- Increased net income attributable to
limited partners, Adjusted EBITDA and distributable cash flow (DCF)
for first quarter 2019 compared to first quarter 2018
- Increased natural gas gathered volumes,
natural gas processed volumes, natural gas liquids (NGLs)
production, crude oil and condensate gathered volumes, transported
volumes and interstate firm contracted capacity for first quarter
2019 compared to first quarter 2018
- Contracted or extended over 1,000,000
dekatherms per day (Dth/d) of transportation capacity during first
quarter 2019
- Declared a quarterly cash distribution
of $0.318 per unit on all outstanding common units and $0.625 on
all outstanding Series A Preferred Units
Enable Midstream Partners, LP (NYSE: ENBL) today announced
financial and operating results for first quarter 2019.
Net income attributable to limited partners was $122 million for
first quarter 2019, an increase of $8 million compared to $114
million for first quarter 2018. Net income attributable to common
units was $113 million for first quarter 2019, an increase of $8
million compared to $105 million for first quarter 2018. Net cash
provided by operating activities was $215 million for first quarter
2019, an increase of $49 million compared to $166 million for first
quarter 2018. Adjusted EBITDA was $297 million for first quarter
2019, an increase of $40 million compared to $257 million for first
quarter 2018. DCF was $208 million for first quarter 2019, an
increase of $12 million compared to $196 million for first quarter
2018.
For first quarter 2019, DCF exceeded declared distributions to
common unitholders by $70 million, resulting in a distribution
coverage ratio of 1.51x.
For additional information regarding the non-GAAP financial
measures Gross margin, Adjusted EBITDA and DCF, please see
“Non-GAAP Financial Measures.”
MANAGEMENT PERSPECTIVE
“Enable’s first quarter continues our track record of
outstanding financial performance driven by high-quality assets,
operational excellence and disciplined capital investment,” said
Rod Sailor, president and CEO. “As 2019 unfolds, we believe our
focus on delivering unique service offerings and results through
safe and reliable operations offers a compelling value to both
customers and investors.”
BUSINESS HIGHLIGHTS
As of April 24, 2019, there were fifty-two rigs across Enable’s
footprint that were drilling wells expected to be connected to
Enable’s gathering systems. Forty-two of those rigs were in the
Anadarko Basin, eight were in the Ark-La-Tex Basin and two were in
the Williston Basin. Enable’s Anadarko Basin rig count is at its
highest level since the first quarter of 2015, and producers
continue to achieve strong well results in the basin. Enable’s
recently acquired Anadarko Basin crude and condensate midstream
platform achieved gathered volumes of over 75 thousand barrels per
day (MBbl/d) during first quarter 2019, and Enable expects to
gather crude or condensate from wells drilled by half of the rigs
currently active on Enable's Anadarko footprint.
During first quarter 2019, Enable contracted or extended over
1,000,000 Dth/d of transportation capacity. On the Enable
Mississippi River Transmission, LLC (MRT) system, MRT extended
transportation capacity with its largest customer, St. Louis-based
Spire Inc.
With a Federal Energy Regulatory Commission (FERC) order issued
March 8, 2019, all FERC Form 501-G proceedings for Enable Gas
Transmission, LLC (EGT) have been concluded, and EGT’s existing
rates remain in effect, unchanged. Form 501-G is a one-time report
required by the commission in response to the reduction in the
corporate income tax rate and the commission’s Revised Policy
Statement on Master Limited Partnerships.
The rate case originally filed by MRT June 29, 2018, continues
to advance at FERC. As of Jan. 1, 2019, MRT’s proposed rate
increase is being billed to customers. This proposed rate increase
does not increase current earnings because the rates are subject to
refund, depending upon the outcome of the case. MRT remains focused
on ensuring that the pipeline’s rates appropriately reflect
historical investments and current costs.
On April 12, 2019, Enable received approval for the request made
by Enable Gulf Run and EGT to initiate FERC's pre-filing process
for the Gulf Run Project, an important milestone in the
commission’s review of the project. Enable continues to pursue
opportunities to increase the size of the project and expects to
file a formal certificate application with the commission upon the
completion of the pre-filing process.
QUARTERLY DISTRIBUTIONS
On April 29, 2019, the board of directors of Enable’s general
partner declared a quarterly cash distribution of $0.318 per unit
on all outstanding common units for the quarter ended March 31,
2019. The distribution is unchanged from the previous quarter. The
quarterly cash distribution of $0.318 per unit on all outstanding
common units will be paid May 29, 2019, to unitholders of record at
the close of business May 21, 2019.
