Market Overview

Enable Midstream Reports Fourth Quarter and Full-Year 2017 Financial Results

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  • Increases in net income attributable to limited partners, Adjusted
    EBITDA and distributable cash flow (DCF) for fourth quarter and
    full-year 2017 compared to fourth quarter and full-year 2016
  • Exceeded full-year 2017 outlook for net income attributable to common
    and subordinated units, Adjusted EBITDA and DCF
  • Record operational results, including the highest full-year results
    for gathered volumes, processed volumes, NGLs produced and transported
    volumes since Enable's formation in May 2013
  • Continued substantial producer activity around Enable's footprint,
    with 49 rigs drilling wells expected to be connected to Enable's
    gathering systems

Enable Midstream Partners, LP (NYSE:ENBL) (Enable) today announced
financial results for fourth quarter and full-year 2017.

Net income attributable to limited partners was $108 million for fourth
quarter 2017, an increase of $40 million compared to $68 million for
fourth quarter 2016. Net income attributable to common units was $99
million for fourth quarter 2017, an increase of $40 million compared to
$59 million for fourth quarter 2016. Adjusted EBITDA for fourth quarter
2017 was $238 million, an increase of $20 million compared to $218
million for fourth quarter 2016. DCF for fourth quarter 2017 was $146
million, an increase of $14 million compared to $132 million for fourth
quarter 2016.

Net income attributable to limited partners for full-year 2017 was $436
million, an increase of $124 million compared to $312 million for
full-year 2016. Net income attributable to common and subordinated units
for full-year 2017 was $400 million, an increase of $110 million
compared to $290 million for full-year 2016. Adjusted EBITDA for
full-year 2017 was $924 million, an increase of $51 million compared to
$873 million for full-year 2016. DCF for full-year 2017 was $660
million, an increase of $21 million compared to $639 million for
full-year 2016.

For fourth quarter 2017, DCF exceeded declared distributions to common
unitholders by $8 million, resulting in a distribution coverage ratio of
1.06x. For full-year 2017, DCF exceeded declared distributions to common
and subordinated unitholders by $109 million, resulting in a
distribution coverage ratio of 1.20x.

Adjusted EBITDA and DCF are non-GAAP financial measures, and this press
release provides a reconciliation of these non-GAAP financial measures
to the most directly comparable GAAP financial measures.

MANAGEMENT PERSPECTIVE

"2017 marked an exceptional year of financial and operational
performance, driven by our high-quality customer base,
strategically-located midstream assets and dedicated employees," said
Enable Midstream President and CEO Rod Sailor. "For 2017, we exceeded
our guidance for net income, Adjusted EBITDA and DCF while funding a
meaningful portion of our capital investment program with internally
generated cash flows.

"Momentum from previously announced projects coming into service and
increasing producer activity in our basins is driving demand for
midstream services across our footprint and setting up Enable for
another strong year of performance in 2018."

BUSINESS HIGHLIGHTS

During the fourth quarter of 2017, per-day natural gas gathered volumes
grew for the eighth consecutive quarter as a result of strong rig
activity across Enable's footprint. As of Feb. 5, 2018, there were 49
rigs across Enable's footprint that were drilling wells expected to be
connected to Enable's gathering systems. Thirty-five of those rigs were
in the Anadarko Basin, 10 were in the Ark-La-Tex Basin, two were in the
Arkoma Basin and two were in the Williston Basin.

Enable was awarded a 10-year, fee-based natural gas gathering contract
with approximately 138,000 gross acres of dedication in the Arkoma
Basin. This contract will support drilling activity that is primarily
focused on dry gas areas of the Arkoma Woodford Shale. During the fourth
quarter of 2017, Enable's Bear Den crude oil gathering system had first
flow on its 8.4 thousand barrels per day (MBbl/d) system expansion.

Enable Gas Transmission, LLC (EGT) entered into a 3-year, 100,000
dekatherms per day (Dth/d) firm transportation agreement with an
Anadarko Basin producer. This transportation agreement provides access
to delivery points on the west side of the EGT system that connect to
downstream markets in the West and Midwest. The new contract contributes
to Enable's 1.1 billion cubic feet per day (Bcf/d) of contracted market
solutions for growing SCOOP and STACK production since 2015, including
the CaSE, Line AD Expansion and Bradley Lateral projects on EGT and
Project Wildcat in Enable's Gathering and Processing segment. Intrastate
transportation deliveries also increased in the fourth quarter of 2017
as a result of the continued supply growth in the Anadarko Basin.

