Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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) | 488,622,133 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false | |
Entity Central Index Key | 0001592000 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 32.8 | $ 39.6 |
Accounts receivable: | ||
Trade, net of allowance for bad debt of $0.3 and $0.5, respectively | 55.3 | 80.6 |
Accrued revenue and other | 534.3 | 447.5 |
Fair value of derivative assets | 69.1 | 25 |
Other current assets | 116.6 | 58.7 |
Total current assets | 808.1 | 651.4 |
Property and equipment, net of accumulated depreciation of $4,096.8 and $3,863.0, respectively | 6,493.6 | 6,652.1 |
Intangible assets, net of accumulated amortization of $731.3 and $668.8, respectively | 1,120.2 | 1,125.4 |
Investment in unconsolidated affiliates | 30.7 | 41.6 |
Fair value of derivative assets | 2 | 4.9 |
Other assets, net | 111.9 | 75.5 |
Total assets | 8,566.5 | 8,550.9 |
Current liabilities: | ||
Accounts payable and drafts payable | 95.5 | 60.5 |
Accounts payable to related party | 1.4 | 1 |
Accrued gas, NGLs, condensate, and crude oil purchases | 415 | 290.5 |
Fair value of derivative liabilities | 107.6 | 37.1 |
Current maturities of long-term debt | 249.9 | 349.8 |
Other current liabilities | 170.1 | 149.1 |
Total current liabilities | 1,039.5 | 888 |
Long-term debt | 4,206.4 | 4,244 |
Asset retirement obligations | 14.6 | 14.2 |
Other long-term liabilities | 89.3 | 80.6 |
Deferred tax liability, net | 118.7 | 108.6 |
Fair value of derivative liabilities | 0 | 2.5 |
Members’ equity: | ||
Members’ equity (489,854,915 and 489,381,149 units issued and outstanding, respectively) | 1,390.1 | 1,508.8 |
Accumulated other comprehensive loss | (8) | (15.3) |
Non-controlling interest | 1,715.9 | 1,719.5 |
Total members’ equity | 3,098 | 3,213 |
Commitments and contingencies | ||
Total liabilities and members’ equity | $ 8,566.5 | $ 8,550.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Allowance for bad debt | $ 0.3 | $ 0.5 |
Property and equipment, accumulated depreciation | 4,096.8 | 3,863 |
Intangible assets, accumulated amortization | $ 731.3 | $ 668.8 |
Members’ equity: | ||
Common units issued (in shares) | 489,854,915 | 489,381,149 |
Common units outstanding (in shares) | 489,381,149 | 489,854,915 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenues: | |||||
Revenue from contracts with customers | $ 1,444.9 | $ 767.3 | $ 2,776.7 | $ 1,904.2 | |
Loss on derivative activity | (38.2) | (22.4) | (121.6) | (3.2) | |
Total revenues | 1,406.7 | 744.9 | 2,655.1 | 1,901 | |
Operating costs and expenses: | |||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | 1,055.1 | 397.7 | 1,989.8 | 1,153 |
Operating expenses | 96.8 | 88.1 | 153.1 | 188.8 | |
Depreciation and amortization | 151.9 | 158.2 | 302.9 | 321 | |
Impairments | 0 | 1.5 | 0 | 354.5 | |
(Gain) loss on disposition of assets | (0.3) | 5.2 | (0.3) | 4.6 | |
General and administrative | 26.1 | 23.5 | 52.1 | 53.9 | |
Total operating costs and expenses | 1,329.6 | 674.2 | 2,497.6 | 2,075.8 | |
Operating income (loss) | 77.1 | 70.7 | 157.5 | (174.8) | |
Other income (expense): | |||||
Interest expense, net of interest income | (60) | (55.2) | (120) | (110.8) | |
Gain on extinguishment of debt | 0 | 26.7 | 0 | 32 | |
Income (loss) from unconsolidated affiliates | (1.3) | (0.7) | (7.6) | 1 | |
Other income | 0.2 | 0 | 0.1 | 0 | |
Total other expense | (61.1) | (29.2) | (127.5) | (77.8) | |
Income (loss) before non-controlling interest and income taxes | 16 | 41.5 | 30 | (252.6) | |
Income tax benefit (expense) | (6.6) | (11.7) | (8) | 22 | |
Net income (loss) | 9.4 | 29.8 | 22 | (230.6) | |
Net income attributable to non-controlling interest | 31 | 25.7 | 56.3 | 52.1 | |
Net income (loss) attributable to ENLC | $ (21.6) | $ 4.1 | $ (34.3) | $ (282.7) | |
Net income (loss) attributable to ENLC per unit: | |||||
Basic common unit (in dollars per share) | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.58) | |
Diluted common unit (in dollars per share) | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.58) | |
Product sales | |||||
Revenues: | |||||
Revenue from contracts with customers | $ 1,235.6 | $ 532.6 | $ 2,358.5 | $ 1,425.5 | |
Midstream services | |||||
Revenues: | |||||
Revenue from contracts with customers | $ 209.3 | $ 234.7 | $ 418.2 | $ 478.7 | |
[1] | Includes related party cost of sales of $3.6 million and $1.3 million for the three months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.1 million and $156.1 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
[2] | Includes related party cost of sales of $6.8 million and $4.2 million for the six months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $299.1 million and $316.9 million for the six months ended June 30, 2021 and 2020, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Related party cost of sales | $ 3.6 | $ 1.3 | $ 6.8 | $ 4.2 |
Depreciation and amortization | 151.9 | 158.2 | 302.9 | 321 |
Operating Segments | ||||
Depreciation and amortization | $ 150.1 | $ 156.1 | $ 299.1 | $ 316.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 9.4 | $ 29.8 | $ 22 | $ (230.6) | |||
Unrealized gain (loss) on designated cash flow hedge | [1] | 3.7 | [2] | 1.5 | [3] | 7.3 | (11.6) |
Comprehensive income (loss) | 13.1 | 31.3 | 29.3 | (242.2) | |||
Comprehensive income attributable to non-controlling interest | 31 | 25.7 | 56.3 | 52.1 | |||
Comprehensive income (loss) attributable to ENLC | $ (17.9) | $ 5.6 | $ (27) | $ (294.3) | |||
