(State of organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Item | Description | Page | ||||||||||||
Defined Term | Definition | |||||||
/d | Per day. | |||||||
2014 Plan | ENLC’s 2014 Long-Term Incentive Plan. | |||||||
Adjusted gross margin | Revenue less cost of sales, exclusive of operating expenses and depreciation and amortization. Adjusted gross margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. | |||||||
Amarillo Rattler Acquisition | On April 30, 2021, we completed the acquisition of Amarillo Rattler, LLC, the owner of a gathering and processing system located in the Midland Basin. | |||||||
AR Facility | An accounts receivable securitization facility of up to $500 million entered into by EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity and our indirect subsidiary, with PNC Bank, National Association, as administrative agent and lender, and PNC Capital Markets, LLC, as structuring agent and sustainability agent. | |||||||
ASC | The Financial Accounting Standards Board Accounting Standards Codification. | |||||||
ASC 718 | ASC 718, Compensation—Stock Compensation. | |||||||
ASC 815 | ASC 815, Derivatives and Hedging. | |||||||
ASC 820 | ASC 820, Fair Value Measurements. | |||||||
Ascension JV | Ascension Pipeline Company, LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Marathon Petroleum Corporation in which ENLK owns a 50% interest and Marathon Petroleum Corporation owns a 50% interest. The Ascension JV, which began operations in April 2017, owns an NGL pipeline that connects ENLK’s Riverside fractionator to Marathon Petroleum Corporation’s Garyville refinery. | |||||||
Barnett Shale | A natural gas producing shale reservoir located in North Texas. | |||||||
Barnett Shale Acquisition | On July 1, 2022, we acquired all of the equity interest in the gathering and processing assets of Crestwood Equity Partners LP located in the Barnett Shale. | |||||||
Bbl | Barrel. | |||||||
Bbtu | Billion British thermal units. | |||||||
Bcf | Billion cubic feet. | |||||||
Beginning TSR Price | The beginning total shareholder return (“TSR”) price, which is the closing unit price of ENLC on the grant date of the performance award agreement or the previous trading day if the grant date was not a trading day, is one of the assumptions used to calculate the grant-date fair value of performance award agreements. | |||||||
CCS | Carbon capture, transportation, and sequestration. | |||||||
Cedar Cove JV | Cedar Cove Midstream LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Kinder Morgan, Inc. in which ENLK owns a 30% interest and Kinder Morgan, Inc. owns a 70% interest. The Cedar Cove JV, which was formed in November 2016, owns gathering and compression assets in Blaine County, Oklahoma, located in the STACK play. | |||||||
Central Oklahoma Acquisition | On December 19, 2022, we acquired gathering and processing assets located in Central Oklahoma, including approximately 900 miles of lean and rich gas gathering pipeline and two processing plants with 280 MMcf/d of total processing capacity. | |||||||
CFTC | U.S. Commodity Futures Trading Commission. | |||||||
CO2 | Carbon dioxide. | |||||||
Commission | U.S. Securities and Exchange Commission. | |||||||
Delaware Basin | A large sedimentary basin in West Texas and New Mexico. | |||||||
Delaware Basin JV | Delaware G&P LLC, a joint venture between a subsidiary of ENLK and an affiliate of NGP in which ENLK owns a 50.1% interest and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in August 2016, owns the Lobo processing facilities and the Tiger processing plant located in the Delaware Basin in Texas. | |||||||
ENLC | EnLink Midstream, LLC together with its consolidated subsidiaries. | |||||||
ENLC Class C Common Units | A class of non-economic ENLC common units equal to the number of Series B Preferred Units in order to provide certain voting rights with respect to ENLC to the holders of such Series B Preferred Units. | |||||||
ENLK | EnLink Midstream Partners, LP or, when applicable, EnLink Midstream Partners, LP together with its consolidated subsidiaries. | |||||||
Exchange Act | The Securities Exchange Act of 1934, as amended. | |||||||
FCDTCs | Futures and Cleared Derivatives Transactions Customer Agreements. | |||||||
Federal Reserve | The Board of Governors of the Federal Reserve System of the United States. | |||||||
GAAP | Generally accepted accounting principles in the United States of America. |
Gal | Gallon. | |||||||
GCF | Gulf Coast Fractionators, which owns an NGL fractionator in Mont Belvieu, Texas. We own 38.75% of GCF. The GCF assets were temporarily idled to reduce operating expenses in 2021 but are expected to resume operations in 2024. | |||||||
General Partner | EnLink Midstream GP, LLC, the general partner of ENLK. | |||||||
GIP | Global Infrastructure Management, LLC, an independent infrastructure fund manager, itself, its affiliates, or managed fund vehicles, including GIP III Stetson I, L.P., GIP III Stetson II, L.P., and their affiliates. | |||||||
ISDAs | International Swaps and Derivatives Association Agreements. | |||||||
LIBOR | U.S. Dollar London Interbank Offered Rate. | |||||||
Managing Member | EnLink Midstream Manager, LLC, the managing member of ENLC. | |||||||
Matterhorn JV | A joint venture with WhiteWater Midstream, LLC, Devon Energy Corporation, and MPLX LP. The Matterhorn JV is expected to construct a pipeline designed to transport up to 2.5 Bcf/d of natural gas through approximately 490 miles of 42-inch pipeline from the Waha Hub in West Texas to Katy, Texas. | |||||||
Midland Basin | A large sedimentary basin in West Texas. | |||||||
MMbbls | Million barrels. | |||||||
MMbtu | Million British thermal units. | |||||||
MMcf | Million cubic feet. | |||||||
MMgals | Million gallons. | |||||||
MVC | Minimum volume commitment. | |||||||
NGL | Natural gas liquid. | |||||||
NGP | NGP Natural Resources XI, LP. | |||||||
NYMEX | New York Mercantile Exchange. | |||||||
Operating Partnership | EnLink Midstream Operating, LP, a Delaware limited partnership and wholly owned subsidiary of ENLK. | |||||||
OPIS | Oil Price Information Service. | |||||||
ORV | ENLK’s Ohio River Valley crude oil, condensate stabilization, natural gas compression, and brine disposal assets in the Utica and Marcellus shales. | |||||||
OTC | Over-the-counter. | |||||||
Permian Basin | A large sedimentary basin that includes the Midland and Delaware Basins primarily in West Texas and New Mexico. | |||||||
POL contracts | Percentage-of-liquids contracts. | |||||||
POP contracts | Percentage-of-proceeds contracts. | |||||||
Revolving Credit Facility | A $1.40 billion unsecured revolving credit facility entered into by ENLC, which includes a $500.0 million letter of credit subfacility. The Revolving Credit Facility is guaranteed by ENLK. | |||||||
Series B Preferred Unit | ENLK’s Series B Cumulative Convertible Preferred Unit. | |||||||
Series C Preferred Unit | ENLK’s Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit. | |||||||
SOFR | Secured overnight financing rate. | |||||||
SPV | EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity that is an indirect subsidiary of ENLC. | |||||||
STACK | Sooner Trend Anadarko Basin Canadian and Kingfisher Counties in Oklahoma. | |||||||
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable: | |||||||||||
Trade receivables (1) | |||||||||||
Accrued revenue and other | |||||||||||
Fair value of derivative assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
Investment in unconsolidated affiliates | |||||||||||
Fair value of derivative assets | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and drafts payable | $ | $ | |||||||||
Accrued gas, NGLs, condensate, and crude oil purchases (2) | |||||||||||
Fair value of derivative liabilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of unamortized issuance cost | |||||||||||
Other long-term liabilities | |||||||||||
Deferred tax liability, net | |||||||||||
Fair value of derivative liabilities | |||||||||||
Members’ equity: | |||||||||||
Members’ equity ( | |||||||||||
Accumulated other comprehensive income | |||||||||||
Non-controlling interest | |||||||||||
Total members’ equity | |||||||||||
Commitments and contingencies (Note 16) | |||||||||||
Total liabilities and members’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Gain (loss) on derivative activity | ( | ||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
(Gain) loss on disposition of assets | ( | ( | ( | ||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | ( | ( | |||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | ( | ( | |||||||||||||||||||
Other income | |||||||||||||||||||||||
Total other expense | ( | ( | ( | ( | |||||||||||||||||||
Income before non-controlling interest and income taxes | |||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to non-controlling interest | |||||||||||||||||||||||
Net income attributable to ENLC | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to ENLC per unit: | |||||||||||||||||||||||
Basic common unit | $ | $ | $ | $ | |||||||||||||||||||
Diluted common unit | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Unrealized gain on designated cash flow hedge (1) | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income attributable to non-controlling interest | |||||||||||||||||||||||
Comprehensive income attributable to ENLC | $ | $ | $ | $ |
Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Total | ||||||||||||||||||||||||||
$ | Units | $ | $ | $ | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||
Unit-based compensation | — | — | — | ||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | ||||||||||||||||||||||||||
Distributions | ( | — | — | ( | ( | ||||||||||||||||||||||||
Unrealized loss on designated cash flow hedge (1) | — | — | ( | — | ( | ||||||||||||||||||||||||
Repurchase of Series C Preferred Units | — | — | — | ( | ( | ||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Balance, March 31, 2023 | ( | ||||||||||||||||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||
Unit-based compensation | — | — | — | ||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | ||||||||||||||||||||||||||
Distributions | ( | — | — | ( | ( | ||||||||||||||||||||||||
Unrealized gain on designated cash flow hedge (2) | — | — | — | ||||||||||||||||||||||||||
Adjustment related to the redemption of the mandatorily redeemable non-controlling interest (3) | — | — | — | ||||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Accrued common unit repurchase (4) | ( | — | — | — | ( | ||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Total | ||||||||||||||||||||||||||
$ | Units | $ | $ | $ | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||
Unit-based compensation | — | — | — | ||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | ||||||||||||||||||||||||||
Distributions | ( | — | — | ( | ( | ||||||||||||||||||||||||
Unrealized gain on designated cash flow hedge | — | — | — | ||||||||||||||||||||||||||
Redemption of Series B Preferred Units | — | — | — | ( | ( | ||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Balance, March 31, 2022 | ( | ||||||||||||||||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | ( | — | — | — | ( | ||||||||||||||||||||||||
Unit-based compensation | — | — | — | ||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | ||||||||||||||||||||||||||
Distributions | ( | — | — | ( | ( | ||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Utility credits redeemed | |||||||||||
Deferred income tax expense | |||||||||||
(Gain) loss on disposition of assets | ( | ||||||||||
Non-cash unit-based compensation | |||||||||||
Non-cash gain on derivatives recognized in net income | ( | ( | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | |||||||||||
Loss from unconsolidated affiliate investments | |||||||||||
Other operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, accrued revenue, and other | ( | ||||||||||
Natural gas and NGLs inventory, prepaid expenses, and other | ( | ||||||||||
Accounts payable, accrued product purchases, and other accrued liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to property and equipment | ( | ( | |||||||||
Contributions to unconsolidated affiliate investments | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments on borrowings | ( | ( | |||||||||
Payment of installment payable for the Amarillo Rattler Acquisition | ( | ||||||||||
Distributions to members | ( | ( | |||||||||
Distributions to non-controlling interests | ( | ( | |||||||||
Payment to redeem mandatorily redeemable non-controlling interest | ( | ||||||||||
Redemption of Series B Preferred Units | ( | ||||||||||
Repurchase of Series C Preferred Units | ( | ||||||||||
Contributions from non-controlling interests | |||||||||||
Common unit repurchases | ( | ( | |||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Non-cash investing activities: | |||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
Non-cash accrual of property and equipment | $ | $ | ( |
Contractually Committed Fees | Commitments | |||||||
2023 (remaining) | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total | $ |
Consideration | |||||
Cash (including working capital payment) | $ | ||||
Contingent consideration | |||||
Total consideration | $ | ||||
Purchase price allocation (1) | |||||
Assets acquired: | |||||
Current assets | $ | ||||
Property and equipment | |||||
Other assets, net (2) | |||||
Liabilities assumed: | |||||
Current liabilities | ( | ||||
Other long-term liabilities (2) | ( | ||||
Net assets acquired | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Amarillo Rattler Acquisition contingent consideration | |||||||||||||||||||||||
Contingent consideration liability, beginning of period (1) | $ | $ | $ | $ | |||||||||||||||||||
Change in fair value | ( | ||||||||||||||||||||||
Contingent consideration liability, end of period | $ | $ | $ | $ | |||||||||||||||||||
Central Oklahoma Acquisition contingent consideration | |||||||||||||||||||||||
Contingent consideration liability, beginning of period (2) | $ | $ | $ | $ | |||||||||||||||||||
Change in fair value | |||||||||||||||||||||||
Contingent consideration liability, end of period | $ | $ | $ | $ | |||||||||||||||||||
Total contingent consideration | |||||||||||||||||||||||
Contingent consideration liability, beginning of period (1)(2) | $ | $ | $ | $ | |||||||||||||||||||
Change in fair value | |||||||||||||||||||||||
Contingent consideration liability, end of period | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
Pro forma total revenues | $ | $ | |||||||||
Pro forma net income | $ | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||
Customer relationships, beginning of period | $ | $ | ( | $ | |||||||||||||
Amortization expense | — | ( | ( | ||||||||||||||
Customer relationships, end of period | $ | $ | ( | $ |
2023 (remaining) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Outstanding Principal | Premium (Discount) | Long-Term Debt | Outstanding Principal | Premium (Discount) | Long-Term Debt | ||||||||||||||||||||||||||||||
Revolving Credit Facility due 2027 (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
AR Facility due 2025 (2) | |||||||||||||||||||||||||||||||||||
ENLK’s | |||||||||||||||||||||||||||||||||||
ENLK’s | ( | ||||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLC’s | |||||||||||||||||||||||||||||||||||
ENLC’s | |||||||||||||||||||||||||||||||||||
ENLC’s | ( | ||||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
Debt classified as long-term, including current maturities of long-term debt | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Debt issuance cost (3) | ( | ( | |||||||||||||||||||||||||||||||||
Less: Current maturities of long-term debt (4) | ( | ||||||||||||||||||||||||||||||||||
Long-term debt, net of unamortized issuance cost | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Current income tax expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Deferred income tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||
Income tax benefit (expense) | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Expected income tax expense based on federal statutory rate | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
State income tax expense, net of federal benefit | ( | ( | ( | ( | |||||||||||||||||||
Unit-based compensation (1) | ( | ||||||||||||||||||||||
Change in valuation allowance | |||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Income tax benefit (expense) | $ | ( | $ | $ | ( | $ | ( |
Declaration period | PIK Distribution | Cash distribution (in millions) | Date paid/payable | |||||||||||||||||
2023 | ||||||||||||||||||||
Fourth Quarter of 2022 | $ | February 13, 2023 | ||||||||||||||||||
First Quarter of 2023 | $ | May 12, 2023 | ||||||||||||||||||
Second Quarter of 2023 | $ | August 11, 2023 | ||||||||||||||||||
2022 | ||||||||||||||||||||
Fourth Quarter of 2021 | $ | February 11, 2022 (1) | ||||||||||||||||||
First Quarter of 2022 | $ | May 13, 2022 (2) | ||||||||||||||||||
Second Quarter of 2022 | $ | August 12, 2022 | ||||||||||||||||||
Declaration period (1) | Distribution rate (2) | Cash distribution (in millions) | Date paid/payable | |||||||||||||||||
2023 | ||||||||||||||||||||
December 15, 2022 – March 14, 2023 | % | $ | March 15, 2023 | |||||||||||||||||
March 15, 2023 – June 14, 2023 | % | $ | June 15, 2023 | |||||||||||||||||
June 15, 2023 – September 14, 2023 | % | $ | September 15, 2023 | |||||||||||||||||
2022 | ||||||||||||||||||||
December 15, 2021 – June 14, 2022 | % | $ | June 15, 2022 | |||||||||||||||||
June 15, 2022 – December 14, 2022 | % | $ | December 15, 2022 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Publicly held ENLC common units | |||||||||||||||||||||||
ENLC common units held by GIP (1) | |||||||||||||||||||||||
Total ENLC common units | |||||||||||||||||||||||
Aggregate cost for publicly held ENLC common units | $ | $ | $ | $ | |||||||||||||||||||
Aggregate cost for ENLC common units held by GIP | |||||||||||||||||||||||
Excise tax on common unit repurchases | |||||||||||||||||||||||
Total aggregate cost for ENLC common units | $ | $ | $ | $ | |||||||||||||||||||
Average price paid per publicly held ENLC common unit (2) | $ | $ | $ | $ | |||||||||||||||||||
Average price paid per ENLC common unit held by GIP (2)(3) | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Distributed earnings allocated to: | |||||||||||||||||||||||
Common units (1) | $ | $ | $ | $ | |||||||||||||||||||
Unvested unit-based awards (1) | |||||||||||||||||||||||
Total distributed earnings | $ | $ | $ | $ | |||||||||||||||||||
Undistributed loss allocated to: | |||||||||||||||||||||||
Common units | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Unvested unit-based awards | ( | ( | |||||||||||||||||||||