The board also declared a quarterly cash distribution of $0.625
per unit on all outstanding Series A Preferred Units for the
quarter ended March 31, 2019. The quarterly cash distribution of
$0.625 per unit on all outstanding Series A Preferred Units
outstanding will be paid May 15, 2019, to unitholders of record at
the close of business April 29, 2019.
KEY OPERATING STATISTICS
Natural gas gathered volumes were 4.54 trillion British thermal
units per day (TBtu/d) for first quarter 2019, an increase of 6
percent compared to 4.28 TBtu/d for first quarter 2018. The
increase was primarily due to higher gathered volumes in the
Anadarko Basin.
Natural gas processed volumes were 2.54 TBtu/d for first quarter
2019, an increase of 14 percent compared to 2.22 TBtu/d for first
quarter 2018. The increase was primarily due to higher processed
volumes in the Anadarko Basin.
NGLs produced were 138.19 MBbl/d for first quarter 2019, an
increase of 25 percent compared to 110.29 MBbl/d for first quarter
2018. The increase was primarily due to higher natural gas
processed volumes and increased recoveries of ethane.
Crude oil and condensate gathered volumes were 107.90 MBbl/d for
first quarter 2019, an increase of 83.07 MBbl/d compared to first
quarter 2018. The increase over first quarter 2018 was primarily
due to the recent acquisition of Enable Oklahoma Crude Services,
LLC’s (EOCS) crude oil and condensate gathering system in the
Anadarko Basin.
Interstate transportation firm contracted capacity was 6.52
billion cubic feet per day (Bcf/d) for first quarter 2019, an
increase of 8 percent compared to 6.05 Bcf/d for first quarter
2018. The increase was primarily due to new contracted capacity on
EGT, including volumes from EGT’s CaSE project.
Intrastate transportation average deliveries were 2.32 TBtu/d
for first quarter 2019, an increase of 10 percent compared to 2.10
TBtu/d for first quarter 2018. The increase was primarily related
to increased gathered volumes in the Anadarko Basin.
FIRST QUARTER FINANCIAL
PERFORMANCE
Revenues were $795 million for first quarter 2019, an increase
of $47 million compared to $748 million for first quarter 2018.
Revenues are net of $151 million of intercompany eliminations for
first quarter 2019 and $122 million of intercompany eliminations
for first quarter 2018.
Gathering and processing segment revenues were $630 million for
first quarter 2019, an increase of $39 million compared to $591
million for first quarter 2018. The increase in gathering and
processing segment revenues was primarily due to:
- an increase in revenues from natural
gas sales due to higher sales volumes and higher average natural
gas sales prices,
- an increase in natural gas gathering
revenues due to higher fees and gathered volumes in the Anadarko
Basin,
- an increase in crude oil, condensate
and produced water gathering revenues primarily due to an increase
related to the November 2018 acquisition of EOCS and
- an increase in processing service
revenues resulting from higher processed volumes primarily under
fixed processing arrangements, partially offset by lower
consideration received from percent-of-proceeds, percent-of-liquids
and keep-whole processing arrangements due to a decrease in the
average realized price.
These increases were partially offset by:
- a decrease in revenues from changes in
the fair value of natural gas, condensate and NGL derivatives
and
- a decrease in revenues from NGL sales
primarily due to a decrease in the average realized sales price
from lower average market prices for all NGL products other than
ethane and higher volumes subject to fee deductions for NGLs sold
under certain third-party processing arrangements, partially offset
by higher processed volumes and higher recoveries of ethane in the
Anadarko and Ark-La-Tex Basins, which were sold at higher average
ethane prices.
Transportation and storage segment revenues were $316 million
for first quarter 2019, an increase of $37 million compared to $279
million for first quarter 2018. The increase in transportation and
storage segment revenues was primarily due to:
- an increase in revenues from natural
gas sales primarily due to higher sales volumes,
- an increase in revenues from firm
transportation and storage services due to new intrastate and
interstate transportation contracts and
- an increase related to changes in the
fair value of natural gas derivatives.
These increases were partially offset by:
- a decrease in volume-dependent
transportation revenues primarily due to a decrease in commodity
fees and interruptible fees related to power plant customers
and
- a decrease in revenues from NGL sales
due to a decrease in lower average sales prices.
