- Increased net income attributable to limited partners, Adjusted
EBITDA and distributable cash flow (DCF) for second quarter 2019
compared to second quarter 2018
- Increased natural gas gathered volumes, natural gas processed
volumes, crude oil and condensate gathered volumes, transported
volumes and interstate firm contracted capacity for second quarter
2019 compared to second quarter 2018
- Contracted or extended over 600,000 dekatherms per day (Dth/d)
of transportation capacity during second quarter 2019
- Declared a quarterly cash distribution of $0.3305 per unit on
all outstanding common units, an increase of approximately 4
percent compared to the prior quarter's distribution
Enable Midstream Partners, LP (NYSE: ENBL) today announced
financial and operating results for second quarter 2019.
Net income attributable to limited partners was $124 million for
second quarter 2019, an increase of $29 million compared to $95
million for second quarter 2018. Net income attributable to common
units was $115 million for second quarter 2019, an increase of $29
million compared to $86 million for second quarter 2018. Net cash
provided by operating activities was $212 million for second
quarter 2019, a decrease of $27 million compared to $239 million
for second quarter 2018. Adjusted EBITDA was $281 million for
second quarter 2019, an increase of $36 million compared to $245
million for second quarter 2018. DCF was $197 million for second
quarter 2019, an increase of $26 million compared to $171 million
for second quarter 2018.
For second quarter 2019, DCF exceeded declared distributions to
common unitholders by $53 million, resulting in a distribution
coverage ratio of 1.37x.
For additional information regarding the non-GAAP financial
measures Gross margin, Adjusted EBITDA, DCF and distribution
coverage ratio, please see “Non-GAAP Financial Measures.”
MANAGEMENT PERSPECTIVE
“We are pleased to announce that we are increasing our common
unit distribution, returning additional cash to investors as a
result of the company's continued strong operational and financial
performance,” said Rod Sailor, President and CEO. “Enable is
uniquely positioned for long-term value creation with our financial
strength and integrated midstream platform that is a critical link
between growing production and downstream markets.”
BUSINESS HIGHLIGHTS
As of Aug. 5, 2019, there were forty-four rigs across Enable’s
footprint that were drilling wells expected to be connected to
Enable’s gathering systems. Thirty-three of those rigs were in the
Anadarko Basin, eight were in the Ark-La-Tex Basin and three were
in the Williston Basin. Enable’s Anadarko Basin crude and
condensate midstream platform achieved gathered volumes of nearly
80 thousand barrels per day (MBbl/d) during second quarter 2019,
and Enable expects to gather crude or condensate from wells drilled
by over 70 percent of the rigs currently active on Enable’s
Anadarko footprint.
During second quarter 2019, Enable contracted or extended over
600,000 Dth/d of natural gas transportation capacity. On the Enable
Gas Transmission, LLC (EGT) system, EGT extended a long-term
contract with Arkansas Electric Cooperative Corporation for 110,000
Dth/d. On the Enable Mississippi River Transmission, LLC (MRT)
system, MRT extended a contract with Ameren Illinois for 80,000
Dth/d of transportation capacity.
Enable and CenterPoint Energy Resources Corp. (CERC) previously
signed precedent agreements outlining the terms and conditions for
extending EGT pipeline contracts, which currently expire March 31,
2021. CERC has received the required regulatory approvals from the
applicable state regulatory commissions for these extensions, and
EGT is preparing the definitive long-term contracts.
The rate case originally filed by MRT June 29, 2018, continues
to advance at the Federal Energy Regulatory Commission (FERC). As
of Jan. 1, 2019, MRT’s proposed rate increase is being billed to
customers. This proposed rate increase does not increase current
earnings because the rates are subject to refund, depending upon
the outcome of the case. MRT remains focused on ensuring that the
pipeline’s rates appropriately reflect historical investments and
current costs.
As part of the FERC pre-filing process, Enable hosted open
houses for the Gulf Run Pipeline project in May 2019. The purpose
of the open houses was to increase stakeholder knowledge and
understanding of the project. In June 2019, the commission
conducted public scoping meetings for the project. Enable remains
in active discussions with customers for additional capacity
commitments and anticipates finalizing the scope of the project
prior to filing a formal certificate application in early 2020.
