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Name | Symbol | Market | Type |
---|---|---|---|
Enable Midstream Partners LP | NYSE:ENBL | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.05 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1252419 | |||||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||||||||||||||
499 West Sheridan Avenue, Suite 1500 Oklahoma City, Oklahoma
|
73102 | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Common Units Representing Limited Partner Interests | ENBL | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated Filer | ☒ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | |||||
Measurements | |||||
Bbl. | Barrel. 42 U.S. gallons of petroleum products. | ||||
Bbl/d. | Barrels per day. | ||||
Bcf. | Billion cubic feet. | ||||
Bcf/d. | Billion cubic feet per day. | ||||
Btu. | British thermal unit. When used in terms of volume, Btu refers to the amount of natural gas required to raise the temperature of one pound of water by one degree Fahrenheit at one atmospheric pressure. | ||||
MBbl. | Thousand barrels. | ||||
MBbl/d. | Thousand barrels per day. | ||||
MMBtu. | Million British thermal units. | ||||
MMcf. | Million cubic feet of natural gas. | ||||
MMcf/d. | Million cubic feet per day. | ||||
TBtu. | Trillion British thermal units. | ||||
TBtu/d. | Trillion British thermal units per day. | ||||
Abbreviations | |||||
ASC. | Accounting Standards Codification. | ||||
ASU. | Accounting Standards Update. | ||||
DCF. | Distributable Cash Flow, a non-GAAP measure calculated as Adjusted EBITDA, as further adjusted for Series A Preferred Unit distributions, distributions for phantom and performance units, Adjusted interest expense, maintenance capital expenditures and current income taxes. | ||||
DOT. | Department of Transportation. | ||||
EBITDA. | Earnings before interest, taxes, depreciation and amortization. | ||||
EGT. | Enable Gas Transmission, LLC, a wholly owned subsidiary of the Partnership that operates an approximately 5,900-mile interstate pipeline that provides natural gas transportation and storage services to customers principally in the Anadarko, Arkoma and Ark-La-Tex Basins in Oklahoma, Texas, Arkansas, Louisiana, Missouri and Kansas. | ||||
EOCS. | Enable Oklahoma Crude Services, LLC, formerly Velocity Holdings, LLC, a wholly owned subsidiary of the Partnership that provides crude oil and condensate gathering services to customers in the SCOOP and STACK plays of the Anadarko Basin in Oklahoma. | ||||
EOIT. | Enable Oklahoma Intrastate Transmission, LLC, formerly Enogex LLC, a wholly owned subsidiary of the Partnership that operates an approximately 2,200-mile intrastate pipeline that provides natural gas transportation and storage services to customers in Oklahoma. | ||||
EPA. | Environmental Protection Agency. | ||||
ESCP. | Enable South Central Pipeline, LLC, formerly Velocity Pipeline Partners, LLC, in which the Partnership, through EOCS, owns a 60% joint venture interest in a 26-mile pipeline system with a third party which owns and operates a refinery connected to the EOCS system. | ||||
ETGP. | Enable Texola Gathering & Processing, LLC, formerly Align Midstream, LLC, a wholly owned subsidiary of the Partnership that provides natural gas gathering and processing services to customers in the Cotton Valley and Haynesville plays of the Ark-La-Tex Basin in Texas. | ||||
FASB. | Financial Accounting Standards Board. | ||||
FERC. | Federal Energy Regulatory Commission. | ||||
GAAP. | Accounting principles generally accepted in the United States of America. | ||||
LDC. | Local distribution company involved in the delivery of natural gas to consumers within a specific geographic area. | ||||
LIBOR. | London Interbank Offered Rate. | ||||
LNG. | Liquefied natural gas. | ||||
MRT. | Enable Mississippi River Transmission, LLC, a wholly owned subsidiary of the Partnership that operates an approximately 1,600-mile interstate pipeline that provides natural gas transportation and storage services principally in Texas, Arkansas, Louisiana, Missouri and Illinois. | ||||
NGA. | Natural Gas Act of 1938. | ||||
NGL(s). | Natural gas liquid(s), which are the hydrocarbon liquids contained within the natural gas stream including condensate. | ||||
NYSE. | New York Stock Exchange. | ||||
OPEC. | Organization of the Petroleum Exporting Countries. | ||||
PHMSA. | Pipeline and Hazardous Materials Safety Administration. | ||||
S&P. | Standard & Poor’s Rating Services. | ||||
SCOOP. | South Central Oklahoma Oil Province. | ||||
SEC. | Securities and Exchange Commission. | ||||
SESH. | Southeast Supply Header, LLC, in which the Partnership owns a 50% interest, that operates an approximately 290-mile interstate natural gas pipeline from Perryville, Louisiana to southwestern Alabama near the Gulf Coast. | ||||
STACK. | Sooner Trend Anadarko Basin Canadian and Kingfisher Counties. | ||||
Terms and Definitions | |||||
2019 Term Loan Agreement. | Unsecured term loan agreement dated January 29, 2019, by and among Enable Midstream Partners, LP and Bank of America, N.A., as administrative agent, and the several lenders from time to time party thereto. | ||||
2024 Notes. | $600 million aggregate principal amount of the Partnership’s 3.900% senior notes due 2024. | ||||
2027 Notes. | $700 million aggregate principal amount of the Partnership’s 4.400% senior notes due 2027. | ||||
2028 Notes. | $800 million aggregate principal amount of the Partnership’s 4.950% senior notes due 2028. | ||||
2029 Notes. | $550 million aggregate initial principal amount of the Partnership’s 4.150% senior notes due 2029. | ||||
2044 Notes. | $550 million aggregate initial principal amount of the Partnership’s 5.000% senior notes due 2044. | ||||
Adjusted EBITDA. | A non-GAAP measure calculated as net income attributable to limited partners plus depreciation and amortization expense, interest expense, net of interest income, income tax expense, distributions received from equity method affiliate in excess of equity earnings, non-cash equity-based compensation, change in fair value of derivatives not designated as hedging instruments, certain other non-cash gains and losses (including gains and losses on retirement of assets, sales of assets and write-downs of materials and supplies), gain on extinguishment of debt and impairments, less the noncontrolling interest allocable to Adjusted EBITDA. | ||||
Adjusted interest expense. | A non-GAAP measure calculated as interest expense plus interest income, amortization of premium on long-term debt and capitalized interest on expansion capital, less amortization of debt costs and discount on long-term debt. | ||||
Annual Report. | Annual Report on Form 10-K for the year ended December 31, 2020. | ||||
Atoka. | Atoka Midstream LLC, in which the Partnership owns a 50% interest, which provides gathering and processing services to customers in the Arkoma Basin in Oklahoma. | ||||
Board of Directors. | The board of directors of Enable GP, LLC. | ||||
CenterPoint Energy. | CenterPoint Energy, Inc., a Texas corporation, and its subsidiaries. | ||||
Condensate. | A natural gas liquid with a low vapor pressure, mainly composed of propane, butane, pentane and heavier hydrocarbon fractions. | ||||
Corps. |
United States Army Corps of Engineers.
