|
|
$
|
1.1
|
|
|
|
$
|
3.3
|
|
|
|
$
|
1.8
|
|
|
|
$
|
(2.0
|
)
|
|
Enlink Midstream, LLC interest in net income (loss)
|
|
|
|
$
|
(196.1
|
)
|
|
|
$
|
26.1
|
|
|
|
$
|
(357.0
|
)
|
|
|
$
|
90.5
|
|
|
Net income (loss) attributable to EnLink Midstream, LLC per unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common unit
|
|
|
|
$
|
(1.18
|
)
|
|
|
$
|
0.16
|
|
|
|
$
|
(2.17
|
)
|
|
|
$
|
0.55
|
|
|
Diluted common unit
|
|
|
|
$
|
(1.18
|
)
|
|
|
$
|
0.16
|
|
|
|
$
|
(2.17
|
)
|
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents net income attributable to the Predecessor for the
periods prior to March 7, 2014.
|
|
|
|
|
|
|
|
|
|
EnLink Midstream, LLC
|
|
Cash Available for Distribution
|
|
(All amounts in millions except ratios and per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Distribution declared by ENLK associated with (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General partner interest
|
|
|
|
$
|
0.6
|
|
|
|
$
|
0.6
|
|
|
|
$
|
2.4
|
|
|
|
$
|
2.2
|
|
|
Incentive distribution rights
|
|
|
|
|
13.8
|
|
|
|
|
7.0
|
|
|
|
|
47.5
|
|
|
|
|
22.6
|
|
|
ENLK common units owned
|
|
|
|
|
34.5
|
|
|
|
|
6.5
|
|
|
|
|
104.5
|
|
|
|
|
24.8
|
|
|
Total share of ENLK distributions declared
|
|
|
|
$
|
48.9
|
|
|
|
$
|
14.1
|
|
|
|
$
|
154.4
|
|
|
|
$
|
49.6
|
|
|
Transferred interest EBITDA (2)
|
|
|
|
|
—
|
|
|
|
|
55.3
|
|
|
|
|
53.7
|
|
|
|
|
187.9
|
|
|
Total cash available
|
|
|
|
$
|
48.9
|
|
|
|
$
|
69.4
|
|
|
|
$
|
208.1
|
|
|
|
$
|
237.5
|
|
|
Uses of cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
|
(1.1
|
)
|
|
|
|
(0.5
|
)
|
|
|
|
(4.1
|
)
|
|
|
|
(3.2
|
)
|
|
Current income taxes (3)
|
|
|
|
|
0.1
|
|
|
|
|
2.9
|
|
|
|
|
0.1
|
|
|
|
|
(3.5
|
)
|
|
Interest expense
|
|
|
|
|
(0.1
|
)
|
|
|
|
(0.4
|
)
|
|
|
|
(0.8
|
)
|
|
|
|
(2.2
|
)
|
|
Maintenance capital expenditures (4)
|
|
|
|
|
—
|
|
|
|
|
(5.1
|
)
|
|
|
|
(4.0
|
)
|
|
|
|
(11.0
|
)
|
|
Total cash used
|
|
|
|
$
|
(1.1
|
)
|
|
|
$
|
(3.1
|
)
|
|
|
$
|
(8.8
|
)
|
|
|
$
|
(19.9
|
)
|
|
ENLC Cash Available for distribution
|
|
|
|
$
|
47.8
|
|
|
|
$
|
66.3
|
|
|
|
$
|
199.3
|
|
|
|
$
|
217.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution declared per ENLC unit
|
|
|
|
$
|
0.255
|
|
|
|
$
|
0.235
|
|
|
|
$
|
1.005
|
|
|
|
$
|
0.865
|
|
|
Cash distribution declared
|
|
|
|
$
|
46.2
|
|
|
|
$
|
38.8
|
|
|
|
$
|
170.2
|
|
|
|
|
|
Distribution coverage
|
|
|
|
1.04x
|
|
|
1.71x
|
|
|
1.17x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents quarterly distributions paid to us on May 14, 2015,
August 13, 2015, November 12, 2015 and distributions declared by
ENLK and to be paid to ENLC on February 11, 2016 for the year ended
December 31, 2015 and quarterly distributions paid to us on May 14,
2014, August 13, 2014, November 13, 2014 and February 12, 2015 for
the year ended December 31, 2014.