QUARTERLY DISTRIBUTIONS
On Aug. 2, 2019, the board of directors of Enable’s general
partner declared a quarterly cash distribution of $0.3305 per unit
on all outstanding common units for the quarter ended June 30,
2019, an increase of approximately 4 percent compared to the
previous quarter's distribution. The quarterly cash distribution of
$0.3305 per unit on all outstanding common units will be paid Aug.
27, 2019, to unitholders of record at the close of business Aug.
20, 2019.
The board also declared a quarterly cash distribution of $0.625
per unit on all outstanding Series A Preferred Units for the
quarter ended June 30, 2019. The quarterly cash distribution of
$0.625 per unit on all outstanding Series A Preferred Units will be
paid Aug. 14, 2019, to unitholders of record at the close of
business Aug. 2, 2019.
KEY OPERATING STATISTICS
Natural gas gathered volumes were 4.62 trillion British thermal
units per day (TBtu/d) for second quarter 2019, an increase of 4
percent compared to 4.43 TBtu/d for second quarter 2018. The
increase was primarily due to higher gathered volumes in the
Anadarko Basin.
Natural gas processed volumes were 2.54 TBtu/d for second
quarter 2019, an increase of 9 percent compared to 2.33 TBtu/d for
second quarter 2018. The increase was primarily due to higher
processed volumes in the Anadarko Basin.
Crude oil and condensate gathered volumes were 119.34 MBbl/d for
second quarter 2019, an increase of 88.79 MBbl/d compared to 30.55
MBbl/d for second quarter 2018. The increase over second quarter
2018 was primarily due to the acquisition of Enable Oklahoma Crude
Services, LLC’s (EOCS) crude oil and condensate gathering system in
the Anadarko Basin and a 29 percent increase in crude oil gathered
volumes in the Williston Basin.
Interstate transportation firm contracted capacity was 6.38
billion cubic feet per day (Bcf/d) for second quarter 2019, an
increase of 12 percent compared to 5.72 Bcf/d for second quarter
2018. The increase was primarily due to new contracted capacity on
EGT, including volumes from EGT’s CaSE project.
Intrastate transportation average deliveries were 2.06 TBtu/d
for second quarter 2019, an increase of 4 percent compared to 1.99
TBtu/d for second quarter 2018. The increase was primarily related
to increased gathered volumes in the Anadarko Basin.
SECOND QUARTER FINANCIAL
PERFORMANCE
Revenues were $735 million for second quarter 2019, a decrease
of $70 million compared to $805 million for second quarter 2018.
Revenues are net of $104 million of intercompany eliminations for
second quarter 2019 and $113 million of intercompany eliminations
for second quarter 2018.
Gathering and processing segment revenues were $587 million for
second quarter 2019, a decrease of $54 million compared to $641
million for second quarter 2018. The decrease in gathering and
processing segment revenues was primarily due to:
- a decrease in revenues from natural gas liquids (NGLs) sales
primarily due to a decrease in the average realized sales price
from lower average market prices for all NGL products and higher
volumes subject to fee deductions for NGLs sold under certain
third-party processing arrangements, partially offset by higher
processed volumes and
- a decrease in revenues from natural gas sales due to lower
average natural gas sales prices, partially offset by higher sales
volumes.
These decreases were partially offset by:
- an increase in revenues from changes in the fair value of
natural gas, condensate and NGL derivatives,
- an increase in revenues from natural gas gathering revenues due
to higher fees and gathered volumes in the Anadarko and Ark-La-Tex
Basins,
- an increase in crude oil, condensate and produced water
gathering revenues primarily due to an increase related to the
November 2018 acquisition of EOCS and an increase in gathered
volumes in the Williston Basin, partially offset by lower average
rates and
- an increase in processing service revenues resulting from
higher processed volumes in the Anadarko and Ark-La-Tex Basins,
partially offset by lower consideration received from
percent-of-proceeds, percent-of-liquids and keep-whole processing
arrangements due to a decrease in the average realized price.
