The following is a summary of the EnLink Midstream, LLC (ENLC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• EnLink Midstream LLC generated $306 million of adjusted EBITDA in Q2 2024, driven by new operational assets and seasonal performances.

• The company maintained solid free cash flow after distributions amounting to approximately $53 million.

• Net repurchases of approximately $50 million of units were executed, reflecting ongoing capital return to investors.

• The leverage ratio stood at a stable 3.3x with total expenditures of $103 million in Q2. The company anticipates EBITDA for the full year 2024 to range between $1.31 billion and $1.41 billion.

Business Progress:

• EnLink announced the expansion of their natural gas storage assets in Louisiana, emphasizing their strategic response to market demand shifts.

• Operational successes included the launch of the Tiger II processing plant in the Permian, enhancing capacity and efficiency.

• EnLink actively managed its capital structure, substantially reducing Series B preferred stock, simplifying debt.

Opportunities:

• Expansion of the Jefferson Island Storage Hub with significant customer interest, highlights EnLink's strategic positioning to capitalize on increasing natural gas storage demand.

• Potential for additional commercial projects around the Henry to River and Venture Global's LNG facilities aligns with the rising demand for gas-related infrastructure.

Risks:

• The evolving market and operational dynamics pose risks related to the commercial opportunities, particularly in ensuring sustained demand aligns with infrastructure expansions.

• Regulatory and economic conditions affecting the pace and scale of CCS projects and other infrastructure developments.

More details: Enlink Midstream IR

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