[1] | Includes a tax expense of $1.1 million and a tax expense of $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and a tax expense of $2.2 million and a tax benefit of $3.5 million for the six months ended June 30, 2021 and 2020, respectively. | ||||||
[2] | Includes a tax expense of $1.1 million. | ||||||
[3] | Includes a tax expense of $0.5 million. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||||||
Income tax expense (benefit) | $ 1.1 | [1] | $ 1.1 | $ 0.5 | $ (4) | $ 2.2 | $ (3.5) |
[1] | Includes a tax expense of $1.1 million and a tax expense of $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and a tax expense of $2.2 million and a tax benefit of $3.5 million for the six months ended June 30, 2021 and 2020, respectively. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Members' Equity - USD ($) $ in Millions | Total | Common Units | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Redeemable Non-Controlling Interest (Temporary Equity) | ||
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 | 487,800,000 | ||||||
Increase (Decrease) in Members' Equity | |||||||
Conversion of restricted units for common units, net of units withheld for taxes | (4) | $ (4) | 0 | ||||
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 | 0 | ||||
Contributions from non-controlling interests | 37.1 | 37.1 | |||||
Distributions | (117.7) | (93.3) | (24.4) | $ (0.3) | |||
Unrealized gain (loss) on designated cash flow hedge | [1] | (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 | 0 | |||
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) | |||
Fair value adjustment related to redeemable non-controlling interest | 0.7 | 0.7 | (0.9) | ||||
Redemption of non-controlling interest | (4) | ||||||
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 | 487,800,000 | ||||||
Increase (Decrease) in Members' Equity | |||||||
Unrealized gain (loss) on designated cash flow hedge | [2] | (11.6) | |||||
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 Dec. 31, 2019 | 5.2 | ||||||
Redeemable noncontrolling interest, ending balance at Jun. 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) | 0 | ||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 400,000 | ||||||
Unit-based compensation | 6.8 | $ 6.8 | 0 | ||||
Contributions from non-controlling interests | 13.2 | 13.2 | |||||
Distributions | (82.4) | (46.5) | (35.9) | ||||
Unrealized gain (loss) on designated cash flow hedge | [3] | 1.5 | [2] | 1.5 | |||
Net income (loss) | 29.8 | 4.1 | 25.7 | 0 | |||
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) | ||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2020 | 0 | ||||||
Member equity, beginning balance at Dec. 31, 2020 | $ 3,213 | $ 1,508.8 | (15.3) | 1,719.5 | |||
Units outstanding, beginning balance (in shares) at Dec. 31, 2020 | 489,381,149 | 489,400,000 | |||||
Increase (Decrease) in Members' Equity | |||||||
Conversion of restricted units for common units, net of units withheld for taxes | $ (1.2) | $ (1.2) | |||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 700,000 | ||||||
Unit-based compensation | 6.5 | $ 6.5 | |||||
Contributions from non-controlling interests | 0.9 | 0.9 | |||||
Distributions | (72.9) | (47.1) | (25.8) | (0.2) | |||
Unrealized gain (loss) on designated cash flow hedge | [4] | 3.6 | 3.6 | ||||
Fair value adjustment related to redeemable non-controlling interest | (0.1) | (0.1) | 0.2 | ||||
Net income (loss) | 12.6 | (12.7) | 25.3 | ||||
Member equity, end balance at Mar. 31, 2021 | 3,162.4 | $ 1,454.2 | (11.7) | 1,719.9 | |||
Units outstanding, end balance (in shares) at Mar. 31, 2021 | 490,100,000 | ||||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 | 0 | ||||||
Increase (Decrease) in Temporary Equity | |||||||
Distributions | (72.9) | $ (47.1) | (25.8) | (0.2) | |||
Fair value adjustment related to redeemable non-controlling interest | (0.1) | (0.1) | 0.2 | ||||
Redeemable noncontrolling interest, ending balance at Mar. 31, 2021 | 0 | ||||||
Member equity, beginning balance at Dec. 31, 2020 | $ 3,213 | $ 1,508.8 | (15.3) | 1,719.5 | |||
Units outstanding, beginning balance (in shares) at Dec. 31, 2020 | 489,381,149 | 489,400,000 | |||||
Increase (Decrease) in Members' Equity | |||||||
Unrealized gain (loss) on designated cash flow hedge | [2] | $ 7.3 | |||||
Common units repurchased (in shares) | (317,751) | ||||||
Member equity, end balance at Jun. 30, 2021 | $ 3,098 | $ 1,390.1 | (8) | 1,715.9 | |||
Units outstanding, end balance (in shares) at Jun. 30, 2021 | 489,854,915 | 489,900,000 | |||||
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 | 0 | ||||||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2021 | 0 | ||||||
Member equity, beginning balance at Mar. 31, 2021 | $ 3,162.4 | $ 1,454.2 | (11.7) | 1,719.9 | |||
Units outstanding, beginning balance (in shares) at Mar. 31, 2021 | 490,100,000 | ||||||
Increase (Decrease) in Members' Equity | |||||||
Conversion of restricted units for common units, net of units withheld for taxes | (0.2) | $ (0.2) | |||||
Conversion of restricted units for common units, net of units withheld for taxes (in shares) | 100,000 | ||||||
Unit-based compensation | 6.4 | $ 6.4 | |||||
Contributions from non-controlling interests | 1 | 1 | |||||
Distributions | (82.7) | (46.7) | (36) | 0 | |||
Unrealized gain (loss) on designated cash flow hedge | [5] | 3.7 | [2] | 3.7 | |||
Common units repurchased | $ (2) | $ (2) | |||||
Common units repurchased (in shares) | (317,751) | (300,000) | |||||
Net income (loss) | $ 9.4 | $ (21.6) | 31 | ||||
Member equity, end balance at Jun. 30, 2021 | $ 3,098 | $ 1,390.1 | $ (8) | 1,715.9 | |||
Units outstanding, end balance (in shares) at Jun. 30, 2021 | 489,854,915 | 489,900,000 | |||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2021 | 0 | ||||||
