Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36336 | |
Entity Registrant Name | ENLINK MIDSTREAM, LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4108528 | |
Entity Address, Address Line One | 1722 Routh St., Suite 1300 | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 953-9500 | |
Title of 12(b) Security | Common Units Representing Limited Liability Company Interests | |
Trading Symbol | ENLC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 489,746,802 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false | |
Entity Central Index Key | 0001592000 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 78.9 | $ 77.4 |
Accounts receivable: | ||
Trade, net of allowance for bad debt of $0.5 and $0.5, respectively | 58.3 | 36.2 |
Accrued revenue and other | 352.9 | 460.1 |
Fair value of derivative assets | 9.6 | 12.9 |
Other current assets | 81.7 | 57.8 |
Total current assets | 581.4 | 644.4 |
Property and equipment, net of accumulated depreciation of $3,775.9 and $3,418.6, respectively | 6,742 | 7,081.3 |
Intangible assets, net of accumulated amortization of $638.0 and $545.9, respectively | 1,156.2 | 1,249.9 |
Goodwill | 0 | 184.6 |
Investment in unconsolidated affiliates | 41.9 | 43.1 |
Fair value of derivative assets | 5.4 | 4.3 |
Other assets, net | 140.3 | 128.2 |
Total assets | 8,667.2 | 9,335.8 |
Current liabilities: | ||
Accounts payable and drafts payable | 54.4 | 70.6 |
Accounts payable to related party | 0.9 | 1.1 |
Accrued gas, NGLs, condensate, and crude oil purchases | 214.8 | 354.8 |
Fair value of derivative liabilities | 33.1 | 14.4 |
Other current liabilities | 198.8 | 206.2 |
Total current liabilities | 502 | 647.1 |
Long-term debt | 4,650 | 4,764.3 |
Asset retirement obligations | 16.1 | 15.5 |
Other long-term liabilities | 83.5 | 90.8 |
Fair value of derivative liabilities | 4.5 | 6.8 |
Redeemable non-controlling interest | 0 | 5.2 |
Members’ equity: | ||
Members’ equity (489,734,530 and 487,791,612 units issued and outstanding, respectively) | 1,701.2 | 2,135.5 |
Accumulated other comprehensive loss | (19) | (11) |
Non-controlling interest | 1,728.9 | 1,681.6 |
Total members’ equity | 3,411.1 | 3,806.1 |
Total liabilities and members’ equity | $ 8,667.2 | $ 9,335.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Allowance for bad debt | $ 0.5 | $ 0.5 |
Property and equipment, accumulated depreciation | 3,775.9 | 3,418.6 |
Intangible assets, accumulated amortization | $ 638 | $ 545.9 |
Members’ equity: | ||
Common units issued (in shares) | 489,734,530 | 487,791,612 |
Common units outstanding (in shares) | 487,791,612 | 489,734,530 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Revenue from contracts with customers | $ 933.6 | $ 1,400.5 | $ 2,837.8 | $ 4,881 |
Gain (loss) on derivative activity | (5.1) | 7.5 | (8.3) | 16.2 |
Total revenues | 928.5 | 1,408 | 2,829.5 | 4,897.2 |
Operating costs and expenses: | ||||
Cost of sales | 549.5 | 999.5 | 1,702.5 | 3,663 |
Operating expenses | 94.3 | 119.2 | 283.1 | 351.6 |
General and administrative | 25.7 | 38.5 | 79.6 | 122.1 |
(Gain) loss on disposition of assets | (1.8) | (3) | 2.8 | (2.9) |
Depreciation and amortization | 160.3 | 157.3 | 481.3 | 463.1 |
Impairments | 0 | 0 | 354.5 | 186.5 |
Loss on secured term loan receivable | 0 | 0 | 0 | 52.9 |
Total operating costs and expenses | 828 | 1,311.5 | 2,903.8 | 4,836.3 |
Operating income (loss) | 100.5 | 96.5 | (74.3) | 60.9 |
Other income (expense): | ||||
Interest expense, net of interest income | (55.5) | (56.6) | (166.3) | (160.5) |
Gain on extinguishment of debt | 0 | 0 | 32 | 0 |
Income (loss) from unconsolidated affiliates | (0.2) | 4 | 0.8 | 14 |
Other income (expense) | 0.4 | (0.1) | 0.4 | 0.1 |
Total other expense | (55.3) | (52.7) | (133.1) | (146.4) |
Income (loss) before non-controlling interest and income taxes | 45.2 | 43.8 | (207.4) | (85.5) |
Income tax benefit (expense) | (6) | (6.3) | 16 | (2.7) |
Net income (loss) | 39.2 | 37.5 | (191.4) | (88.2) |
Net income attributable to non-controlling interest | 26.6 | 25.7 | 78.7 | 92.4 |
Net income (loss) attributable to ENLC | $ 12.6 | $ 11.8 | $ (270.1) | $ (180.6) |
Net income (loss) attributable to ENLC per unit: | ||||
Basic common unit (in dollars per share) | $ 0.03 | $ 0.02 | $ (0.55) | $ (0.40) |
Diluted common unit (in dollars per share) | $ 0.03 | $ 0.02 | $ (0.55) | $ (0.40) |
Product sales | ||||
Revenues: | ||||
Revenue from contracts with customers | $ 696.1 | $ 1,137.2 | $ 2,121.6 | $ 4,118.5 |
Midstream services | ||||
Revenues: | ||||
Revenue from contracts with customers | $ 237.5 | $ 263.3 | $ 716.2 | $ 762.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 39.2 | $ 37.5 | $ (191.4) | $ (88.2) | |||
Gain (loss) on designated cash flow hedge | [1] | 3.6 | [2] | (1.3) | [3] | (8) | (11.2) |
Comprehensive income (loss) | 42.8 | 36.2 | (199.4) | (99.4) | |||
Comprehensive income attributable to non-controlling interest | 26.6 | 25.7 | 78.7 | 92.4 | |||
Comprehensive income (loss) attributable to ENLC | $ 16.2 | $ 10.5 | $ (278.1) | $ (191.8) | |||
[1] | Includes a tax expense of $1.1 million and a tax benefit of $2.4 million for the three and nine months ended September 30, 2020, respectively, and a tax benefit of $0.5 million and $4.1 million for the three and nine months ended September 30, 2019, respectively. | ||||||
[2] | Includes a tax expense of $1.1 million. | ||||||
[3] | Includes a tax benefit of $0.5 million. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||||||
Income tax expense (benefit) | $ 1.1 | [1] | $ 0.5 | $ (4) | $ (0.5) | $ (3.6) | $ (2.4) | $ (4.1) |
[1] | Includes a tax expense of $1.1 million and a tax benefit of $2.4 million for the three and nine months ended September 30, 2020, respectively, and a tax benefit of $0.5 million and $4.1 million for the three and nine months ended September 30, 2019, respectively. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Members' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Units | Common UnitsCumulative Effect, Period of Adoption, Adjustment | Common UnitsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance | Non-Controlling Interest | Non-Controlling InterestCumulative Effect, Period of Adoption, Adjusted Balance | Redeemable Non-Controlling Interest (Temporary Equity) | Redeemable Non-Controlling Interest (Temporary Equity)Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Member equity, beginning balance at Dec. 31, 2018 | $ 4,974.2 | $ 0.3 | $ 4,974.5 | $ 1,730.9 | $ 0.3 | $ 1,731.2 | $ (2) | $ (2) | $ 3,245.3 | $ 3,245.3 | ||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2018 | 181,300,000 | 181,300,000 | ||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (8.4) | $ (5.6) | (2.8) | |||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 1,000,000 | |||||||||||||
Unit-based compensation | 13.6 | $ 12.2 | 1.4 | |||||||||||
Contributions from non-controlling interests | 15.7 | 15.7 | ||||||||||||
Distributions | (178.6) | (51) | (127.6) | |||||||||||
Fair value adjustment related to redeemable non-controlling interest | 2.5 | 2.5 | $ (2.1) | |||||||||||
Net income (loss) | (134.8) | (176.3) | 41.5 | 0 | ||||||||||
Issuance of common units for ENLK public common units related to the Merger | 399 | $ 1,958.1 | (1,559.1) | |||||||||||
Issuance of common units for ENLK public common units related to the Merger (in shares) | 304,900,000 | |||||||||||||
Member equity, end balance at Mar. 31, 2019 | 5,083.5 | $ 3,471.1 | (2) | 1,614.4 | ||||||||||
Units outstanding, end balance (in shares) at Mar. 31, 2019 | 487,200,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2018 | 9.3 | $ 9.3 | ||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | (178.6) | $ (51) | (127.6) | |||||||||||
Fair value adjustment related to redeemable non-controlling interest | 2.5 | 2.5 | (2.1) | |||||||||||
Redeemable noncontrolling interest, ending balance at Mar. 31, 2019 | 7.2 | |||||||||||||
Member equity, beginning balance at Dec. 31, 2018 | 4,974.2 | $ 0.3 | $ 4,974.5 | $ 1,730.9 | $ 0.3 | $ 1,731.2 | (2) | $ (2) | 3,245.3 | $ 3,245.3 | ||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2018 | 181,300,000 | 181,300,000 | ||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
(Loss) gain on designated cash flow hedge | [1] | (11.2) | ||||||||||||
Member equity, end balance at Sep. 30, 2019 | 4,863.4 | $ 3,205.7 | (13.2) | 1,670.9 | ||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2019 | 487,600,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2018 | 9.3 | $ 9.3 | ||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Redemption of non-controlling interest | 0 | |||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2019 | 5.5 | |||||||||||||
Member equity, beginning balance at Mar. 31, 2019 | 5,083.5 | $ 3,471.1 | (2) | 1,614.4 | ||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2019 | 487,200,000 | |||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Unit-based compensation | 6.6 | $ 6.6 | 0 | |||||||||||
Contributions from non-controlling interests | 29.5 | 29.5 | ||||||||||||
Distributions | (172.3) | (137.2) | (35.1) | |||||||||||
(Loss) gain on designated cash flow hedge | [2] | (9.9) | (9.9) | |||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.2 | 0.2 | 0 | (1.4) | ||||||||||
Net income (loss) | 9.1 | (16.1) | 25.2 | 0 | ||||||||||
Member equity, end balance at Jun. 30, 2019 | 4,946.7 | $ 3,324.6 | (11.9) | 1,634 | ||||||||||
Units outstanding, end balance (in shares) at Jun. 30, 2019 | 487,200,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2019 | 7.2 | |||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | (172.3) | $ (137.2) | (35.1) | |||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.2 | 0.2 | 0 | (1.4) | ||||||||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2019 | 5.8 | |||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (2.1) | $ (2.1) | 0 | |||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 400,000 | |||||||||||||
Unit-based compensation | 11.1 | $ 11.1 | 0 | |||||||||||
Contributions from non-controlling interests | 33.4 | 33.4 | ||||||||||||
Distributions | (161.9) | (139.8) | (22.1) | (0.3) | ||||||||||
(Loss) gain on designated cash flow hedge | [3] | (1.3) | [1] | (1.3) | ||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.1 | 0.1 | 0 | (0.1) | ||||||||||
Net income (loss) | 37.4 | 11.8 | 25.6 | 0.1 | ||||||||||
Member equity, end balance at Sep. 30, 2019 | 4,863.4 | $ 3,205.7 | (13.2) | 1,670.9 | ||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2019 | 487,600,000 | |||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | (161.9) | $ (139.8) | (22.1) | (0.3) | ||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.1 | 0.1 | 0 | (0.1) | ||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2019 | 5.5 | |||||||||||||
Member equity, beginning balance at Dec. 31, 2019 | $ 3,806.1 | $ 2,135.5 | (11) | 1,681.6 | ||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2019 | 487,791,612 | 487,800,000 | ||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | $ (4) | $ (4) | ||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 1,300,000 | |||||||||||||
Unit-based compensation | 12.3 | $ 12.3 | ||||||||||||
Contributions from non-controlling interests | 37.1 | 37.1 | ||||||||||||
Distributions | (117.7) | (93.3) | (24.4) | (0.3) | ||||||||||
(Loss) gain on designated cash flow hedge | [4] | (13.1) | (13.1) | |||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.7 | 0.7 | (0.9) | |||||||||||
Net income (loss) | (260.4) | (286.8) | 26.4 | |||||||||||
Member equity, end balance at Mar. 31, 2020 | 3,461 | $ 1,764.4 | (24.1) | 1,720.7 | ||||||||||
Units outstanding, end balance (in shares) at Mar. 31, 2020 | 489,100,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019 | 5.2 | |||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | (117.7) | $ (93.3) | (24.4) | (0.3) | ||||||||||
Redemption of non-controlling interest | (4) | |||||||||||||
Fair value adjustment related to redeemable non-controlling interest | 0.7 | 0.7 | (0.9) | |||||||||||
Redeemable noncontrolling interest, ending balance at Mar. 31, 2020 | 0 | |||||||||||||
Member equity, beginning balance at Dec. 31, 2019 | $ 3,806.1 | $ 2,135.5 | (11) | 1,681.6 | ||||||||||
Units outstanding, beginning balance (in shares) at Dec. 31, 2019 | 487,791,612 | 487,800,000 | ||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
(Loss) gain on designated cash flow hedge | [1] | $ (8) | ||||||||||||
Member equity, end balance at Sep. 30, 2020 | $ 3,411.1 | $ 1,701.2 | (19) | 1,728.9 | ||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2020 | 489,734,530 | 489,700,000 | ||||||||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019 | 5.2 | |||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Redemption of non-controlling interest | $ 4 | |||||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020 | 0 | |||||||||||||
Member equity, beginning balance at Mar. 31, 2020 | 3,461 | $ 1,764.4 | (24.1) | 1,720.7 | ||||||||||
Units outstanding, beginning balance (in shares) at Mar. 31, 2020 | 489,100,000 | |||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.3) | $ (0.3) | ||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 400,000 | |||||||||||||
Unit-based compensation | 6.8 | $ 6.8 | ||||||||||||
Contributions from non-controlling interests | 13.2 | 13.2 | ||||||||||||
Distributions | (82.4) | (46.5) | (35.9) | 0 | ||||||||||
(Loss) gain on designated cash flow hedge | [5] | 1.5 | 1.5 | |||||||||||
Net income (loss) | 29.8 | 4.1 | 25.7 | |||||||||||
Member equity, end balance at Jun. 30, 2020 | 3,429.6 | $ 1,728.5 | (22.6) | 1,723.7 | ||||||||||
Units outstanding, end balance (in shares) at Jun. 30, 2020 | 489,500,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2020 | 0 | |||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | (82.4) | $ (46.5) | (35.9) | 0 | ||||||||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2020 | 0 | |||||||||||||
Increase (Decrease) in Members' Equity | ||||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.4) | $ (0.4) | ||||||||||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 200,000 | |||||||||||||
Unit-based compensation | 7.2 | $ 7.2 | ||||||||||||
Contributions from non-controlling interests | 1.9 | 1.9 | ||||||||||||
Distributions | (69.7) | (46.4) | (23.3) | (0.3) | ||||||||||
(Loss) gain on designated cash flow hedge | [6] | 3.6 | [1] | 3.6 | ||||||||||
Fair value adjustment related to redeemable non-controlling interest | (0.3) | (0.3) | 0.3 | |||||||||||
Net income (loss) | 39.2 | 12.6 | 26.6 | |||||||||||
Member equity, end balance at Sep. 30, 2020 | $ 3,411.1 | $ 1,701.2 | $ (19) | 1,728.9 | ||||||||||
Units outstanding, end balance (in shares) at Sep. 30, 2020 | 489,734,530 | 489,700,000 | ||||||||||||
Increase (Decrease) in Temporary Equity | ||||||||||||||
Distributions | $ (69.7) | $ (46.4) | $ (23.3) | (0.3) | ||||||||||
Fair value adjustment related to redeemable non-controlling interest | $ (0.3) | $ (0.3) | 0.3 | |||||||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020 | $ 0 | |||||||||||||
[1] | Includes a tax expense of $1.1 million and a tax benefit of $2.4 million for the three and nine months ended September 30, 2020, respectively, and a tax benefit of $0.5 million and $4.1 million for the three and nine months ended September 30, 2019, respectively. | |||||||||||||
[2] | Includes a tax benefit of $3.6 million. | |||||||||||||
[3] | Includes a tax benefit of $0.5 million. | |||||||||||||
[4] | Includes a tax benefit of $4.0 million. | |||||||||||||
[5] | Includes a tax expense of $0.5 million. | |||||||||||||
[6] | Includes a tax expense of $1.1 million. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Members' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Statement of Stockholders' Equity [Abstract] | ||||||||
Income tax (benefit) expense | $ 1.1 | [1] | $ 0.5 | $ (4) | $ (0.5) | $ (3.6) | $ (2.4) | $ (4.1) |
[1] | Includes a tax expense of $1.1 million and a tax benefit of $2.4 million for the three and nine months ended September 30, 2020, respectively, and a tax benefit of $0.5 million and $4.1 million for the three and nine months ended September 30, 2019, respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||||
Net loss | $ 39.2 | $ 37.5 | $ (191.4) | $ (88.2) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Impairments | 0 | 0 | 354.5 | 186.5 |
Depreciation and amortization | 160.3 | 157.3 | 481.3 | 463.1 |
Loss on secured term loan receivable | 0 | 0 | 0 | 52.9 |
Deferred income tax (benefit) expense | 5.6 | 5.6 | (17.1) | 0.7 |
Non-cash unit-based compensation | 24.6 | 31.2 | ||
(Gain) loss on derivatives recognized in net loss | 5.1 | (7.5) | 8.3 | (16.2) |
Cash settlements on derivatives | (1) | 12.5 | ||
Gain on extinguishment of debt | 0 | 0 | (32) | 0 |
Amortization of debt issue costs, net discount (premium) of notes | 3.1 | 3.9 | ||
Distribution of earnings from unconsolidated affiliates | 1.6 | 14.7 | ||
Income from unconsolidated affiliates | 0.2 | (4) | (0.8) | (14) |
Other operating activities | 2.1 | (5) | ||
Changes in assets and liabilities: | ||||
Accounts receivable, accrued revenue, and other | 85.3 | 338.6 | ||
Natural gas and NGLs inventory, prepaid expenses, and other | (12.7) | 2.7 | ||
Accounts payable, accrued product purchases, and other accrued liabilities | (144.8) | (205.9) | ||
Net cash provided by operating activities | 561 | 777.5 | ||
Cash flows from investing activities: | ||||
Additions to property and equipment | (254.4) | (594.5) | ||
Proceeds from sale of property | 7.2 | 13.7 | ||
Other investing activities | (3.5) | (2.2) | ||
Net cash used in investing activities | (250.7) | (583) | ||
