Oklahoma City’s Enable Midstream is reporting net income to limited partners of $114 million in the first quarter 2018 operations, a drop of $6 million from a year ago.
Net income to common units also dropped, totaling $105 million, down $6 million reported for the first quarter of 2017.
Still, the company said it achieved all-time high for quarterly natural gas gathered supported by 40 rigs drilling wells expected to be connected to its gathering systems.
Despite the decline in revenue, Enable declared a quarterly cash distribution of nearly 32 cents per unit of outstanding common units.
“Enable is on track for another great year in 2018,” said Enable Midstream President and CEO Rod Sailor. “The first quarter marked our ninth consecutive quarter of per-day natural gas gathered volume growth. This growth was driven by continued activity and improved well performance in the Ark-La-Tex and Anadarko Basins.”
He credited the 40 rigs across the company’s footprint for the volume growth of natural gas production. Twenty-six of the rigs are in the Anadarko Basin. Nine were in the Ark-La-Tex Basin. Three were in the Arkoma Basin and two were in the Williston Basin.
In 2018, Enable has contracted or extended over 300,000 Dth/d of capacity on the Enable Gas Transmission, LLC (EGT) system and 75,000 Dth/d of capacity on the Enable Oklahoma Intrastate Transmission (EOIT) system. Enable continues to negotiate with potential shippers on the previously announced Line CP open season and plans to provide an update on the project by the partnership’s second quarter 2018 earnings release. Intrastate transportation deliveries also increased in the first quarter of 2018 as a result of the continued supply growth in the Anadarko Basin.
Enable’s previously announced Wildcat, CaSE and Muskogee projects remain on schedule. Project Wildcat, a 400 million cubic feet per day rich natural gas takeaway solution from the Anadarko Basin to North Texas, is expected to be in service by the end of the second quarter of 2018. The CaSE project, a 205,000 Dth/d firm natural gas transportation solution for growing Anadarko Basin production, is expected to be fully in service by the fourth quarter of 2018. The Muskogee project, a 20-year, 228,000 Dth/d firm transportation service agreement with Oklahoma Gas and Electric on the EOIT system, is expected to commence service in late 2018.