(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 | ||||||||||||
Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||
Defined Term | Definition | |||||||
/d | Per day. | |||||||
2014 Plan | ENLC’s 2014 Long-Term Incentive Plan. | |||||||
Adjusted gross margin | Revenue less cost of sales, exclusive of operating expenses and depreciation and amortization. Adjusted gross margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. | |||||||
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 and sustainability agent. The AR Facility is scheduled to terminate on September 24, 2024, unless extended or earlier terminated in accordance with its terms. | |||||||
ASC | The Financial Accounting Standards Board Accounting Standards Codification. | |||||||
ASC 718 | ASC 718, Compensation—Stock Compensation. | |||||||
ASC 820 | ASC 820, Fair Value Measurements. | |||||||
Ascension JV | Ascension Pipeline Company, LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Marathon Petroleum Corporation in which ENLK owns a 50% interest and Marathon Petroleum Corporation owns a 50% interest. The Ascension JV, which began operations in April 2017, owns an NGL pipeline that connects ENLK’s Riverside fractionator to Marathon Petroleum Corporation’s Garyville refinery. | |||||||
Bbl | Barrel. | |||||||
Bcf | Billion cubic feet. | |||||||
Beginning TSR Price | The beginning total shareholder return (“TSR”) price, which is the closing unit price of ENLC on the grant date of the performance award agreement or the previous trading day if the grant date was not a trading day, is one of the assumptions used to calculate the grant-date fair value of performance award agreements. | |||||||
CCS | Carbon capture, transportation, and sequestration. | |||||||
Cedar Cove JV | Cedar Cove Midstream LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Kinder Morgan, Inc. in which ENLK owns a 30% interest and Kinder Morgan, Inc. owns a 70% interest. The Cedar Cove JV, which was formed in November 2016, owns gathering and compression assets in Blaine County, Oklahoma, located in the STACK play. | |||||||
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. The Consolidated Credit Facility was available upon closing of the Merger and is guaranteed by ENLK. | |||||||
Delaware Basin | A large sedimentary basin in West Texas and New Mexico. | |||||||
Delaware Basin JV | Delaware G&P LLC, a joint venture between a subsidiary of ENLK and an affiliate of NGP in which ENLK owns a 50.1% interest and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in August 2016, owns the Lobo processing facilities and the Tiger processing plant located in the Delaware Basin in Texas. | |||||||
ENLC | EnLink Midstream, LLC. | |||||||
ENLC Class C Common Units | A class of non-economic ENLC common units issued immediately prior to the Merger equal to the number of Series B Preferred Units held immediately prior to the effective time of the Merger, in order to provide certain voting rights to holders of the Series B Preferred Units with respect to ENLC. | |||||||
ENLK | EnLink Midstream Partners, LP or, when applicable, EnLink Midstream Partners, LP together with its consolidated subsidiaries. Also referred to as the “Partnership.” | |||||||
Exchange Act | The Securities Exchange Act of 1934, as amended. | |||||||
GAAP | Generally accepted accounting principles in the United States of America. | |||||||
Gal | Gallon. | |||||||
GCF | Gulf Coast Fractionators, which owns an NGL fractionator in Mont Belvieu, Texas. ENLK owns 38.75% of GCF. The GCF assets have been temporarily idled to reduce operating expenses. We expect these assets to resume operations when there is a sustained need for additional fractionation capacity in Mont Belvieu. | |||||||
General Partner | EnLink Midstream GP, LLC, the general partner of ENLK. |
GIP | Global Infrastructure Management, LLC, an independent infrastructure fund manager, itself, its affiliates, or managed fund vehicles, including GIP III Stetson I, L.P., GIP III Stetson II, L.P., and their affiliates. | |||||||
ISDAs | International Swaps and Derivatives Association Agreements. | |||||||
LIBOR | U.S. Dollar London Interbank Offered Rate. | |||||||
Managing Member | EnLink Midstream Manager, LLC, the managing member of ENLC. | |||||||
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 primarily in West Texas and New Mexico. | |||||||
POL contracts | Percentage-of-liquids contracts. | |||||||
POP contracts | Percentage-of-proceeds contracts. | |||||||
Series B Preferred Unit | ENLK’s Series B Cumulative Convertible Preferred Unit. | |||||||
Series C Preferred Unit | ENLK’s Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit. | |||||||
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 guaranteed. The Term Loan was paid at maturity. |
March 31, 2022 | December 31, 2021 | ||||||||||
(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 | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of unamortized issuance cost | |||||||||||
Other long-term liabilities | |||||||||||
Deferred tax liability, net | |||||||||||
Fair value of derivative liabilities | |||||||||||
Members’ equity: | |||||||||||
Members’ equity ( | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Non-controlling interest | |||||||||||
Total members’ equity | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Total liabilities and members’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(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) | |||||||||||
Operating expenses | |||||||||||
Depreciation and amortization | |||||||||||
Loss on disposition of assets | |||||||||||
General and administrative | |||||||||||
Total operating costs and expenses | |||||||||||
Operating income | |||||||||||
Other income (expense): | |||||||||||
Interest expense, net of interest income | ( | ( | |||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||
Other income (expense) | ( | ||||||||||
Total other expense | ( | ( | |||||||||
Income before non-controlling interest and income taxes | |||||||||||
Income tax expense | ( | ( | |||||||||
Net income | |||||||||||
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 March 31, | |||||||||||
2022 | 2021 | ||||||||||
(Unaudited) | |||||||||||
Net income | $ | $ | |||||||||
Unrealized gain on designated cash flow hedge (1) | |||||||||||
Comprehensive income | |||||||||||
Comprehensive income attributable to non-controlling interest | |||||||||||
Comprehensive income (loss) attributable to ENLC | $ | $ | ( |
Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Total | ||||||||||||||||||||||||||
$ | Units | $ | $ | $ | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Balance, December 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 | — | — | — | ||||||||||||||||||||||||||
Redemption of Series B Preferred Units | — | — | — | ( | ( | ||||||||||||||||||||||||
Common units repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Utility credits redeemed (earned) | ( | ||||||||||
Deferred income tax expense | |||||||||||
Loss on disposition of assets | |||||||||||
Non-cash unit-based compensation | |||||||||||
Non-cash loss on derivatives recognized in net income | |||||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | |||||||||||
Loss from unconsolidated affiliate investments | |||||||||||
Other operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, accrued revenue, and other | ( | ( | |||||||||
Natural gas and NGLs inventory, prepaid expenses, and other | ( | ||||||||||
Accounts payable, accrued product purchases, and other accrued liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to property and equipment | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments on borrowings | ( | ( | |||||||||
Distributions to members | ( | ( | |||||||||
Distributions to non-controlling interests | ( | ( | |||||||||
Redemption of Series B Preferred Units | ( | ||||||||||
Contributions by non-controlling interests | |||||||||||
Common unit repurchases | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase 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 | $ | $ | |||||||||
Non-cash investing activities: | |||||||||||
Non-cash accrual of property and equipment | $ | ( | $ | ( | |||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
Contractually Committed Fees | Commitments | |||||||
2022 (remaining) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
Customer relationships, beginning of period | $ | $ | ( | $ | |||||||||||||
Amortization expense | — | ( | ( | ||||||||||||||
Customer relationships, end of period | $ | $ | ( | $ |
2022 (remaining) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Outstanding Principal | Premium (Discount) | Long-Term Debt | Outstanding Principal | Premium (Discount) | Long-Term Debt | ||||||||||||||||||||||||||||||
Consolidated Credit Facility due 2024 (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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 cost (3) | ( | ( | |||||||||||||||||||||||||||||||||
Long-term debt, net of unamortized issuance cost | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Current income tax expense | $ | ( | $ | ( | |||||||
Deferred income tax expense | ( | ( | |||||||||
Income tax expense | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Expected income tax benefit (expense) based on federal statutory rate | $ | ( | $ | ||||||||
State income tax benefit (expense), net of federal benefit | ( | ||||||||||
Unit-based compensation (1) | ( | ( | |||||||||
Change in valuation allowance | ( | ||||||||||
Other | ( | ||||||||||
Income tax expense | $ | ( | $ | ( |
Declaration period | Distribution paid as additional Series B Preferred Units | Cash Distribution (in millions) | Date paid/payable | |||||||||||||||||
2022 | ||||||||||||||||||||
Fourth Quarter of 2021 | $ | February 11, 2022 (1) | ||||||||||||||||||
First Quarter of 2022 | $ | May 13, 2022 (2) | ||||||||||||||||||
2021 | ||||||||||||||||||||
Fourth Quarter of 2020 | $ | February 12, 2021 | ||||||||||||||||||
First Quarter of 2021 | $ | May 14, 2021 | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | $ | $ | ( | ||||||||
Net income (loss) attributable to ENLC per unit: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | ||||||||||||
2022 | ||||||||||||||
Fourth Quarter of 2021 | $ | February 11, 2022 | ||||||||||||
First Quarter of 2022 | $ | May 13, 2022 | ||||||||||||
2021 | ||||||||||||||
Fourth Quarter of 2020 | $ | February 12, 2021 | ||||||||||||
