Oklahoma City-based Enable Midstream Partners, LP reported revenues of $795 million for the first quarter of 2019, an increase of $47 million over a year ago.
Net income attributable to limited partners was $122 million for the quarter, an $8 million increase compared to the $114 million for the first quarter of 2018. The net income for common units was $113 million in the first quarter of 2019 which was also an 8 million dollar increase compared to a year ago when first quarter income was $105 million.
Adjusted EBITDA totaled $297 million, up $40 million more than the $257 million reported for the first quarter of last year.
“Enable’s first quarter continues our track record of outstanding financial performance driven by high-quality assets, operational excellence and disciplined capital investment,” said Rod Sailor, president and CEO. “As 2019 unfolds, we believe our focus on delivering unique service offerings and results through safe and reliable operations offers a compelling value to both customers and investors.”
As of April 24, 2019, there were fifty-two rigs across Enable’s footprint that were drilling wells expected to be connected to Enable’s gathering systems.
Forty-two of those rigs were in the Anadarko Basin, eight were in the Ark-La-Tex Basin and two were in the Williston Basin. Enable’s Anadarko Basin rig count is at its highest level since the first quarter of 2015, and producers continue to achieve strong well results in the basin.
Enable’s recently acquired Anadarko Basin crude and condensate midstream platform achieved gathered volumes of over 75 thousand barrels per day (MBbl/d) during first quarter 2019, and Enable expects to gather crude or condensate from wells drilled by half of the rigs currently active on Enable’s Anadarko footprint.
During first quarter 2019, Enable contracted or extended over 1,000,000 Dth/d of transportation capacity. On the Enable Mississippi River Transmission, LLC (MRT) system, MRT extended transportation capacity with its largest customer, St. Louis-based Spire Inc.
With a Federal Energy Regulatory Commission (FERC) order issued March 8, 2019, all FERC Form 501-G proceedings for Enable Gas Transmission, LLC (EGT) have been concluded, and EGT’s existing rates remain in effect, unchanged. Form 501-G is a one-time report required by the commission in response to the reduction in the corporate income tax rate and the commission’s Revised Policy Statement on Master Limited Partnerships.
The rate case originally filed by MRT June 29, 2018, continues to advance at 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.in the Anadarko Basin.