Cash flows from financing activities: | ||||
Proceeds from borrowings | 690 | 2,855 | ||
Payments on borrowings | (776) | (2,591.4) | ||
Debt financing costs | 0 | (10) | ||
Conversion of restricted units, net of units withheld for taxes | (4.7) | (10.5) | ||
Distribution to members | (186.2) | (328) | ||
Distributions to non-controlling interests | (84.2) | (185.1) | ||
Contributions by non-controlling interests | 52.2 | 78.6 | ||
Other financing activities | 0.1 | (1.3) | ||
Net cash used in financing activities | (308.8) | (192.7) | ||
Net increase in cash and cash equivalents | 1.5 | 1.8 | ||
Cash and cash equivalents, beginning of period | 77.4 | 100.4 | ||
Cash and cash equivalents, end of period | $ 78.9 | $ 102.2 | 78.9 | 102.2 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 125.7 | 128 | ||
Cash paid (refunded) for income taxes | (0.1) | 2.8 | ||
Non-cash investing activities: | ||||
Non-cash accrual of property and equipment | (27.2) | 24.6 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 9.1 | 98.4 | ||
Non-cash financing activities: | ||||
Redemption of non-controlling interest | $ (4) | $ 0 |
General
General | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | (1) General In this report, the terms “Company” or “Registrant,” as well as the terms “ENLC,” “our,” “we,” “us,” or like terms, are sometimes used as abbreviated references to EnLink Midstream, LLC itself or EnLink Midstream, LLC together with its consolidated subsidiaries, including ENLK and its consolidated subsidiaries. References in this report to “EnLink Midstream Partners, LP,” the “Partnership,” “ENLK,” or like terms refer to EnLink Midstream Partners, LP itself or EnLink Midstream Partners, LP together with its consolidated subsidiaries. Please read the notes to the consolidated financial statements in conjunction with the Definitions page set forth in this report prior to Part I—Financial Information. a. Organization of Business ENLC is a Delaware limited liability company formed in October 2013. The Company’s common units are traded on the New York Stock Exchange under the symbol “ENLC.” ENLC owns all of the common units of ENLK, a Delaware limited partnership formed in 2002. EnLink Midstream GP, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is ENLK’s general partner. The General Partner manages ENLK’s operations and activities. b. Nature of Business We primarily focus on providing midstream energy services, including: • gathering, compressing, treating, processing, transporting, storing, and selling natural gas; • fractionating, transporting, storing, and selling NGLs; and • gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, in addition to brine disposal services. Our natural gas business includes connecting the wells of producers in our market areas to our gathering systems. Our gathering systems consist of networks of pipelines that collect natural gas from points at or near producing wells and transport it to our processing plants or to larger pipelines for further transmission. We operate processing plants that remove NGLs from the natural gas stream that is transported to the processing plants by our own gathering systems or by third-party pipelines. In conjunction with our gathering and processing business, we may purchase natural gas and NGLs from producers and other supply sources and sell that natural gas or NGLs to utilities, industrial consumers, marketers, and pipelines. Our transmission pipelines receive natural gas from our gathering systems and from third-party gathering and transmission systems and deliver natural gas to industrial end-users, utilities, and other pipelines. Our fractionators separate NGLs into separate purity products, including ethane, propane, iso-butane, normal butane, and natural gasoline. Our fractionators receive NGLs primarily through our transmission lines that transport NGLs from East Texas and from our South Louisiana processing plants. Our fractionators also have the capability to receive NGLs by truck or rail terminals. We also have agreements pursuant to which third parties transport NGLs from our West Texas and Central Oklahoma operations to our NGL transmission lines that then transport the NGLs to our fractionators. In addition, we have NGL storage capacity to provide storage for customers. Our crude oil and condensate business includes the gathering and transmission of crude oil and condensate via pipelines, barges, rail, and trucks, in addition to condensate stabilization and brine disposal. We also purchase crude oil and condensate from producers and other supply sources and sell that crude oil and condensate through our terminal facilities to various markets. Across our businesses, we primarily earn our fees through various fee-based contractual arrangements, which include stated fee-only contract arrangements or arrangements with fee-based components where we purchase and resell commodities in connection with providing the related service and earn a net margin as our fee. We earn our net margin under our purchase and resell contract arrangements primarily as a result of stated service-related fees that are deducted from the price of the commodities purchased. While our transactions vary in form, the essential element of most of our transactions is the use of our assets to transport a product or provide a processed product to an end-user or marketer at the tailgate of the plant, pipeline, or barge, truck, or rail terminal. c. Current Market Environment On March 11, 2020, the World Health Organization declared the ongoing coronavirus (COVID-19) outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic has reached every region of the globe and has resulted in widespread adverse impacts on the global economy, on the energy industry as a whole and on midstream companies, and on our customers, suppliers, and other parties with whom we have business relations. The pandemic and related travel and operational restrictions, as well as business closures and curtailed consumer activity, have resulted in a reduction in global demand for energy, volatility in the market prices for these commodities, and a significant and persistent reduction in the market price of crude oil. As a result of the demand destruction, reduced commodity prices, and an uncertain timeline for full recovery, many oil and natural gas producers, including some of our customers, have curtailed their current drilling and production activity and reduced or slowed down their plans for future drilling and production activity. As a result of these decreases in producer activity, we experienced reduced volumes gathered, processed, fractionated, and transported on our assets in some of the regions that supply our systems during portions of the first and second quarters, although volumes have since been restored nearly to pre-pandemic levels. There is considerable uncertainty regarding how long COVID-19 will persist and affect economic conditions and the extent and duration of changes in consumer behavior, such as the reluctance to travel, as well as whether governmental and other measures implemented to try to slow the spread of the virus, such as large-scale travel bans and restrictions, border closures, quarantines, shelter-in-place orders, and business and government shutdowns that exist as of the date of this report will be extended or new measures will be reinstated. As a result, there is significant uncertainty regarding whether market dislocations will continue or increase and how significantly and how long they may affect us. We expect to see continued volatility in crude oil, condensate, natural gas, and NGL prices for the foreseeable future, which may, over the long term, adversely impact our business. A sustained significant decline in oil and natural gas exploration and production activities and related reduced demand for our services by our customers, whether due to decreases in consumer demand or reduction in the prices for oil, condensate natural gas and NGLs or otherwise, would have a material adverse effect on our business, liquidity, financial condition, results of operations, and cash flows (including our ability to make distributions to our unitholders). |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies a. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, are unaudited, and do not include all the information and disclosures required by GAAP for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income (loss). All significant intercompany balances and transactions have been eliminated in consolidation. b. Revenue Recognition Minimum Volume Commitments and Firm Transportation Contracts Certain of our gathering and processing agreements provide for quarterly or annual MVCs. Under these agreements, our customers or suppliers agree to ship and/or process a minimum volume of product on our systems over an agreed time period. If a customer or supplier under such an agreement fails to meet its MVC for a specified period, the customer is obligated to pay a contractually-determined fee based upon the shortfall between actual product volumes and the MVC for that period. Some of these agreements also contain make-up right provisions that allow a customer or supplier to utilize gathering or processing fees in excess of the MVC in subsequent periods to offset shortfall amounts in previous periods. We record revenue under MVC contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency in subsequent periods. Deficiency fee revenue is included in midstream services revenue. For our firm transportation contracts, we transport commodities owned by others for a stated monthly fee for a specified monthly quantity with an additional fee based on actual volumes. We include transportation fees from firm transportation contracts in our midstream services revenue. The following table summarizes the contractually committed fees that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. These fees do not represent the shortfall amounts we expect to collect under our MVC contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs during these periods. For example, for the three and nine months ended September 30, 2020, we had contractual commitments of $44.8 million and $128.0 million under our MVC contracts, respectively, and recorded $14.0 million and $39.2 million of revenue due to volume shortfalls, respectively. MVC and Firm Transportation Commitments (in millions) (1) 2020 (remaining) $ 65.3 2021 119.7 2022 102.1 2023 91.5 2024 77.4 Thereafter 144.9 Total $ 600.9 ____________________________ (1) Amounts do not represent expected shortfall under these commitments. c. Property and Equipment Impairment Review. In accordance with ASC 360 , Property, Plant, and Equipment , we evaluate long-lived assets of identifiable business activities for potential impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The carrying amount of a long-lived asset is not recoverable when it exceeds the undiscounted sum of the future cash flows expected to result from the use and eventual disposition of the asset. Estimates of expected future cash flows represent management’s best estimate based on reasonable and supportable assumptions. When the carrying amount of a long-lived asset is not recoverable, an impairment is recognized equal to the excess of the asset’s carrying value over its fair value, which is based on inputs that are not observable in the market, and thus represent Level 3 inputs. For the nine months ended September 30, 2020, we recognized a $168.0 million impairment on property and equipment related to a portion of our Louisiana reporting segment because the carrying amounts were not recoverable based on our expected future cash flows, and a $1.9 million impairment related to certain cancelled projects. For the three months ended September 30, 2020, we did not recognize any impairment related to property and equipment. d. Redeemable Non-Controlling Interest Non-controlling interests that contain an option for the non-controlling interest holder to require us to purchase such interests for cash are considered to be redeemable non-controlling interests because the redemption feature is not deemed to be a freestanding financial instrument and because the redemption is not solely within our control. Redeemable non-controlling interests are not considered to be a component of members’ equity and are reported as temporary equity in the mezzanine section on the consolidated balance sheets. The amount recorded as a redeemable non-controlling interest at each balance sheet date is the greater of the redemption value and the carrying value of the redeemable non-controlling interest (the initial carrying value increased or decreased for the non-controlling interest holder’s share of net income or loss and distributions). When the redemption feature is exercised the redemption value of the non-controlling interest is reclassified to a liability on the consolidated balance sheets. During the first quarter of 2020, the non-controlling interest holder in one of our non-wholly owned subsidiaries exercised its option to require us to purchase its remaining interest. We have recorded an estimated liability of $4.0 million related to the redemption of the non-controlling interest included in “Other current liabilities” on the consolidated balance sheet as of September 30, 2020, but we have not yet agreed to a redemption value with the non-controlling interest holder. e. Adopted Accounting Standards Effective January 1, 2020, we adopted ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350): Internal-Use Software. ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350-40 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. For the three and nine months ended September 30, 2020, we did not capitalize any cloud computing costs. However, to the extent future costs incurred in a cloud computing arrangement are capitalizable, the corresponding amortization will be included in “Operating expenses” or “General and administrative” in the consolidated statements of operations, rather than “Depreciation and amortization.” Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). The updates in ASU 2016-13 provide financial statement users with more information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Following the adoption of ASU 2016-13, we record an allowance for doubtful accounts based on our expectation of future losses. Because our receivables are typically paid within 30 days, and because we closely monitor the credit-worthiness of all our counterparties, adopting ASU 2016-13 did not have a material effect on our financial statements. However, in the event we foresee further or sustained deterioration in the current market environment, or other factors indicating an increased likelihood of defaults by our customers, we may recognize additional losses. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (3) Goodwill and Intangible Assets Goodwill We perform our goodwill assessments at the reporting unit level for all reporting units. We use a discounted cash flow analysis to perform the assessments. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year cash flow multiples, and estimated future cash flows, including volume and price forecasts, capital expenditures, and estimated operating and general and administrative costs. In estimating cash flows, we incorporate current and historical market and financial information, among other factors. Impairment determinations involve significant assumptions and judgments, and differing assumptions regarding any of these inputs could have a significant effect on the various valuations. Goodwill Impairment Analysis for the nine months ended September 30, 2020 During March 2020, we determined that a sustained decline in our unit price and weakness in the overall energy sector, driven by low commodity prices and lower consumer demand due to the COVID-19 pandemic, caused a change in circumstances warranting an interim impairment test. Based on these triggering events, we performed a quantitative goodwill impairment analysis on the remaining goodwill in the Permian reporting unit. Based on this analysis, a goodwill impairment loss for our Permian reporting unit in the amount of $184.6 million was recognized as an impairment loss on the consolidated statement of operations for the nine months ended September 30, 2020. Goodwill Impairment Analysis for the nine months ended September 30, 2019 During the first quarter of 2019, we recognized a $186.5 million goodwill impairment in our Louisiana reporting unit. Intangible Assets The following table represents our change in carrying value of intangible assets (in millions): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Nine Months Ended September 30, 2020 Customer relationships, beginning of period $ 1,795.8 $ (545.9) $ 1,249.9 Amortization expense — (92.7) (92.7) Retirements (1) (1.6) 0.6 (1.0) Customer relationships, end of period $ 1,794.2 $ (638.0) $ 1,156.2 ____________________________ (1) Intangible assets retired as a result of the disposition of certain non-core assets. Intangible assets associated with customer relationships are amortized on a straight-line basis over the expected period of benefits of the customer relationships, which range from 10 to 20 years. The weighted average amortization period is 15.0 years. Amortization expense was $30.9 million for each of the three months ended September 30, 2020 and 2019, and $92.7 million and $92.8 million for the nine months ended September 30, 2020 and 2019, respectively. The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions): 2020 (remaining) $ 30.8 2021 123.4 2022 123.4 2023 123.4 2024 123.4 Thereafter 631.8 Total $ 1,156.2 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions Transactions with Cedar Cove JV. For the three and nine months ended September 30, 2020, we recorded cost of sales of $2.0 million and $6.2 million, respectively, and for the three and nine months ended September 30, 2019, we recorded cost of sales of $4.1 million and $18.0 million, respectively, related to our purchase of residue gas and NGLs from the Cedar Cove JV subsequent to processing at its Central Oklahoma processing facilities. Additionally, we had accounts payable balances related to transactions with the Cedar Cove JV of $0.9 million and $1.1 million at September 30, 2020 and December 31, 2019, respectively. Transactions with GIP . For the three and nine months ended September 30, 2020, we recorded general and administrative expenses of $0.2 million related to personnel secondment services provided by GIP. We did not record any expenses related to transactions with GIP for the three and nine months ended September 30, 2019. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt As of September 30, 2020 and December 31, 2019, long-term debt consisted of the following (in millions): September 30, 2020 December 31, 2019 Outstanding Principal Premium (Discount) Long-Term Debt Outstanding Principal Premium (Discount) Long-Term Debt Consolidated Credit Facility due 2024 (1) $ 300.0 $ — $ 300.0 $ 350.0 $ — $ 350.0 Term Loan due 2021 (2) 850.0 — 850.0 850.0 — 850.0 ENLK’s 4.40% Senior unsecured notes due 2024 521.8 1.1 522.9 550.0 1.5 551.5 ENLK’s 4.15% Senior unsecured notes due 2025 720.8 (0.6) 720.2 750.0 (0.7) 749.3 ENLK’s 4.85% Senior unsecured notes due 2026 491.0 (0.4) 490.6 500.0 (0.5) 499.5 ENLC’s 5.375% Senior unsecured notes due 2029 498.7 — 498.7 500.0 — 500.0 ENLK’s 5.60% Senior unsecured notes due 2044 350.0 (0.2) 349.8 350.0 (0.2) 349.8 ENLK’s 5.05% Senior unsecured notes due 2045 450.0 (5.7) 444.3 450.0 (5.9) 444.1 ENLK’s 5.45% Senior unsecured notes due 2047 500.0 (0.1) 499.9 500.0 (0.1) 499.9 Debt classified as long-term $ 4,682.3 $ (5.9) 4,676.4 $ 4,800.0 $ (5.9) 4,794.1 Debt issuance cost (3) (26.4) (29.8) Long-term debt, net of unamortized issuance cost $ 4,650.0 $ 4,764.3 ____________________________ (1) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.8% and 3.3% at September 30, 2020 and December 31, 2019, respectively. (2) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.7% and 3.2% at September 30, 2020 and December 31, 2019, respectively. (3) Net of amortization of $13.7 million and $10.9 million at September 30, 2020 and December 31, 2019, respectively. Consolidated Credit Facility The Consolidated Credit Facility permits ENLC to borrow up to $1.75 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. The Consolidated Credit Facility became available for borrowings and letters of credit upon closing of the Merger. In addition, ENLK became a guarantor under the Consolidated Credit Facility upon the closing of the Merger. In the event that ENLC defaults on the Consolidated Credit Facility, ENLK will be liable for the entire outstanding balance ($300.0 million as of September 30, 2020), and 105% of the outstanding letters of credit under the Consolidated Credit Facility ($19.3 million as of September 30, 2020). The obligations under the Consolidated Credit Facility are unsecured. The Consolidated Credit Facility includes provisions for additional financial institutions to become lenders, or for any existing lender to increase its revolving commitment thereunder, subject to an aggregate maximum of $2.25 billion for all commitments under the Consolidated Credit Facility. The Consolidated Credit Facility will mature on January 25, 2024, unless ENLC requests, and the requisite lenders agree, to extend it pursuant to its terms. The Consolidated Credit Facility contains certain financial, operational, and legal covenants. The financial covenants are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The financial covenants include (i) maintaining a ratio of consolidated EBITDA (as defined in the Consolidated Credit Facility, which term includes projected EBITDA from certain capital expansion projects) to consolidated interest charges of no less than 2.5 to 1.0 at all times prior to the occurrence of an investment grade event (as defined in the Consolidated Credit Facility) and (ii) maintaining a ratio of consolidated indebtedness to consolidated EBITDA of no more than 5.0 to 1.0. If ENLC consummates one or more acquisitions in which the aggregate purchase price is $50.0 million or more, ENLC can elect to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters. Borrowings under the Consolidated Credit Facility bear interest at ENLC’s option at the Eurodollar Rate (LIBOR) plus an applicable margin (ranging from 1.125% to 2.00%) or the Base Rate (the highest of the Federal Funds Rate plus 0.50%, the 30-day Eurodollar Rate plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.125% to 1.00%). The applicable margins vary depending on ENLC’s debt rating. Upon breach by ENLC of certain covenants governing the Consolidated Credit Facility, amounts outstanding under the Consolidated Credit Facility, if any, may become due and payable immediately. At September 30, 2020, we were in compliance with and expect to be in compliance with the financial covenants of the Consolidated Credit Facility for at least the next twelve months. Term Loan On December 11, 2018, ENLK entered into the Term Loan with Bank of America, N.A., as Administrative Agent, Bank of Montreal and Royal Bank of Canada, as Co-Syndication Agents, Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and the lenders party thereto. Upon the closing of the Merger, ENLC assumed ENLK’s obligations under the Term Loan, and ENLK became a guarantor of the Term Loan. In the event that ENLC defaults on the Term Loan and the outstanding balance becomes due, ENLK will be liable for any amount owed on the Term Loan not paid by ENLC. The outstanding balance of the Term Loan was $850.0 million as of September 30, 2020. The obligations under the Term Loan are unsecured. The Term Loan will mature on December 10, 2021. The Term Loan contains certain financial, operational, and legal covenants. The financial covenants are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The financial covenants include (i) maintaining a ratio of consolidated EBITDA (as defined in the Term Loan, which term includes projected EBITDA from certain capital expansion projects) to consolidated interest charges of no less than 2.5 to 1.0 at all times prior to the occurrence of an investment grade event (as defined in the Term Loan) and (ii) maintaining a ratio of consolidated indebtedness to consolidated EBITDA of no more than 5.0 to 1.0. If ENLC consummates one or more acquisitions in which the aggregate purchase price is $50.0 million or more, ENLC can elect to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters. Borrowings under the Term Loan bear interest at ENLC’s option at LIBOR plus an applicable margin (ranging from 1.0% to 1.75%) or the Base Rate (the highest of the Federal Funds Rate plus 0.5%, the 30-day Eurodollar Rate plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.0% to 0.75%). The applicable margins vary depending on ENLC’s debt rating. Upon breach by ENLC of certain covenants included in the Term Loan, amounts outstanding under the Term Loan may become due and payable immediately. At September 30, 2020, we were in compliance with and expect to be in compliance with the financial covenants of the Term Loan for at least the next twelve months. Senior Unsecured Notes Repurchases For the nine months ended September 30, 2020, we and ENLK made aggregate payments to partially repurchase the 2024, 2025, 2026, and 2029 Notes in open market transactions. We and ENLK did not make any payments to repurchase senior notes during the three months ended September 30, 2020. Activity related to the partial repurchases of our outstanding debt consisted of the following (in millions): Nine Months Ended September 30, 2020 Debt repurchased $ 67.7 Aggregate payments (36.0) Net discount on repurchased debt (0.3) Accrued interest on repurchased debt 0.6 Gain on extinguishment of debt $ 32.0 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes The components of our income tax benefit (expense) are as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Current income tax expense $ (0.4) $ (0.7) $ (1.1) $ (2.0) Deferred income tax benefit (expense) (5.6) (5.6) 17.1 (0.7) Income tax benefit (expense) $ (6.0) $ (6.3) $ 16.0 $ (2.7) The following schedule reconciles total income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income (loss) before income taxes (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Expected income tax benefit (expense) based on federal statutory rate $ (3.6) $ (3.8) $ 60.0 $ 37.4 State income tax benefit (expense), net of federal benefit (0.6) (0.7) 6.4 3.6 Unit-based compensation (1) (1.6) (1.3) (6.0) (1.3) Non-deductible expense related to goodwill impairment — — (43.4) (43.8) Other (0.2) (0.5) (1.0) 1.4 Income tax benefit (expense) $ (6.0) $ (6.3) $ 16.0 $ (2.7) ____________________________ (1) Related to book-to-tax differences recorded upon the vesting of restricted incentive units. Deferred Tax Assets and Liabilities |
Certain Provisions of the ENLK
Certain Provisions of the ENLK Partnership Agreement | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital [Abstract] | |
Certain Provisions of the ENLK Partnership Agreement | (7) Certain Provisions of the ENLK Partnership Agreement a. Series B Preferred Units As of September 30, 2020 and December 31, 2019, there were 60,047,665 and 59,599,550 Series B Preferred Units issued and outstanding, respectively. A summary of the distribution activity relating to the Series B Preferred Units during the nine months ended September 30, 2020 and 2019 is provided below: Declaration period Distribution paid as additional Series B Preferred Units Cash Distribution (in millions) Date paid/payable 2020 Fourth Quarter of 2019 148,999 $ 16.8 February 13, 2020 First Quarter of 2020 149,371 $ 16.8 May 13, 2020 Second Quarter of 2020 149,745 $ 16.8 August 13, 2020 Third Quarter of 2020 150,119 $ 16.9 November 13, 2020 2019 Fourth Quarter of 2018 425,785 $ 16.5 February 13, 2019 First Quarter of 2019 147,887 $ 16.7 May 14, 2019 Second Quarter of 2019 148,257 $ 17.1 August 13, 2019 Third Quarter of 2019 148,627 $ 17.1 November 13, 2019 b. Series C Preferred Units As of September 30, 2020 and December 31, 2019, there were 400,000 Series C Preferred Units issued and outstanding. ENLK distributed $12.0 million to holders of Series C Preferred Units during the nine months ended September 30, 2020 and 2019, respectively. c. ENLK Common Unit Distributions |
Members' Equity
Members' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Members' Equity | (8) Members’ Equity a. Earnings Per Unit and Dilution Computations As required under ASC 260, Earnings Per Share , unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities for earnings per unit calculations. The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Distributed earnings allocated to: Common units (1)(2) $ 45.9 $ 138.0 $ 137.6 $ 385.2 Unvested restricted units (1)(2) 0.7 1.6 2.3 4.6 Total distributed earnings $ 46.6 $ 139.6 $ 139.9 $ 389.8 Undistributed loss allocated to: Common units $ (33.4) $ (126.3) $ (403.0) $ (563.6) Unvested restricted units (0.6) (1.5) (7.0) (6.8) Total undistributed loss $ (34.0) $ (127.8) $ (410.0) $ (570.4) Net income (loss) allocated to: Common units $ 12.5 $ 11.7 $ (265.4) $ (178.4) Unvested restricted units 0.1 0.1 (4.7) (2.2) Total net income (loss) $ 12.6 $ 11.8 $ (270.1) $ (180.6) Basic and diluted net income (loss) per unit: Basic $ 0.03 $ 0.02 $ (0.55) $ (0.40) Diluted $ 0.03 $ 0.02 $ (0.55) $ (0.40) ____________________________ (1) For the three months ended September 30, 2020 and 2019, distributed earnings represent a declared distribution of $0.09375 per unit payable on November 13, 2020 and a distribution of $0.283 per unit paid on November 13, 2019, respectively. (2) For the nine months ended September 30, 2020, distributed earnings included a declared distribution of $0.09375 per unit payable on November 13, 2020, $0.09375 per unit paid on August 13, 2020, and $0.09375 per unit paid on May 13, 2020. For the nine months ended September 30, 2019, distributed earnings included distributions of $0.283 per unit paid on November 13, 2019, $0.283 per unit paid on August 13, 2019, and $0.279 per unit paid on May 14, 2019. The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic weighted average units outstanding: Weighted average common units outstanding 489.7 487.4 489.2 455.9 Diluted weighted average units outstanding: Weighted average basic common units outstanding 489.7 487.4 489.2 455.9 Dilutive effect of non-vested restricted units (1) 1.2 2.0 — — Total weighted average diluted common units outstanding 490.9 489.4 489.2 455.9 ____________________________ (1) All common unit equivalents were antidilutive for the nine months ended September 30, 2020 and September 30, 2019, respectively, since a net loss existed for those periods. b. Distributions A summary of our distribution activity relating to the ENLC common units for the nine months ended September 30, 2020 and 2019, respectively, is provided below: Declaration period Distribution/unit Date paid/payable 2020 Fourth Quarter of 2019 $ 0.1875 February 13, 2020 First Quarter of 2020 $ 0.09375 May 13, 2020 Second Quarter of 2020 $ 0.09375 August 13, 2020 Third Quarter of 2020 $ 0.09375 November 13, 2020 2019 Fourth Quarter of 2018 $ 0.275 February 14, 2019 First Quarter of 2019 $ 0.279 May 14, 2019 Second Quarter of 2019 $ 0.283 August 13, 2019 Third Quarter of 2019 $ 0.283 November 13, 2019 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliates | (9) Investment in Unconsolidated Affiliates As of September 30, 2020, our unconsolidated investments consisted of a 38.75% ownership in GCF and a 30% ownership in the Cedar Cove JV. The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 GCF Distributions $ — $ 5.1 $ 1.6 $ 14.7 Equity in income $ 0.4 $ 4.4 $ 2.5 $ 15.3 Cedar Cove JV Distributions $ — $ 0.3 $ 0.4 $ 0.8 Equity in loss $ (0.6) $ (0.4) $ (1.7) $ (1.3) Total Distributions $ — $ 5.4 $ 2.0 $ 15.5 Equity in income (loss) $ (0.2) $ 4.0 $ 0.8 $ 14.0 The following table shows the balances related to our investment in unconsolidated affiliates as of September 30, 2020 and December 31, 2019 (in millions): September 30, 2020 December 31, 2019 GCF $ 40.1 $ 39.2 Cedar Cove JV 1.8 3.9 Total investment in unconsolidated affiliates $ 41.9 $ 43.1 |
Employee Incentive Plans
Employee Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Incentive Plans | (10) Employee Incentive Plans a. Long-Term Incentive Plans We account for unit-based compensation in accordance with ASC 718, which requires that compensation related to all unit-based awards be recognized in the consolidated financial statements. Unit-based compensation cost is valued at fair value at the date of grant, and that grant date fair value is recognized as expense over each award’s requisite service period with a corresponding increase to equity or liability based on the terms of each award and the appropriate accounting treatment under ASC 718. Unit-based compensation associated with ENLC’s unit-based compensation plan awarded to directors, officers, and employees of the General Partner and the Managing Member is recorded by ENLK since ENLC has no substantial or managed operating activities other than its interests in ENLK. Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of unit-based compensation charged to operating expense $ 2.0 $ 2.1 $ 6.2 $ 4.5 Cost of unit-based compensation charged to general and administrative expense 6.4 10.0 18.4 26.7 Total unit-based compensation expense $ 8.4 $ 12.1 $ 24.6 $ 31.2 Non-controlling interest in unit-based compensation $ — $ — $ — $ 0.5 Amount of related income tax benefit recognized in net income (loss) (1) $ 2.0 $ 2.8 $ 5.8 $ 7.2 ____________________________ (1) For the three and nine months ended September 30, 2020, the amount of related income tax expense recognized in net income (loss) excluded $1.6 million and $6.0 million, respectively, related to book-to-tax differences recorded upon vesting of restricted units. For the three and nine months ended September 30, 2019, the amount of related income tax expense recognized in net income excluded $1.3 million for each period related to book-to-tax differences recorded upon vesting of restricted units. b. ENLC Restricted Incentive Units ENLC restricted incentive units were valued at their fair value at the date of grant, which is equal to the market value of ENLC common units on such date. A summary of the restricted incentive unit activity for the nine months ended September 30, 2020 is provided below: Nine Months Ended ENLC Restricted Incentive Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 4,063,605 $ 13.85 Granted (1) 4,873,848 5.42 Vested (1)(2) (2,839,869) 10.93 Forfeited (661,623) 8.28 Non-vested, end of period 5,435,961 $ 8.50 Aggregate intrinsic value, end of period (in millions) $ 12.8 ____________________________ (1) Restricted incentive units typically vest at the end of three (2) Vested units included 1,009,546 units withheld for payroll taxes paid on behalf of employees. A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and nine months ended September 30, 2020 and 2019 is provided below (in millions): Three Months Ended Nine Months Ended ENLC Restricted Incentive Units: 2020 2019 2020 2019 Aggregate intrinsic value of units vested $ 1.0 $ 3.1 $ 11.9 $ 16.0 Fair value of units vested $ 6.0 $ 5.8 $ 31.0 $ 18.9 As of September 30, 2020, there was $23.3 million of unrecognized compensation cost related to non-vested ENLC restricted incentive units. This cost is expected to be recognized over a weighted-average period of 1.6 years. c. ENLC Performance Units ENLC grants performance awards under the 2014 Plan. The performance award agreements provide that the vesting of performance units (i.e., performance-based restricted incentive units) granted thereunder is dependent on the achievement of certain performance goals over the applicable performance period. At the end of the vesting period, recipients receive distribution equivalents, if any, with respect to the number of performance units vested. The vesting of such units ranges from zero to 200% of the units granted depending on the extent to which the related performance goals are achieved over the relevant performance period. The following table presents a summary of the performance units: Nine Months Ended ENLC Performance Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 1,317,856 $ 14.22 Granted 1,361,986 6.63 Vested (1) (181,647) 30.31 Forfeited (166,211) 11.01 Non-vested, end of period 2,331,984 $ 8.76 Aggregate intrinsic value, end of period (in millions) $ 5.5 ____________________________ (1) Vested units included 69,052 units withheld for payroll taxes paid on behalf of employees. A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and nine months ended September 30, 2020 and 2019 is provided below (in millions). Three Months Ended Nine Months Ended ENLC Performance Units: 2020 2019 2020 2019 Aggregate intrinsic value of units vested $ — $ 1.6 $ 0.9 $ 3.4 Fair value of units vested $ — $ 6.0 $ 5.5 $ 7.9 As of September 30, 2020, there was $12.3 million of unrecognized compensation cost that related to non-vested ENLC performance units. That cost is expected to be recognized over a weighted-average period of 1.5 years. The following table presents a summary of the grant-date fair value assumptions by performance unit grant date: ENLC Performance Units: January 2020 March 2020 July 2020 Grant-Date Fair Value $ 7.69 $ 1.13 $ 2.33 Beginning TSR price $ 6.13 $ 1.25 $ 2.52 Risk-free interest rate 1.62 % 0.42 % 0.17 % Volatility factor 37.00 % 51.00 % 67.00 % |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | (11) Derivatives Interest Rate Swaps In April 2019, we entered into an $850.0 million interest rate swap to manage the interest rate risk associated with our floating-rate, LIBOR-based borrowings. Under this arrangement, we pay a fixed interest rate of 2.28% in exchange for LIBOR-based variable interest through December 2021. There was no ineffectiveness related to this hedge. The components of the gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Change in fair value of interest rate swap $ 4.7 $ (1.8) $ (10.4) $ (15.3) Tax benefit (expense) (1.1) 0.5 2.4 4.1 Gain (loss) on designated cash flow hedge $ 3.6 $ (1.3) $ (8.0) $ (11.2) The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps, included in our consolidated income statement were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Interest expense (income) $ 4.6 $ (0.1) $ 9.6 $ (0.4) We expect to recognize an additional $18.6 million of interest expense out of accumulated other comprehensive loss over the next twelve months. The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions): September 30, 2020 December 31, 2019 Fair value of derivative liabilities—current $ (18.5) $ (5.6) Fair value of derivative liabilities—long-term (4.5) (6.8) Net fair value of interest rate swaps $ (23.0) $ (12.4) Commodity Swaps The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Change in fair value of derivatives $ (2.2) $ (0.5) $ (8.0) $ 4.7 Realized gain (loss) on derivatives (2.9) 8.0 (0.3) 11.5 Gain (loss) on derivative activity $ (5.1) $ 7.5 $ (8.3) $ 16.2 The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions): September 30, 2020 December 31, 2019 Fair value of derivative assets—current $ 9.6 $ 12.9 Fair value of derivative assets—long-term 5.4 4.3 Fair value of derivative liabilities—current (14.6) (8.8) Net fair value of commodity swaps $ 0.4 $ 8.4 Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at September 30, 2020 (in millions). The remaining term of the contracts extend no later than December 2022. September 30, 2020 Commodity Instruments Unit Volume Net Fair Value NGL (short contracts) Swaps Gallons (161.6) $ (8.5) NGL (long contracts) Swaps Gallons 1.9 — Natural gas (short contracts) Swaps MMBtu (18.1) (2.3) Natural gas (long contracts) Swaps MMBtu 11.3 0.5 Crude and condensate (short contracts) Swaps MMbbls (9.5) 8.5 Crude and condensate (long contracts) Swaps MMbbls 0.6 2.2 Total fair value of commodity swaps $ 0.4 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (12) Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Level 2 September 30, 2020 December 31, 2019 Interest rate swaps (1) $ (23.0) $ (12.4) Commodity swaps (2) $ 0.4 $ 8.4 ____________________________ (1) The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates. (2) The fair values of commodity swaps represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820. Fair Value of Financial Instruments The estimated fair value of our financial instruments has been determined using available market information and valuation methodologies. Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions): September 30, 2020 December 31, 2019 Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 4,650.0 $ 3,892.8 $ 4,764.3 $ 4,444.2 ____________________________ (1) The carrying value of long-term debt is reduced by debt issuance costs of $26.4 million and $29.8 million as of September 30, 2020 and December 31, 2019, respectively. The respective fair values do not factor in debt issuance costs. The carrying amounts of our cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturities of these assets and liabilities. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | (13) Segment Information Identification of the majority of our operating segments is based principally upon geographic regions served: • Permian Segment. The Permian segment includes our natural gas gathering, processing, and transmission activities and our crude oil operations in the Midland and Delaware Basins in West Texas and Eastern New Mexico and our crude operations in South Texas; • Louisiana Segment. The Louisiana segment includes our natural gas pipelines, natural gas processing plants, storage facilities, fractionation facilities, and NGL assets located in Louisiana and our crude oil operations in ORV; • Oklahoma Segment. The Oklahoma segment includes our natural gas gathering, processing, and transmission activities, and our crude oil operations in the Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and CNOW shale areas; • North Texas Segment. The North Texas segment includes our natural gas gathering, processing, and transmission activities in North Texas; and • Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, our ownership interest in GCF in South Texas, our derivative activity, and our general corporate assets and expenses. We evaluate the performance of our operating segments based on segment profits. Summarized financial information for our reportable segments is shown in the following tables (in millions): Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended September 30, 2020 Natural gas sales $ 46.5 $ 76.4 $ 40.1 $ 16.0 $ — $ 179.0 NGL sales 0.1 402.3 1.2 — — 403.6 Crude oil and condensate sales 82.6 21.7 9.2 — — 113.5 Product sales 129.2 500.4 50.5 16.0 — 696.1 NGL sales—related parties 95.6 3.3 85.4 21.4 (205.7) — Crude oil and condensate sales—related parties — — — 0.7 (0.7) — Product sales—related parties 95.6 3.3 85.4 22.1 (206.4) — Gathering and transportation 17.9 10.7 56.7 43.4 — 128.7 Processing 8.0 0.3 32.4 33.3 — 74.0 NGL services — 14.2 — — — 14.2 Crude services 3.8 12.2 3.7 — — 19.7 Other services 0.2 0.4 0.1 0.2 — 0.9 Midstream services 29.9 37.8 92.9 76.9 — 237.5 Crude services—related parties — — 0.1 — (0.1) — Midstream services—related parties — — 0.1 — (0.1) — Revenue from contracts with customers 254.7 541.5 228.9 115.0 (206.5) 933.6 Cost of sales (185.4) (441.4) (101.0) (28.2) 206.5 (549.5) Operating expenses (22.9) (31.1) (20.1) (20.2) — (94.3) Loss on derivative activity — — — — (5.1) (5.1) Segment profit (loss) $ 46.4 $ 69.0 $ 107.8 $ 66.6 $ (5.1) $ 284.7 Depreciation and amortization $ (31.9) $ (36.9) $ (53.0) $ (36.8) $ (1.7) $ (160.3) Capital expenditures $ 28.5 $ 8.5 $ 2.6 $ 3.0 $ 0.6 $ 43.2 Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended September 30, 2019 Natural gas sales $ 24.3 $ 92.0 $ 54.6 $ 22.2 $ — $ 193.1 NGL sales 0.3 421.0 4.6 6.0 — 431.9 Crude oil and condensate sales 409.4 74.6 28.2 — — 512.2 Product sales 434.0 587.6 87.4 28.2 — 1,137.2 Natural gas sales—related parties (0.1) — — — 0.1 — NGL sales—related parties 69.3 7.9 90.2 21.0 (188.4) — Crude oil and condensate sales—related parties 2.8 1.7 — 1.1 (5.6) — Product sales—related parties 72.0 9.6 90.2 22.1 (193.9) — Gathering and transportation 14.7 12.2 63.7 50.1 — 140.7 Processing 8.3 0.8 35.7 36.3 — 81.1 NGL services — 11.2 — — — 11.2 Crude services 6.4 13.5 5.9 — — 25.8 Other services 4.0 0.1 0.1 0.3 — 4.5 Midstream services 33.4 37.8 105.4 86.7 — 263.3 Crude services—related parties — — 0.2 — (0.2) — Midstream services—related parties — — 0.2 — (0.2) — Revenue from contracts with customers 539.4 635.0 283.2 137.0 (194.1) 1,400.5 Cost of sales (474.2) (529.6) (148.4) (41.4) 194.1 (999.5) Operating expenses (28.9) (38.4) (25.7) (26.2) — (119.2) Gain on derivative activity — — — — 7.5 7.5 Segment profit $ 36.3 $ 67.0 $ 109.1 $ 69.4 $ 7.5 $ 289.3 Depreciation and amortization $ (31.6) $ (37.3) $ (51.1) $ (35.4) $ (1.9) $ (157.3) Goodwill $ 184.6 $ — $ 813.4 $ 125.7 $ — $ 1,123.7 Capital expenditures $ 119.7 $ 21.5 $ 48.6 $ 5.0 $ 1.7 $ 196.5 Permian Louisiana Oklahoma North Texas Corporate Totals Nine Months Ended September 30, 2020 Natural gas sales $ 94.0 $ 226.6 $ 110.0 $ 50.7 $ — $ 481.3 NGL sales 0.2 1,056.9 2.9 0.3 — 1,060.3 Crude oil and condensate sales 454.6 95.0 30.4 — — 580.0 Product sales 548.8 1,378.5 143.3 51.0 — 2,121.6 NGL sales—related parties 201.0 13.3 209.0 52.5 (475.8) — Crude oil and condensate sales—related parties 0.1 — (0.1) 2.6 (2.6) — Product sales—related parties 201.1 13.3 208.9 55.1 (478.4) — Gathering and transportation 47.3 33.9 165.5 133.5 — 380.2 Processing 19.8 1.6 97.8 101.7 — 220.9 NGL services — 52.4 — 0.1 — 52.5 Crude services 13.0 33.8 12.6 — — 59.4 Other services 1.0 1.2 0.3 0.7 — 3.2 Midstream services 81.1 122.9 276.2 236.0 — 716.2 Crude services—related parties — — 0.3 — (0.3) — Midstream services—related parties — — 0.3 — (0.3) — Revenue from contracts with customers 831.0 1,514.7 628.7 342.1 (478.7) 2,837.8 Cost of sales (637.7) (1,213.6) (255.8) (74.1) 478.7 (1,702.5) Operating expenses (71.1) (90.4) (62.4) (59.2) — (283.1) Loss on derivative activity — — — — (8.3) (8.3) Segment profit (loss) $ 122.2 $ 210.7 $ 310.5 $ 208.8 $ (8.3) $ 843.9 Depreciation and amortization $ (92.1) $ (109.3) $ (163.7) $ (110.4) $ (5.8) $ (481.3) Impairments $ (184.6) $ (169.9) $ — $ — $ — $ (354.5) Capital expenditures $ 161.4 $ 39.3 $ 14.1 $ 10.7 $ 1.7 $ 227.2 Permian Louisiana Oklahoma North Texas Corporate Totals Nine Months Ended September 30, 2019 Natural gas sales $ 59.4 $ 316.8 $ 176.5 $ 104.7 $ — $ 657.4 NGL sales 0.9 1,492.9 17.8 24.0 — 1,535.6 Crude oil and condensate sales 1,622.2 216.9 86.4 — — 1,925.5 Product sales 1,682.5 2,026.6 280.7 128.7 — 4,118.5 Natural gas sales—related parties 0.3 — — 0.3 (0.6) — NGL sales—related parties 242.9 16.4 320.9 71.7 (651.9) — Crude oil and condensate sales—related parties 13.7 1.7 — 3.8 (19.2) — Product sales—related parties 256.9 18.1 320.9 75.8 (671.7) — Gathering and transportation 36.3 46.1 178.2 149.0 — 409.6 Processing 23.3 2.5 105.5 106.8 — 238.1 NGL services — 32.9 — — — 32.9 Crude services 16.9 40.2 15.1 — — 72.2 Other services 8.4 0.5 — 0.8 — 9.7 Midstream services 84.9 122.2 298.8 256.6 — 762.5 NGL services—related parties — (3.3) — — 3.3 — Crude services—related parties — — 1.7 — (1.7) — Midstream services—related parties — (3.3) 1.7 — 1.6 — Revenue from contracts with customers 2,024.3 2,163.6 902.1 461.1 (670.1) 4,881.0 Cost of sales (1,830.9) (1,844.1) (492.0) (166.1) 670.1 (3,663.0) Operating expenses (85.1) (111.6) (77.2) (77.7) — (351.6) Gain on derivative activity — — — — 16.2 16.2 Segment profit $ 108.3 $ 207.9 $ 332.9 $ 217.3 $ 16.2 $ 882.6 Depreciation and amortization $ (89.6) $ (116.0) $ (144.8) $ (106.6) $ (6.1) $ (463.1) Impairments $ — $ (186.5) $ — $ — $ — $ (186.5) Goodwill $ 184.6 $ — $ 813.4 $ 125.7 $ — $ 1,123.7 Capital expenditures $ 268.0 $ 82.0 $ 227.1 $ 36.3 $ 5.7 $ 619.1 The following table reconciles the segment profits reported above to the operating income (loss) as reported on the consolidated statements of operations (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Segment profit $ 284.7 $ 289.3 $ 843.9 $ 882.6 General and administrative expenses (25.7) (38.5) (79.6) (122.1) Gain (loss) on disposition of assets 1.8 3.0 (2.8) 2.9 Depreciation and amortization (160.3) (157.3) (481.3) (463.1) Impairments — — (354.5) (186.5) Loss on secured term loan receivable — — — (52.9) Operating income (loss) $ 100.5 $ 96.5 $ (74.3) $ 60.9 The table below represents information about segment assets as of September 30, 2020 and December 31, 2019 (in millions): Segment Identifiable Assets: September 30, 2020 December 31, 2019 Permian $ 2,245.3 $ 2,465.7 Louisiana 2,278.9 2,562.0 Oklahoma 2,889.1 3,035.0 North Texas 1,031.2 1,135.8 Corporate 222.7 137.3 Total identifiable assets $ 8,667.2 $ 9,335.8 |
Other Information
Other Information | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Information | (14) Other Information The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions): Other current assets: September 30, 2020 December 31, 2019 Natural gas and NGLs inventory $ 63.9 $ 43.4 Prepaid expenses and other 17.8 14.4 Other current assets $ 81.7 $ 57.8 Other current liabilities: September 30, 2020 December 31, 2019 Accrued interest $ 66.7 $ 37.1 Accrued wages and benefits, including taxes 18.3 31.5 Accrued ad valorem taxes 33.9 28.5 Capital expenditure accruals 12.1 42.4 Retainage liability 11.8 8.7 Short-term lease liability 17.1 21.1 Suspense producer payments 10.3 13.8 Operating expense accruals 10.5 10.8 Other 18.1 12.3 Other current liabilities $ 198.8 $ 206.2 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events Accounts Receivable Securitization Facility. On October 21, 2020 (the “Closing Date”), EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity (the “SPV”) that is an indirect subsidiary of ENLC entered into a three In connection with the AR Facility, certain subsidiaries of ENLC, as originators (the “Originators”), have sold and contributed, and will continue to sell or contribute, pursuant to a Sale and Contribution Agreement, dated as of the Closing Date (the “Sale and Contribution Agreement”), all of their accounts receivable and certain related assets (collectively, the “Receivables”) to the SPV, a separate legal subsidiary of ENLC whose sole business consists of the purchase, or acceptance through capital contributions, of the Receivables and whose assets are not available to satisfy creditors of ENLC, the Originators, or any other subsidiary of ENLC. The SPV financed its acquisition of the Receivables, and will finance its ongoing purchase of the Receivables, in part by obtaining secured loans from the lenders party to the Receivables Financing Agreement, dated as of the Closing Date (the “RFA”), among the SPV, EnLink Midstream Operating, LP, as initial servicer (the “Servicer”), the Administrative Agent, the lenders party thereto, and PNCCM. The amount available for borrowings at any one time under the RFA is limited to a borrowing base amount calculated based on the outstanding balance of eligible Receivables, subject to certain reserves, concentration limits, and other limitations. Borrowings under the RFA bear interest based on LIBOR or LMIR (each as defined in the RFA), in each case subject to a minimum floor of 37.5 basis points, plus a drawn fee initially in the amount of 162.5 bps. The drawn fee varies based on ENLC’s credit rating, and the SPV also pays a fee on the undrawn committed amount of the RFA. Interest and fees payable by the SPV under the RFA are due monthly. The SPV pledged its ownership interest in the Receivables as collateral security for all amounts outstanding under the RFA, and the Servicer will perform administrative and collection services relating to the Receivables on behalf of the SPV for a fee. The RFA is scheduled to terminate on October 20, 2023, unless extended in accordance with its terms or earlier terminated, at which time no further advances will be available and the obligations thereunder repaid in full by no later than (i) the date that is ninety (90) days following such date or (ii) such earlier date on which the loans under the RFA become due and payable. The purchase price for the sale of the Receivables by an Originator to the SPV consisted of, and will continue to consist of, a combination of (i) equity contributions in the SPV from its direct parent, (ii) cash available to the SPV from loans under the RFA and from collections on previously sold Receivables, and (iii) to the extent that the SPV does not have funds available to pay the purchase price in cash, through an increase in the principal amount of a subordinated intercompany loan deemed made by such Originator to the SPV. ENLC guaranteed the respective obligations of the Originators and the Servicer under the Sale and Contribution Agreement and the RFA, as applicable, pursuant to a Performance Guaranty dated as of the Closing Date. However, neither ENLC nor any of its subsidiaries guarantees the SPV’s borrowings under the RFA or the collectability of the Receivables. As of the Closing Date there were $225 million of borrowings by the SPV under the RFA. ENLC used the cash proceeds from the sale of the Receivables to the SPV to repay borrowings under its revolving credit facility. Sale of Victoria Express Pipeline. On October 22, 2020, we completed the sale of the Victoria Express Pipeline and its related terminals and storage assets located in the Eagle Ford Shale in South Texas for approximately $20 million. We expect to recognize a loss of approximately $8 million on the sale. Common Unit Repurchase Program. The board of directors of the Managing Member has authorized, effective immediately, a common unit repurchase program for the repurchase of up to $100 million of outstanding ENLC common units. The repurchases will be made, in accordance with applicable securities laws, from time to time in open market or private transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The repurchases will depend on market conditions and may be discontinued at any time. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, are unaudited, and do not include all the information and disclosures required by GAAP for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported members’ equity or net income (loss). All significant intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition Minimum Volume Commitments and Firm Transportation Contracts Certain of our gathering and processing agreements provide for quarterly or annual MVCs. Under these agreements, our customers or suppliers agree to ship and/or process a minimum volume of product on our systems over an agreed time period. If a customer or supplier under such an agreement fails to meet its MVC for a specified period, the customer is obligated to pay a contractually-determined fee based upon the shortfall between actual product volumes and the MVC for that period. Some of these agreements also contain make-up right provisions that allow a customer or supplier to utilize gathering or processing fees in excess of the MVC in subsequent periods to offset shortfall amounts in previous periods. We record revenue under MVC contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency in subsequent periods. Deficiency fee revenue is included in midstream services revenue. For our firm transportation contracts, we transport commodities owned by others for a stated monthly fee for a specified monthly quantity with an additional fee based on actual volumes. We include transportation fees from firm transportation contracts in our midstream services revenue. The following table summarizes the contractually committed fees that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. These fees do not represent the shortfall amounts we expect to collect under our MVC contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs during these periods. For example, for the three and nine months ended September 30, 2020, we had contractual commitments of $44.8 million and $128.0 million under our MVC contracts, respectively, and recorded $14.0 million and $39.2 million of revenue due to volume shortfalls, respectively. |
Property and Equipment | Property and Equipment Impairment Review. In accordance with ASC 360 , Property, Plant, and Equipment , we evaluate long-lived assets of identifiable business activities for potential impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The carrying amount of a long-lived asset is not recoverable when it exceeds the undiscounted sum of the future cash flows expected to result from the use and eventual disposition of the asset. Estimates of expected future cash flows represent management’s best estimate based on reasonable and supportable assumptions. When the carrying amount of a long-lived asset is not recoverable, an impairment is recognized equal to the excess of the asset’s carrying value over its fair value, which is based on inputs that are not observable in the market, and thus represent Level 3 inputs. |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling InterestNon-controlling interests that contain an option for the non-controlling interest holder to require us to purchase such interests for cash are considered to be redeemable non-controlling interests because the redemption feature is not deemed to be a freestanding financial instrument and because the redemption is not solely within our control. Redeemable non-controlling interests are not considered to be a component of members’ equity and are reported as temporary equity in the mezzanine section on the consolidated balance sheets. The amount recorded as a redeemable non-controlling interest at each balance sheet date is the greater of the redemption value and the carrying value of the redeemable non-controlling interest (the initial carrying value increased or decreased for the non-controlling interest holder’s share of net income or loss and distributions). When the redemption feature is exercised the redemption value of the non-controlling interest is reclassified to a liability on the consolidated balance sheets. |
Adopted Accounting Standards | Adopted Accounting Standards Effective January 1, 2020, we adopted ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350): Internal-Use Software. ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350-40 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. For the three and nine months ended September 30, 2020, we did not capitalize any cloud computing costs. However, to the extent future costs incurred in a cloud computing arrangement are capitalizable, the corresponding amortization will be included in “Operating expenses” or “General and administrative” in the consolidated statements of operations, rather than “Depreciation and amortization.” Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). The updates in ASU 2016-13 provide financial statement users with more information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Following the adoption of ASU 2016-13, we record an allowance for doubtful accounts based on our expectation of future losses. Because our receivables are typically paid within 30 days, and because we closely monitor the credit-worthiness of all our counterparties, adopting ASU 2016-13 did not have a material effect on our financial statements. However, in the event we foresee further or sustained deterioration in the current market environment, or other factors indicating an increased likelihood of defaults by our customers, we may recognize additional losses. |
Significant Accounting Polices
Significant Accounting Polices (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table summarizes the contractually committed fees that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. These fees do not represent the shortfall amounts we expect to collect under our MVC contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs during these periods. For example, for the three and nine months ended September 30, 2020, we had contractual commitments of $44.8 million and $128.0 million under our MVC contracts, respectively, and recorded $14.0 million and $39.2 million of revenue due to volume shortfalls, respectively. MVC and Firm Transportation Commitments (in millions) (1) 2020 (remaining) $ 65.3 2021 119.7 2022 102.1 2023 91.5 2024 77.4 Thereafter 144.9 Total $ 600.9 ____________________________ |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Value | The following table represents our change in carrying value of intangible assets (in millions): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Nine Months Ended September 30, 2020 Customer relationships, beginning of period $ 1,795.8 $ (545.9) $ 1,249.9 Amortization expense — (92.7) (92.7) Retirements (1) (1.6) 0.6 (1.0) Customer relationships, end of period $ 1,794.2 $ (638.0) $ 1,156.2 ____________________________ (1) Intangible assets retired as a result of the disposition of certain non-core assets. |
Schedule of Amortization Expense | The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions): 2020 (remaining) $ 30.8 2021 123.4 2022 123.4 2023 123.4 2024 123.4 Thereafter 631.8 Total $ 1,156.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Debt | As of September 30, 2020 and December 31, 2019, long-term debt consisted of the following (in millions): September 30, 2020 December 31, 2019 Outstanding Principal Premium (Discount) Long-Term Debt Outstanding Principal Premium (Discount) Long-Term Debt Consolidated Credit Facility due 2024 (1) $ 300.0 $ — $ 300.0 $ 350.0 $ — $ 350.0 Term Loan due 2021 (2) 850.0 — 850.0 850.0 — 850.0 ENLK’s 4.40% Senior unsecured notes due 2024 521.8 1.1 522.9 550.0 1.5 551.5 ENLK’s 4.15% Senior unsecured notes due 2025 720.8 (0.6) 720.2 750.0 (0.7) 749.3 ENLK’s 4.85% Senior unsecured notes due 2026 491.0 (0.4) 490.6 500.0 (0.5) 499.5 ENLC’s 5.375% Senior unsecured notes due 2029 498.7 — 498.7 500.0 — 500.0 ENLK’s 5.60% Senior unsecured notes due 2044 350.0 (0.2) 349.8 350.0 (0.2) 349.8 ENLK’s 5.05% Senior unsecured notes due 2045 450.0 (5.7) 444.3 450.0 (5.9) 444.1 ENLK’s 5.45% Senior unsecured notes due 2047 500.0 (0.1) 499.9 500.0 (0.1) 499.9 Debt classified as long-term $ 4,682.3 $ (5.9) 4,676.4 $ 4,800.0 $ (5.9) 4,794.1 Debt issuance cost (3) (26.4) (29.8) Long-term debt, net of unamortized issuance cost $ 4,650.0 $ 4,764.3 ____________________________ (1) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.8% and 3.3% at September 30, 2020 and December 31, 2019, respectively. (2) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.7% and 3.2% at September 30, 2020 and December 31, 2019, respectively. (3) Net of amortization of $13.7 million and $10.9 million at September 30, 2020 and December 31, 2019, respectively. For the nine months ended September 30, 2020, we and ENLK made aggregate payments to partially repurchase the 2024, 2025, 2026, and 2029 Notes in open market transactions. We and ENLK did not make any payments to repurchase senior notes during the three months ended September 30, 2020. Activity related to the partial repurchases of our outstanding debt consisted of the following (in millions): Nine Months Ended September 30, 2020 Debt repurchased $ 67.7 Aggregate payments (36.0) Net discount on repurchased debt (0.3) Accrued interest on repurchased debt 0.6 Gain on extinguishment of debt $ 32.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our income tax benefit (expense) are as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Current income tax expense $ (0.4) $ (0.7) $ (1.1) $ (2.0) Deferred income tax benefit (expense) (5.6) (5.6) 17.1 (0.7) Income tax benefit (expense) $ (6.0) $ (6.3) $ 16.0 $ (2.7) |
Reconciliation of Total Income Tax Expense to Income before Income Taxes | The following schedule reconciles total income tax benefit (expense) and the amount calculated by applying the statutory U.S. federal tax rate to income (loss) before income taxes (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Expected income tax benefit (expense) based on federal statutory rate $ (3.6) $ (3.8) $ 60.0 $ 37.4 State income tax benefit (expense), net of federal benefit (0.6) (0.7) 6.4 3.6 Unit-based compensation (1) (1.6) (1.3) (6.0) (1.3) Non-deductible expense related to goodwill impairment — — (43.4) (43.8) Other (0.2) (0.5) (1.0) 1.4 Income tax benefit (expense) $ (6.0) $ (6.3) $ 16.0 $ (2.7) ____________________________ (1) Related to book-to-tax differences recorded upon the vesting of restricted incentive units. |
Certain Provisions of the ENL_2
Certain Provisions of the ENLK Partnership Agreement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital [Abstract] | |
Summary of Distribution Activity | A summary of the distribution activity relating to the Series B Preferred Units during the nine months ended September 30, 2020 and 2019 is provided below: Declaration period Distribution paid as additional Series B Preferred Units Cash Distribution (in millions) Date paid/payable 2020 Fourth Quarter of 2019 148,999 $ 16.8 February 13, 2020 First Quarter of 2020 149,371 $ 16.8 May 13, 2020 Second Quarter of 2020 149,745 $ 16.8 August 13, 2020 Third Quarter of 2020 150,119 $ 16.9 November 13, 2020 2019 Fourth Quarter of 2018 425,785 $ 16.5 February 13, 2019 First Quarter of 2019 147,887 $ 16.7 May 14, 2019 Second Quarter of 2019 148,257 $ 17.1 August 13, 2019 Third Quarter of 2019 148,627 $ 17.1 November 13, 2019 |
Members' Equity (Tables)
Members' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Limited Partner Unit | The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Distributed earnings allocated to: Common units (1)(2) $ 45.9 $ 138.0 $ 137.6 $ 385.2 Unvested restricted units (1)(2) 0.7 1.6 2.3 4.6 Total distributed earnings $ 46.6 $ 139.6 $ 139.9 $ 389.8 Undistributed loss allocated to: Common units $ (33.4) $ (126.3) $ (403.0) $ (563.6) Unvested restricted units (0.6) (1.5) (7.0) (6.8) Total undistributed loss $ (34.0) $ (127.8) $ (410.0) $ (570.4) Net income (loss) allocated to: Common units $ 12.5 $ 11.7 $ (265.4) $ (178.4) Unvested restricted units 0.1 0.1 (4.7) (2.2) Total net income (loss) $ 12.6 $ 11.8 $ (270.1) $ (180.6) Basic and diluted net income (loss) per unit: Basic $ 0.03 $ 0.02 $ (0.55) $ (0.40) Diluted $ 0.03 $ 0.02 $ (0.55) $ (0.40) ____________________________ (1) For the three months ended September 30, 2020 and 2019, distributed earnings represent a declared distribution of $0.09375 per unit payable on November 13, 2020 and a distribution of $0.283 per unit paid on November 13, 2019, respectively. (2) For the nine months ended September 30, 2020, distributed earnings included a declared distribution of $0.09375 per unit payable on November 13, 2020, $0.09375 per unit paid on August 13, 2020, and $0.09375 per unit paid on May 13, 2020. For the nine months ended September 30, 2019, distributed earnings included distributions of $0.283 per unit paid on November 13, 2019, $0.283 per unit paid on August 13, 2019, and $0.279 per unit paid on May 14, 2019. |
Schedule of Unit Amounts Used to Computer Earnings per Unit | The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic weighted average units outstanding: Weighted average common units outstanding 489.7 487.4 489.2 455.9 Diluted weighted average units outstanding: Weighted average basic common units outstanding 489.7 487.4 489.2 455.9 Dilutive effect of non-vested restricted units (1) 1.2 2.0 — — Total weighted average diluted common units outstanding 490.9 489.4 489.2 455.9 ____________________________ (1) All common unit equivalents were antidilutive for the nine months ended September 30, 2020 and September 30, 2019, respectively, since a net loss existed for those periods. |
Summary of Distribution Activity | A summary of our distribution activity relating to the ENLC common units for the nine months ended September 30, 2020 and 2019, respectively, is provided below: Declaration period Distribution/unit Date paid/payable 2020 Fourth Quarter of 2019 $ 0.1875 February 13, 2020 First Quarter of 2020 $ 0.09375 May 13, 2020 Second Quarter of 2020 $ 0.09375 August 13, 2020 Third Quarter of 2020 $ 0.09375 November 13, 2020 2019 Fourth Quarter of 2018 $ 0.275 February 14, 2019 First Quarter of 2019 $ 0.279 May 14, 2019 Second Quarter of 2019 $ 0.283 August 13, 2019 Third Quarter of 2019 $ 0.283 November 13, 2019 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Activity Related to Investment in Unconsolidated Affiliates | The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 GCF Distributions $ — $ 5.1 $ 1.6 $ 14.7 Equity in income $ 0.4 $ 4.4 $ 2.5 $ 15.3 Cedar Cove JV Distributions $ — $ 0.3 $ 0.4 $ 0.8 Equity in loss $ (0.6) $ (0.4) $ (1.7) $ (1.3) Total Distributions $ — $ 5.4 $ 2.0 $ 15.5 Equity in income (loss) $ (0.2) $ 4.0 $ 0.8 $ 14.0 The following table shows the balances related to our investment in unconsolidated affiliates as of September 30, 2020 and December 31, 2019 (in millions): September 30, 2020 December 31, 2019 GCF $ 40.1 $ 39.2 Cedar Cove JV 1.8 3.9 Total investment in unconsolidated affiliates $ 41.9 $ 43.1 |
Employee Incentive Plans (Table
Employee Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Amounts Recognized in Consolidated Financial Statements | Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of unit-based compensation charged to operating expense $ 2.0 $ 2.1 $ 6.2 $ 4.5 Cost of unit-based compensation charged to general and administrative expense 6.4 10.0 18.4 26.7 Total unit-based compensation expense $ 8.4 $ 12.1 $ 24.6 $ 31.2 Non-controlling interest in unit-based compensation $ — $ — $ — $ 0.5 Amount of related income tax benefit recognized in net income (loss) (1) $ 2.0 $ 2.8 $ 5.8 $ 7.2 ____________________________ (1) For the three and nine months ended September 30, 2020, the amount of related income tax expense recognized in net income (loss) excluded $1.6 million and $6.0 million, respectively, related to book-to-tax differences recorded upon vesting of restricted units. For the three and nine months ended September 30, 2019, the amount of related income tax expense recognized in net income excluded $1.3 million for each period related to book-to-tax differences recorded upon vesting of restricted units. |