First Quarter of 2021 | $ | May 14, 2021 | ||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cost of unit-based compensation charged to operating expense | $ | $ | |||||||||
Cost of unit-based compensation charged to general and administrative expense | |||||||||||
Total unit-based compensation expense | $ | $ | |||||||||
Amount of related income tax benefit recognized in net income (1) | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||
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 March 31, | ||||||||||||||
ENLC Restricted Incentive Units: | 2022 | 2021 | ||||||||||||
Aggregate intrinsic value of units vested | $ | $ | ||||||||||||
Fair value of units vested | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||
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) | $ |
Three Months Ended March 31, | ||||||||||||||
ENLC Performance Units: | 2022 | 2021 | ||||||||||||
Aggregate intrinsic value of units vested | $ | $ | ||||||||||||
Fair value of units vested | $ | $ |
ENLC Performance Units: | March 2022 (1) | January 2021 | ||||||||||||
Grant-date fair value | $ | $ | ||||||||||||
Beginning TSR price | $ | $ | ||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Volatility factor | % | % | ||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Change in fair value of interest rate swaps | $ | $ | |||||||||
Tax expense | ( | ||||||||||
Unrealized gain on designated cash flow hedge | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest expense | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Change in fair value of derivatives | $ | ( | $ | ( | |||||||
Realized loss on derivatives | ( | ( | |||||||||
Loss on derivative activity | $ | ( | $ | ( |
March 31, 2022 | December 31, 2021 | ||||||||||
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 | $ | ( | $ | ( |
March 31, 2022 | ||||||||||||||||||||||||||
Commodity | Instruments | Unit | Volume | Net Fair Value | ||||||||||||||||||||||
NGL (short contracts) | Swaps | Gals | ( | $ | ( | |||||||||||||||||||||
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 | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Commodity swaps (1) | $ | ( | $ | ( |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
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 March 31, 2022 | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
NGL sales | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales | |||||||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
NGL sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Crude oil and condensate sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Product sales—related parties | ( | ||||||||||||||||||||||||||||||||||
Gathering and transportation | |||||||||||||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||||||||
NGL services | |||||||||||||||||||||||||||||||||||
Crude services | |||||||||||||||||||||||||||||||||||
Other services | |||||||||||||||||||||||||||||||||||
Midstream services | |||||||||||||||||||||||||||||||||||
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 (loss) on disposition of assets | ( | ( | |||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 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 (loss) on disposition of assets | ( | ||||||||||||||||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ( | |||||||||||||||||||||||||||||||||
Loss from unconsolidated affiliate investments | ( | ( | |||||||||||||||||||||||||||||||||
Other loss | ( | ( | |||||||||||||||||||||||||||||||||
Income (loss) before non-controlling interest and income taxes | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ |
Segment Identifiable Assets: | March 31, 2022 | December 31, 2021 | ||||||||||||
Permian | $ | $ | ||||||||||||
Louisiana | ||||||||||||||
Oklahoma | ||||||||||||||
North Texas | ||||||||||||||
Corporate (1) | ||||||||||||||
Total identifiable assets | $ | $ |
Other current assets: | March 31, 2022 | December 31, 2021 | ||||||||||||
Natural gas and NGLs inventory | $ | $ | ||||||||||||
Prepaid expenses and other | ||||||||||||||
Other current assets | $ | $ |
Other current liabilities: | March 31, 2022 | December 31, 2021 | ||||||||||||
Accrued interest | $ | $ | ||||||||||||
Accrued wages and benefits, including taxes | ||||||||||||||
Accrued ad valorem taxes | ||||||||||||||
Capital expenditure accruals | ||||||||||||||
Deferred revenue | ||||||||||||||
Short-term lease liability | ||||||||||||||
Installment payable (1) | ||||||||||||||
Inactive easement commitment (2) | ||||||||||||||
Operating expense accruals | ||||||||||||||
Other | ||||||||||||||
Other current liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Dow Hydrocarbons and Resources LLC | 13.9 | % | 14.5 | % | |||||||
Marathon Petroleum Corporation | 16.1 | % | 14.8 | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Total revenues | $ | 2,227.7 | $ | 1,248.4 | |||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (1,794.5) | (934.7) | |||||||||
Operating expenses | (120.9) | (56.3) | |||||||||
Depreciation and amortization | (152.9) | (151.0) | |||||||||
Gross margin | 159.4 | 106.4 | |||||||||
Operating expenses | 120.9 | 56.3 | |||||||||
Depreciation and amortization | 152.9 | 151.0 | |||||||||
Adjusted gross margin | $ | 433.2 | $ | 313.7 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 66.0 | $ | 12.6 | |||||||
Interest expense, net of interest income | 55.1 | 60.0 | |||||||||
Depreciation and amortization | 152.9 | 151.0 | |||||||||
Loss from unconsolidated affiliate investments | 1.1 | 6.3 | |||||||||
Distributions from unconsolidated affiliate investments | 0.2 | 3.6 | |||||||||
Loss on disposition of assets | 5.1 | — | |||||||||
Unit-based compensation | 6.6 | 6.5 | |||||||||
Income tax expense | 3.2 | 1.4 | |||||||||
Unrealized loss on commodity swaps | 15.1 | 7.9 | |||||||||
Costs associated with the relocation of processing facilities (1) | 11.3 | 7.6 | |||||||||
Other (2) | 0.3 | (0.4) | |||||||||
Adjusted EBITDA before non-controlling interest | 316.9 | 256.5 | |||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (3) | (12.6) | (7.1) | |||||||||
Adjusted EBITDA, net to ENLC | $ | 304.3 | $ | 249.4 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 307.7 | $ | 225.8 | |||||||
Interest expense (1) | 53.7 | 55.9 | |||||||||
Utility credits (redeemed) earned (2) | (5.6) | 40.4 | |||||||||
Accruals for settled commodity swap transactions | (2.2) | 0.1 | |||||||||
Distributions from unconsolidated affiliate investment in excess of earnings | 0.2 | 3.6 | |||||||||
Costs associated with the relocation of processing facilities (3) | 11.3 | 7.6 | |||||||||
Other (4) | 1.7 | 1.2 | |||||||||
Changes in operating assets and liabilities which (provided) used cash: | |||||||||||
Accounts receivable, accrued revenues, inventories, and other | 172.7 | 17.5 | |||||||||
Accounts payable, accrued product purchases, and other accrued liabilities | (222.6) | (95.6) | |||||||||
Adjusted EBITDA before non-controlling interest | 316.9 | 256.5 | |||||||||
Non-controlling interest share of adjusted EBITDA from joint ventures (5) | (12.6) | (7.1) | |||||||||
Adjusted EBITDA, net to ENLC | 304.3 | 249.4 | |||||||||
Growth capital expenditures, net to ENLC (6) | (40.5) | (15.9) | |||||||||
Maintenance capital expenditures, net to ENLC (6) | (13.9) | (4.7) | |||||||||
Interest expense, net of interest income | (55.1) | (60.0) | |||||||||
Distributions declared on common units | (55.5) | (46.7) | |||||||||
ENLK preferred unit accrued cash distributions (7) | (23.5) | (23.0) | |||||||||
Costs associated with the relocation of processing facilities (3) | (11.3) | (7.6) | |||||||||
Other (8) | 0.4 | 2.7 | |||||||||
Free cash flow after distributions | $ | 104.9 | $ | 94.2 |
Permian | Louisiana | Oklahoma | North Texas | Corporate | Totals | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 36.3 | $ | 55.0 | $ | 34.9 | $ | 34.6 | $ | (1.4) | $ | 159.4 | |||||||||||||||||||||||
Depreciation and amortization | 36.7 | 35.5 | 50.9 | 28.4 | 1.4 | 152.9 | |||||||||||||||||||||||||||||
Segment profit | 73.0 | 90.5 | 85.8 | 63.0 | — | 312.3 | |||||||||||||||||||||||||||||
Operating expenses | 45.3 | 33.0 | 21.0 | 21.6 | — | 120.9 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 118.3 | $ | 123.5 | $ | 106.8 | $ | 84.6 | $ | — | $ | 433.2 | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 9.3 | $ | 46.1 | $ | 4.8 | $ | 48.2 | $ | (2.0) | $ | 106.4 | |||||||||||||||||||||||
Depreciation and amortization | 33.5 | 36.1 | 50.7 | 28.7 | 2.0 | 151.0 | |||||||||||||||||||||||||||||
Segment profit | 42.8 | 82.2 | 55.5 | 76.9 | — | 257.4 | |||||||||||||||||||||||||||||
Operating expenses | (11.8) | 29.2 | 19.7 | 19.2 | — | 56.3 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 31.0 | $ | 111.4 | $ | 75.2 | $ | 96.1 | $ | — | $ | 313.7 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Midstream Volumes: | |||||||||||
Permian Segment | |||||||||||
Gathering and Transportation (MMbtu/d) | 1,347,100 | 925,600 | |||||||||
Processing (MMbtu/d) | 1,256,300 | 876,100 | |||||||||
Crude Oil Handling (Bbls/d) | 150,700 | 108,200 | |||||||||
Louisiana Segment | |||||||||||
Gathering and Transportation (MMbtu/d) | 2,497,700 | 2,151,300 | |||||||||
Crude Oil Handling (Bbls/d) | 15,900 | 15,000 | |||||||||
NGL Fractionation (Gals/d) | 8,033,900 | 7,106,200 | |||||||||
Brine Disposal (Bbls/d) | 3,000 | 1,400 | |||||||||
Oklahoma Segment | |||||||||||
Gathering and Transportation (MMbtu/d) | 1,000,700 | 937,300 | |||||||||
Processing (MMbtu/d) | 1,029,500 | 955,400 | |||||||||
Crude Oil Handling (Bbls/d) | 23,800 | 17,500 | |||||||||
North Texas Segment | |||||||||||
Gathering and Transportation (MMbtu/d) | 1,364,000 | 1,356,900 | |||||||||
Processing (MMbtu/d) | 614,300 | 624,600 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
ENLK and ENLC Senior Notes | $ | 50.3 | $ | 50.3 | |||||||
Term Loan | — | 1.4 | |||||||||
Consolidated Credit Facility | 2.3 | 1.3 | |||||||||
AR Facility | 1.1 | 1.2 | |||||||||
Capitalized interest | — | (0.2) | |||||||||
Amortization of debt issuance costs and net discount of senior unsecured notes | 1.3 | 1.2 | |||||||||
Interest rate swaps - realized | 0.1 | 4.8 | |||||||||
Total | $ | 55.1 | $ | 60.0 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating cash flows before working capital | $ | 257.8 | $ | 147.7 | |||||||