Transportation and storage segment revenues were $252 million
for second quarter 2019, a decrease of $25 million compared to $277
million for second quarter 2018. The decrease in transportation and
storage segment revenues was primarily due to:
- a decrease in revenues from natural gas sales primarily due to
lower sales volumes and lower average sales prices and
- a decrease in revenues from NGL sales due to a decrease in
lower average sales prices, partially offset by higher
volumes.
These decreases were partially offset by:
- an increase in revenues from firm transportation and storage
services due to new intrastate and interstate transportation
contracts and
- an increase related to changes in the fair value of natural gas
derivatives.
Gross margin was $418 million for second quarter 2019, an
increase of $57 million compared to $361 million for second quarter
2018.
Gathering and processing segment gross margin was $290 million
for second quarter 2019, an increase of $60 million compared to
$230 million for second quarter 2018. The increase in gathering and
processing segment gross margin was primarily due to:
- an increase in gross margin from changes in the fair value of
natural gas, condensate and NGL derivatives,
- an increase in natural gas gathering fees due to higher fees
and gathered volumes in the Anadarko and Ark-La-Tex Basins,
- an increase in crude oil, condensate and produced water
gathering revenues primarily due to an increase related to the
November 2018 acquisition of EOCS and an increase in volumes in the
Williston Basin, partially offset by lower average rates,
- an increase in revenues from NGL sales less the cost of NGLs
primarily driven by higher processed volumes, partially offset by
lower average sales prices, and
- an increase in processing service fees resulting from higher
processed volumes in the Anadarko and Ark-La-Tex Basins, partially
offset by lower consideration received from percent-of-proceeds,
percent-of-liquids and keep-whole processing arrangements due to a
decrease in the average realized price.
These increases were partially offset by:
- a decrease in revenues from natural gas sales less the cost of
natural gas primarily due to lower average natural gas sales
prices, partially offset by higher sales volumes.
Transportation and storage segment gross margin was $129 million
for second quarter 2019, a decrease of $1 million compared to $130
million for second quarter 2018. The decrease in transportation and
storage segment gross margin was primarily due to:
- a decrease in system management activities,
- a decrease in storage primarily due to a lower of cost or net
realizable value adjustment on natural gas inventory and
- a decrease in revenues from NGL sales less the cost of NGLs due
to a decrease in average NGL prices, partially offset by higher
volumes.
These decreases were partially offset by:
- an increase in firm transportation and storage services due to
new intrastate and interstate transportation contracts and
- an increase in the changes in the fair value of natural gas
derivatives.
Operation and maintenance and general and administrative
expenses were $124 million for second quarter 2019, an increase of
$1 million compared to $123 million for second quarter 2018. The
increase in operation and maintenance and general and
administrative expenses was primarily due to an increase in
payroll-related costs, a decrease in the amount of capitalized
overhead costs and an increase in insurance costs as a result of
additional assets in service. These increases were partially offset
by a decrease in materials and supplies expenses primarily driven
by a decrease in chemical costs, a decrease in equipment rentals
due to a decrease in compressor rentals, a decrease in professional
services due to a decrease in information technology-related costs
and a $1 million loss on retirement of assets during the second
quarter 2019.
Depreciation and amortization expense was $110 million for
second quarter 2019, an increase of $14 million compared to $96
million for second quarter 2018. The increase in depreciation and
amortization expense was primarily due to the amortization of
customer intangibles acquired as part of the November 2018
acquisition of EOCS, other additional assets placed in service and
an increase in depreciation from the implementation of new rates
for gathering and processing assets from a new depreciation study,
partially offset by a decrease in depreciation from the
implementation of new intrastate natural gas pipeline rates from a
new depreciation study.
Taxes other than income tax was $17 million for second quarter
2019, an increase of $1 million compared to $16 million for second
quarter 2018.
