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EX - 99.1 2 tm2131677d1_ex99-1.htm EXHIBIT 99.1 FOR IMMEDIATE RELEASE ENLINK >> MIDSTREAM Exhibit 99.1 November 2 , 2021 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 Third Quarter 2021 Results and Reiterates Guidance Commentary DALLAS , November 2 , 2021 ― EnLink Midstream , LLC ( NYSE : ENLC ) ( EnLink ) reported financial results for the third quarter of 2021 . Highlights • • • • Reported net income of $ 32.3 million , net cash provided by operating activities of $ 197.0 million , and adjusted EBITDA , net to EnLink , of $ 256.4 million for the third quarter of 2021 , driven by strong producer activity and continued focus on operating efficiencies . Results were ahead of internal forecast , excluding temporary $ 4 million impact from Hurricane Ida during the quarter . Taking into account the third quarter results , EnLink expects to report 2021 net income within the guidance range provided in June of $ 125 to $ 165 million . EnLink also expects to report 2021 adjusted EBITDA in the upper end of guidance provided in June of $ 1.02 billion to $ 1.06 billion . Grew adjusted EBITDA 3.6 % compared to the third quarter of 2020 , after excluding the impact of minimum volume commitments ( MVC ) that expired in 2020 . Continued to focus on operating efficiencies leading to approximately flat operating and general and administrative expenses in the first nine months of 2021 compared to the same period in 2020 , net of Project War Horse and Winter Storm Uri impacts . These results were achieved despite the inflationary environment facing the industry . Experienced improving volume trends across EnLink's Permian , Oklahoma , and North Texas segments as producers continued to take advantage of the improved commodity price environment . Given the natural time lag between drilling a well and bringing volumes online , EnLink's visibility and outlook for the fourth quarter of 2021 and into 2022 continues to strengthen . Delivered $ 80.5 million of free cash flow after distributions ( FCFAD ) for the third quarter of 2021 , driven by strong operational results and timing of capex . On a trailing 12 - month basis as of September 30 , 2021 , EnLink has generated nearly $ 340 million in total FCFAD . Completed Project War Horse and announcing Project Phantom , the second plant relocation from Central Oklahoma to the Midland Basin , demonstrating continued success in executing our capital - light approach to meeting rising customer activity while maximizing efficiency across our asset footprint . Project Phantom will relocate EnLink's Thunderbird Plant , bringing 200 million cubic feet per day ( MMcf / d ) of processing capacity to the Midland Basin . The project is expected to be online in the fourth quarter of 2022 and represents cost savings of approximately 50 % over illustrative new - build costs . Exited the third quarter of 2021 with leverage at 4.1x as EnLink continues to de - lever and approach its near - term target of less than 4x . Paid down $ 100 million of December 2021 term loan during the third quarter of 2021 , leaving a very manageable $ 150 million to be paid in the fourth quarter . Repurchased $ 12.5 million of common units during the third quarter .