(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 related to our operating segments. 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. | |||||||
AR Facility | An accounts receivable securitization facility of up to $350 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. The AR Facility is scheduled to terminate on September 24, 2024, unless extended or earlier terminated in accordance with its terms. | |||||||
ASC | The FASB Accounting Standards Codification. | |||||||
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. | |||||||
Bbls | Barrels. | |||||||
Bcf | Billion cubic feet. | |||||||
Beginning TSR Price | The beginning total shareholder return (“TSR”) price, which is the closing share 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. | |||||||
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. | |||||||
CFTC | U.S. Commodity Futures Trading Commission. | |||||||
CNOW | Central Northern Oklahoma Woodford Shale. | |||||||
CO2 | Carbon dioxide. | |||||||
Commission | U.S. Securities and Exchange Commission. | |||||||
Consolidated Credit Facility | A $1.75 billion unsecured revolving credit facility entered into by ENLC that matures on January 25, 2024, which includes a $500.0 million letter of credit subfacility. | |||||||
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. | |||||||
Devon | Devon Energy Corporation. | |||||||
ENLC | EnLink Midstream, LLC. | |||||||
ENLK | EnLink Midstream Partners, LP or, when applicable, EnLink Midstream Partners, LP together with its consolidated subsidiaries. Also referred to as the “Partnership.” | |||||||
FASB | Financial Accounting Standards Board. | |||||||
GAAP | Generally accepted accounting principles in the United States of America. | |||||||
Gal | Gallons. | |||||||
GCF | Gulf Coast Fractionators, which owns an NGL fractionator in Mont Belvieu, Texas. ENLK owns 38.75% of GCF. | |||||||
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. | |||||||
Managing Member | EnLink Midstream Manager, LLC, the managing member of ENLC. | |||||||
Merger | On January 25, 2019, NOLA Merger Sub, LLC (previously a wholly-owned subsidiary of ENLC) merged with and into ENLK with ENLK continuing as the surviving entity and a subsidiary of ENLC. | |||||||
Midland Basin | A large sedimentary basin in West Texas. |
MMbbls | Million barrels. | |||||||
MMbtu | Million British thermal units. | |||||||
MMcf | Million cubic feet. | |||||||
MVC | Minimum volume commitment. | |||||||
NGL | Natural gas liquid. | |||||||
NGP | NGP Natural Resources XI, LP. | |||||||
OPEC+ | Organization of the Petroleum Exporting Countries and its broader partners. | |||||||
Operating Partnership | EnLink Midstream Operating, LP, a Delaware limited partnership and wholly owned subsidiary of ENLK. | |||||||
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. | |||||||
POL contracts | Percentage-of-liquids contracts. | |||||||
POP contracts | Percentage-of-proceeds contracts. | |||||||
Series B Preferred Units | ENLK’s Series B Cumulative Convertible Preferred Units. | |||||||
Series C Preferred Units | ENLK’s Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. | |||||||
STACK | Sooner Trend Anadarko Basin Canadian and Kingfisher Counties in Oklahoma. | |||||||
Term Loan | A term loan originally in the amount of $850.0 million entered into by ENLK on December 11, 2018 with Bank of America, N.A., as Administrative Agent, Bank of Montreal and Royal Bank of Canada, as Co-Syndication Agents, Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and the lenders party thereto, which ENLC assumed in connection with the Merger and the obligations of which ENLK guarantees. The Term Loan matures on December 10, 2021. |
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable: | |||||||||||
Trade, net of allowance for bad debt of $ | |||||||||||
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 (1) | |||||||||||
Fair value of derivative liabilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Other long-term liabilities | |||||||||||
Deferred tax liability, net | |||||||||||
Fair value of derivative liabilities | |||||||||||
Members’ equity: | |||||||||||
Members’ equity ( | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Non-controlling interest | |||||||||||
Total members’ equity | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Total liabilities and members’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Midstream services | |||||||||||||||||||||||
Loss on derivative activity | ( | ( | ( | ( | |||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1)(2) | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Impairments | |||||||||||||||||||||||
(Gain) loss on disposition of assets | ( | ( | ( | ||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | ( | ( | |||||||||||||||||||
Gain on extinguishment of debt | |||||||||||||||||||||||
Income (loss) from unconsolidated affiliates | ( | ( | ( | ||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total other expense | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | ( | ||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Net income attributable to non-controlling interest | |||||||||||||||||||||||
Net income (loss) attributable to ENLC | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net income (loss) attributable to ENLC per unit: | |||||||||||||||||||||||
Basic common unit | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Diluted common unit | $ | $ | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge (1) | ( | ||||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive income attributable to non-controlling interest | |||||||||||||||||||||||
Comprehensive income (loss) attributable to ENLC | $ | $ | $ | ( | $ | ( |
Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Total | Redeemable Non-controlling interest (Temporary Equity) | |||||||||||||||||||||||||||||||
$ | Units | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Conversion of restricted units 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 (1) | — | — | — | — | |||||||||||||||||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | ( | — | — | — | ( | ||||||||||||||||||||||||||||||
Net income (loss) | ( | — | — | — | |||||||||||||||||||||||||||||||
Balance, March 31, 2021 | ( | ||||||||||||||||||||||||||||||||||
Conversion of restricted units 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) | — | — | — | — | |||||||||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | — | |||||||||||||||||||||||||||||
Net income (loss) | ( | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | ( | ||||||||||||||||||||||||||||||||||
Conversion of restricted units 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 (3) | — | — | — | — | |||||||||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | — | |||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | ( | $ | $ | $ |
Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Total | Redeemable Non-Controlling Interest (Temporary Equity) | |||||||||||||||||||||||||||||||
$ | Units | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Conversion of restricted units 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) | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | — | — | — | ( | |||||||||||||||||||||||||||||||
Redemption of non-controlling interest | — | — | — | — | — | ( | |||||||||||||||||||||||||||||
Net income (loss) | ( | — | — | ( | |||||||||||||||||||||||||||||||
Balance, March 31, 2020 | ( | ||||||||||||||||||||||||||||||||||
Conversion of restricted units 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) | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | ( | ||||||||||||||||||||||||||||||||||
Conversion of restricted units 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 (3) | — | — | — | — | |||||||||||||||||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | ( | — | — | ( | |||||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Impairments | |||||||||||
Depreciation and amortization | |||||||||||
Utility credits, net of usage | ( | ||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Non-cash unit-based compensation | |||||||||||
Amortization of designated cash flow hedge | |||||||||||
Payments to terminate interest rate swaps | ( | ||||||||||
Non-cash loss on derivatives recognized in net income (loss) | |||||||||||
Gain on extinguishment of debt | ( | ||||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | |||||||||||
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 | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments on borrowings | ( | ( | |||||||||
Distribution to members | ( | ( | |||||||||
Distributions to non-controlling interests | ( | ( | |||||||||
Contributions by non-controlling interests | |||||||||||
Common unit repurchases | ( | ||||||||||
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 (refunded) for income taxes | $ | $ | ( | ||||||||
Non-cash investing activities: | |||||||||||
Non-cash accrual of property and equipment | $ | $ | ( | ||||||||
Non-cash acquisitions | $ | $ | |||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
Non-cash financing activities: | |||||||||||
Redemption of non-controlling interest | $ | $ | ( |
Contractually Committed Fees | Commitments (1) | ||||
2021 (remaining) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
Consideration | |||||
Cash (including working capital payment) | $ | ||||
Installment payable | |||||
Contingent consideration fair value (1) | |||||
Total consideration: | $ | ||||
Purchase price allocation | |||||
Assets acquired: | |||||
Current assets (including $ | $ | ||||
Property and equipment | |||||
Intangible assets | |||||
Other assets, net (2) | |||||
Liabilities assumed: | |||||
Current liabilities | ( | ||||
Other long-term liabilities (2) | ( | ||||
Net assets acquired | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||
Customer relationships, beginning of period | $ | $ | ( | $ | |||||||||||||
Customer relationships obtained from acquisition of business | — | ||||||||||||||||
Amortization expense | — | ( | ( | ||||||||||||||
Customer relationships, end of period | $ | $ | ( | $ |
2021 (remaining) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Outstanding Principal | Premium (Discount) | Long-Term Debt | Outstanding Principal | Premium (Discount) | Long-Term Debt | ||||||||||||||||||||||||||||||
Term Loan due 2021 (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Consolidated Credit Facility due 2024 | |||||||||||||||||||||||||||||||||||
AR Facility due 2024 (2) | |||||||||||||||||||||||||||||||||||
ENLK’s | |||||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLC’s | |||||||||||||||||||||||||||||||||||
ENLC’s | |||||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
ENLK’s | ( | ( | |||||||||||||||||||||||||||||||||
Debt classified as long-term | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Debt issuance costs (3) | ( | ( | |||||||||||||||||||||||||||||||||
Less: Current maturities of long-term debt (1) | ( | ( | |||||||||||||||||||||||||||||||||
Long-term debt, net of unamortized issuance cost | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Current income tax expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Deferred income tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||
Income tax benefit (expense) | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Expected income tax benefit (expense) based on federal statutory rate | $ | ( | $ | ( | $ | $ | |||||||||||||||||
State income tax benefit (expense), net of federal benefit | ( | ( | |||||||||||||||||||||
Unit-based compensation (1) | ( | ( | ( | ( | |||||||||||||||||||
Non-deductible expense related to goodwill impairment | ( | ||||||||||||||||||||||
Change in valuation allowance | ( | ( | |||||||||||||||||||||
Oklahoma statutory rate change (2) | ( | ||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit (expense) | $ | ( | $ | ( | $ | ( | $ |
Declaration period | Distribution paid as additional Series B Preferred Units | Cash Distribution (in millions) | Date paid/payable | |||||||||||||||||
2021 | ||||||||||||||||||||
Fourth Quarter of 2020 | $ | February 12, 2021 | ||||||||||||||||||
First Quarter of 2021 | $ | May 14, 2021 | ||||||||||||||||||
Second Quarter of 2021 | $ | August 13, 2021 | ||||||||||||||||||
Third Quarter of 2021 | $ | November 12, 2021 | ||||||||||||||||||
2020 | ||||||||||||||||||||
Fourth Quarter of 2019 | $ | February 13, 2020 | ||||||||||||||||||
First Quarter of 2020 | $ | May 13, 2020 | ||||||||||||||||||
Second Quarter of 2020 | $ | August 13, 2020 | ||||||||||||||||||
Third Quarter of 2020 | $ | November 13, 2020 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Distributed earnings allocated to: | |||||||||||||||||||||||
Common units (1) | $ | $ | $ | $ | |||||||||||||||||||
Unvested restricted units (1) | |||||||||||||||||||||||
Total distributed earnings | $ | $ | $ | $ | |||||||||||||||||||
Undistributed loss allocated to: | |||||||||||||||||||||||
Common units | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Unvested restricted units | ( | ( | ( | ( | |||||||||||||||||||
Total undistributed loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net income (loss) attributable to ENLC allocated to: | |||||||||||||||||||||||
Common units | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Unvested restricted units | ( | ( | |||||||||||||||||||||
Total net income (loss) attributable to ENLC | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Basic and diluted total net income (loss) attributable to ENLC per unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Diluted | $ | $ | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Basic weighted average units outstanding: | |||||||||||||||||||||||
Weighted average common units outstanding | |||||||||||||||||||||||
Diluted weighted average units outstanding: | |||||||||||||||||||||||
Weighted average basic common units outstanding | |||||||||||||||||||||||
Dilutive effect of non-vested restricted units (1) | |||||||||||||||||||||||
Total weighted average diluted common units outstanding |
Declaration period | Distribution/unit | Date paid/payable | ||||||||||||
2021 | ||||||||||||||
Fourth Quarter of 2020 | $ | February 12, 2021 | ||||||||||||
First Quarter of 2021 | $ | May 14, 2021 | ||||||||||||
Second Quarter of 2021 | $ | August 13, 2021 | ||||||||||||
Third Quarter of 2021 | $ | November 12, 2021 | ||||||||||||
2020 | ||||||||||||||
Fourth Quarter of 2019 | $ | February 13, 2020 | ||||||||||||
First Quarter of 2020 | $ | May 13, 2020 | ||||||||||||
Second Quarter of 2020 | $ | August 13, 2020 | ||||||||||||
Third Quarter of 2020 | $ | November 13, 2020 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
GCF | |||||||||||||||||||||||
Distributions | $ | $ | $ | $ | |||||||||||||||||||
Equity in income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Cedar Cove JV | |||||||||||||||||||||||
Distributions | $ | $ | $ | $ | |||||||||||||||||||
Equity in loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total | |||||||||||||||||||||||
Distributions | $ | $ | $ | $ | |||||||||||||||||||
Equity in income (loss) | $ | ( | $ | ( | $ | ( | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
GCF | $ | $ | |||||||||
Cedar Cove JV (1) | ( | ||||||||||
Total investment in unconsolidated affiliates | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
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 (loss) (1) | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | ||||||||||||||
ENLC Restricted Incentive Units: | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||||
Non-vested, beginning of period | $ | |||||||||||||
Granted (1) | ||||||||||||||
Vested (1)(2) | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Non-vested, end of period | $ | |||||||||||||
Aggregate intrinsic value, end of period (in millions) | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