Changes in working capital | 49.9 | 78.1 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Additions to property and equipment (1) | $ | (60.2) | $ | (23.5) | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net repayments on the AR Facility (1) | $ | (35.0) | $ | (100.0) | |||||||
Net repayments on the Consolidated Credit Facility (1) | (15.0) | — | |||||||||
Contributions by non-controlling interests (2) | 7.3 | 0.9 | |||||||||
Distributions to members | (56.4) | (47.1) | |||||||||
Distributions to Series B Preferred Unitholders (3) | (18.6) | (16.9) | |||||||||
Redemption of Series B Preferred Units (3) | (50.5) | — | |||||||||
Distributions to joint venture partners (4) | (16.0) | (9.1) | |||||||||
Common unit repurchases (5) | (17.0) | — |
Capital expenditures, net to ENLC (1) | $ | 245 | ||||||
Operating expenses associated with the relocation of processing facilities (2) | 34 | |||||||
Total | $ | 279 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
Total | Remainder 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||||
ENLC’s & ENLK’s senior unsecured notes | $ | 4,032.3 | $ | — | $ | — | $ | 521.8 | $ | 720.8 | $ | 491.0 | $ | 2,298.7 | |||||||||||||||||||||||||||
Consolidated Credit Facility (1) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AR Facility (2) | 315.0 | — | — | 315.0 | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition installment payable (3) | 10.0 | 10.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition contingent consideration (4) | 6.9 | — | — | 2.3 | 2.4 | 2.2 | — | ||||||||||||||||||||||||||||||||||
Interest payable on fixed long-term debt obligations | 2,308.9 | 175.2 | 201.2 | 189.7 | 163.3 | 148.3 | 1,431.2 | ||||||||||||||||||||||||||||||||||
Operating lease obligations | 116.6 | 17.7 | 19.2 | 10.5 | 9.8 | 8.9 | 50.5 | ||||||||||||||||||||||||||||||||||
Purchase obligations | 4.6 | 4.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pipeline and trucking capacity and deficiency agreements (5) | 297.8 | 38.1 | 55.7 | 44.2 | 39.4 | 30.9 | 89.5 | ||||||||||||||||||||||||||||||||||
Inactive easement commitment (6) | 10.0 | 10.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 7,102.1 | $ | 255.6 | $ | 276.1 | $ | 1,083.5 | $ | 935.7 | $ | 681.3 | $ | 3,869.9 |
Commodity | Index | |||||||
NGLs | Oil Price Information Service | |||||||
Natural gas | Henry Hub Gas Daily | |||||||
Crude and condensate | New York Mercantile Exchange |
Period | Underlying | Notional Volume | We Pay | We Receive (1) | Net Fair Value Asset/(Liability) (In millions) | |||||||||||||||||||||||||||
April 2022 - March 2023 | Ethane | 1,645 (MMbbls) | $0.4280/Gal | Index | $ | (3.7) | ||||||||||||||||||||||||||
April 2022 - March 2023 | Propane | 2,190 (MMbbls) | Index | $1.3296/Gal | (21.3) | |||||||||||||||||||||||||||
April 2022 - March 2023 | Normal butane | 465 (MMbbls) | Index | $1.6025/Gal | (4.7) | |||||||||||||||||||||||||||
April 2022 - April 2022 | Natural gasoline | 20 (MMbbls) | Index | $2.5327/Gal | — | |||||||||||||||||||||||||||
April 2022 - October 2022 | Natural gas | 17,699 (MMbtu/d) | Index | $5.6299/MMbtu | (1.0) | |||||||||||||||||||||||||||
April 2022 - July 2023 | Crude and condensate | 8,670 (MMbbls) | Index | $93.07/Bbl | 1.1 | |||||||||||||||||||||||||||
$ | (29.6) |
Period | Total Number of Units Purchased (1) | Average Price Paid Per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Units that May Yet Be Purchased under the Plans or Programs (in millions) (2) | ||||||||||||||||||||||
January 1, 2022 to January 31, 2022 | 1,625,954 | $ | 7.57 | 1,148,473 | $ | 91.3 | ||||||||||||||||||||
February 1, 2022 to February 28, 2022 | 350,084 | 8.04 | 346,816 | $ | 88.5 | |||||||||||||||||||||
March 1, 2022 to March 31, 2022 | 670,027 | 9.14 | 598,553 | $ | 83.0 | |||||||||||||||||||||
Total | 2,646,065 | $ | 8.03 | 2,093,842 |
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 | — | |||||||
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 March 31, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, (ii) Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, (iii) Consolidated Statements of Changes in Members’ Equity for the three months ended March 31, 2022 and 2021, (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021, 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) | ||||||||
May 4, 2022 |
Date: May 4, 2022 | /s/ BARRY E. DAVIS | ||||
Barry E. Davis | |||||
Chairman and Chief Executive Officer | |||||
(principal executive officer) |
Date: May 4, 2022 | /s/ PABLO G. MERCADO | ||||
Pablo G. Mercado | |||||
Executive Vice President and Chief Financial Officer | |||||
(principal financial officer) |
Date: May 4, 2022 | /s/ BARRY E. DAVIS | ||||
Barry E. Davis | |||||
Chief Executive Officer | |||||
Date: May 4, 2022 | /s/ PABLO G. MERCADO | ||||
Pablo G. Mercado | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
ASSETS | ||
Allowance for bad debt | $ 0.3 | $ 0.3 |
Property and equipment, accumulated depreciation | 4,450.6 | 4,332.0 |
Intangible assets, accumulated amortization | $ 827.9 | $ 795.1 |
Members’ equity: | ||
Common units issued (in shares) | 483,364,767 | 484,277,258 |
Common units outstanding (in shares) | 484,277,258 | 483,364,767 |
Accounts payable to related party | $ 5.8 | $ 1.6 |
Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Revenues: | ||||
Revenue from contracts with customers | $ 2,258.9 | $ 1,331.8 | ||
Loss on derivative activity | (31.2) | (83.4) | ||
Total revenues | 2,227.7 | 1,248.4 | ||
Operating costs and expenses: | ||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | 1,794.5 | 934.7 | |
Operating expenses | 120.9 | 56.3 | ||
Depreciation and amortization | 152.9 | 151.0 | ||
Loss on disposition of assets | 5.1 | 0.0 | ||
General and administrative | 29.0 | 26.0 | ||
Total operating costs and expenses | 2,102.4 | 1,168.0 | ||
Operating income | 125.3 | 80.4 | ||
Other income (expense): | ||||
Interest expense, net of interest income | (55.1) | (60.0) | ||
Loss from unconsolidated affiliate investments | (1.1) | (6.3) | ||
Other income (expense) | 0.1 | (0.1) | ||
Total other expense | (56.1) | (66.4) | ||
Income before non-controlling interest and income taxes | 69.2 | 14.0 | ||
Income tax expense | (3.2) | (1.4) | ||
Net income | 66.0 | 12.6 | ||
Net income attributable to non-controlling interest | 30.8 | 25.3 | ||
Net income (loss) attributable to ENLC | $ 35.2 | $ (12.7) | ||
Net income (loss) attributable to ENLC per unit: | ||||
Basic common unit (in dollars per share) | $ 0.07 | $ (0.03) | ||
Diluted common unit (in dollars per share) | $ 0.07 | $ (0.03) | ||
Product sales | ||||
Revenues: | ||||
Revenue from contracts with customers | $ 2,043.9 | $ 1,122.9 | ||
Midstream services | ||||
Revenues: | ||||
Revenue from contracts with customers | $ 215.0 | $ 208.9 | ||
|
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement [Abstract] | ||
Related party cost of sales | $ 10.6 | $ 3.2 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
||||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income | $ 66.0 | $ 12.6 | |||||
Unrealized gain on designated cash flow hedge | [1] | 0.1 | 3.6 | [2] | |||
Comprehensive income | 66.1 | 16.2 | |||||
Comprehensive income attributable to non-controlling interest | 30.8 | 25.3 | |||||
Comprehensive income (loss) attributable to ENLC | $ 35.3 | $ (9.1) | |||||
|
Consolidated Statements of Comprehensive Income (Parenthetical) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Statement of Comprehensive Income [Abstract] | |
Income tax expense (benefit) | $ 1.1 |
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, 2020 | $ 3,213.0 | $ 1,508.8 | $ (15.3) | $ 1,719.5 | ||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2020 | 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 on designated cash flow hedge | [2] | 3.6 | [1] | 3.6 | ||||||
Fair value adjustment related to redeemable non-controlling interest | $ (0.1) | (0.1) | 0.2 | |||||||
Common units repurchased (in shares) | 0 | |||||||||
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, 2021 | $ 2,987.0 | $ 1,325.8 | (1.4) | 1,662.6 | ||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2021 | 484,277,258 | 484,300,000 | ||||||||
Increase (Decrease) in Members' Equity | ||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | $ (4.2) | $ (4.2) | ||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 1,200,000 | |||||||||
Unit-based compensation | 8.1 | $ 8.1 | ||||||||
Contributions from non-controlling interests | 7.3 | 7.3 | ||||||||
Distributions | (91.0) | (56.4) | (34.6) | |||||||
Unrealized gain on designated cash flow hedge | 0.1 | [1] | 0.1 | |||||||
Redemption of non-controlling interest | (50.5) | (50.5) | ||||||||
Common units repurchased | $ (17.0) | $ (17.0) | ||||||||
Common units repurchased (in shares) | (2,093,842) | (2,100,000) | ||||||||
Net income (loss) | $ 66.0 | $ 35.2 | 30.8 | |||||||
Member equity, end balance at Mar. 31, 2022 | $ 2,905.8 | $ 1,291.5 | $ (1.3) | 1,615.6 | ||||||
Units outstanding, end balance (in shares) at Mar. 31, 2022 | 483,364,767 | 483,400,000 | ||||||||
Increase (Decrease) in Temporary Equity | ||||||||||
Distributions | $ (91.0) | $ (56.4) | $ (34.6) | |||||||
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Consolidated Statement of Changes in Members' Equity (Parenthetical) $ in Millions |
3 Months Ended |
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Mar. 31, 2021
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Income tax (benefit) expense | $ 1.1 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
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Cash flows from operating activities: | ||
Net income | $ 66.0 | $ 12.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 152.9 | 151.0 |
Utility credits redeemed (earned) | 5.6 | (40.4) |
Deferred income tax expense | 3.0 | 1.3 |
Loss on disposition of assets | 5.1 | 0.0 |
Non-cash unit-based compensation | 6.6 | 6.5 |
Non-cash loss on derivatives recognized in net income | 17.3 | 7.8 |
Amortization of debt issuance costs and net discount of senior unsecured notes | 1.3 | 1.2 |
Loss from unconsolidated affiliate investments | 1.1 | 6.3 |
Other operating activities | (1.1) | 1.4 |
Changes in assets and liabilities: | ||
Accounts receivable, accrued revenue, and other | (139.9) | (18.7) |
Natural gas and NGLs inventory, prepaid expenses, and other | (32.8) | 1.2 |
Accounts payable, accrued product purchases, and other accrued liabilities | 222.6 | 95.6 |
Net cash provided by operating activities | 307.7 | 225.8 |