Increase (Decrease) in Temporary Equity | |||||||
Distributions | $ (82.7) | $ (46.7) | $ (36) | 0 | |||
Redeemable noncontrolling interest, ending balance at Jun. 30, 2021 | $ 0 | ||||||
[1] | Includes a tax benefit of $4.0 million. | ||||||
[2] | Includes a tax expense of $1.1 million and a tax expense of $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and a tax expense of $2.2 million and a tax benefit of $3.5 million for the six months ended June 30, 2021 and 2020, respectively. | ||||||
[3] | Includes a tax expense of $0.5 million. | ||||||
[4] | Includes a tax expense of $1.1 million. | ||||||
[5] | 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 | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Statement of Stockholders' Equity [Abstract] | |||||||
Income tax (benefit) expense | $ 1.1 | [1] | $ 1.1 | $ 0.5 | $ (4) | $ 2.2 | $ (3.5) |
[1] | Includes a tax expense of $1.1 million and a tax expense of $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and a tax expense of $2.2 million and a tax benefit of $3.5 million for the six months ended June 30, 2021 and 2020, respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 22 | $ (230.6) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Impairments | 0 | 354.5 |
Depreciation and amortization | 302.9 | 321 |
Utility credits | (43.8) | 0 |
Deferred income tax (benefit) expense | 7.9 | (22.7) |
Non-cash unit-based compensation | 12.9 | 16.2 |
Amortization of designated cash flow hedge | 6 | 0 |
Payments to terminate interest rate swaps | (1.3) | 0 |
Non-cash loss on derivatives recognized in net income (loss) | 34.2 | 6 |
Gain on extinguishment of debt | 0 | (32) |
Amortization of debt issue costs, net discount (premium) of notes | 2.5 | 2.2 |
Distribution of earnings from unconsolidated affiliates | 0 | 1.2 |
(Income) loss from unconsolidated affiliates | 7.6 | (1) |
Other operating activities | (2.8) | 4.1 |
Changes in assets and liabilities: | ||
Accounts receivable, accrued revenue, and other | (61.4) | 109.8 |
Natural gas and NGLs inventory, prepaid expenses, and other | (47.8) | 9.3 |
Accounts payable, accrued product purchases, and other accrued liabilities | 163.3 | (221.2) |
Net cash provided by operating activities | 402.2 | 316.8 |
Cash flows from investing activities: | ||
Additions to property and equipment | (62.5) | (203.6) |
Acquisitions | (55) | 0 |
Distribution from unconsolidated affiliates in excess of earnings | 3.7 | 0.8 |
Other investing activities | 1.6 | 0.8 |
Net cash used in investing activities | (112.2) | (202) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 539.5 | 490 |
Payments on borrowings | (679.5) | (476) |
Conversion of restricted units, net of units withheld for taxes | (1.4) | (4.3) |
Distribution to members | (93.8) | (139.8) |
Distributions to non-controlling interests | (62) | (60.6) |
Contributions by non-controlling interests | 1.9 | 50.3 |
Common unit repurchases | (2) | 0 |
Other financing activities | 0.5 | 0.2 |
Net cash used in financing activities | (296.8) | (140.2) |
Net decrease in cash and cash equivalents | (6.8) | (25.4) |
Cash and cash equivalents, beginning of period | 39.6 | 77.4 |
Cash and cash equivalents, end of period | 32.8 | 52 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 97.1 | 106.6 |
Cash paid (refunded) for income taxes | 0.2 | (1) |
Non-cash investing activities: | ||
Non-cash accrual of property and equipment | 6.9 | (19.6) |
Non-cash acquisitions | 16.5 | 0 |
Right-of-use assets obtained in exchange for operating lease liabilities | 10.7 | 4.8 |
Non-cash financing activities: | ||
Fair value adjustment related to redeemable non-controlling interest | $ 0 | $ (4) |
General
General | 6 Months Ended |
Jun. 30, 2021 | |
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, including the Operating Partnership. 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 ENLK’s common units and also owns all of the membership interests of the 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 midstream energy asset network includes approximately 12,000 miles of pipelines, 23 natural gas processing plants with approximately 5.5 Bcf/d of processing capacity, seven fractionators with approximately 290,000 Bbls/d of fractionation capacity, barge and rail terminals, product storage facilities, purchasing and marketing capabilities, brine disposal wells, a crude oil trucking fleet, and equity investments in certain joint ventures. Our operations are based in the United States, and our sales are derived primarily from domestic customers. 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. COVID-19 Update On March 11, 2020, the World Health Organization declared the ongoing coronavirus (COVID-19) outbreak a pandemic and recommended containment and mitigation measures worldwide. There is considerable uncertainty regarding how long the COVID-19 pandemic will persist and affect economic conditions and the extent and duration of changes in consumer behavior. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020. 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 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. 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. 