Schedule Of Restricted Stock Units Activity, ENLC | A summary of the restricted incentive unit activity for the nine months ended September 30, 2020 is provided below: Nine Months Ended ENLC Restricted Incentive Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 4,063,605 $ 13.85 Granted (1) 4,873,848 5.42 Vested (1)(2) (2,839,869) 10.93 Forfeited (661,623) 8.28 Non-vested, end of period 5,435,961 $ 8.50 Aggregate intrinsic value, end of period (in millions) $ 12.8 ____________________________ (1) Restricted incentive units typically vest at the end of three |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units, Vested and Fair Value Vested, ENLC | A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and nine months ended September 30, 2020 and 2019 is provided below (in millions): Three Months Ended Nine Months Ended ENLC Restricted Incentive Units: 2020 2019 2020 2019 Aggregate intrinsic value of units vested $ 1.0 $ 3.1 $ 11.9 $ 16.0 Fair value of units vested $ 6.0 $ 5.8 $ 31.0 $ 18.9 |
Summary of Performance Units, ENLC | The following table presents a summary of the performance units: Nine Months Ended ENLC Performance Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 1,317,856 $ 14.22 Granted 1,361,986 6.63 Vested (1) (181,647) 30.31 Forfeited (166,211) 11.01 Non-vested, end of period 2,331,984 $ 8.76 Aggregate intrinsic value, end of period (in millions) $ 5.5 ____________________________ (1) Vested units included 69,052 units withheld for payroll taxes paid on behalf of employees. A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and nine months ended September 30, 2020 and 2019 is provided below (in millions). Three Months Ended Nine Months Ended ENLC Performance Units: 2020 2019 2020 2019 Aggregate intrinsic value of units vested $ — $ 1.6 $ 0.9 $ 3.4 Fair value of units vested $ — $ 6.0 $ 5.5 $ 7.9 |
Summary of Grant-Date Fair Values | The following table presents a summary of the grant-date fair value assumptions by performance unit grant date: ENLC Performance Units: January 2020 March 2020 July 2020 Grant-Date Fair Value $ 7.69 $ 1.13 $ 2.33 Beginning TSR price $ 6.13 $ 1.25 $ 2.52 Risk-free interest rate 1.62 % 0.42 % 0.17 % Volatility factor 37.00 % 51.00 % 67.00 % |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Components of Gain (Loss) on Derivative Activity | The components of the gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Change in fair value of interest rate swap $ 4.7 $ (1.8) $ (10.4) $ (15.3) Tax benefit (expense) (1.1) 0.5 2.4 4.1 Gain (loss) on designated cash flow hedge $ 3.6 $ (1.3) $ (8.0) $ (11.2) The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps, included in our consolidated income statement were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Interest expense (income) $ 4.6 $ (0.1) $ 9.6 $ (0.4) The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Change in fair value of derivatives $ (2.2) $ (0.5) $ (8.0) $ 4.7 Realized gain (loss) on derivatives (2.9) 8.0 (0.3) 11.5 Gain (loss) on derivative activity $ (5.1) $ 7.5 $ (8.3) $ 16.2 |
Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps | The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions): September 30, 2020 December 31, 2019 Fair value of derivative liabilities—current $ (18.5) $ (5.6) Fair value of derivative liabilities—long-term (4.5) (6.8) Net fair value of interest rate swaps $ (23.0) $ (12.4) |
Schedule Of Fair Value of Derivative Assets and Liabilities Related To Commodity Swaps | The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions): September 30, 2020 December 31, 2019 Fair value of derivative assets—current $ 9.6 $ 12.9 Fair value of derivative assets—long-term 5.4 4.3 Fair value of derivative liabilities—current (14.6) (8.8) Net fair value of commodity swaps $ 0.4 $ 8.4 |
Notional Amount and Fair Value of Derivative Instruments | Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at September 30, 2020 (in millions). The remaining term of the contracts extend no later than December 2022. September 30, 2020 Commodity Instruments Unit Volume Net Fair Value NGL (short contracts) Swaps Gallons (161.6) $ (8.5) NGL (long contracts) Swaps Gallons 1.9 — Natural gas (short contracts) Swaps MMBtu (18.1) (2.3) Natural gas (long contracts) Swaps MMBtu 11.3 0.5 Crude and condensate (short contracts) Swaps MMbbls (9.5) 8.5 Crude and condensate (long contracts) Swaps MMbbls 0.6 2.2 Total fair value of commodity swaps $ 0.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Net Assets (Liabilities) Measured on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Level 2 September 30, 2020 December 31, 2019 Interest rate swaps (1) $ (23.0) $ (12.4) Commodity swaps (2) $ 0.4 $ 8.4 ____________________________ (1) The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates. (2) The fair values of commodity swaps represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820. |
Schedule of the Estimated Fair Value of Financial Instruments | Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions): September 30, 2020 December 31, 2019 Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 4,650.0 $ 3,892.8 $ 4,764.3 $ 4,444.2 ____________________________ |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information | We evaluate the performance of our operating segments based on segment profits. Summarized financial information for our reportable segments is shown in the following tables (in millions): Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended September 30, 2020 Natural gas sales $ 46.5 $ 76.4 $ 40.1 $ 16.0 $ — $ 179.0 NGL sales 0.1 402.3 1.2 — — 403.6 Crude oil and condensate sales 82.6 21.7 9.2 — — 113.5 Product sales 129.2 500.4 50.5 16.0 — 696.1 NGL sales—related parties 95.6 3.3 85.4 21.4 (205.7) — Crude oil and condensate sales—related parties — — — 0.7 (0.7) — Product sales—related parties 95.6 3.3 85.4 22.1 (206.4) — Gathering and transportation 17.9 10.7 56.7 43.4 — 128.7 Processing 8.0 0.3 32.4 33.3 — 74.0 NGL services — 14.2 — — — 14.2 Crude services 3.8 12.2 3.7 — — 19.7 Other services 0.2 0.4 0.1 0.2 — 0.9 Midstream services 29.9 37.8 92.9 76.9 — 237.5 Crude services—related parties — — 0.1 — (0.1) — Midstream services—related parties — — 0.1 — (0.1) — Revenue from contracts with customers 254.7 541.5 228.9 115.0 (206.5) 933.6 Cost of sales (185.4) (441.4) (101.0) (28.2) 206.5 (549.5) Operating expenses (22.9) (31.1) (20.1) (20.2) — (94.3) Loss on derivative activity — — — — (5.1) (5.1) Segment profit (loss) $ 46.4 $ 69.0 $ 107.8 $ 66.6 $ (5.1) $ 284.7 Depreciation and amortization $ (31.9) $ (36.9) $ (53.0) $ (36.8) $ (1.7) $ (160.3) Capital expenditures $ 28.5 $ 8.5 $ 2.6 $ 3.0 $ 0.6 $ 43.2 Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended September 30, 2019 Natural gas sales $ 24.3 $ 92.0 $ 54.6 $ 22.2 $ — $ 193.1 NGL sales 0.3 421.0 4.6 6.0 — 431.9 Crude oil and condensate sales 409.4 74.6 28.2 — — 512.2 Product sales 434.0 587.6 87.4 28.2 — 1,137.2 Natural gas sales—related parties (0.1) — — — 0.1 — NGL sales—related parties 69.3 7.9 90.2 21.0 (188.4) — Crude oil and condensate sales—related parties 2.8 1.7 — 1.1 (5.6) — Product sales—related parties 72.0 9.6 90.2 22.1 (193.9) — Gathering and transportation 14.7 12.2 63.7 50.1 — 140.7 Processing 8.3 0.8 35.7 36.3 — 81.1 NGL services — 11.2 — — — 11.2 Crude services 6.4 13.5 5.9 — — 25.8 Other services 4.0 0.1 0.1 0.3 — 4.5 Midstream services 33.4 37.8 105.4 86.7 — 263.3 Crude services—related parties — — 0.2 — (0.2) — Midstream services—related parties — — 0.2 — (0.2) — Revenue from contracts with customers 539.4 635.0 283.2 137.0 (194.1) 1,400.5 Cost of sales (474.2) (529.6) (148.4) (41.4) 194.1 (999.5) Operating expenses (28.9) (38.4) (25.7) (26.2) — (119.2) Gain on derivative activity — — — — 7.5 7.5 Segment profit $ 36.3 $ 67.0 $ 109.1 $ 69.4 $ 7.5 $ 289.3 Depreciation and amortization $ (31.6) $ (37.3) $ (51.1) $ (35.4) $ (1.9) $ (157.3) Goodwill $ 184.6 $ — $ 813.4 $ 125.7 $ — $ 1,123.7 Capital expenditures $ 119.7 $ 21.5 $ 48.6 $ 5.0 $ 1.7 $ 196.5 Permian Louisiana Oklahoma North Texas Corporate Totals Nine Months Ended September 30, 2020 Natural gas sales $ 94.0 $ 226.6 $ 110.0 $ 50.7 $ — $ 481.3 NGL sales 0.2 1,056.9 2.9 0.3 — 1,060.3 Crude oil and condensate sales 454.6 95.0 30.4 — — 580.0 Product sales 548.8 1,378.5 143.3 51.0 — 2,121.6 NGL sales—related parties 201.0 13.3 209.0 52.5 (475.8) — Crude oil and condensate sales—related parties 0.1 — (0.1) 2.6 (2.6) — Product sales—related parties 201.1 13.3 208.9 55.1 (478.4) — Gathering and transportation 47.3 33.9 165.5 133.5 — 380.2 Processing 19.8 1.6 97.8 101.7 — 220.9 NGL services — 52.4 — 0.1 — 52.5 Crude services 13.0 33.8 12.6 — — 59.4 Other services 1.0 1.2 0.3 0.7 — 3.2 Midstream services 81.1 122.9 276.2 236.0 — 716.2 Crude services—related parties — — 0.3 — (0.3) — Midstream services—related parties — — 0.3 — (0.3) — Revenue from contracts with customers 831.0 1,514.7 628.7 342.1 (478.7) 2,837.8 Cost of sales (637.7) (1,213.6) (255.8) (74.1) 478.7 (1,702.5) Operating expenses (71.1) (90.4) (62.4) (59.2) — (283.1) Loss on derivative activity — — — — (8.3) (8.3) Segment profit (loss) $ 122.2 $ 210.7 $ 310.5 $ 208.8 $ (8.3) $ 843.9 Depreciation and amortization $ (92.1) $ (109.3) $ (163.7) $ (110.4) $ (5.8) $ (481.3) Impairments $ (184.6) $ (169.9) $ — $ — $ — $ (354.5) Capital expenditures $ 161.4 $ 39.3 $ 14.1 $ 10.7 $ 1.7 $ 227.2 Permian Louisiana Oklahoma North Texas Corporate Totals Nine Months Ended September 30, 2019 Natural gas sales $ 59.4 $ 316.8 $ 176.5 $ 104.7 $ — $ 657.4 NGL sales 0.9 1,492.9 17.8 24.0 — 1,535.6 Crude oil and condensate sales 1,622.2 216.9 86.4 — — 1,925.5 Product sales 1,682.5 2,026.6 280.7 128.7 — 4,118.5 Natural gas sales—related parties 0.3 — — 0.3 (0.6) — NGL sales—related parties 242.9 16.4 320.9 71.7 (651.9) — Crude oil and condensate sales—related parties 13.7 1.7 — 3.8 (19.2) — Product sales—related parties 256.9 18.1 320.9 75.8 (671.7) — Gathering and transportation 36.3 46.1 178.2 149.0 — 409.6 Processing 23.3 2.5 105.5 106.8 — 238.1 NGL services — 32.9 — — — 32.9 Crude services 16.9 40.2 15.1 — — 72.2 Other services 8.4 0.5 — 0.8 — 9.7 Midstream services 84.9 122.2 298.8 256.6 — 762.5 NGL services—related parties — (3.3) — — 3.3 — Crude services—related parties — — 1.7 — (1.7) — Midstream services—related parties — (3.3) 1.7 — 1.6 — Revenue from contracts with customers 2,024.3 2,163.6 902.1 461.1 (670.1) 4,881.0 Cost of sales (1,830.9) (1,844.1) (492.0) (166.1) 670.1 (3,663.0) Operating expenses (85.1) (111.6) (77.2) (77.7) — (351.6) Gain on derivative activity — — — — 16.2 16.2 Segment profit $ 108.3 $ 207.9 $ 332.9 $ 217.3 $ 16.2 $ 882.6 Depreciation and amortization $ (89.6) $ (116.0) $ (144.8) $ (106.6) $ (6.1) $ (463.1) Impairments $ — $ (186.5) $ — $ — $ — $ (186.5) Goodwill $ 184.6 $ — $ 813.4 $ 125.7 $ — $ 1,123.7 Capital expenditures $ 268.0 $ 82.0 $ 227.1 $ 36.3 $ 5.7 $ 619.1 |
Reconciliation of Profits to Operating Income (Loss) | The following table reconciles the segment profits reported above to the operating income (loss) as reported on the consolidated statements of operations (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Segment profit $ 284.7 $ 289.3 $ 843.9 $ 882.6 General and administrative expenses (25.7) (38.5) (79.6) (122.1) Gain (loss) on disposition of assets 1.8 3.0 (2.8) 2.9 Depreciation and amortization (160.3) (157.3) (481.3) (463.1) Impairments — — (354.5) (186.5) Loss on secured term loan receivable — — — (52.9) Operating income (loss) $ 100.5 $ 96.5 $ (74.3) $ 60.9 |
Schedule of Segment Assets | The table below represents information about segment assets as of September 30, 2020 and December 31, 2019 (in millions): Segment Identifiable Assets: September 30, 2020 December 31, 2019 Permian $ 2,245.3 $ 2,465.7 Louisiana 2,278.9 2,562.0 Oklahoma 2,889.1 3,035.0 North Texas 1,031.2 1,135.8 Corporate 222.7 137.3 Total identifiable assets $ 8,667.2 $ 9,335.8 |
Other Information (Tables)
Other Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The following tables present additional detail for other current assets and other current liabilities, which consists of the following (in millions): Other current assets: September 30, 2020 December 31, 2019 Natural gas and NGLs inventory $ 63.9 $ 43.4 Prepaid expenses and other 17.8 14.4 Other current assets $ 81.7 $ 57.8 Other current liabilities: September 30, 2020 December 31, 2019 Accrued interest $ 66.7 $ 37.1 Accrued wages and benefits, including taxes 18.3 31.5 Accrued ad valorem taxes 33.9 28.5 Capital expenditure accruals 12.1 42.4 Retainage liability 11.8 8.7 Short-term lease liability 17.1 21.1 Suspense producer payments 10.3 13.8 Operating expense accruals 10.5 10.8 Other 18.1 12.3 Other current liabilities $ 198.8 $ 206.2 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Impairment charges | $ 1,900,000 | ||
Redemption of non-controlling interest | (4,000,000) | $ 0 | |
Redeemable Non-Controlling Interest (Temporary Equity) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Redemption of non-controlling interest | 4,000,000 | ||
Louisiana | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Impairment charges | $ 0 | 168,000,000 | |
Minimum Volume Contract | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with customer, liability | 44,800,000 | 128,000,000 | |
Contracts with customers, revenue recognition | $ 14,000,000 | $ 39,200,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Future Performance Obligations (Details) $ in Millions | Sep. 30, 2020USD ($) |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 600.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 65.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 119.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 102.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 91.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 77.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 144.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 30.9 | $ 30.9 | $ 92.7 | $ 92.8 | |
Operating Segments | Permian | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, impairment loss | $ 184.6 | ||||
Operating Segments | Louisiana | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, impairment loss | $ 186.5 | ||||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 10 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 20 years | ||||
Weighted average | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 15 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Changes in Carrying Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Accumulated Amortization, Beginning Balance | $ (545.9) | |||
Amortization expense | $ (30.9) | $ (30.9) | (92.7) | $ (92.8) |
Retirements, net | (1) | |||
Accumulated Amortization, Ending Balance | (638) | (638) | ||
Net Carrying Amount, Ending Balance | 1,156.2 | 1,156.2 | ||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Gross Carrying Amount, Beginning Balance | 1,795.8 | |||
Accumulated Amortization, Beginning Balance | (545.9) | |||
Net Carrying Amount, Beginning Balance | 1,249.9 | |||
Amortization expense | (92.7) | |||
Retirements, gross | (1.6) | |||
Retirements, accumulated amortization | 0.6 | |||
Gross Carrying Amount, Ending Balance | 1,794.2 | 1,794.2 | ||
Accumulated Amortization, Ending Balance | (638) | (638) | ||
Net Carrying Amount, Ending Balance | $ 1,156.2 | $ 1,156.2 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization Expense (Details) $ in Millions | Sep. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 (remaining) | $ 30.8 |
2021 | 123.4 |
2022 | 123.4 |
2023 | 123.4 |
2024 | 123.4 |
Thereafter | 631.8 |
Total | $ 1,156.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Cost of sales | $ 549,500,000 | $ 999,500,000 | $ 1,702,500,000 | $ 3,663,000,000 | |
Accounts payable to related party | 900,000 | 900,000 | $ 1,100,000 | ||
Cedar Cove Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Cost of sales | 2,000,000 | 4,100,000 | 6,200,000 | 18,000,000 | |
Accounts payable to related party | 900,000 | 900,000 | $ 1,100,000 | ||
GIP | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses from transactions with related party | $ 200,000 | $ 0 | $ 200,000 | $ 0 |
Long-Term Debt - Summary (Detai
Long-Term Debt - Summary (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument | ||
Outstanding principal | $ 4,682.3 | $ 4,800 |
Premium (discount) | (5.9) | (5.9) |
Long-term debt | 4,676.4 | 4,794.1 |
Debt issuance costs | (26.4) | (29.8) |
Long-term debt, net of unamortized issuance cost | 4,650 | 4,764.3 |
Debt issuance cost accumulated amortization | 13.7 | 10.9 |
Consolidated Credit Facility due 2024 | ||
Debt Instrument | ||
Outstanding principal | 300 | 350 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 300 | $ 350 |
Effective interest rate | 1.80% | 3.30% |
Term Loan Due 2021 | ||
Debt Instrument | ||
Outstanding principal | $ 850 | $ 850 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 850 | $ 850 |
Effective interest rate | 1.70% | 3.20% |
4.4% Senior Notes Due 2024 | ||
Debt Instrument | ||
Outstanding principal | $ 521.8 | $ 550 |
Premium (discount) | 1.1 | 1.5 |
Long-term debt | $ 522.9 | 551.5 |
Stated interest rate | 4.40% | |
4.15% Senior Notes Due 2025 | ||
Debt Instrument | ||
Outstanding principal | $ 720.8 | 750 |
Premium (discount) | (0.6) | (0.7) |
Long-term debt | $ 720.2 | 749.3 |
Stated interest rate | 4.15% | |
4.85 Senior Notes Due 2026 | ||
Debt Instrument | ||
Outstanding principal | $ 491 | 500 |
Premium (discount) | (0.4) | (0.5) |