ENLC Restricted Incentive Units: | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Aggregate intrinsic value of units vested | $ | $ | $ | $ | ||||||||||||||||||||||
Fair value of units vested | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | ||||||||||||||
ENLC 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) | $ |
Nine Months Ended September 30, | ||||||||||||||
ENLC Performance Units: | 2021 | 2020 | ||||||||||||
Aggregate intrinsic value of units vested | $ | $ | ||||||||||||
Fair value of units vested | $ | $ |
ENLC Performance Units: | January 2021 | July 2020 | March 2020 | January 2020 | ||||||||||||||||||||||
Grant-date fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Beginning TSR price | $ | $ | $ | $ | ||||||||||||||||||||||
Risk-free interest rate | % | % | % | % | ||||||||||||||||||||||
Volatility factor | % | % | % | % | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Change in fair value of interest rate swaps | $ | $ | $ | $ | ( | ||||||||||||||||||
Tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | $ | $ | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest expense | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
Fair value of derivative liabilities—current | $ | ( | $ | ( | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Change in fair value of derivatives | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | |||||||||||||||||||
Loss on derivative activity | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||
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 swaps | $ | ( | $ | ( |
September 30, 2021 | ||||||||||||||||||||||||||
Commodity | Instruments | Unit | Volume | Net Fair Value | ||||||||||||||||||||||
NGL (short contracts) | Swaps | Gallons | ( | $ | ( | |||||||||||||||||||||
NGL (long contracts) | Swaps | Gallons | ||||||||||||||||||||||||
Natural gas (short contracts) | Swaps | MMbtu | ( | ( | ||||||||||||||||||||||
Natural gas (long contracts) | Swaps | MMbtu | ||||||||||||||||||||||||
Crude and condensate (short contracts) | Swaps | MMbbls | ( | ( | ||||||||||||||||||||||
Crude and condensate (long contracts) | Swaps | MMbbls | ||||||||||||||||||||||||
Total fair value of commodity swaps | $ | ( |
Level 2 | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Interest rate swaps (1) | $ | ( | $ | ( | ||||||||||
Commodity swaps (2) | $ | ( | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Long-term debt (1) | $ | $ | $ | $ | |||||||||||||||||||
Installment payable (2) | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration (2) | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliates | ( | ( | |||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliates | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Realized loss on derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Gain on disposition of assets | |||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliates | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Realized gain (loss) on derivatives | ( | ( | ( | ||||||||||||||||||||||||||||||||
Change in fair value of derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted gross margin | |||||||||||||||||||||||||||||||||||
Operating expenses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Impairments | ( | ( | ( | ||||||||||||||||||||||||||||||||
Gain (loss) on disposition of assets | ( | ( | |||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | |||||||||||||||||||||||||||||||||||
Income from unconsolidated affiliates | |||||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Segment Identifiable Assets: | September 30, 2021 | December 31, 2020 | ||||||||||||
Permian | $ | $ | ||||||||||||
Louisiana | ||||||||||||||
Oklahoma | ||||||||||||||
North Texas | ||||||||||||||
Corporate (1) | ||||||||||||||
Total identifiable assets | $ | $ |
Other current assets: | September 30, 2021 | December 31, 2020 | ||||||||||||
Natural gas and NGLs inventory | $ | $ | ||||||||||||
Prepaid expenses and other | ||||||||||||||
Other current assets | $ | $ |
Other current liabilities: | September 30, 2021 | December 31, 2020 | ||||||||||||
Accrued interest | $ | $ | ||||||||||||
Accrued wages and benefits, including taxes | ||||||||||||||
Accrued ad valorem taxes | ||||||||||||||
Capital expenditure accruals | ||||||||||||||
Short-term lease liability | ||||||||||||||
Operating expense accruals | ||||||||||||||
Other | ||||||||||||||
Other current liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Devon | 6.9 | % | 14.2 | % | 7.1 | % | 14.7 | % | |||||||||||||||
Dow Hydrocarbons and Resources LLC | 14.0 | % | 15.2 | % | 14.5 | % | 13.2 | % | |||||||||||||||
Marathon Petroleum Corporation | 12.2 | % | 7.6 | % | 13.1 | % | 12.7 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total revenues | $ | 1,787.6 | $ | 928.5 | $ | 4,442.7 | $ | 2,829.5 | |||||||||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization (1) | (1,400.8) | (549.5) | (3,390.6) | (1,702.5) | |||||||||||||||||||
Operating expenses | (106.9) | (94.3) | (260.0) | (283.1) | |||||||||||||||||||
Depreciation and amortization | (153.0) | (160.3) | (455.9) | (481.3) | |||||||||||||||||||
Gross margin | 126.9 | 124.4 | 336.2 | 362.6 | |||||||||||||||||||
Operating expenses | 106.9 | 94.3 | 260.0 | 283.1 | |||||||||||||||||||
Depreciation and amortization | 153.0 | 160.3 | 455.9 | 481.3 | |||||||||||||||||||
Adjusted gross margin | $ | 386.8 | $ | 379.0 | $ | 1,052.1 | $ | 1,127.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 32.3 | $ | 39.2 | $ | 54.3 | $ | (191.4) | |||||||||||||||
Interest expense, net of interest income | 60.1 | 55.5 | 180.1 | 166.3 | |||||||||||||||||||
Depreciation and amortization | 153.0 | 160.3 | 455.9 | 481.3 | |||||||||||||||||||
Impairments | — | — | — | 354.5 | |||||||||||||||||||
(Income) loss from unconsolidated affiliates | 2.3 | 0.2 | 9.9 | (0.8) | |||||||||||||||||||
Distributions from unconsolidated affiliates | 0.1 | — | 3.8 | 2.0 | |||||||||||||||||||
(Gain) loss on disposition of assets | (0.4) | (1.8) | (0.7) | 2.8 | |||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (32.0) | |||||||||||||||||||
Unit-based compensation | 6.4 | 8.4 | 19.3 | 24.6 | |||||||||||||||||||
Income tax expense (benefit) | 4.4 | 6.0 | 12.4 | (16.0) | |||||||||||||||||||
Unrealized loss on commodity swaps | 1.2 | 2.2 | 32.9 | 8.0 | |||||||||||||||||||
Costs associated with the relocation of processing facilities (1) | 8.8 | — | 26.6 | — | |||||||||||||||||||
Other (2) | (0.2) | (0.3) | (0.2) | (0.8) | |||||||||||||||||||
Adjusted EBITDA before non-controlling interest | 268.0 | 269.7 | 794.3 | 798.5 | |||||||||||||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (3) | (11.6) | (8.1) | (31.0) | (21.8) | |||||||||||||||||||
Adjusted EBITDA, net to ENLC | $ | 256.4 | $ | 261.6 | $ | 763.3 | $ | 776.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 197.0 | $ | 244.2 | $ | 599.2 | $ | 561.0 | |||||||||||||||
Interest expense (1) | 55.1 | 54.5 | 166.6 | 163.1 | |||||||||||||||||||
Utility credits, net of usage (2) | (5.6) | — | 38.2 | — | |||||||||||||||||||
Payments to terminate interest rate swaps (3) | 0.5 | — | 1.8 | — | |||||||||||||||||||
Accruals for settled commodity swap transactions | (2.1) | 0.9 | (4.6) | 0.7 | |||||||||||||||||||
Distributions from unconsolidated affiliate investment in excess of earnings | 0.1 | (0.4) | 3.8 | 0.4 | |||||||||||||||||||
Costs associated with the relocation of processing facilities (4) | 8.8 | — | 26.6 | — | |||||||||||||||||||
Other (5) | (0.2) | 0.4 | 2.4 | 1.1 | |||||||||||||||||||
Changes in operating assets and liabilities which (provided) used cash: | |||||||||||||||||||||||
Accounts receivable, accrued revenues, inventories, and other | 167.6 | 46.5 | 276.8 | (72.6) | |||||||||||||||||||
Accounts payable, accrued product purchases, and other accrued liabilities | (153.2) | (76.4) | (316.5) | 144.8 | |||||||||||||||||||
Adjusted EBITDA before non-controlling interest | 268.0 | 269.7 | 794.3 | 798.5 | |||||||||||||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (6) | (11.6) | (8.1) | (31.0) | (21.8) | |||||||||||||||||||
Adjusted EBITDA, net to ENLC | 256.4 | 261.6 | 763.3 | 776.7 | |||||||||||||||||||
Growth capital expenditures, net to ENLC (7) | (33.2) | (32.6) | (89.1) | (165.9) | |||||||||||||||||||
Maintenance capital expenditures, net to ENLC (7) | (6.9) | (5.0) | (19.1) | (20.9) | |||||||||||||||||||
Interest expense, net of interest income | (60.1) | (55.5) | (180.1) | (166.3) | |||||||||||||||||||
Distributions declared on common units | (46.6) | (46.4) | (140.0) | (139.3) | |||||||||||||||||||
ENLK preferred unit accrued cash distributions (8) | (23.0) | (22.9) | (69.0) | (68.5) | |||||||||||||||||||
Costs associated with the relocation of processing facilities (4) | (8.8) | — | (26.6) | — | |||||||||||||||||||
Non-cash interest expense | 2.7 | — | 7.3 | — | |||||||||||||||||||
Payments to terminate interest rate swaps (3) | (0.5) | — | (1.8) | — | |||||||||||||||||||
Other (9) | 0.5 | 2.9 | 1.3 | 3.1 | |||||||||||||||||||
Free cash flow after distributions | $ | 80.5 | $ | 102.1 | $ | 246.2 | $ | 218.9 |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 33.7 | $ | 29.1 | $ | 34.8 | $ | 31.5 | $ | (2.2) | $ | 126.9 | |||||||||||||||||||||||
Depreciation and amortization | 35.4 | 34.6 | 52.3 | 28.5 | 2.2 | 153.0 | |||||||||||||||||||||||||||||
Segment profit | 69.1 | 63.7 | 87.1 | 60.0 | — | 279.9 | |||||||||||||||||||||||||||||
Operating expenses | 37.3 | 30.5 | 19.8 | 19.3 | — | 106.9 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 106.4 | $ | 94.2 | $ | 106.9 | $ | 79.3 | $ | — | $ | 386.8 | |||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 15.0 | $ | 28.8 | $ | 52.8 | $ | 29.5 | $ | (1.7) | $ | 124.4 | |||||||||||||||||||||||
Depreciation and amortization | 31.9 | 36.9 | 53.0 | 36.8 | 1.7 | 160.3 | |||||||||||||||||||||||||||||
Segment profit | 46.9 | 65.7 | 105.8 | 66.3 | — | 284.7 | |||||||||||||||||||||||||||||
Operating expenses | 22.9 | 31.1 | 20.1 | 20.2 | — | 94.3 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 69.8 | $ | 96.8 | $ | 125.9 | $ | 86.5 | $ | — | $ | 379.0 |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 52.4 | $ | 106.4 | $ | 74.6 | $ | 108.8 | $ | (6.0) | $ | 336.2 | |||||||||||||||||||||||
Depreciation and amortization | 103.5 | 106.8 | 153.6 | 86.0 | 6.0 | 455.9 | |||||||||||||||||||||||||||||
Segment profit | 155.9 | 213.2 | 228.2 | 194.8 | — | 792.1 | |||||||||||||||||||||||||||||
Operating expenses | 52.9 | 91.4 | 57.3 | 58.4 | — | 260.0 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 208.8 | $ | 304.6 | $ | 285.5 | $ | 253.2 | $ | — | $ | 1,052.1 | |||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 31.8 | $ | 95.5 | $ | 142.7 | $ | 98.4 | $ | (5.8) | $ | 362.6 | |||||||||||||||||||||||
Depreciation and amortization | 92.1 | 109.3 | 163.7 | 110.4 | 5.8 | 481.3 | |||||||||||||||||||||||||||||
Segment profit | 123.9 | 204.8 | 306.4 | 208.8 | — | 843.9 | |||||||||||||||||||||||||||||
Operating expenses | 71.1 | 90.4 | 62.4 | 59.2 | — | 283.1 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 195.0 | $ | 295.2 | $ | 368.8 | $ | 268.0 | $ | — | $ | 1,127.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Midstream Volumes: | |||||||||||||||||||||||
Permian Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 1,111,800 | 923,400 | 1,021,800 | 875,200 | |||||||||||||||||||
Processing (MMbtu/d) | 1,062,800 | 929,900 | 966,500 | 895,800 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 157,500 | 99,100 | 129,400 | 115,000 | |||||||||||||||||||
Louisiana Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 2,013,900 | 1,961,100 | 2,101,000 | 1,959,600 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 17,600 | 15,700 | 16,000 | 16,300 | |||||||||||||||||||
NGL Fractionation (Gals/d) | 7,050,500 | 7,462,600 | 7,295,100 | 7,665,700 | |||||||||||||||||||
Brine Disposal (Bbls/d) | 3,300 | 1,100 | 2,500 | 1,400 | |||||||||||||||||||
Oklahoma Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 996,900 | 1,113,900 | 983,700 | 1,142,800 | |||||||||||||||||||
Processing (MMbtu/d) | 1,004,400 | 1,125,600 | 999,900 | 1,120,800 | |||||||||||||||||||
Crude Oil Handling (Bbls/d) | 20,000 | 25,600 | 20,400 | 30,800 | |||||||||||||||||||
North Texas Segment | |||||||||||||||||||||||
Gathering and Transportation (MMbtu/d) | 1,377,600 | 1,450,900 | 1,370,700 | 1,505,100 | |||||||||||||||||||
Processing (MMbtu/d) | 627,900 | 669,000 | 626,700 | 679,800 |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
ENLK and ENLC Senior Notes | $ | 50.3 | $ | 43.3 | |||||||
Term Loan | 1.0 | 3.6 | |||||||||
Consolidated Credit Facility | 1.3 | 3.4 | |||||||||
AR Facility | 1.0 | — | |||||||||
Capitalized interest | — | (0.6) | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | 1.4 | 0.9 | |||||||||
Interest rate swap - realized | 5.0 | 4.6 | |||||||||
Other | 0.1 | 0.3 | |||||||||
Total | $ | 60.1 | $ | 55.5 |
Nine Months Ended September 30, | |||||
2020 | |||||
Goodwill impairment | $ | 184.6 | |||
Property and equipment impairment | 168.0 | ||||
Cancelled projects | 1.9 | ||||
Total | $ | 354.5 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
ENLK and ENLC Senior Notes | $ | 150.9 | $ | 130.6 | |||||||
Term Loan | 3.7 | 14.2 | |||||||||
Consolidated Credit Facility | 4.0 | 11.6 | |||||||||
AR Facility | 3.0 | — | |||||||||
Capitalized interest | (0.3) | (3.1) | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | 3.9 | 3.1 | |||||||||
Interest rate swap - realized | 14.6 | 9.6 | |||||||||
Other | 0.3 | 0.3 | |||||||||
Total | $ | 180.1 | $ | 166.3 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating cash flows before working capital | $ | 559.5 | $ | 633.2 | |||||||
Changes in working capital | 39.7 | (72.2) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net repayments on the Term Loan (1) | $ | (200.0) | $ | — | |||||||
Net repayments on the AR Facility (1) | (5.0) | — | |||||||||
Net repayments on the Consolidated Credit Facility (1) | — | (50.0) | |||||||||
Net repurchases on ENLK’s senior unsecured notes (1) | — | (35.2) | |||||||||
Net repurchases on the 2029 Notes (1) | — | (0.8) | |||||||||
Contributions by non-controlling interests (2) | 2.4 | 52.2 | |||||||||
Distribution to members | (140.4) | (186.2) | |||||||||
Distributions to Series B Preferred unitholders (3) | (50.9) | (50.4) | |||||||||
Distributions to Series C Preferred unitholders (3) | (12.0) | (12.0) | |||||||||
Distributions to joint venture partners (4) | (25.3) | (21.8) | |||||||||
Common unit repurchases (5) | (14.5) | — |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
Total | Remainder 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||||||||||
ENLC’s & ENLK’s senior unsecured notes | $ | 4,032.3 | $ | — | $ | — | $ | — | $ | 521.8 | $ | 720.8 | $ | 2,789.7 | |||||||||||||||||||||||||||
Term Loan (1) | 150.0 | 150.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Consolidated Credit Facility (2) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AR Facility (3) | 245.0 | — | — | — | 245.0 | — | — | ||||||||||||||||||||||||||||||||||
Acquisition installment payable (4) | 10.0 | 10.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Acquisition contingent consideration (5) | 6.9 | — | — | — | 2.3 | 2.4 | 2.2 | ||||||||||||||||||||||||||||||||||
Interest payable on fixed long-term debt obligations | 2,409.6 | 74.6 | 201.2 | 201.2 | 189.7 | 163.3 | 1,579.6 | ||||||||||||||||||||||||||||||||||
Operating lease obligations | 113.2 | 5.2 | 17.0 | 11.6 | 10.1 | 9.8 | 59.5 | ||||||||||||||||||||||||||||||||||
Purchase obligations | 4.4 | 4.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pipeline and trucking capacity and deficiency agreements (6) | 176.0 | 12.4 | 46.6 | 38.7 | 29.2 | 24.8 | 24.3 | ||||||||||||||||||||||||||||||||||
Inactive easement commitment (7) | 10.0 | — | 10.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 7,157.4 | $ | 246.6 | $ | 284.8 | $ | 251.5 | $ | 998.1 | $ | 921.1 | $ | 4,455.3 |