Interest expense was $48 million for second quarter 2019, an
increase of $12 million compared to $36 million for second quarter
2018. The increase was primarily due to an increase in the amount
of and interest rates on outstanding debt.
Enable uses derivatives to manage commodity price risk, and the
gain or loss associated with these derivatives is recognized in
earnings. Enable’s net income attributable to limited partners and
net income attributable to common units for second quarter 2019
included a $16 million gain on derivative activity, compared to a
$14 million loss on derivative activity for second quarter 2018,
resulting in an increase in net income of $30 million. The increase
of $30 million is comprised of an increase related to the change in
fair value of derivatives of $21 million and an increase in
realized gain on derivatives of $9 million.
Capital expenditures were $109 million for second quarter 2019,
compared to $185 million for second quarter 2018. Expansion capital
expenditures were $83 million for second quarter 2019, compared to
$159 million for second quarter 2018. Maintenance capital
expenditures were $26 million for both second quarter 2019 and
2018.
2019 OUTLOOK
Enable affirms the 2019 financial outlook, including expansion
capital outlook, presented in its third quarter 2018 financial
results press release dated Nov. 7, 2018.
EARNINGS CONFERENCE CALL AND
WEBCAST
A conference call discussing second quarter results is scheduled
today at 10 a.m. EDT (9 a.m. CDT). The toll-free dial-in number to
access the conference call is 833-535-2200, and the international
dial-in number is 412-902-6730. The conference call ID is Enable
Midstream Partners. Investors may also listen to the call via
Enable’s website at http://investors.enablemidstream.com. Replays
of the conference call will be available on Enable’s website.
AVAILABLE INFORMATION
Enable files annual, quarterly and other reports and other
information with the U.S. Securities and Exchange Commission (SEC).
Enable’s SEC filings are also available at the SEC’s website at
http://www.sec.gov which contains information regarding issuers
that file electronically with the SEC. Information about Enable may
also be obtained at the offices of the NYSE, 20 Broad Street, New
York, New York 10005, or on Enable’s website at
https://www.enablemidstream.com. On the investor relations tab of
Enable’s website, https://investors.enablemidstream.com, Enable
makes available free of charge a variety of information to
investors. Enable’s goal is to maintain the investor relations tab
of its website as a portal through which investors can easily find
or navigate to pertinent information about Enable, including but
not limited to:
- Enable’s annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and any amendments to those
reports as soon as reasonably practicable after Enable
electronically files that material with or furnishes it to the
SEC;
- press releases on quarterly distributions, quarterly earnings
and other developments;
- governance information, including Enable’s governance
guidelines, committee charters and code of ethics and business
conduct;
- information on events and presentations, including an archive
of available calls, webcasts and presentations;
- news and other announcements that Enable may post from time to
time that investors may find useful or interesting; and
- opportunities to sign up for email alerts and RSS feeds to have
information pushed in real time.
ABOUT ENABLE MIDSTREAM
PARTNERS
Enable owns, operates and develops strategically located natural
gas and crude oil infrastructure assets. Enable’s assets include
approximately 13,900 miles of natural gas, crude oil, condensate
and produced water gathering pipelines, approximately 2.6 Bcf/d of
natural gas processing capacity, approximately 7,800 miles of
interstate pipelines (including Southeast Supply Header, LLC of
which Enable owns 50 percent), approximately 2,300 miles of
intrastate pipelines and eight natural gas storage facilities
comprising 84.5 billion cubic feet of storage capacity. For more
information, visit https://www.enablemidstream.com.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0%) of Enable Midstream’s distributions to
foreign investors as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, the partnership’s distributions to foreign investors
are subject to federal income tax withholding at the highest
applicable effective tax rate. Brokers and nominees, and not the
Partnership, are treated as the withholding agents responsible for
withholding on the distributions received by them on behalf of
foreign investors.
NON-GAAP FINANCIAL
MEASURES
Enable has included the non-GAAP financial measures Gross
margin, Adjusted EBITDA, Adjusted interest expense, DCF and
distribution coverage ratio in this press release based on
information in its consolidated financial statements.