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 six months ended June 30, 2021, we had contractual commitments of $10.9 million and $24.4 million under our MVC contracts, respectively, and recorded $0.3 million of revenue due to volume shortfalls for the six months ended June 30, 2021. No revenue due to volume shortfalls was recorded for the three months ended June 30, 2021. MVC and Firm Transportation Commitments (in millions) (1) 2021 (remaining) $ 75.1 2022 134.1 2023 121.6 2024 105.8 2025 62.2 Thereafter 342.1 Total $ 840.9 ____________________________ (1) Amounts do not represent expected shortfall under these commitments. c. Acquisition of Business On April 30, 2021, we completed the acquisition of Amarillo Rattler, LLC, the owner of a gathering and processing system located in the Midland Basin. In connection with the purchase, we entered into an amended and restated gas gathering and processing agreement with Diamondback Energy, strengthening our dedicated acreage position with Diamondback Energy. We acquired the system with an upfront payment of $50.0 million, which was paid with cash-on-hand, with an additional $10 million to be paid on April 30, 2022, and contingent consideration capped at $15 million based on Diamondback Energy’s drilling activity above historical levels. Under the acquisition method of accounting, the acquired assets of Amarillo Rattler, LLC have been recorded at their respective fair values as of the date of the acquisition. We have prepared a preliminary purchase price allocation, which is subject to change upon finalization. Determining the fair value of the assets of Amarillo Ratter, LLC requires judgment and certain assumptions to be made, particularly related to the valuation of acquired customer relationships. The inputs and assumptions related to the customer relationships are categorized as level 3 in the fair value hierarchy. On a historical pro forma basis, our consolidated revenues, net income (loss), total assets, and earnings per unit amounts would not have differed materially had the acquisition been completed on January 1, 2021 rather than April 30, 2021. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (3) Intangible 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 ranged from 10 to 20 years at the time the intangible assets were originally recorded. The following table represents our change in carrying value of intangible assets (in millions): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Six Months Ended June 30, 2021 Customer relationships, beginning of period $ 1,794.2 $ (668.8) $ 1,125.4 Customer relationships obtained from acquisition of business 57.3 — 57.3 Amortization expense — (62.5) (62.5) Customer relationships, end of period $ 1,851.5 $ (731.3) $ 1,120.2 The weighted average amortization period for intangible assets is 14.9 years. Amortization expense was $31.6 million and $30.9 million for the three months ended June 30, 2021 and 2020, respectively, and $62.5 million and $61.8 million for the six months ended June 30, 2021 and 2020, respectively. The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions): 2021 (remaining) $ 64.1 2022 128.2 2023 128.2 2024 128.2 2025 110.8 Thereafter 560.7 Total $ 1,120.2 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions Transactions with Cedar Cove JV. For the three and six months ended June 30, 2021, we recorded cost of sales of $3.6 million and $6.8 million, respectively, and for the three and six months ended June 30, 2020, we recorded costs of sales of $1.3 million and $4.2 million, respectively, related to our purchase of residue gas and NGLs from the Cedar Cove JV subsequent to processing at our Central Oklahoma processing facilities. Additionally, we had accounts payable balances related to transactions with the Cedar Cove JV of $1.4 million and $1.0 million at June 30, 2021 and December 31, 2020, respectively. Transactions with GIP . For the three and six months ended June 30, 2021, we recorded general and administrative expenses of $0.1 million and $0.2 million, respectively, related to personnel secondment services provided by GIP. We did not record any expenses related to transactions with GIP for the three and six months ended June 30, 2020. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt As of June 30, 2021 and December 31, 2020, long-term debt consisted of the following (in millions): June 30, 2021 December 31, 2020 Outstanding Principal Premium (Discount) Long-Term Debt Outstanding Principal Premium (Discount) Long-Term Debt Term Loan due 2021 (1) $ 250.0 $ — $ 250.0 $ 350.0 $ — $ 350.0 AR Facility due 2023 (2) 210.0 — 210.0 250.0 — 250.0 Consolidated Credit Facility due 2024 — — — — — — ENLK’s 4.40% Senior unsecured notes due 2024 521.8 0.9 522.7 521.8 1.1 522.9 ENLK’s 4.15% Senior unsecured notes due 2025 720.8 (0.5) 720.3 720.8 (0.6) 720.2 ENLK’s 4.85% Senior unsecured notes due 2026 491.0 (0.3) 490.7 491.0 (0.4) 490.6 ENLC's 5.625% Senior unsecured notes due 2028 500.0 — 500.0 500.0 — 500.0 ENLC’s 5.375% Senior unsecured notes due 2029 498.7 — 498.7 498.7 — 498.7 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 (5.6) 444.4 450.0 (5.7) 444.3 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 $ 4,492.3 $ (5.8) 4,486.5 $ 4,632.3 $ (5.9) 4,626.4 Debt issuance cost (3) (30.2) (32.6) Less: Current maturities of long-term debt (1) (249.9) (349.8) Long-term debt, net of unamortized issuance cost $ 4,206.4 $ 4,244.0 ____________________________ (1) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.6% and 1.7% at June 30, 2021 and December 31, 2020, respectively. The Term Loan will mature on December 10, 2021. Therefore, the outstanding principal balance, net of discount and debt issuance costs, is classified as “Current maturities of long-term debt” on the consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. (2) Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.3% and 2.0% at June 30, 2021 and December 31, 2020, respectively. (3) Net of amortization of $16.4 million and $14.1 million at June 30, 2021 and December 31, 2020, respectively. 