EnLink Midstream LLC (ENLC) Reports Q3 2023 Earnings: Net Income Drops to $66 Million
EnLink Midstream LLC (NYSE:ENLC) reported a net income of $66 million for Q3 2023, a decrease from $117 million in Q3 2022.
The company's Adjusted EBITDA remained relatively stable at $342 million, compared to $343 million in the same period last year.
ENLC's Permian segment generated robust cash flows, contributing to the company's active buyback program.
The company is nearing completion of its first carbon capture project, indicating growth in its carbon transportation business.
EnLink Midstream LLC (NYSE:ENLC) released its third-quarter earnings report on October 31, 2023. The company reported a net income of $66 million, a significant decrease from the $117 million reported in the same period last year. Despite this, ENLC's Adjusted EBITDA remained relatively stable at $342 million, compared to $343 million in Q3 2022.
Financial Highlights
The company's financial results for Q3 2023 showed a decrease in net income from $117 million in Q3 2022 to $66 million. However, the Adjusted EBITDA remained relatively stable at $342 million, compared to $343 million in the same period last year. The company's net cash provided by operating activities was $274 million, a decrease from $343 million in Q3 2022.
Company Performance and Future Prospects
Despite the decrease in net income, ENLC's Permian segment generated robust cash flows, which the company is returning to investors through its active buyback program. The company's Louisiana system remains well positioned to meet both natural gas and natural gas liquids (NGL) demand. ENLC's CEO, Jesse Arenivas, commented on the company's performance, stating,
EnLink continues to have multiple ways to win, be it through the strength of our traditional midstream assets or our growing carbon transportation business."
ENLC is also making strides in its carbon transportation business. The company is approaching the completion of its first carbon capture project, which will capture and sequester carbon dioxide (CO2) emitted from its Bridgeport processing plant in North Texas.
Summary of Financial Tables
The financial tables provided in the earnings report reveal key details about the company's financial performance. The company's net income decreased from $117 million in Q3 2022 to $66 million in Q3 2023. However, the Adjusted EBITDA remained relatively stable at $342 million, compared to $343 million in the same period last year. The company's net cash provided by operating activities was $274 million, a decrease from $343 million in Q3 2022.
Overall, while the company's net income has decreased, its robust cash flows from the Permian segment and the nearing completion of its first carbon capture project indicate potential for future growth.
Explore the complete 8-K earnings release (here) from EnLink Midstream LLC for further details.
This article first appeared on GuruFocus.