|
||||
Distribution coverage ratio. | A non-GAAP measure calculated as DCF divided by distributions related to common unitholders. | ||||
Enable GP. | Enable GP, LLC, the general partner of Enable Midstream Partners, LP. | ||||
Enable Midstream Services. | Enable Midstream Services, LLC, a wholly owned subsidiary of Enable Midstream Partners, LP. | ||||
EOIT Senior Notes. | $250 million aggregate principal amount of EOIT’s 6.25% senior notes that were repaid in March 2020. | ||||
Energy Transfer. | Energy Transfer LP, a Delaware limited partnership. | ||||
Exchange Act. | Securities Exchange Act of 1934, as amended. | ||||
Gas imbalance. | The difference between the actual amounts of natural gas delivered from or received by a pipeline, as compared to the amounts scheduled to be delivered or received. | ||||
General Partner. | Enable GP, LLC, a Delaware limited liability company, the general partner of Enable Midstream Partners, LP. | ||||
Gross margin. | A non-GAAP measure calculated as Total revenues minus Cost of natural gas and natural gas liquids, excluding depreciation and amortization. | ||||
Merger. | The acquisition of the Partnership by Energy Transfer Partners, LP. | ||||
Merger Agreement. |
An agreement between Energy Transfer and the Partnership in which the Partnership will be acquired by Energy Transfer in an all-equity transaction, including the assumption of debt and other liabilities
|
||||
Moody’s. | Moody’s Investor Services. | ||||
OGE Energy. | OGE Energy Corp., an Oklahoma corporation, and its subsidiaries. | ||||
Partnership. | Enable Midstream Partners, LP and its subsidiaries. | ||||
Partnership Agreement. | Fifth Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP dated as of November 14, 2017. | ||||
Revolving Credit Facility. | $1.75 billion senior unsecured revolving credit facility. | ||||
Series A Preferred Units. |
10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership.
|
||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per unit data) | |||||||||||||||||||||||
Revenues (including revenues from affiliates (Note 13)): | |||||||||||||||||||||||
Product sales | $ | 627 | $ | 288 | |||||||||||||||||||
Service revenues | 343 | 360 | |||||||||||||||||||||
Total Revenues | 970 | 648 | |||||||||||||||||||||
Cost and Expenses (including expenses from affiliates (Note 13)):
|
|||||||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
|
519 | 226 | |||||||||||||||||||||
Operation and maintenance
|
84 | 102 | |||||||||||||||||||||
General and administrative | 37 | 24 | |||||||||||||||||||||
Depreciation and amortization | 106 | 104 | |||||||||||||||||||||
Impairments of property, plant and equipment and goodwill (Note 7) | — | 28 | |||||||||||||||||||||
Taxes other than income tax | 18 | 18 | |||||||||||||||||||||
Total Cost and Expenses | 764 | 502 | |||||||||||||||||||||
Operating Income | 206 | 146 | |||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest expense | (42) | (47) | |||||||||||||||||||||
Equity in earnings of equity method affiliate | 1 | 6 | |||||||||||||||||||||
Total Other Expense | (41) | (41) | |||||||||||||||||||||
Income Before Income Tax | 165 | 105 | |||||||||||||||||||||
Income tax benefit | — | — | |||||||||||||||||||||
Net Income | $ | 165 | $ | 105 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 1 | (7) | |||||||||||||||||||||
Net Income Attributable to Limited Partners | $ | 164 | $ | 112 | |||||||||||||||||||
Less: Series A Preferred Unit distributions (Note 6) | 9 | 9 | |||||||||||||||||||||
Net Income Attributable to Common Units (Note 5) | $ | 155 | $ | 103 | |||||||||||||||||||
|
|||||||||||||||||||||||
Basic and diluted earnings per unit (Note 5) | |||||||||||||||||||||||
Basic | $ | 0.35 | $ | 0.24 | |||||||||||||||||||
Diluted | $ | 0.33 | $ | 0.19 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net income | $ | 165 | $ | 105 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in fair value of interest rate derivative instruments | — | (6) | |||||||||||||||||||||
Reclassification of interest rate derivative losses to net income | 1 | — | |||||||||||||||||||||
Other comprehensive income (loss) | 1 | (6) | |||||||||||||||||||||
Comprehensive income | 166 | 99 | |||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 1 | (7) | |||||||||||||||||||||
Comprehensive income attributable to Limited Partners | $ | 165 | $ | 106 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 32 | $ | 3 | |||||||
Accounts receivable, net of allowance for doubtful accounts (Note 1) | 284 | 248 | |||||||||
Accounts receivable—affiliated companies | 13 | 15 | |||||||||
Inventory | 44 | 42 | |||||||||
Gas imbalances | 49 | 42 | |||||||||
Other current assets, net of allowance for doubtful accounts (Note 1) | 27 | 31 | |||||||||
Total current assets | 449 | 381 | |||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment | 13,287 | 13,220 | |||||||||
Less: Accumulated depreciation and amortization | 2,633 | 2,555 | |||||||||
Property, plant and equipment, net | 10,654 | 10,665 | |||||||||
Other Assets: | |||||||||||
Intangible assets, net | 523 | 539 | |||||||||
Investment in equity method affiliate | 73 | 76 | |||||||||
Other | 65 | 68 | |||||||||
Total other assets | 661 | 683 | |||||||||
Total Assets | $ | 11,764 | $ | 11,729 | |||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 158 | $ | 149 | |||||||
Accounts payable—affiliated companies | 1 | 2 | |||||||||
Current portion of long-term debt | 800 | — | |||||||||
Short-term debt | 214 | 250 | |||||||||
Taxes accrued | 26 | 34 | |||||||||
Gas imbalances | 13 | 19 | |||||||||
Other | 122 | 128 | |||||||||
Total current liabilities | 1,334 | 582 | |||||||||
Other Liabilities: | |||||||||||
