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EnLink Midstream reports profit

EnLink Midstream Partners LP on Wednesday reported a first-quarter profit of $54.6 million, or 3 cents a share, on revenues of almost $723 million.
By Adam Wilmoth, Energy Editor Modified: May 7, 2014 at 9:24 pm •  Published: May 8, 2014
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EnLink Midstream Partners LP on Wednesday reported a first-quarter profit of $54.6 million, or 3 cents a share, on revenues of almost $723 million.

Adjusting for one-time expenses, the partnership recorded earnings of $115.4 million before interest, taxes, depreciation and amortization.

The Dallas-based EnLink Midstream Partners and its general partner EnLink Midstream LLC were formed in March with the combined midstream assets of Oklahoma City-based Devon Energy Corp. and Dallas-based CrossTex Energy Inc. Devon owns about 70 percent of the partnership.

“Since the transaction’s close in early March, we have made substantial progress in the integration of the two businesses,” EnLink CEO Barry E. Davis said. “Our strong foundation of diverse assets, fee-based cash flows and unique sponsorship by Devon puts us in an excellent position for sustainable growth. We look forward to creating significant value for the equity holders, customers and employees of EnLink Midstream.”

General partner EnLink Midstream LLC reported net income of $42.3 million.

The general partner’s cash available for distribution was $21.9 million.