Gross margin was $417 million for first quarter 2019, an
increase of $44 million compared to $373 million for first quarter
2018.
Gathering and processing segment gross margin was $270 million
for first quarter 2019, an increase of $37 million compared to $233
million for first quarter 2018. The increase in gathering and
processing segment gross margin was primarily due to:
- an increase in natural gas gathering
fees due to higher fees and gathered volumes in the Anadarko
Basin,
- an increase in revenues from NGL sales
less the cost of NGLs primarily driven by higher processed volumes
and higher recoveries of ethane sold at higher prices, partially
offset by lower average sales prices for all other NGL
products,
- an increase in crude oil, condensate
and produced water gathering revenues primarily due to an increase
related to the November 2018 acquisition of EOCS,
- an increase in processing service fees
resulting from higher processed volumes primarily under fixed
processing arrangements, partially offset by lower consideration
received from percent-of-proceeds, percent-of-liquids and
keep-whole processing arrangements due to a decrease in the average
realized price and
- an increase in revenues from natural
gas sales less the cost of natural gas primarily due to higher
sales volumes and higher average prices.
These increases were partially offset by:
- a decrease in gross margin from changes
in the fair value of natural gas, condensate and NGL
derivatives.
Transportation and storage segment gross margin was $147 million
for first quarter 2019, an increase of $7 million compared to $140
million for first quarter 2018. The increase in transportation and
storage segment gross margin was primarily due to:
- an increase in firm transportation and
storage services due to new intrastate and interstate
transportation contracts and
- an increase in the changes in the fair
value of natural gas derivatives.
This increase was partially offset by:
- a decrease in system management
activities,
- a decrease in NGL sales revenues less
the cost of NGLs due to a decrease in average NGL prices, partially
offset by higher volumes and
- a decrease in volume-dependent
transportation primarily due to a decrease in commodity fees and
interruptible fees related to power-plant customers.
Operation and maintenance and general and administrative
expenses were $129 million for first quarter 2019, an increase of
$8 million compared to $121 million for first quarter 2018. The
increase in operation and maintenance and general and
administrative expenses was primarily due to an increase in
expenses related to maintenance on treating plants as a result of
increased Ark-La-Tex Basin activity, an increase in compressor
rental expenses due to increased rental units, an increase in
payroll-related costs and an increase in utilities and outside
services costs as a result of additional assets in service.
Depreciation and amortization expense was $105 million for first
quarter 2019, an increase of $9 million compared to $96 million for
first quarter 2018. The increase in depreciation and amortization
expense was primarily due to the amortization of customer
intangibles acquired as part of the acquisition of EOCS in the
fourth quarter of 2018, other additional assets placed in service
and an increase in depreciation from the implementation of new
rates for gathering and processing assets from a new depreciation
study, partially offset by a decrease in depreciation from the
implementation of new intrastate natural gas pipeline rates from a
new depreciation study.
Taxes other than income tax was $18 million for first quarter
2019, an increase of $1 million compared to $17 million for first
quarter 2018.
Interest expense was $46 million for first quarter 2019, an
increase of $13 million compared to $33 million for first quarter
2018. The increase was primarily due to an increase in the amount
of and interest rates on outstanding debt.
Enable uses derivatives to manage commodity price risk, and the
gain or loss associated with these derivatives is recognized in
earnings. Enable’s net income attributable to limited partners and
net income attributable to common units for first quarter 2019
includes a $10 million loss on derivative activity, compared to no
net impact from derivative activity for first quarter 2018,
resulting in a decrease in net income of $10 million. The decrease
is the result of a decrease related to the change in fair value of
derivatives of $10 million.
Capital expenditures were $143 million for first quarter 2019,
compared to $190 million for first quarter 2018. Expansion capital
expenditures were $119 million for first quarter 2019, compared to
$176 million for first quarter 2018. Maintenance capital
expenditures were $24 million for first quarter 2019 and $14
million for first quarter 2018.
2019 OUTLOOK
Enable affirms the 2019 financial outlook, including expansion
capital outlook, presented in its third quarter 2018 financial
results press release dated Nov. 7, 2018.
EARNINGS CONFERENCE CALL AND
WEBCAST
A conference call discussing first quarter results is scheduled
today at 10 a.m. EDT (9 a.m. CDT). The toll-free dial-in number to
access the conference call is 833-535-2200, and the international
dial-in number is 412-902-6730. The conference call ID is Enable
Midstream Partners. Investors may also listen to the call via
Enable’s website at http://investors.enablemidstream.com. Replays
of the conference call will be available on Enable’s website.
