Enable Midstream reports Q3 results
Enable Midstream Partners LP reported Wednesday it gathered and processed record amounts of natural gas during the third quarter of the year. The Oklahoma City-based firm also reported record amounts of crude oil and natural gas liquids. Enable reported its net income for the quarter at $138 million, or 30 cents a unit, compared to $113 million for the same period in 2017. It posted $928 million in revenue during the quarter. “Our third-quarter financial and operational results clearly demonstrate the critical role Enable’s assets play in connecting growing supply to premium markets,” Enable CEO Rod Sailor said. “We continue to expand our footprint and market-leading position in some of the most active basins in the country and are excited about our recently completed projects, new transportation opportunities and expansion of our crude business.” Other major accomplishments for the company included a $442 million deal it closed on Nov. 1 to acquire Velocity Holdings LLC, an oil gathering system in Oklahoma’s SCOOP play. Enable officials also said the company has entered into new contracts with producers in North Dakota’s Williston Basin, expanding the crude and produced water gathering systems Enable already operates in the area. Enable’s Cana & STACK Expansion (CaSE) project became operational Oct. 1. Officials said Enable grew the amount of natural gas it gathered to about 4.5 billion cubic feet per day, up about 31 percent compared to the same time a year ago. They noted the company grew in that area for an 11th consecutive quarter. It also increased the amount of natural gas it processed, year-over-year for the quarter, to about 2.4 billion cubic feet per day. Enable processed about 143,000 barrels per day of natural gas liquids during the third quarter, an increase of 69 percent compared to the third quarter of 2017. Crude oil gathered volumes climbed to about 31,900 barrels per day during the period, as well, primarily through an expansion of its Bakken gathering systems and increased drilling density in that play. Officials said there were 47 rigs across Enable’s operating footprint that were drilling on Nov. 1. They said 38 of those were in the Anadarko Basin, six were in the Ark-La-Tex Basin and three were in the Williston Basin. “As we look toward 2019, we remain focused on building long-term value for our unit holders by leveraging our integrated systems and providing our customers with creative and timely market solutions,” Sailor said.