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. In May 2021, we repaid $100.0 million of the borrowings under the Term Loan due December 2021. The outstanding balance of the Term Loan was $250.0 million as of June 30, 2021. The obligations under the Term Loan are unsecured. Under the terms of the Term Loan, if we consummate one or more acquisitions in which the aggregate purchase price is $50.0 million or more, we 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. In April 2021, we completed the acquisition of Amarillo Rattler, LLC with an aggregate purchase price in excess of $50.0 million and elected to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 through its maturity date. At June 30, 2021, we were in compliance with and expect to be in compliance with the financial covenants of the Term Loan until the Term Loan matures on December 10, 2021. AR Facility On October 21, 2020, EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity that is an indirect subsidiary of ENLC (the “SPV”) entered into the AR Facility to borrow up to $250.0 million. In connection with the AR Facility, certain subsidiaries of ENLC have sold and contributed, and will continue to sell or contribute, their accounts receivable to the SPV to be held as collateral for borrowings under the AR Facility. The SPV’s assets are not available to satisfy the obligations of ENLC or any of its affiliates. On February 26, 2021, the SPV entered into an amendment to the AR Facility that, among other things: (i) increased the AR Facility limit and lender commitments by $50.0 million to $300.0 million, (ii) reduced the Adjusted LIBOR and LMIR (each as defined in the AR Facility) minimum floor to zero, rather than the previous 0.375%, and (iii) reduced the currently effective drawn fee to 1.25% rather than the previous 1.625%. Since our investment in the SPV is not sufficient to finance its activities without additional support from us, the SPV is a variable interest entity. We are the primary beneficiary of the SPV because we have the power to direct the activities that most significantly affect its economic performance and we are obligated to absorb its losses or receive its benefits from operations. Since we are the primary beneficiary of the SPV, we consolidate its assets and liabilities, which consist primarily of billed and unbilled accounts receivable of $566.9 million and long-term debt of $210.0 million as of June 30, 2021. The amount available for borrowings at any one time under the AR Facility is limited to a borrowing base amount calculated based on the outstanding balance of eligible receivables held as collateral, subject to certain reserves, concentration limits, and other limitations. As of June 30, 2021, the AR Facility had a borrowing base of $300.0 million. Borrowings under the AR Facility bear interest (based on LIBOR or LMIR (as defined in the AR Facility)) plus a drawn fee in the amount of 1.25% at June 30, 2021. The drawn fee varies based on ENLC’s credit rating, and the SPV also pays a fee on the undrawn committed amount of the AR Facility. Interest and fees payable by the SPV under the AR Facility are due monthly. The AR Facility 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 under the AR Facility must be 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 AR Facility become due and payable. The AR Facility includes covenants, indemnification provisions, and events of default, including those providing for termination of the AR Facility and the acceleration of amounts owed by the SPV under the AR Facility if, among other things, a borrowing base deficiency exists, there is an event of default under the Consolidated Credit Facility, the Term Loan or certain other indebtedness, certain events negatively affecting the overall credit quality of the receivables held as collateral occur, a change of control occurs, or if the consolidated leverage ratio of ENLC exceeds limits identical to those in the Consolidated Credit Facility and the Term Loan. At June 30, 2021, we were in compliance with and expect to be in compliance with the financial covenants of the AR Facility for at least the next twelve months. 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’s obligations under the Consolidated Credit Facility are accelerated due to a default, ENLK will be liable for the entire outstanding balance and 105% of the outstanding letters of credit under the Consolidated Credit Facility. There were no outstanding borrowings under the Consolidated Credit Facility and $40.7 million outstanding letters of credit as of June 30, 2021. Under the terms of the Consolidated Credit Facility, if we consummate one or more acquisitions in which the aggregate purchase price is $50.0 million or more, we 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. In April 2021, we completed the acquisition of Amarillo Rattler, LLC with an aggregate purchase price in excess of $50.0 million and elected to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 through the first quarter of 2022. At June 30, 2021, 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Current income tax expense $ — $ (0.4) $ (0.1) $ (0.7) Deferred income tax benefit (expense) (6.6) (11.3) (7.9) 22.7 Income tax benefit (expense) $ (6.6) $ (11.7) $ (8.0) $ 22.0 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 Six Months Ended 2021 2020 2021 2020 Expected income tax benefit (expense) based on federal statutory rate $ 3.8 $ (3.7) $ 6.2 $ 63.6 State income tax benefit (expense), net of federal benefit 0.6 (1.0) 0.8 7.0 Unit-based compensation (1) (0.4) (6.8) (2.9) (4.4) Non-deductible expense related to goodwill impairment — — — (43.4) Change in valuation allowance (1.0) — (2.2) — Oklahoma statutory rate change (2) (7.6) — (7.6) — Other (2.0) (0.2) (2.3) (0.8) Income tax benefit (expense) $ (6.6) $ (11.7) $ (8.0) $ 22.0 ____________________________ (1) Related to book-to-tax differences recorded upon the vesting of restricted incentive units. (2) Oklahoma House Bill 2960 resulted in a change in the corporate income tax rate from 6% to 4%, effective January 1, 2022. Accordingly, we recorded deferred tax expense in the amount of $7.6 million for the three and six months ended June 30, 2021 due to a remeasurement of deferred tax assets. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax liabilities, net of deferred tax assets, are included in “Deferred tax liability, net” in the consolidated balance sheets. As of June 30, 2021, we had $118.7 million of deferred tax liabilities, net of $439.6 million of deferred tax assets, which included a $155.5 million valuation allowance. As of December 31, 2020, we had $108.6 million of deferred tax liabilities, net of $396.0 million of deferred tax assets, which included a $153.3 million valuation allowance. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. We established a valuation allowance of $153.3 million as of December 31, 2020, primarily related to federal and state tax operating loss carryforwards for which we do not believe a tax benefit is more likely than not to be realized. For the three and six months ended June 30, 2021, we recorded a $1.0 million and $2.2 million valuation allowance adjustment, respectively. As of June 30, 2021, management believes it is more likely than not that the Company will realize the benefits of the deferred tax assets, net of valuation allowance. |
Certain Provisions of the ENLK
Certain Provisions of the ENLK Partnership Agreement | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, there were 60,499,149 and 60,197,784 Series B Preferred Units issued and outstanding, respectively. A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2021 and 2020 is provided below: Declaration period Distribution paid as additional Series B Preferred Units Cash Distribution (in millions) Date paid/payable 2021 Fourth Quarter of 2020 150,494 $ 16.9 February 12, 2021 First Quarter of 2021 150,871 $ 17.0 May 14, 2021 Second Quarter of 2021 151,248 $ 17.0 August 13, 2021 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 b. Series C Preferred Units As of June 30, 2021 and December 31, 2020, there were 400,000 Series C Preferred Units issued and outstanding, respectively. ENLK distributed $12.0 million to holders of Series C Preferred Units during the three and six months ended June 30, 2021 and 2020, respectively. |
Members' Equity
Members' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Members' Equity | (8) Members’ Equity a. Common Unit Repurchase Program In November 2020, the board of directors of the Managing Member authorized a common unit repurchase program for the repurchase of up to $100.0 million of outstanding ENLC common units and reauthorized such program in April 2021. 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. For the three and six months ended June 30, 2021, ENLC repurchased 317,751 outstanding ENLC common units for an aggregate cost, including commissions, of $2.0 million, or an average of $6.22 per common unit. b. 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 Six Months Ended 2021 2020 2021 2020 Distributed earnings allocated to: Common units (1) $ 46.0 $ 45.9 $ 91.9 $ 91.7 Unvested restricted units (1) 1.1 0.8 2.2 1.6 Total distributed earnings $ 47.1 $ 46.7 $ 94.1 $ 93.3 Undistributed loss allocated to: Common units $ (67.1) $ (42.2) $ (125.4) $ (369.6) Unvested restricted units (1.6) (0.4) (3.0) (6.4) Total undistributed loss $ (68.7) $ (42.6) $ (128.4) $ (376.0) Net income (loss) attributable to ENLC allocated to: Common units $ (21.1) $ 3.7 $ (33.5) $ (277.9) Unvested restricted units (0.5) 0.4 (0.8) (4.8) Total net income (loss) attributable to ENLC $ (21.6) $ 4.1 $ (34.3) $ (282.7) Basic and diluted total net income (loss) attributable to ENLC per unit: Basic $ (0.04) $ 0.01 $ (0.07) $ (0.58) Diluted $ (0.04) $ 0.01 $ (0.07) $ (0.58) ____________________________ (1) Represents distribution activity consistent with the distribution activity described in “ Distributions ” below. 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 Six Months Ended 2021 2020 2021 2020 Basic weighted average units outstanding: Weighted average common units outstanding 490.0 489.3 490.0 489.0 Diluted weighted average units outstanding: Weighted average basic common units outstanding 490.0 489.3 490.0 489.0 Dilutive effect of non-vested restricted units (1) — 1.1 — — Total weighted average diluted common units outstanding 490.0 490.4 490.0 489.0 ____________________________ (1) All common unit equivalents were antidilutive for the three and six months ended June 30, 2021 and the six months ended June 30, 2020 since a net loss existed for those periods. All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented. c. Distributions A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2021 and 2020, respectively, is provided below: Declaration period Distribution/unit Date paid/payable 2021 Fourth Quarter of 2020 $ 0.09375 February 12, 2021 First Quarter of 2021 $ 0.09375 May 14, 2021 Second Quarter of 2021 $ 0.09375 August 13, 2021 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 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliates | (9) Investment in Unconsolidated Affiliates As of June 30, 2021, 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 Six Months Ended 2021 2020 2021 2020 GCF Distributions $ — $ — $ 3.5 $ 1.6 Equity in income (loss) $ (0.7) $ 0.3 $ (6.4) $ 2.1 Cedar Cove JV Distributions $ 0.1 $ 0.2 $ 0.2 $ 0.4 Equity in loss $ (0.6) $ (1.0) $ (1.2) $ (1.1) Total Distributions $ 0.1 $ 0.2 $ 3.7 $ 2.0 Equity in income (loss) $ (1.3) $ (0.7) $ (7.6) $ 1.0 The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2021 and December 31, 2020 (in millions): June 30, 2021 December 31, 2020 GCF $ 30.7 $ 40.6 Cedar Cove JV (1) (0.4) 1.0 Total investment in unconsolidated affiliates $ 30.3 $ 41.6 ____________________________ |