Period | Underlying | Notional Volume | We Pay | We Receive (1) | Net Fair Value Asset/(Liability) (In millions) | |||||||||||||||||||||||||||
October 2021 - September 2022 | Ethane | 710 (MMbbls) | $0.4277/Gal | Index | $ | (1.1) | ||||||||||||||||||||||||||
October 2021 - September 2022 | Propane | 2,190 (MMbbls) | Index | $1.2687/Gal | (35.3) | |||||||||||||||||||||||||||
October 2021 - September 2022 | Normal butane | 770 (MMbbls) | Index | $1.4775/Gal | (9.7) | |||||||||||||||||||||||||||
October 2021 - December 2021 | Natural gasoline | 545 (MMbbls) | Index | $1.7310/Gal | (8.8) | |||||||||||||||||||||||||||
October 2021 - March 2022 | Natural gas | 65,737 (MMbtu/d) | Index | $5.8769/MMbtu | 7.4 | |||||||||||||||||||||||||||
October 2021 - January 2023 | Crude and condensate | 7,075 (MMbbls) | Index | $72.65/Bbl | 7.0 | |||||||||||||||||||||||||||
October 2021 - December 2022 | Crude and condensate | 4,504 (MMbbls) | $1.807/Bbl | Index (2) | 5.5 | |||||||||||||||||||||||||||
$ | (35.0) |
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) | ||||||||||||||||||||||
July 1, 2021 to July 31, 2021 | 1,270,453 | $ | 6.35 | 1,268,827 | $ | 88.9 | ||||||||||||||||||||
August 1, 2021 to August 31, 2021 | 400,231 | 5.38 | 313,583 | $ | 87.2 | |||||||||||||||||||||
September 1, 2021 to September 30, 2021 | 495,708 | 5.61 | 494,135 | $ | 84.3 | |||||||||||||||||||||
Total | 2,166,392 | $ | 6.00 | 2,076,545 |
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 | — | |||||||
10.1 † | — | |||||||
10.2 | — | |||||||
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 September 30, 2021, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, (ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, (iii) Consolidated Statements of Changes in Members’ Equity for the three months ended September 30, 2021 and 2020, June 30, 2021 and 2020, and March 31, 2021 and 2020, (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020, 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) | ||||||||
November 3, 2021 |
Date: November 3, 2021 | /s/ BARRY E. DAVIS | ||||
Barry E. Davis | |||||
Chairman and Chief Executive Officer | |||||
(principal executive officer) |
Date: November 3, 2021 | /s/ PABLO G. MERCADO | ||||
Pablo G. Mercado | |||||
Executive Vice President and Chief Financial Officer | |||||
(principal financial officer) |
Date: November 3, 2021 | /s/ BARRY E. DAVIS | ||||
Barry E. Davis | |||||
Chief Executive Officer | |||||
Date: November 3, 2021 | /s/ PABLO G. MERCADO | ||||
Pablo G. Mercado | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Allowance for bad debt | $ 0.3 | $ 0.5 |
Property and equipment, accumulated depreciation | 4,215.7 | 3,863.0 |
Intangible assets, accumulated amortization | $ 763.2 | $ 668.8 |
Members’ equity: | ||
Common units issued (in shares) | 487,951,939 | 489,381,149 |
Common units outstanding (in shares) | 489,381,149 | 487,951,939 |
Accounts payable to related party | $ 1.9 | $ 1.0 |
Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Revenues: | ||||||||
Revenue from contracts with customers | $ 1,821.2 | $ 933.6 | $ 4,597.9 | $ 2,837.8 | ||||
Loss on derivative activity | (33.6) | (5.1) | (155.2) | (8.3) | ||||
Total revenues | 1,787.6 | 928.5 | 4,442.7 | 2,829.5 | ||||
Operating costs and expenses: | ||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | 1,400.8 | 549.5 | 3,390.6 | 1,702.5 | |||
Operating expenses | 106.9 | 94.3 | 260.0 | 283.1 | ||||
Depreciation and amortization | 153.0 | 160.3 | 455.9 | 481.3 | ||||
Impairments | 0.0 | 0.0 | 0.0 | 354.5 | ||||
(Gain) loss on disposition of assets | (0.4) | (1.8) | (0.7) | 2.8 | ||||
General and administrative | 28.2 | 25.7 | 80.3 | 79.6 | ||||
Total operating costs and expenses | 1,688.5 | 828.0 | 4,186.1 | 2,903.8 | ||||
Operating income (loss) | 99.1 | 100.5 | 256.6 | (74.3) | ||||
Other income (expense): | ||||||||
Interest expense, net of interest income | (60.1) | (55.5) | (180.1) | (166.3) | ||||
Gain on extinguishment of debt | 0.0 | 0.0 | 0.0 | 32.0 | ||||
Income (loss) from unconsolidated affiliates | (2.3) | (0.2) | (9.9) | 0.8 | ||||
Other income | 0.0 | 0.4 | 0.1 | 0.4 | ||||
Total other expense | (62.4) | (55.3) | (189.9) | (133.1) | ||||
Income (loss) before non-controlling interest and income taxes | 36.7 | 45.2 | 66.7 | (207.4) | ||||
Income tax benefit (expense) | (4.4) | (6.0) | (12.4) | 16.0 | ||||
Net income (loss) | 32.3 | 39.2 | 54.3 | (191.4) | ||||
Net income attributable to non-controlling interest | 30.4 | 26.6 | 86.7 | 78.7 | ||||
Net income (loss) attributable to ENLC | $ 1.9 | $ 12.6 | $ (32.4) | $ (270.1) | ||||
Net income (loss) attributable to ENLC per unit: | ||||||||
Basic common unit (in dollars per share) | $ 0 | $ 0.03 | $ (0.07) | $ (0.55) | ||||
Diluted common unit (in dollars per share) | $ 0 | $ 0.03 | $ (0.07) | $ (0.55) | ||||
Product sales | ||||||||
Revenues: | ||||||||
Revenue from contracts with customers | $ 1,610.2 | $ 696.1 | $ 3,968.7 | $ 2,121.6 | ||||
Midstream services | ||||||||
Revenues: | ||||||||
Revenue from contracts with customers | $ 211.0 | $ 237.5 | $ 629.2 | $ 716.2 | ||||
|
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement [Abstract] | ||||
Related party cost of sales | $ 4.9 | $ 2.0 | $ 11.7 | $ 6.2 |
Depreciation and amortization | 153.0 | 160.3 | 455.9 | 481.3 |
Operating Segments | ||||
Depreciation and amortization | $ 150.8 | $ 158.6 | $ 449.9 | $ 475.5 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income (loss) | $ 32.3 | $ 39.2 | $ 54.3 | $ (191.4) | ||||||||
Unrealized gain (loss) on designated cash flow hedge | [1] | 3.8 | [2] | 3.6 | [3] | 11.1 | (8.0) | |||||
Comprehensive income (loss) | 36.1 | 42.8 | 65.4 | (199.4) | ||||||||
Comprehensive income attributable to non-controlling interest | 30.4 | 26.6 | 86.7 | 78.7 | ||||||||
Comprehensive income (loss) attributable to ENLC | $ 5.7 | $ 16.2 | $ (21.3) | $ (278.1) | ||||||||
|
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
||||
Statement of Comprehensive Income [Abstract] | |||||||||||
Income tax expense (benefit) | $ 1.2 | [1] | $ 1.1 | $ 1.1 | $ 1.1 | $ 0.5 | $ (4.0) | $ 3.4 | $ (2.4) | ||
|
Consolidated Statement of Changes in Members' Equity - USD ($) $ in Millions |
Total |
Common Units |
Accumulated Other Comprehensive Loss |
Non-Controlling Interest |
Redeemable Non-Controlling Interest (Temporary Equity) |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Member equity, beginning balance at Dec. 31, 2019 | $ 3,806.1 | $ 2,135.5 | $ (11.0) | $ 1,681.6 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2019 | 487,800,000 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (4.0) | $ (4.0) | 0.0 | |||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 1,300,000 | |||||||||||||||||||
Unit-based compensation | 12.3 | $ 12.3 | 0.0 | |||||||||||||||||
Contributions from non-controlling interests | 37.1 | 37.1 | ||||||||||||||||||
Distributions | (117.7) | (93.3) | (24.4) | $ (0.3) | ||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [1] | (13.1) | (13.1) | |||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.7 | 0.7 | (0.9) | |||||||||||||||||
Net income (loss) | (260.4) | (286.8) | 26.4 | 0.0 | ||||||||||||||||
Member equity, end balance at Mar. 31, 2020 | 3,461.0 | $ 1,764.4 | (24.1) | 1,720.7 | ||||||||||||||||
Units outstanding, end balance (in shares) at Mar. 31, 2020 | 489,100,000 | |||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019 | 5.2 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | (117.7) | $ (93.3) | (24.4) | (0.3) | ||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.7 | 0.7 | (0.9) | |||||||||||||||||
Redemption of non-controlling interest | (4.0) | |||||||||||||||||||
Redeemable noncontrolling interest, ending balance at Mar. 31, 2020 | 0.0 | |||||||||||||||||||
Member equity, beginning balance at Dec. 31, 2019 | 3,806.1 | $ 2,135.5 | (11.0) | 1,681.6 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2019 | 487,800,000 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [2] | (8.0) | ||||||||||||||||||
Member equity, end balance at Sep. 30, 2020 | 3,411.1 | $ 1,701.2 | (19.0) | 1,728.9 | ||||||||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2020 | 489,700,000 | |||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019 | 5.2 | |||||||||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020 | 0.0 | |||||||||||||||||||
Member equity, beginning balance at Mar. 31, 2020 | 3,461.0 | $ 1,764.4 | (24.1) | 1,720.7 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2020 | 489,100,000 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.3) | $ (0.3) | 0.0 | |||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 400,000 | |||||||||||||||||||
Unit-based compensation | 6.8 | $ 6.8 | 0.0 | |||||||||||||||||
Contributions from non-controlling interests | 13.2 | 13.2 | ||||||||||||||||||
Distributions | (82.4) | (46.5) | (35.9) | |||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [3] | 1.5 | 1.5 | |||||||||||||||||
Net income (loss) | 29.8 | 4.1 | 25.7 | 0.0 | ||||||||||||||||
Member equity, end balance at Jun. 30, 2020 | 3,429.6 | $ 1,728.5 | (22.6) | 1,723.7 | ||||||||||||||||
Units outstanding, end balance (in shares) at Jun. 30, 2020 | 489,500,000 | |||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2020 | 0.0 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | (82.4) | $ (46.5) | (35.9) | |||||||||||||||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2020 | 0.0 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.4) | $ (0.4) | 0.0 | |||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 200,000 | |||||||||||||||||||
Unit-based compensation | 7.2 | $ 7.2 | 0.0 | |||||||||||||||||
Contributions from non-controlling interests | 1.9 | 1.9 | ||||||||||||||||||
Distributions | (69.7) | (46.4) | (23.3) | (0.3) | ||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [4] | 3.6 | [2] | 3.6 | ||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | (0.3) | (0.3) | 0.0 | 0.3 | ||||||||||||||||
Net income (loss) | 39.2 | 12.6 | 26.6 | 0.0 | ||||||||||||||||
Member equity, end balance at Sep. 30, 2020 | 3,411.1 | $ 1,701.2 | (19.0) | 1,728.9 | ||||||||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2020 | 489,700,000 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | (69.7) | $ (46.4) | (23.3) | (0.3) | ||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | (0.3) | (0.3) | 0.0 | 0.3 | ||||||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020 | 0.0 | |||||||||||||||||||
Member equity, beginning balance at Dec. 31, 2020 | $ 3,213.0 | $ 1,508.8 | (15.3) | 1,719.5 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2020 | 489,381,149 | 489,400,000 | ||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | $ (1.2) | $ (1.2) | ||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 700,000 | |||||||||||||||||||
Unit-based compensation | 6.5 | $ 6.5 | ||||||||||||||||||
Contributions from non-controlling interests | 0.9 | 0.9 | ||||||||||||||||||
Distributions | (72.9) | (47.1) | (25.8) | (0.2) | ||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [5] | 3.6 | 3.6 | |||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | (0.1) | (0.1) | 0.2 | |||||||||||||||||
Net income (loss) | 12.6 | (12.7) | 25.3 | |||||||||||||||||
Member equity, end balance at Mar. 31, 2021 | 3,162.4 | $ 1,454.2 | (11.7) | 1,719.9 | ||||||||||||||||
Units outstanding, end balance (in shares) at Mar. 31, 2021 | 490,100,000 | |||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 | 0.0 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | (72.9) | $ (47.1) | (25.8) | (0.2) | ||||||||||||||||
Fair value adjustment related to redeemable non-controlling interest | (0.1) | (0.1) | 0.2 | |||||||||||||||||
Redeemable noncontrolling interest, ending balance at Mar. 31, 2021 | 0.0 | |||||||||||||||||||
Member equity, beginning balance at Dec. 31, 2020 | $ 3,213.0 | $ 1,508.8 | (15.3) | 1,719.5 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2020 | 489,381,149 | 489,400,000 | ||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [2] | $ 11.1 | ||||||||||||||||||
Common units repurchased (in shares) | (2,394,296) | |||||||||||||||||||
Member equity, end balance at Sep. 30, 2021 | $ 3,055.2 | $ 1,338.8 | (4.2) | 1,720.6 | ||||||||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2021 | 487,951,939 | 488,000,000.0 | ||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 | 0.0 | |||||||||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2021 | 0.0 | |||||||||||||||||||
Member equity, beginning balance at Mar. 31, 2021 | $ 3,162.4 | $ 1,454.2 | (11.7) | 1,719.9 | ||||||||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2021 | 490,100,000 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.2) | $ (0.2) | ||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 100,000 | |||||||||||||||||||
Unit-based compensation | 6.4 | $ 6.4 | ||||||||||||||||||
Contributions from non-controlling interests | 1.0 | 1.0 | ||||||||||||||||||
Distributions | (82.7) | (46.7) | (36.0) | 0.0 | ||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [6] | 3.7 | 3.7 | |||||||||||||||||
Common units repurchased | (2.0) | $ (2.0) | ||||||||||||||||||
Common units repurchased (in shares) | (300,000) | |||||||||||||||||||
Net income (loss) | 9.4 | $ (21.6) | 31.0 | |||||||||||||||||
Member equity, end balance at Jun. 30, 2021 | 3,098.0 | $ 1,390.1 | (8.0) | 1,715.9 | ||||||||||||||||
Units outstanding, end balance (in shares) at Jun. 30, 2021 | 489,900,000 | |||||||||||||||||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2021 | 0.0 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | (82.7) | $ (46.7) | (36.0) | 0.0 | ||||||||||||||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2021 | 0.0 | |||||||||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.5) | $ (0.5) | ||||||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 200,000 | |||||||||||||||||||
Unit-based compensation | 6.4 | $ 6.4 | ||||||||||||||||||
Contributions from non-controlling interests | 0.5 | 0.5 | ||||||||||||||||||
Distributions | (72.8) | (46.6) | (26.2) | 0.0 | ||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | [7] | 3.8 | [2] | 3.8 | ||||||||||||||||
Common units repurchased | $ (12.5) | $ (12.5) | ||||||||||||||||||
Common units repurchased (in shares) | (2,076,545) | (2,100,000) | ||||||||||||||||||
Net income (loss) | $ 32.3 | $ 1.9 | 30.4 | |||||||||||||||||
Member equity, end balance at Sep. 30, 2021 | $ 3,055.2 | $ 1,338.8 | $ (4.2) | 1,720.6 | ||||||||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2021 | 487,951,939 | 488,000,000.0 | ||||||||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||||||||
Distributions | $ (72.8) | $ (46.6) | $ (26.2) | 0.0 | ||||||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2021 | $ 0.0 | |||||||||||||||||||
|
Consolidated Statement of Changes in Members' Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
||||
Statement of Stockholders' Equity [Abstract] | |||||||||||
Income tax (benefit) expense | $ 1.2 | [1] | $ 1.1 | $ 1.1 | $ 1.1 | $ 0.5 | $ (4.0) | $ 3.4 | $ (2.4) | ||
|
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
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Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash flows from operating activities: | ||
Net income (loss) | $ 54.3 | $ (191.4) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Impairments | 0.0 | 354.5 |
Depreciation and amortization | 455.9 | 481.3 |
Utility credits, net of usage | (38.2) | 0.0 |
Deferred income tax (benefit) expense | 12.2 | (17.1) |
Non-cash unit-based compensation | 19.3 | 24.6 |
Amortization of designated cash flow hedge | 9.6 | 0.1 |
Payments to terminate interest rate swaps | (1.8) | 0.0 |
Non-cash loss on derivatives recognized in net income (loss) | 37.5 | 7.3 |
Gain on extinguishment of debt | 0.0 | (32.0) |
Amortization of debt issuance costs and net discount of senior unsecured notes | 3.9 | 3.1 |