Total undistributed loss | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net income attributable to ENLC allocated to: | |||||||||||||||||||||||
Common units | $ | $ | $ | $ | |||||||||||||||||||
Unvested unit-based awards | |||||||||||||||||||||||
Total net income attributable to ENLC | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to ENLC per unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Basic weighted average units outstanding: | |||||||||||||||||||||||
Weighted average common units outstanding | |||||||||||||||||||||||
Diluted weighted average units outstanding: | |||||||||||||||||||||||
Weighted average basic common units outstanding | |||||||||||||||||||||||
Dilutive effect of unvested unit-based awards | |||||||||||||||||||||||
Total weighted average diluted common units outstanding |
Declaration period | Distribution/unit | Date paid/payable | ||||||||||||
2023 | ||||||||||||||
Fourth Quarter of 2022 | $ | February 13, 2023 | ||||||||||||
First Quarter of 2023 | $ | May 12, 2023 | ||||||||||||
Second Quarter of 2023 | $ | August 11, 2023 | ||||||||||||
2022 | ||||||||||||||
Fourth Quarter of 2021 | $ | February 11, 2022 | ||||||||||||
First Quarter of 2022 | $ | May 13, 2022 | ||||||||||||
Second Quarter of 2022 | $ | August 12, 2022 | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GCF | |||||||||||||||||||||||
Contributions | $ | $ | $ | $ | |||||||||||||||||||
Distributions | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Equity in loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Cedar Cove JV | |||||||||||||||||||||||
Distributions | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Equity in loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Matterhorn JV | |||||||||||||||||||||||
Contributions | $ | $ | $ | $ | |||||||||||||||||||
Equity in loss | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Total | |||||||||||||||||||||||
Contributions | $ | $ | $ | $ | |||||||||||||||||||
Distributions | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Equity in loss | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||
GCF | $ | $ | |||||||||
Cedar Cove JV (1) | ( | ( | |||||||||
Matterhorn JV | |||||||||||
Total investment in unconsolidated affiliates | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of unit-based compensation charged to operating expense | $ | $ | $ | $ | |||||||||||||||||||
Cost of unit-based compensation charged to general and administrative expense | |||||||||||||||||||||||
Total unit-based compensation expense | $ | $ | $ | $ | |||||||||||||||||||
Amount of related income tax benefit recognized in net income (1) | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | ||||||||||||||
Restricted Incentive Units: | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||||
Unvested, beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Vested (1) | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested, end of period | $ | |||||||||||||
Aggregate intrinsic value, end of period (in millions) | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Restricted Incentive Units: | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Aggregate intrinsic value of units vested | $ | $ | $ | $ | ||||||||||||||||||||||
Fair value of units vested | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | ||||||||||||||
Performance Units: | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||||
Non-vested, beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Vested (1) | ( | |||||||||||||
Non-vested, end of period | $ | |||||||||||||
Aggregate intrinsic value, end of period (in millions) | $ |
Six Months Ended June 30, | ||||||||||||||
Performance Units: | 2023 | 2022 | ||||||||||||
Aggregate intrinsic value of units vested | $ | $ | ||||||||||||
Fair value of units vested | $ | $ |
Performance Units: | March 2023 | |||||||
Grant-date fair value | $ | |||||||
Beginning TSR Price | $ | |||||||
Risk-free interest rate | % | |||||||
Volatility factor | % | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Change in fair value of interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Tax expense | ( | ( | |||||||||||||||||||||
Unrealized gain on designated cash flow hedge | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Fair value of derivative assets—current | $ | $ | |||||||||
Fair value of derivative assets—long-term | |||||||||||
Net fair value of interest rate swaps | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense, net of interest income | $ | ( | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Change in fair value of derivatives | $ | $ | $ | $ | |||||||||||||||||||
Realized gain (loss) on derivatives | ( | ( | |||||||||||||||||||||
Gain (loss) on derivative activity | $ | $ | $ | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||
Fair value of derivative assets—current | $ | $ | |||||||||
Fair value of derivative assets—long-term | |||||||||||
Fair value of derivative liabilities—current | ( | ( | |||||||||
Fair value of derivative liabilities—long-term | ( | ( | |||||||||
Net fair value of commodity derivatives | $ | $ |
Commodity | Instruments | Unit | Volume | Net Fair Value | ||||||||||||||||||||||
NGL (short contracts) | Swaps | MMgals | ( | $ | ||||||||||||||||||||||
NGL (long contracts) | Swaps | MMgals | ( | |||||||||||||||||||||||
Natural gas (short contracts) | Swaps and futures | Bbtu | ( | |||||||||||||||||||||||
Natural gas (long contracts) | Swaps and futures | Bbtu | ( | |||||||||||||||||||||||
Crude and condensate (short contracts) | Swaps and futures | MMbbls | ( | |||||||||||||||||||||||
Crude and condensate (long contracts) | Swaps and futures | MMbbls | ( | |||||||||||||||||||||||
Total fair value of commodity derivatives | $ | |||||||||||||||||||||||||
Level 2 | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Interest rate swaps (1) | $ | $ | ||||||||||||
Commodity derivatives (2) | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Long-term debt, including current maturities of long-term debt (1) | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration (2)(3) | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
NGL sales | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales | |||||||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
NGL sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Product sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Gathering and transportation | |||||||||||||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||||||||
NGL services | |||||||||||||||||||||||||||||||||||
Crude services | |||||||||||||||||||||||||||||||||||
Other services | |||||||||||||||||||||||||||||||||||
Midstream services | |||||||||||||||||||||||||||||||||||
NGL services—related parties | ( | ||||||||||||||||||||||||||||||||||
Midstream services—related parties | ( | ||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ( | ||||||||||||||||||||||||||||||||||
Realized gain (loss) on derivatives | ( | ||||||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | |||||||||||||||||||||||||||||||||
Total revenues | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gross margin | ( | ||||||||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
NGL sales | |||||||||||||||||||||||||||||||||||
Crude oil and condensate sales | |||||||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
NGL sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Product sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Gathering and transportation | |||||||||||||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||||||||
NGL services | |||||||||||||||||||||||||||||||||||
Crude services | |||||||||||||||||||||||||||||||||||
Other services | |||||||||||||||||||||||||||||||||||
Midstream services | |||||||||||||||||||||||||||||||||||
Crude services—related parties | ( | ||||||||||||||||||||||||||||||||||
Midstream services—related parties | ( | ||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ( | ||||||||||||||||||||||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Change in fair value of derivatives | |||||||||||||||||||||||||||||||||||
Total revenues | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gross margin | ( | ||||||||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
NGL sales | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales | |||||||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
NGL sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Product sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Gathering and transportation | |||||||||||||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||||||||
NGL services | |||||||||||||||||||||||||||||||||||
Crude services | |||||||||||||||||||||||||||||||||||
Other services | |||||||||||||||||||||||||||||||||||
Midstream services | |||||||||||||||||||||||||||||||||||
NGL services—related parties | ( | ||||||||||||||||||||||||||||||||||
Midstream services—related parties | ( | ||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ( | ||||||||||||||||||||||||||||||||||
Realized gain (loss) on derivatives | ( | ||||||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | |||||||||||||||||||||||||||||||||
Total revenues | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gross margin | ( | ||||||||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
NGL sales | |||||||||||||||||||||||||||||||||||
Crude oil and condensate sales | |||||||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
NGL sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Product sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Gathering and transportation | |||||||||||||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||||||||
NGL services | |||||||||||||||||||||||||||||||||||
Crude services | |||||||||||||||||||||||||||||||||||
Other services | |||||||||||||||||||||||||||||||||||
Midstream services | |||||||||||||||||||||||||||||||||||
Crude services—related parties | ( | ||||||||||||||||||||||||||||||||||
Other services—related parties | ( | ||||||||||||||||||||||||||||||||||
Midstream services—related parties | ( | ||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ( | ||||||||||||||||||||||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Change in fair value of derivatives | |||||||||||||||||||||||||||||||||||
Total revenues | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gross margin | ( | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of assets | ( | ( | |||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Segment Identifiable Assets: | June 30, 2023 | December 31, 2022 | ||||||||||||
Permian | $ | $ | ||||||||||||
Louisiana | ||||||||||||||
Oklahoma | ||||||||||||||
North Texas | ||||||||||||||
Corporate (1) | ||||||||||||||
Total identifiable assets | $ | $ |
Other current assets: | June 30, 2023 | December 31, 2022 | ||||||||||||
Natural gas and NGLs inventory | $ | $ | ||||||||||||
Prepaid expenses and other | ||||||||||||||
Other current assets | $ | $ |
Other current liabilities: | June 30, 2023 | December 31, 2022 | ||||||||||||
Accrued interest | $ | $ | ||||||||||||
Accrued wages and benefits, including taxes | ||||||||||||||
Accrued ad valorem taxes | ||||||||||||||
Accrued settlement of mandatorily redeemable non-controlling interest (1) | ||||||||||||||
Capital expenditure accruals | ||||||||||||||
Short-term lease liability | ||||||||||||||
Operating expense accruals | ||||||||||||||
Other | ||||||||||||||
Other current liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Dow Hydrocarbons and Resources LLC | 11.5 | % | 14.8 | % | 11.5 | % | 14.4 | % | |||||||||||||||
Marathon Petroleum Corporation | 19.6 | % | 15.5 | % | 19.8 | % | 15.8 | % |
Crude oil | NGL | Natural gas | ||||||||||||||||||
$/Bbl (1)(2) | $/Gal (1)(3) | $/MMbtu (1)(4) | ||||||||||||||||||
2023 by quarter: | ||||||||||||||||||||
1st Quarter | $ | 75.99 | $ | 0.61 | $ | 2.74 | ||||||||||||||
2nd Quarter | $ | 73.56 | $ | 0.43 | $ | 2.33 | ||||||||||||||
2023 Averages | $ | 74.77 | $ | 0.52 | $ | 2.54 | ||||||||||||||
2022 by quarter: | ||||||||||||||||||||
1st Quarter | $ | 95.01 | $ | 0.92 | $ | 4.56 | ||||||||||||||
2nd Quarter | $ | 108.52 | $ | 0.97 | $ | 7.50 | ||||||||||||||
2022 Averages | $ | 101.77 | $ | 0.95 | $ | 6.03 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Total revenues | $ | 1,530.1 | $ | 2,600.6 | $ | 3,297.6 | $ | 4,828.3 | |||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (1,019.0) | (2,105.1) | (2,290.9) | (3,899.6) | |||||||||||||||||||
Operating expenses | (136.8) | (128.9) | (269.2) | (249.8) | |||||||||||||||||||
Depreciation and amortization | (165.3) | (159.0) | (325.7) | (311.9) | |||||||||||||||||||
Gross margin | 209.0 | 207.6 | 411.8 | 367.0 | |||||||||||||||||||
Operating expenses | 136.8 | 128.9 | 269.2 | 249.8 | |||||||||||||||||||
Depreciation and amortization | 165.3 | 159.0 | 325.7 | 311.9 | |||||||||||||||||||
Adjusted gross margin | $ | 511.1 | $ | 495.5 | $ | 1,006.7 | $ | 928.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 89.9 | $ | 123.9 | $ | 184.1 | $ | 189.9 | |||||||||||||||
Interest expense, net of interest income | 68.8 | 55.5 | 137.3 | 110.6 | |||||||||||||||||||
Depreciation and amortization | 165.3 | 159.0 | 325.7 | 311.9 | |||||||||||||||||||
Loss from unconsolidated affiliate investments | 4.6 | 1.2 | 4.7 | 2.3 | |||||||||||||||||||
Distributions from unconsolidated affiliate investments | 2.2 | 0.2 | 2.3 | 0.4 | |||||||||||||||||||
(Gain) loss on disposition of assets | (0.8) | (0.4) | (1.2) | 4.7 | |||||||||||||||||||
Loss on extinguishment of debt | — | 0.5 | — | 0.5 | |||||||||||||||||||
Unit-based compensation | 4.5 | 5.7 | 8.5 | 12.3 | |||||||||||||||||||
Income tax expense (benefit) | 19.0 | (1.3) | 29.9 | 1.9 | |||||||||||||||||||
Unrealized gain on commodity derivatives | (5.3) | (35.3) | (3.9) | (20.2) | |||||||||||||||||||
Costs associated with the relocation of processing facilities (1) | 1.7 | 11.1 | 2.1 | 22.4 | |||||||||||||||||||
Other (2) | 0.2 | 0.4 | 0.5 | 0.7 | |||||||||||||||||||
Adjusted EBITDA before non-controlling interest | 350.1 | 320.5 | 690.0 | 637.4 | |||||||||||||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (3) | (16.5) | (20.8) | (32.7) | (33.4) | |||||||||||||||||||
Adjusted EBITDA, net to ENLC | $ | 333.6 | $ | 299.7 | $ | 657.3 | $ | 604.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 315.7 | $ | 174.9 | $ | 587.8 | $ | 482.6 | |||||||||||||||
Interest expense (1) | 67.0 | 54.2 | 134.0 | 107.9 | |||||||||||||||||||
Utility credits redeemed (2) | (0.1) | (6.0) | (1.5) | (11.6) | |||||||||||||||||||
Accruals for settled commodity derivative transactions | — | 0.6 | — | (1.6) | |||||||||||||||||||
Distributions from unconsolidated affiliate investment in excess of earnings | 2.2 | 0.2 | 2.3 | 0.4 | |||||||||||||||||||
Costs associated with the relocation of processing facilities (3) | 1.7 | 11.1 | 2.1 | 22.4 | |||||||||||||||||||
Other (4) | (0.1) | 1.7 | — | 3.4 | |||||||||||||||||||
Changes in operating assets and liabilities which (provided) used cash: | |||||||||||||||||||||||
Accounts receivable, accrued revenues, inventories, and other | (80.3) | 137.2 | (249.7) | 309.9 | |||||||||||||||||||
Accounts payable, accrued product purchases, and other accrued liabilities | 44.0 | (53.4) | 215.0 | (276.0) | |||||||||||||||||||
Adjusted EBITDA before non-controlling interest | 350.1 | 320.5 | 690.0 | 637.4 | |||||||||||||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (5) | (16.5) | (20.8) | (32.7) | (33.4) | |||||||||||||||||||
Adjusted EBITDA, net to ENLC | 333.6 | 299.7 | 657.3 | 604.0 | |||||||||||||||||||
Growth capital expenditures, net to ENLC (6) | (74.6) | (49.9) | (167.3) | (90.4) | |||||||||||||||||||
Maintenance capital expenditures, net to ENLC (6) | (20.0) | (11.1) | (34.2) | (25.0) | |||||||||||||||||||
Interest expense, net of interest income | (68.8) | (55.5) | (137.3) | (110.6) | |||||||||||||||||||
Distributions declared on common units | (58.1) | (54.6) | (116.8) | (110.1) | |||||||||||||||||||
ENLK preferred unit accrued cash distributions (7) | (24.0) | (23.3) | (47.6) | (46.8) | |||||||||||||||||||
Payment to redeem mandatorily redeemable non-controlling interest (8) | — | — | (10.5) | — | |||||||||||||||||||
Costs associated with the relocation of processing facilities, net to ENLC (3)(6)(9) | 7.1 | (11.1) | 6.7 | (22.4) | |||||||||||||||||||
Contribution to investment in unconsolidated affiliates | — | (26.6) | (49.7) | (26.6) | |||||||||||||||||||
Other (10) | 0.5 | (0.1) | 0.8 | 0.3 | |||||||||||||||||||
Free cash flow after distributions | $ | 95.7 | $ | 67.5 | $ | 101.4 | $ | 172.4 |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 624.8 | $ | 851.5 | $ | 268.2 | $ | 167.1 | $ | (381.5) | $ | 1,530.1 | |||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (479.9) | (715.0) | (130.5) | (75.1) | 381.5 | (1,019.0) | |||||||||||||||||||||||||||||
Adjusted gross margin | 144.9 | 136.5 | 137.7 | 92.0 | — | 511.1 | |||||||||||||||||||||||||||||
Operating expenses | (53.1) | (32.0) | (27.0) | (24.7) | — | (136.8) | |||||||||||||||||||||||||||||
Segment profit | 91.8 | 104.5 | 110.7 | 67.3 | — | 374.3 | |||||||||||||||||||||||||||||
Depreciation and amortization | (41.5) | (36.9) | (56.6) | (29.0) | (1.3) | (165.3) | |||||||||||||||||||||||||||||
Gross margin | $ | 50.3 | $ | 67.6 | $ | 54.1 | $ | 38.3 | $ | (1.3) | $ | 209.0 | |||||||||||||||||||||||
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,120.4 | $ | 1,643.0 | $ | 443.0 | $ | 277.3 | $ | (883.1) | $ | 2,600.6 | |||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (958.0) | (1,519.2) | (321.3) | (189.7) | 883.1 | (2,105.1) | |||||||||||||||||||||||||||||
Adjusted gross margin | 162.4 | 123.8 | 121.7 | 87.6 | — | 495.5 | |||||||||||||||||||||||||||||
Operating expenses | (50.3) | (34.8) | (23.1) | (20.7) | — | (128.9) | |||||||||||||||||||||||||||||
Segment profit | 112.1 | 89.0 | 98.6 | 66.9 | — | 366.6 | |||||||||||||||||||||||||||||
Depreciation and amortization | (37.1) | (39.4) | (52.3) | (28.7) | (1.5) | (159.0) | |||||||||||||||||||||||||||||
Gross margin | $ | 75.0 | $ | 49.6 | $ | 46.3 | $ | 38.2 | $ | (1.5) | $ | 207.6 | |||||||||||||||||||||||
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,226.0 | $ | 1,955.4 | $ | 581.6 | $ | 358.8 | $ | (824.2) | $ | 3,297.6 | |||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (937.0) | (1,688.9) | (324.5) | (164.7) | 824.2 | (2,290.9) | |||||||||||||||||||||||||||||
Adjusted gross margin | 289.0 | 266.5 | 257.1 | 194.1 | — | 1,006.7 | |||||||||||||||||||||||||||||
Operating expenses | (101.2) | (65.6) | (51.7) | (50.7) | — | (269.2) | |||||||||||||||||||||||||||||
Segment profit | 187.8 | 200.9 | 205.4 | 143.4 | — | 737.5 | |||||||||||||||||||||||||||||
Depreciation and amortization | (81.5) | (75.2) | (108.5) | (57.8) | (2.7) | (325.7) | |||||||||||||||||||||||||||||
Gross margin | $ | 106.3 | $ | 125.7 | $ | 96.9 | $ | 85.6 | $ | (2.7) | $ | 411.8 | |||||||||||||||||||||||