Accumulated deferred income taxes, net | 4 | 5 | |||||||||
Regulatory liabilities | 26 | 25 | |||||||||
Other | 67 | 71 | |||||||||
Total other liabilities | 97 | 101 | |||||||||
Long-Term Debt | 3,152 | 3,951 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Partners’ Equity: | |||||||||||
Series A Preferred Units (14,520,000 issued and outstanding at March 31, 2021 and December 31, 2020)
|
362 | 362 | |||||||||
Common Units (435,846,766 issued and outstanding at March 31, 2021 and 435,549,892 issued and outstanding at December 31, 2020)
|
6,798 | 6,713 | |||||||||
Accumulated other comprehensive loss | (5) | (6) | |||||||||
Noncontrolling interest | 26 | 26 | |||||||||
Total Partners’ Equity | 7,181 | 7,095 | |||||||||
Total Liabilities and Partners’ Equity | $ | 11,764 | $ | 11,729 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 165 | $ | 105 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 106 | 104 | |||||||||
Impairments of property, plant and equipment and goodwill | — | 28 | |||||||||
Net loss on sale/retirement of assets | — | 1 | |||||||||
Equity in earnings of equity method affiliate | (1) | (6) | |||||||||
Return on investment in equity method affiliate | 1 | 6 | |||||||||
Equity-based compensation | 4 | 4 | |||||||||
Amortization of debt costs and discount | 1 | — | |||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable, net | (36) | 52 | |||||||||
Accounts receivable—affiliated companies | 2 | 8 | |||||||||
Inventory | (2) | 3 | |||||||||
Gas imbalance assets | (7) | (1) | |||||||||
Other current assets, net | 2 | (6) | |||||||||
Other assets | 2 | 1 | |||||||||
Accounts payable | 11 | (59) | |||||||||
Accounts payable—affiliated companies | (1) | 1 | |||||||||
Gas imbalance liabilities | (6) | (2) | |||||||||
Other current liabilities | (14) | (35) | |||||||||
Other liabilities | (4) | (4) | |||||||||
Net cash provided by operating activities | 223 | 200 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (80) | (54) | |||||||||
Proceeds from sale of assets | 1 | — | |||||||||
Return of investment in equity method affiliate | 3 | 4 | |||||||||
Other, net | 1 | 2 | |||||||||
Net cash used in investing activities | (75) | (48) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Decrease in short-term debt | (36) | (45) | |||||||||
Repayment of long-term debt | — | (250) | |||||||||
Proceeds from Revolving Credit Facility | — | 340 | |||||||||
Repayment of Revolving Credit Facility | — | (40) | |||||||||
Distributions to common unitholders | (72) | (144) | |||||||||
Distributions to preferred unitholders | (9) | (9) | |||||||||
Distributions to non-controlling interests | (1) | (3) | |||||||||
Cash paid for employee equity-based compensation | (1) | (1) | |||||||||
Net cash used in financing activities | (119) | (152) | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 29 | — | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3 | 4 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 32 | $ | 4 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Series A
Preferred Units |
Common
Units |
Accumulated Other Comprehensive Loss |
Noncontrolling
Interest |
Total Partners’
Equity |
|||||||||||||||||||||||||||||||||||||
Units | Value | Units | Value | Value | Value | Value | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 15 | $ | 362 | 435 | $ | 6,713 | $ | (6) | $ | 26 | $ | 7,095 | |||||||||||||||||||||||||||||
Net income | — | 9 | — | 155 | — | 1 | 165 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||
Distributions
|
— | (9) | — | (72) | — | (1) | (82) | ||||||||||||||||||||||||||||||||||
Equity-based compensation, net of units for employee taxes
|
— | — | 1 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 15 | $ | 362 | 436 | $ | 6,798 | $ | (5) | $ | 26 | $ | 7,181 | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Series A Preferred Units | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Partners’ Equity | |||||||||||||||||||||||||||||||||||||
Units | Value | Units | Value | Value | Value | Value | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 15 | $ | 362 | 435 | $ | 7,013 | $ | (3) | $ | 37 | $ | 7,409 | |||||||||||||||||||||||||||||
Net income (loss) | — | 9 | — | 103 | — | (7) | 105 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (6) | — | (6) | ||||||||||||||||||||||||||||||||||
Distributions | — | (9) | — | (144) | — | (3) | (156) | ||||||||||||||||||||||||||||||||||
Equity-based compensation, net of units for employee taxes
|
— | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||
Impact of adoption of financial instruments-credit losses accounting standard (Note 1) | — | — | — | (3) | — | — | (3) | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 15 | $ | 362 | 435 | $ | 6,972 | $ | (9) | $ | 27 | $ | 7,352 | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Accounts receivable | $ | 4 | $ | 1 | |||||||
Other assets | 3 | 3 | |||||||||
Total Allowance for doubtful accounts | $ | 7 | $ | 4 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Gathering and
Processing |
Transportation
and Storage |
Eliminations | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales:
|
|||||||||||||||||||||||
Natural gas
|
$ | 112 | $ | 330 | $ | (130) | $ | 312 | |||||||||||||||
Natural gas liquids
|
297 | 3 | (3) | 297 | |||||||||||||||||||
Condensate
|
32 | — | — | 32 | |||||||||||||||||||
Total revenues from natural gas, natural gas liquids, and condensate
|
441 | 333 | (133) | 641 | |||||||||||||||||||
Loss on derivative activity | (13) | (1) | — | (14) | |||||||||||||||||||
Total Product sales | $ | 428 | $ | 332 | $ | (133) | $ | 627 | |||||||||||||||
Service revenues:
|
|||||||||||||||||||||||
Demand revenues
|
$ | 26 | $ | 127 | $ | — | $ | 153 | |||||||||||||||