|
|
(2)
|
|
Represents our interest in Midstream Holdings' adjusted EBITDA prior
to the Midstream Holdings Drop Downs.
|
|
(3)
|
|
Represents our stand-alone current tax expense.
|
|
(4)
|
|
Represents our interest in Midstream Holdings' maintenance capital
expenditures prior to the Midstream Holdings Drop Downs which is
netted against the monthly disbursement of Midstream Holdings'
adjusted EBITDA per (2) above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EnLink Midstream, LLC
|
|
Reconciliation of Net Income of ENLC to ENLC Cash Available for
Distribution
|
|
(All amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Net income (loss) of ENLC
|
|
|
|
$
|
(723.4
|
)
|
|
|
$
|
75.6
|
|
|
|
$
|
(1,409.7
|
)
|
|
|
$
|
249.7
|
|
|
Less: Net income attributable to ENLK
|
|
|
|
|
714.0
|
|
|
|
|
(91.6
|
)
|
|
|
|
1,377.8
|
|
|
|
|
(310.5
|
)
|
|
Net income (loss) of ENLC excluding ENLK
|
|
|
|
$
|
(9.4
|
)
|
|
|
$
|
(16.0
|
)
|
|
|
$
|
(31.9
|
)
|
|
|
$
|
(60.8
|
)
|
|
ENLC's share of distributions from ENLK (1)
|
|
|
|
|
48.9
|
|
|
|
|
14.1
|
|
|
|
|
154.4
|
|
|
|
|
49.6
|
|
|
ENLC deferred income tax expense (2)
|
|
|
|
|
7.9
|
|
|
|
|
18.8
|
|
|
|
|
26.2
|
|
|
|
|
52.1
|
|
|
Maintenance capital expenditures (3)
|
|
|
|
|
—
|
|
|
|
|
(5.1
|
)
|
|
|
|
(4.0
|
)
|
|
|
|
(11.0
|
)
|
|
Transferred interest EBITDA (4)
|
|
|
|
|
—
|
|
|
|
|
55.3
|
|
|
|
|
53.7
|
|
|
|
|
187.9
|
|
|
Other items (5)
|
|
|
|
|
0.4
|
|
|
|
|
(0.8
|
)
|
|
|
|
0.9
|
|
|
|
|
(0.2
|
)
|
|
ENLC cash available for distribution
|
|
|
|
$
|
47.8
|
|
|
|
$
|
66.3
|
|
|
|
$
|
199.3
|
|
|
|
$
|
217.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents quarterly distributions paid to us on May 14, 2015,
August 13, 2015, November 12, 2015 and distributions declared by
ENLK and to be paid to ENLC on February 11, 2016 for the year ended
December 31, 2015 and quarterly distributions paid to us on May 14,
2014, August 13, 2014, November 13, 2014 and February 12, 2015 for
the year ended December 31, 2014.
|
|
(2)
|
|
Represents our stand-alone deferred taxes.
|
|
(3)
|
|
Represents our interest in Midstream Holdings' maintenance capital
expenditures prior to the Midstream Holdings Drop Downs, which is
netted against the monthly disbursement of Midstream Holdings'
adjusted EBITDA.
|
|
(4)
|
|
Represents our interest in Midstream Holdings' adjusted EBITDA prior
to the Midstream Holdings Drop Downs.
|
|
(5)
|
|
Represents E2's adjusted EBITDA with respect to 2014 and other
non-cash items not included in cash available for distributions.
|
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