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 2,005.4 | $ | 3,155.2 | $ | 826.6 | $ | 519.3 | $ | (1,678.2) | $ | 4,828.3 | |||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (1,724.7) | (2,907.9) | (598.1) | (347.1) | 1,678.2 | (3,899.6) | |||||||||||||||||||||||||||||
Adjusted gross margin | 280.7 | 247.3 | 228.5 | 172.2 | — | 928.7 | |||||||||||||||||||||||||||||
Operating expenses | (95.6) | (67.8) | (44.1) | (42.3) | — | (249.8) | |||||||||||||||||||||||||||||
Segment profit | 185.1 | 179.5 | 184.4 | 129.9 | — | 678.9 | |||||||||||||||||||||||||||||
Depreciation and amortization | (73.8) | (74.9) | (103.2) | (57.1) | (2.9) | (311.9) | |||||||||||||||||||||||||||||
Gross margin | $ | 111.3 | $ | 104.6 | $ | 81.2 | $ | 72.8 | $ | (2.9) | $ | 367.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Midstream Volumes: | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 6,925,200 | 6,636,900 | 7,048,300 | 6,424,100 | |||||||||||||||||||
Processing (MMbtu/d) | 3,562,000 | 3,141,700 | 3,516,000 | 3,021,600 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 198,700 | 214,100 | 193,400 | 202,300 | |||||||||||||||||||
NGL Fractionation (Gals/d) | 7,519,300 | 7,896,900 | 7,604,100 | 7,965,000 | |||||||||||||||||||
Brine Disposal (Bbls/d) | 2,700 | 3,200 | 2,800 | 3,100 | |||||||||||||||||||
Permian Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 1,732,200 | 1,494,400 | 1,708,100 | 1,421,200 | |||||||||||||||||||
Processing (MMbtu/d) | 1,617,400 | 1,432,200 | 1,589,200 | 1,344,700 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 155,400 | 175,000 | 149,000 | 162,900 | |||||||||||||||||||
Louisiana Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 2,345,600 | 2,696,500 | 2,518,600 | 2,597,700 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 16,500 | 17,700 | 17,400 | 16,800 | |||||||||||||||||||
NGL Fractionation (Gals/d) | 7,519,300 | 7,896,900 | 7,604,100 | 7,965,000 | |||||||||||||||||||
Brine Disposal (Bbls/d) | 2,700 | 3,200 | 2,800 | 3,100 | |||||||||||||||||||
Oklahoma Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 1,253,800 | 1,016,100 | 1,216,300 | 1,008,100 | |||||||||||||||||||
Processing (MMbtu/d) | 1,204,600 | 1,047,600 | 1,184,500 | 1,038,600 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 26,800 | 21,400 | 27,000 | 22,600 | |||||||||||||||||||
North Texas Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 1,593,600 | 1,429,900 | 1,605,300 | 1,397,100 | |||||||||||||||||||
Processing (MMbtu/d) | 740,000 | 661,900 | 742,300 | 638,300 |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
ENLK and ENLC senior notes | $ | 58.7 | $ | 50.3 | |||||||
Revolving Credit Facility | 4.3 | 2.2 | |||||||||
AR Facility | 5.5 | 1.7 | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | 1.8 | 1.3 | |||||||||
Interest rate swaps - realized | (1.1) | — | |||||||||
Other | (0.4) | — | |||||||||
Interest expense, net of interest income | $ | 68.8 | $ | 55.5 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
ENLK and ENLC senior notes | $ | 112.6 | $ | 100.6 | |||||||
Revolving Credit Facility | 11.8 | 4.5 | |||||||||
AR Facility | 11.7 | 2.8 | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | 3.3 | 2.6 | |||||||||
Interest rate swaps - realized | (1.6) | 0.1 | |||||||||
Other | (0.5) | — | |||||||||
Interest expense, net of interest income | $ | 137.3 | $ | 110.6 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating cash flows before working capital | $ | 553.1 | $ | 516.5 | |||||||
Changes in working capital | 34.7 | (33.9) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Additions to property and equipment (1) | $ | (203.1) | $ | (124.1) | |||||||
Contributions to unconsolidated affiliate investments (2) | (49.7) | (26.6) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net repayments on the AR Facility (1) | $ | (186.9) | $ | (25.0) | |||||||
Net repayments on the Revolving Credit Facility (1) | (95.0) | (15.0) | |||||||||
Net borrowings on ENLC’s senior unsecured notes (1) | 297.0 | — | |||||||||
Net repurchases of ENLK’s senior unsecured notes | — | (2.0) | |||||||||
Payment of installment payable for Amarillo Rattler Acquisition (2) | — | (10.0) | |||||||||
Distributions to members | (120.2) | (111.7) | |||||||||
Distributions to Series B Preferred Unitholders (3) | (32.5) | (35.8) | |||||||||
Distributions to Series C Preferred Unitholders (3) | (17.1) | (12.0) | |||||||||
Distributions to joint venture partners (4) | (32.9) | (29.0) | |||||||||
Payment to redeem mandatorily redeemable non-controlling interest (5) | (10.5) | — | |||||||||
Redemption of Series B Preferred Units (3) | — | (50.5) | |||||||||
Repurchase of Series C Preferred Units (3) | (3.9) | — | |||||||||
Contributions from non-controlling interests (6) | 22.1 | 9.3 | |||||||||
Common unit repurchases (7) | (107.5) | (50.7) | |||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | (16.9) | (4.4) |
Capital expenditures, net to ENLC (1) | $ | 218 | ||||||
Operating expenses associated with the relocation of processing facilities, net to ENLC (2)(3) | 14 | |||||||
Contributions to unconsolidated affiliate investments (4) | 25 | |||||||
Total | $ | 257 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
Total | Remainder 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||
ENLC’s & ENLK’s senior unsecured notes | $ | 4,309.2 | $ | — | $ | 97.9 | $ | 421.6 | $ | 491.0 | $ | — | $ | 3,298.7 | |||||||||||||||||||||||||||
Revolving Credit Facility (1) | 160.0 | — | — | — | — | 160.0 | — | ||||||||||||||||||||||||||||||||||
AR Facility (2) | 313.1 | — | — | 313.1 | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition contingent consideration (3) | 6.4 | — | 1.1 | 0.4 | 4.6 | 0.3 | — | ||||||||||||||||||||||||||||||||||
Interest payable on fixed long-term debt obligations | 2,477.2 | 117.6 | 233.0 | 222.1 | 213.3 | 189.5 | 1,501.7 | ||||||||||||||||||||||||||||||||||
Repurchase of ENLC common units held by GIP (4) | 27.5 | 27.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Operating lease obligations | 115.3 | 16.3 | 23.0 | 16.1 | 9.2 | 8.2 | 42.5 | ||||||||||||||||||||||||||||||||||
Purchase obligations | 11.1 | 11.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pipeline and trucking capacity and deficiency agreements (5) | 952.5 | 36.5 | 82.3 | 113.2 | 100.1 | 88.0 | 532.4 | ||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 8,372.3 | $ | 209.0 | $ | 437.3 | $ | 1,086.5 | $ | 818.2 | $ | 446.0 | $ | 5,375.3 |
Period | Underlying | Notional Volume (net position) | Reference Price | Price Range | Net Fair Value Asset/(Liability) (In Millions) | |||||||||||||||||||||||||||
July 2023 - March 2024 | Propane | (77.1) MMgals | OPIS Mt Belvieu | $0.79 - $0.95/Gal | $ | 22.2 | ||||||||||||||||||||||||||
July 2023 - December 2023 | Normal Butane | (5.7) MMgals | OPIS Mt Belvieu | $0.96 - $0.97/Gal | 1.6 | |||||||||||||||||||||||||||
July 2023 - July 2023 | Natural Gasoline | (0.6) MMgals | NYMEX WTI Average | $1.27 - $1.67/Gal | — | |||||||||||||||||||||||||||
July 2023 - June 2024 | Natural Gasoline & Condensate | 72.7 MMgals | OPIS Mt Belvieu and NYMEX WTI Average differential | ($0.32) - ($0.24)/Gal | (7.5) | |||||||||||||||||||||||||||
July 2023 - January 2028 | Natural Gas | (11.3) Bbtu | NYMEX Henry Hub | $2.18 - $6.19/MMbtu | 25.4 | |||||||||||||||||||||||||||
July 2023 - December 2024 | Natural Gas | (4.1) Bbtu | Waha basis differential | ($3.02) - ($0.26)/MMbtu | (13.5) | |||||||||||||||||||||||||||
July 2023 - July 2023 | Natural Gas | (1.0) Bbtu | Henry Hub Gas Daily | $2.60 - $2.60/MMbtu | — | |||||||||||||||||||||||||||
August 2023 - January 2024 | Crude & Condensate | (0.3) MMbbls | NYMEX WTI | $78.43 - $79.84/Bbl | (0.6) | |||||||||||||||||||||||||||
January 2024 - December 2025 | Crude & Condensate | (7.2) MMbbls | WTI-Houston and Midland basis differential | $0.70 - $0.90/Bbl | 2.0 | |||||||||||||||||||||||||||
Total fair value of commodity derivatives | $ | 29.6 |
Period | Total Number of Units Purchased (1) | Average Price Paid Per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Units that May Yet Be Purchased under the Plans or Programs (in millions) (2) | ||||||||||||||||||||||
April 1, 2023 to April 30, 2023 | 1,185,099 | $ | 10.65 | 1,176,033 | $ | 136.0 | ||||||||||||||||||||
May 1, 2023 to May 31, 2023 | 3,232,942 | 10.94 | 3,232,360 | $ | 100.7 | |||||||||||||||||||||
June 1, 2023 to June 30, 2023 | 732,988 | 10.18 | 732,988 | $ | 93.2 | |||||||||||||||||||||
Total | 5,151,029 | $ | 10.77 | 5,141,381 |
Number | Description | ||||||||||
3.1 | — | ||||||||||
3.2 | — | ||||||||||
3.3 | — | ||||||||||
3.4 | — | ||||||||||
3.5 | — | ||||||||||
3.6 | — | ||||||||||
3.7 | — | ||||||||||
3.8 | — | ||||||||||
3.9 | — | ||||||||||
3.10 | — | ||||||||||
3.11 | — | ||||||||||
3.12 | — | ||||||||||
3.13 | — | ||||||||||
3.14 | — | ||||||||||
4.1 | — | ||||||||||
22.1 | — | ||||||||||
31.1 * | — | ||||||||||
31.2 * | — | ||||||||||
32.1 * | — | ||||||||||
101 * | — | The following financial information from EnLink Midstream, LLC's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, (iii) Consolidated Statements of Changes in Members’ Equity for the three months ended June 30, 2023 and 2022 and March 31, 2023 and 2022, (iv) Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022, and (v) the Notes to Consolidated Financial Statements. | |||||||||
104 * | — | Cover Page Interactive Data File (formatted as Inline iXBRL and included in Exhibit 101). |
EnLink Midstream, LLC | ||||||||
By: | EnLink Midstream Manager, LLC, its managing member | |||||||
By: | /s/ J. PHILIPP ROSSBACH | |||||||
J. Philipp Rossbach | ||||||||
Vice President and Chief Accounting Officer | ||||||||
(Principal Accounting Officer) | ||||||||
August 2, 2023 |
Date: August 2, 2023 | /s/ JESSE ARENIVAS | ||||
Jesse Arenivas | |||||
Chief Executive Officer | |||||
(principal executive officer) |
Date: August 2, 2023 | /s/ BENJAMIN D. LAMB | ||||
Benjamin D. Lamb | |||||
Executive Vice President and Chief Financial Officer | |||||
(principal financial officer) |
Date: August 2, 2023 | /s/ JESSE ARENIVAS | ||||
Jesse Arenivas | |||||
Chief Executive Officer | |||||
Date: August 2, 2023 | /s/ BENJAMIN D. LAMB | ||||
Benjamin D. Lamb | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
ASSETS | ||
Property and equipment, accumulated depreciation | $ 5,026.1 | $ 4,774.5 |
Intangible assets, accumulated amortization | $ 987.4 | $ 923.6 |
Members’ equity: | ||
Common units issued (in shares) | 462,025,317 | 468,980,630 |
Common units outstanding (in shares) | 468,980,630 | 462,025,317 |
Allowance for bad debt | $ 0.0 | $ 0.1 |
Accounts payable, current | 101.2 | 126.9 |
Product sales—related parties | ||
Members’ equity: | ||
Accounts payable, current | $ 0.3 | $ 2.5 |
Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
Revenues: | ||||||||
Revenue from contracts with customers | $ 1,518.8 | $ 2,596.1 | $ 3,274.4 | $ 4,855.0 | ||||
Revenue, Product and Service [Extensible Enumeration] | Midstream service | Midstream service | Midstream service | Midstream service | ||||
Gain (loss) on derivative activity | $ 11.3 | $ 4.5 | $ 23.2 | $ (26.7) | ||||
Total revenues | 1,530.1 | 2,600.6 | 3,297.6 | 4,828.3 | ||||
Operating costs and expenses: | ||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | $ 1,019.0 | $ 2,105.1 | $ 2,290.9 | $ 3,899.6 | |||
Cost, Product and Service [Extensible Enumeration] | Midstream service | Midstream service | Midstream service | Midstream service | ||||
Operating expenses | $ 136.8 | $ 128.9 | $ 269.2 | $ 249.8 | ||||
Depreciation and amortization | 165.3 | 159.0 | 325.7 | 311.9 | ||||
(Gain) loss on disposition of assets | (0.8) | (0.4) | (1.2) | 4.7 | ||||
General and administrative | 27.9 | 28.4 | 57.4 | 57.4 | ||||
Total operating costs and expenses | 1,348.2 | 2,421.0 | 2,942.0 | 4,523.4 | ||||
Operating income | 181.9 | 179.6 | 355.6 | 304.9 | ||||
Other income (expense): | ||||||||
Interest expense, net of interest income | (68.8) | (55.5) | (137.3) | (110.6) | ||||
Gain on extinguishment of debt | 0.0 | (0.5) | 0.0 | (0.5) | ||||
Loss from unconsolidated affiliate investments | (4.6) | (1.2) | (4.7) | (2.3) | ||||
Other income | 0.4 | 0.2 | 0.4 | 0.3 | ||||
Total other expense | (73.0) | (57.0) | (141.6) | (113.1) | ||||
Income before non-controlling interest and income taxes | 108.9 | 122.6 | 214.0 | 191.8 | ||||
Income tax benefit (expense) | (19.0) | 1.3 | (29.9) | (1.9) | ||||
Net income | 89.9 | 123.9 | 184.1 | 189.9 | ||||
Net income attributable to non-controlling interest | 35.6 | 38.6 | 71.6 | 69.4 | ||||
Net income attributable to ENLC | $ 54.3 | $ 85.3 | $ 112.5 | $ 120.5 | ||||
Net income attributable to ENLC per unit: | ||||||||
Basic common unit (in dollars per share) | $ 0.12 | $ 0.18 | $ 0.24 | $ 0.25 | ||||
Diluted common unit (in dollars per share) | $ 0.12 | $ 0.17 | $ 0.24 | $ 0.25 | ||||
Product sales | ||||||||
Revenues: | ||||||||
Revenue from contracts with customers | $ 1,239.3 | $ 2,370.5 | $ 2,715.6 | $ 4,414.4 | ||||
Midstream service | ||||||||
Revenues: | ||||||||
Revenue from contracts with customers | [2] | $ 279.5 | $ 225.6 | $ 558.8 | $ 440.6 | |||
|
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
Revenue from contracts with customers | $ 1,518.8 | $ 2,596.1 | $ 3,274.4 | $ 4,855.0 | ||||
Cost of goods and services sold | [1] | 1,019.0 | 2,105.1 | 2,290.9 | 3,899.6 | |||
Product sales—related parties | ||||||||
Revenue from contracts with customers | 0.6 | 0.0 | 1.3 | 0.0 | ||||
Cost of goods and services sold | 2.5 | 9.1 | 4.0 | 19.7 | ||||
Midstream service | ||||||||
Revenue from contracts with customers | [2] | $ 279.5 | $ 225.6 | $ 558.8 | $ 440.6 | |||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
||||||
Statement of Comprehensive Income [Abstract] | |||||||||
Net income | $ 89.9 | $ 123.9 | $ 184.1 | $ 189.9 | |||||
Unrealized gain (loss) on designated cash flow hedge | [1] | 5.7 | [2] | 0.0 | 4.5 | 0.1 | |||
Comprehensive income | 95.6 | 123.9 | 188.6 | 190.0 | |||||
Comprehensive income attributable to non-controlling interest | 35.6 | 38.6 | 71.6 | 69.4 | |||||
Comprehensive income attributable to ENLC | $ 60.0 | $ 85.3 | $ 117.0 | $ 120.6 | |||||
|
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) | $ 1.8 | $ (0.4) | $ 1.4 |
Consolidated Statement of Changes in Members' Equity - USD ($) $ in Millions |
Total |
Common Units |
Accumulated Other Comprehensive Loss |
Non-Controlling Interest |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Member equity, beginning balance at Dec. 31, 2021 | $ 2,987.0 | $ 1,325.8 | $ (1.4) | $ 1,662.6 | |||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2021 | 484,300,000 | ||||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | (4.2) | $ (4.2) | |||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares) | 1,200,000 | ||||||||||||||
Unit-based compensation | 8.1 | $ 8.1 | |||||||||||||
Contributions from non-controlling interests | 7.3 | 7.3 | |||||||||||||
Distributions | (91.0) | (56.4) | (34.6) | ||||||||||||
Unrealized gain (loss) on designated cash flow hedge | 0.1 | 0.1 | |||||||||||||
Repurchase of Preferred Units | (50.5) | ||||||||||||||
Common units repurchased | (17.0) | $ (17.0) | |||||||||||||
Common units repurchased (in shares) | (2,100,000) | ||||||||||||||
Net income | 66.0 | $ 35.2 | 30.8 | ||||||||||||
Member equity, end balance at Mar. 31, 2022 | 2,905.8 | $ 1,291.5 | (1.3) | 1,615.6 | |||||||||||
Units outstanding, ending balance (in shares) at Mar. 31, 2022 | 483,400,000 | ||||||||||||||
Member equity, beginning balance at Dec. 31, 2021 | 2,987.0 | $ 1,325.8 | (1.4) | 1,662.6 | |||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2021 | 484,300,000 | ||||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [1] | 0.1 | |||||||||||||
Repurchase of Preferred Units | (50.5) | ||||||||||||||
Common units repurchased | $ (50.7) | ||||||||||||||
Common units repurchased (in shares) | (5,690,307) | ||||||||||||||
Member equity, end balance at Jun. 30, 2022 | $ 2,906.0 | $ 1,293.3 | (1.3) | 1,614.0 | |||||||||||
Units outstanding, ending balance (in shares) at Jun. 30, 2022 | 479,800,000 | ||||||||||||||
Member equity, beginning balance at Mar. 31, 2022 | 2,905.8 | $ 1,291.5 | (1.3) | 1,615.6 | |||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2022 | 483,400,000 | ||||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | (0.2) | $ (0.2) | |||||||||||||
Unit-based compensation | 5.7 | 5.7 | |||||||||||||
Contributions from non-controlling interests | 2.0 | 2.0 | |||||||||||||
Distributions | (97.5) | (55.3) | (42.2) | ||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [1] | 0.0 | |||||||||||||
Common units repurchased | $ (33.7) | $ (33.7) | |||||||||||||
Common units repurchased (in shares) | (3,596,465) | (3,600,000) | |||||||||||||
Net income | $ 123.9 | $ 85.3 | 38.6 | ||||||||||||
Member equity, end balance at Jun. 30, 2022 | 2,906.0 | $ 1,293.3 | (1.3) | 1,614.0 | |||||||||||
Units outstanding, ending balance (in shares) at Jun. 30, 2022 | 479,800,000 | ||||||||||||||
Member equity, beginning balance at Dec. 31, 2022 | $ 2,912.7 | $ 1,306.4 | 0.0 | 1,606.3 | |||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2022 | 468,980,630 | 469,000,000.0 | |||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | $ (16.8) | $ (16.8) | |||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares) | 2,500,000 | ||||||||||||||
Unit-based compensation | 4.0 | $ 4.0 | |||||||||||||
Contributions from non-controlling interests | 8.4 | 8.4 | |||||||||||||
Distributions | (104.1) | (61.7) | (42.4) | ||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [2] | (1.2) | (1.2) | ||||||||||||
Repurchase of Preferred Units | (3.9) | (3.9) | |||||||||||||
Common units repurchased | (51.4) | $ (51.4) | |||||||||||||
Common units repurchased (in shares) | (4,400,000) | ||||||||||||||
Net income | 94.2 | $ 58.2 | 36.0 | ||||||||||||
Member equity, end balance at Mar. 31, 2023 | 2,841.9 | $ 1,238.7 | (1.2) | 1,604.4 | |||||||||||
Units outstanding, ending balance (in shares) at Mar. 31, 2023 | 467,100,000 | ||||||||||||||
Member equity, beginning balance at Dec. 31, 2022 | $ 2,912.7 | $ 1,306.4 | 0.0 | 1,606.3 | |||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2022 | 468,980,630 | 469,000,000.0 | |||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [1] | $ 4.5 | |||||||||||||
Common units repurchased | $ (107.5) | ||||||||||||||
Common units repurchased (in shares) | (9,585,796) | ||||||||||||||
Member equity, end balance at Jun. 30, 2023 | $ 2,774.2 | $ 1,156.1 | 4.5 | 1,613.6 | |||||||||||
Units outstanding, ending balance (in shares) at Jun. 30, 2023 | 462,025,317 | 462,000,000.0 | |||||||||||||
Member equity, beginning balance at Mar. 31, 2023 | $ 2,841.9 | $ 1,238.7 | (1.2) | 1,604.4 | |||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2023 | 467,100,000 | ||||||||||||||
