Enable Midstream shows $30 million jump in adjusted earnings

Enable Midstream in Oklahoma City reported an increased second quarter earnings showing adjusted earnings totaled $245 million, an increase of $30 million compared to a year earlier.

The company also said it achieved an all-time high for quarterly natural gas gathered, natural gas processed, natural gas liquids produced and crude oil gathered volumes.

Enable indicated the net income to limited partners was $95 million for the quarter while net income to common units was $86 million. Net cash from operations was $239 million, an increase of $13 million from the second quarter of 2017.

“Enable’s assets continue to shine,” said Enable Midstream President and CEO Rod Sailor. “We have the right assets in the right places and our investments are building on our preferred positions.”

He said the company’s per-day natural gas gathered volumes grew for the 10th consecutive quarter. It also achieved strong well results in the Anadarko Basin. In the quarter, Enable connected 20 new wells in the SCOOP and STACK plays with peak one-day natural gas flowers of greater than 10 million cubic feet per day.

As of late July, the company also saw 42 rigs across its footprint that were drilling oil wells expected to be connected to Enable’s gathering system.

The improved revenue prompted the board of directors to vote Aug. 1 in support of a quarterly cash distribution of $0.318 per unit on all outstanding common units for the quarter ended June 30. The distribution is unchanged from the previous quarter.

Read more details of the report by clicking here.