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EX - 99.1 2 tm2115153d1_ex99-1.htm EXHIBIT 99.1 FOR IMMEDIATE RELEASE May 4 , 2021 ENLINK >> MIDSTREAM Exhibit 99.1 Investor Relations : Brian Brungardt , Director of Investor Relations , 214-721-9353 , brian.brungardt@enlink.com Media Relations : Jill McMillan , Vice President of Strategic Relations & Public Affairs , 214-721-9271 , jill.mcmillan@enlink.com EnLink Midstream Reports First Quarter 2021 Results and Reaffirms 2021 Guidance DALLAS , May 4 , 2021 — EnLink Midstream , LLC ( NYSE : ENLC ) ( EnLink ) reported financial results for the first quarter of 2021 and reaffirmed 2021 financial guidance . Highlights • • • • • • Reported net income of $ 12.6 million , net cash provided by operating activities of $ 225.8 million , and adjusted EBITDA , net to EnLink , of $ 249.4 million for the first quarter of 2021 , driven by strong operational execution and a continued focus on cost reductions . Winter Storm Uri temporarily impacted volumes across EnLink's asset footprint giving rise to commercial challenges offset by operational savings . On a net basis , it is estimated that Winter Storm Uri did not have a material impact to first quarter of 2021 results . All systems have resumed normal operations and suffered no lasting integrity impact . With strong first quarter results , EnLink is positioned to meet its full - year 2021 adjusted EBITDA guidance range of $ 940 million to $ 1.0 billion . The Permian segment continued to see robust producer activity during the first quarter of 2021 , particularly in the Midland Basin , although segment profit was adversely impacted by Uri . March 2021 gas gathering and transportation volumes increased by over 12 % compared to both December 2020 and January 2021 . All four of EnLink's business segments continued to generate strong segment cash flow ( segment profit less capex ) during the first quarter of 2021 . As a result of strong operational results and timing of capex , EnLink delivered $ 94.2 million of free cash flow after distributions ( FCFAD ) for the first quarter of 2021. EnLink is positioned to meet its 2021 FCFAD guidance of $ 275 million to $ 325 million . EnLink reduced bank debt by $ 100 million and modestly increased its cash position . On April 30 , 2021 , EnLink purchased Amarillo Rattler , the owner of a gathering and processing system in the Midland Basin . In connection with the purchase , EnLink entered into an amended and restated gas gathering and processing agreement with Diamondback Energy strengthening EnLink's acreage dedication position . " We are pleased with the results that EnLink achieved in the first quarter , made possible by the relentless hard work of the EnLink team working around the clock to minimize the impact from Winter Storm Uri , " said Barry E. Davis , EnLink Chairman and CEO . " We are thankful for our employees who continue to execute our strategic plan , and , because of their hard work , all of our business segments generated strong cash flow , putting us on a path to achieve our previously announced guidance . " After a 2020 that showed the resiliency of our business , we are continuing to focus on generating strong free cash flow , prudently managing our balance sheet , and growing the business . We see 2021 and beyond as an opportunity to transform how we operate and to get better , more efficient , and more sustainable . I look forward to sharing how EnLink is becoming the future of midstream through the execution of our strategic plan . "