Cash flows from investing activities: | ||
Additions to property and equipment | (60.2) | (23.5) |
Other investing activities | 1.0 | 4.3 |
Net cash used in investing activities | (59.2) | (19.2) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 500.0 | 200.0 |
Repayments on borrowings | (550.0) | (300.0) |
Distributions to members | (56.4) | (47.1) |
Distributions to non-controlling interests | (34.6) | (26.0) |
Redemption of Series B Preferred Units | (50.5) | 0.0 |
Contributions by non-controlling interests | 7.3 | 0.9 |
Common unit repurchases | (17.0) | 0.0 |
Other financing activities | (4.8) | (1.2) |
Net cash used in financing activities | (206.0) | (173.4) |
Net increase in cash and cash equivalents | 42.5 | 33.2 |
Cash and cash equivalents, beginning of period | 26.2 | 39.6 |
Cash and cash equivalents, end of period | 68.7 | 72.8 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 29.4 | 17.2 |
Non-cash investing activities: | ||
Non-cash accrual of property and equipment | (0.2) | (2.7) |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 8.5 | $ 10.2 |
General |
3 Months Ended |
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Mar. 31, 2022 | |
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 12,100 miles of pipelines, 22 natural gas processing plants with approximately 5.5 Bcf/d of processing capacity, seven fractionators with approximately 320,000 Bbls/d of fractionation capacity, barge and rail terminals, product storage facilities, purchasing and marketing capabilities, brine disposal wells, a crude oil trucking fleet, and equity investments in certain joint ventures. Our operations are based in the United States, and our sales are derived primarily from domestic customers. Our natural gas business includes connecting the wells of producers in our market areas to our gathering systems. Our gathering systems consist of networks of pipelines that collect natural gas from points at or near producing wells and transport it to our processing plants or to larger pipelines for further transmission. We operate processing plants that remove NGLs from the natural gas stream that is transported to the processing plants by our own gathering systems or by third-party pipelines. In conjunction with our gathering and processing business, we may purchase natural gas and NGLs from producers and other supply sources and sell that natural gas or NGLs to utilities, industrial consumers, marketers, and pipelines. Our transmission pipelines receive natural gas from our gathering systems and from third-party gathering and transmission systems and deliver natural gas to industrial end-users, utilities, and other pipelines. Our fractionators separate NGLs into separate purity products, including ethane, propane, iso-butane, normal butane, and natural gasoline. Our fractionators receive NGLs primarily through our transmission lines that transport NGLs from East Texas and from our South Louisiana processing plants. Our fractionators also have the capability to receive NGLs by truck or rail terminals. We also have agreements pursuant to which third parties transport NGLs from our West Texas and Central Oklahoma operations to our NGL transmission lines that then transport the NGLs to our fractionators. In addition, we have NGL storage capacity to provide storage for customers. Our crude oil and condensate business includes the gathering and transmission of crude oil and condensate via pipelines, barges, rail, and trucks, in addition to condensate stabilization and brine disposal. We also purchase crude oil and condensate from producers and other supply sources and sell that crude oil and condensate through our terminal facilities to various markets. Across our businesses, we primarily earn our fees through various fee-based contractual arrangements, which include stated fee-only contract arrangements or arrangements with fee-based components where we purchase and resell commodities in connection with providing the related service and earn a net margin as our fee. We earn our net margin under our purchase and resell contract arrangements primarily as a result of stated service-related fees that are deducted from the price of the commodities purchased.
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Significant Accounting Policies |
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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, 2021 filed with the Commission on February 16, 2022. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income. All significant intercompany balances and transactions have been eliminated in consolidation. b.Revenue Recognition The following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods.
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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 weighted average amortization period for intangible assets is 14.9 years. The following table represents our change in carrying value of intangible assets (in millions):
Amortization expense was $32.8 million and $30.9 million for the three months ended March 31, 2022 and 2021, 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 |
3 Months Ended |
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Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions (a) Transactions with Cedar Cove JV For the three months ended March 31, 2022 and 2021, we recorded cost of sales of $10.6 million and $3.2 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 $5.8 million and $1.6 million at March 31, 2022 and December 31, 2021, respectively. (b) Transactions with GIP General and Administrative Expenses. For the three months ended March 31, 2021, we recorded general and administrative expenses of $0.1 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 March 31, 2022. GIP Repurchase Agreement. On February 15, 2022, we and GIP entered into an agreement pursuant to which we are repurchasing, on a quarterly basis, a pro rata portion of the ENLC common units held by GIP, based upon the number of common units purchased by us during the applicable quarter from public unitholders under our common unit repurchase program. The number of ENLC common units held by GIP that we repurchase in any quarter is calculated such that GIP’s then-existing economic ownership percentage of our outstanding common units is maintained after our repurchases of common units from public unitholders are taken into account, and the per unit price we pay to GIP is the average per unit price paid by us for the common units repurchased from public unitholders. See “Note 8—Members’ Equity” for additional information on the activity relating to the GIP repurchase agreement. 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 March 31, 2022 and December 31, 2021, 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 3.9% at December 31, 2021. (2)Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.5% and 1.2% at March 31, 2022 and December 31, 2021, respectively. (3)Net of accumulated amortization of $19.7 million and $18.4 million at March 31, 2022 and December 31, 2021, respectively. 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. There were no outstanding borrowings under the Consolidated Credit Facility and $44.3 million outstanding letters of credit as of March 31, 2022. At March 31, 2022, 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. We are the primary beneficiary of the SPV and we consolidate its assets and liabilities, which consist primarily of billed and unbilled accounts receivable of $882.6 million. As of March 31, 2022, the AR Facility had a borrowing base of $350.0 million and there were $315.0 million in outstanding borrowings under the AR Facility. At March 31, 2022, 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 Taxes | (6) Income Taxes The components of our income tax expense are as follows (in millions):
The following schedule reconciles income tax expense and the amount calculated by applying the statutory U.S. federal tax rate to income before non-controlling interest and income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of restricted incentive units. 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 March 31, 2022, we had $140.5 million of deferred tax liabilities, net of $484.8 million of deferred tax assets, which included a $144.5 million valuation allowance. As of December 31, 2021, we had $137.5 million of deferred tax liabilities, net of $481.6 million of deferred tax assets, which included a $151.6 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 have established a valuation allowance 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. As of March 31, 2022, 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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Certain Provisions of the ENLK Partnership Agreement | (7) Certain Provisions of the ENLK Partnership Agreement a.Series B Preferred Units As of March 31, 2022 and December 31, 2021, there were 54,168,359 and 57,501,693 Series B Preferred Units issued and outstanding, respectively. In January 2022, we redeemed 3,333,334 Series B Preferred Units for total consideration of $50.5 million plus accrued distributions. In addition, upon such redemption, a corresponding number of ENLC Class C Common Units were automatically cancelled. The redemption price represents 101% of the preferred units’ par value. In connection with the Series B Preferred Unit redemption, we have agreed with the holders of the Series B Preferred Units that we will pay cash in lieu of making a quarterly PIK distribution through the distribution declared for the fourth quarter of 2022. A summary of the distribution activity relating to the Series B Preferred Units during the three months ended March 31, 2022 and 2021 is provided below:
____________________________ (1)In December 2021 and January 2022, we paid $0.9 million and $1.0 million, respectively, of accrued distributions on the Series B Preferred Units redeemed. (2)In January 2022, we paid $0.3 million of accrued distributions on the Series B Preferred Units redeemed. The remaining distribution of $17.2 million related to the first quarter of 2022 is payable May 13, 2022. b.Series C Preferred Units As of March 31, 2022 and December 31, 2021, there were 400,000 Series C Preferred Units issued and outstanding, respectively. There was no distribution activity related to the Series C Preferred Units during the three months ended March 31, 2022 and 2021.