Increase (Decrease) in Members' Equity | |||||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes | (0.1) | $ (0.1) | |||||||||||||
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares) | 100,000 | ||||||||||||||
Unit-based compensation | 4.5 | $ 4.5 | |||||||||||||
Contributions from non-controlling interests | 13.7 | 13.7 | |||||||||||||
Distributions | (98.6) | (58.5) | (40.1) | ||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [3] | 5.7 | [1] | 5.7 | |||||||||||
Adjustment related to the redemption of the mandatorily redeemable non-controlling interest | [4] | 0.8 | 0.8 | ||||||||||||
Common units repurchased | $ (56.1) | $ (56.1) | |||||||||||||
Common units repurchased (in shares) | (5,141,381) | (5,200,000) | |||||||||||||
Common unit repurchases | [5] | $ (27.5) | $ (27.5) | ||||||||||||
Net income | 89.9 | 54.3 | 35.6 | ||||||||||||
Member equity, end balance at Jun. 30, 2023 | $ 2,774.2 | $ 1,156.1 | $ 4.5 | $ 1,613.6 | |||||||||||
Units outstanding, ending balance (in shares) at Jun. 30, 2023 | 462,025,317 | 462,000,000.0 | |||||||||||||
|
Consolidated Statement of Changes in Members' Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
|
Statement of Stockholders' Equity [Abstract] | |||
Tax expense (benefit) | $ 1.8 | $ (0.4) | $ 1.4 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash flows from operating activities: | ||
Net income | $ 184.1 | $ 189.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 325.7 | 311.9 |
Utility credits redeemed | 1.5 | 11.6 |
Deferred income tax expense | 29.6 | 1.2 |
(Gain) loss on disposition of assets | (1.2) | 4.7 |
Non-cash unit-based compensation | 8.5 | 12.3 |
Non-cash gain on derivatives recognized in net income | (3.9) | (18.6) |
Amortization of debt issuance costs and net discount of senior unsecured notes | 3.3 | 2.6 |
Loss from unconsolidated affiliate investments | 4.7 | 2.3 |
Other operating activities | 0.8 | (1.4) |
Changes in assets and liabilities: | ||
Accounts receivable, accrued revenue, and other | 183.1 | (226.7) |
Natural gas and NGLs inventory, prepaid expenses, and other | 66.6 | (83.2) |
Accounts payable, accrued product purchases, and other accrued liabilities | (215.0) | 276.0 |
Net cash provided by operating activities | 587.8 | 482.6 |
Cash flows from investing activities: | ||
Additions to property and equipment | (203.1) | (124.1) |
Contributions to unconsolidated affiliate investments | (49.7) | (26.6) |
Other investing activities | 3.7 | 1.4 |
Net cash used in investing activities | (249.1) | (149.3) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 2,004.1 | 1,135.0 |
Repayments on borrowings | (1,989.0) | (1,177.0) |
Payment of installment payable for the Amarillo Rattler Acquisition | 0.0 | (10.0) |
Distributions to members | (120.2) | (111.7) |
Distributions to non-controlling interests | (82.5) | (76.8) |
Payment to redeem mandatorily redeemable non-controlling interest | (10.5) | 0.0 |
Contributions from non-controlling interests | 22.1 | 9.3 |
Common unit repurchases | (107.5) | (50.7) |
Conversion of unit-based awards for common units, net of units withheld for taxes | (16.9) | (4.4) |
Other financing activities | (2.2) | (4.6) |
Net cash used in financing activities | (306.5) | (341.4) |
Net increase (decrease) in cash and cash equivalents | 32.2 | (8.1) |
Cash and cash equivalents, beginning of period | 22.6 | 26.2 |
Cash and cash equivalents, end of period | 54.8 | 18.1 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 131.1 | 107.8 |
Cash paid for income taxes | 1.0 | 0.8 |
Non-cash investing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 11.6 | 15.3 |
Non-cash accrual of property and equipment | 15.7 | (1.6) |
Redemption of Series B Preferred Units | ||
Cash flows from financing activities: | ||
Redemption of Series B Preferred Units | 0.0 | (50.5) |
Repurchase of Series C Preferred Units | ||
Cash flows from financing activities: | ||
Redemption of Series B Preferred Units | $ (3.9) | $ 0.0 |
General |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | (1) General In this report, the terms “Company” or “Registrant,” as well as the terms “ENLC,” “our,” “we,” “us,” or like terms, are sometimes used as abbreviated references to EnLink Midstream, LLC itself or EnLink Midstream, LLC together with its consolidated subsidiaries, including ENLK and its consolidated subsidiaries. References in this report to “EnLink Midstream Partners, LP,” the “Partnership,” “ENLK,” or like terms refer to EnLink Midstream Partners, LP itself or EnLink Midstream Partners, LP together with its consolidated subsidiaries, including the Operating Partnership. Please read the notes to the consolidated financial statements in conjunction with the Definitions page set forth in this report prior to Part I—Financial Information. a.Organization of Business ENLC is a Delaware limited liability company formed in October 2013. The Company’s common units are traded on the New York Stock Exchange under the symbol “ENLC.” As of June 30, 2023, GIP, through GIP III Stetson I, L.P. and GIP III Stetson II, L.P, owns 41.3% of the outstanding limited liability company interests in ENLC. In addition to GIP’s equity interests in ENLC, GIP III Stetson I, L.P. maintains control over the Managing Member through its ownership of all of the equity interests in the Managing Member. ENLC owns all of ENLK’s common units and also owns all of the membership interests of the General Partner. The General Partner manages ENLK’s operations and activities. b.Nature of Business We primarily focus on providing midstream energy services, including: •gathering, compressing, treating, processing, transporting, storing, and selling natural gas; •fractionating, transporting, storing, and selling NGLs; and •gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, in addition to brine disposal services. As of June 30, 2023, our midstream energy asset network includes approximately 13,600 miles of pipelines, 26 natural gas processing plants with approximately 6.0 Bcf/d of processing capacity, seven fractionators with approximately 320,000 Bbls/d of fractionation capacity, barge and rail terminals, product storage facilities, purchasing and marketing capabilities, brine disposal wells, a crude oil trucking fleet, and equity investments in certain joint ventures. Our operations are based in the United States, and our sales are derived primarily from domestic customers. Our natural gas business includes connecting the wells of producers in our market areas to our gathering systems. Our gathering systems consist of networks of pipelines that collect natural gas from points at or near producing wells and transport it to our processing plants or to larger pipelines for further transmission. We operate processing plants that remove NGLs from the natural gas stream that is transported to the processing plants by our own gathering systems or by third-party pipelines. In conjunction with our gathering and processing business, we may purchase natural gas and NGLs from producers and other supply sources and sell that natural gas or NGLs to utilities, industrial consumers, marketers, and pipelines. Our transmission pipelines receive natural gas from our gathering systems and from third-party gathering and transmission systems and deliver natural gas to industrial end-users, utilities, and other pipelines. Our fractionators separate NGLs into separate purity products, including ethane, propane, iso-butane, normal butane, and natural gasoline. Our fractionators receive NGLs primarily through our transmission lines that transport NGLs from East Texas and from our South Louisiana processing plants. Our fractionators also have the capability to receive NGLs by truck or rail terminals. We also have agreements pursuant to which third parties transport NGLs from our West Texas and Central Oklahoma operations to our NGL transmission lines that then transport the NGLs to our fractionators. In addition, we have NGL storage capacity to provide storage for customers. Our crude oil and condensate business includes the gathering and transmission of crude oil and condensate via pipelines, barges, rail, and trucks, in addition to condensate stabilization and brine disposal. We also purchase crude oil and condensate from producers and other supply sources and sell that crude oil and condensate through our terminal facilities to various markets. Across our businesses, we primarily earn our fees through various fee-based contractual arrangements, which include stated fee-only contract arrangements or arrangements with fee-based components where we purchase and resell commodities in connection with providing the related service and earn a net margin as our fee. We earn our net margin under our purchase and resell contract arrangements primarily as a result of stated service-related fees that are deducted from the price of the commodities purchased.
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Significant Accounting Policies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | (2) Significant Accounting Policies a.Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, are unaudited, and do not include all the information and disclosures required by GAAP for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Commission on February 15, 2023. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income. All significant intercompany balances and transactions have been eliminated in consolidation. b.Revenue Recognition The following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods.
c.Redeemable Non-Controlling Interest During the first quarter of 2020, the non-controlling interest holder in one of our non-wholly owned subsidiaries exercised its option to require us to purchase its remaining interest. At the time of the exercise, we and the interest holder did not agree on the value of the interest and a lawsuit was filed by the interest holder. As part of a settlement effected with the interest holder in January 2023, we settled the redemption of the mandatorily redeemable non-controlling interest for $10.5 million.
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Acquisition |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | (3) Acquisition Central Oklahoma Acquisition On December 19, 2022, we completed the Central Oklahoma Acquisition. The acquired assets include approximately 900 miles of lean and rich gas gathering pipeline and two processing plants with 280 MMcf/d of total processing capacity. We completed this acquisition to increase the scale and efficiency of our Central Oklahoma assets. The following table presents the preliminary fair value of the identified assets received and liabilities assumed at the acquisition date (in millions):
____________________________ (1)The purchase price allocation was based on preliminary estimates and assumptions, which are subject to change within the measurement period (up to one year from the acquisition date), as we finalize the valuations of the assets acquired and liabilities assumed upon the closing of the acquisition. (2)“Other assets, net” and “Other long-term liabilities” consist of the right-of-use assets and lease liabilities, respectively, obtained through the Central Oklahoma Acquisition. Contingent Consideration. The following table represents our change in carrying value of the Amarillo Rattler Acquisition and Central Oklahoma Acquisition contingent consideration liabilities for the periods presented (in millions):
____________________________ (1)The contingent consideration for the Amarillo Rattler Acquisition was recorded on April 30, 2021. (2)The contingent consideration for the Central Oklahoma Acquisition was recorded on December 19, 2022. Pro Forma of Acquisitions for the Three and Six Months Ended June 30, 2022 The following unaudited pro forma condensed consolidated financial information (in millions) for the three and six months ended June 30, 2022 gives effect to the Barnett Shale Acquisition on July 1, 2022 and the Central Oklahoma Acquisition on December 19, 2022 as if each of the acquisitions had occurred on January 1, 2022. The unaudited pro forma condensed consolidated financial information has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the transactions taken place on the dates indicated and is not intended to be a projection of future results.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | (4) Intangible Assets Intangible assets associated with customer relationships are amortized on a straight-line basis over the expected period of benefits of the customer relationships, which ranged from 10 to 20 years at the time the intangible assets were originally recorded. The weighted average amortization period for intangible assets is 14.9 years. The following table represents our change in carrying value of intangible assets (in millions):
Amortization expense was $31.9 million for each of the three months ended June 30, 2023 and 2022 and $63.8 million and $64.7 million for the six months ended June 30, 2023 and 2022, respectively. The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions):
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Related Party Transactions |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (5) Related Party Transactions (a) Transactions with Cedar Cove JV For the three and six months ended June 30, 2023, we recorded revenue of $0.6 million and $1.3 million, respectively, related to the receipt of residue gas and NGLs from the Cedar Cove JV. For each of the three and six months ended June 30, 2022, we did not record any revenue related to the receipt of residue gas and NGLs from the Cedar Cove JV. For the three and six months ended June 30, 2023, we recorded cost of sales of $2.5 million and $4.0 million, respectively, and for the three and six months ended June 30, 2022, we recorded cost of sales of $9.1 million and $19.7 million, respectively, related to our purchase of residue gas and NGLs from the Cedar Cove JV subsequent to processing at our Central Oklahoma processing facilities. Additionally, we had accounts payable balances related to transactions with the Cedar Cove JV of $0.3 million and $2.5 million at June 30, 2023 and December 31, 2022, respectively. (b) Transactions with GIP General and Administrative Expenses. We did not record any expenses related to transactions with GIP and its affiliates for the three and six months ended June 30, 2023 and 2022. Management believes the foregoing transactions with related parties were executed on terms that are fair and reasonable to us. The amounts related to related party transactions are specified in the accompanying consolidated financial statements.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | (6) Long-Term Debt As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in millions):
____________________________ (1)The effective interest rate was 6.8% and 6.5% at June 30, 2023 and December 31, 2022, respectively. (2)The effective interest rate was 6.1% and 5.3% at June 30, 2023 and December 31, 2022, respectively. (3)Net of accumulated amortization of $18.0 million and $15.1 million at June 30, 2023 and December 31, 2022, respectively. (4)The outstanding balance, net of debt issuance costs, of ENLK’s 4.40% senior unsecured notes as of June 30, 2023 are classified as “Current maturities of long-term debt” on the consolidated balance sheet as these notes mature on April 1, 2024. Revolving Credit Facility The Revolving Credit Facility permits ENLC to borrow up to $1.40 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. There were $160.0 million in outstanding borrowings under the Revolving Credit Facility and $21.3 million in outstanding letters of credit as of June 30, 2023. At June 30, 2023, we were in compliance with and expect to be in compliance with the financial covenants of the Revolving Credit Facility for at least the next twelve months. AR Facility On October 21, 2020, the SPV entered into the AR Facility. We are the primary beneficiary of the SPV, and we consolidate its assets and liabilities, which consist primarily of billed and unbilled accounts receivable of $509.2 million as of June 30, 2023. As of June 30, 2023, the AR Facility had a borrowing base of $371.7 million and there were $313.1 million in outstanding borrowings under the AR Facility. At June 30, 2023, we were in compliance with and expect to be in compliance with the financial covenants of the AR Facility for at least the next twelve months. Senior Unsecured Notes On April 3, 2023, we completed the sale of an additional $300.0 million aggregate principal amount of 6.500% senior notes due 2030 (the “Additional Notes”) at 99% of their face value. The Additional Notes were offered as an additional issue of our existing 6.500% senior notes due 2030 that we issued on August 31, 2022 in an aggregate principal amount of $700.0 million. Net proceeds of approximately $294.5 million were used to repay a portion of the borrowings under the Revolving Credit Facility. The Additional Notes are fully and unconditionally guaranteed by ENLK.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | (7) Income Taxes The components of our income tax benefit (expense) are as follows (in millions):
The following schedule reconciles income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income before non-controlling interest and income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of unit-based awards. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax liabilities, net of deferred tax assets, are included in “Deferred tax liability, net” in the consolidated balance sheets. As of June 30, 2023, we had $800.9 million of deferred tax assets and $873.7 million of deferred tax liabilities for net deferred tax liabilities of $72.8 million. As of December 31, 2022, we had $714.1 million of deferred tax assets and $756.8 million of deferred tax liabilities for net deferred tax liabilities of $42.7 million. We provide a valuation allowance, if necessary, to reduce deferred tax assets, if all, or some portion, of such assets will more than likely not be realized. As of June 30, 2023, we did not record a valuation allowance and management believes it is more likely than not that the Company will realize the benefits of the deferred tax assets. Excise Tax on Common Unit Repurchases In August 2022, the Inflation Reduction Act of 2022 was signed into law, which, among other things, imposed a 1.0% excise tax on net common unit repurchases made after December 31, 2022. As a result, we accrued $0.7 million of excise tax in connection with the common unit repurchases we completed for each of the three and six months ended June 30, 2023, which was recorded as an adjustment to the cost basis of common units repurchased in “Members’ equity” and “Other current liabilities” on the consolidated balance sheet as of June 30, 2023.
