Enable reports record growth in its gas, crude oil numbers

Enable Midstream Partners gathered and processed record amounts of natural gas and gathered record crude oil and condensate in the fourth quarter of 2018, officials said Tueday.

They attributed the growth to continued strong drilling activity throughout the company's operational footprint.

In a comparison of operational results during the final quarter of 2018 compared to the same time a year ago, Enable reported:

• It gathered a daily average of 4.62 trillion British thermal units in natural gas, up 12 percent. It attributed the increase primarily to higher gathered volumes in the Anadarko and Ark-La-Tex Basins.

•It processed a daily average of 2.57 trillion British thermal units in natural gas, up 19 percent.

A million British thermal units represents the equivalent amount of peak energy released from the burning of 1,000 cubic feet of the fuel.

• It produced about 136,700 barrels per day of natural gas liquids during the final quarter

of 2018, up 26 percent.

• It gathered about 76,600 barrels daily of crude oil and condensate, up 165 percent.

The company also reported fourth quarter increases, year-over-year, in contracted capacities and average deliveries for interstate transportation activities.

The company touted those achievements as it recapped financial and operational results for the final quarter and all of 2018.

Enable reported it earned a net income of $174 million during the fourth quarter based on revenues of $950 million. Net income climbed $66 million compared to the same time a year ago, while revenues were up $144 million using the same comparison.

For 2018, Enable reported net income of $521 million based on revenues of about $3.4 billion. It reported its net income climbed $85 million compared to the previous year, while revenues were up about $600 million using the same comparison.

“Enable executed at a high level in 2018, with record natural gas and crude oil gathered volumes and natural gas processed volumes, which drove financial performance that outpaced 2017,” said Rod Sailor, Enable's president and CEO.

Sailor said Enable Midstream expanded its footprint in 2018 by completing cost-effective, customer-focused expansion projects (including its acquisition of the Velocity system), and added the announcement that its Gulf Run pipeline will connect its existing network of production and transportation from its systems in the Anadarko, Ark-La-Tex, Arkoma and Williston Basins to a future, major LNG export facility under construction now helps set it up for the future.

“For 2019, we will remain a disciplined operator,” Sailor said.