Other operating activities | 6.8 | 2.8 |
Changes in assets and liabilities: | ||
Accounts receivable, accrued revenue, and other | (196.5) | 85.3 |
Natural gas and NGLs inventory, prepaid expenses, and other | (80.3) | (12.7) |
Accounts payable, accrued product purchases, and other accrued liabilities | 316.5 | (144.8) |
Net cash provided by operating activities | 599.2 | 561.0 |
Cash flows from investing activities: | ||
Additions to property and equipment | (104.7) | (254.4) |
Acquisitions, net of cash acquired | (56.7) | 0.0 |
Other investing activities | 6.0 | 3.7 |
Net cash used in investing activities | (155.4) | (250.7) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 829.5 | 690.0 |
Repayments on borrowings | (1,034.5) | (776.0) |
Distribution to members | (140.4) | (186.2) |
Distributions to non-controlling interests | (88.2) | (84.2) |
Contributions by non-controlling interests | 2.4 | 52.2 |
Common unit repurchases | (14.5) | 0.0 |
Other financing activities | (1.6) | (4.6) |
Net cash used in financing activities | (447.3) | (308.8) |
Net increase (decrease) in cash and cash equivalents | (3.5) | 1.5 |
Cash and cash equivalents, beginning of period | 39.6 | 77.4 |
Cash and cash equivalents, end of period | 36.1 | 78.9 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 130.1 | 125.7 |
Cash paid (refunded) for income taxes | 0.2 | (0.1) |
Non-cash investing activities: | ||
Non-cash accrual of property and equipment | 5.1 | (27.2) |
Non-cash acquisitions | 16.9 | 0.0 |
Right-of-use assets obtained in exchange for operating lease liabilities | 10.7 | 9.1 |
Non-cash financing activities: | ||
Fair value adjustment related to redeemable non-controlling interest | $ 0.0 | $ (4.0) |
General |
9 Months Ended |
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Sep. 30, 2021 | |
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.” 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. Our midstream energy asset network includes approximately 12,000 miles of pipelines, 23 natural gas processing plants with approximately 5.5 Bcf/d of processing capacity, seven fractionators with approximately 290,000 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. While our transactions vary in form, the essential element of most of our transactions is the use of our assets to transport a product or provide a processed product to an end-user or marketer at the tailgate of the plant, pipeline, or barge, truck, or rail terminal. c.COVID-19 Update On March 11, 2020, the World Health Organization declared the ongoing coronavirus (COVID-19) outbreak a pandemic and recommended containment and mitigation measures worldwide. There remains considerable uncertainty regarding how long the COVID-19 pandemic (including variants of the virus) will persist and affect economic conditions and the extent and duration of changes in consumer behavior.
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Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020. 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 (loss). 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. 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.
____________________________ (1)Amounts do not represent expected shortfall under these commitments. c.Acquisition of Business 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. In connection with the purchase, we entered into an amended and restated gas gathering and processing agreement with Diamondback Energy, strengthening our dedicated acreage position with Diamondback Energy. We acquired the system with an upfront payment of $50.0 million, which was paid with cash-on-hand, with an additional $10 million to be paid on April 30, 2022, and contingent consideration capped at $15 million and payable between 2024 and 2026 based on Diamondback Energy’s drilling activity above historical levels. Under the acquisition method of accounting, the acquired assets of Amarillo Rattler, LLC have been recorded at their respective fair values as of the date of the acquisition. Determining the fair value of the assets of Amarillo Ratter, LLC requires judgment and certain assumptions to be made, particularly related to the valuation of acquired customer relationships. The inputs and assumptions related to the customer relationships are categorized as level 3 in the fair value hierarchy. On a historical pro forma basis, our consolidated revenues, net income (loss), total assets, and earnings per unit amounts would not have differed materially had the acquisition been completed on January 1, 2021 rather than April 30, 2021. The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date (in millions):
____________________________ (1)The estimated fair value of the Amarillo Rattler, LLC contingent consideration was calculated in accordance with the fair value guidance contained in ASC 820, Fair Value Measurements. There are a number of assumptions and estimates factored into these fair values and actual contingent consideration payments could differ from the estimated fair values. (2)“Other assets, net” and “Other long-term liabilities” consist of the right-of-use asset and lease liability, respectively, recorded from a lease obtained through the acquisition of Amarillo Rattler, LLC.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | (3) 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 following table represents our change in carrying value of intangible assets (in millions):
The weighted average amortization period for intangible assets is 14.9 years. Amortization expense was $31.9 million and $30.9 million for the three months ended September 30, 2021 and 2020, respectively, and $94.4 million and $92.7 million for the nine months ended September 30, 2021 and 2020, 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 |
9 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions Transactions with Cedar Cove JV. For the three and nine months ended September 30, 2021, we recorded cost of sales of $4.9 million and $11.7 million, respectively, and for the three and nine months ended September 30, 2020, we recorded cost of sales of $2.0 million and $6.2 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 $1.9 million and $1.0 million at September 30, 2021 and December 31, 2020, respectively. Transactions with GIP. For the nine months ended September 30, 2021, we recorded general and administrative expenses of $0.2 million related to personnel secondment services provided by GIP. We did not record any expenses related to transactions with GIP for the three months ended September 30, 2021. For each of the three and nine months ended September 30, 2020, we recorded general and administrative expenses of $0.2 million related to personnel secondment services provided by GIP. 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 | (5) Long-Term Debt As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following (in millions):
____________________________ (1)Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.6% and 1.7% at September 30, 2021 and December 31, 2020, respectively. The Term Loan will mature on December 10, 2021. Therefore, the outstanding principal balance, net of debt issuance costs, is classified as “Current maturities of long-term debt” on the consolidated balance sheet as of September 30, 2021 and December 31, 2020, respectively. (2)Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.2% and 2.0% at September 30, 2021 and December 31, 2020, respectively. (3)Net of amortization of $17.5 million and $14.1 million at September 30, 2021 and December 31, 2020, respectively. Term Loan On December 11, 2018, ENLK entered into the Term Loan with Bank of America, N.A., as Administrative Agent, Bank of Montreal and Royal Bank of Canada, as Co-Syndication Agents, Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and the lenders party thereto. Upon the closing of the Merger, ENLC assumed ENLK’s obligations under the Term Loan, and ENLK became a guarantor of the Term Loan. In the event that ENLC defaults on the Term Loan and the outstanding balance becomes due, ENLK will be liable for any amount owed on the Term Loan not paid by ENLC. In May 2021 and September 2021, we repaid $100.0 million and $100.0 million, respectively, of the borrowings under the Term Loan due December 2021. The outstanding balance of the Term Loan was $150.0 million as of September 30, 2021. The obligations under the Term Loan are unsecured. Under the terms of the Term Loan, if we consummate one or more acquisitions in which the aggregate purchase price is $50.0 million or more, we can elect to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters. In April 2021, we completed the acquisition of Amarillo Rattler, LLC with an aggregate purchase price in excess of $50.0 million and elected to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 through its maturity date. At September 30, 2021, we were in compliance with and expect to be in compliance with the financial covenants of the Term Loan until the Term Loan matures on December 10, 2021. Consolidated Credit Facility The Consolidated Credit Facility permits ENLC to borrow up to $1.75 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. The Consolidated Credit Facility became available for borrowings and letters of credit upon closing of the Merger. In addition, ENLK became a guarantor under the Consolidated Credit Facility upon the closing of the Merger. In the event that ENLC’s obligations under the Consolidated Credit Facility are accelerated due to a default, ENLK will be liable for the entire outstanding balance and 105% of the outstanding letters of credit under the Consolidated Credit Facility. There were no outstanding borrowings under the Consolidated Credit Facility and $41.1 million outstanding letters of credit as of September 30, 2021. Under the terms of the Consolidated Credit Facility, if we consummate one or more acquisitions in which the aggregate purchase price is $50.0 million or more, we can elect to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters. In April 2021, we completed the acquisition of Amarillo Rattler, LLC with an aggregate purchase price in excess of $50.0 million and elected to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 through the first quarter of 2022. At September 30, 2021, we were in compliance with and expect to be in compliance with the financial covenants of the Consolidated Credit Facility for at least the next twelve months. AR Facility On October 21, 2020, EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity that is an indirect subsidiary of ENLC (the “SPV”) entered into the AR Facility to borrow up to $250.0 million. In connection with the AR Facility, certain subsidiaries of ENLC sold and contributed, and will continue to sell or contribute, their accounts receivable to the SPV to be held as collateral for borrowings under the AR Facility. The SPV’s assets are not available to satisfy the obligations of ENLC or any of its affiliates. On February 26, 2021, the SPV entered into the first amendment to the AR Facility that, among other things: (i) increased the AR Facility limit and lender commitments by $50.0 million to $300.0 million, (ii) reduced the Adjusted LIBOR and LMIR (each as defined in the AR Facility) minimum floor to zero, rather than the previous 0.375%, and (iii) reduced the effective drawn fee to 1.25% rather than the previous 1.625%. On September 24, 2021, the SPV entered into the second amendment to the AR Facility that, among other things: (i) increased the AR Facility and lender commitments by $50.0 million to $350.0 million, (ii) extended the scheduled termination date of the facility from October 20, 2023 to September 24, 2024, and (iii) reduced the effective drawn fee to 1.10% rather than the previous 1.25%. Since our investment in the SPV is not sufficient to finance its activities without additional support from us, the SPV is a variable interest entity. We are the primary beneficiary of the SPV because we have the power to direct the activities that most significantly affect its economic performance and we are obligated to absorb its losses or receive its benefits from operations. Since we are the primary beneficiary of the SPV, we consolidate its assets and liabilities, which consist primarily of billed and unbilled accounts receivable of $708.1 million and long-term debt of $245.0 million as of September 30, 2021. The amount available for borrowings at any one time under the AR Facility is limited to a borrowing base amount calculated based on the outstanding balance of eligible receivables held as collateral, subject to certain reserves, concentration limits, and other limitations. As of September 30, 2021, the AR Facility had a borrowing base of $350.0 million. Borrowings under the AR Facility bear interest (based on LIBOR or LMIR (as defined in the AR Facility)) plus a drawn fee in the amount of 1.10% at September 30, 2021. The SPV also pays a fee on the undrawn committed amount of the AR Facility. Interest and fees payable by the SPV under the AR Facility are due monthly. The AR Facility is scheduled to terminate on September 24, 2024, unless extended or earlier terminated in accordance with its terms, at which time no further advances will be available and the obligations under the AR Facility must be repaid in full by no later than (i) the date that is ninety (90) days following such date or (ii) such earlier date on which the loans under the AR Facility become due and payable. The AR Facility includes covenants, indemnification provisions, and events of default, including those providing for termination of the AR Facility and the acceleration of amounts owed by the SPV under the AR Facility if, among other things, a borrowing base deficiency exists, there is an event of default under the Consolidated Credit Facility, the Term Loan or certain other indebtedness, certain events negatively affecting the overall credit quality of the receivables held as collateral occur, a change of control occurs, or if the consolidated leverage ratio of ENLC exceeds limits identical to those in the Consolidated Credit Facility and the Term Loan. At September 30, 2021, 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.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | (6) Income Taxes The components of our income tax benefit (expense) are as follows (in millions):
The following schedule reconciles total income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income (loss) before income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of restricted incentive units. (2)Oklahoma House Bill 2960 resulted in a change in the corporate income tax rate from 6% to 4%, effective January 1, 2022. Accordingly, we recorded deferred tax expense in the amount of $7.6 million for the nine months ended September 30, 2021 due to a remeasurement of deferred tax assets. 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 September 30, 2021, we had $124.2 million of deferred tax liabilities, net of $484.1 million of deferred tax assets, which included a $157.1 million valuation allowance. As of December 31, 2020, we had $108.6 million of deferred tax liabilities, net of $396.0 million of deferred tax assets, which included a $153.3 million valuation allowance. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. We established a valuation allowance of $153.3 million as of December 31, 2020, primarily related to federal and state tax operating loss carryforwards for which we do not believe a tax benefit is more likely than not to be realized. For the three and nine months ended September 30, 2021, we recorded a $1.6 million and $3.8 million valuation allowance adjustment, respectively. As of September 30, 2021, management believes it is more likely than not that the Company will realize the benefits of the deferred tax assets, net of valuation allowance.