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Certain Provisions of the ENLK Partnership Agreement |
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Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Provisions of the ENLK Partnership Agreement | (8) Certain Provisions of the ENLK Partnership Agreement a.Series B Preferred Units As of June 30, 2023 and December 31, 2022, there were 54,303,780 and 54,168,359 Series B Preferred Units issued and outstanding, respectively. Redemption In January 2022, we redeemed 3,333,334 Series B Preferred Units for total consideration of $50.5 million plus accrued distributions. In addition, upon such redemption, a corresponding number of ENLC Class C Common Units were automatically cancelled. The redemption price represented 101% of the preferred units’ par value. In connection with the Series B Preferred Unit redemption, we agreed with the holders of the Series B Preferred Units to pay cash in lieu of making a quarterly distribution in-kind of additional Series B Preferred Units (the “PIK Distribution”) through the distribution declared for the fourth quarter of 2022. Beginning with the quarterly distribution declared for the first quarter of 2023, we have resumed paying the PIK distribution. Distributions Income is allocated to the Series B Preferred Units in an amount equal to the quarterly distribution with respect to the period earned. A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
____________________________ (1)In December 2021 and January 2022, we paid $0.9 million and $1.0 million, respectively, of accrued distributions related to the fourth quarter of 2021 on redeemed Series B Preferred Units. The remaining distribution of $17.3 million related to the fourth quarter of 2021 was paid on February 11, 2022. (2)In January 2022, we paid $0.3 million of accrued distributions related to the first quarter of 2022 on redeemed Series B Preferred Units. The remaining distribution of $17.2 million related to the first quarter of 2022 was paid on May 13, 2022. Series B Preferred Units Taxable Income For tax purposes, holders of Series B Preferred Units are allocated items of gross income from ENLK in respect of each Series B Preferred Unit until the cumulative amount of gross income so allocated equals the cumulative amount of distributions made in respect of such Series B Preferred Unit, but not in excess of such Series B Preferred Unit’s pro rata share of the net income of ENLK for the allocation year (the “Allocation Cap”). As of June 30, 2023, due to the application of the Allocation Cap, the cumulative amount of distributions made in respect of each Series B Preferred Unit exceeded the cumulative amount of gross income allocated to each Series B Preferred Unit by $6.26 per Series B Preferred Unit (the “Catch-Up Taxable Income Allocation”). As a result, holders of Series B Preferred Units will ultimately be allocated taxable income during future periods equal to the Catch-Up Taxable Income Allocation plus the amount of distributions received in respect of Series B Preferred Units, if ENLK generates positive net income. b.Series C Preferred Units As of June 30, 2023 and December 31, 2022, there were 376,500 and 381,000 Series C Preferred Units issued and outstanding, respectively. Repurchase In February 2023, we repurchased 4,500 Series C Preferred Units for total consideration of $3.9 million. The repurchase price represented 87% of the preferred units’ par value. Distributions Income is allocated to the Series C Preferred Units in an amount equal to the earned distribution for the respective reporting period. A summary of the distribution activity relating to the Series C Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
(1)Distributions on the Series C Preferred Units accrued and were cumulative from the date of original issue and payable semi-annually in arrears on the 15th day of June and December of each year through and including December 15, 2022 and, thereafter, accrue quarterly in arrears on the 15th day of March, June, September, and December of each year, in each case, if and when declared by the General Partner out of legally available funds for such purpose. (2)The initial distribution rate for the Series C Preferred Units from the date of original issue through December 14, 2022 was 6.0% per year. Starting on December 15, 2022, distributions on the Series C Preferred Units accumulate for each distribution period at a percentage of the $1,000 liquidation preference per unit equal to the floating rate of the three-month LIBOR plus a spread of 4.11%. Beginning with the interest period starting on September 15, 2023, distributions on the Series C Preferred Units will accumulate at a forward-looking term rate based on SOFR (“Term SOFR”), plus a Term SOFR spread adjustment of 0.26161%, plus a spread of 4.11%.
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Members' Equity |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members' Equity | (9) Members’ Equity a.Common Unit Repurchase Program In December 2022, the board of directors of the Managing Member (the “Board”) reauthorized our common unit repurchase program for 2023 and set the amount available for repurchases of outstanding common units during 2023 at up to $200.0 million, including repurchases of common units held by GIP. Repurchases under the common unit repurchase program will be made, in accordance with applicable securities laws, from time to time in open market or private transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. The repurchases will depend on market conditions and may be discontinued at any time. The following table summarizes our ENLC common unit repurchase activity for the periods presented (in millions, except for unit amounts):
____________________________ (1)The units repurchased in each quarter represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the prior quarter. (2)The average price paid per common unit excludes excise tax on common unit repurchases. (3)The per unit price we paid to GIP in each quarter was the average per unit price paid by us for publicly held ENLC common units repurchased in the prior quarter, less broker commissions. Additionally, on July 31, 2023, we repurchased 2,763,581 ENLC common units held by GIP at an aggregate cost of $27.5 million, or an average of $9.94 per common unit. These units represent GIP’s pro rata share of the aggregate number of common units repurchased by us during the three months ended June 30, 2023. The per unit price we paid to GIP was the same as the average per unit price paid by us for publicly held ENLC common units repurchased during the same period, less broker commissions, which were not paid with respect to the GIP units. As of June 30, 2023, $27.5 million is classified as “Other current liabilities” on the consolidated balance sheets related to our obligation to repurchase our common units from GIP. b.Earnings Per Unit and Dilution Computations As required under ASC 260, Earnings Per Share, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities for earnings per unit calculations. The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts):
____________________________ (1)Represents distribution activity consistent with the distribution activity table below. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented. c.Distributions A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2023 and 2022, respectively, is provided below:
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Investment in Unconsolidated Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Affiliates | (10) Investment in Unconsolidated Affiliates As of June 30, 2023, our unconsolidated investments consisted of a 38.75% ownership in GCF, a 30% ownership in the Cedar Cove JV, and a 15% ownership in the Matterhorn JV. The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions):
The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2023 and December 31, 2022 (in millions):
____________________________ (1)As of June 30, 2023 and December 31, 2022, our investment in the Cedar Cove JV is classified as “Other long-term liabilities” on the consolidated balance sheets.
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Incentive Plans | (11) Employee Incentive Plans a.Long-Term Incentive Plans We account for unit-based compensation in accordance with ASC 718, which requires that compensation related to all unit-based awards be recognized in the consolidated financial statements. Unit-based compensation cost is valued at fair value at the date of grant, and that grant date fair value is recognized as expense over each award’s requisite service period with a corresponding increase to equity or liability based on the terms of each award and the appropriate accounting treatment under ASC 718. Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):
____________________________ (1)The amount of related income tax benefit recognized in net income excluded book-to-tax differences recorded upon the vesting of unit-based awards. For additional information, see “Note 7—Income Taxes.” b.Restricted Incentive Units The restricted incentive units were valued at their fair value at the date of grant, which is equal to the market value of ENLC common units on such date. A summary of the restricted incentive unit activity for the six months ended June 30, 2023 is provided below:
____________________________ (1)Vested units included 668,083 ENLC common units withheld for payroll taxes paid on behalf of employees. A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and six months ended June 30, 2023 and 2022 is provided below (in millions):
As of June 30, 2023, there were $22.1 million of unrecognized compensation costs that related to non-vested ENLC restricted incentive units. These costs are expected to be recognized over a weighted-average period of 1.9 years. c.Performance Units We grant performance awards under the 2014 Plan. The performance award agreements provide that the vesting of performance units (i.e., performance-based restricted incentive units) granted thereunder is dependent on the achievement of certain performance goals over the applicable performance period. At the end of the vesting period, recipients receive distribution equivalents, if any, with respect to the number of performance units vested. The vesting of such units ranges from zero to 200% of the units granted depending on the extent to which the related performance goals are achieved over the relevant performance period. The following table presents a summary of the performance units:
____________________________ (1)Vested units included 668,829 ENLC common units withheld for payroll taxes paid on behalf of employees. A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the six months ended June 30, 2023 and 2022 is provided below (in millions).
As of June 30, 2023, there were $12.5 million of unrecognized compensation costs that related to non-vested ENLC performance units. These costs are expected to be recognized over a weighted-average period of 1.8 years. The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | (12) Derivatives Interest Rate Swaps In January 2023, we entered into a $400.0 million interest rate swap to manage the interest rate risk associated with our floating-rate, SOFR-based borrowings. Under this arrangement, we pay a fixed interest rate of 3.8565% in exchange for SOFR-based variable interest through February 2026. Assets or liabilities related to this interest rate swap contract are included in the fair value of derivative assets and liabilities on the consolidated balance sheets, and the change in fair value of this contract is recorded net as gain or loss on designated cash flow hedges on the consolidated statements of comprehensive income. Monthly, upon settlement, we reclassify the gain or loss associated with the interest rate swap into interest expense from accumulated other comprehensive income (loss). We designated this interest rate swap as a cash flow hedge in accordance with ASC 815. There is no ineffectiveness related to this hedge. The components of the unrealized gain on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
The fair value of derivative assets and liabilities related to interest rate swaps are as follows (in millions):
Interest expense (income) is recognized from accumulated other comprehensive income from the monthly settlement of our interest rate swaps and was included in our consolidated statements of operations as follows (in millions):
We expect to recognize an additional $5.5 million of interest income out of accumulated other comprehensive income (loss) over the next twelve months. Commodity Derivatives The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity derivatives are as follows (in millions):
The fair value of derivative assets and liabilities related to commodity derivatives are as follows (in millions):
Set forth below are the summarized notional volumes and fair values of all instruments related to commodity derivatives that we held for price risk management purposes and the related physical offsets at June 30, 2023 (in millions, except volumes). The remaining term of the contracts extend no later than January 2028.
On all transactions where we are exposed to counterparty risk, we analyze the counterparty’s financial condition prior to entering into an agreement, establish limits, and monitor the appropriateness of these limits on an ongoing basis. We primarily deal with financial institutions when entering into financial derivatives on commodities. We have entered into Master ISDAs that allow for netting of swap contract receivables and payables in the event of default by either party. Additionally, we have entered into FCDTCs that allow for netting of futures contract receivables and payables in the event of default by either party. If our counterparties failed to perform under existing commodity swap and futures contracts, the maximum loss on our gross receivable position of $96.2 million as of June 30, 2023 would be reduced to $30.5 million due to the offsetting of gross fair value payables against gross fair value receivables as allowed by the ISDAs and the FCDTCs.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | (13) Fair Value Measurements Derivative assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
____________________________ (1)The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates. (2)The fair values of commodity derivatives represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820. Fair Value of Financial Instruments The estimated fair value of our financial instruments has been determined using available market information and valuation methodologies. Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):
____________________________ (1)The carrying value of long-term debt, including current maturities of long-term debt, is reduced by debt issuance cost, net of accumulated amortization, of $35.0 million and $34.9 million as of June 30, 2023 and December 31, 2022, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration for the Amarillo Rattler Acquisition included a contingent component capped at $15.0 million and payable, if at all, between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. (3)Consideration for the Central Oklahoma Acquisition included a contingent component, which is payable, if at all, between 2024 and 2027 based on fee revenue earned on certain contractually specified volumes for the annual periods beginning January 1, 2023 through December 31, 2026. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. The carrying amounts of our cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturities of these assets and liabilities. The fair values of all senior unsecured notes as of June 30, 2023 and December 31, 2022 were based on Level 2 inputs from third-party market quotations.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | (14) Segment Information We manage and report our activities primarily according to the geography and nature of activity. We have five reportable segments: •Permian Segment. The Permian segment includes our natural gas gathering, processing, and transmission activities and our crude oil operations in the Midland and Delaware Basins in West Texas and Eastern New Mexico; •Louisiana Segment. The Louisiana segment includes our natural gas and NGL pipelines, natural gas processing plants, natural gas and NGL storage facilities, and fractionation facilities located in Louisiana and our crude oil operations in ORV; •Oklahoma Segment. The Oklahoma segment includes our natural gas gathering, processing, and transmission activities, and our crude oil operations in Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and adjacent areas; •North Texas Segment. The North Texas segment includes our natural gas gathering, processing, fractionation, and transmission activities in North Texas; and •Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, GCF in South Texas, and the Matterhorn JV in West Texas, as well as our corporate assets and expenses. We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. Summarized financial information for our reportable segments is shown in the following tables (in millions):
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Other Information |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information | (15) Other Information The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
____________________________ (1)In January 2023, we settled the redemption of the mandatorily redeemable non-controlling interest in one of our non-wholly owned subsidiaries.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (16) Commitments and Contingencies In February 2021, the areas in which we operate experienced a severe winter storm, with extreme cold, ice, and snow occurring over an unprecedented period of approximately 10 days (“Winter Storm Uri”). As a result of Winter Storm Uri, we have encountered customer billing disputes related to the delivery of gas during the storm, including one that resulted in litigation. The litigation is between one of our subsidiaries, EnLink Gas Marketing, LP (“EnLink Gas”), and Koch Energy Services, LLC (“Koch”) in the 162nd District Court in Dallas County, Texas. The dispute centers on whether EnLink Gas was excused from delivering gas or performing under certain delivery or purchase obligations during Winter Storm Uri, given our declaration of force majeure during the storm. Koch has invoiced us approximately $53.9 million (after subtracting amounts owed to EnLink Gas) and does not recognize the declaration of force majeure. We believe the declaration of force majeure was valid and appropriate and we intend to vigorously defend against Koch’s claims. One of our subsidiaries, EnLink Energy GP, LLC (“EnLink Energy”), was involved in industry-wide multi-district litigation arising out of Winter Storm Uri, pending in Harris County, Texas, in which multiple individual plaintiffs asserted personal injury and property damage claims arising out of Winter Storm Uri against an aggregate of over 350 power generators, transmission/distribution utility, retail electric provider, and natural gas defendants across over 150 filed cases. On January 26, 2023, the court dismissed the claims against the pipeline and other natural gas-related defendants in the multi-district litigation, including EnLink Energy. The court’s order was not appealed and the case is continuing without EnLink Energy and the other natural gas-related defendants. Subsequently, several suits were filed in February 2023 by individual plaintiffs (including one matter in which the plaintiffs seek to certify a class of Texas residents affected by Winter Storm Uri) and the alleged assignee of the claims of individual plaintiffs against 90 natural gas producers, pipelines, marketers, sellers, and traders, including EnLink Gas. We believe the claims in these matters against EnLink Gas lack merit and we intend to vigorously defend against such claims. In addition, we are involved in various litigation and administrative proceedings arising in the normal course of business. In the opinion of management, any liabilities that may result from these claims would not, individually or in the aggregate, have a material adverse effect on our financial position, results of operations, or cash flows. We may also be involved from time to time in the future in various proceedings in the normal course of business, including litigation on disputes related to contracts, property rights, property use or damage (including nuisance claims), personal injury, or the value of pipeline easements or other rights obtained through the exercise of eminent domain or common carrier rights.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 54.3 | $ 85.3 | $ 112.5 | $ 120.5 |
Insider Trading Arrangements |
3 Months Ended | 6 Months Ended |
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Jun. 30, 2023
shares
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Jun. 30, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Alaina K. Brooks [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 15, 2023, Alaina K. Brooks, Executive Vice President, Chief Legal and Administrative Officer, and Secretary of the Managing Member, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 173,913 of our common units until May 14, 2024. | |
Name | Alaina K. Brooks | |
Title | Executive Vice President, Chief Legal and Administrative Officer, and Secretary of the Managing Member | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 15, 2023 | |
Arrangement Duration | 365 days | |
Aggregate Available | 173,913 | 173,913 |
Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, are unaudited, and do not include all the information and disclosures required by GAAP for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Commission on February 15, 2023. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income. All significant intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue RecognitionThe following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods. |
Significant Accounting Polices (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contractually Committed Fees | The following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods.
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Acquisition (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the preliminary fair value of the identified assets received and liabilities assumed at the acquisition date (in millions):
____________________________ (1)The purchase price allocation was based on preliminary estimates and assumptions, which are subject to change within the measurement period (up to one year from the acquisition date), as we finalize the valuations of the assets acquired and liabilities assumed upon the closing of the acquisition. (2)“Other assets, net” and “Other long-term liabilities” consist of the right-of-use assets and lease liabilities, respectively, obtained through the Central Oklahoma Acquisition.
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Schedule of Asset Acquisition, Contingent Consideration | Contingent Consideration. The following table represents our change in carrying value of the Amarillo Rattler Acquisition and Central Oklahoma Acquisition contingent consideration liabilities for the periods presented (in millions):
____________________________ (1)The contingent consideration for the Amarillo Rattler Acquisition was recorded on April 30, 2021. (2)The contingent consideration for the Central Oklahoma Acquisition was recorded on December 19, 2022.
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Schedule of Pro Forma Information | The following unaudited pro forma condensed consolidated financial information (in millions) for the three and six months ended June 30, 2022 gives effect to the Barnett Shale Acquisition on July 1, 2022 and the Central Oklahoma Acquisition on December 19, 2022 as if each of the acquisitions had occurred on January 1, 2022. The unaudited pro forma condensed consolidated financial information has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the transactions taken place on the dates indicated and is not intended to be a projection of future results.