AVAILABLE INFORMATION
Enable files annual, quarterly and other reports and other
information with the U.S. Securities and Exchange Commission (SEC).
Enable’s SEC filings are also available at the SEC’s website at
http://www.sec.gov which contains information regarding issuers
that file electronically with the SEC. Information about Enable may
also be obtained at the offices of the NYSE, 20 Broad Street, New
York, New York 10005, or on Enable’s website at
https://www.enablemidstream.com. On the investor relations tab of
Enable’s website, https://investors.enablemidstream.com, Enable
makes available free of charge a variety of information to
investors. Enable’s goal is to maintain the investor relations tab
of its website as a portal through which investors can easily find
or navigate to pertinent information about Enable, including but
not limited to:
- Enable’s annual reports on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K, and
any amendments to those reports as soon as reasonably practicable
after Enable electronically files that material with or furnishes
it to the SEC;
- press releases on quarterly
distributions, quarterly earnings and other developments;
- governance information, including
Enable’s governance guidelines, committee charters and code of
ethics and business conduct;
- information on events and
presentations, including an archive of available calls, webcasts
and presentations;
- news and other announcements that
Enable may post from time to time that investors may find useful or
interesting; and
- opportunities to sign up for email
alerts and RSS feeds to have information pushed in real time.
ABOUT ENABLE MIDSTREAM
PARTNERS
Enable owns, operates and develops strategically located natural
gas and crude oil infrastructure assets. Enable’s assets include
approximately 13,900 miles of natural gas, crude oil, condensate
and produced water gathering pipelines, approximately 2.6 Bcf/d of
processing capacity, approximately 7,800 miles of interstate
pipelines (including Southeast Supply Header, LLC of which Enable
owns 50 percent), approximately 2,300 miles of intrastate pipelines
and eight storage facilities comprising 84.5 billion cubic feet of
storage capacity. For more information, visit
http://www.enablemidstream.com.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0%) of Enable Midstream’s distributions to
foreign investors as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, the partnership’s distributions to foreign investors
are subject to federal income tax withholding at the highest
applicable effective tax rate. Brokers and nominees, and not the
Partnership, are treated as the withholding agents responsible for
withholding on the distributions received by them on behalf of
foreign investors.
NON-GAAP FINANCIAL
MEASURES
Enable has included the non-GAAP financial measures Gross
margin, Adjusted EBITDA, Adjusted interest expense, DCF and
distribution coverage ratio in this press release based on
information in its consolidated financial statements.
Gross margin, Adjusted EBITDA, Adjusted interest expense, DCF
and distribution coverage ratio are supplemental financial measures
that management and external users of Enable’s financial
statements, such as industry analysts, investors, lenders and
rating agencies may use, to assess:
- Enable’s operating performance as
compared to those of other publicly traded partnerships in the
midstream energy industry, without regard to capital structure or
historical cost basis;
- The ability of Enable’s assets to
generate sufficient cash flow to make distributions to its
partners;
- Enable’s ability to incur and service
debt and fund capital expenditures; and
- The viability of acquisitions and other
capital expenditure projects and the returns on investment of
various investment opportunities.
This press release includes a reconciliation of Gross margin to
total revenues, Adjusted EBITDA and DCF to net income attributable
to limited partners, Adjusted EBITDA to net cash provided by
operating activities and Adjusted interest expense to interest
expense, the most directly comparable GAAP financial measures as
applicable, for each of the periods indicated. Distribution
coverage ratio is a financial performance measure used by
management to reflect the relationship between Enable’s financial
operating performance and cash distributions. Enable believes that
the presentation of Gross margin, Adjusted EBITDA, Adjusted
interest expense, DCF and distribution coverage ratio provides
information useful to investors in assessing its financial
condition and results of operations. Gross margin, Adjusted EBITDA,
Adjusted interest expense, DCF and distribution coverage ratio
should not be considered as alternatives to net income, operating
income, total revenue, cash flow from operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. Gross margin, Adjusted EBITDA, Adjusted
interest expense, DCF and distribution coverage ratio have
important limitations as analytical tools because they exclude some
but not all items that affect the most directly comparable GAAP
measures. Additionally, because Gross margin, Adjusted EBITDA,
Adjusted interest expense, DCF and distribution coverage ratio may
be defined differently by other companies in Enable’s industry, its
definitions of these measures may not be comparable to similarly
titled measures of other companies, thereby diminishing their
utility.