Enable's previously announced Wildcat, CaSE and Muskogee projects remain
on schedule. Project Wildcat, a 400 million cubic feet per day (MMcf/d)
rich natural gas takeaway solution from the Anadarko Basin to North
Texas, is expected to be in service by the end of the second quarter of
2018. The CaSE project, a 205,000 Dth/d firm natural gas transportation
solution for growing Anadarko Basin production, is expected to be fully
in service by the fourth quarter of 2018. The Muskogee project, a
20-year, 228,000 Dth/d firm transportation service agreement with
Oklahoma Gas and Electric on the Enable Oklahoma Intrastate Transmission
(EOIT) system, is expected to commence service in late 2018.

In January, EGT announced a non-binding open season for 600,000 Dth/d of
capacity on EGT's Line CP. The open season included a foundation shipper
that subscribed to a total of 300,000 Dth/d of firm capacity for a
primary term of seven years. The open season closed in early February,
and EGT is currently evaluating the bids received.

KEY OPERATING STATISTICS

Natural gas gathered volumes were 4.11 trillion British thermal units
per day (TBtu/d) for fourth quarter 2017, an increase of 29 percent
compared to 3.19 TBtu/d for fourth quarter 2016. The increase was
primarily due to higher gathered volumes in the Anadarko and Ark-La-Tex
Basins, partially offset by lower gathered volumes in the Arkoma Basin.

Natural gas processed volumes were 2.16 TBtu/d for fourth quarter 2017,
an increase of 17 percent compared to 1.85 TBtu/d for fourth quarter
2016. The increase was primarily due to higher processed volumes in the
Anadarko Basin.

NGLs produced were 108.18 MBbl/d for fourth quarter 2017, an increase of
34 percent compared to 80.55 MBbl/d for fourth quarter 2016. The
increase was primarily due to higher natural gas processed volumes and
higher plant recoveries.

Crude oil gathered volumes were 28.86 MBbl/d for fourth quarter 2017, an
increase of 32 percent compared to 21.93 MBbl/d for fourth quarter 2016.
The increase was primarily due to the expansion of the Bear Den system
and the commissioning of multi-well pads on the Bear Den and Nesson
systems.

Interstate transportation firm contracted capacity was 5.79 Bcf/d for
fourth quarter 2017, a decrease of 19 percent compared to 7.14 Bcf/d for
fourth quarter 2016. The decrease was primarily due to lower contracted
firm transportation volumes between Carthage, Texas, and Perryville,
Louisiana.

Intrastate transportation average deliveries were 1.94 TBtu/d for fourth
quarter 2017, an increase of 13 percent compared to 1.71 TBtu/d for
fourth quarter 2016. The increase was primarily related to increased
supply in the Anadarko Basin.

FOURTH QUARTER FINANCIAL PERFORMANCE

Revenues were $806 million for fourth quarter 2017, an increase of $192
million compared to $614 million for fourth quarter 2016. Revenues
included $163 million of intercompany eliminations for fourth quarter
2017 and $119 million of intercompany eliminations for fourth quarter
2016.

  • Gathering and processing segment revenues were $657 million for fourth
    quarter 2017, an increase of $192 million compared to $465 million for
    fourth quarter 2016. The increase in gathering and processing segment
    revenues was primarily due to an increase in revenues from NGL sales
    resulting from higher average NGL prices and higher processed volumes
    in the Anadarko Basin, an increase in revenues from sales of natural
    gas as a result of higher gathering volumes in the Anadarko and
    Ark-La-Tex Basins, an increase in natural gas gathering revenues due
    to higher fees and gathered volumes in the Anadarko and Ark-La-Tex
    Basins, an increase in processing service revenues resulting from
    higher processed volumes in the Anadarko Basin and an increase in
    revenues from changes in the fair value of condensate and NGL
    derivatives.
  • Transportation and storage segment revenues were $312 million for
    fourth quarter 2017, an increase of $44 million compared to $268
    million for fourth quarter 2016. The increase in transportation and
    storage segment revenues was primarily due to an increase in revenues
    from higher natural gas sales associated with higher sales volumes, an
    increase in revenues from changes in the fair value of natural gas
    derivatives, an increase in revenues from off-system transportation,
    an increase in revenues from NGL sales due to an increase in
    transported volumes and NGL prices and an increase in realized gains
    on natural gas derivatives. These increases were partially offset by a
    decrease in firm transportation services between Carthage, Texas, and
    Perryville, Louisiana.

Gross margin was $361 million for fourth quarter 2017, an increase of
$47 million compared to $314 million for fourth quarter 2016.