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Intangible Assets (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Carrying Value | The following table represents our change in carrying value of intangible assets (in millions):
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Schedule of Amortization Expense | The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions):
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in millions):
____________________________ (1)The effective interest rate was 6.8% and 6.5% at June 30, 2023 and December 31, 2022, respectively. (2)The effective interest rate was 6.1% and 5.3% at June 30, 2023 and December 31, 2022, respectively. (3)Net of accumulated amortization of $18.0 million and $15.1 million at June 30, 2023 and December 31, 2022, respectively. (4)The outstanding balance, net of debt issuance costs, of ENLK’s 4.40% senior unsecured notes as of June 30, 2023 are classified as “Current maturities of long-term debt” on the consolidated balance sheet as these notes mature on April 1, 2024.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of our income tax benefit (expense) are as follows (in millions):
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Reconciliation of Total Income Tax Expense to Income before Income Taxes | The following schedule reconciles income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income before non-controlling interest and income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of unit-based awards.
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Certain Provisions of the ENLK Partnership Agreement (Tables) |
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Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Distribution Activity | A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
____________________________ (1)In December 2021 and January 2022, we paid $0.9 million and $1.0 million, respectively, of accrued distributions related to the fourth quarter of 2021 on redeemed Series B Preferred Units. The remaining distribution of $17.3 million related to the fourth quarter of 2021 was paid on February 11, 2022. (2)In January 2022, we paid $0.3 million of accrued distributions related to the first quarter of 2022 on redeemed Series B Preferred Units. The remaining distribution of $17.2 million related to the first quarter of 2022 was paid on May 13, 2022. Income is allocated to the Series C Preferred Units in an amount equal to the earned distribution for the respective reporting period. A summary of the distribution activity relating to the Series C Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
(1)Distributions on the Series C Preferred Units accrued and were cumulative from the date of original issue and payable semi-annually in arrears on the 15th day of June and December of each year through and including December 15, 2022 and, thereafter, accrue quarterly in arrears on the 15th day of March, June, September, and December of each year, in each case, if and when declared by the General Partner out of legally available funds for such purpose. (2)The initial distribution rate for the Series C Preferred Units from the date of original issue through December 14, 2022 was 6.0% per year. Starting on December 15, 2022, distributions on the Series C Preferred Units accumulate for each distribution period at a percentage of the $1,000 liquidation preference per unit equal to the floating rate of the three-month LIBOR plus a spread of 4.11%. Beginning with the interest period starting on September 15, 2023, distributions on the Series C Preferred Units will accumulate at a forward-looking term rate based on SOFR (“Term SOFR”), plus a Term SOFR spread adjustment of 0.26161%, plus a spread of 4.11%.
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Members' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GIP Repurchase Agreement | The following table summarizes our ENLC common unit repurchase activity for the periods presented (in millions, except for unit amounts):
____________________________ (1)The units repurchased in each quarter represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the prior quarter. (2)The average price paid per common unit excludes excise tax on common unit repurchases. (3)The per unit price we paid to GIP in each quarter was the average per unit price paid by us for publicly held ENLC common units repurchased in the prior quarter, less broker commissions.
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Computation of Basic and Diluted Earnings per Limited Partner Unit | The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts):
____________________________ (1)Represents distribution activity consistent with the distribution activity table below. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
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Summary of Distribution Activity | A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2023 and 2022, respectively, is provided below:
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Investment in Unconsolidated Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity Related to Investment in Unconsolidated Affiliates | The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions):
The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2023 and December 31, 2022 (in millions):
____________________________ (1)As of June 30, 2023 and December 31, 2022, our investment in the Cedar Cove JV is classified as “Other long-term liabilities” on the consolidated balance sheets.
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Employee Incentive Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Consolidated Financial Statements | Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):
____________________________ (1)The amount of related income tax benefit recognized in net income excluded book-to-tax differences recorded upon the vesting of unit-based awards. For additional information, see “Note 7—Income Taxes.”
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Schedule Of Restricted Stock Units Activity, ENLC | A summary of the restricted incentive unit activity for the six months ended June 30, 2023 is provided below:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units, Vested and Fair Value Vested, ENLC | A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and six months ended June 30, 2023 and 2022 is provided below (in millions):
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Summary of Performance Units, ENLC | The following table presents a summary of the performance units:
____________________________ (1)Vested units included 668,829 ENLC common units withheld for payroll taxes paid on behalf of employees. A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the six months ended June 30, 2023 and 2022 is provided below (in millions).
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Summary of Grant-Date Fair Values | The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:
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Derivatives (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Gain (Loss) on Derivative Activity | The components of the unrealized gain on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
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Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps | The fair value of derivative assets and liabilities related to interest rate swaps are as follows (in millions):
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Notional Amount and Fair Value of Derivative Instruments | Set forth below are the summarized notional volumes and fair values of all instruments related to commodity derivatives that we held for price risk management purposes and the related physical offsets at June 30, 2023 (in millions, except volumes). The remaining term of the contracts extend no later than January 2028.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Assets (Liabilities) Measured on a Recurring Basis | Derivative assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
____________________________ (1)The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates. (2)The fair values of commodity derivatives represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.
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Schedule of the Estimated Fair Value of Financial Instruments | Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):
____________________________ (1)The carrying value of long-term debt, including current maturities of long-term debt, is reduced by debt issuance cost, net of accumulated amortization, of $35.0 million and $34.9 million as of June 30, 2023 and December 31, 2022, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration for the Amarillo Rattler Acquisition included a contingent component capped at $15.0 million and payable, if at all, between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. (3)Consideration for the Central Oklahoma Acquisition included a contingent component, which is payable, if at all, between 2024 and 2027 based on fee revenue earned on certain contractually specified volumes for the annual periods beginning January 1, 2023 through December 31, 2026. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information | We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. Summarized financial information for our reportable segments is shown in the following tables (in millions):
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Schedule of Segment Assets | The table below represents information about segment assets as of June 30, 2023 and December 31, 2022 (in millions):
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Other Information (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
____________________________ (1)In January 2023, we settled the redemption of the mandatorily redeemable non-controlling interest in one of our non-wholly owned subsidiaries.
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General (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
Bcf / d
fractionator
processingPlant
mi
bbl
| |
Related Party Transaction [Line Items] | |
Number of miles of pipeline | mi | 13,600 |
Number of natural gas processing plants | processingPlant | 26 |
Amount of processing capacity | Bcf / d | 6.0 |
Number of fractionators | fractionator | 7 |
Capacity of fractionators per day, barrels | bbl | 320,000 |
ENLC | GIP Stetson II | |
Related Party Transaction [Line Items] | |
Membership interest in the General Partner as a percent | 41.30% |
Significant Accounting Policies - Summary of Future Performance Obligations (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1,647.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
Remaining performance obligations | $ 76.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 127.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 110.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 115.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 98.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Remaining performance obligations | $ 1,120.1 |
Significant Accounting Policies - Narrative (Details) $ in Millions |
Jan. 31, 2023
USD ($)
|
---|---|
Redeemable Non-Controlling Interest (Temporary Equity) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Redemption of the mandatorily redeemable non-controlling interest | $ 10.5 |
Acquisition - Narrative (Details) - Central Oklahoma Acquisition |
Dec. 19, 2022
MMcf / d
plant
mi
|
---|---|
Business Acquisition [Line Items] | |
Number of miles of pipeline acquired | mi | 900 |
Number of processing plants acquired | plant | 2 |
Business combination, amount of processing capacity acquired | MMcf / d | 280 |
Acquisition - Fair Value Of Assets Received And Liabilities Assumed (Details) - Central Oklahoma Acquisition $ in Millions |
Dec. 19, 2022
USD ($)
|
---|---|
Consideration | |
Cash (including working capital payment) | $ 100.9 |
Contingent consideration | 1.3 |
Total consideration | 102.2 |
Assets acquired: | |
Current assets | 6.0 |
Property and equipment | 97.1 |
Other assets, net | 0.9 |
Liabilities assumed: | |
Current liabilities | (1.4) |
Other long-term liabilities | (0.4) |
Net assets acquired | $ 102.2 |
Acquisitions - Contingent Consideration (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Business Combination, Contingent Consideration, Liability [Roll Forward] | ||||
Contingent consideration liability, beginning of period | $ 6.2 | $ 6.9 | $ 5.5 | $ 6.9 |
Change in fair value | 0.2 | 0.3 | 0.9 | 0.3 |
Contingent consideration liability, end of period | 6.4 | 7.2 | 6.4 | 7.2 |
Amarillo Rattler, LLC | ||||
Business Combination, Contingent Consideration, Liability [Roll Forward] | ||||
Contingent consideration liability, beginning of period | 4.7 | 6.9 | 4.2 | 6.9 |
Change in fair value | (0.1) | 0.3 | 0.4 | 0.3 |
Contingent consideration liability, end of period | 4.6 | 7.2 | 4.6 | 7.2 |
Central Oklahoma Acquisition | ||||
Business Combination, Contingent Consideration, Liability [Roll Forward] | ||||
Contingent consideration liability, beginning of period | 1.5 | 0.0 | 1.3 | 0.0 |
Change in fair value | 0.3 | 0.0 | 0.5 | 0.0 |
Contingent consideration liability, end of period | $ 1.8 | $ 0.0 | $ 1.8 | $ 0.0 |
Acquisition - Pro Forma (Details) - Crestwood Gas Services Operating LLC - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Business Acquisition [Line Items] | ||
Pro forma total revenues | $ 2,635.5 | $ 4,892.4 |
Pro forma net income | $ 139.2 | $ 214.4 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 31.9 | $ 31.9 | $ 63.8 | $ 64.7 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets (in years) | 10 years | 10 years | ||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets (in years) | 20 years | 20 years | ||
Weighted average | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets (in years) | 14 years 10 months 24 days | 14 years 10 months 24 days |
Intangible Assets - Changes in Carrying Value (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Gross carrying amount, beginning balance | $ 1,844.8 | |||
Accumulated amortization, beginning balance | (923.6) | |||
Net carrying amount, beginning balance | 921.2 | |||
Amortization expense | $ (31.9) | $ (31.9) | (63.8) | $ (64.7) |
Gross carrying amount, ending balance | 1,844.8 | 1,844.8 | ||
Accumulated amortization, ending balance | (987.4) | (987.4) | ||
Net carrying amount, ending balance | $ 857.4 | $ 857.4 |
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 63.8 | |
2024 | 127.6 | |
2025 | 110.2 | |
2026 | 106.3 | |
2027 | 106.3 | |
Thereafter | 343.2 | |
Total | $ 857.4 | $ 921.2 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|||||
Related Party Transaction [Line Items] | |||||||||
Revenue from contracts with customers | $ 1,518.8 | $ 2,596.1 | $ 3,274.4 | $ 4,855.0 | |||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | 1,019.0 | 2,105.1 | 2,290.9 | 3,899.6 | ||||
Accounts payable, current | 101.2 | 101.2 | $ 126.9 | ||||||
Midstream service | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from contracts with customers | [2] | 279.5 | 225.6 | 558.8 | 440.6 | ||||
Product sales—related parties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from contracts with customers | 0.6 | 0.0 | 1.3 | 0.0 | |||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 2.5 | 9.1 | 4.0 | 19.7 | |||||
Accounts payable, current | 0.3 | 0.3 | 2.5 | ||||||
Product sales—related parties | Cedar Cove Joint Venture | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 2.5 | 9.1 | 4.0 | 19.7 | |||||
Accounts payable, current | 0.3 | 0.3 | $ 2.5 | ||||||
Product sales—related parties | GIP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expense | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Product sales—related parties | Midstream service | Cedar Cove Joint Venture | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from contracts with customers | $ 0.6 | $ 0.0 | $ 1.3 | $ 0.0 | |||||
|
Long-Term Debt - Summary (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument | ||
Outstanding Principal | $ 4,782.3 | $ 4,764.2 |
Premium (Discount) | (8.5) | (5.8) |
Long-Term Debt | 4,773.8 | 4,758.4 |
Debt issuance costs | (35.0) | (34.9) |
Less: Current maturities of long-term debt | (97.9) | 0.0 |
Long-term debt, net of unamortized issuance cost | 4,640.9 | 4,723.5 |
Debt issuance cost accumulated amortization | 18.0 | 15.1 |
Revolving Credit Facility Due 2027 | ||
Debt Instrument | ||
Outstanding Principal | 160.0 | 255.0 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 160.0 | $ 255.0 |
Effective interest rate (as a percent) | 6.80% | 6.50% |
AR Facility due 2025 | ||
Debt Instrument | ||
Outstanding Principal | $ 313.1 | $ 500.0 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 313.1 | $ 500.0 |
Effective interest rate (as a percent) | 6.10% | 5.30% |
4.40% Senior Notes due 2024 | ||
Debt Instrument | ||
Outstanding Principal | $ 97.9 | $ 97.9 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 97.9 | 97.9 |
Stated interest rate (as a percent) | 4.40% | |
4.15% Senior Notes Due 2025 | ||
Debt Instrument | ||
Outstanding Principal | $ 421.6 | 421.6 |
Premium (Discount) | 0.0 | (0.1) |
Long-Term Debt | $ 421.6 | 421.5 |
Stated interest rate (as a percent) | 4.15% | |
4.85% Senior Unsecured Notes Due 2026 | ||
Debt Instrument | ||
Outstanding Principal | $ 491.0 | 491.0 |
Premium (Discount) | (0.2) | (0.2) |
Long-Term Debt | $ 490.8 | 490.8 |
Stated interest rate (as a percent) | 4.85% | |
5.625% Senior unsecured notes due 2028 | ||
Debt Instrument | ||
Outstanding Principal | $ 500.0 | 500.0 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 500.0 | 500.0 |
Stated interest rate (as a percent) | 5.625% | |
5.375% Senior Notes Due 2029 | ||
Debt Instrument | ||
Outstanding Principal | $ 498.7 | 498.7 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 498.7 | 498.7 |
Stated interest rate (as a percent) | 5.375% | |
6.50% Senior Notes due 2030 | ||
Debt Instrument | ||
Outstanding Principal | $ 1,000.0 | 700.0 |
Premium (Discount) | (2.9) | 0.0 |
Long-Term Debt | $ 997.1 | 700.0 |
Stated interest rate (as a percent) | 6.50% | |
5.60% Senior Notes due 2044 | ||
Debt Instrument | ||
Outstanding Principal | $ 350.0 | 350.0 |
Premium (Discount) | (0.2) | (0.2) |
Long-Term Debt | $ 349.8 | 349.8 |
Stated interest rate (as a percent) | 5.60% | |
5.05% Senior Notes due 2045 | ||
Debt Instrument | ||
Outstanding Principal | $ 450.0 | 450.0 |
Premium (Discount) | (5.1) | (5.2) |
Long-Term Debt | $ 444.9 | 444.8 |
Stated interest rate (as a percent) | 5.05% | |
5.45% Senior Notes due 2045 | ||
Debt Instrument | ||
Outstanding Principal | $ 500.0 | 500.0 |
Premium (Discount) | (0.1) | (0.1) |
Long-Term Debt | $ 499.9 | $ 499.9 |
Stated interest rate (as a percent) | 5.45% |
Long-Term Debt - Narrative (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Aug. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Debt Instrument | ||||