Employee Incentive Plans
Employee Incentive Plans | 6 Months Ended |
Jun. 30, 2021 | |
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, Compensation—Stock Compensation , 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 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 Six Months Ended 2021 2020 2021 2020 Cost of unit-based compensation charged to operating expense $ 1.7 $ 2.0 $ 3.4 $ 4.2 Cost of unit-based compensation charged to general and administrative expense 4.7 5.4 9.5 12.0 Total unit-based compensation expense $ 6.4 $ 7.4 $ 12.9 $ 16.2 Amount of related income tax benefit recognized in net income (loss) (1) $ 1.5 $ 1.7 $ 3.0 $ 3.8 ____________________________ (1) For the three and six months ended June 30, 2021, the amount of related income tax benefit recognized in net income excluded $0.4 million and $2.9 million of income tax expense, respectively, related to book-to-tax differences recorded upon the vesting of restricted units. For the three and six months ended June 30, 2020, the amount of related income tax benefit recognized in net income (loss) excluded $6.8 million and $4.4 million of income tax expense, respectively, related to book-to-tax differences recorded upon the 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 six months ended June 30, 2021 is provided below: Six Months Ended ENLC Restricted Incentive Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 5,350,086 $ 8.45 Granted (1) 3,782,744 3.76 Vested (1)(2) (970,835) 12.86 Forfeited (335,539) 6.19 Non-vested, end of period 7,826,456 $ 5.73 Aggregate intrinsic value, end of period (in millions) $ 50.0 ____________________________ (1) Restricted incentive units typically vest at the end of three years. (2) Vested units included 279,970 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 six months ended June 30, 2021 and 2020 is provided below (in millions): Three Months Ended Six Months Ended ENLC Restricted Incentive Units: 2021 2020 2021 2020 Aggregate intrinsic value of units vested $ 0.9 $ 0.8 $ 3.9 $ 10.9 Fair value of units vested $ 2.3 $ 6.1 $ 12.5 $ 25.0 As of June 30, 2021, there were $22.4 million of unrecognized compensation costs that related to non-vested ENLC restricted incentive units. These costs are expected to be recognized over a weighted-average period of 1.8 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: Six Months Ended ENLC Performance Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 2,351,241 $ 8.82 Granted 1,388,139 4.70 Vested (1) (164,553) 26.73 Non-vested, end of period 3,574,827 $ 6.40 Aggregate intrinsic value, end of period (in millions) $ 22.8 ____________________________ (1) Vested units included 63,901 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 six months ended June 30, 2021 and 2020 is provided below (in millions). Three Months Ended Six Months Ended ENLC Performance Units: 2021 2020 2021 2020 Aggregate intrinsic value of units vested $ — $ — $ 0.6 $ 0.9 Fair value of units vested $ — $ 0.5 $ 4.4 $ 5.5 As of June 30, 2021, there were $12.6 million of unrecognized compensation costs that related to non-vested ENLC performance units. These costs are expected to be recognized over a weighted-average period of 1.6 years. The following table presents a summary of the grant-date fair value assumptions by performance unit grant date: ENLC Performance Units: January 2021 July 2020 March 2020 January 2020 Grant-Date Fair Value $ 4.70 $ 2.33 $ 1.13 $ 7.69 Beginning TSR price $ 3.71 $ 2.52 $ 1.25 $ 6.13 Risk-free interest rate 0.17 % 0.17 % 0.42 % 1.62 % Volatility factor 71.00 % 67.00 % 51.00 % 37.00 % |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | (11) Derivatives Interest Rate Swaps In April 2019, we entered into $850.0 million of interest rate swaps 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. In connection with the partial repayments of the Term Loan in May 2021 and December 2020, we paid $1.3 million to terminate $100.0 million of the interest rate swaps and $10.9 million to terminate $500.0 million of the interest rate swaps, respectively, for an aggregate termination of $600.0 million of the $850.0 million interest rate swaps and settled $1.3 million and $10.9 million, respectively, for an aggregate $12.2 million of the outstanding derivative liability. The unrealized loss remains in accumulated other comprehensive income (loss) and will amortize into “Interest expense” on the consolidated statements of operations until the original maturity date of the Term Loan. For the three and six months ended June 30, 2021, we amortized $3.1 million and $6.0 million, respectively, into interest expense out of accumulated other comprehensive income (loss) related to the termination of the interest rate swaps. The remaining $250.0 million interest rate swaps were re-designated as a cash flow hedge on LIBOR-based borrowings and