Oklahoma City’s Enable Midstream Partners, LP reported an increase in second quarter 2017 net income compared to a year ago.
Income totaled $95 million, up from the $39 million reported in the second quarter of 2016. The company credited a higher gross margin, partially offset by higher interest expenses and higher depreciation an amortization expense.
Enable’s net income attributable to limited partners and to common and subordinated units for second quarter 2017 included a $9 million gain on derivative activity, an increase of $43 million compared to the $34 million loss on derivative activity for second quarter 2016.
What does leadership have to say about the improvements?
“Enable is on track for another great year in 2017,” said Enable Midstream President and CEO Rod Sailor. “The second quarter marked our sixth consecutive quarter of per-day natural gas gathered volume growth and a record-high quarter for natural gas processed volumes.”
He said the growth was driven by the highest level of producer rig activity.
“We achieved this growth by leveraging our significant and previous capital investments while demonstrating cost discipline,” explained Sailor. “Going forward, we will continue to focus on capital-efficient growth opportunities and providing creative, timely and cost-effective solutions for our customers.”
The Board of Directors also declared a quarterly cash distribution of $0.318 per unit on all outstanding common and subordinated units for the quarter ended June 30, 2017.