FORWARD-LOOKING
STATEMENTS
Some of the information in this press release may contain
forward-looking statements. Forward-looking statements give our
current expectations, contain projections of results of operations
or of financial condition, or forecasts of future events. Words
such as “could,” “will,” “should,” “may,” “assume,” “forecast,”
“position,” “predict,” “strategy,” “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe,” “project,” “budget,”
“potential,” or “continue,” and similar expressions are used to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release include our expectations of plans,
strategies, objectives, growth and anticipated financial and
operational performance, including revenue projections, capital
expenditures and tax position. Forward-looking statements can be
affected by assumptions used or by known or unknown risks or
uncertainties. Consequently, no forward-looking statements can be
guaranteed.
A forward-looking statement may include a statement of the
assumptions or bases underlying the forward-looking statement. We
believe that we have chosen these assumptions or bases in good
faith and that they are reasonable. However, when considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in this press release and
in our Annual Report on Form 10-K for the year ended Dec. 31, 2018
(“Annual Report”). Those risk factors and other factors noted
throughout this press release and in our Annual Report could cause
our actual results to differ materially from those disclosed in any
forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on
which such statement is made and we undertake no obligation to
correct or update any forward-looking statement, whether as a
result of new information or otherwise, except as required by
applicable law.
ENABLE MIDSTREAM PARTNERS, LP
CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended March 31, 2019
2018 (In millions, except per unit
data) Revenues (including revenues from affiliates):
Product sales $ 443 $ 443 Service revenue 352 305
Total Revenues 795 748
Cost and Expenses
(including expenses from affiliates): Cost of natural gas and
natural gas liquids (excluding depreciation and amortization shown
separately) 378 375 Operation and maintenance 103 94 General and
administrative 26 27 Depreciation and amortization 105 96 Taxes
other than income tax 18 17 Total Cost and Expenses
630 609
Operating Income 165 139
Other Income (Expense): Interest expense (46 ) (33 ) Equity
in earnings of equity method affiliate 3 6 Other, net — 2
Total Other Expense (43 ) (25 )
Income Before Income
Tax 122 114 Income tax benefit (1 ) —
Net Income
$ 123 $ 114 Less: Net income attributable to noncontrolling
interest 1 —
Net Income Attributable to Limited
Partners $ 122 $ 114 Less: Series A Preferred Unit
distributions 9 9
Net Income Attributable to
Common Units $ 113 $ 105
Basic earnings
per unit Common units $ 0.26 $ 0.24
Diluted earnings per
unit Common units $ 0.26 $ 0.24
ENABLE MIDSTREAM PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
Three Months Ended March 31, 2019
2018 (In millions) Reconciliation of
Gross margin to Total Revenues: Consolidated Product
sales $ 443 $ 443 Service revenue 352 305 Total Revenues 795
748 Cost of natural gas and natural gas liquids (excluding
depreciation and amortization) 378 375 Gross margin $ 417
$ 373
Reportable Segments Gathering and
Processing Product sales $ 423 $ 418 Service revenue 207
173 Total Revenues 630 591 Cost of natural gas and natural
gas liquids (excluding depreciation and amortization) 360
358 Gross margin $ 270 $ 233 Transportation and
Storage Product sales $ 167 $ 140 Service revenue 149 139
Total Revenues 316 279 Cost of natural gas and natural gas liquids
(excluding depreciation and amortization) 169 139 Gross
margin $ 147 $ 140
Three Months
Ended March 31, 2019 2018
(In millions, except Distribution coverage ratio)
Reconciliation of Adjusted EBITDA and
DCF to net income attributable to limited partners and calculation
of Distribution coverage ratio:
Net income attributable to limited partners $ 122 $ 114
Depreciation and amortization expense 105 96 Interest expense, net
of interest income 46 33 Income tax benefit (1 ) — Distributions
received from equity method affiliate in excess of equity earnings
9 7 Non-cash equity-based compensation 4 5 Change in fair value of
derivatives 12 2 Other non-cash losses (1) 1 —
Adjusted EBITDA $ 297 $ 257 Series A Preferred Unit distributions
(2) (9 ) (9 ) Distributions for phantom and performance units (3)
(9 ) (3 ) Adjusted interest expense (4) (47 ) (35 ) Maintenance
capital expenditures (24 ) (14 ) Current income taxes — (2 )
DCF $ 208 $ 196 Distributions related to
common unitholders (5) $ 138 $ 138
Distribution coverage ratio 1.51 1.42
___________________
(1)
Other non-cash losses includes loss on
sale of assets and write-downs of materials and supplies.