Gross margin, Adjusted EBITDA, Adjusted interest expense, DCF
and distribution coverage ratio are supplemental financial measures
that management and external users of Enable’s financial
statements, such as industry analysts, investors, lenders and
rating agencies may use, to assess:
- Enable’s operating performance as compared to those of other
publicly traded partnerships in the midstream energy industry,
without regard to capital structure or historical cost basis;
- The ability of Enable’s assets to generate sufficient cash flow
to make distributions to its partners;
- Enable’s ability to incur and service debt and fund capital
expenditures; and
- The viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
This press release includes a reconciliation of Gross margin to
total revenues, Adjusted EBITDA and DCF to net income attributable
to limited partners, Adjusted EBITDA to net cash provided by
operating activities and Adjusted interest expense to interest
expense, the most directly comparable GAAP financial measures as
applicable, for each of the periods indicated. Distribution
coverage ratio is a financial performance measure used by
management to reflect the relationship between Enable’s financial
operating performance and cash distributions. Enable believes that
the presentation of Gross margin, Adjusted EBITDA, Adjusted
interest expense, DCF and distribution coverage ratio provides
information useful to investors in assessing its financial
condition and results of operations. Gross margin, Adjusted EBITDA,
Adjusted interest expense, DCF and distribution coverage ratio
should not be considered as alternatives to net income, operating
income, total revenue, cash flow from operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. Gross margin, Adjusted EBITDA, Adjusted
interest expense, DCF and distribution coverage ratio have
important limitations as analytical tools because they exclude some
but not all items that affect the most directly comparable GAAP
measures. Additionally, because Gross margin, Adjusted EBITDA,
Adjusted interest expense, DCF and distribution coverage ratio may
be defined differently by other companies in Enable’s industry, its
definitions of these measures may not be comparable to similarly
titled measures of other companies, thereby diminishing their
utility.
FORWARD-LOOKING
STATEMENTS
Some of the information in this press release may contain
forward-looking statements. Forward-looking statements give our
current expectations, contain projections of results of operations
or of financial condition, or forecasts of future events. Words
such as “could,” “will,” “should,” “may,” “assume,” “forecast,”
“position,” “predict,” “strategy,” “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe,” “project,” “budget,”
“potential,” or “continue,” and similar expressions are used to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release include our expectations of plans,
strategies, objectives, growth and anticipated financial and
operational performance, including revenue projections, capital
expenditures and tax position. Forward-looking statements can be
affected by assumptions used or by known or unknown risks or
uncertainties. Consequently, no forward-looking statements can be
guaranteed.
A forward-looking statement may include a statement of the
assumptions or bases underlying the forward-looking statement. We
believe that we have chosen these assumptions or bases in good
faith and that they are reasonable. However, when considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in this press release and
in our Annual Report on Form 10-K for the year ended Dec. 31, 2018
(“Annual Report”). Those risk factors and other factors noted
throughout this press release and in our Annual Report could cause
our actual results to differ materially from those disclosed in any
forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on
which such statement is made and we undertake no obligation to
correct or update any forward-looking statement, whether as a
result of new information or otherwise, except as required by
applicable law.