Long-term debt | $ 490.6 | 499.5 |
Stated interest rate | 4.85% | |
5.375% Senior Notes Due 2029 | ||
Debt Instrument | ||
Outstanding principal | $ 498.7 | 500 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 498.7 | 500 |
Stated interest rate | 5.375% | |
5.6% Senior Notes Due 2044 | ||
Debt Instrument | ||
Outstanding principal | $ 350 | 350 |
Premium (discount) | (0.2) | (0.2) |
Long-term debt | $ 349.8 | 349.8 |
Stated interest rate | 5.60% | |
5.05 Senior Notes Due 2045 | ||
Debt Instrument | ||
Outstanding principal | $ 450 | 450 |
Premium (discount) | (5.7) | (5.9) |
Long-term debt | $ 444.3 | 444.1 |
Stated interest rate | 5.05% | |
Senior Notes, 5.45%, Due 2047 | ||
Debt Instrument | ||
Outstanding principal | $ 500 | 500 |
Premium (discount) | (0.1) | (0.1) |
Long-term debt | $ 499.9 | $ 499.9 |
Stated interest rate | 5.45% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Dec. 11, 2018USD ($) | Sep. 30, 2020USD ($) |
Letters of credit | ||
Debt Instrument | ||
Additional amount available (not to exceed) | $ 1,750,000,000 | |
Maximum borrowing capacity | 2,250,000,000 | |
Line of credit facility, fair value of amount outstanding | 300,000,000 | |
Term Loan Due 2021 | ||
Debt Instrument | ||
Ratio of consolidated indebtedness to consolidated EBITDA | 5 | |
Maximum | Term Loan Due 2021 | ||
Debt Instrument | ||
Ratio of consolidated indebtedness to consolidated EBITDA | 5.5 | |
Conditional acquisition purchase price (or more) | $ 50,000,000 | |
Letter of Credit | Letters of credit | ||
Debt Instrument | ||
Maximum borrowing capacity | $ 500,000,000 | |
Debt instrument, covenant, percentage of letter of credits guaranteed | 105.00% | |
Unsecured Debt | Letters of credit | ||
Debt Instrument | ||
Line of credit facility, consolidated EBITDA to consolidated interest charges, ratio | 2.5 | |
Ratio of consolidated indebtedness to consolidated EBITDA | 5 | |
Line of credit facility, consolidated indebtedness to consolidated EBITDA, during an acquisition period, ratio | 5.5 | |
Unsecured Debt | Term Loan Due 2021 | ||
Debt Instrument | ||
Face amount | $ 850,000,000 | |
Unsecured Debt | Minimum | Letters of credit | ||
Debt Instrument | ||
Conditional acquisition purchase price (or more) | $ 50,000,000 | |
Unsecured Debt | LIBOR | Minimum | Letters of credit | ||
Debt Instrument | ||
Variable rate | 1.125% | |
Unsecured Debt | LIBOR | Maximum | Letters of credit | ||
Debt Instrument | ||
Variable rate | 2.00% | |
Unsecured Debt | Federal Funds | Letters of credit | ||
Debt Instrument | ||
Variable rate | 0.50% | |
Unsecured Debt | Eurodollar | Letters of credit | ||
Debt Instrument | ||
Variable rate | 1.00% | |
Unsecured Debt | Eurodollar | Minimum | Letters of credit | ||
Debt Instrument | ||
Variable rate | 0.125% | |
Unsecured Debt | Eurodollar | Maximum | Letters of credit | ||
Debt Instrument | ||
Variable rate | 1.00% | |
Line of Credit | Term Loan Due 2021 | ||
Debt Instrument | ||
Line of credit facility, consolidated EBITDA to consolidated interest charges, ratio | 2.5 | |
Line of Credit | LIBOR | Minimum | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 1.00% | |
Line of Credit | LIBOR | Maximum | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 1.75% | |
Line of Credit | Federal Funds | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 0.50% | |
Line of Credit | Eurodollar | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 1.00% | |
Line of Credit | Eurodollar | Minimum | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 0.00% | |
Line of Credit | Eurodollar | Maximum | Term Loan Due 2021 | ||
Debt Instrument | ||
Variable rate | 0.75% | |
ENLC | Letter of Credit | Letters of credit | ||
Debt Instrument | ||
Line of credit facility, fair value of amount outstanding | $ 19,300,000 |
Long-Term Debt - Senior Unsecur
Long-Term Debt - Senior Unsecured Notes Repurchases (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Debt Disclosure [Abstract] | |
Debt repurchased | $ 67.7 |
Aggregate payments | (36) |
Net discount on repurchased debt | (0.3) |
Accrued interest on repurchased debt | 0.6 |
Gain on extinguishment of debt | $ 32 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ (0.4) | $ (0.7) | $ (1.1) | $ (2) |
Deferred income tax benefit (expense) | (5.6) | (5.6) | 17.1 | (0.7) |
Income tax benefit (expense) | (6) | (6.3) | 16 | (2.7) |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected income tax benefit (expense) based on federal statutory rate | (3.6) | (3.8) | 60 | 37.4 |
State income tax benefit (expense), net of federal benefit | (0.6) | (0.7) | 6.4 | 3.6 |
Unit-based compensation | (1.6) | (1.3) | (6) | (1.3) |
Non-deductible expense related to goodwill impairment | 0 | 0 | (43.4) | (43.8) |
Other | (0.2) | (0.5) | (1) | 1.4 |
Income tax benefit (expense) | $ (6) | $ (6.3) | $ 16 | $ (2.7) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 51.6 | $ 32.2 |
Deferred tax liabilities | $ (446.4) | $ (354) |
Certain Provisions of the ENL_3
Certain Provisions of the ENLK Partnership Agreement - Narrative and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 13, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 |
Partnership agreement | |||||||||||
Distribution declared/unit (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.1875 | $ 0.283 | $ 0.283 | $ 0.279 | $ 0.275 | |||
Series B Preferred Unitholders | |||||||||||
Partnership agreement | |||||||||||
Distribution paid-in kind (in shares) | 150,119 | 149,745 | 149,371 | 148,999 | 148,627 | 148,257 | 147,887 | 425,785 | |||
Cash distributions | $ 16.9 | $ 16.8 | $ 16.8 | $ 16.8 | $ 17.1 | $ 17.1 | $ 16.7 | $ 16.5 | |||
Series B Preferred Unitholders | EnLink Midstream Partners, LP | |||||||||||
Partnership agreement | |||||||||||
Preferred units, issued (in shares) | 60,047,665 | 59,599,550 | 60,047,665 | ||||||||
Preferred units, outstanding (in shares) | 60,047,665 | 59,599,550 | 60,047,665 | ||||||||
Series C Preferred Unitholders | |||||||||||
Partnership agreement | |||||||||||
Distribution paid-in kind (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | |||||||
Series C Preferred Unitholders | EnLink Midstream Partners, LP | |||||||||||
Partnership agreement | |||||||||||
Preferred units, issued (in shares) | 400,000 | 400,000 | 400,000 | ||||||||
Preferred units, outstanding (in shares) | 400,000 | 400,000 | 400,000 | ||||||||
Common units | EnLink Midstream Partners, LP | |||||||||||
Partnership agreement | |||||||||||
Distribution declared/unit (in dollars per share) | $ 0.39 |
Members' Equity - Computation a
Members' Equity - Computation and Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 13, 2020 | Aug. 13, 2020 | May 13, 2020 | Nov. 13, 2019 | Aug. 13, 2019 | May 14, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 |
Distributed earnings allocated to: | ||||||||||||||||
Total distributed earnings | $ 46.6 | $ 139.6 | $ 139.9 | $ 389.8 | ||||||||||||
Undistributed loss allocated to: | ||||||||||||||||
Total undistributed loss | (34) | (127.8) | (410) | (570.4) | ||||||||||||
Net income (loss) allocated to: | ||||||||||||||||
Total net income (loss) | $ 12.6 | $ 11.8 | $ (270.1) | $ (180.6) | ||||||||||||
Basic and diluted net income (loss) per unit: | ||||||||||||||||
Basic (in dollars per share) | $ 0.03 | $ 0.02 | $ (0.55) | $ (0.40) | ||||||||||||
Diluted (in dollars per share) | 0.03 | 0.02 | $ (0.55) | $ (0.40) | ||||||||||||
Distribution declared/unit (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.1875 | $ 0.283 | $ 0.283 | $ 0.279 | $ 0.275 | ||||||||
Distribution paid per unit (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.283 | $ 0.283 | $ 0.279 | |||||||||||
Subsequent Event | ||||||||||||||||
Basic and diluted net income (loss) per unit: | ||||||||||||||||
Distribution declared/unit (in dollars per share) | $ 0.09375 | |||||||||||||||
Distribution paid per unit (in dollars per share) | $ 0.09375 | |||||||||||||||
Unvested restricted units | ||||||||||||||||
Distributed earnings allocated to: | ||||||||||||||||
Total distributed earnings | $ 0.7 | $ 1.6 | $ 2.3 | $ 4.6 | ||||||||||||
Undistributed loss allocated to: | ||||||||||||||||
Total undistributed loss | (0.6) | (1.5) | (7) | (6.8) | ||||||||||||
Net income (loss) allocated to: | ||||||||||||||||
Total net income (loss) | 0.1 | 0.1 | (4.7) | (2.2) | ||||||||||||
Common units | ||||||||||||||||
Distributed earnings allocated to: | ||||||||||||||||
Total distributed earnings | 45.9 | 138 | 137.6 | 385.2 | ||||||||||||
Undistributed loss allocated to: | ||||||||||||||||
Total undistributed loss | (33.4) | (126.3) | (403) | (563.6) | ||||||||||||
Net income (loss) allocated to: | ||||||||||||||||
Total net income (loss) | $ 12.5 | $ 11.7 | $ (265.4) | $ (178.4) |
Members' Equity - Components to
Members' Equity - Components to Compute Basic and Diluted Earnings per Unit (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic weighted average units outstanding: | ||||
Weighted average basic and diluted common units outstanding (in shares) | 489.7 | 487.4 | 489.2 | 455.9 |
Diluted weighted average units outstanding: | ||||
Weighted average basic common units outstanding (in units) | 489.7 | 487.4 | 489.2 | 455.9 |
Dilutive effect of non-vested restricted units (in units) | 1.2 | 2 | 0 | 0 |
Total weighted average diluted common units outstanding (in units) | 490.9 | 489.4 | 489.2 | 455.9 |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Equity method investments | |||||
Distributions | $ 0 | $ 5.4 | $ 2 | $ 15.5 | |
Equity in income (loss) | (0.2) | 4 | 0.8 | 14 | |
Total investment in unconsolidated affiliates | $ 41.9 | $ 41.9 | $ 43.1 | ||
GCF | |||||
Equity method investments | |||||
Ownership interest | 38.75% | 38.75% | |||
Distributions | $ 0 | 5.1 | $ 1.6 | 14.7 | |
Equity in income (loss) | $ 0.4 | 4.4 | $ 2.5 | 15.3 | |
Cedar Cove JV | |||||
Equity method investments | |||||
Ownership interest | 30.00% | 30.00% | |||
Distributions | $ 0 | 0.3 | $ 0.4 | 0.8 | |
Equity in income (loss) | (0.6) | $ (0.4) | (1.7) | $ (1.3) | |
EnLink Midstream Partners, LP | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 41.9 | 41.9 | 43.1 | ||
EnLink Midstream Partners, LP | GCF | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 40.1 | 40.1 | 39.2 | ||
EnLink Midstream Partners, LP | Cedar Cove JV | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | $ 1.8 | $ 1.8 | $ 3.9 |
Employee Incentive Plans - Amou
Employee Incentive Plans - Amounts Recognized in Consolidated Financial Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allocation | ||||
Compensation expense | $ 8.4 | $ 12.1 | $ 24.6 | $ 31.2 |
Amount of related income tax benefit recognized in net income (loss) | 2 | 2.8 | 5.8 | 7.2 |
Restricted units | ||||
Allocation | ||||
Amount of related income tax benefit recognized in net income (loss) | (1.6) | (1.3) | (6) | (1.3) |
Cost of unit-based compensation charged to operating expense | ||||
Allocation | ||||
Compensation expense | 2 | 2.1 | 6.2 | 4.5 |
Cost of unit-based compensation charged to general and administrative expense | ||||
Allocation | ||||
Compensation expense | 6.4 | 10 | 18.4 | 26.7 |
Non-controlling interest in unit-based compensation | ||||
Allocation | ||||
Compensation expense | $ 0 | $ 0 | $ 0 | $ 0.5 |
Employee Incentive Plans - Rest
Employee Incentive Plans - Restricted and Performance Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||
Grant-Date Fair Value (in dollars per share) | $ 2.33 | $ 1.13 | $ 7.69 | |||||
Beginning TSR Price (in dollars per share) | $ 2.52 | $ 1.25 | $ 6.13 | |||||
Risk-free interest rate | 0.17% | 0.42% | 1.62% | |||||
Volatility factor | 67.00% | 51.00% | 37.00% | |||||
Unvested restricted units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Non-vested, beginning of period (in shares) | 4,063,605 | 4,063,605 | ||||||
Granted (in shares) | 1,144,842 | 4,873,848 | ||||||
Vested (in shares) | (2,839,869) | |||||||
Forfeited (in shares) | (661,623) | |||||||
Non-vested, end of period (in shares) | 5,435,961 | 5,435,961 | ||||||
Aggregate intrinsic value, end of period | $ 12.8 | $ 12.8 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Non-vested, beginning of period (in dollars per share) | $ 13.85 | $ 13.85 | ||||||
Granted (in dollars per share) | 5.42 | |||||||
Vested (in dollars per share) | 10.93 | |||||||
Forfeited (in dollars per share) | 8.28 | |||||||
Non-vested, end of period (in dollars per share) | $ 8.50 | $ 8.50 | ||||||
Incentive unit award vesting period | 3 years | |||||||
Fair value of units vested | $ 5.2 | |||||||
Units withheld for payroll taxes (in shares) | 1,009,546 | |||||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 23.3 | $ 23.3 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 7 months 6 days | |||||||
Unvested restricted units | ENLC | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Fair value of units vested | 6 | $ 5.8 | $ 31 | $ 18.9 | ||||
Aggregate intrinsic value of units vested | $ 1 | 3.1 | $ 11.9 | 16 | ||||
Performance units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Non-vested, beginning of period (in shares) | 1,317,856 | 1,317,856 | ||||||
Granted (in shares) | 1,361,986 | |||||||
Vested (in shares) | (181,647) | |||||||
Forfeited (in shares) | (166,211) | |||||||
Non-vested, end of period (in shares) | 2,331,984 | 2,331,984 | ||||||
Aggregate intrinsic value, end of period | $ 5.5 | $ 5.5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Non-vested, beginning of period (in dollars per share) | $ 14.22 | $ 14.22 | ||||||
Granted (in dollars per share) | 6.63 | |||||||
Vested (in dollars per share) | 30.31 | |||||||
Forfeited (in dollars per share) | 11.01 | |||||||
Non-vested, end of period (in dollars per share) | $ 8.76 | $ 8.76 | ||||||
Fair value of units vested | $ 0 | 6 | $ 5.5 | 7.9 | ||||
Units withheld for payroll taxes (in shares) | 69,052 | |||||||
Aggregate intrinsic value of units vested | 0 | $ 1.6 | $ 0.9 | $ 3.4 | ||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 12.3 | $ 12.3 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 6 months | |||||||
Performance units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Percent of units vesting | 0.00% | |||||||
Performance units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Percent of units vesting | 200.00% |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Apr. 30, 2019 | ||||||||
Derivatives | ||||||||||||||||
Derivative, notional amount | $ 850,000,000 | |||||||||||||||
Derivative, fixed interest rate | 2.28% | |||||||||||||||
Income tax (benefit) expense | $ 1,100,000 | [1] | $ 500,000 | $ (4,000,000) | $ (500,000) | $ (3,600,000) | $ (2,400,000) | $ (4,100,000) | ||||||||
(Loss) gain on designated cash flow hedge | 3,600,000 | [1],[2] | $ 1,500,000 | [3] | $ (13,100,000) | [4] | (1,300,000) | [1],[5] | $ (9,900,000) | [6] | (8,000,000) | [1] | (11,200,000) | [1] | ||
(Loss) gain on interest rate swaps | 4,600,000 | (100,000) | 9,600,000 | (400,000) | ||||||||||||
Interest expense expected to be reclassified out of accumulated other comprehensive income (loss) over the next twelve months | 18,600,000 | 18,600,000 | ||||||||||||||
Fair value of derivative liabilities—current | (33,100,000) | (33,100,000) | $ (14,400,000) | |||||||||||||
Fair value of derivative liabilities—long-term | (4,500,000) | (4,500,000) | (6,800,000) | |||||||||||||
Interest rate swaps | ||||||||||||||||
Derivatives | ||||||||||||||||
Change in fair value of derivatives | 4,700,000 | $ (1,800,000) | (10,400,000) | $ (15,300,000) | ||||||||||||
Fair value of derivative liabilities—current | (18,500,000) | (18,500,000) | (5,600,000) | |||||||||||||
Fair value of derivative liabilities—long-term | (4,500,000) | (4,500,000) | (6,800,000) | |||||||||||||
Net fair value of commodity swaps | $ (23,000,000) | $ (23,000,000) | $ (12,400,000) | |||||||||||||
[1] | Includes a tax expense of $1.1 million and a tax benefit of $2.4 million for the three and nine months ended September 30, 2020, respectively, and a tax benefit of $0.5 million and $4.1 million for the three and nine months ended September 30, 2019, respectively. | |||||||||||||||
[2] | Includes a tax expense of $1.1 million. | |||||||||||||||
[3] | Includes a tax expense of $0.5 million. | |||||||||||||||
[4] | Includes a tax benefit of $4.0 million. | |||||||||||||||
[5] | Includes a tax benefit of $0.5 million. | |||||||||||||||
[6] | Includes a tax benefit of $3.6 million. |
Derivatives - Components of Gai
Derivatives - Components of Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives | ||||
Gain (loss) on derivative activity | $ (5.1) | $ 7.5 | $ (8.3) | $ 16.2 |
EnLink Midstream Partners, LP | Commodity swaps | ||||
Derivatives | ||||
Change in fair value of derivatives | (2.2) | (0.5) | (8) | 4.7 |
Realized gain (loss) on derivatives | (2.9) | 8 | (0.3) | 11.5 |
Gain (loss) on derivative activity | $ (5.1) | $ 7.5 | $ (8.3) | $ 16.2 |
Derivatives - Fair Value of Ass
Derivatives - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives | ||
Fair value of derivative assets—current | $ 9.6 | $ 12.9 |
Fair value of derivative assets—long-term | 5.4 | 4.3 |
Fair value of derivative liabilities—current | (33.1) | (14.4) |
EnLink Midstream Partners, LP | ||
Derivatives | ||
Fair value of derivative assets—current | 9.6 | 12.9 |
Fair value of derivative assets—long-term | 5.4 | 4.3 |
Fair value of derivative liabilities—current | (14.6) | (8.8) |
Net fair value of commodity swaps | $ 0.4 | $ 8.4 |
Derivatives - Commodities (Deta
Derivatives - Commodities (Details) - EnLink Midstream Partners, LP gal in Millions, MMBbls in Millions, MMBTU in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)MMBTUgalMMBbls | Dec. 31, 2019USD ($) | |
