Enable Midstream reports strong Q1 earnings
Oklahoma-based Enable Midstream reported May 3 that first quarter net income improved 46% from the same period last year and that its assets were well supplied.
Enable’s reported net income of $164mn in Q1 marked a $52mn increase from the same period last year. Adjusted EBITDA of $328mn was $42mn higher than the $286mn reported in Q1 2020. Total revenue during Q1 was reported at $970mn, a $322mn increase from Q1 2020.
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There are 181 drilled, but uncompleted (DUC) wells supporting its regional operations that producers can complete without investing drilling capital. Those DUCs are mostly spread out across the Anadarko basin in Oklahoma and the Williston basin in Montana.
The company is busy developing its Gulf Run pipeline project, a pipeline meant to deliver as much as 1.7bn ft3/d from inland basins to the Gulf Coast. Bidding for capacity on the line opens in Q2 and, subject to regulatory approval, the project is expected to begin operations late next year.
With its regional portfolio, the company was among those that experienced curtailments during a cold spell in February that saw regional temperatures drop below freezing. Enable said its holdings were back to normal and average gas gathered in March was approximately 4% higher than the average daily volumes gathered during all of Q1.
Enable during the first quarter agreed to a $7.2bn buyout offer from Energy Transfer and the merger is expected to close by the middle of the year.
“Looking to the future, Enable continues to be well-positioned to benefit from improving commodity prices and the pending merger with Energy Transfer,” CEO Rod Sailor said. “Teams from both companies are currently working hard to plan for a seamless integration.”