Volume-dependent revenues
|
170 | 23 | (3) | 190 | |||||||||||||||||||
Total Service revenues | $ | 196 | $ | 150 | $ | (3) | $ | 343 | |||||||||||||||
Total Revenues | $ | 624 | $ | 482 | $ | (136) | $ | 970 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Gathering and
Processing |
Transportation
and Storage |
Eliminations | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales:
|
|||||||||||||||||||||||
Natural gas
|
$ | 56 | $ | 73 | $ | (60) | $ | 69 | |||||||||||||||
Natural gas liquids
|
172 | 2 | (2) | 172 | |||||||||||||||||||
Condensate
|
27 | — | — | 27 | |||||||||||||||||||
Total revenues from natural gas, natural gas liquids, and condensate
|
255 | 75 | (62) | 268 | |||||||||||||||||||
Gain on derivative activity
|
20 | — | — | 20 | |||||||||||||||||||
Total Product sales | $ | 275 | $ | 75 | $ | (62) | $ | 288 | |||||||||||||||
Service revenues:
|
|||||||||||||||||||||||
Demand revenues
|
$ | 39 | $ | 142 | $ | — | $ | 181 | |||||||||||||||
Volume-dependent revenues
|
163 | 17 | (1) | 179 | |||||||||||||||||||
Total Service revenues | $ | 202 | $ | 159 | $ | (1) | $ | 360 | |||||||||||||||
Total Revenues | $ | 477 | $ | 234 | $ | (63) | $ | 648 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Accounts Receivable: | |||||||||||
Customers | $ | 272 | $ | 245 | |||||||
Contract assets (1)
|
21 | 12 | |||||||||
Non-customers | 4 | 6 | |||||||||
Total Accounts Receivable (2)
|
$ | 297 | $ | 263 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Deferred revenues, beginning of period (1)
|
$ | 44 | $ | 48 | |||||||
Amounts recognized in revenues related to the beginning balance | (17) | (25) | |||||||||
Net additions | 16 | 21 | |||||||||
Deferred revenues, end of period (1)
|
$ | 43 | $ | 44 |
2021 | 2022 | 2023 | 2024 | 2025 and After | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Deferred revenues (1)
|
$ | 20 | $ | 7 | $ | 7 | $ | 7 | $ | 2 |
2021 | 2022 | 2023 | 2024 | 2025 and After | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Transportation and Storage | $ | 325 | $ | 393 | $ | 353 | $ | 266 | $ | 959 | |||||||||||||||||||
Gathering and Processing | 93 | 123 | 121 | 101 | 213 | ||||||||||||||||||||||||
Total remaining performance obligations | $ | 418 | $ | 516 | $ | 474 | $ | 367 | $ | 1,172 |
Balance Sheet Location | March 31, 2021 | December 31, 2020 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating lease asset | Other Assets | $ | 24 | $ | 25 | |||||||||||||||
Total right-of-use assets | $ | 24 | $ | 25 | ||||||||||||||||
Operating lease liabilities | Other Current Liabilities | $ | 4 | $ | 4 | |||||||||||||||
Operating lease liabilities | Other Liabilities | 23 | 24 | |||||||||||||||||
Total lease liabilities | $ | 27 | $ | 28 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Rental Costs: | |||||||||||||||||||||||
Field equipment
|
$ | 3 | $ | 5 | |||||||||||||||||||
Office space
|
1 | 1 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Lease Cost: | |||||||||||||||||||||||
Operating lease cost
|
$ | 1 | $ | 2 | |||||||||||||||||||
Short-term lease cost
|
2 | 3 | |||||||||||||||||||||
Variable lease cost
|
1 | 1 | |||||||||||||||||||||
Total Lease Cost
|
$ | 4 | $ | 6 |
Non-cancellable operating leases | |||||
(In millions) | |||||
Year Ending December 31, | |||||
2021 - remainder | $ | 4 | |||
2022 | 5 | ||||
2023 | 6 | ||||
2024 | 4 | ||||
2025 | 3 | ||||
2026 | 2 | ||||
After 2026 | 6 | ||||
Total | 30 | ||||
Less: impact of the applicable discount rate | 3 | ||||
Total lease liabilities | $ | 27 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per unit data) | |||||||||||||||||||||||
Net income | $ | 165 | $ | 105 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 1 | (7) | |||||||||||||||||||||
Series A Preferred Unit distributions | 9 | 9 | |||||||||||||||||||||
Net income available to common units | $ | 155 | $ | 103 | |||||||||||||||||||
Net income allocable to common units | $ | 155 | $ | 103 | |||||||||||||||||||
Dilutive effect of Series A Preferred Unit distributions | 9 | 9 | |||||||||||||||||||||
Diluted net income allocable to common units | $ | 164 | $ | 112 | |||||||||||||||||||
Basic weighted average number of common units outstanding (1)
|
438 | 437 | |||||||||||||||||||||
Dilutive effect of Series A Preferred Units | 57 | 144 | |||||||||||||||||||||
Dilutive effect of performance units (2)
|
— | — | |||||||||||||||||||||
Diluted weighted average number of common units outstanding | 495 | 581 | |||||||||||||||||||||
Basic and diluted earnings per unit | |||||||||||||||||||||||
Basic | $ | 0.35 | $ | 0.24 | |||||||||||||||||||
Diluted | $ | 0.33 | $ | 0.19 |
Three Months Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||||||||||||||||
March 31, 2021(1)
|
May 13, 2021 | May 25, 2021 | $ | 0.16525 | $ | 72 | ||||||||||||||||||||
December 31, 2020 | February 22, 2021 | March 1, 2021 | 0.16525 | 72 | ||||||||||||||||||||||
September 30, 2020 | November 17, 2020 | November 24, 2020 | 0.16525 | 72 | ||||||||||||||||||||||
June 30, 2020 | August 18, 2020 | August 25, 2020 | 0.16525 | 72 | ||||||||||||||||||||||
March 31, 2020 | May 19, 2020 | May 27, 2020 | 0.16525 | 72 | ||||||||||||||||||||||
Three Months Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||||||||||||||||
March 31, 2021(1)
|
April 26, 2021 | May 14, 2021 | $ | 0.5873 | $ | 9 | ||||||||||||||||||||
December 31, 2020 | February 12, 2021 | February 12, 2021 | 0.625 | 9 | ||||||||||||||||||||||
September 30, 2020 | November 3, 2020 | November 13, 2020 | 0.625 | 9 | ||||||||||||||||||||||
June 30, 2020 | August 4, 2020 | August 14, 2020 | 0.625 | 9 | ||||||||||||||||||||||