  • Gathering and processing segment gross margin was $235 million for
    fourth quarter 2017, an increase of $43 million compared to $192
    million for fourth quarter 2016. The increase in gathering and
    processing segment gross margin was primarily due to an increase in
    natural gas sales due to higher gathering volumes in the Anadarko and
    Ark-La-Tex Basins, an increase in processing margins resulting from
    higher average NGL prices and higher processed volumes in the Anadarko
    Basin, an increase in gathering margin due to increased gathered
    volumes in the Anadarko and Ark-La-Tex Basins and an increase in gross
    margin from changes in the fair value of condensate and NGL
    derivatives.
  • Transportation and storage segment gross margin was $129 million for
    fourth quarter 2017, an increase of $7 million compared to $122
    million for fourth quarter 2016. The increase in transportation and
    storage segment gross margin was primarily due to an increase in gross
    margin from changes in the fair value of natural gas derivatives, an
    increase in NGL sales due to an increase in transported volumes and
    NGL prices, an increase in off-system transportation margins and an
    increase in realized gains on natural gas derivatives. These increases
    were partially offset by a decrease in firm transportation services
    between Carthage, Texas, and Perryville, Louisiana, and a decrease in
    system management activities.

Operation and maintenance and general and administrative expenses were
$116 million for fourth quarter 2017, a decrease of $6 million compared
to $122 million for fourth quarter 2016. The decrease in operation and
maintenance and general and administrative expenses was primarily due to
a decrease in loss on sale of assets and a decrease in materials and
supplies and contract services costs. These decreases were partially
offset by an increase in payroll-related costs and a reduction in
capitalized overhead costs.

Depreciation and amortization expense was $99 million for fourth quarter
2017, an increase of $9 million compared to $90 million for fourth
quarter 2016. The increase in depreciation and amortization expense was
primarily a result of the Align Midstream, LLC acquisition and
additional assets placed in service.

Taxes other than income tax were $17 million for fourth quarter 2017, an
increase of $2 million compared to $15 million for fourth quarter 2016.
The increase was primarily a result of higher accrued ad valorem taxes
due to additional assets placed in service.

Interest expense was $31 million for fourth quarter 2017, an increase of
$6 million compared to $25 million for fourth quarter 2016. The increase
was primarily due to higher interest rates on outstanding debt as a
result of a long-term debt issuance in first quarter 2017 that resulted
in the repayment of amounts outstanding under Enable's revolving credit
facility and an increase in the amount of debt outstanding.

Enable's net income attributable to limited partners and net income
attributable to common units for fourth quarter 2017 includes a $4
million loss on derivative activity, compared to a $21 million loss on
derivative activity for fourth quarter 2016, resulting in an increase in
net income of $17 million. The increase of $17 million is comprised of
an increase related to the change in fair value of derivatives of $19
million and a decrease in realized gain on derivatives of $2 million.
Additional details on derivative instruments and hedging activities can
be found in Enable's 2017 Form 10-K.

Capital expenditures, including the acquisition of Align Midstream, were
$464 million for fourth quarter 2017, compared to $94 million for fourth
quarter 2016. Expansion capital expenditures, including the acquisition
of Align Midstream, were $416 million for fourth quarter 2017, compared
to $44 million for fourth quarter 2016. Maintenance capital expenditures
were $48 million for fourth quarter 2017, compared to $50 million for
fourth quarter 2016.

QUARTERLY DISTRIBUTIONS

As previously announced, on Feb. 9, 2018, 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
Dec. 31, 2017. 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 on Feb. 27, 2018, to unitholders of record at
the close of business on Feb. 20, 2018.

Also, as previously announced, the board declared a quarterly cash
distribution of $0.625 on all Series A Preferred Units for the quarter
ended Dec. 31, 2017. The quarterly cash distribution of $0.625 on all
Series A Preferred Units outstanding will be paid on Feb. 15, 2018, to
unitholders of record at the close of business on Feb. 9, 2018.

2018 OUTLOOK

Enable reaffirms the 2018 outlook presented in its third quarter 2017
financial results press release dated Nov. 1, 2017.

EARNINGS CONFERENCE CALL AND WEBCAST

A conference call discussing fourth quarter results is scheduled today
at 10 a.m. Eastern. The dial-in number to access the conference call is
800-860-2442, and 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.

ANNUAL REPORT

Enable today filed its annual report on the Form 10-K with the U.S.
Securities and Exchange Commission.

The Form 10-K is available to view, print or download from the SEC
filings page under the Investor Relations section on the Enable
Midstream website, at http://investors.enablemidstream.com.

Unitholders may order a printed copy of the Form 10-K by contacting
Enable Midstream Investor Relations at (405) 558-4600 or ir@enablemidstream.com.

AVAILABLE INFORMATION

Enable files annual, quarterly and other reports and other information
with the U.S. Securities and Exchange Commission (SEC). Any materials
Enable files with the SEC are available to read and copy at the SEC's
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-732-0330 for further information on their
Public Reference Room. 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 http://www.enablemidstream.com.
On the investor relations tab of Enable's website, http://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 report 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 over 13,300
miles of natural gas and crude oil 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 2,200 miles of intrastate
pipelines and eight storage facilities comprising 86.0 billion cubic
feet of storage capacity. For more information, visit http://www.enablemidstream.com.

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
condensed 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, 2017. 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.

 
ENABLE MIDSTREAM PARTNERS, LP
CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 
   

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

2017   2016 2017   2016
(In millions, except per unit data)
Revenues (including revenues from affiliates):
Product sales $ 517 $ 335 $ 1,653 $ 1,172
Service revenue 289   279   1,150   1,100  
Total Revenues 806 614 2,803 2,272
Cost and Expenses (including expenses from affiliates):

Cost of natural gas and natural gas liquids (excluding depreciation
and
amortization shown separately)

445 300 1,381 1,017
Operation and maintenance 92 92 369 367
General and administrative 24 30 95 98
Depreciation and amortization 99 90 366 338
Impairments 1 9
Taxes other than income tax 17   15   64   58  
Total Cost and Expenses 677   528   2,275   1,887  
Operating Income 129   86   528   385  
Other Income (Expense):
Interest expense (including expenses from affiliates) (31 ) (25 ) (120 ) (99 )
Equity in earnings of equity method affiliate 7   6   28   28  
Total Other Expense (24 ) (19 ) (92 ) (71 )
Income Before Income Tax 105 67 436 314
Income tax expense (benefit) (3 ) (2 ) (1 ) 1  
Net Income $ 108 $ 69 $ 437 $ 313
Less: Net income attributable to noncontrolling interest   1   1   1  
Net Income Attributable to Limited Partners $ 108 $ 68 $ 436 $ 312
Less: Series A Preferred Unit distributions 9   9   36   22  
Net Income Attributable to Common and Subordinated Units(1) $ 99   $ 59   $ 400   $ 290  
 
Basic earnings per unit
Common units $ 0.23 $ 0.14 $ 0.92 $ 0.69
Subordinated units(1) $ $ 0.14 $ 0.93 $ 0.68
Diluted earnings per unit
Common units $ 0.23 $ 0.14 $ 0.92 $ 0.69
Subordinated units(1) $ $ 0.14 $ 0.93 $ 0.68
___________________
(1)   All outstanding subordinated units converted into common units on a
one-for-one basis on Aug. 30, 2017.
 
 
ENABLE MIDSTREAM PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
(In millions)
Reconciliation of Gross margin to Total Revenues:
Consolidated
Product sales $ 517 $ 335 $ 1,653 $ 1,172
Service revenue 289   279   1,150   1,100
Total Revenues 806 614 2,803 2,272
Cost of natural gas and natural gas liquids (excluding depreciation
and amortization)
445   300   1,381   1,017
Gross margin $ 361   $ 314   $ 1,422   $ 1,255
 
Reportable Segments
Gathering and Processing
Product sales $ 494 $ 322 $ 1,538 $ 1,081
Service revenue 163   143   632     559
Total Revenues 657 465 2,170 1,640
Cost of natural gas and natural gas liquids (excluding depreciation
and amortization)
422   273   1,285   915
Gross margin $ 235   $ 192   $ 885   $ 725
 
Transportation and Storage
Product sales $ 182 $ 131 $ 621 $ 479
Service revenue 130   137   525   545
Total Revenues 312 268 1,146 1,024
Cost of natural gas and natural gas liquids (excluding depreciation
and amortization)
183   146   604   492
Gross margin $ 129   $ 122   $ 542   $ 532
 
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
(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 $ 108 $ 68 $ 436 $ 312
Depreciation and amortization expense 99 90 366 338
Interest expense, net of interest income 31 25 120 99
Income tax expense (benefit) (3 ) (2 ) (1 ) 1
Distributions received from equity method affiliate in excess of
equity earnings
(4 ) (3 ) 5 15
Non-cash equity-based compensation 3 4 15 13
Change in fair value of derivatives 1 20 (28 ) 60
Other non-cash losses(1) 3 15 11 26
Impairments   1     9  
Adjusted EBITDA $ 238 $ 218 $ 924 $ 873
Series A Preferred Unit distributions(2) (9 ) (9 ) (36 ) (31 )
Distributions for phantom and performance units(3) (2 )
Adjusted interest expense(4) (33 ) (27 ) (123 ) (103 )
Maintenance capital expenditures (48 ) (50 ) (101 ) (101 )
Current income taxes (2 )   (2 ) 1  
DCF $ 146   $ 132   $ 660   $ 639  
 