ENABLE MIDSTREAM PARTNERS,
LP
CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
(In millions, except per unit
data)
Revenues (including revenues from
affiliates):
Product sales
$
393
$
501
$
836
$
944
Service revenue
342
304
694
609
Total Revenues
735
805
1,530
1,553
Cost and Expenses (including expenses
from affiliates):
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization shown
separately)
317
444
695
819
Operation and maintenance
99
97
202
191
General and administrative
25
26
51
53
Depreciation and amortization
110
96
215
192
Taxes other than income tax
17
16
35
33
Total Cost and Expenses
568
679
1,198
1,288
Operating Income
167
126
332
265
Other Income (Expense):
Interest expense
(48
)
(36
)
(94
)
(69
)
Equity in earnings of equity method
affiliate
4
7
7
13
Other, net
1
(2
)
1
—
Total Other Expense
(43
)
(31
)
(86
)
(56
)
Income Before Income Tax
124
95
246
209
Income tax benefit
—
—
(1
)
—
Net Income
$
124
$
95
$
247
$
209
Less: Net income attributable to
noncontrolling interest
—
—
1
—
Net Income Attributable to Limited
Partners
$
124
$
95
$
246
$
209
Less: Series A Preferred Unit
distributions
9
9
18
18
Net Income Attributable to Common
Units
$
115
$
86
$
228
$
191
Basic earnings per unit
Common units
$
0.26
$
0.20
$
0.52
$
0.44
Diluted earnings per unit
Common units
$
0.26
$
0.20
$
0.52
$
0.44
ENABLE MIDSTREAM PARTNERS,
LP
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
(In millions)
Reconciliation of Gross margin to Total
Revenues:
Consolidated
Product sales
$
393
$
501
$
836
$
944
Service revenue
342
304
694
609
Total Revenues
735
805
1,530
1,553
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
317
444
695
819
Gross margin
$
418
$
361
$
835
$
734
Reportable Segments
Gathering and Processing
Product sales
$
379
$
465
$
802
$
883
Service revenue
208
176
415
349
Total Revenues
587
641
1,217
1,232
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
297
411
657
769
Gross margin
$
290
$
230
$
560
$
463
Transportation and Storage
Product sales
$
114
$
149
$
281
$
289
Service revenue
138
128
287
267
Total Revenues
252
277
568
556
Cost of natural gas and natural gas
liquids (excluding depreciation and amortization)
123
147
292
286
Gross margin
$
129
$
130
$
276
$
270
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
(In millions, except
Distribution coverage ratio)
Reconciliation of Adjusted EBITDA and
DCF to net income attributable to limited partners and calculation
of Distribution coverage ratio:
Net income attributable to limited
partners
$
124
$
95
$
246
$
209
Depreciation and amortization expense
110
96
215
192
Interest expense, net of interest
income
47
36
93
69
Income tax benefit
—
—
(1
)
—
Distributions received from equity method
affiliate in excess of equity earnings
—
1
9
8
Non-cash equity-based compensation
5
3
9
8
Change in fair value of derivatives
(1)
(11
)
10
1
12
Other non-cash losses (2)
6
4
7
4
Noncontrolling Interest Share of Adjusted
EBITDA
—
—
(1
)
—
Adjusted EBITDA
$
281
$
245
$
578
$
502
Series A Preferred Unit distributions
(3)
(9
)
(9
)
(18
)
(18
)
Distributions for phantom and performance
units (4)
—
(1
)
(9
)
(4
)
Adjusted interest expense (5)
(49
)
(38
)
(96
)
(73
)
Maintenance capital expenditures
(26
)
(26
)
(50
)
(40
)
Current income taxes
—
—
—
—
DCF
$
197
$
171
$
405
$
367
Distributions related to common
unitholders (6)
$
144
$
138
$
282
$
276
Distribution coverage ratio
1.37
1.24
1.44
1.33
___________________
(1)
Change in fair value of derivatives includes changes in the fair
value of derivatives that are not designated as hedging
instruments.
(2)
Other non-cash losses includes loss on sale of assets and
write-downs of materials and supplies.
(3)
This amount represents the quarterly cash distributions on the
Series A Preferred Units declared for the three and six months
ended June 30, 2019 and 2018. In accordance with the Partnership
Agreement, the Series A Preferred Unit distributions are deemed to
have been paid out of available cash with respect to the quarter
immediately preceding the quarter in which the distribution is
made.
(4)
Distributions for phantom and performance units represent
distribution equivalent rights paid in cash. Phantom unit
distribution equivalent rights are paid during the vesting period
and performance unit distribution equivalent rights are paid at
vesting.
(5)
See below for a reconciliation of Adjusted interest expense to
Interest expense.
(6)
Represents cash distributions declared for common units outstanding
as of each respective period. Amounts for 2019 reflect estimated
cash distributions for common units outstanding for the quarter
ended June 30, 2019.