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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 | (7) Certain Provisions of the ENLK Partnership Agreement a.Series B Preferred Units As of September 30, 2021 and December 31, 2020, there were 60,650,397 and 60,197,784 Series B Preferred Units issued and outstanding, respectively. On August 4, 2021, Enfield Holdings, L.P. (“Enfield”) sold all of its Series B Preferred Units and Class C Common Units representing limited liability company interests in ENLC to Brookfield Infrastructure Partners and funds managed by Oaktree Capital Management, L.P. As a result of this sale, the right of holders of Series B Preferred Units and Class C Common Units to designate a representative to the board of directors of the Managing Member was terminated. A summary of the distribution activity relating to the Series B Preferred Units during the nine months ended September 30, 2021 and 2020 is provided below:
b.Series C Preferred Units As of September 30, 2021 and December 31, 2020, there were 400,000 Series C Preferred Units issued and outstanding, respectively. ENLK distributed $12.0 million to holders of Series C Preferred Units during the nine months ended September 30, 2021 and 2020, respectively.
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Members' Equity |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members' Equity | (8) Members’ Equity a.Common Unit Repurchase Program In November 2020, the board of directors of the Managing Member authorized a common unit repurchase program for the repurchase of up to $100.0 million of outstanding ENLC common units and reauthorized such program in April 2021. The repurchases 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). The repurchases will depend on market conditions and may be discontinued at any time. For the three months ended September 30, 2021, ENLC repurchased 2,076,545 outstanding ENLC common units for an aggregate cost, including commissions, of $12.5 million, or an average of $6.02 per common unit. For the nine months ended September 30, 2021, ENLC repurchased 2,394,296 outstanding ENLC common units for an aggregate cost, including commissions, of $14.5 million, or an average of $6.05 per common unit. 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 described in “Distributions” below. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
____________________________ (1)All common unit equivalents were antidilutive for the nine months ended September 30, 2021 and 2020, respectively, since a net loss existed for those periods. 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 nine months ended September 30, 2021 and 2020, 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 | (9) Investment in Unconsolidated Affiliates As of September 30, 2021, our unconsolidated investments consisted of a 38.75% ownership in GCF and a 30% ownership in the Cedar Cove 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 September 30, 2021 and December 31, 2020 (in millions):
____________________________ (1)As of September 30, 2021, our investment in the Cedar Cove JV is classified as “Other long-term liabilities” on the consolidated balance sheet.
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Employee Incentive Plans |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Incentive Plans | (10) Employee Incentive Plans a.Long-Term Incentive Plans We account for unit-based compensation in accordance with ASC 718, Compensation—Stock Compensation, 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. Unit-based compensation associated with ENLC’s unit-based compensation plan awarded to directors, officers, and employees of the General Partner is recorded by ENLK since ENLC has no substantial or managed operating activities other than its interests in ENLK. Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):
____________________________ (1)For the three and nine months ended September 30, 2021, the amount of related income tax benefit recognized in net income excluded $0.2 million and $3.1 million of income tax expense, respectively, related to book-to-tax differences recorded upon the vesting of restricted units. For the three and nine months ended September 30, 2020, the amount of related income tax benefit recognized in net income (loss) excluded $1.6 million and $6.0 million of income tax expense, respectively, related to book-to-tax differences recorded upon the vesting of restricted units. b.ENLC Restricted Incentive Units ENLC 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 nine months ended September 30, 2021 is provided below:
____________________________ (1)Restricted incentive units typically vest at the end of three years. (2)Vested units included 369,817 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 nine months ended September 30, 2021 and 2020 is provided below (in millions):
As of September 30, 2021, there were $17.7 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 1.6 years. c.ENLC Performance Units ENLC grants 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 63,901 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 nine months ended September 30, 2021 and 2020 is provided below (in millions). No performance units vested for the three months ended September 30, 2021 and 2020.
As of September 30, 2021, there were $9.7 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 1.7 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 | (11) Derivatives Interest Rate Swaps In April 2019, we entered into $850.0 million of interest rate swaps to manage the interest rate risk associated with our floating-rate, LIBOR-based borrowings. Under this arrangement, we pay a fixed interest rate of 2.28% in exchange for LIBOR-based variable interest through December 2021. There was no ineffectiveness related to this hedge. In connection with the partial repayments of the Term Loan in September 2021, May 2021, and December 2020, we paid $0.5 million to terminate $100.0 million of the interest rate swaps, $1.3 million to terminate $100.0 million of the interest rate swaps, and $10.9 million to terminate $500.0 million of the interest rate swaps, respectively, for an aggregate termination of $700.0 million of the $850.0 million interest rate swaps and an aggregate settlement of $12.7 million of the outstanding derivative liability. The unrealized loss remains in accumulated other comprehensive income (loss) and will amortize into “Interest expense” on the consolidated statements of operations until the original maturity date of the Term Loan. For the three and nine months ended September 30, 2021, we amortized $3.5 million and $9.5 million, respectively, into interest expense out of accumulated other comprehensive income (loss) related to the partial terminations of the interest rate swaps. The remaining $150.0 million interest rate swaps were re-designated as a cash flow hedge on LIBOR-based borrowings and continue to be effective. The components of the unrealized gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payments, included in our consolidated statements of operations were as follows (in millions):
We expect to recognize an additional $3.7 million of interest expense out of accumulated other comprehensive loss over the next twelve months. The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):
Commodity Swaps The components of loss on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):
The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):
Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at September 30, 2021 (in millions). The remaining term of the contracts extend no later than January 2023. 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. If our counterparties failed to perform under existing commodity swap contracts, the maximum loss on our gross receivable position of $77.5 million as of September 30, 2021 would be reduced to zero due to the offsetting of gross fair value payables against gross fair value receivables as allowed by the ISDAs.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | (12) Fair Value Measurements 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 swaps 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 Measurement. 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 includes current maturities and is reduced by debt issuance costs of $28.9 million and $32.6 million as of September 30, 2021 and December 31, 2020, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration paid for the acquisition of Amarillo Rattler, LLC included $10 million to be paid on April 30, 2022 and a contingent consideration capped at $15 million and payable between 2024 and 2026 based on Diamondback Energy’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. For additional information regarding this transaction, refer to “Note 2—Significant Accounting Policies.” 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 September 30, 2021 and December 31, 2020 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 | (13) Segment Information Starting in the first quarter of 2021, we began evaluating the financial performance of our segments by including realized and unrealized gains and losses resulting from commodity swaps activity in the Permian, Louisiana, Oklahoma, and North Texas segments. Commodity swaps activity was previously reported in the Corporate segment. We have recast segment information for all presented periods prior to the first quarter of 2021 to conform to current period presentation. Identification of the majority of our operating segments is based principally upon geographic regions served: •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 the Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and CNOW shale areas; •North Texas Segment. The North Texas segment includes our natural gas gathering, processing, and transmission activities in North Texas; and •Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, our ownership interest in GCF in South Texas, and our general 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. Summarized financial information for our reportable segments is shown in the following tables (in millions):
____________________________ (1)Includes related party cost of sales of $4.9 million for the three months ended September 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.8 million for the three months ended September 30, 2021.
____________________________ (1)Includes related party cost of sales of $2.0 million for the three months ended September 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $158.6 million for the three months ended September 30, 2020.
____________________________ (1)Includes related party cost of sales of $11.7 million for the nine months ended September 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $449.9 million for the nine months ended September 30, 2021.
____________________________ (1)Includes related party cost of sales of $6.2 million for the nine months ended September 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $475.5 million for the nine months ended September 30, 2020. The table below represents information about segment assets as of September 30, 2021 and December 31, 2020 (in millions):
____________________________ (1)Accounts receivable and accrued revenue sold to the SPV for collateral under the AR Facility are included within the Permian, Louisiana, Oklahoma, and North Texas segments.
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Other Information |
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information | (14) Other Information The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) 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 several pending customer billing disputes, including one that has resulted in litigation, and we could be involved in other disputes and litigation arising out of the storm in the future. We are involved in various litigation and administrative proceedings arising in the normal course of business. We cannot currently predict the outcome of these contingencies and therefore have not accrued any costs associated with potential claims. In the opinion of management, any liabilities that may result from such claims would not individually or in aggregate have a material adverse effect on our financial position, results of operations, or cash flows.
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Significant Accounting Policies (Policies) |
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Sep. 30, 2021 | |
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, 2020. 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 (loss). 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. 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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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 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. 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.
____________________________ (1)Amounts do not represent expected shortfall under these commitments.
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Schedule of Assets Acquired and Liabilities Assumed | The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date (in millions):
____________________________ (1)The estimated fair value of the Amarillo Rattler, LLC contingent consideration was calculated in accordance with the fair value guidance contained in ASC 820, Fair Value Measurements. There are a number of assumptions and estimates factored into these fair values and actual contingent consideration payments could differ from the estimated fair values. (2)“Other assets, net” and “Other long-term liabilities” consist of the right-of-use asset and lease liability, respectively, recorded from a lease obtained through the acquisition of Amarillo Rattler, LLC.
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Intangible Assets (Tables) |
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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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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following (in millions):
____________________________ (1)Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.6% and 1.7% at September 30, 2021 and December 31, 2020, respectively. The Term Loan will mature on December 10, 2021. Therefore, the outstanding principal balance, net of debt issuance costs, is classified as “Current maturities of long-term debt” on the consolidated balance sheet as of September 30, 2021 and December 31, 2020, respectively. (2)Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.2% and 2.0% at September 30, 2021 and December 31, 2020, respectively. (3)Net of amortization of $17.5 million and $14.1 million at September 30, 2021 and December 31, 2020, respectively.
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 total income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income (loss) before income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of restricted incentive units. (2)Oklahoma House Bill 2960 resulted in a change in the corporate income tax rate from 6% to 4%, effective January 1, 2022. Accordingly, we recorded deferred tax expense in the amount of $7.6 million for the nine months ended September 30, 2021 due to a remeasurement of deferred tax assets.
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Certain Provisions of the ENLK Partnership Agreement (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Distribution Activity | A summary of the distribution activity relating to the Series B Preferred Units during the nine months ended September 30, 2021 and 2020 is provided below:
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Members' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 described in “Distributions” below. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
____________________________ (1)All common unit equivalents were antidilutive for the nine months ended September 30, 2021 and 2020, respectively, since a net loss existed for those periods.
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Summary of Distribution Activity | A summary of our distribution activity related to the ENLC common units for the nine months ended September 30, 2021 and 2020, respectively, is provided below:
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Investment in Unconsolidated Affiliates (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021 and December 31, 2020 (in millions):
____________________________ (1)As of September 30, 2021, our investment in the Cedar Cove JV is classified as “Other long-term liabilities” on the consolidated balance sheet.
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Employee Incentive Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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)For the three and nine months ended September 30, 2021, the amount of related income tax benefit recognized in net income excluded $0.2 million and $3.1 million of income tax expense, respectively, related to book-to-tax differences recorded upon the vesting of restricted units. For the three and nine months ended September 30, 2020, the amount of related income tax benefit recognized in net income (loss) excluded $1.6 million and $6.0 million of income tax expense, respectively, related to book-to-tax differences recorded upon the vesting of restricted units.
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Schedule Of Restricted Stock Units Activity, ENLC | A summary of the restricted incentive unit activity for the nine months ended September 30, 2021 is provided below:
____________________________ (1)Restricted incentive units typically vest at the end of three years. (2)Vested units included 369,817 units withheld for payroll taxes paid on behalf of employees.
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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 nine months ended September 30, 2021 and 2020 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 63,901 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 nine months ended September 30, 2021 and 2020 is provided below (in millions). No performance units vested for the three months ended September 30, 2021 and 2020.
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Gain (Loss) on Derivative Activity | The components of the unrealized gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payments, included in our consolidated statements of operations were as follows (in millions): The components of loss on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):
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Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps | The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):
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Schedule Of Fair Value of Derivative Assets and Liabilities Related To Commodity Swaps | The fair value of derivative assets and liabilities related to commodity 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 swaps that we held for price risk management purposes and the related physical offsets at September 30, 2021 (in millions). The remaining term of the contracts extend no later than January 2023.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Assets (Liabilities) Measured on a Recurring Basis | 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 swaps 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 Measurement.
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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 includes current maturities and is reduced by debt issuance costs of $28.9 million and $32.6 million as of September 30, 2021 and December 31, 2020, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration paid for the acquisition of Amarillo Rattler, LLC included $10 million to be paid on April 30, 2022 and a contingent consideration capped at $15 million and payable between 2024 and 2026 based on Diamondback Energy’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. For additional information regarding this transaction, refer to “Note 2—Significant Accounting Policies.”
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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. Summarized financial information for our reportable segments is shown in the following tables (in millions):
____________________________ (1)Includes related party cost of sales of $4.9 million for the three months ended September 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.8 million for the three months ended September 30, 2021.
____________________________ (1)Includes related party cost of sales of $2.0 million for the three months ended September 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $158.6 million for the three months ended September 30, 2020.