March 31, 2020 | May 5, 2020 | May 15, 2020 | 0.625 | 9 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Equity in earnings of equity method affiliate | $ | 1 | $ | 6 | |||||||||||||||||||
Distributions from equity method affiliate (1)
|
4 | 10 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Income Statements: | |||||||||||||||||||||||
Revenues | $ | 15 | $ | 27 | |||||||||||||||||||
Operating income | 4 | 16 | |||||||||||||||||||||
Net income (loss) | (1) | 11 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Outstanding Principal |
Discount (1)
|
Total Debt | Outstanding Principal |
Discount (1)
|
Total Debt | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Commercial Paper | $ | 214 | $ | — | $ | 214 | $ | 250 | $ | — | $ | 250 | |||||||||||||||||||||||
2019 Term Loan Agreement | 800 | — | 800 | 800 | — | 800 | |||||||||||||||||||||||||||||
2024 Notes | 600 | — | 600 | 600 | — | 600 | |||||||||||||||||||||||||||||
2027 Notes | 700 | (2) | 698 | 700 | (2) | 698 | |||||||||||||||||||||||||||||
2028 Notes | 800 | (4) | 796 | 800 | (5) | 795 | |||||||||||||||||||||||||||||
2029 Notes | 547 | (1) | 546 | 547 | (1) | 546 | |||||||||||||||||||||||||||||
2044 Notes | 531 | — | 531 | 531 | — | 531 | |||||||||||||||||||||||||||||
Total debt | $ | 4,192 | $ | (7) | $ | 4,185 | $ | 4,228 | $ | (8) | $ | 4,220 | |||||||||||||||||||||||
Less: Short-term debt (2)
|
214 | 250 | |||||||||||||||||||||||||||||||||
Less: Current portion of long-term debt (3)
|
800 | — | |||||||||||||||||||||||||||||||||
Less: Unamortized debt expense (4)
|
19 | 19 | |||||||||||||||||||||||||||||||||
Total long-term debt | $ | 3,152 | $ | 3,951 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross Notional Volume | |||||||||||||||||||||||
Purchases | Sales | Purchases | Sales | ||||||||||||||||||||
Natural gas— TBtu (1)
|
|||||||||||||||||||||||
Financial fixed futures/swaps | 1 | 17 | — | 18 | |||||||||||||||||||
Financial basis futures/swaps | 1 | 34 | — | 27 | |||||||||||||||||||
Financial swaptions (2)
|
— | 5 | — | 7 | |||||||||||||||||||
Crude oil (for condensate)— MBbl (3)
|
|||||||||||||||||||||||
Financial futures/swaps | — | 420 | — | 465 | |||||||||||||||||||
Financial swaptions (2)
|
— | 150 | — | 90 | |||||||||||||||||||
Natural gas liquids— MBbl (4)
|
|||||||||||||||||||||||
Financial futures/swaps | 435 | 1,155 | 855 | 1,210 | |||||||||||||||||||
Financial options | — | 30 | — | 45 |
March 31, 2021 | December 31, 2020 | ||||||||||
Gross Notional Value | |||||||||||
(In millions) | |||||||||||
Interest rate swaps | $ | 300 | $ | 300 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||
Financial futures/swaps | Other Current | $ | 1 | $ | 3 | $ | 2 | $ | 2 | |||||||||||||||||||||||
Financial swaptions | Other Current | 1 | 2 | 1 | 2 | |||||||||||||||||||||||||||
Crude oil (for condensate) | ||||||||||||||||||||||||||||||||
Financial futures/swaps | Other Current | — | 10 | 1 | 13 | |||||||||||||||||||||||||||
Financial swaptions | Other Current | — | 1 | — | — | |||||||||||||||||||||||||||
Natural gas liquids | ||||||||||||||||||||||||||||||||
Financial futures/swaps | Other Current | 9 | 6 | 15 | 3 | |||||||||||||||||||||||||||
Financial swaptions | Other Current | — | 1 | — | 1 | |||||||||||||||||||||||||||
Total gross commodity derivatives (1)
|
$ | 11 | $ | 23 | $ | 19 | $ | 21 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Interest rate swaps (1)
|
Other Current | $ | — | $ | 5 | $ | — | $ | 6 | |||||||||||||||||||||||
Amounts Recognized in Income | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Natural gas | |||||||||||||||||||||||
Financial futures/swaps gains (losses) | $ | (2) | $ | 4 | |||||||||||||||||||
Financial swaptions losses | — | (1) | |||||||||||||||||||||
Physical purchases/sales gains | — | 1 | |||||||||||||||||||||
Crude oil (for condensate) | |||||||||||||||||||||||
Financial futures/swaps gains (losses) | (6) | 19 | |||||||||||||||||||||
Financial swaptions gains (losses) | (1) | 4 | |||||||||||||||||||||
Natural gas liquids | |||||||||||||||||||||||
Financial futures/swaps losses | (5) | (7) | |||||||||||||||||||||
Total | $ | (14) | $ | 20 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Change in fair value of commodity derivatives | $ | (10) | $ | 10 | |||||||||||||||||||
Realized gain (loss) on commodity derivatives | (4) | 10 | |||||||||||||||||||||
Gain (loss) on commodity derivative activity | $ | (14) | $ | 20 |
Amounts Recognized in Income | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Interest rate swaps losses | $ | (1) | $ | — | |||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Debt | |||||||||||||||||||||||
Revolving Credit Facility (Level 2) (1)
|
$ | — | $ | — | $ | — | $ | — | |||||||||||||||
2019 Term Loan Agreement (Level 2) | 800 | 800 | 800 | 800 | |||||||||||||||||||
2024 Notes (Level 2) | 600 | 639 | 600 | 612 | |||||||||||||||||||
2027 Notes (Level 2) | 698 | 758 | 698 | 709 | |||||||||||||||||||
2028 Notes (Level 2) | 796 | 884 | 795 | 817 | |||||||||||||||||||
2029 Notes (Level 2) | 546 | 568 | 546 | 544 | |||||||||||||||||||
2044 Notes (Level 2) | 531 | 527 | 531 | 499 | |||||||||||||||||||
March 31, 2021 | Commodity Contracts |
Gas Imbalances (1)
|
|||||||||||||||||||||
Assets | Liabilities |
Assets (2)
|
Liabilities (3)
|
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 1 | $ | 10 | $ | — | $ | — | |||||||||||||||
Significant other observable inputs (Level 2) | 10 | 13 | 30 | 10 | |||||||||||||||||||
Total fair value | 11 | 23 | 30 | 10 | |||||||||||||||||||
Netting adjustments | (11) | (11) | — | — | |||||||||||||||||||
Total | $ | — | $ | 12 | $ | 30 | $ | 10 |
December 31, 2020 | Commodity Contracts |
Gas Imbalances (1)
|
|||||||||||||||||||||
Assets | Liabilities |
Assets (2)
|
Liabilities (3)
|
