Oklahoma’s Enable Midstream Partners, LP on Monday announced financial and operating results for first quarter 2021 showing $164 million in net income compared to $112 million a year earlier. The company reported increases in most areas of its first quarter finance.
The Oklahoma City-based company stated its net income attributable to common units was $155 million for the first quarter 2021, an increase of $52 million compared to $103 million net income for the first quarter 2020.
Net cash provided by operating activities was $223 million for first quarter 2021, an increase of $23 million compared to $200 million for first quarter 2020. Adjusted EBITDA was $328 million for first quarter 2021, an increase of $42 million compared to $286 million for first quarter 2020. DCF was $261 million for first quarter 2021, an increase of $47 million compared to $214 million for first quarter 2020.
For first quarter 2021, DCF exceeded declared distributions to common unitholders by $189 million, resulting in a distribution coverage ratio of 3.63x.
“Our first quarter results highlight the strength of Enable’s fully integrated midstream platform, which is a vital link between sources of production and downstream markets,” said Rod Sailor, president and CEO. “This was demonstrated during Winter Storm Uri when Enable employees worked with producers and end-users to ensure that natural gas supply continued to serve demand in critical areas.
He also said Enable looks to be well-positioned to benefit from improving commodity prices and the pending merger with Energy Transfer. The transaction is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino Act clearance.
CenterPoint Energy, Inc. and OGE Energy Corp. collectively own approximately 79% of Enable’s outstanding common units and have each delivered written consents to approve the merger. While the consents of CenterPoint Energy, Inc. and OGE Energy Corp. are sufficient to approve the transaction, all unitholders as of the record date have the opportunity to return written consents before the consent deadline.
Enable reported increased rig activity which had been curtailed during the Winter Storm Uri which hit in February. The firm stated that all production impacted by the storm is back online and average daily March natural gas gathered volumes were about 4% higher than the average daily natural gas gathered volumes for the first quarter 2021.
As of April 26, 2021, there were 10 rigs across Enable’s footprint that were drilling wells expected to be connected to Enable’s gathering systems. Four of those rigs were in the Anadarko Basin, five were in the Ark-La-Tex Basin and one was in the Williston Basin. Producers have an inventory of drilled but uncompleted wells (DUCs) behind Enable’s gathering systems with 88 DUCs in the Anadarko Basin, 11 DUCs in the Ark-La-Tex Basin and 82 DUCs in the Williston Basin. These 181 DUCs provide an inventory of wells producers can complete without investing drilling capital.
Click here for Enable report on Business Wire.