____________________________ (1)Includes related party cost of sales of $11.7 million for the nine months ended September 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $449.9 million for the nine months ended September 30, 2021.
____________________________ (1)Includes related party cost of sales of $6.2 million for the nine months ended September 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $475.5 million for the nine months ended September 30, 2020.
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Schedule of Segment Assets | The table below represents information about segment assets as of September 30, 2021 and December 31, 2020 (in millions):
____________________________ (1)Accounts receivable and accrued revenue sold to the SPV for collateral under the AR Facility are included within the Permian, Louisiana, Oklahoma, and North Texas segments.
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Other Information (Tables) |
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
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General (Details) mi in Thousands, bbl in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
Bcf / d
fractionator
processingPlant
mi
bbl
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of miles of pipeline | mi | 12 |
Number of natural gas processing plants | processingPlant | 23 |
Amount of processing capacity | Bcf / d | 5.5 |
Number of fractionators | fractionator | 7 |
Capacity of fractionators per day, barrels | bbl | 290 |
Significant Accounting Policies - Narrative (Details) - Amarillo Rattler, LLC |
Apr. 30, 2021
USD ($)
|
---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cash (including working capital payment) | $ 50,000,000 |
Installment payable | 10,000,000.0 |
Business combination, maximum earnout | $ 15,000,000 |
Significant Accounting Policies - Summary of Future Performance Obligations (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 817.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 38.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 136.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 123.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 107.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 63.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 347.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period |
Significant Accounting Policies - Fair Value of Identified Assets Received and Liabilities Assumed (Details) - Amarillo Rattler, LLC $ in Millions |
Apr. 30, 2021
USD ($)
|
---|---|
Consideration | |
Cash (including working capital payment) | $ 50.6 |
Installment payable | 10.0 |
Contingent consideration fair value | 6.9 |
Total consideration | 67.5 |
Purchase price allocation | |
Cash acquired | 1.3 |
Current assets (including $1.3 million in cash) | 1.4 |
Property and equipment | 16.3 |
Intangible assets | 50.6 |
Other assets, net | 0.6 |
Current liabilities | (0.8) |
Other long-term liabilities | (0.6) |
Total identifiable net assets | $ 67.5 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 31.9 | $ 30.9 | $ 94.4 | $ 92.7 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 10 years | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 20 years | |||
Weighted average | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 14 years 10 months 24 days |
Intangible Assets - Changes in Carrying Value (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Gross Carrying Amount, Beginning Balance | $ 1,794.2 | |||
Accumulated Amortization, Beginning Balance | (668.8) | |||
Net Carrying Amount, Beginning Balance | 1,125.4 | |||
Customer relationships obtained from acquisition of business | 50.6 | |||
Amortization expense | $ (31.9) | $ (30.9) | (94.4) | $ (92.7) |
Gross Carrying Amount, Ending Balance | 1,844.8 | 1,844.8 | ||
Accumulated Amortization, Ending Balance | (763.2) | (763.2) | ||
Net Carrying Amount, Ending Balance | $ 1,081.6 | $ 1,081.6 |
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 (remaining) | $ 31.9 | |
2022 | 127.6 | |
2023 | 127.6 | |
2024 | 127.6 | |
2025 | 110.3 | |
Thereafter | 556.6 | |
Total | $ 1,081.6 | $ 1,125.4 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|||||
Related Party Transaction [Line Items] | |||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | $ 1,400.8 | $ 549.5 | $ 3,390.6 | $ 1,702.5 | ||||
Accounts payable to related party | 1.9 | 1.9 | $ 1.0 | ||||||
Cedar Cove Joint Venture | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 4.9 | 2.0 | 11.7 | 6.2 | |||||
Accounts payable to related party | 1.9 | 1.9 | $ 1.0 | ||||||
GIP | |||||||||
Related Party Transaction [Line Items] | |||||||||
General and administrative expenses from transactions with related party | $ 0.0 | $ 0.2 | $ 0.2 | $ 0.2 | |||||
|
Long-Term Debt - Summary (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument | ||
Outstanding principal | $ 4,427.3 | $ 4,632.3 |
Premium (discount) | (5.8) | (5.9) |
Long-term debt | 4,421.5 | 4,626.4 |
Debt issuance costs | (28.9) | (32.6) |
Less: Current maturities of long-term debt | (150.0) | (349.8) |
Long-term debt, net of unamortized issuance cost | 4,242.6 | 4,244.0 |
Debt issuance cost accumulated amortization | 17.5 | 14.1 |
Term Loan Due 2021 | ||
Debt Instrument | ||
Outstanding principal | 150.0 | 350.0 |
Premium (discount) | 0.0 | 0.0 |
Long-term debt | $ 150.0 | $ 350.0 |
Effective interest rate | 1.60% | 1.70% |
Consolidated Credit Facility due 2024 | ||
Debt Instrument | ||
Outstanding principal | $ 0.0 | $ 0.0 |
Premium (discount) | 0.0 | 0.0 |
Long-term debt | 0.0 | 0.0 |
AR Facility due 2024 | ||
Debt Instrument | ||
Outstanding principal | 245.0 | 250.0 |
Premium (discount) | 0.0 | 0.0 |
Long-term debt | $ 245.0 | $ 250.0 |
Effective interest rate | 1.20% | 2.00% |
4.4% Senior Notes Due 2024 | ||
Debt Instrument | ||
Outstanding principal | $ 521.8 | $ 521.8 |
Premium (discount) | 0.8 | 1.1 |
Long-term debt | $ 522.6 | 522.9 |
Stated interest rate | 4.40% | |
4.15% Senior Notes Due 2025 | ||
Debt Instrument | ||
Outstanding principal | $ 720.8 | 720.8 |
Premium (discount) | (0.4) | (0.6) |
Long-term debt | $ 720.4 | 720.2 |
Stated interest rate | 4.15% | |
4.85 Senior Notes Due 2026 | ||
Debt Instrument | ||
Outstanding principal | $ 491.0 | 491.0 |
Premium (discount) | (0.3) | (0.4) |
Long-term debt | $ 490.7 | 490.6 |
Stated interest rate | 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 | 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 | 5.375% | |
5.6% 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 | 5.60% | |
5.05 Senior Notes Due 2045 | ||
Debt Instrument | ||
Outstanding principal | $ 450.0 | 450.0 |
Premium (discount) | (5.6) | (5.7) |
Long-term debt | $ 444.4 | 444.3 |
Stated interest rate | 5.05% | |
Senior Notes, 5.45%, Due 2047 | ||
Debt Instrument | ||
Outstanding principal | $ 500.0 | 500.0 |
Premium (discount) | (0.1) | (0.1) |
Long-term debt | $ 499.9 | $ 499.9 |
Stated interest rate | 5.45% |
Long-Term Debt - Narrative (Details) |
1 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2021
USD ($)
|
Apr. 30, 2021
USD ($)
|
Feb. 26, 2021
USD ($)
|
Oct. 21, 2020
USD ($)
|
Dec. 11, 2018
USD ($)
|
Sep. 30, 2021
USD ($)
|
May 31, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Debt Instrument | |||||||||
Increase (decrease) in accounts receivable | $ 708,100,000 | ||||||||
Outstanding principal | $ 4,427,300,000 | 4,427,300,000 | $ 4,632,300,000 | ||||||
Amarillo Rattler, LLC | |||||||||
Debt Instrument | |||||||||
Payments to acquire gathering and processing system | $ 50,000,000 | ||||||||
Term Loan Due 2021 | |||||||||
Debt Instrument | |||||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, ratio | 5.5 | ||||||||
Outstanding principal | 150,000,000.0 | 150,000,000.0 | 350,000,000.0 | ||||||
Letters of credit | |||||||||
Debt Instrument | |||||||||
Additional amount available (not to exceed) | 1,750,000,000 | ||||||||
Line of credit facility, fair value of amount outstanding | 0 | 0 | |||||||
AR Facility due 2024 | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 245,000,000.0 | 245,000,000.0 | $ 250,000,000.0 | ||||||
Minimum | Term Loan Due 2021 | |||||||||
Debt Instrument | |||||||||
Conditional Acquisition Purchase Price | $ 50,000,000 | ||||||||
Maximum | Term Loan Due 2021 | |||||||||
Debt Instrument | |||||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, ratio | 5.5 | ||||||||
Letter of Credit | ENLC | Letters of credit | |||||||||
Debt Instrument | |||||||||
Line of credit facility, fair value of amount outstanding | 41,100,000 | 41,100,000 | |||||||
Line of Credit | Asset-backed Securities | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 350,000,000 | $ 300,000,000 | $ 250,000,000 | 350,000,000 | $ 350,000,000 | ||||
Line of credit facility, increase in period | $ 50,000,000 | $ 50,000,000 | |||||||
Drawn fee percentage | 1.10% | 1.25% | 1.625% | 1.10% | |||||
Line of Credit | LIBOR | Minimum | Asset-backed Securities | |||||||||
Debt Instrument | |||||||||
Variable rate | 0.00% | 0.375% | |||||||
Unsecured Debt | Term Loan Due 2021 | |||||||||
Debt Instrument | |||||||||
Repayments of borrowings | 100,000,000 | $ 100,000,000 | |||||||
Face amount | $ 150,000,000 | $ 150,000,000 | |||||||
Unsecured Debt | Letters of credit | |||||||||
Debt Instrument | |||||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, during an acquisition period, ratio | 5.5 | ||||||||
Unsecured Debt | Minimum | Letters of credit | |||||||||
Debt Instrument | |||||||||
Conditional Acquisition Purchase Price | $ 50,000,000 | ||||||||
Unsecured Debt | Maximum | Letters of credit | |||||||||
Debt Instrument | |||||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, during an acquisition period, ratio | 5.5 | 5.5 | |||||||
Letter of Credit | Letters of credit | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||||
Covenant, percentage of letter of credits guaranteed | 105.00% | 105.00% |
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ (0.1) | $ (0.4) | $ (0.2) | $ (1.1) |
Deferred income tax benefit (expense) | (4.3) | (5.6) | (12.2) | 17.1 |
Income tax benefit (expense) | (4.4) | (6.0) | (12.4) | 16.0 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected income tax benefit (expense) based on federal statutory rate | (2.0) | (3.6) | 4.2 | 60.0 |
State income tax benefit (expense), net of federal benefit | (0.3) | (0.6) | 0.5 | 6.4 |
Unit-based compensation | (0.2) | (1.6) | (3.1) | (6.0) |
Non-deductible expense related to goodwill impairment | 0.0 | 0.0 | 0.0 | (43.4) |
Change in valuation allowance | (1.6) | 0.0 | (3.8) | 0.0 |
Oklahoma statutory rate change | 0.0 | 0.0 | (7.6) | 0.0 |
Other | (0.3) | (0.2) | (2.6) | (1.0) |
Income tax benefit (expense) | $ (4.4) | $ (6.0) | (12.4) | $ 16.0 |
Deferred state income tax expense (benefit) | $ 7.6 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Deferred tax liabilities | $ 124.2 | $ 124.2 | $ 108.6 | ||
Deferred tax assets | 484.1 | 484.1 | 396.0 | ||
Deferred tax assets, valuation allowance | 157.1 | 157.1 | $ 153.3 | ||
Change in valuation allowance | $ 1.6 | $ 0.0 | $ 3.8 | $ 0.0 |
Certain Provisions of the ENLK Partnership Agreement - Narrative and Distributions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Series B Preferred Unitholders | ||||||||||
Partnership agreement | ||||||||||
Distribution paid-in kind (in shares) | 151,626 | 151,248 | 150,871 | 150,494 | 150,119 | 149,745 | 149,371 | 148,999 | ||
Cash distributions | $ 17.1 | $ 17.0 | $ 17.0 | $ 16.9 | $ 16.9 | $ 16.8 | $ 16.8 | $ 16.8 | ||
Series B Preferred Unitholders | EnLink Midstream Partners, LP | ||||||||||
Partnership agreement | ||||||||||
Preferred units, issued (in shares) | 60,650,397 | 60,197,784 | 60,650,397 | |||||||
Preferred units, outstanding (in shares) | 60,650,397 | 60,197,784 | 60,650,397 | |||||||
Series C Preferred Unitholders | ||||||||||
Partnership agreement | ||||||||||
Distribution paid-in kind (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | ||||||
Series C Preferred Unitholders | EnLink Midstream Partners, LP | ||||||||||
Partnership agreement | ||||||||||
Preferred units, issued (in shares) | 400,000 | 400,000 | 400,000 | |||||||
Preferred units, outstanding (in shares) | 400,000 | 400,000 | 400,000 |
Members' Equity - Computation and Distribution Activity (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Nov. 30, 2020 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Repurchase program, amount authorized | $ 100,000,000 | ||||||||||
Common units repurchased (in shares) | 2,076,545 | 2,394,296 | |||||||||
Payment for common unit repurchases | $ 12,500,000 | $ 14,500,000 | $ 0 | ||||||||
Shares repurchased, average cost per share (in dollars per share) | $ 6.02 | $ 6.05 | |||||||||
Distributed earnings allocated to: | |||||||||||
Total distributed earnings | $ 46,800,000 | $ 46,600,000 | $ 140,900,000 | 139,900,000 | |||||||
Undistributed loss allocated to: | |||||||||||
Total undistributed loss, basic | (44,900,000) | (34,000,000.0) | (173,300,000) | (410,000,000.0) | |||||||
Total undistributed loss, diluted | (44,900,000) | (34,000,000.0) | (173,300,000) | (410,000,000.0) | |||||||
Net income (loss) attributable to ENLC allocated to: | |||||||||||
Total net income (loss), basic | 1,900,000 | 12,600,000 | (32,400,000) | (270,100,000) | |||||||
Total net income (loss), diluted | $ 1,900,000 | $ 12,600,000 | $ (32,400,000) | $ (270,100,000) | |||||||
Basic and diluted total net income (loss) attributable to ENLC per unit: | |||||||||||
Basic (in dollars per share) | $ 0 | $ 0.03 | $ (0.07) | $ (0.55) | |||||||
Diluted (in dollars per share) | 0 | 0.03 | $ (0.07) | $ (0.55) | |||||||
Distribution declared/unit (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.1875 | |||
Unvested restricted units | |||||||||||
Distributed earnings allocated to: | |||||||||||
Total distributed earnings | $ 1,000,000.0 | $ 700,000 | $ 3,200,000 | $ 2,300,000 | |||||||
Undistributed loss allocated to: | |||||||||||
Total undistributed loss, basic | (1,000,000.0) | (600,000) | (4,000,000.0) | (7,000,000.0) | |||||||
Total undistributed loss, diluted | (1,000,000.0) | (600,000) | (4,000,000.0) | (7,000,000.0) | |||||||
Net income (loss) attributable to ENLC allocated to: | |||||||||||
Total net income (loss), basic | 0 | 100,000 | (800,000) | (4,700,000) | |||||||
Total net income (loss), diluted | 0 | 100,000 | (800,000) | (4,700,000) | |||||||
Common units | |||||||||||
Distributed earnings allocated to: | |||||||||||
Total distributed earnings | 45,800,000 | 45,900,000 | 137,700,000 | 137,600,000 | |||||||
Undistributed loss allocated to: | |||||||||||
Total undistributed loss, basic | (43,900,000) | (33,400,000) | (169,300,000) | (403,000,000.0) | |||||||
Total undistributed loss, diluted | (43,900,000) | (33,400,000) | (169,300,000) | (403,000,000.0) | |||||||
Net income (loss) attributable to ENLC allocated to: | |||||||||||
Total net income (loss), basic | 1,900,000 | 12,500,000 | (31,600,000) | (265,400,000) | |||||||
Total net income (loss), diluted | $ 1,900,000 | $ 12,500,000 | $ (31,600,000) | $ (265,400,000) |
Members' Equity - Components to Compute Basic and Diluted Earnings per Unit (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Weighted average basic common units outstanding (in units) | 488.6 | 489.7 | 489.6 | 489.2 |
Dilutive effect of non-vested restricted units (in units) | 6.2 | 1.2 | 0.0 | 0.0 |
Total weighted average diluted common units outstanding (in units) | 494.8 | 490.9 | 489.6 | 489.2 |
Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Equity method investments | |||||
Distributions | $ 0.1 | $ 0.0 | $ 3.8 | $ 2.0 | |
Income (loss) from unconsolidated affiliates | (2.3) | (0.2) | (9.9) | 0.8 | |
Total investment in unconsolidated affiliates | $ 29.0 | $ 29.0 | $ 41.6 | ||
GCF | |||||
Equity method investments | |||||
Ownership interest | 38.75% | 38.75% | |||
Distributions | $ 0.0 | 0.0 | $ 3.5 | 1.6 | |
Income (loss) from unconsolidated affiliates | $ (1.7) | 0.4 | $ (8.1) | 2.5 | |
Cedar Cove JV | |||||
Equity method investments | |||||
Ownership interest | 30.00% | 30.00% | |||
Distributions | $ 0.1 | 0.0 | $ 0.3 | 0.4 | |
Income (loss) from unconsolidated affiliates | (0.6) | $ (0.6) | (1.8) | $ (1.7) | |
EnLink Midstream Partners, LP | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 27.9 | 27.9 | 41.6 | ||
EnLink Midstream Partners, LP | GCF | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 29.0 | 29.0 | 40.6 | ||
EnLink Midstream Partners, LP | Cedar Cove JV | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | $ (1.1) | $ (1.1) | $ 1.0 |
Employee Incentive Plans - Amounts Recognized in Consolidated Financial Statements (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Allocation | ||||
Total unit-based compensation expense | $ 6.4 | $ 8.4 | $ 19.3 | $ 24.6 |
Amount of related income tax benefit recognized in net income (loss) | 1.5 | 2.0 | 4.5 | 5.8 |
Unit-based compensation | 0.2 | 1.6 | 3.1 | 6.0 |
Restricted units | ||||
Allocation | ||||
Unit-based compensation | 0.2 | 1.6 | 3.1 | 6.0 |
Cost of unit-based compensation charged to operating expense | ||||
Allocation | ||||
Total unit-based compensation expense | 1.5 | 2.0 | 4.9 | 6.2 |
Cost of unit-based compensation charged to general and administrative expense | ||||
Allocation | ||||
Total unit-based compensation expense | $ 4.9 | $ 6.4 | $ 14.4 | $ 18.4 |
Employee Incentive Plans - Restricted and Performance Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 |
Jul. 31, 2020 |
Mar. 31, 2020 |
Jan. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Unvested restricted units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Non-vested, beginning of period (in shares) | 5,350,086 | 5,350,086 | ||||||
Granted (in shares) | 3,926,541 | |||||||
Vested (in shares) | (1,234,251) | |||||||
Forfeited (in shares) | (478,554) | |||||||
Non-vested, end of period (in shares) | 7,563,822 | 7,563,822 | ||||||
Aggregate intrinsic value, end of period | $ 51.6 | $ 51.6 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Non-vested, beginning of period (in dollars per share) | $ 8.45 | $ 8.45 | ||||||
Granted (in dollars per share) | 3.85 | |||||||
Vested (in dollars per share) | 13.01 | |||||||
Forfeited (in dollars per share) | 6.11 | |||||||
Non-vested, end of period (in dollars per share) | $ 5.47 | $ 5.47 | ||||||
Incentive unit award vesting period | 3 years | |||||||
Units withheld for payroll taxes (in shares) | 369,817 | |||||||
Aggregate intrinsic value of units vested | $ 1.5 | $ 1.0 | $ 5.4 | $ 11.9 | ||||
Fair value of units vested | 3.6 | $ 6.0 | 16.1 | 31.0 | ||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 17.7 | $ 17.7 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 7 months 6 days | |||||||
Performance units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Non-vested, beginning of period (in shares) | 2,351,241 | 2,351,241 | ||||||
Granted (in shares) | 1,388,139 | |||||||
Vested (in shares) | (164,553) | |||||||
Non-vested, end of period (in shares) | 3,574,827 | 3,574,827 | ||||||
Aggregate intrinsic value, end of period | $ 24.4 | $ 24.4 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Non-vested, beginning of period (in dollars per share) | $ 8.82 | $ 8.82 | ||||||
Granted (in dollars per share) | 4.70 | |||||||
Vested (in dollars per share) | 26.73 | |||||||
Non-vested, end of period (in dollars per share) | $ 6.40 | $ 6.40 | ||||||
Units withheld for payroll taxes (in shares) | 63,901 | |||||||
Aggregate intrinsic value of units vested | $ 0.6 | 0.9 | ||||||
Fair value of units vested | 4.4 | $ 5.5 | ||||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 9.7 | $ 9.7 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 8 months 12 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||
Grant-date fair value (in dollars per share) | 4.70 | $ 2.33 | $ 1.13 | $ 7.69 | ||||
Beginning TSR Price (in dollars per share) | $ 3.71 | $ 2.52 | $ 1.25 | $ 6.13 | ||||
Risk-free interest rate | 0.17% | 0.17% | 0.42% | 1.62% | ||||
Volatility factor | 71.00% | 67.00% | 51.00% | 37.00% | ||||
Performance units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Percent of units vesting | 0.00% | |||||||
Performance units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Percent of units vesting | 200.00% |
Derivatives - Interest Rate Swaps (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
May 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Apr. 30, 2019 |
|||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||
Derivative, notional amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 850,000,000 | ||||||||||||||||||||||||||||||
Derivative, fixed interest rate | 2.28% | |||||||||||||||||||||||||||||||||
Derivative, termination payment | 500,000 | $ 1,300,000 | $ 10,900,000 | |||||||||||||||||||||||||||||||
Derivative, notional amount, amount terminated | 100,000,000 | $ 100,000,000 | 500,000,000 | 100,000,000 | 100,000,000 | $ 700,000,000 | ||||||||||||||||||||||||||||
Derivative liability | 12,700,000 | 12,700,000 | 12,700,000 | |||||||||||||||||||||||||||||||
Change in fair value of derivatives due to accelerated amortization | 3,500,000 | 9,500,000 | ||||||||||||||||||||||||||||||||
Tax benefit (expense) | (1,200,000) | [1] | $ (1,100,000) | $ (1,100,000) | $ (1,100,000) | $ (500,000) | $ 4,000,000 | (3,400,000) | $ 2,400,000 | |||||||||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | 3,800,000 | [1],[2] | $ 3,700,000 | [3] | $ 3,600,000 | [4] | 3,600,000 | [1],[5] | $ 1,500,000 | [6] | $ (13,100,000) | [7] | 11,100,000 | [1] | (8,000,000.0) | [1] | ||||||||||||||||||
Interest expense | 5,000,000.0 | 4,600,000 | 14,600,000 | 9,600,000 | ||||||||||||||||||||||||||||||
Interest expense expected to be reclassified out of accumulated other comprehensive income (loss) over the next twelve months | 3,700,000 | 3,700,000 | 3,700,000 | |||||||||||||||||||||||||||||||
Fair value of derivative liabilities—current | (110,900,000) | (37,100,000) | (110,900,000) | (110,900,000) | ||||||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | 5,000,000.0 | 4,700,000 | 14,500,000 | (10,400,000) | ||||||||||||||||||||||||||||||
Tax benefit (expense) | (1,200,000) | (1,100,000) | (3,400,000) | 2,400,000 | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on designated cash flow hedge | 3,800,000 | $ 3,600,000 | 11,100,000 | $ (8,000,000.0) | ||||||||||||||||||||||||||||||
Fair value of derivative liabilities—current | $ (700,000) | $ (7,600,000) | $ (700,000) | $ (700,000) | ||||||||||||||||||||||||||||||
|
Derivatives - Components of Commodity Swap Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Derivatives | ||||
Change in fair value of derivatives | $ (1.2) | $ (2.2) | $ (32.9) | $ (8.0) |
Realized gain (loss) on derivatives | (37.5) | (7.3) | ||
Loss on derivative activity | (33.6) | (5.1) | (155.2) | (8.3) |
EnLink Midstream Partners, LP | Commodity swaps | ||||
Derivatives | ||||
Change in fair value of derivatives | (1.2) | (2.2) | (32.9) | (8.0) |
Realized gain (loss) on derivatives | (32.4) | (2.9) | (122.3) | (0.3) |
Loss on derivative activity | $ (33.6) | $ (5.1) | $ (155.2) | $ (8.3) |
Derivatives - Fair Value of Commodity Swap Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives | ||
Fair value of derivative assets—current | $ 75.3 | $ 25.0 |
Fair value of derivative assets—long-term | 2.2 | 4.9 |
Fair value of derivative liabilities—current | (110.9) | (37.1) |
Fair value of derivative liabilities—long-term | (2.3) | (2.5) |
EnLink Midstream Partners, LP | ||
Derivatives | ||
Fair value of derivative assets—current | 75.3 | 25.0 |
Fair value of derivative assets—long-term | 2.2 | 4.9 |
Fair value of derivative liabilities—current | (110.2) | (29.5) |
Fair value of derivative liabilities—long-term | (2.3) | (2.5) |
Net fair value of commodity swaps | $ (35.0) | $ (2.1) |
Derivatives - Commodity Swaps Additional Information (Details) - EnLink Midstream Partners, LP gal in Millions, MMBbls in Millions, MMBTU in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021
USD ($)
MMBTU
gal
MMBbls
|
Dec. 31, 2020
USD ($)
|
|
Derivatives | ||
Net Fair Value | $ (35,000,000.0) | $ (2,100,000) |
Commodity | ||
Derivatives | ||
Net Fair Value | (35,000,000.0) | |
Maximum loss if counterparties fail to perform | 77,500,000 | |
Possible reduction in maximum loss if counterparties fail to perform | $ 0 | |
Commodity | NGL | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 169.3 | |
Net Fair Value | $ (56,300,000) | |
Commodity | NGL | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 7.8 | |
Net Fair Value | $ 1,400,000 | |
Commodity | Natural Gas | Short | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 9.8 | |
Net Fair Value | $ (17,600,000) | |
Commodity | Natural Gas | Long | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 14.2 | |
Net Fair Value | $ 25,000,000.0 | |
Commodity | Crude and condensate | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 7.8 | |
Net Fair Value | $ (32,700,000) | |
Commodity | Crude and condensate | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 3.8 | |
Net Fair Value | $ 45,200,000 |
Fair Value Measurements - Recurring (Details) - Level 2 - Recurring - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest rate swaps | ||
Fair Value | ||
Net Fair Value | $ (0.7) | $ (7.6) |
Commodity swaps | ||
Fair Value | ||
Net Fair Value | $ (35.0) | $ (2.1) |
Fair Value Measurements - Financial Instruments (Details) - USD ($) |
Sep. 30, 2021 |
Apr. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Fair Value | |||
Debt issuance costs | $ 28,900,000 | $ 32,600,000 | |
Amarillo Rattler, LLC | |||
Fair Value | |||
Installment payable | $ 10,000,000 | ||
Business combination, maximum earnout | $ 15,000,000 | ||
Carrying Value | |||
Fair Value | |||
Long-term debt | 4,392,600,000 | 4,593,800,000 | |
Installment payable | 10,000,000.0 | 0 | |
Contingent consideration fair value | 6,900,000 | 0 | |
Fair Value | |||
Fair Value | |||
Long-term debt | 4,466,700,000 | 4,318,200,000 | |
Installment payable | 10,000,000.0 | 0 | |
Contingent consideration fair value | $ 6,900,000 | $ 0 |
Segment Information - Financial Information and Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Segment Reporting | ||||||||
Revenue from contracts with customers | $ 1,821.2 | $ 933.6 | $ 4,597.9 | $ 2,837.8 | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | (1,400.8) | (549.5) | (3,390.6) | (1,702.5) | |||
Realized gain (loss) on derivatives | (32.4) | (2.9) | (122.3) | (0.3) | ||||
Change in fair value of derivatives | (1.2) | (2.2) | (32.9) | (8.0) | ||||
Adjusted gross margin | 386.8 | 379.0 | 1,052.1 | 1,127.0 | ||||
Operating expenses | (106.9) | (94.3) | (260.0) | (283.1) | ||||
Segment profit | 279.9 | 284.7 | 792.1 | 843.9 | ||||
Depreciation and amortization | (153.0) | (160.3) | (455.9) | (481.3) | ||||
Impairments | 0.0 | 0.0 | 0.0 | (354.5) | ||||
Gain on disposition of assets | 0.4 | 1.8 | 0.7 | (2.8) | ||||
General and administrative | (28.2) | (25.7) | (80.3) | (79.6) | ||||
Interest expense, net of interest income | (60.1) | (55.5) | (180.1) | (166.3) | ||||
Gain on extinguishment of debt | 0.0 | 0.0 | 0.0 | 32.0 | ||||
Income (loss) from unconsolidated affiliates | (2.3) | (0.2) | (9.9) | 0.8 | ||||
Other income | 0.0 | 0.4 | 0.1 | 0.4 | ||||
Income (loss) before non-controlling interest and income taxes | 36.7 | 45.2 | 66.7 | (207.4) | ||||
Capital expenditures | 40.4 | 43.2 | 109.8 | 227.2 | ||||
Related parties amount in cost of sales | 4.9 | 2.0 | 11.7 | 6.2 | ||||
Other depreciation and amortization | 150.8 | 158.6 | 449.9 | 475.5 | ||||
Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 681.5 | 254.7 | 1,586.1 | 831.0 | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (576.6) | (185.4) | (1,304.5) | (637.7) | ||||
Realized gain (loss) on derivatives | (8.7) | (0.4) | (69.8) | (0.6) | ||||
Change in fair value of derivatives | 10.2 | 0.9 | (3.0) | 2.3 | ||||
Adjusted gross margin | 106.4 | 69.8 | 208.8 | 195.0 | ||||
Operating expenses | (37.3) | (22.9) | (52.9) | (71.1) | ||||
Segment profit | 69.1 | 46.9 | 155.9 | 123.9 | ||||
Depreciation and amortization | (35.4) | (31.9) | (103.5) | (92.1) | ||||
Impairments | (184.6) | |||||||
Gain on disposition of assets | 0.1 | 0.0 | 0.2 | (4.9) | ||||
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 | |||||||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other income | 0.0 | 0.0 | 0.0 | |||||
Income (loss) before non-controlling interest and income taxes | 33.8 | 15.0 | 52.6 | (157.7) | ||||
Capital expenditures | 25.8 | 28.5 | 78.6 | 161.4 | ||||
Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 1,228.7 | 541.5 | 3,045.3 | 1,514.7 | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (1,110.8) | (441.4) | (2,690.1) | (1,213.6) | ||||
Realized gain (loss) on derivatives | (14.9) | (0.6) | (32.0) | 1.9 | ||||
Change in fair value of derivatives | (8.8) | (2.7) | (18.6) | (7.8) | ||||
Adjusted gross margin | 94.2 | 96.8 | 304.6 | 295.2 | ||||
Operating expenses | (30.5) | (31.1) | (91.4) | (90.4) | ||||
Segment profit | 63.7 | 65.7 | 213.2 | 204.8 | ||||
Depreciation and amortization | (34.6) | (36.9) | (106.8) | (109.3) | ||||
Impairments | (169.9) | |||||||
Gain on disposition of assets | 0.2 | 0.0 | 0.3 | 0.1 | ||||
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 | |||||||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other income | 0.0 | 0.0 | 0.0 | |||||