Distributions related to common and subordinated unitholders(5) $ 138   $ 137   $ 551   $ 539  
 
Distribution coverage ratio 1.06   0.96   1.20   1.18  
___________________
(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 year ended Dec. 31, 2017.
The year ended Dec. 31, 2016 amount includes the prorated quarterly
cash distribution on the Series A Preferred Units declared on Apr.
26, 2016. 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 and subordinated
units outstanding as of each respective period. Amounts for 2017
reflect estimated cash distributions for common units outstanding
for the quarter ended Dec. 31, 2017. All outstanding subordinated
units converted into common units on a one-for-one basis on Aug. 30,
2017.
 
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
(In millions)
Reconciliation of Adjusted EBITDA to net cash provided by
operating activities:
Net cash provided by operating activities $ 278 $ 223 $ 834 $ 721
Interest expense, net of interest income 31 25 120 99
Net income attributable to noncontrolling interest (1 ) (1 ) (1 )
Current income taxes 2 2 (1 )
Other non-cash items(1) 2 8 4 12
Proceeds from insurance 2 2
Changes in operating working capital which (provided) used cash:
Accounts receivable (44 ) (29 ) 28 (4 )
Accounts payable (70 ) (48 ) (54 ) 40
Other, including changes in noncurrent assets and liabilities 40 23 12 (68 )
Return of investment in equity method affiliate (4 ) (3 ) 5 15
Change in fair value of derivatives 1   20   (28 ) 60  
Adjusted EBITDA $ 238   $ 218   $ 924   $ 873  
____________________
(1)   Other non-cash items includes amortization of debt expense, discount
and premium on long-term debt and write-downs of materials and
supplies.
 
     
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2017   2016 2017   2016
(In millions)
Reconciliation of Adjusted interest expense to Interest expense:
Interest Expense $ 31 $ 25 $ 120 $ 99
Amortization of premium on long-term debt 2 2 6 6
Capitalized interest on expansion capital 1
Amortization of debt expense and discount     (3 ) (3 )
Adjusted interest expense $ 33   $ 27   $ 123   $ 103  
 
 
ENABLE MIDSTREAM PARTNERS, LP
OPERATING DATA
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
Operating Data:
Gathered volumes—TBtu 378 292 1,300 1,143
Gathered volumes—TBtu/d 4.11 3.19 3.56 3.13
Natural gas processed volumes—TBtu 199 171 715 658
Natural gas processed volumes—TBtu/d 2.16 1.85 1.96 1.80
NGLs produced—MBbl/d(1) 108.18 80.55 90.11 78.70
NGLs sold—MBbl/d(1)(2) 116.27 78.84 92.21 78.16
Condensate sold—MBbl/d 4.91 4.48 4.79 5.27
Crude Oil—Gathered volumes—MBbl/d 28.86 21.93 25.56 25.00
Transported volumes—TBtu 455 436 1,838 1,788
Transported volumes—TBtu/d 4.95 4.77 5.04 4.88
Interstate firm contracted capacity—Bcf/d 5.79 7.14 6.21 7.04
Intrastate average deliveries—TBtu/d 1.94 1.71 1.88 1.72
____________________
(1)   Excludes condensate.
(2) NGLs sold includes volumes of NGLs withdrawn from inventory or
purchased for system balancing purposes.
 
 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
Anadarko
Gathered volumes—TBtu/d 1.99 1.67 1.81 1.65
Natural gas processed volumes—TBtu/d 1.75 1.52 1.61 1.47
NGLs produced—MBbl/d(1) 92.36 67.16 76.37 65.19
Arkoma
Gathered volumes—TBtu/d 0.54 0.58 0.55 0.62
Natural gas processed volumes—TBtu/d 0.09 0.09 0.09 0.10
NGLs produced—MBbl/d(1) 4.84 4.72 4.79 4.86
Ark-La-Tex
Gathered volumes—TBtu/d 1.58 0.94 1.20 0.86
Natural gas processed volumes—TBtu/d 0.32 0.24 0.26 0.23
NGLs produced—MBbl/d(1) 10.98 8.67 8.95 8.65
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(1)   Excludes condensate.
 

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