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 2 | $ | 14 | $ | — | $ | — | |||||||||||||||
Significant other observable inputs (Level 2) | 17 | 7 | 23 | 16 | |||||||||||||||||||
Total fair value | 19 | 21 | 23 | 16 | |||||||||||||||||||
Netting adjustments | (19) | (19) | — | — | |||||||||||||||||||
Total | $ | — | $ | 2 | $ | 23 | $ | 16 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash Payments: | |||||||||||
Interest, net of capitalized interest | $ | 32 | $ | 43 | |||||||
Income taxes, net of refunds | (2) | — | |||||||||
Non-cash transactions: | |||||||||||
Accounts payable related to capital expenditures | 7 | 8 | |||||||||
Lease liabilities related to derecognition of right-of-use assets | — | (4) | |||||||||
Impact of adoption of financial instruments-credit losses accounting standard (Note 1) | — | (3) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Gas transportation and storage service revenues — CenterPoint Energy
|
$ | 27 | $ | 37 | |||||||||||||||||||
Gas transportation and storage service revenues — OGE Energy | 10 | 9 | |||||||||||||||||||||
Natural gas product sales — OGE Energy
|
31 | 5 | |||||||||||||||||||||
Total revenues — affiliated companies | $ | 68 | $ | 51 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cost of natural gas purchases — CenterPoint Energy | $ | — | $ | 1 | |||||||||||||||||||
Cost of natural gas purchases — OGE Energy | 31 | 8 | |||||||||||||||||||||
Total cost of natural gas purchases — affiliated companies | $ | 31 | $ | 9 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Seconded Employee Costs — OGE Energy | $ | 4 | $ | 3 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Performance units | $ | 2 | $ | 2 | |||||||||||||||||||
Phantom units | 2 | 2 | |||||||||||||||||||||
Total compensation expense | $ | 4 | $ | 4 |
2021 | |||||||||||||||||
Number of units granted | 1,453,897 | ||||||||||||||||
Fair value of units granted | $ | 10.26 | |||||||||||||||
Expected distribution yield | 12.90 | % | |||||||||||||||
Expected price volatility | 100.00 | % | |||||||||||||||
Risk-free interest rate | 0.27 | % | |||||||||||||||
Expected life of units (in years) | 3 |
2021 | |||||||||||||||||
Phantom Units granted | 1,356,672 | ||||||||||||||||
Fair value of phantom units granted |
$5.41 - $6.87
|
Performance Units | Phantom Units | ||||||||||||||||||||||||||||||||||||||||||||||
Number
of Units |
Weighted Average Grant-Date Fair Value, Per Unit |
Number
of Units |
Weighted Average Grant-Date Fair Value, Per Unit | ||||||||||||||||||||||||||||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||||||||||||||||||||||||||||
Units outstanding at December 31, 2020 | 1,765,508 | $ | 13.10 | 1,790,845 | $ | 10.29 | |||||||||||||||||||||||||||||||||||||||||
Granted (1)
|
1,453,897 | 10.26 | 1,356,672 | 6.86 | |||||||||||||||||||||||||||||||||||||||||||
Vested (2)
|
(389,817) | 17.70 | (461,824) | 13.11 | |||||||||||||||||||||||||||||||||||||||||||
Forfeited | (32,625) | 10.00 | (94,669) | 8.70 | |||||||||||||||||||||||||||||||||||||||||||
Units outstanding at March 31, 2021 | 2,796,963 | $ | 11.02 | 2,591,024 | $ | 8.05 | |||||||||||||||||||||||||||||||||||||||||
Aggregate intrinsic value of units outstanding at March 31, 2021 | $ | 18 | $ | 17 |
March 31, 2021 | |||||||||||
Unrecognized Compensation Cost
(In millions) |
Weighted Average Period for Recognition
(In years) |
||||||||||
Performance Units | $ | 21 | 2.25 | ||||||||
Phantom Units | 14 | 2.07 | |||||||||
Total | $ | 35 |
Three Months Ended March 31, 2021 |
Gathering and
Processing |
Transportation (1)
and Storage
|
Eliminations | Total | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Product sales | $ | 428 | $ | 332 | $ | (133) | $ | 627 | |||||||||||||||
Service revenues | 196 | 150 | (3) | 343 | |||||||||||||||||||
Total Revenues | 624 | 482 | (136) | 970 | |||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
|
398 | 257 | (136) | 519 | |||||||||||||||||||
Operation and maintenance, General and administrative | 79 | 42 | — | 121 | |||||||||||||||||||
Depreciation and amortization | 74 | 32 | — | 106 | |||||||||||||||||||
Taxes other than income tax | 11 | 7 | — | 18 | |||||||||||||||||||
Operating income | $ | 62 | $ | 144 | $ | — | $ | 206 | |||||||||||||||
Total Assets | $ | 10,780 | $ | 5,789 | $ | (4,805) | $ | 11,764 | |||||||||||||||
Capital expenditures | $ | 21 | $ | 59 | $ | — | $ | 80 | |||||||||||||||
Three Months Ended March 31, 2020 |
Gathering and
Processing |
Transportation (1)
and Storage
|
Eliminations | Total | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Product sales | $ | 275 | $ | 75 | $ | (62) | $ | 288 | |||||||||||||||
Service revenues | 202 | 159 | (1) | 360 | |||||||||||||||||||
Total Revenues | 477 | 234 | (63) | 648 | |||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
|
211 | 78 | (63) | 226 | |||||||||||||||||||
Operation and maintenance, General and administrative | 81 | 45 | — | 126 | |||||||||||||||||||
Depreciation and amortization | 74 | 30 | — | 104 | |||||||||||||||||||
Impairments of property, plant and equipment and goodwill | 28 | — | — | 28 | |||||||||||||||||||
Taxes other than income tax | 11 | 7 | — | 18 | |||||||||||||||||||
Operating income | $ | 72 | $ | 74 | $ | — | $ | 146 | |||||||||||||||
Total assets as of December 31, 2020 | $ | 10,830 | $ | 5,729 | $ | (4,830) | $ | 11,729 | |||||||||||||||
Capital expenditures | $ | 34 | $ | 20 | $ | — | $ | 54 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Net cash provided by operating activities | $ | 223 | $ | 200 | |||||||
Net cash used in investing activities | (75) | (48) | |||||||||
Net cash used in financing activities | (119) | (152) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Decrease in short-term debt | $ | (36) | $ | (45) | |||||||
