Enable Midstream Partners, LP reported a fourth quarter 2020 net income of $96 million, an increase of $78 million over the fourth quarter of the previous year.
But it also reported that revenues were $704 million for fourth quarter 2020, a decrease of $27 million compared to $731 million for fourth quarter 2019. Enable reported a decrease in the amount of natural gas it transported both in interstate and intrastate deliveries.
The Oklahoma company the net income attributable to common units totaled $87 million for the quarter, also an increase of $78 million compared to the $9 million net income a year earlier.
Enable’s quarterly earnings report was announced after its recent acquisition by Energy Transfer in a $7 billion deal. The agreement is expected to be finalized at mid-year. While net income was up, net cash from operating activities was $214 million, down $37 million from a year earlier. Adjusted EBITDA also dropped, totaling $249 million, down $25 million from the fourth quarter 2019.
Enable’s net income for full-year 2020 was impacted by a $225 million non-cash other than temporary impairment on its investment in Southeast Supply Header, LLC in the third quarter of 2020.
“Our team’s strength and dedication were further on display during Winter Storm Uri as Enable employees across the company immediately went to work around the clock to maximize vital natural gas deliveries,” said Rod Sailor, president and CEO.
As of Feb. 17, 2021, there were 11 rigs across Enable’s footprint that were drilling wells expected to be connected to Enable’s gathering systems. Five of those rigs were in the Anadarko Basin, and six were in the Ark-La-Tex Basin. There remains an inventory of drilled but uncompleted wells (DUCs) behind Enable’s gathering systems with 75 DUCs in the Anadarko Basin, four DUCs in the Ark-La-Tex Basin and 82 DUCs in the Williston Basin. These DUCs provide an inventory of wells producers can complete without investing drilling capital.
Capital expenditures were $63 million for fourth quarter 2020, compared to $79 million for fourth quarter 2019. Expansion capital expenditures were $25 million for fourth quarter 2020, compared to $39 million for fourth quarter 2019. Maintenance capital expenditures were $38 million for fourth quarter 2020, compared to $40 million for fourth quarter 2019.
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