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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 Board reauthorized ENLC’s common unit repurchase program and reset the amount available for repurchases of outstanding common units at up to $100.0 million effective January 1, 2022. Repurchases under the common unit repurchase program will be made, in accordance with applicable securities laws, from time to time in open market or private transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. The repurchases will depend on market conditions and may be discontinued at any time. For the three months ended March 31, 2022, ENLC repurchased 2,093,842 outstanding ENLC common units for an aggregate cost, including commissions, of $17.0 million, or an average of $8.12 per common unit. For the three months ended March 31, 2021, we did not repurchase any outstanding ENLC common units. b.GIP Repurchase Agreement On May 2, 2022, we repurchased 675,095 ENLC common units held by GIP for an aggregate cost of $6.0 million, or an average of $8.92 per common unit. These units represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the period from February 15, 2022 (the date on which the Repurchase Agreement was signed) through March 31, 2022. The $8.92 price per common unit is the average per unit price paid by us for the common units repurchased from public unitholders during the same period. c.Earnings Per Unit and Dilution Computations As required under ASC 260, Earnings Per Share, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities for earnings per unit calculations. The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts):
____________________________ (1)Represents distribution activity consistent with the distribution activity table below. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
____________________________ (1)All common unit equivalents were antidilutive for the three months ended March 31, 2021, since a net loss existed for that period. 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. d.Distributions A summary of our distribution activity related to the ENLC common units for the three months ended March 31, 2022 and 2021, respectively, is provided below:
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Employee Incentive Plans |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Incentive Plans | (9) Employee Incentive Plans a.Long-Term Incentive Plans We account for unit-based compensation in accordance with ASC 718, which requires that compensation related to all unit-based awards be recognized in the consolidated financial statements. Unit-based compensation cost is valued at fair value at the date of grant, and that grant date fair value is recognized as expense over each award’s requisite service period with a corresponding increase to equity or liability based on the terms of each award and the appropriate accounting treatment under ASC 718. Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):
____________________________ (1)For the three months ended March 31, 2022 and 2021, the amount of related income tax benefit recognized in net income excluded $2.0 million and $2.5 million, respectively, of income tax expense 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 three months ended March 31, 2022 is provided below:
____________________________ (1)Restricted incentive units typically vest at the end of three years. In March 2022, ENLC granted 193,935 restricted incentive units with a fair value of $1.7 million. These restricted incentives units vested immediately and are included in the restricted incentive units granted and vested line items. (2)Vested units included 278,866 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 months ended March 31, 2022 and 2021 is provided below (in millions):
As of March 31, 2022, there were $24.5 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 2.0 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 273,357 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 three months ended March 31, 2022 and 2021 is provided below (in millions).
As of March 31, 2022, there were $15.5 million of unrecognized compensation costs that related to non-vested ENLC performance units. These costs are expected to be recognized over a weighted-average period of 1.9 years. The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:
____________________________ (1)Excludes ENLC performance units awarded March 1, 2022 with vesting conditions based on performance metrics. The 88,863 ENLC performance units have a grant-date fair value of $8.90 and will vest in February 2023.
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | (10) Derivatives Interest Rate Swaps The components of the unrealized gain on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
The 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 $0.1 million of interest expense out of accumulated other comprehensive loss over the next twelve months. 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 March 31, 2022 (in millions). The remaining term of the contracts extend no later than July 2023.
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Fair Value Measurements |
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Fair Value Measurements | (11) Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
____________________________ (1) 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 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 is reduced by debt issuance cost, net of accumulated amortization, of $26.5 million and $27.8 million as of March 31, 2022 and December 31, 2021, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration paid for the acquisition of Amarillo Rattler, LLC included a $10.0 million installment payable, which was paid on April 30, 2022, and a contingent consideration capped at $15.0 million and payable between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs. 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 March 31, 2022 and December 31, 2021 were based on Level 2 inputs from third-party market quotations.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | (12) Segment Information We evaluate 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. 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 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 $10.6 million for the three months ended March 31, 2022.
____________________________ (1)Includes related party cost of sales of $3.2 million for the three months ended March 31, 2021. The table below represents information about segment assets as of March 31, 2022 and December 31, 2021 (in millions):
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Other Information |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information | (13) Other Information The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
____________________________ (1)Consideration paid for the acquisition of Amarillo Rattler, LLC included an installment payable, which was paid on April 30, 2022. (2)Amount related to inactive easements paid as utilized by us with the balance due in August 2022 if not utilized.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies In February 2021, the areas in which we operate experienced a severe winter storm, with extreme cold, ice, and snow occurring over an unprecedented period of approximately 10 days (“Winter Storm Uri”). As a result of Winter Storm Uri, we have encountered customer billing disputes related to the delivery of gas during the storm, including one that resulted in litigation. The litigation is between one of our subsidiaries, EnLink Gas Marketing, LP (“EnLink Gas”), and Koch Energy Services, LLC (“Koch”) in the 162nd District Court in Dallas County, Texas. The dispute centers on whether EnLink Gas was excused from delivering gas or performing under certain delivery or purchase obligations during Winter Storm Uri, given our declaration of force majeure during the storm. Koch has invoiced us approximately $53.9 million (after subtracting amounts owed to EnLink Gas) and does not recognize the declaration of force majeure. We believe the declaration of force majeure was valid and appropriate and we intend to vigorously defend against Koch’s claims. Another of our subsidiaries, EnLink Energy GP, LLC, is also involved in litigation arising out of Winter Storm Uri. This matter is a multi-district litigation currently pending in Harris County, Texas, in which multiple individual plaintiffs assert personal injury and property damage claims arising out of Winter Storm Uri against an aggregate of over 350 power generators, transmission/distribution utility, retail electric provider, and natural gas defendants across over 150 filed cases. We believe the claims against our subsidiary lack merit and we intend to vigorously defend against such claims. In addition, we are involved in various litigation and administrative proceedings arising in the normal course of business. In the opinion of management, any liabilities that may result from these claims would not, individually or in the aggregate, have a material adverse effect on our financial position, results of operations, or cash flows. We may also be involved from time to time in the future in various proceedings in the normal course of business, including litigation on disputes related to contracts, property rights, property use or damage (including nuisance claims), personal injury, or the value of pipeline easements or other rights obtained through the exercise of eminent domain or common carrier rights.
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Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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, 2021 filed with the Commission on February 16, 2022. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income. All significant intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue RecognitionThe following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods. |
Significant Accounting Polices (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Under these agreements, our customers or suppliers agree to transport or process a minimum volume of commodities on our system over an agreed period. If a customer or supplier fails to meet the minimum volume specified in such agreement, the customer or supplier is obligated to pay a contractually determined fee based upon the shortfall between actual volumes and the contractually stated volumes. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods.
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Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Carrying Value | The following table represents our change in carrying value of intangible assets (in millions):
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Schedule of Amortization Expense | The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions):
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of March 31, 2022 and December 31, 2021, 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 3.9% at December 31, 2021. (2)Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.5% and 1.2% at March 31, 2022 and December 31, 2021, respectively. (3)Net of accumulated amortization of $19.7 million and $18.4 million at March 31, 2022 and December 31, 2021, respectively.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of our income tax expense are as follows (in millions):
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Reconciliation of Total Income Tax Expense to Income before Income Taxes | The following schedule reconciles income tax expense and the amount calculated by applying the statutory U.S. federal tax rate to income before non-controlling interest and income taxes (in millions):
____________________________ (1)Related to book-to-tax differences recorded upon the vesting of restricted incentive units.
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Certain Provisions of the ENLK Partnership Agreement (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Distribution Activity | A summary of the distribution activity relating to the Series B Preferred Units during the three months ended March 31, 2022 and 2021 is provided below:
____________________________ (1)In December 2021 and January 2022, we paid $0.9 million and $1.0 million, respectively, of accrued distributions on the Series B Preferred Units redeemed. (2)In January 2022, we paid $0.3 million of accrued distributions on the Series B Preferred Units redeemed. The remaining distribution of $17.2 million related to the first quarter of 2022 is payable May 13, 2022.
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Members' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 table 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 three months ended March 31, 2021, since a net loss existed for that period.
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Summary of Distribution Activity | A summary of our distribution activity related to the ENLC common units for the three months ended March 31, 2022 and 2021, respectively, is provided below:
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Employee Incentive Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 months ended March 31, 2022 and 2021, the amount of related income tax benefit recognized in net income excluded $2.0 million and $2.5 million, respectively, of income tax expense 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 three months ended March 31, 2022 is provided below:
____________________________ (1)Restricted incentive units typically vest at the end of three years. In March 2022, ENLC granted 193,935 restricted incentive units with a fair value of $1.7 million. These restricted incentives units vested immediately and are included in the restricted incentive units granted and vested line items. (2)Vested units included 278,866 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 months ended March 31, 2022 and 2021 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 273,357 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 three months ended March 31, 2022 and 2021 is provided below (in millions).
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Summary of Grant-Date Fair Values | The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:
____________________________ (1)Excludes ENLC performance units awarded March 1, 2022 with vesting conditions based on performance metrics. The 88,863 ENLC performance units have a grant-date fair value of $8.90 and will vest in February 2023.
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Derivatives (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Gain (Loss) on Derivative Activity | The components of the unrealized gain on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
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 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 March 31, 2022 (in millions). The remaining term of the contracts extend no later than July 2023.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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.
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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 is reduced by debt issuance cost, net of accumulated amortization, of $26.5 million and $27.8 million as of March 31, 2022 and December 31, 2021, respectively. The respective fair values do not factor in debt issuance costs. (2)Consideration paid for the acquisition of Amarillo Rattler, LLC included a $10.0 million installment payable, which was paid on April 30, 2022, and a contingent consideration capped at $15.0 million and payable between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs.
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $10.6 million for the three months ended March 31, 2022.
____________________________ (1)Includes related party cost of sales of $3.2 million for the three months ended March 31, 2021.