Repayment of EOIT Senior Notes | — | (250) | |||||||||
Net proceeds from Revolving Credit Facility | — | 300 | |||||||||
Distributions | (82) | (156) | |||||||||
Cash paid for employee equity-based compensation | (1) | (1) |
Three Months Ended March 31, 2021 |
Gathering and
Processing |
Transportation
and Storage |
Eliminations |
Enable
Midstream Partners, LP |
|||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Product sales | $ | 428 | $ | 332 | $ | (133) | $ | 627 | |||||||||||||||
Service revenues | 196 | 150 | (3) | 343 | |||||||||||||||||||
Total Revenues | 624 | 482 | (136) | 970 | |||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
|
398 | 257 | (136) | 519 | |||||||||||||||||||
Gross margin (1)
|
226 | 225 | — | 451 | |||||||||||||||||||
Operation and maintenance, General and administrative | 79 | 42 | — | 121 | |||||||||||||||||||
Depreciation and amortization | 74 | 32 | — | 106 | |||||||||||||||||||
Taxes other than income tax | 11 | 7 | — | 18 | |||||||||||||||||||
Operating income | $ | 62 | $ | 144 | $ | — | $ | 206 | |||||||||||||||
Three Months Ended March 31, 2020 |
Gathering and
Processing |
Transportation
and Storage |
Eliminations |
Enable
Midstream Partners, LP |
|||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Product sales | $ | 275 | $ | 75 | $ | (62) | $ | 288 | |||||||||||||||
Service revenues | 202 | 159 | (1) | 360 | |||||||||||||||||||
Total Revenues | 477 | 234 | (63) | 648 | |||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
|
211 | 78 | (63) | 226 | |||||||||||||||||||
Gross margin (1)
|
266 | 156 | — | 422 | |||||||||||||||||||
Operation and maintenance, General and administrative | 81 | 45 | — | 126 | |||||||||||||||||||
Depreciation and amortization | 74 | 30 | — | 104 | |||||||||||||||||||
Impairments of property, plant and equipment and goodwill | 28 | — | — | 28 | |||||||||||||||||||
Taxes other than income tax | 11 | 7 | — | 18 | |||||||||||||||||||
Operating income | $ | 72 | $ | 74 | $ | — | $ | 146 | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Operating Data: | |||||||||||||||||||||||
Natural gas gathered volumes—TBtu | 368 | 411 | |||||||||||||||||||||
Natural gas gathered volumes—TBtu/d | 4.09 | 4.52 | |||||||||||||||||||||
Natural gas processed volumes—TBtu (1)
|
185 | 222 | |||||||||||||||||||||
Natural gas processed volumes—TBtu/d (1)
|
2.06 | 2.44 | |||||||||||||||||||||
NGLs produced—MBbl/d (1)(2)
|
118.90 | 120.86 | |||||||||||||||||||||
NGLs sold—MBbl/d (2)(3)
|
119.86 | 121.32 | |||||||||||||||||||||
Condensate sold—MBbl/d | 6.78 | 8.23 | |||||||||||||||||||||
Crude oil and condensate gathered volumes—MBbl/d | 113.79 | 141.25 | |||||||||||||||||||||
Transported volumes—TBtu | 549 | 597 | |||||||||||||||||||||
Transported volumes—TBtu/d | 6.10 | 6.56 | |||||||||||||||||||||
Interstate firm contracted capacity—Bcf/d | 6.52 | 6.48 | |||||||||||||||||||||
Intrastate average deliveries—TBtu/d | 1.65 | 2.07 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Anadarko | |||||||||||||||||||||||
Gathered volumes—TBtu/d | 1.98 | 2.29 | |||||||||||||||||||||
Natural gas processed volumes—TBtu/d (1)
|
1.80 | 2.08 | |||||||||||||||||||||
NGLs produced—MBbl/d (1)(2)
|
108.04 | 106.58 | |||||||||||||||||||||
Crude oil and condensate gathered volumes—MBbl/d | 81.18 | 114.48 | |||||||||||||||||||||
Arkoma | |||||||||||||||||||||||
Gathered volumes—TBtu/d | 0.39 | 0.44 | |||||||||||||||||||||
Natural gas processed volumes—TBtu/d (1)
|
0.06 | 0.08 | |||||||||||||||||||||
NGLs produced—MBbl/d (1)(2)
|
3.49 | 3.90 | |||||||||||||||||||||
Ark-La-Tex | |||||||||||||||||||||||
Gathered volumes—TBtu/d | 1.72 | 1.79 | |||||||||||||||||||||
Natural gas processed volumes—TBtu/d
|
0.20 | 0.28 | |||||||||||||||||||||
NGLs produced—MBbl/d (2)
|
7.37 | 10.38 | |||||||||||||||||||||
Williston | |||||||||||||||||||||||
Crude oil gathered volumes—MBbl/d | 32.61 | 26.77 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Income | $ | 206 | $ | 146 | |||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest expense | (42) | (47) | |||||||||||||||||||||
Equity in earnings of equity method affiliate, net (1)
|
1 | 6 | |||||||||||||||||||||
Total Other Expense
|
(41) | (41) | |||||||||||||||||||||
Income Before Income Taxes | 165 | 105 | |||||||||||||||||||||
Income tax benefit | — | — | |||||||||||||||||||||
Net Income | $ | 165 | $ | 105 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 1 | (7) | |||||||||||||||||||||
Net Income Attributable to Limited Partners | $ | 164 | $ | 112 | |||||||||||||||||||
Less: Series A Preferred Unit distributions | 9 | 9 | |||||||||||||||||||||
Net Income Attributable to Common Units | $ | 155 | $ | 103 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Reconciliation of Gross margin to Total Revenues: | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||
Product sales | $ | 627 | $ | 288 | |||||||||||||||||||
Service revenues | 343 | 360 | |||||||||||||||||||||
Total Revenues | 970 | 648 | |||||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)
|
519 | 226 | |||||||||||||||||||||
Gross margin | $ | 451 | $ | 422 | |||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
Gathering and Processing | |||||||||||||||||||||||
Product sales | $ | 428 | $ | 275 | |||||||||||||||||||
Service revenues | 196 | 202 | |||||||||||||||||||||
Total Revenues | 624 | 477 | |||||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)
|
398 | 211 | |||||||||||||||||||||
Gross margin | $ | 226 | $ | 266 | |||||||||||||||||||
Transportation and Storage | |||||||||||||||||||||||
Product sales | $ | 332 | $ | 75 | |||||||||||||||||||
Service revenues | 150 | 159 | |||||||||||||||||||||