Income (loss) before non-controlling interest and income taxes | 29.3 | 28.8 | 106.7 | (74.3) | ||||
Capital expenditures | 0.4 | 8.5 | 5.4 | 39.3 | ||||
Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 334.0 | 228.9 | 844.5 | 628.7 | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (218.0) | (101.0) | (533.9) | (255.8) | ||||
Realized gain (loss) on derivatives | (6.8) | (1.7) | (15.7) | (1.7) | ||||
Change in fair value of derivatives | (2.3) | (0.3) | (9.4) | (2.4) | ||||
Adjusted gross margin | 106.9 | 125.9 | 285.5 | 368.8 | ||||
Operating expenses | (19.8) | (20.1) | (57.3) | (62.4) | ||||
Segment profit | 87.1 | 105.8 | 228.2 | 306.4 | ||||
Depreciation and amortization | (52.3) | (53.0) | (153.6) | (163.7) | ||||
Impairments | 0.0 | |||||||
Gain on disposition of assets | 0.0 | 0.0 | 0.0 | 0.1 | ||||
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 | |||||||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other income | 0.0 | 0.0 | 0.0 | |||||
Income (loss) before non-controlling interest and income taxes | 34.8 | 52.8 | 74.6 | 142.8 | ||||
Capital expenditures | 10.3 | 2.6 | 17.1 | 14.1 | ||||
North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 231.0 | 115.0 | 621.7 | 342.1 | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (149.4) | (28.2) | (361.8) | (74.1) | ||||
Realized gain (loss) on derivatives | (2.0) | (0.2) | (4.8) | 0.1 | ||||
Change in fair value of derivatives | (0.3) | (0.1) | (1.9) | (0.1) | ||||
Adjusted gross margin | 79.3 | 86.5 | 253.2 | 268.0 | ||||
Operating expenses | (19.3) | (20.2) | (58.4) | (59.2) | ||||
Segment profit | 60.0 | 66.3 | 194.8 | 208.8 | ||||
Depreciation and amortization | (28.5) | (36.8) | (86.0) | (110.4) | ||||
Impairments | 0.0 | |||||||
Gain on disposition of assets | 0.1 | 1.8 | 0.2 | 1.9 | ||||
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 | |||||||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other income | 0.0 | 0.0 | 0.0 | |||||
Income (loss) before non-controlling interest and income taxes | 31.6 | 31.3 | 109.0 | 100.3 | ||||
Capital expenditures | 3.3 | 3.0 | 7.6 | 10.7 | ||||
Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (654.0) | (206.5) | (1,499.7) | (478.7) | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 654.0 | 206.5 | 1,499.7 | 478.7 | ||||
Realized gain (loss) on derivatives | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Change in fair value of derivatives | 0.0 | 0.0 | 0.0 | 0.0 | ||||
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 | (2.2) | (1.7) | (6.0) | (5.8) | ||||
Impairments | 0.0 | |||||||
Gain on disposition of assets | 0.0 | 0.0 | 0.0 | 0.0 | ||||
General and administrative | (28.2) | (25.7) | (80.3) | (79.6) | ||||
Interest expense, net of interest income | (60.1) | (55.5) | (180.1) | (166.3) | ||||
Gain on extinguishment of debt | 32.0 | |||||||
Income (loss) from unconsolidated affiliates | (2.3) | (0.2) | (9.9) | 0.8 | ||||
Other income | 0.4 | 0.1 | 0.4 | |||||
Income (loss) before non-controlling interest and income taxes | (92.8) | (82.7) | (276.2) | (218.5) | ||||
Capital expenditures | 0.6 | 0.6 | 1.1 | 1.7 | ||||
Product sales | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 1,610.2 | 696.1 | 3,968.7 | 2,121.6 | ||||
Product sales | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 354.1 | 129.2 | 854.7 | 548.8 | ||||
Product sales | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 1,144.3 | 500.4 | 2,812.1 | 1,378.5 | ||||
Product sales | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 79.7 | 50.5 | 191.5 | 143.3 | ||||
Product sales | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 32.1 | 16.0 | 110.4 | 51.0 | ||||
Product sales | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, Natural gas sales | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 432.9 | 179.0 | 1,057.2 | 481.3 | ||||
Product sales, Natural gas sales | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 159.3 | 46.5 | 381.7 | 94.0 | ||||
Product sales, Natural gas sales | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 183.2 | 76.4 | 426.4 | 226.6 | ||||
Product sales, Natural gas sales | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 58.2 | 40.1 | 139.7 | 110.0 | ||||
Product sales, Natural gas sales | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 32.2 | 16.0 | 109.4 | 50.7 | ||||
Product sales, Natural gas sales | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, NGL sales | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 899.2 | 403.6 | 2,234.4 | 1,060.3 | ||||
Product sales, NGL sales | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.4 | 0.1 | 0.9 | 0.2 | ||||
Product sales, NGL sales | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 898.6 | 402.3 | 2,231.2 | 1,056.9 | ||||
Product sales, NGL sales | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.3 | 1.2 | 1.3 | 2.9 | ||||
Product sales, NGL sales | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (0.1) | 0.0 | 1.0 | 0.3 | ||||
Product sales, NGL sales | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, Crude oil and condensate sales | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 278.1 | 113.5 | 677.1 | 580.0 | ||||
Product sales, Crude oil and condensate sales | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 194.4 | 82.6 | 472.1 | 454.6 | ||||
Product sales, Crude oil and condensate sales | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 62.5 | 21.7 | 154.5 | 95.0 | ||||
Product sales, Crude oil and condensate sales | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 21.2 | 9.2 | 50.5 | 30.4 | ||||
Product sales, Crude oil and condensate sales | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, 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 | 301.4 | 95.6 | 661.8 | 201.1 | ||||
Product sales—related parties | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 39.5 | 3.3 | 93.3 | 13.3 | ||||
Product sales—related parties | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 180.2 | 85.4 | 430.5 | 208.9 | ||||
Product sales—related parties | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 132.7 | 22.1 | 311.5 | 55.1 | ||||
Product sales—related parties | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (653.8) | (206.4) | (1,497.1) | (478.4) | ||||
Product sales, NGL sales, related party | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, NGL sales, related party | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 301.4 | 95.6 | 661.8 | 201.0 | ||||
Product sales, NGL sales, related party | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 39.5 | 3.3 | 93.3 | 13.3 | ||||
Product sales, NGL sales, related party | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 180.2 | 85.4 | 430.4 | 209.0 | ||||
Product sales, NGL sales, related party | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 131.2 | 21.4 | 306.4 | 52.5 | ||||
Product sales, NGL sales, related party | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (652.3) | (205.7) | (1,491.9) | (475.8) | ||||
Product sales, Crude oil and condensate sales, related party | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, Crude oil and condensate sales, related party | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.1 | ||||
Product sales, Crude oil and condensate sales, related party | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Product sales, Crude oil and condensate sales, related party | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.1 | (0.1) | ||||
Product sales, Crude oil and condensate sales, related party | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 1.5 | 0.7 | 5.1 | 2.6 | ||||
Product sales, Crude oil and condensate sales, related party | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (1.5) | (0.7) | (5.2) | (2.6) | ||||
Midstream services | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 211.0 | 237.5 | 629.2 | 716.2 | ||||
Midstream services | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 26.0 | 29.9 | 69.6 | 81.1 | ||||
Midstream services | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 44.8 | 37.8 | 137.5 | 122.9 | ||||
Midstream services | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 74.0 | 92.9 | 222.3 | 276.2 | ||||
Midstream services | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 66.2 | 76.9 | 199.8 | 236.0 | ||||
Midstream services | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Gathering and transportation | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 112.7 | 128.7 | 342.2 | 380.2 | ||||
Midstream services, Gathering and transportation | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 12.8 | 17.9 | 34.3 | 47.3 | ||||
Midstream services, Gathering and transportation | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 16.3 | 10.7 | 48.5 | 33.9 | ||||
Midstream services, Gathering and transportation | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 44.6 | 56.7 | 141.8 | 165.5 | ||||
Midstream services, Gathering and transportation | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 39.0 | 43.4 | 117.6 | 133.5 | ||||
Midstream services, Gathering and transportation | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Processing | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 61.9 | 74.0 | 175.2 | 220.9 | ||||
Midstream services, Processing | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 7.5 | 8.0 | 21.7 | 19.8 | ||||
Midstream services, Processing | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.9 | 0.3 | 1.9 | 1.6 | ||||
Midstream services, Processing | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 26.5 | 32.4 | 70.5 | 97.8 | ||||
Midstream services, Processing | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 27.0 | 33.3 | 81.1 | 101.7 | ||||
Midstream services, Processing | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, NGL services | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 16.9 | 14.2 | 56.2 | 52.5 | ||||
Midstream services, NGL services | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, NGL services | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 16.9 | 14.2 | 56.0 | 52.4 | ||||
Midstream services, NGL services | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, NGL services | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.2 | 0.1 | ||||
Midstream services, NGL services | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Crude services | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 18.7 | 19.7 | 52.8 | 59.4 | ||||
Midstream services, Crude services | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 5.5 | 3.8 | 13.0 | 13.0 | ||||
Midstream services, Crude services | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 10.3 | 12.2 | 29.8 | 33.8 | ||||
Midstream services, Crude services | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 2.8 | 3.7 | 9.5 | 12.6 | ||||
Midstream services, Crude services | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 0.0 | 0.5 | 0.0 | ||||
Midstream services, Crude services | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Other services | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.8 | 0.9 | 2.8 | 3.2 | ||||
Midstream services, Other services | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.2 | 0.2 | 0.6 | 1.0 | ||||
Midstream services, Other services | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.4 | 0.4 | 1.3 | 1.2 | ||||
Midstream services, Other services | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.5 | 0.3 | ||||
Midstream services, Other services | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 0.2 | 0.4 | 0.7 | ||||
Midstream services, 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 | 0.1 | 0.0 | 2.4 | 0.0 | ||||
Midstream services—related parties | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.2 | 0.3 | ||||
Midstream services—related parties | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services—related parties | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (0.2) | (0.1) | (2.6) | (0.3) | ||||
Midstream services, Crude services, related party | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Crude services, related party | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Crude services, related party | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Crude services, related party | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.2 | 0.3 | ||||
Midstream services, Crude services, related party | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Midstream services, Crude services, related party | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | (0.1) | $ (0.1) | (0.2) | $ (0.3) | ||||
Midstream services, Other services, related party | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||||
Midstream services, Other services, related party | Permian | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||||
Midstream services, Other services, related party | Louisiana | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.1 | 2.4 | ||||||
Midstream services, Other services, related party | Oklahoma | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||||
Midstream services, Other services, related party | North Texas | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | 0.0 | 0.0 | ||||||
Midstream services, Other services, related party | Corporate | ||||||||
Segment Reporting | ||||||||
Revenue from contracts with customers | $ (0.1) | $ (2.4) | ||||||
|
Segment Information - Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting | ||
Total identifiable assets | $ 8,626.5 | $ 8,550.9 |
Permian | ||
Segment Reporting | ||
Total identifiable assets | 2,391.2 | 2,236.3 |
Louisiana | ||
Segment Reporting | ||
Total identifiable assets | 2,489.4 | 2,312.4 |
Oklahoma | ||
Segment Reporting | ||
Total identifiable assets | 2,661.5 | 2,847.6 |
North Texas | ||
Segment Reporting | ||
Total identifiable assets | 938.0 | 1,008.6 |
Corporate | ||
Segment Reporting | ||
Total identifiable assets | $ 146.4 | $ 146.0 |
Other Information (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other current assets: | ||
Natural gas and NGLs inventory | $ 116.6 | $ 44.9 |
Prepaid expenses and other | 39.6 | 13.8 |
Other current assets | 156.2 | 58.7 |
Other current liabilities: | ||
Accrued interest | 71.7 | 35.7 |
Accrued wages and benefits, including taxes | 26.0 | 22.5 |
Accrued ad valorem taxes | 32.4 | 26.5 |
Capital expenditure accruals | 15.0 | 10.6 |
Short-term lease liability | 15.8 | 16.3 |
Operating expense accruals | 11.7 | 8.4 |
Other | 43.3 | 29.1 |
Other current liabilities | $ 215.9 | $ 149.1 |
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