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Schedule of Segment Assets | The table below represents information about segment assets as of March 31, 2022 and December 31, 2021 (in millions):
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Other Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions):
____________________________ (1)Consideration paid for the acquisition of Amarillo Rattler, LLC included an installment payable, which was paid on April 30, 2022. (2)Amount related to inactive easements paid as utilized by us with the balance due in August 2022 if not utilized.
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General (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
Bcf / d
fractionator
processingPlant
mi
bbl
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of miles of pipeline | mi | 12,100 |
Number of natural gas processing plants | processingPlant | 22 |
Amount of processing capacity | Bcf / d | 5.5 |
Number of fractionators | fractionator | 7 |
Capacity of fractionators per day, barrels | bbl | 320,000 |
Significant Accounting Policies - Summary of Future Performance Obligations (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 767.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 110.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 132.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 112.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 65.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 57.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 289.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 32.8 | $ 30.9 |
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 | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Finite-lived Intangible Assets [Roll Forward] | ||
Gross Carrying Amount, Beginning Balance | $ 1,844.8 | |
Accumulated Amortization, Beginning Balance | (795.1) | |
Net Carrying Amount, Beginning Balance | 1,049.7 | |
Amortization expense | (32.8) | $ (30.9) |
Gross Carrying Amount, Ending Balance | 1,844.8 | |
Accumulated Amortization, Ending Balance | (827.9) | |
Net Carrying Amount, Ending Balance | $ 1,016.9 |
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 95.6 | |
2023 | 127.6 | |
2024 | 127.6 | |
2025 | 110.2 | |
2026 | 106.3 | |
Thereafter | 449.6 | |
Total | $ 1,016.9 | $ 1,049.7 |
Related Party Transactions (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|||
Related Party Transaction [Line Items] | |||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | $ 1,794,500,000 | $ 934,700,000 | ||
Accounts payable to related party | 5,800,000 | $ 1,600,000 | |||
Cedar Cove Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 10,600,000 | 3,200,000 | |||
Accounts payable to related party | 5,800,000 | $ 1,600,000 | |||
GIP | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses from transactions with related party | $ 0 | $ 100,000 | |||
|
Long-Term Debt - Summary (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument | ||
Outstanding Principal | $ 4,347.3 | $ 4,397.3 |
Premium (Discount) | (5.8) | (5.8) |
Long-Term Debt | 4,341.5 | 4,391.5 |
Debt issuance costs | (26.5) | (27.8) |
Long-term debt, net of unamortized issuance cost | 4,315.0 | 4,363.7 |
Debt issuance cost accumulated amortization | 19.7 | 18.4 |
Consolidated Credit Facility due 2024 | ||
Debt Instrument | ||
Outstanding Principal | 0.0 | 15.0 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | 0.0 | 15.0 |
AR Facility due 2024 | ||
Debt Instrument | ||
Outstanding Principal | 315.0 | 350.0 |
Premium (Discount) | 0.0 | 0.0 |
Long-Term Debt | $ 315.0 | $ 350.0 |
Effective interest rate | 1.50% | 1.20% |
4.4% Senior Notes Due 2024 | ||
Debt Instrument | ||
Outstanding Principal | $ 521.8 | $ 521.8 |
Premium (Discount) | 0.6 | 0.7 |
Long-Term Debt | $ 522.4 | 522.5 |
Stated interest rate | 4.40% | |
4.15% Senior Notes Due 2025 | ||
Debt Instrument | ||
Outstanding Principal | $ 720.8 | 720.8 |
Premium (Discount) | (0.4) | (0.4) |
Long-Term Debt | $ 720.4 | 720.4 |
Stated interest rate | 4.15% | |
4.85 Senior Notes Due 2026 | ||
Debt Instrument | ||
Outstanding Principal | $ 491.0 | 491.0 |
Premium (Discount) | (0.3) | (0.3) |
Long-Term Debt | $ 490.7 | 490.7 |
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) | (5.4) | (5.5) |
Long-Term Debt | $ 444.6 | 444.5 |
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% | |
Term Loan Due 2021 | ||
Debt Instrument | ||
Effective interest rate | 3.90% |
Long-Term Debt - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Debt Instrument | |
Increase (decrease) in accounts receivable | $ 882,600,000 |
Line of Credit | Asset-backed Securities | |
Debt Instrument | |
Maximum borrowing capacity | 350,000,000 |
Accounts receivable securitization facility, outstanding amount | 315,000,000 |
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 |
Letters of credit | Letter of Credit | ENLC | |
Debt Instrument | |
Line of credit facility, fair value of amount outstanding | 44,300,000 |
Letter of Credit | Letters of credit | |
Debt Instrument | |
Maximum borrowing capacity | $ 500,000,000 |
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Current income tax expense | $ (0.2) | $ (0.1) |
Deferred income tax expense | (3.0) | (1.3) |
Income tax expense | (3.2) | (1.4) |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Expected income tax benefit (expense) based on federal statutory rate | (8.1) | 2.4 |
State income tax benefit (expense), net of federal benefit | (1.1) | 0.2 |
Unit-based compensation | (2.0) | (2.5) |
Change in valuation allowance | 7.1 | (1.2) |
Other | 0.9 | (0.3) |
Income tax expense | $ (3.2) | $ (1.4) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred tax liabilities | $ (140.5) | $ (137.5) |
Deferred tax assets | 484.8 | 481.6 |
Deferred tax assets, valuation allowance | $ 144.5 | $ 151.6 |
Certain Provisions of the ENLK Partnership Agreement - Narrative and Distributions (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Partnership agreement | ||||||
Total consideration paid | $ 50.5 | $ 0.0 | ||||
Series B Preferred Unitholders | ||||||
Partnership agreement | ||||||
Stock redeemed during period (in shares) | 3,333,334 | |||||
Total consideration paid | $ 50.5 | |||||
Redemption price of preferred stock, percent | 10100.00% | |||||
Distribution paid-in kind (in shares) | 0 | 0 | 150,871 | 150,494 | ||
Cash distributions | $ 17.5 | $ 19.2 | $ 17.0 | $ 16.9 | ||
Series B Preferred Unitholders | Limited Partner | Fourth Quarter of 2021 | ||||||
Partnership agreement | ||||||
Distributions preferred units | $ 1.0 | $ 0.9 | ||||
Series B Preferred Unitholders | Limited Partner | First Quarter of 2022 | ||||||
Partnership agreement | ||||||
Distributions preferred units | $ 0.3 | $ 17.2 | ||||
Series B Preferred Unitholders | EnLink Midstream Partners, LP | ||||||
Partnership agreement | ||||||
Preferred units, issued (in shares) | 57,501,693 | 54,168,359 | 57,501,693 | |||
Preferred units, outstanding (in shares) | 57,501,693 | 54,168,359 | 57,501,693 | |||
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 | |||||
---|---|---|---|---|---|---|
May 02, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 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) | 2,093,842 | 0 | ||||
Payment for common unit repurchases | $ 17,000,000.0 | $ 0 | ||||
Shares repurchased, average cost per share (in dollars per share) | $ 8.12 | |||||
Distributed earnings allocated to: | ||||||
Total distributed earnings | $ 55,500,000 | 47,000,000.0 | ||||
Undistributed loss allocated to: | ||||||
Total undistributed loss, basic | (20,300,000) | (59,700,000) | ||||
Total undistributed loss, diluted | (20,300,000) | (59,700,000) | ||||
Net income (loss) attributable to ENLC allocated to: | ||||||
Total net income (loss), basic | 35,200,000 | (12,700,000) | ||||
Total net income (loss), diluted | $ 35,200,000 | $ (12,700,000) | ||||
Net income (loss) attributable to ENLC per unit: | ||||||
Basic (in dollars per share) | $ 0.07 | $ (0.03) | ||||
Diluted (in dollars per share) | 0.07 | (0.03) | ||||
Distribution declared/unit (in dollars per share) | $ 0.11250 | $ 0.11250 | $ 0.09375 | $ 0.09375 | ||
Subsequent Event | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common units repurchased (in shares) | 675,095 | |||||
Payment for common unit repurchases | $ 6,000,000 | |||||
Shares repurchased, average cost per share (in dollars per share) | $ 8.92 | |||||
Unvested restricted units | ||||||
Distributed earnings allocated to: | ||||||
Total distributed earnings | $ 1,100,000 | $ 1,100,000 | ||||
Undistributed loss allocated to: | ||||||
Total undistributed loss, basic | (400,000) | (1,400,000) | ||||
Total undistributed loss, diluted | (400,000) | (1,400,000) | ||||
Net income (loss) attributable to ENLC allocated to: | ||||||
Total net income (loss), basic | 700,000 | (300,000) | ||||
Total net income (loss), diluted | 700,000 | (300,000) | ||||
Common units | ||||||
Distributed earnings allocated to: | ||||||
Total distributed earnings | 54,400,000 | 45,900,000 | ||||
Undistributed loss allocated to: | ||||||
Total undistributed loss, basic | (19,900,000) | (58,300,000) | ||||
Total undistributed loss, diluted | (19,900,000) | (58,300,000) | ||||
Net income (loss) attributable to ENLC allocated to: | ||||||
Total net income (loss), basic | 34,500,000 | (12,400,000) | ||||
Total net income (loss), diluted | $ 34,500,000 | $ (12,400,000) |
Members' Equity - Components to Compute Basic and Diluted Earnings per Unit (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Weighted average basic common units outstanding (in units) | 484.0 | 490.0 |
Dilutive effect of non-vested restricted units (in units) | 6.6 | 0.0 |
Total weighted average diluted common units outstanding (in units) | 490.6 | 490.0 |
Employee Incentive Plans - Amounts Recognized in Consolidated Financial Statements (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Allocation | ||
Total unit-based compensation expense | $ 6.6 | $ 6.5 |
Amount of related income tax benefit recognized in net income | 1.6 | 1.5 |
Unit-based compensation | 2.0 | 2.5 |
Restricted units | ||
Allocation | ||
Unit-based compensation | 2.0 | 2.5 |
Cost of unit-based compensation charged to operating expense | ||
Allocation | ||
Total unit-based compensation expense | 1.6 | 1.7 |
Cost of unit-based compensation charged to general and administrative expense | ||
Allocation | ||
Total unit-based compensation expense | $ 5.0 | $ 4.8 |
Employee Incentive Plans - Restricted and Performance Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Jan. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
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) | 7,507,471 | |||
Granted (in shares) | 193,935 | 1,761,711 | ||
Vested (in shares) | (1,032,738) | |||
Forfeited (in shares) | (2,022) | |||
Non-vested, end of period (in shares) | 8,234,422 | 8,234,422 | ||
Aggregate intrinsic value, end of period | $ 79.5 | $ 79.5 | ||
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) | $ 5.46 | |||
Granted (in dollars per share) | 8.87 | |||
Vested (in dollars per share) | 10.35 | |||
Forfeited (in dollars per share) | 3.71 | |||