Increase (decrease) in accounts receivable | $ 509,200,000 | |||
Outstanding Principal | 4,782,300,000 | $ 4,764,200,000 | ||
Proceeds from borrowings | 2,004,100,000 | $ 1,135,000,000 | ||
Unsecured Debt | ||||
Debt Instrument | ||||
Debt repurchased | $ 700,000,000 | |||
Line of Credit | Asset-backed Securities | ||||
Debt Instrument | ||||
Maximum borrowing capacity | 371,700,000 | |||
Accounts receivable securitization facility, outstanding amount | 313,100,000 | |||
Letters of credit | ||||
Debt Instrument | ||||
Additional amount available (not to exceed) | 1,400,000,000 | |||
Line of credit facility, fair value of amount outstanding | 160,000,000 | |||
Letters of credit | Letter of Credit | ||||
Debt Instrument | ||||
Maximum borrowing capacity | 500,000,000 | |||
Letters of credit | Letter of Credit | ENLC | ||||
Debt Instrument | ||||
Line of credit facility, fair value of amount outstanding | 21,300,000 | |||
6.50% Senior Notes due 2030 | ||||
Debt Instrument | ||||
Outstanding Principal | $ 1,000,000,000 | 700,000,000.0 | ||
Stated interest rate (as a percent) | 6.50% | |||
6.50% Senior Notes due 2030 | Unsecured Debt | ||||
Debt Instrument | ||||
Outstanding Principal | $ 300,000,000 | |||
Stated interest rate (as a percent) | 6.50% | |||
Percentage price of debt issued | 99.00% | |||
4.15% Senior Notes Due 2025 | ||||
Debt Instrument | ||||
Outstanding Principal | $ 421,600,000 | $ 421,600,000 | ||
Stated interest rate (as a percent) | 4.15% | |||
4.15% Senior Notes Due 2025 | Unsecured Debt | ||||
Debt Instrument | ||||
Proceeds from borrowings | $ 294,500,000 |
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ (0.2) | $ (0.5) | $ (0.3) | $ (0.7) |
Deferred income tax benefit (expense) | (18.8) | 1.8 | (29.6) | (1.2) |
Income tax benefit (expense) | (19.0) | 1.3 | (29.9) | (1.9) |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected income tax expense based on federal statutory rate | (15.4) | (17.8) | (29.9) | (25.9) |
State income tax expense, net of federal benefit | (2.0) | (2.5) | (3.8) | (3.6) |
Unit-based compensation | 0.1 | 0.0 | 6.6 | (2.0) |
Change in valuation allowance | 0.0 | 21.0 | 0.0 | 28.1 |
Other | (1.7) | 0.6 | (2.8) | 1.5 |
Income tax benefit (expense) | $ (19.0) | $ 1.3 | $ (29.9) | $ (1.9) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 800.9 | $ 714.1 |
Deferred tax liabilities | (873.7) | (756.8) |
Net deferred tax liabilities | (72.8) | $ (42.7) |
Accrued excise taxes | $ 0.7 |
Certain Provisions of the ENLK Partnership Agreement - Narrative and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 15, 2023 |
Dec. 15, 2022 |
May 13, 2022 |
Feb. 11, 2022 |
Feb. 28, 2023 |
Jan. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2023 |
Jun. 14, 2023 |
Mar. 31, 2023 |
Mar. 14, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2023 |
Dec. 14, 2022 |
Jun. 14, 2022 |
Sep. 14, 2023 |
Jan. 31, 2023 |
|
Partnership agreement | ||||||||||||||||||||
Derivative, fixed interest rate | 3.8565% | |||||||||||||||||||
Redemption of Series B Preferred Units | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Stock redeemed during period (in shares) | 3,333,334 | |||||||||||||||||||
Total consideration paid | $ 50.5 | |||||||||||||||||||
Redemption price of preferred stock (as a percent) | 101.00% | |||||||||||||||||||
Redemption of Series B Preferred Units | Limited Partner | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Distribution paid-in kind (in shares) | 135,759 | 135,421 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash distributions | $ 15.3 | $ 15.2 | $ 17.3 | $ 17.3 | $ 17.5 | $ 19.2 | ||||||||||||||
Redemption of Series B Preferred Units | Limited Partner | Distribution, Tranche One | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Distributions preferred units | $ 17.3 | $ 1.0 | $ 0.9 | |||||||||||||||||
Redemption of Series B Preferred Units | Limited Partner | Distribution, Tranche Two | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Distributions preferred units | $ 17.2 | $ 0.3 | ||||||||||||||||||
Redemption of Series B Preferred Units | EnLink Midstream Partners, LP | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Preferred units, issued (in shares) | 54,303,780 | 54,303,780 | ||||||||||||||||||
Preferred units, outstanding (in shares) | 54,168,359 | |||||||||||||||||||
Price payable, overage (in dollars per unit) | $ 6.26 | |||||||||||||||||||
Repurchase of Series C Preferred Units | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Stock redeemed during period (in shares) | 4,500 | |||||||||||||||||||
Total consideration paid | $ 3.9 | |||||||||||||||||||
Redemption price of preferred stock (as a percent) | 87.00% | |||||||||||||||||||
Distribution rate per unit | 6.00% | 9.051% | 8.846% | 6.00% | 6.00% | |||||||||||||||
Cash distributions | $ 8.7 | $ 8.4 | $ 12.0 | $ 12.0 | ||||||||||||||||
Redemption price (per unit) | $ 1,000 | |||||||||||||||||||
Variable floating rate percentage | 4.11% | |||||||||||||||||||
Repurchase of Series C Preferred Units | Forecast | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Distribution rate per unit | 0.26161% | 9.618% | ||||||||||||||||||
Cash distributions | $ 9.3 | |||||||||||||||||||
Variable floating rate percentage | 4.11% | |||||||||||||||||||
Repurchase of Series C Preferred Units | EnLink Midstream Partners, LP | ||||||||||||||||||||
Partnership agreement | ||||||||||||||||||||
Preferred units, issued (in shares) | 376,500 | 381,000 | 376,500 | |||||||||||||||||
Preferred units, outstanding (in shares) | 376,500 | 381,000 | 376,500 |
Members' Equity - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Repurchase program, amount authorized | $ 200,000,000 | |||||||
Common units held (in shares) | 5,141,381 | 3,596,465 | 9,585,796 | 5,690,307 | ||||
Aggregate cost for common units | $ 56,100,000 | $ 51,400,000 | $ 33,700,000 | $ 17,000,000.0 | $ 107,500,000 | $ 50,700,000 | ||
Accrued common unit repurchase | $ 27,500,000 | $ 27,500,000 | ||||||
Subsequent Event | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Common units held (in shares) | 2,763,581 | |||||||
Aggregate cost for common units | $ 27,500,000 | |||||||
Average price of shares repurchased (in dollars per share) | $ 9.94 |
Members' Equity - IP Repurchase Agreement (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common units held (in shares) | 5,141,381 | 3,596,465 | 9,585,796 | 5,690,307 | ||
Aggregate cost for common units | $ 56.1 | $ 51.4 | $ 33.7 | $ 17.0 | $ 107.5 | $ 50.7 |
Excise tax on common unit repurchases | $ 0.7 | $ 0.0 | $ 0.7 | $ 0.0 | ||
Public ENLC Common Units | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common units held (in shares) | 3,230,504 | 2,921,370 | 5,437,809 | 5,015,212 | ||
Aggregate cost for common units | $ 32.2 | $ 27.7 | $ 59.0 | $ 44.7 | ||
Average price of shares repurchased (in dollars per share) | $ 9.96 | $ 9.49 | $ 10.85 | $ 8.92 | ||
ENCL Common Units Held by GIP | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common units held (in shares) | 1,910,877 | 675,095 | 4,147,987 | 675,095 | ||
Aggregate cost for common units | $ 23.2 | $ 6.0 | $ 47.8 | $ 6.0 | ||
Average price of shares repurchased (in dollars per share) | $ 12.12 | $ 8.92 | $ 11.53 | $ 8.92 |
Members' Equity - Computation and Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Distributed earnings allocated to: | ||||
Total distributed earnings | $ 58.8 | $ 55.7 | $ 118.3 | $ 111.2 |
Undistributed loss allocated to: | ||||
Total undistributed loss, basic | (4.5) | 29.6 | (5.8) | 9.3 |
Total undistributed loss, diluted | (4.5) | 29.6 | (5.8) | 9.3 |
Net income attributable to ENLC allocated to: | ||||
Total net income attributable to ENLC, basic | 54.3 | 85.3 | 112.5 | 120.5 |
Total net income attributable to ENLC, diluted | $ 54.3 | $ 85.3 | $ 112.5 | $ 120.5 |
Net income attributable to ENLC per unit: | ||||
Basic (in dollars per share) | $ 0.12 | $ 0.18 | $ 0.24 | $ 0.25 |
Diluted (in dollars per share) | $ 0.12 | $ 0.17 | $ 0.24 | $ 0.25 |
Unvested unit-based awards | ||||
Distributed earnings allocated to: | ||||
Total distributed earnings | $ 1.0 | $ 1.4 | $ 1.9 | $ 2.5 |
Undistributed loss allocated to: | ||||
Total undistributed loss, basic | (0.1) | 0.6 | (0.1) | 0.2 |
Total undistributed loss, diluted | (0.1) | 0.6 | (0.1) | 0.2 |
Net income attributable to ENLC allocated to: | ||||
Total net income attributable to ENLC, basic | 0.9 | 2.0 | 1.8 | 2.7 |
Total net income attributable to ENLC, diluted | 0.9 | 2.0 | 1.8 | 2.7 |
Common units | ||||
Distributed earnings allocated to: | ||||
Total distributed earnings | 57.8 | 54.3 | 116.4 | 108.7 |
Undistributed loss allocated to: | ||||
Total undistributed loss, basic | (4.4) | 29.0 | (5.7) | 9.1 |
Total undistributed loss, diluted | (4.4) | 29.0 | (5.7) | 9.1 |
Net income attributable to ENLC allocated to: | ||||
Total net income attributable to ENLC, basic | 53.4 | 83.3 | 110.7 | 117.8 |
Total net income attributable to ENLC, diluted | $ 53.4 | $ 83.3 | $ 110.7 | $ 117.8 |
Members' Equity - Components to Compute Basic and Diluted Earnings per Unit (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Weighted average basic common units outstanding (in shares) | 462.7 | 482.0 | 465.8 | 483.0 |
Dilutive effect of unvested restricted units (in shares) | 4.0 | 7.0 | 4.1 | 6.7 |
Total weighted average diluted common units outstanding (in shares) | 466.7 | 489.0 | 469.9 | 489.7 |
Members' Equity - Distributions (Details) - $ / shares |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | ||||||
Distribution declared/unit (in dollars per share) | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.11250 | $ 0.11250 | $ 0.11250 |
Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Equity method investments | |||||
Contributions | $ 0.0 | $ 26.6 | $ 49.7 | $ 26.6 | |
Distributions | (2.2) | (0.2) | (2.3) | (0.4) | |
Equity in income (loss) | (4.6) | (1.2) | (4.7) | (2.3) | |
Total investment in unconsolidated affiliates | $ 134.3 | $ 134.3 | $ 90.2 | ||
GCF | |||||
Equity method investments | |||||
Ownership interest | 38.75% | 38.75% | |||
Contributions | $ 0.0 | 0.5 | $ 6.2 | 0.5 | |
Distributions | (2.0) | 0.0 | (2.0) | 0.0 | |
Equity in income (loss) | $ (1.7) | (0.9) | $ (2.8) | (1.6) | |
Cedar Cove JV | |||||
Equity method investments | |||||
Ownership interest | 30.00% | 30.00% | |||
Distributions | $ (0.2) | (0.2) | $ (0.3) | (0.4) | |
Equity in income (loss) | $ (0.5) | (0.3) | $ (1.1) | (0.7) | |
Matterhorn JV | |||||
Equity method investments | |||||
Ownership interest | 15.00% | 15.00% | |||
Contributions | $ 0.0 | 26.1 | $ 43.5 | 26.1 | |
Equity in income (loss) | (2.4) | $ 0.0 | (0.8) | $ 0.0 | |
EnLink Midstream Partners, LP | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 128.5 | 128.5 | 85.8 | ||
EnLink Midstream Partners, LP | GCF | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 27.7 | 27.7 | 26.3 | ||
EnLink Midstream Partners, LP | Cedar Cove JV | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | (5.8) | (5.8) | (4.4) | ||
EnLink Midstream Partners, LP | Matterhorn JV | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | $ 106.6 | $ 106.6 | $ 63.9 |
Employee Incentive Plans - Amounts Recognized in Consolidated Financial Statements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Allocation | ||||
Total unit-based compensation expense | $ 4.5 | $ 5.7 | $ 8.5 | $ 12.3 |
Amount of related income tax benefit recognized in net income | 1.1 | 1.3 | 2.0 | 2.9 |
Cost of unit-based compensation charged to operating expense | ||||
Allocation | ||||
Total unit-based compensation expense | 0.7 | 1.2 | 1.6 | 2.8 |
Cost of unit-based compensation charged to general and administrative expense | ||||
Allocation | ||||
Total unit-based compensation expense | $ 3.8 | $ 4.5 | $ 6.9 | $ 9.5 |
Employee Incentive Plans - Restricted and Performance Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Unvested unit-based awards | |||||
Number of Units | |||||
Non-vested, beginning of period (in shares) | 6,775,186 | 6,775,186 | |||
Granted (in shares) | 1,290,501 | ||||
Vested (in shares) | (2,240,049) | ||||
Forfeited (in shares) | (230,507) | ||||
Non-vested, end of period (in shares) | 5,595,131 | 5,595,131 | |||
Aggregate intrinsic value, end of period | $ 59.3 | $ 59.3 | |||
Weighted Average Grant-Date Fair Value | |||||
Non-vested, beginning of period (in dollars per share) | $ 5.89 | $ 5.89 | |||
Granted (in dollars per share) | 10.81 | ||||
Vested (in dollars per share) | 6.04 | ||||
Forfeited (in dollars per share) | 6.17 | ||||
Non-vested, end of period (in dollars per share) | $ 6.95 | $ 6.95 | |||
Units withheld for payroll taxes (in shares) | 668,083 | ||||
Aggregate intrinsic value of units vested | $ 0.4 | $ 0.6 | $ 27.5 | $ 8.2 | |
Fair value of units vested | 0.1 | $ 0.5 | 13.5 | 11.2 | |
Unrecognized compensation cost related to non-vested restricted incentive units | $ 22.1 | $ 22.1 | |||
Unrecognized compensation costs, weighted average period for recognition (in years) | 1 year 10 months 24 days | ||||
Performance units | |||||
Number of Units | |||||
Non-vested, beginning of period (in shares) | 2,979,154 | 2,979,154 | |||
Granted (in shares) | 420,128 | ||||
Vested (in shares) | (899,919) | ||||
Non-vested, end of period (in shares) | 2,499,363 | 2,499,363 | |||
Aggregate intrinsic value, end of period | $ 26.5 | $ 26.5 | |||
Weighted Average Grant-Date Fair Value | |||||
Non-vested, beginning of period (in dollars per share) | $ 6.44 | $ 6.44 | |||
Granted (in dollars per share) | 11.67 | ||||
Vested (in dollars per share) | 9.03 | ||||
Non-vested, end of period (in dollars per share) | $ 6.39 | $ 6.39 | |||
Units withheld for payroll taxes (in shares) | 668,829 | ||||
Aggregate intrinsic value of units vested | $ 22.0 | 5.6 | |||
Fair value of units vested | 8.1 | $ 11.0 | |||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 12.5 | $ 12.5 | |||
Unrecognized compensation costs, weighted average period for recognition (in years) | 1 year 9 months 18 days | ||||
Performance Units: | |||||
Beginning TSR Price (in dollars per share) | 10.40 | ||||
Grant-date fair value (in dollars per share) | $ 11.67 | ||||
Risk-free interest rate (as a percent) | 3.76% | ||||
Volatility factor (as a percent) | 64.00% | ||||
Performance units | Minimum | |||||
Performance Units: | |||||
Percent of units vesting (as a percent) | 0.00% | ||||
Performance units | Maximum | |||||
Performance Units: | |||||
Percent of units vesting (as a percent) | 200.00% |
Derivatives - Narrative (Details) - USD ($) |
Jun. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Derivatives | ||
Derivative, notional amount | $ 400,000,000 | |
Derivative, fixed interest rate | 3.8565% | |
Interest expense out of accumulated other comprehensive loss over the next twelve months | $ 5,500,000 | |
Commodity swaps | ||
Derivatives | ||
Maximum loss if counterparties fail to perform | 96,200,000 | |
Possible reduction in maximum loss if counterparties fail to perform | $ 30,500,000 |
Derivatives - Interest Rate Swaps (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
||||||||||||
Derivatives | ||||||||||||||||||
Tax expense | $ (1.8) | $ 0.4 | $ (1.4) | |||||||||||||||
Unrealized gain on designated cash flow hedge | 5.7 | [1],[2] | $ (1.2) | [3] | $ 0.0 | [1] | $ 0.1 | 4.5 | [1] | $ 0.1 | [1] | |||||||
Fair value of derivative assets—current | 83.8 | 83.8 | $ 68.4 | |||||||||||||||
Fair value of derivative assets | 18.3 | 18.3 | 2.9 | |||||||||||||||
Interest expense, net of interest income | (1.1) | 0.0 | (1.6) | 0.1 | ||||||||||||||
Interest rate swaps | ||||||||||||||||||
Derivatives | ||||||||||||||||||
Change in fair value of interest rate swaps | 7.5 | 0.0 | 5.9 | 0.1 | ||||||||||||||
Tax expense | (1.8) | 0.0 | (1.4) | 0.0 | ||||||||||||||
Unrealized gain on designated cash flow hedge | 5.7 | 0.0 | 4.5 | 0.1 | ||||||||||||||
Fair value of derivative assets—current | 5.5 | 5.5 | 0.0 | |||||||||||||||
Fair value of derivative assets | 0.4 | $ 0.0 | 0.4 | $ 0.0 | ||||||||||||||
Net fair value of commodity derivatives | $ 5.9 | $ 5.9 | $ 0.0 | |||||||||||||||
|
Derivatives - Components of Commodity Swap Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivatives | ||||
Change in fair value of interest rate swaps | $ 5.3 | $ 35.3 | $ 3.9 | $ 20.2 |
Gain (loss) on derivative activity | 11.3 | 4.5 | 23.2 | (26.7) |
Commodity swaps | ||||
Derivatives | ||||
Change in fair value of interest rate swaps | 5.3 | 35.3 | ||
Realized gain (loss) on derivatives | 6.0 | (30.8) | ||
Gain (loss) on derivative activity | $ 11.3 | $ 4.5 | ||
EnLink Midstream Partners, LP | Commodity swaps | ||||
Derivatives | ||||
Change in fair value of interest rate swaps | 3.9 | 20.2 | ||
Realized gain (loss) on derivatives | 19.3 | (46.9) | ||
Gain (loss) on derivative activity | $ 23.2 | $ (26.7) |
Derivatives - Fair Value of Commodity Swap Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivatives | ||
Fair value of derivative assets—current | $ 83.8 | $ 68.4 |
Fair value of derivative assets—long-term | 18.3 | 2.9 |
Fair value of derivative liabilities—current | (49.2) | (42.9) |
Fair value of derivative liabilities—long-term | (17.4) | (2.7) |
Commodity swaps | ||
Derivatives | ||
Fair value of derivative assets—current | 78.3 | 68.4 |
Fair value of derivative assets—long-term | 17.9 | 2.9 |
Fair value of derivative liabilities—current | (49.2) | (42.9) |
Fair value of derivative liabilities—long-term | (17.4) | (2.7) |
Net fair value of commodity derivatives | $ 29.6 | $ 25.7 |
Derivatives - Commodity Swaps Additional Information (Details) - Commodity swaps gal in Millions, bbl in Millions, BTU in Millions, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
BTU
bbl
gal
|
Dec. 31, 2022
USD ($)
|
|
Derivatives | ||
Net fair value of commodity derivatives | $ 29.6 | $ 25.7 |
NGL | Short | ||
Derivatives | ||
Notional amount (in MMgasl or MMBLS) | gal | 83.4 | |
Net fair value of commodity derivatives | $ 23.8 | |
NGL | Long | ||
Derivatives | ||
Notional amount (in MMgasl or MMBLS) | gal | 72.7 | |
Net fair value of commodity derivatives | $ (7.5) | |
Natural Gas | Short | ||
Derivatives | ||
Notional amount (in mmbtu) | BTU | 126.0 | |
Net fair value of commodity derivatives | $ 32.5 | |
Natural Gas | Long | ||
Derivatives | ||
Notional amount (in mmbtu) | BTU | 109.6 | |
Net fair value of commodity derivatives | $ (20.6) | |
Crude and Condensate | Short | ||
Derivatives | ||
Notional amount (in MMgasl or MMBLS) | bbl | 8.2 | |
Net fair value of commodity derivatives | $ 5.9 | |
Crude and Condensate | Long | ||
Derivatives | ||
Notional amount (in MMgasl or MMBLS) | bbl | 0.7 | |
Net fair value of commodity derivatives | $ (4.5) |
Fair Value Measurements - Recurring (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest rate swaps | ||
Fair Value | ||
Net fair value of commodity derivatives | $ 5.9 | $ 0.0 |
Commodity swaps | ||