Derivatives | ||
Net Fair Value | $ 0.4 | $ 8.4 |
Commodity | ||
Derivatives | ||
Net Fair Value | 0.4 | |
Maximum loss if counterparties fail to perform | 15 | |
Possible reduction in maximum loss if counterparties fail to perform | $ 9.1 | |
Commodity | NGL | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 161.6 | |
Net Fair Value | $ (8.5) | |
Commodity | NGL | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 1.9 | |
Net Fair Value | $ 0 | |
Commodity | Natural Gas | Short | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 18.1 | |
Net Fair Value | $ (2.3) | |
Commodity | Natural Gas | Long | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 11.3 | |
Net Fair Value | $ 0.5 | |
Commodity | Crude and condensate | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 9.5 | |
Net Fair Value | $ 8.5 | |
Commodity | Crude and condensate | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 0.6 | |
Net Fair Value | $ 2.2 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Interest rate swaps | ||
Fair Value | ||
Net Fair Value | $ (23) | $ (12.4) |
Level 2 | Interest rate swaps | Recurring | ||
Fair Value | ||
Net Fair Value | (23) | (12.4) |
Level 2 | Commodity swaps | Recurring | ||
Fair Value | ||
Net Fair Value | $ 0.4 | $ 8.4 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value | ||
Debt issuance costs | $ 26.4 | $ 29.8 |
Carrying Value | ||
Fair Value | ||
Long-term debt | 4,650 | 4,764.3 |
Fair Value | ||
Fair Value | ||
Long-term debt | $ 3,892.8 | $ 4,444.2 |
Segment Information - Financial
Segment Information - Financial Information and Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting | |||||
Revenue from contracts with customers | $ 933.6 | $ 1,400.5 | $ 2,837.8 | $ 4,881 | |
Cost of sales | (549.5) | (999.5) | (1,702.5) | (3,663) | |
Operating expenses | (94.3) | (119.2) | (283.1) | (351.6) | |
Gain (loss) on derivative activity | (5.1) | 7.5 | (8.3) | 16.2 | |
Segment profit (loss) | 284.7 | 289.3 | 843.9 | 882.6 | |
Depreciation and amortization | (160.3) | (157.3) | (481.3) | (463.1) | |
Impairments | 0 | 0 | (354.5) | (186.5) | |
Goodwill | 0 | 1,123.7 | 0 | 1,123.7 | $ 184.6 |
Capital expenditures | 43.2 | 196.5 | 227.2 | 619.1 | |
Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 254.7 | 539.4 | 831 | 2,024.3 | |
Cost of sales | (185.4) | (474.2) | (637.7) | (1,830.9) | |
Operating expenses | (22.9) | (28.9) | (71.1) | (85.1) | |
Gain (loss) on derivative activity | 0 | 0 | 0 | 0 | |
Segment profit (loss) | 46.4 | 36.3 | 122.2 | 108.3 | |
Depreciation and amortization | (31.9) | (31.6) | (92.1) | (89.6) | |
Impairments | (184.6) | 0 | |||
Goodwill | 184.6 | 184.6 | |||
Capital expenditures | 28.5 | 119.7 | 161.4 | 268 | |
Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 541.5 | 635 | 1,514.7 | 2,163.6 | |
Cost of sales | (441.4) | (529.6) | (1,213.6) | (1,844.1) | |
Operating expenses | (31.1) | (38.4) | (90.4) | (111.6) | |
Gain (loss) on derivative activity | 0 | 0 | 0 | 0 | |
Segment profit (loss) | 69 | 67 | 210.7 | 207.9 | |
Depreciation and amortization | (36.9) | (37.3) | (109.3) | (116) | |
Impairments | (169.9) | (186.5) | |||
Goodwill | 0 | 0 | |||
Capital expenditures | 8.5 | 21.5 | 39.3 | 82 | |
Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 228.9 | 283.2 | 628.7 | 902.1 | |
Cost of sales | (101) | (148.4) | (255.8) | (492) | |
Operating expenses | (20.1) | (25.7) | (62.4) | (77.2) | |
Gain (loss) on derivative activity | 0 | 0 | 0 | 0 | |
Segment profit (loss) | 107.8 | 109.1 | 310.5 | 332.9 | |
Depreciation and amortization | (53) | (51.1) | (163.7) | (144.8) | |
Impairments | 0 | 0 | |||
Goodwill | 813.4 | 813.4 | |||
Capital expenditures | 2.6 | 48.6 | 14.1 | 227.1 | |
North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 115 | 137 | 342.1 | 461.1 | |
Cost of sales | (28.2) | (41.4) | (74.1) | (166.1) | |
Operating expenses | (20.2) | (26.2) | (59.2) | (77.7) | |
Gain (loss) on derivative activity | 0 | 0 | 0 | 0 | |
Segment profit (loss) | 66.6 | 69.4 | 208.8 | 217.3 | |
Depreciation and amortization | (36.8) | (35.4) | (110.4) | (106.6) | |
Impairments | 0 | 0 | |||
Goodwill | 125.7 | 125.7 | |||
Capital expenditures | 3 | 5 | 10.7 | 36.3 | |
Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (206.5) | (194.1) | (478.7) | (670.1) | |
Cost of sales | 206.5 | 194.1 | 478.7 | 670.1 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Gain (loss) on derivative activity | (5.1) | 7.5 | (8.3) | 16.2 | |
Segment profit (loss) | (5.1) | 7.5 | (8.3) | 16.2 | |
Depreciation and amortization | (1.7) | (1.9) | (5.8) | (6.1) | |
Impairments | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Capital expenditures | 0.6 | 1.7 | 1.7 | 5.7 | |
Product sales | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 696.1 | 1,137.2 | 2,121.6 | 4,118.5 | |
Product sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 129.2 | 434 | 548.8 | 1,682.5 | |
Product sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 500.4 | 587.6 | 1,378.5 | 2,026.6 | |
Product sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 50.5 | 87.4 | 143.3 | 280.7 | |
Product sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 16 | 28.2 | 51 | 128.7 | |
Product sales | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, Natural gas sales | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 179 | 193.1 | 481.3 | 657.4 | |
Product sales, Natural gas sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 46.5 | 24.3 | 94 | 59.4 | |
Product sales, Natural gas sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 76.4 | 92 | 226.6 | 316.8 | |
Product sales, Natural gas sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 40.1 | 54.6 | 110 | 176.5 | |
Product sales, Natural gas sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 16 | 22.2 | 50.7 | 104.7 | |
Product sales, Natural gas sales | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, NGL sales | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 403.6 | 431.9 | 1,060.3 | 1,535.6 | |
Product sales, NGL sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.3 | 0.2 | 0.9 | |
Product sales, NGL sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 402.3 | 421 | 1,056.9 | 1,492.9 | |
Product sales, NGL sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 1.2 | 4.6 | 2.9 | 17.8 | |
Product sales, NGL sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 6 | 0.3 | 24 | |
Product sales, NGL sales | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, Crude oil and condensate sales | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 113.5 | 512.2 | 580 | 1,925.5 | |
Product sales, Crude oil and condensate sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 82.6 | 409.4 | 454.6 | 1,622.2 | |
Product sales, Crude oil and condensate sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 21.7 | 74.6 | 95 | 216.9 | |
Product sales, Crude oil and condensate sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 9.2 | 28.2 | 30.4 | 86.4 | |
Product sales, Crude oil and condensate sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, Crude oil and condensate sales | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales—related parties | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales—related parties | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 95.6 | 72 | 201.1 | 256.9 | |
Product sales—related parties | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.3 | 9.6 | 13.3 | 18.1 | |
Product sales—related parties | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 85.4 | 90.2 | 208.9 | 320.9 | |
Product sales—related parties | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 22.1 | 22.1 | 55.1 | 75.8 | |
Product sales—related parties | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (206.4) | (193.9) | (478.4) | (671.7) | |
Product sales, Natural gas sales—related parties | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | |||
Product sales, Natural gas sales—related parties | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (0.1) | 0.3 | |||
Product sales, Natural gas sales—related parties | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | |||
Product sales, Natural gas sales—related parties | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | |||
Product sales, Natural gas sales—related parties | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0.3 | |||
Product sales, Natural gas sales—related parties | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | (0.6) | |||
Product sales, NGL sales, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, NGL sales, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 95.6 | 69.3 | 201 | 242.9 | |
Product sales, NGL sales, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.3 | 7.9 | 13.3 | 16.4 | |
Product sales, NGL sales, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 85.4 | 90.2 | 209 | 320.9 | |
Product sales, NGL sales, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 21.4 | 21 | 52.5 | 71.7 | |
Product sales, NGL sales, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (205.7) | (188.4) | (475.8) | (651.9) | |
Product sales, Crude oil and condensate sales, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, Crude oil and condensate sales, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 2.8 | 0.1 | 13.7 | |
Product sales, Crude oil and condensate sales, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 1.7 | 0 | 1.7 | |
Product sales, Crude oil and condensate sales, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | (0.1) | 0 | |
Product sales, Crude oil and condensate sales, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.7 | 1.1 | 2.6 | 3.8 | |
Product sales, Crude oil and condensate sales, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (0.7) | (5.6) | (2.6) | (19.2) | |
Midstream services | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 237.5 | 263.3 | 716.2 | 762.5 | |
Midstream services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 29.9 | 33.4 | 81.1 | 84.9 | |
Midstream services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 37.8 | 37.8 | 122.9 | 122.2 | |
Midstream services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 92.9 | 105.4 | 276.2 | 298.8 | |
Midstream services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 76.9 | 86.7 | 236 | 256.6 | |
Midstream services | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Gathering and transportation | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 128.7 | 140.7 | 380.2 | 409.6 | |
Midstream services, Gathering and transportation | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 17.9 | 14.7 | 47.3 | 36.3 | |
Midstream services, Gathering and transportation | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 10.7 | 12.2 | 33.9 | 46.1 | |
Midstream services, Gathering and transportation | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 56.7 | 63.7 | 165.5 | 178.2 | |
Midstream services, Gathering and transportation | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 43.4 | 50.1 | 133.5 | 149 | |
Midstream services, Gathering and transportation | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Processing | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 74 | 81.1 | 220.9 | 238.1 | |
Midstream services, Processing | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 8 | 8.3 | 19.8 | 23.3 | |
Midstream services, Processing | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.3 | 0.8 | 1.6 | 2.5 | |
Midstream services, Processing | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 32.4 | 35.7 | 97.8 | 105.5 | |
Midstream services, Processing | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 33.3 | 36.3 | 101.7 | 106.8 | |
Midstream services, Processing | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, NGL services | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 14.2 | 11.2 | 52.5 | 32.9 | |
Midstream services, NGL services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, NGL services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 14.2 | 11.2 | 52.4 | 32.9 | |
Midstream services, NGL services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, NGL services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0.1 | 0 | |
Midstream services, NGL services | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 19.7 | 25.8 | 59.4 | 72.2 | |
Midstream services, Crude services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.8 | 6.4 | 13 | 16.9 | |
Midstream services, Crude services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 12.2 | 13.5 | 33.8 | 40.2 | |
Midstream services, Crude services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.7 | 5.9 | 12.6 | 15.1 | |
Midstream services, Crude services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Other services | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.9 | 4.5 | 3.2 | 9.7 | |
Midstream services, Other services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 4 | 1 | 8.4 | |
Midstream services, Other services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.4 | 0.1 | 1.2 | 0.5 | |
Midstream services, Other services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.3 | 0 | |
Midstream services, Other services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 0.3 | 0.7 | 0.8 | |
Midstream services, Other services | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services—related parties | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services—related parties | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services—related parties | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | (3.3) | |
Midstream services—related parties | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.2 | 0.3 | 1.7 | |
Midstream services—related parties | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services—related parties | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (0.1) | (0.2) | (0.3) | 1.6 | |
Midstream services, NGL services, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, NGL services, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, NGL services, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (3.3) | ||||
Midstream services, NGL services, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, NGL services, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, NGL services, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.3 | ||||
Midstream services, Crude services, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.2 | 0.3 | 1.7 | |
Midstream services, Crude services, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Midstream services, Crude services, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | $ (0.1) | $ (0.2) | $ (0.3) | $ (1.7) |
Segment Information - Reconcili
Segment Information - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Segment profit | $ 284.7 | $ 289.3 | $ 843.9 | $ 882.6 |
General and administrative expenses | (25.7) | (38.5) | (79.6) | (122.1) |
Gain (loss) on disposition of assets | 1.8 | 3 | (2.8) | 2.9 |
Depreciation and amortization | (160.3) | (157.3) | (481.3) | (463.1) |
Impairments | 0 | 0 | (354.5) | (186.5) |
Loss on secured term loan receivable | 0 | 0 | 0 | (52.9) |
Operating income (loss) | $ 100.5 | $ 96.5 | $ (74.3) | $ 60.9 |
Segment Information - Assets (D
Segment Information - Assets (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting | ||
Total identifiable assets | $ 8,667.2 | $ 9,335.8 |
Permian | ||
Segment Reporting | ||
Total identifiable assets | 2,245.3 | 2,465.7 |
North Texas | ||
Segment Reporting | ||
Total identifiable assets | 1,031.2 | 1,135.8 |
Oklahoma | ||
Segment Reporting | ||
Total identifiable assets | 2,889.1 | 3,035 |
Louisiana | ||
Segment Reporting | ||
Total identifiable assets | 2,278.9 | 2,562 |
Corporate | ||
Segment Reporting | ||
Total identifiable assets | $ 222.7 | $ 137.3 |
Other Information (Details)
Other Information (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Other current assets: | ||
Natural gas and NGLs inventory | $ 63.9 | $ 43.4 |
Prepaid expenses and other | 17.8 | 14.4 |
Other current assets | 81.7 | 57.8 |
Other current liabilities: | ||
Accrued interest | 66.7 | 37.1 |
Accrued wages and benefits, including taxes | 18.3 | 31.5 |
Accrued ad valorem taxes | 33.9 | 28.5 |
Capital expenditure accruals | 12.1 | 42.4 |
Retainage liability | 11.8 | 8.7 |
Short-term lease liability | 17.1 | 21.1 |
Suspense producer payments | 10.3 | 13.8 |
Operating expense accruals | 10.5 | 10.8 |
Other | 18.1 | 12.3 |
Other current liabilities | $ 198.8 | $ 206.2 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Oct. 22, 2020 | Oct. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Nov. 05, 2020 |
Subsequent Event [Line Items] | |||||||
Loss on disposition of property | $ (1,800,000) | $ (3,000,000) | $ 2,800,000 | $ (2,900,000) | |||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from sale of productive assets | $ 20,000,000 | ||||||
Loss on disposition of property | $ 8,000,000 | ||||||
Repurchase program, amount authorized | $ 100,000,000 | ||||||
Subsequent Event | Line of Credit | Asset-backed Securities | |||||||
Subsequent Event [Line Items] | |||||||
Accounts receivable securitization facility, term | 3 years | ||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||
Drawn fee percentage | 1.625% | ||||||
Accounts receivable securitization facility, outstanding amount | $ 225,000,000 | ||||||
Subsequent Event | Line of Credit | Asset-backed Securities | LIBOR | Minimum | |||||||
Subsequent Event [Line Items] | |||||||
Variable rate | 0.375% |
Uncategorized Items - enlc-2020
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |