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EnLink Midstream LLC (ENLC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $1,608.4 million from $1,746.2 million in the same quarter the previous year. The decrease is attributed to lower natural gas and NGL prices.
Cost of sales, exclusive of operating expenses and depreciation and amortization, decreased to $1,067.6 million from $1,244.7 million, primarily due to lower commodity prices.
The company reported an adjusted gross margin of $540.8 million for the quarter, compared to $501.5 million in the previous year, driven by higher volumes in the Permian segment.
Operating expenses decreased to $134.0 million from $143.3 million, mainly due to the divestiture of ORV assets.
Depreciation and amortization increased to $186.1 million from $163.8 million, largely due to changes in estimated useful lives of certain assets.
Net income attributable to ENLC was $14.0 million, compared to $29.5 million in the previous year. The decrease is due to increased impairments and depreciation expenses.
Cash provided by operating activities was $716.0 million, while cash used in investing and financing activities was $325.1 million and $409.2 million, respectively.
EnLink had a working capital of $728.0 million as of September 30, 2024. The company highlights its focus on expanding its Permian segment and managing its debt obligations.
The filing also details the GIP/ONEOK (OKE-2.92%) transaction, where ONEOK acquired a significant interest in ENLC, impacting the company's governance and strategic direction.
EnLink continues to focus on its midstream operations, including natural gas gathering, processing, and transportation, with ongoing projects to enhance its infrastructure capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EnLink Midstream LLC representing Limited Partner Interests quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.