Fair Value | ||
Net fair value of commodity derivatives | 29.6 | 25.7 |
Level 2 | Interest rate swaps | Recurring | ||
Fair Value | ||
Net fair value of commodity derivatives | 5.9 | 0.0 |
Level 2 | Commodity swaps | Recurring | ||
Fair Value | ||
Net fair value of commodity derivatives | $ 29.6 | $ 25.7 |
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|---|
Fair Value | |||||||
Contingent consideration | $ 6.4 | $ 6.2 | $ 5.5 | $ 7.2 | $ 6.9 | $ 6.9 | |
Debt issuance costs | 35.0 | 34.9 | |||||
Amarillo Rattler, LLC | |||||||
Fair Value | |||||||
Contingent consideration | 4.6 | $ 4.7 | 4.2 | $ 7.2 | $ 6.9 | $ 6.9 | |
Business combination, maximum earnout | $ 15.0 | ||||||
Carrying Value | |||||||
Fair Value | |||||||
Long-term debt | 4,738.8 | 4,723.5 | |||||
Contingent consideration | 6.4 | 5.5 | |||||
Fair Value | |||||||
Fair Value | |||||||
Long-term debt | 4,485.2 | 4,385.9 | |||||
Contingent consideration | $ 6.4 | $ 5.5 |
Segment Information - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Information - Financial Information and Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Segment Reporting | ||||||
Revenue from contracts with customers | $ 1,518.8 | $ 2,596.1 | $ 3,274.4 | $ 4,855.0 | ||
Realized gain (loss) on derivatives | 6.0 | (30.8) | 19.3 | (46.9) | ||
Change in fair value of interest rate swaps | 5.3 | 35.3 | 3.9 | 20.2 | ||
Total revenues | 1,530.1 | 2,600.6 | 3,297.6 | 4,828.3 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | (1,019.0) | (2,105.1) | (2,290.9) | (3,899.6) | |
Adjusted gross margin | 511.1 | 495.5 | 1,006.7 | 928.7 | ||
Operating expenses | (136.8) | (128.9) | (269.2) | (249.8) | ||
Segment profit | 374.3 | 366.6 | 737.5 | 678.9 | ||
Depreciation and amortization | (165.3) | (159.0) | (325.7) | (311.9) | ||
Gross margin | 209.0 | 207.6 | 411.8 | 367.0 | ||
Gain on disposition of assets | 0.8 | 0.4 | 1.2 | (4.7) | ||
General and administrative | (27.9) | (28.4) | (57.4) | (57.4) | ||
Interest expense, net of interest income | (68.8) | (55.5) | (137.3) | (110.6) | ||
Gain on extinguishment of debt | 0.0 | (0.5) | 0.0 | (0.5) | ||
Loss from unconsolidated affiliate investments | (4.6) | (1.2) | (4.7) | (2.3) | ||
Other income | 0.4 | 0.2 | 0.4 | 0.3 | ||
Income before non-controlling interest and income taxes | 108.9 | 122.6 | 214.0 | 191.8 | ||
Capital expenditures | 104.7 | 62.5 | 218.8 | 122.5 | ||
Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 627.3 | 1,118.1 | 1,226.2 | 2,011.4 | ||
Realized gain (loss) on derivatives | 5.4 | (10.2) | 1.4 | (12.6) | ||
Change in fair value of interest rate swaps | (7.9) | 12.5 | (1.6) | 6.6 | ||
Total revenues | 624.8 | 1,120.4 | 1,226.0 | 2,005.4 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (479.9) | (958.0) | (937.0) | (1,724.7) | ||
Adjusted gross margin | 144.9 | 162.4 | 289.0 | 280.7 | ||
Operating expenses | (53.1) | (50.3) | (101.2) | (95.6) | ||
Segment profit | 91.8 | 112.1 | 187.8 | 185.1 | ||
Depreciation and amortization | (41.5) | (37.1) | (81.5) | (73.8) | ||
Gross margin | 50.3 | 75.0 | 106.3 | 111.3 | ||
Gain on disposition of assets | 0.1 | 0.0 | 0.1 | 0.0 | ||
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Gain on extinguishment of debt | 0.0 | 0.0 | ||||
Loss from unconsolidated affiliate investments | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 50.4 | 75.0 | 106.4 | 111.3 | ||
Capital expenditures | 51.6 | 34.7 | 108.3 | 68.9 | ||
Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 841.1 | 1,633.7 | 1,946.8 | 3,158.1 | ||
Realized gain (loss) on derivatives | (7.8) | (2.5) | (0.6) | (9.1) | ||
Change in fair value of interest rate swaps | 18.2 | 11.8 | 9.2 | 6.2 | ||
Total revenues | 851.5 | 1,643.0 | 1,955.4 | 3,155.2 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (715.0) | (1,519.2) | (1,688.9) | (2,907.9) | ||
Adjusted gross margin | 136.5 | 123.8 | 266.5 | 247.3 | ||
Operating expenses | (32.0) | (34.8) | (65.6) | (67.8) | ||
Segment profit | 104.5 | 89.0 | 200.9 | 179.5 | ||
Depreciation and amortization | (36.9) | (39.4) | (75.2) | (74.9) | ||
Gross margin | 67.6 | 49.6 | 125.7 | 104.6 | ||
Gain on disposition of assets | 0.1 | 0.0 | 0.2 | 0.2 | ||
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Gain on extinguishment of debt | 0.0 | 0.0 | ||||
Loss from unconsolidated affiliate investments | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 67.7 | 49.6 | 125.9 | 104.8 | ||
Capital expenditures | 17.7 | 6.3 | 30.0 | 12.0 | ||
Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 264.3 | 450.6 | 577.1 | 845.0 | ||
Realized gain (loss) on derivatives | 1.9 | (15.8) | 3.9 | (19.5) | ||
Change in fair value of interest rate swaps | 2.0 | 8.2 | 0.6 | 1.1 | ||
Total revenues | 268.2 | 443.0 | 581.6 | 826.6 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (130.5) | (321.3) | (324.5) | (598.1) | ||
Adjusted gross margin | 137.7 | 121.7 | 257.1 | 228.5 | ||
Operating expenses | (27.0) | (23.1) | (51.7) | (44.1) | ||
Segment profit | 110.7 | 98.6 | 205.4 | 184.4 | ||
Depreciation and amortization | (56.6) | (52.3) | (108.5) | (103.2) | ||
Gross margin | 54.1 | 46.3 | 96.9 | 81.2 | ||
Gain on disposition of assets | 0.1 | 0.2 | 0.3 | 0.4 | ||
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Gain on extinguishment of debt | 0.0 | 0.0 | ||||
Loss from unconsolidated affiliate investments | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 54.2 | 46.5 | 97.2 | 81.6 | ||
Capital expenditures | 22.1 | 11.5 | 47.8 | 26.9 | ||
North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 167.6 | 276.8 | 348.5 | 518.7 | ||
Realized gain (loss) on derivatives | 6.5 | (2.3) | 14.6 | (5.7) | ||
Change in fair value of interest rate swaps | (7.0) | 2.8 | (4.3) | 6.3 | ||
Total revenues | 167.1 | 277.3 | 358.8 | 519.3 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (75.1) | (189.7) | (164.7) | (347.1) | ||
Adjusted gross margin | 92.0 | 87.6 | 194.1 | 172.2 | ||
Operating expenses | (24.7) | (20.7) | (50.7) | (42.3) | ||
Segment profit | 67.3 | 66.9 | 143.4 | 129.9 | ||
Depreciation and amortization | (29.0) | (28.7) | (57.8) | (57.1) | ||
Gross margin | 38.3 | 38.2 | 85.6 | 72.8 | ||
Gain on disposition of assets | 0.5 | 0.2 | 0.6 | (5.3) | ||
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Gain on extinguishment of debt | 0.0 | 0.0 | ||||
Loss from unconsolidated affiliate investments | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 38.8 | 38.4 | 86.2 | 67.5 | ||
Capital expenditures | 11.8 | 8.1 | 29.9 | 11.2 | ||
Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | (381.5) | (883.1) | (824.2) | (1,678.2) | ||
Realized gain (loss) on derivatives | 0.0 | 0.0 | 0.0 | 0.0 | ||
Change in fair value of interest rate swaps | 0.0 | 0.0 | 0.0 | 0.0 | ||
Total revenues | (381.5) | (883.1) | (824.2) | (1,678.2) | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 381.5 | 883.1 | 824.2 | 1,678.2 | ||
Adjusted gross margin | 0.0 | 0.0 | 0.0 | 0.0 | ||
Operating expenses | 0.0 | 0.0 | 0.0 | 0.0 | ||
Segment profit | 0.0 | 0.0 | 0.0 | 0.0 | ||
Depreciation and amortization | (1.3) | (1.5) | (2.7) | (2.9) | ||
Gross margin | (1.3) | (1.5) | (2.7) | (2.9) | ||
Gain on disposition of assets | 0.0 | 0.0 | 0.0 | 0.0 | ||
General and administrative | (27.9) | (28.4) | (57.4) | (57.4) | ||
Interest expense, net of interest income | (68.8) | (55.5) | (137.3) | (110.6) | ||
Gain on extinguishment of debt | (0.5) | (0.5) | ||||
Loss from unconsolidated affiliate investments | (4.6) | (1.2) | (4.7) | (2.3) | ||
Other income | 0.4 | 0.2 | 0.4 | 0.3 | ||
Income before non-controlling interest and income taxes | (102.2) | (86.9) | (201.7) | (173.4) | ||
Capital expenditures | 1.5 | 1.9 | 2.8 | 3.5 | ||
Product sales | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 1,239.3 | 2,370.5 | 2,715.6 | 4,414.4 | ||
Product sales | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 370.8 | 654.6 | 687.2 | 1,122.2 | ||
Product sales | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 793.7 | 1,546.6 | 1,840.0 | 2,983.5 | ||
Product sales | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 60.0 | 131.3 | 160.1 | 245.4 | ||
Product sales | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 14.8 | 38.0 | 28.3 | 63.3 | ||
Product sales | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Natural gas sales | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 218.5 | 720.9 | 560.9 | 1,229.7 | ||
Natural gas sales | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 76.4 | 323.0 | 205.7 | 518.6 | ||
Natural gas sales | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 92.5 | 272.9 | 224.3 | 484.4 | ||
Natural gas sales | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 32.9 | 87.1 | 99.7 | 163.4 | ||
Natural gas sales | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 16.7 | 37.9 | 31.2 | 63.3 | ||
Natural gas sales | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
NGL sales | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 647.1 | 1,167.4 | 1,513.0 | 2,321.9 | ||
NGL sales | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.4 | 0.0 | ||
NGL sales | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 648.6 | 1,163.7 | 1,506.5 | 2,315.2 | ||
NGL sales | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.4 | 3.6 | 9.0 | 6.7 | ||
NGL sales | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | (1.9) | 0.1 | (2.9) | 0.0 | ||
NGL sales | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude oil and condensate sales | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 373.7 | 482.2 | 641.7 | 862.8 | ||
Crude oil and condensate sales | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 294.4 | 331.6 | 481.1 | 603.6 | ||
Crude oil and condensate sales | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 52.6 | 110.0 | 109.2 | 183.9 | ||
Crude oil and condensate sales | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 26.7 | 40.6 | 51.4 | 75.3 | ||
Crude oil and condensate sales | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude oil and condensate sales | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Product sales—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Product sales—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 204.1 | 427.5 | 441.6 | 827.3 | ||
Product sales—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 5.3 | 43.1 | 9.7 | 80.0 | ||
Product sales—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 102.3 | 242.6 | 220.3 | 451.0 | ||
Product sales—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 69.0 | 169.8 | 151.2 | 319.7 | ||
Product sales—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | (380.7) | (883.0) | (822.8) | (1,678.0) | ||
NGL sales—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
NGL sales—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 204.1 | 427.5 | 441.6 | 827.3 | ||
NGL sales—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 5.3 | 43.1 | 9.7 | 80.0 | ||
NGL sales—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 102.3 | 242.6 | 220.3 | 450.7 | ||
NGL sales—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 66.2 | 165.8 | 145.7 | 312.7 | ||
NGL sales—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | (377.9) | (879.0) | (817.3) | (1,670.7) | ||
Crude oil and condensate sales—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude oil and condensate sales—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude oil and condensate sales—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude oil and condensate sales—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.3 | ||
Crude oil and condensate sales—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 2.8 | 4.0 | 5.5 | 7.0 | ||
Crude oil and condensate sales—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | (2.8) | (4.0) | (5.5) | (7.3) | ||
Midstream services | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 279.5 | 225.6 | 558.8 | 440.6 | ||
Midstream services | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 52.4 | 36.0 | 97.4 | 61.9 | ||
Midstream services | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 42.1 | 44.0 | 97.1 | 94.5 | ||
Midstream services | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 102.0 | 76.6 | 196.7 | 148.5 | ||
Midstream services | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 83.0 | 69.0 | 167.6 | 135.7 | ||
Midstream services | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Gathering and transportation | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 160.4 | 120.9 | 310.6 | 232.3 | ||
Gathering and transportation | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 29.3 | 19.9 | 52.6 | 33.5 | ||
Gathering and transportation | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 18.7 | 15.7 | 38.7 | 32.0 | ||
Gathering and transportation | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 60.5 | 44.7 | 115.3 | 87.4 | ||
Gathering and transportation | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 51.9 | 40.6 | 104.0 | 79.4 | ||
Gathering and transportation | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Processing | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 81.5 | 66.7 | 163.2 | 128.0 | ||
Processing | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 14.5 | 9.9 | 28.5 | 17.7 | ||
Processing | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.1 | 0.3 | 0.4 | 0.8 | ||
Processing | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 36.4 | 28.6 | 71.7 | 54.0 | ||
Processing | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 30.5 | 27.9 | 62.6 | 55.5 | ||
Processing | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
NGL services | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 17.5 | 18.5 | 45.3 | 42.4 | ||
NGL services | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
NGL services | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 17.4 | 18.4 | 45.2 | 42.3 | ||
NGL services | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
NGL services | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.1 | 0.1 | ||
NGL services | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Crude services | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 17.7 | 18.6 | 34.9 | 36.2 | ||
Crude services | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 7.0 | 6.0 | 13.0 | 10.3 | ||
Crude services | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 5.6 | 9.2 | 12.1 | 18.6 | ||
Crude services | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 4.9 | 3.2 | 9.4 | 6.9 | ||
Crude services | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.2 | 0.2 | 0.4 | 0.4 | ||
Crude services | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other services | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 2.4 | 0.9 | 4.8 | 1.7 | ||
Other services | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 1.6 | 0.2 | 3.3 | 0.4 | ||
Other services | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.3 | 0.4 | 0.7 | 0.8 | ||
Other services | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.2 | 0.1 | 0.3 | 0.2 | ||
Other services | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.3 | 0.2 | 0.5 | 0.3 | ||
Other services | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Midstream services—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Midstream services—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||
Midstream services—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.1 | ||
Midstream services—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.1 | 0.0 | 0.1 | ||
Midstream services—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.8 | 0.0 | 1.4 | 0.0 | ||
Midstream services—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | $ (0.8) | (0.1) | (1.4) | (0.2) | ||
NGL services—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
NGL services—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
NGL services—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
NGL services—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
NGL services—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.8 | 1.4 | ||||
NGL services—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | $ (0.8) | (1.4) | ||||
Crude services—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
Crude services—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
Crude services—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
Crude services—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.1 | 0.1 | ||||
Crude services—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||
Crude services—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | $ (0.1) | (0.1) | ||||
Other services—related parties | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | |||||
Other services—related parties | Permian | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | |||||
Other services—related parties | Louisiana | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.1 | |||||
Other services—related parties | Oklahoma | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | |||||
Other services—related parties | North Texas | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | 0.0 | |||||
Other services—related parties | Corporate | ||||||
Segment Reporting | ||||||
Revenue from contracts with customers | $ (0.1) | |||||
|
Segment Information - Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting | ||
Total identifiable assets | $ 8,399.9 | $ 8,651.0 |
Permian | ||
Segment Reporting | ||
Total identifiable assets | 2,708.3 | 2,661.4 |
Louisiana | ||
Segment Reporting | ||
Total identifiable assets | 2,077.6 | 2,310.7 |
Oklahoma | ||
Segment Reporting | ||
Total identifiable assets | 2,350.4 | 2,420.4 |
North Texas | ||
Segment Reporting | ||
Total identifiable assets | 1,038.9 | 1,094.6 |
Corporate | ||
Segment Reporting | ||
Total identifiable assets | $ 224.7 | $ 163.9 |
Other Information (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other current assets: | ||
Natural gas and NGLs inventory | $ 74.9 | $ 147.1 |
Prepaid expenses and other | 26.4 | 19.5 |
Other current assets | 101.3 | 166.6 |
Other current liabilities: | ||
Accrued interest | 64.3 | 57.6 |
Accrued wages and benefits, including taxes | 15.3 | 38.1 |
Accrued ad valorem taxes | 26.1 | 32.0 |
Accrued settlement Of mandatorily redeemable non-controlling interest | 0.0 | 10.5 |
Capital expenditure accruals | 42.7 | 23.4 |
Short-term lease liability | 26.6 | 26.2 |
Operating expense accruals | 19.7 | 18.5 |
Other | 44.1 | 23.3 |
Other current liabilities | $ 238.8 | $ 229.6 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
defendant
claim
| |
Koch | EnLink Gas Marketing, LP | |
Commitments and Contingencies | |
Loss contingency, damages sought, value | $ | $ 53.9 |
Harris County Multi-District Litigation | EnLink Energy GP, LLC | |
Commitments and Contingencies | |
Number of defendants | defendant | 350 |
Filed cases, over | 150 |
Third party claims, number | 90 |
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