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Certain Provisions of the ENLK Partnership Agreement (Tables)
 12 Months Ended
Dec. 31, 2023
Partners' Capital [Abstract]  
Summary of Distribution Activity A summary of the distribution activity relating to the Series B Preferred Units during the years ended December 31, 2023, 2022, and 2021 is provided below:
Declaration period
PIK Distribution
Cash distribution
(in millions)
Date paid
2023
First Quarter of 2023135,421 $15.2 May 12, 2023
Second Quarter of 2023135,759 $15.3 August 11, 2023
Third Quarter of 2023136,099 $15.3 November 10, 2023
Fourth Quarter of 2023136,439 $15.3 February 9, 2024
2022
First Quarter of 2022— $17.5 May 13, 2022 (2)
Second Quarter of 2022— $17.3 August 12, 2022
Third Quarter of 2022— $17.3 November 14, 2022
Fourth Quarter of 2022— $17.3 February 13, 2023
2021
First Quarter of 2021150,871 $17.0 May 14, 2021
Second Quarter of 2021151,248 $17.0 August 13, 2021
Third Quarter of 2021151,626 $17.1 November 12, 2021
Fourth Quarter of 2021— $19.2 February 11, 2022 (1)
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(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 is provided below:
Declaration period (1)Distribution rate (2)Cash distribution (in millions)Date paid/payable
2024
December 15, 2023 - March 14, 2024
9.749 %$9.0 March 15, 2024
2023
December 15, 2022 – March 14, 20238.846 %$8.4 March 15, 2023
March 15, 2023 – June 14, 20239.051 %$8.7 June 15, 2023
June 15, 2023 – September 14, 20239.618 %$9.3 September 15, 2023
September 15, 2023 - December 14, 20239.782 %$9.3 December 15, 2023
2022
December 15, 2021 – June 14, 20226.000 %$12.0 June 15, 2022
June 15, 2022 – December 14, 20226.000 %$11.4 December 15, 2022
2021
December 15, 2020 – June 14, 2021
6.000 %$12.0 June 15, 2021
June 15, 2021 – December 14, 2021
6.000 %$12.0 December 15, 2021
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(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%. Starting on September 15, 2023, distributions on the Series C Preferred Units are based on the forward-looking term rate based on SOFR (“Term SOFR”), plus a Term SOFR spread adjustment of 0.26161%, plus a spread of 4.11%.
Schedule of Repurchase Agreements
A summary of the repurchase activity relating to the Series C Preferred Units is provided below:
Transaction date
Series C Preferred Units Repurchased
Total Consideration
(in millions)
Percent Represented of Repurchased Preferred Units’ Par Value
2023
February 20234,500 $3.9 87 %
November 20233,000 $2.7 90 %
December 20237,000 $6.5 93 %
2022
October 202219,000 $15.2 80 %
The table below provides a summary of the Board’s authorizations of the common unit repurchase program.
DateBoard ActionAuthorized Amount
(in millions)(1)
November 2020Authorization of common unit repurchase program$100 
April 2021Reauthorization of common unit repurchase program$100 
January 2022Reauthorization of common unit repurchase program and set amount available for repurchases for 2022 $100 
July 2022Increase in 2022 common unit repurchase program$100 
December 2022Reauthorization of common unit repurchase program and set amount available for repurchases for 2023$200 
November 2023Increase in 2023 common unit repurchase program$50 
December 2023Reauthorization of common unit repurchase program and set amount available for repurchases for 2024$200 
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(1)Starting on February 15, 2022, the authorized amount includes repurchases of common units held by GIP. Refer to “Note 5—Related Party Transactions” for more information on our ENLC common unit repurchase agreement with GIP.
The following table summarizes our ENLC common unit repurchase activity for the periods presented (in millions, except for unit amounts):
Year Ended December 31,
202320222021
Publicly held ENLC common units11,530,962 11,630,351 6,091,001 
ENLC common units held by GIP (1)8,846,445 6,743,703 — 
Total ENLC common units20,377,407 18,374,054 6,091,001 
Aggregate cost for publicly held ENLC common units$134.5 $111.5 $40.1 
Aggregate cost for ENLC common units held by GIP98.3 63.5 — 
Excise tax on common unit repurchases$2.0 $— $— 
Total aggregate cost for ENLC common units$234.8 $175.0 $40.1 
Average price paid per publicly held ENLC common unit (2)$11.67 $9.59 $6.59 
Average price paid per ENLC common unit held by GIP (2)(3)$11.11 $9.42 $— 
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(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.