Non-vested, end of period (in dollars per share) | $ 5.58 | $ 5.58 | ||
Incentive unit award vesting period | 3 years | |||
Units withheld for payroll taxes (in shares) | 278,866 | |||
Aggregate intrinsic value of units vested | $ 7.6 | $ 3.0 | ||
Fair value of units vested | $ 1.7 | 10.7 | 10.2 | |
Unrecognized compensation cost related to non-vested restricted incentive units | $ 24.5 | $ 24.5 | ||
Unrecognized compensation costs, weighted average period for recognition | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Grants in period | 193,935 | 1,761,711 | ||
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) | 3,574,827 | |||
Granted (in shares) | 598,286 | |||
Vested (in shares) | (708,361) | |||
Non-vested, end of period (in shares) | 3,464,752 | 3,464,752 | ||
Aggregate intrinsic value, end of period | $ 33.4 | $ 33.4 | ||
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) | $ 6.40 | |||
Granted (in dollars per share) | 11.45 | |||
Vested (in dollars per share) | 15.57 | |||
Non-vested, end of period (in dollars per share) | $ 5.40 | $ 5.40 | ||
Units withheld for payroll taxes (in shares) | 273,357 | |||
Aggregate intrinsic value of units vested | $ 5.6 | 0.6 | ||
Fair value of units vested | 11.0 | $ 4.4 | ||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 15.5 | $ 15.5 | ||
Unrecognized compensation costs, weighted average period for recognition | 1 year 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Grant-date fair value (in dollars per share) | $ 11.90 | $ 4.70 | ||
Beginning TSR Price (in dollars per share) | $ 8.83 | $ 3.71 | ||
Risk-free interest rate | 2.15% | 0.17% | ||
Volatility factor | 75.00% | 71.00% | ||
Grants in period | 598,286 | |||
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% | |||
Performance Shares With Vesting Conditions | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 88,863 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Grant-date fair value (in dollars per share) | $ 8.90 | |||
Grants in period | 88,863 |
Derivatives - Interest Rate Swaps (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
||||||
Derivatives | |||||||
Tax expense | $ (1.1) | ||||||
Unrealized gain on designated cash flow hedge | [1] | $ 0.1 | 3.6 | [2] | |||
Interest expense | 0.1 | 4.8 | |||||
Interest expense expected to be reclassified out of accumulated other comprehensive income (loss) over the next twelve months | 0.1 | ||||||
Interest rate swaps | |||||||
Derivatives | |||||||
Change in fair value of interest rate swaps | 0.1 | 4.7 | |||||
Tax expense | 0.0 | (1.1) | |||||
Unrealized gain on designated cash flow hedge | $ 0.1 | $ 3.6 | |||||
|
Derivatives - Components of Commodity Swap Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Derivatives | ||
Change in fair value of derivatives | $ (15.1) | $ (7.9) |
Loss on derivative activity | (31.2) | (83.4) |
EnLink Midstream Partners, LP | Commodity swaps | ||
Derivatives | ||
Change in fair value of derivatives | (15.1) | (7.9) |
Realized loss on derivatives | (16.1) | (75.5) |
Loss on derivative activity | $ (31.2) | $ (83.4) |
Derivatives - Fair Value of Commodity Swap Assets and Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivatives | ||
Fair value of derivative assets—current | $ 68.1 | $ 22.4 |
Fair value of derivative assets—long-term | 0.1 | 0.2 |
Fair value of derivative liabilities—current | (97.2) | (34.9) |
Fair value of derivative liabilities—long-term | (0.6) | (2.2) |
EnLink Midstream Partners, LP | ||
Derivatives | ||
Fair value of derivative assets—current | 68.1 | 22.4 |
Fair value of derivative assets—long-term | 0.1 | 0.2 |
Fair value of derivative liabilities—current | (97.2) | (34.9) |
Fair value of derivative liabilities—long-term | (0.6) | (2.2) |
Net fair value of commodity swaps | $ (29.6) | $ (14.5) |
Derivatives - Commodity Swaps Additional Information (Details) - EnLink Midstream Partners, LP gal in Millions, MMBbls in Millions, MMBTU in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
MMBTU
MMBbls
gal
|
Dec. 31, 2021
USD ($)
|
|
Derivatives | ||
Net Fair Value | $ (29,600,000) | $ (14,500,000) |
Commodity | ||
Derivatives | ||
Net Fair Value | (29,600,000) | |
Maximum loss if counterparties fail to perform | 68,200,000 | |
Possible reduction in maximum loss if counterparties fail to perform | $ 700,000 | |
Commodity | NGL | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 181.4 | |
Net Fair Value | $ (29,700,000) | |
Commodity | Natural Gas | Short | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 3.7 | |
Net Fair Value | $ (3,900,000) | |
Commodity | Natural Gas | Long | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 2.8 | |
Net Fair Value | $ 2,900,000 | |
Commodity | Crude and condensate | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 4.7 | |
Net Fair Value | $ (59,300,000) | |
Commodity | Crude and condensate | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 4.0 | |
Net Fair Value | $ 60,400,000 |
Fair Value Measurements - Recurring (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Level 2 | Commodity swaps | Recurring | ||
Fair Value | ||
Net Fair Value | $ (29.6) | $ (14.5) |
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Apr. 30, 2021 |
---|---|---|---|
Fair Value | |||
Debt issuance costs | $ 26.5 | $ 27.8 | |
Amarillo Rattler, LLC | |||
Fair Value | |||
Installment payable | 10.0 | ||
Business combination, maximum earnout | $ 15.0 | ||
Carrying Value | |||
Fair Value | |||
Long-term debt | 4,315.0 | 4,363.7 | |
Installment payable | 10.0 | 10.0 | |
Contingent consideration fair value | 6.9 | 6.9 | |
Fair Value | |||
Fair Value | |||
Long-term debt | 4,154.6 | 4,520.0 | |
Installment payable | 10.0 | 10.0 | |
Contingent consideration fair value | $ 6.9 | $ 6.9 |
Segment Information - Financial Information and Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Segment Reporting | ||||
Revenue from contracts with customers | $ 2,258.9 | $ 1,331.8 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1] | (1,794.5) | (934.7) | |
Realized loss on derivatives | (16.1) | (75.5) | ||
Change in fair value of derivatives | (15.1) | (7.9) | ||
Adjusted gross margin | 433.2 | 313.7 | ||
Operating expenses | (120.9) | (56.3) | ||
Segment profit | 312.3 | 257.4 | ||
Depreciation and amortization | (152.9) | (151.0) | ||
Gain (loss) on disposition of assets | (5.1) | 0.0 | ||
General and administrative | (29.0) | (26.0) | ||
Interest expense, net of interest income | (55.1) | (60.0) | ||
Income (loss) from unconsolidated affiliates | (1.1) | (6.3) | ||
Other income (expense) | 0.1 | (0.1) | ||
Income before non-controlling interest and income taxes | 69.2 | 14.0 | ||
Capital expenditures | 60.0 | 20.8 | ||
Related parties amount in cost of sales | 10.6 | 3.2 | ||
Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 893.3 | 418.8 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (766.7) | (325.6) | ||
Realized loss on derivatives | (2.4) | (56.9) | ||
Change in fair value of derivatives | (5.9) | (5.3) | ||
Adjusted gross margin | 118.3 | 31.0 | ||
Operating expenses | (45.3) | 11.8 | ||
Segment profit | 73.0 | 42.8 | ||
Depreciation and amortization | (36.7) | (33.5) | ||
Gain (loss) on disposition of assets | 0.0 | 0.1 | ||
General and administrative | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | ||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | ||
Other income (expense) | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 36.3 | 9.4 | ||
Capital expenditures | 34.2 | 13.3 | ||
Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 1,524.4 | 862.9 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (1,388.7) | (740.4) | ||
Realized loss on derivatives | (6.6) | (10.7) | ||
Change in fair value of derivatives | (5.6) | (0.4) | ||
Adjusted gross margin | 123.5 | 111.4 | ||
Operating expenses | (33.0) | (29.2) | ||
Segment profit | 90.5 | 82.2 | ||
Depreciation and amortization | (35.5) | (36.1) | ||
Gain (loss) on disposition of assets | 0.2 | (0.1) | ||
General and administrative | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | ||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | ||
Other income (expense) | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 55.2 | 46.0 | ||
Capital expenditures | 5.7 | 2.8 | ||
Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 394.4 | 234.0 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (276.8) | (151.0) | ||
Realized loss on derivatives | (3.7) | (6.0) | ||
Change in fair value of derivatives | (7.1) | (1.8) | ||
Adjusted gross margin | 106.8 | 75.2 | ||
Operating expenses | (21.0) | (19.7) | ||
Segment profit | 85.8 | 55.5 | ||
Depreciation and amortization | (50.9) | (50.7) | ||
Gain (loss) on disposition of assets | 0.2 | 0.0 | ||
General and administrative | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | ||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | ||
Other income (expense) | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 35.1 | 4.8 | ||
Capital expenditures | 15.4 | 1.9 | ||
North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 241.9 | 202.5 | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | (157.4) | (104.1) | ||
Realized loss on derivatives | (3.4) | (1.9) | ||
Change in fair value of derivatives | 3.5 | (0.4) | ||
Adjusted gross margin | 84.6 | 96.1 | ||
Operating expenses | (21.6) | (19.2) | ||
Segment profit | 63.0 | 76.9 | ||
Depreciation and amortization | (28.4) | (28.7) | ||
Gain (loss) on disposition of assets | (5.5) | 0.0 | ||
General and administrative | 0.0 | 0.0 | ||
Interest expense, net of interest income | 0.0 | 0.0 | ||
Income (loss) from unconsolidated affiliates | 0.0 | 0.0 | ||
Other income (expense) | 0.0 | 0.0 | ||
Income before non-controlling interest and income taxes | 29.1 | 48.2 | ||
Capital expenditures | 3.1 | 2.4 | ||
Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (795.1) | (386.4) | ||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 795.1 | 386.4 | ||
Realized loss on derivatives | 0.0 | 0.0 | ||
Change in fair value of derivatives | 0.0 | 0.0 | ||
Adjusted gross margin | 0.0 | 0.0 | ||
Operating expenses | 0.0 | 0.0 | ||
Segment profit | 0.0 | 0.0 | ||
Depreciation and amortization | (1.4) | (2.0) | ||
Gain (loss) on disposition of assets | 0.0 | 0.0 | ||
General and administrative | (29.0) | (26.0) | ||
Interest expense, net of interest income | (55.1) | (60.0) | ||
Income (loss) from unconsolidated affiliates | (1.1) | (6.3) | ||
Other income (expense) | 0.1 | (0.1) | ||
Income before non-controlling interest and income taxes | (86.5) | (94.4) | ||
Capital expenditures | 1.6 | 0.4 | ||
Product sales | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 2,043.9 | 1,122.9 | ||
Product sales | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 467.6 | 232.3 | ||
Product sales | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 1,436.9 | 788.3 | ||
Product sales | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 114.1 | 50.1 | ||
Product sales | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 25.3 | 52.2 | ||
Product sales | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, Natural gas sales | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 508.8 | 333.1 | ||