Total Revenues | 482 | 234 | |||||||||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)
|
257 | 78 | |||||||||||||||||||||
Gross margin | $ | 225 | $ | 156 |
Fee-Based (1)
|
|||||||||||||||||||||||
Three Months Ended March 31, 2021 | Demand |
Volume-
Dependent |
Commodity-
Based (1)
|
Total | |||||||||||||||||||
Gathering and Processing Segment | 11 | % | 76 | % | 13 | % | 100 | % | |||||||||||||||
Transportation and Storage Segment | 56 | % | 10 | % | 34 | % | 100 | % | |||||||||||||||
Partnership Weighted Average | 34 | % | 42 | % | 24 | % | 100 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except Distribution coverage ratio) | |||||||||||||||||||||||
Reconciliation of Adjusted EBITDA and DCF to net income attributable to limited partners and calculation of Distribution coverage ratio: | |||||||||||||||||||||||
Net income attributable to limited partners | $ | 164 | $ | 112 | |||||||||||||||||||
Depreciation and amortization expense | 106 | 104 | |||||||||||||||||||||
Interest expense, net of interest income | 42 | 47 | |||||||||||||||||||||
Distributions received from equity method affiliate in excess of equity earnings
|
3 | 4 | |||||||||||||||||||||
Non-cash equity-based compensation | 4 | 4 | |||||||||||||||||||||
Change in fair value of derivatives (1)
|
10 | (10) | |||||||||||||||||||||
Other non-cash (gains) losses (2)
|
(1) | 5 | |||||||||||||||||||||
Impairments of property, plant and equipment and goodwill | — | 28 | |||||||||||||||||||||
Noncontrolling Interest Share of Adjusted EBITDA | — | (8) | |||||||||||||||||||||
Adjusted EBITDA | $ | 328 | $ | 286 | |||||||||||||||||||
Series A Preferred Unit distributions (3)
|
(9) | (9) | |||||||||||||||||||||
Adjusted interest expense (4)
|
(42) | (47) | |||||||||||||||||||||
Maintenance capital expenditures | (16) | (16) | |||||||||||||||||||||
DCF | $ | 261 | $ | 214 | |||||||||||||||||||
Distributions related to common unitholders (5)
|
$ | 72 | $ | 72 | |||||||||||||||||||
Distribution coverage ratio (6)
|
3.63 | 2.97 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities:
|
|||||||||||||||||||||||
Net cash provided by operating activities | $ | 223 | $ | 200 | |||||||||||||||||||
Interest expense, net of interest income | 42 | 47 | |||||||||||||||||||||
Noncontrolling interest share of cash provided by operating activities
|
(1) | (1) | |||||||||||||||||||||
Other non-cash items (1)
|
(3) | 4 | |||||||||||||||||||||
Proceeds from insurance | 1 | — | |||||||||||||||||||||
Changes in operating working capital which (provided) used cash:
|
|||||||||||||||||||||||
Accounts receivable | 34 | (60) | |||||||||||||||||||||
Accounts payable | (10) | 58 | |||||||||||||||||||||
Other, including changes in noncurrent assets and liabilities
|
29 | 44 | |||||||||||||||||||||
Return of investment in equity method affiliate | 3 | 4 | |||||||||||||||||||||
Change in fair value of derivatives (2)
|
10 | (10) | |||||||||||||||||||||
Adjusted EBITDA | $ | 328 | $ | 286 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Reconciliation of Adjusted interest expense to Interest expense:
|
|||||||||||||||||||||||
Interest expense | $ | 42 | $ | 47 | |||||||||||||||||||
Amortization of premium on long-term debt | — | 1 | |||||||||||||||||||||
Capitalized interest on expansion capital | 1 | — | |||||||||||||||||||||
Amortization of debt expense and discount | (1) | (1) | |||||||||||||||||||||
Adjusted interest expense | $ | 42 | $ | 47 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | |||||||||||||
Registrant’s registration statement on Form S-1, filed on November 26, 2013 | File No. 333-192545 | Exhibit 2.1 | |||||||||||||||
Registrant’s Form 8-K filed
February 17, 2021 |
File No. 001-36413 | Exhibit 2.1 | |||||||||||||||
Registrant’s registration statement on Form S-1, filed on November 26, 2013 | File No. 333-192545 | Exhibit 3.1 | |||||||||||||||
Registrant’s Form 8-K filed November 15, 2017 | File No. 001-36413 | Exhibit 3.1 | |||||||||||||||
Registrant’s Form 8-K filed April 22, 2014 | File No. 001-36413 | Exhibit 3.1 | |||||||||||||||
Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.1 | |||||||||||||||
Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.2 | |||||||||||||||
Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.3 | |||||||||||||||
Registrant’s Form 8-K filed February 19, 2016 | File No. 001-36413 | Exhibit 4.1 | |||||||||||||||
Registrant’s Form 8-K filed March 9, 2017 | File No. 001-36413 | Exhibit 4.2 | |||||||||||||||
Registrant’s Form 8-K filed May 10, 2018 | File No. 001-36413 | Exhibit 4.2 | |||||||||||||||
Registrant’s Form 8-K filed September 13, 2019 | File No. 001-36413 | Exhibit 4.2 | |||||||||||||||
Registrant’s Form 8-K filed
February 17, 2021 |
File No. 001-36413 | Exhibit 10.1 | |||||||||||||||
Registrant’s Form 8-K filed
February 17, 2021 |
File No. 001-36413 | Exhibit 10.2 | |||||||||||||||
+101.INS | XBRL Instance Document. | ||||||||||||||||
+101.SCH | XBRL Taxonomy Schema Document. | ||||||||||||||||
+101.PRE | XBRL Taxonomy Presentation Linkbase Document. | ||||||||||||||||
+101.LAB | XBRL Taxonomy Label Linkbase Document. | ||||||||||||||||
+101.CAL | XBRL Taxonomy Calculation Linkbase Document. | ||||||||||||||||
+101.DEF | XBRL Definition Linkbase Document. |
ENABLE MIDSTREAM PARTNERS, LP | ||||||||||||||
(Registrant) | ||||||||||||||
By: ENABLE GP, LLC | ||||||||||||||
Its general partner | ||||||||||||||
Date: | May 3, 2021 | By: |
/s/ Tom Levescy
|
|||||||||||
Tom Levescy | ||||||||||||||
Senior Vice President, Chief Accounting Officer and Controller | ||||||||||||||
(Principal Accounting Officer) |
1 Year Enable Midstream Partners Chart |
1 Month Enable Midstream Partners Chart |
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