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
(In millions)
Reconciliation of Adjusted EBITDA to
net cash provided by operating activities:
Net cash provided by operating
activities
$
212
$
239
$
427
$
405
Interest expense, net of interest
income
47
36
93
69
Net income attributable to noncontrolling
interest
—
—
(1
)
—
Current income taxes
1
—
—
—
Other non-cash items(1)
4
5
4
4
Proceeds from insurance
—
1
—
1
Changes in operating working capital which
(provided) used cash:
Accounts receivable
(28
)
35
(57
)
12
Accounts payable
57
(41
)
112
19
Other, including changes in noncurrent
assets and liabilities
(1
)
(41
)
(10
)
(28
)
Return of investment in equity method
affiliate
—
1
9
8
Change in fair value of derivatives
(2)
(11
)
10
1
12
Adjusted EBITDA
$
281
$
245
$
578
$
502
____________________
(1)
Other non-cash items include amortization of debt expense,
discount and premium on long-term debt and write-downs of materials
and supplies.
(2)
Change in fair value of derivatives includes changes in the fair
value of derivatives that are not designated as hedging
instruments.
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
(In millions)
Reconciliation of Adjusted interest
expense to Interest expense:
Interest expense
$
48
$
36
$
94
$
69
Interest income
(1
)
—
(1
)
—
Amortization of premium on long-term
debt
2
2
3
3
Capitalized interest on expansion
capital
—
2
1
4
Amortization of debt expense and
discount
—
(2
)
(1
)
(3
)
Adjusted interest expense
$
49
$
38
$
96
$
73
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OPERATING DATA
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Operating Data:
Natural gas gathered volumes—TBtu
420
403
829
788
Natural gas gathered volumes—TBtu/d
4.62
4.43
4.58
4.35
Natural gas processed volumes—TBtu (1)
231
212
460
412
Natural gas processed volumes—TBtu/d
(1)
2.54
2.33
2.54
2.27
NGLs produced—MBbl/d (1)(2)
130.10
130.65
134.13
120.44
NGLs sold—MBbl/d (2)(3)
136.34
130.07
138.20
119.79
Condensate sold—MBbl/d
7.60
6.72
7.97
6.84
Crude oil and condensate gathered
volumes—MBbl/d
119.34
30.55
113.65
27.70
Transported volumes—TBtu
554
484
1,154
1,005
Transported volumes—TBtu/d
6.04
5.28
6.36
5.53
Interstate firm contracted
capacity—Bcf/d
6.38
5.72
6.45
5.89
Intrastate average deliveries—TBtu/d
2.06
1.99
2.19
2.05
____________________
(1)
Includes volumes under third-party processing arrangements.
(2)
Excludes condensate.
(3)
NGLs sold includes volumes of NGLs withdrawn from inventory or
purchased for system balancing purposes.
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Anadarko
Gathered volumes—TBtu/d
2.33
2.14
2.34
2.08
Natural gas processed volumes—TBtu/d
(1)
2.08
1.91
2.10
1.87
NGLs produced—MBbl/d (1)(2)
112.19
113.75
116.30
104.77
Crude oil and condensate gathered
volumes—MBbl/d
79.96
—
78.26
—
Arkoma
Gathered volumes—TBtu/d
0.49
0.56
0.49
0.55
Natural gas processed volumes—TBtu/d
(1)
0.10
0.11
0.10
0.10
NGLs produced—MBbl/d (1)(2)
7.02
7.60
6.63
6.29
Ark-La-Tex
Gathered volumes—TBtu/d
1.80
1.73
1.75
1.72
Natural gas processed volumes—TBtu/d
0.36
0.31
0.34
0.30
NGLs produced—MBbl/d (2)
10.89
9.30
11.20
9.38
Williston
Crude oil gathered volumes—MBbl/d
39.38
30.55
35.39
27.70
__________________
(1)
Includes volumes under third-party processing arrangements.
(2)
Excludes condensate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005289/en/
Media David Klaassen (405) 553-6431 Investor Matt Beasley (405)
558-4600
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