(2)
This amount represents the quarterly cash
distributions on the Series A Preferred Units declared for the
three months ended March 31, 2019 and 2018. In accordance with the
Partnership Agreement, the Series A Preferred Unit distributions
are deemed to have been paid out of available cash with respect to
the quarter immediately preceding the quarter in which the
distribution is made.
(3)
Distributions for phantom and performance
units represent distribution equivalent rights paid in cash.
Phantom unit distribution equivalent rights are paid during the
vesting period and performance unit distribution equivalent rights
are paid at vesting.
(4)
See below for a reconciliation of Adjusted
interest expense to Interest expense.
(5)
Represents cash distributions declared for
common units outstanding as of each respective period. Amounts for
2019 reflect estimated cash distributions for common units
outstanding for the quarter ended March 31, 2019.
Three Months Ended March 31,
2019 2018 (In millions)
Reconciliation of Adjusted EBITDA to net cash provided by
operating activities: Net cash provided by operating activities
$ 215 $ 166 Interest expense, net of interest income 46 33 Net
income attributable to noncontrolling interest (1 ) — Current
income taxes (1 ) — Other non-cash items(1) — (1 ) Changes in
operating working capital which (provided) used cash: Accounts
receivable (29 ) (23 ) Accounts payable 55 60 Other, including
changes in noncurrent assets and liabilities (9 ) 13 Return of
investment in equity method affiliate 9 7 Change in fair value of
derivatives 12 2 Adjusted EBITDA $ 297 $ 257
____________________
(1)
Other non-cash items include amortization
of debt expense, discount and premium on long-term debt and
write-downs of materials and supplies.
Three Months Ended March 31,
2019 2018 (In millions)
Reconciliation of Adjusted interest expense to Interest
expense: Interest Expense $ 46 $ 33 Amortization of premium on
long-term debt 1 1 Capitalized interest on expansion capital 1 2
Amortization of debt expense and discount (1 ) (1 ) Adjusted
interest expense $ 47 $ 35
ENABLE MIDSTREAM PARTNERS, LP
OPERATING DATA
Three Months Ended March 31,
2019 2018 Operating Data:
Natural gas gathered volumes—TBtu 409 385 Natural gas gathered
volumes—TBtu/d 4.54 4.28 Natural gas processed volumes—TBtu (1) 291
200 Natural gas processed volumes—TBtu/d (1) 2.54 2.22 NGLs
produced—MBbl/d (1)(2) 138.19 110.29 NGLs sold—MBbl/d (2)(3) 141.18
109.39 Condensate sold—MBbl/d 8.35 6.96 Crude oil and condensate
gathered volumes—MBbl/d 107.90 24.83 Transported volumes—TBtu 601
521 Transported volumes—TBtu/d 6.67 5.79 Interstate firm contracted
capacity—Bcf/d 6.52 6.05 Intrastate average deliveries—TBtu/d 2.32
2.10
____________________
(1)
Includes volumes under third party
processing arrangements.
(2)
Excludes condensate.
(3)
NGLs sold includes volumes of NGLs
withdrawn from inventory or purchased for system balancing
purposes.
Three Months Ended March 31,
2019 2018 Anadarko
Gathered volumes—TBtu/d 2.35 2.02 Natural gas processed
volumes—TBtu/d (1) 2.12 1.82 NGLs produced—MBbl/d (1)(2) 120.43
95.85 Crude oil and condensate gathered volumes—MBbl/d 76.54 —
Arkoma Gathered volumes—TBtu/d 0.49 0.54 Natural gas
processed volumes—TBtu/d (1) 0.10 0.10 NGLs produced—MBbl/d (1)(2)
6.23 4.98
Ark-La-Tex Gathered volumes—TBtu/d 1.70 1.71
Natural gas processed volumes—TBtu/d 0.32 0.29 NGLs produced—MBbl/d
(2) 11.53 9.46
Williston Crude oil gathered volumes—MBbl/d
31.36 24.83
__________________
(1)
Includes volumes under third party
processing arrangements.
(2)
Excludes condensate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005370/en/
MediaDavid Klaassen(405) 553-6431
InvestorMatt Beasley(405) 558-4600
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