Enable Midstream Partners (ENBL) Q4 Net Income Rose 6%

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February 18, 2015 7:29 AM UTC
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Enable Midstream Partners (NYSE: ENBL) announced financial results for fourth quarter and full year 2014.

Net income attributable to the partnership was $122 million for fourth quarter 2014, an increase of $7 million, or 6 percent, compared to $115 million for fourth quarter 2013. Adjusted EBITDA for fourth quarter 2014 was $198 million, a decrease of $2 million, or 1 percent, compared to $200 million for fourth quarter 2013. Distributable cash flow (DCF) for fourth quarter 2014 was $119 million, a decrease of $16 million, or 12 percent, compared to $135 million for fourth quarter 2013.

Revenue in the quarter was $735 million, versus $824 million for Q413.

OUTLOOK

The partnership’s outlook for its volumes, distributable cash flow and per-unit distributions are displayed in the table below:

$ in millions, except volume numbers 2015
Natural Gas Gathered Volumes (TBtu/d) 3.1 − 3.3
Natural Gas Processed Volumes (TBtu/d) 1.6 − 1.8
Crude Oil – Gathered Volumes (MBbl/d) 20.0 − 22.0
Adjusted EBITDA $800 − $860
Adjusted Interest Expense, net $95 − $105
Maintenance Capital $140 − $160
Distributable Cash Flow $540 − $590
Per-unit Distribution Growth1 3% − 7%

Per-unit Distribution Growth from MQD2

6%

 −

8%

Coverage Ratio 1.0x − 1.08x

1. Distribution growth calculated as the growth rate from Enable Midstream’s $0.30875 fourth quarter 2014 distribution to Enable Midstream's projected fourth quarter 2015 distribution

2. Distribution growth calculated as the compound annual growth rate from Enable Midstream’s minimum quarterly distribution of $0.2875 per unit through the fourth quarter of 2015 (7 quarterly compounding periods)

2015 outlook centered around the following price assumptions:

  • Natural Gas (Henry Hub) at $2.85/MMBtu
  • Natural Gas Liquids Composite
    • Mont Belvieu, Texas at $.47/gal
    • Conway, Kansas at $.46/gal
    • Natural gas liquids composite based on an assumed composition of 45%, 30%, 10%, 5%, and 10% for ethane, propane, normal butane, isobutane and natural gasoline, respectively.
  • Crude Oil (WTI) at $52.50/Bbl

The partnership’s expectations for expansion capital expenditures are displayed in the table below:

$ in millions 2015
Contracted Expansion1 $600 - $800
Identified Opportunities2 $0 - $300
Total $600 - $1,100

1. Contracted Expansion includes gathering, compression and processing infrastructure to support projected volume growth from current contracts and acreage dedications, including infrastructure in the SCOOP, Bakken and Greater Granite Wash plays

2. Identified Opportunities include transportation and G&P projects in late-stage negotiation, such as:

  • Additional Bakken crude gathering expansions
  • Anadarko gas gathering and processing expansions
  • New end-user transportation service and market access pipeline opportunities
  • NGL transportation infrastructure

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