Product sales, Natural gas sales | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 195.6 | 125.0 | ||
Product sales, Natural gas sales | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 211.5 | 121.2 | ||
Product sales, Natural gas sales | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 76.3 | 35.9 | ||
Product sales, Natural gas sales | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 25.4 | 51.0 | ||
Product sales, Natural gas sales | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, NGL sales | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 1,154.5 | 627.8 | ||
Product sales, NGL sales | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, NGL sales | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 1,151.5 | 626.0 | ||
Product sales, NGL sales | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 3.1 | 0.6 | ||
Product sales, NGL sales | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (0.1) | 1.2 | ||
Product sales, NGL sales | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, Crude oil and condensate sales | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 380.6 | 162.0 | ||
Product sales, Crude oil and condensate sales | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 272.0 | 107.3 | ||
Product sales, Crude oil and condensate sales | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 73.9 | 41.1 | ||
Product sales, Crude oil and condensate sales | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 34.7 | 13.6 | ||
Product sales, Crude oil and condensate sales | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, Crude oil and condensate sales | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales—related parties | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales—related parties | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 399.8 | 164.9 | ||
Product sales—related parties | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 36.9 | 23.6 | ||
Product sales—related parties | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 208.4 | 113.1 | ||
Product sales—related parties | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 149.9 | 82.4 | ||
Product sales—related parties | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (795.0) | (384.0) | ||
Product sales, NGL sales, related party | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, NGL sales, related party | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 399.8 | 164.9 | ||
Product sales, NGL sales, related party | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 36.9 | 23.6 | ||
Product sales, NGL sales, related party | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 208.1 | 113.1 | ||
Product sales, NGL sales, related party | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 146.9 | 80.9 | ||
Product sales, NGL sales, related party | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (791.7) | (382.5) | ||
Product sales, Crude oil and condensate sales, related party | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 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 | ||
Product sales, Crude oil and condensate sales, related party | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Product sales, Crude oil and condensate sales, related party | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.3 | 0.0 | ||
Product sales, Crude oil and condensate sales, related party | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 3.0 | 1.5 | ||
Product sales, Crude oil and condensate sales, related party | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (3.3) | (1.5) | ||
Midstream services | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 215.0 | 208.9 | ||
Midstream services | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 25.9 | 21.6 | ||
Midstream services | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 50.5 | 48.7 | ||
Midstream services | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 71.9 | 70.7 | ||
Midstream services | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 66.7 | 67.9 | ||
Midstream services | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, Gathering and transportation | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 111.4 | 117.2 | ||
Midstream services, Gathering and transportation | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 13.6 | 9.7 | ||
Midstream services, Gathering and transportation | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 16.3 | 15.8 | ||
Midstream services, Gathering and transportation | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 42.7 | 51.3 | ||
Midstream services, Gathering and transportation | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 38.8 | 40.4 | ||
Midstream services, Gathering and transportation | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, Processing | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 61.3 | 51.7 | ||
Midstream services, Processing | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 7.8 | 8.2 | ||
Midstream services, Processing | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.5 | 0.5 | ||
Midstream services, Processing | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 25.4 | 15.9 | ||
Midstream services, Processing | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 27.6 | 27.1 | ||
Midstream services, Processing | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, NGL services | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 23.9 | 22.1 | ||
Midstream services, NGL services | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, NGL services | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 23.9 | 22.0 | ||
Midstream services, NGL services | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, NGL services | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.1 | ||
Midstream services, NGL services | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, Crude services | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 17.6 | 16.9 | ||
Midstream services, Crude services | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 4.3 | 3.5 | ||
Midstream services, Crude services | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 9.4 | 9.9 | ||
Midstream services, Crude services | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 3.7 | 3.3 | ||
Midstream services, Crude services | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.2 | 0.2 | ||
Midstream services, Crude services | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services, Other services | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.8 | 1.0 | ||
Midstream services, Other services | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.2 | 0.2 | ||
Midstream services, Other services | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.4 | 0.5 | ||
Midstream services, Other services | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.1 | 0.2 | ||
Midstream services, Other services | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.1 | 0.1 | ||
Midstream services, Other services | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services—related parties | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services—related parties | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services—related parties | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.1 | 2.3 | ||
Midstream services—related parties | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.1 | ||
Midstream services—related parties | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | 0.0 | ||
Midstream services—related parties | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (0.1) | (2.4) | ||
Midstream services, Crude services, related party | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Crude services, related party | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Crude services, related party | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Crude services, related party | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.1 | |||
Midstream services, Crude services, related party | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Crude services, related party | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | (0.1) | |||
Midstream services, Other services, related party | ||||
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 | (2.3) | |||
Midstream services, Other services, related party | Permian | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Other services, related party | Permian | Operating Segments | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Other services, related party | Louisiana | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.1 | |||
Midstream services, Other services, related party | Louisiana | Operating Segments | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 2.3 | |||
Midstream services, Other services, related party | Oklahoma | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Other services, related party | Oklahoma | Operating Segments | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Other services, related party | North Texas | ||||
Segment Reporting | ||||
Revenue from contracts with customers | 0.0 | |||
Midstream services, Other services, related party | North Texas | Operating Segments | ||||
Segment Reporting | ||||
Revenue from contracts with customers | $ 0.0 | |||
Midstream services, Other services, related party | Corporate | ||||
Segment Reporting | ||||
Revenue from contracts with customers | $ (0.1) | |||
|
Segment Information - Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting | ||
Total identifiable assets | $ 8,640.2 | $ 8,483.2 |
Permian | ||
Segment Reporting | ||
Total identifiable assets | 2,500.2 | 2,358.6 |
Louisiana | ||
Segment Reporting | ||
Total identifiable assets | 2,442.9 | 2,428.6 |
Oklahoma | ||
Segment Reporting | ||
Total identifiable assets | 2,582.9 | 2,619.5 |
North Texas | ||
Segment Reporting | ||
Total identifiable assets | 866.8 | 896.8 |
Corporate | ||
Segment Reporting | ||
Total identifiable assets | $ 247.4 | $ 179.7 |
Other Information (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other current assets: | ||
Natural gas and NGLs inventory | $ 73.6 | $ 49.4 |
Prepaid expenses and other | 39.1 | 34.2 |
Other current assets | 112.7 | 83.6 |
Other current liabilities: | ||
Accrued interest | 71.5 | 47.2 |
Accrued wages and benefits, including taxes | 9.6 | 33.1 |
Accrued ad valorem taxes | 12.6 | 28.3 |
Capital expenditure accruals | 22.2 | 23.2 |
Deferred revenue | 24.1 | 3.7 |
Short-term lease liability | 20.3 | 18.1 |
Installment payable | 10.0 | 10.0 |
Inactive easement commitment | 9.9 | 9.8 |
Operating expense accruals | 11.7 | 9.6 |
Other | 23.5 | 19.9 |
Other current liabilities | $ 215.4 | $ 202.9 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
claim
| |
Koch | EnLink Gas Marketing, LP | |
Commitments and Contingencies | |
Loss contingency, damages sought, value | $ | $ 53.9 |
Harris County Multi-District Litigation | EnLink Energy GP, LLC | |
Commitments and Contingencies | |
Filed cases, over | claim | 150 |