continue to be effective. The components of the unrealized 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 Six Months Ended 2021 2020 2021 2020 Change in fair value of interest rate swaps $ 4.8 $ 2.0 $ 9.5 $ (15.1) Tax benefit (expense) (1.1) (0.5) (2.2) 3.5 Unrealized gain (loss) on designated cash flow hedge $ 3.7 $ 1.5 $ 7.3 $ (11.6) The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payment, included in our consolidated statements of operations were as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest expense $ 4.8 $ 3.7 $ 9.6 $ 5.0 We expect to recognize an additional $8.7 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): June 30, 2021 December 31, 2020 Fair value of derivative liabilities—current $ (2.7) $ (7.6) Commodity Swaps The components of loss on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Change in fair value of derivatives $ (23.8) $ (18.8) $ (31.7) $ (5.8) Realized gain (loss) on derivatives (14.4) (3.6) (89.9) 2.6 Loss on derivative activity $ (38.2) $ (22.4) $ (121.6) $ (3.2) The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions): June 30, 2021 December 31, 2020 Fair value of derivative assets—current $ 69.1 $ 25.0 Fair value of derivative assets—long-term 2.0 4.9 Fair value of derivative liabilities—current (104.9) (29.5) Fair value of derivative liabilities—long-term — (2.5) Net fair value of commodity swaps $ (33.8) $ (2.1) 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 June 30, 2021 (in millions). The remaining term of the contracts extend no later than December 2022. June 30, 2021 Commodity Instruments Unit Volume Net Fair Value NGL (short contracts) Swaps Gallons (204.2) $ (49.6) NGL (long contracts) Swaps Gallons 17.0 1.5 Natural gas (short contracts) Swaps MMbtu (13.0) (6.6) Natural gas (long contracts) Swaps MMbtu 12.0 4.5 Crude and condensate (short contracts) Swaps MMbbls (8.5) (41.5) Crude and condensate (long contracts) Swaps MMbbls 3.9 57.9 Total fair value of commodity swaps $ (33.8) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Interest rate swaps (1) $ (2.7) $ (7.6) Commodity swaps (2) $ (33.8) $ (2.1) ____________________________ (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 Measurement . 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): June 30, 2021 December 31, 2020 Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 4,456.3 $ 4,457.7 $ 4,593.8 $ 4,318.2 ____________________________ (1) The carrying value of long-term debt includes current maturities and is reduced by debt issuance costs of $30.2 million and $32.6 million as of June 30, 2021 and December 31, 2020, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (13) Segment Information Starting in the first quarter of 2021, we began evaluating the financial performance of our segments by including realized and unrealized gains and losses resulting from commodity swaps activity in the Permian, Louisiana, Oklahoma, and North Texas segments. Commodity swaps activity was previously reported in the Corporate segment. We have recast segment information for all presented periods prior to the first quarter of 2021 to conform to current period presentation. 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; • Louisiana Segment. The Louisiana segment includes our natural gas and NGL pipelines, natural gas processing plants, natural gas and NGL storage facilities, and fractionation facilities 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, and our general corporate assets and expenses. We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. 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 June 30, 2021 Natural gas sales $ 97.4 $ 122.0 $ 45.6 $ 26.2 $ — $ 291.2 NGL sales 0.5 706.6 0.4 (0.1) — 707.4 Crude oil and condensate sales 170.4 50.9 15.7 — — 237.0 Product sales 268.3 879.5 61.7 26.1 — 1,235.6 NGL sales—related parties 195.5 30.2 137.1 94.3 (457.1) — Crude oil and condensate sales—related parties — — 0.1 2.1 (2.2) — Product sales—related parties 195.5 30.2 137.2 96.4 (459.3) — Gathering and transportation 11.8 16.4 45.9 38.2 — 112.3 Processing 6.0 0.5 28.1 27.0 — 61.6 NGL services — 17.1 — 0.1 — 17.2 Crude services 4.0 9.6 3.4 0.2 — 17.2 Other services 0.2 0.4 0.2 0.2 — 1.0 Midstream services 22.0 44.0 77.6 65.7 — 209.3 Revenue from contracts with customers 485.8 953.7 276.5 188.2 (459.3) 1,444.9 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (402.3) (838.9) (164.9) (108.3) 459.3 (1,055.1) Realized loss on derivatives (4.2) (6.4) (2.9) (0.9) — (14.4) Change in fair value of derivatives (7.9) (9.4) (5.3) (1.2) — (23.8) Adjusted gross margin 71.4 99.0 103.4 77.8 — 351.6 Operating expenses (27.4) (31.7) (17.8) (19.9) — (96.8) Segment profit 44.0 67.3 85.6 57.9 — 254.8 Depreciation and amortization (34.6) (36.1) (50.6) (28.8) (1.8) (151.9) Gain on disposition of assets — 0.2 — 0.1 — 0.3 General and administrative — — — — (26.1) (26.1) Interest expense, net of interest income — — — — (60.0) (60.0) Loss from unconsolidated affiliates — — — — (1.3) (1.3) Other income — — — — 0.2 0.2 Income (loss) before non-controlling interest and income taxes $ 9.4 $ 31.4 $ 35.0 $ 29.2 $ (89.0) $ 16.0 Capital expenditures $ 39.5 $ 2.2 $ 4.9 $ 1.9 $ 0.1 $ 48.6 ____________________________ (1) Includes related party cost of sales of $3.6 million for the three months ended June 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.1 million for the three months ended June 30, 2021. Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended June 30, 2020 Natural gas sales $ 32.4 $ 68.6 $ 28.8 $ 14.6 $ — $ 144.4 NGL sales (0.1) 280.9 0.5 — — 281.3 Crude oil and condensate sales 87.0 14.9 5.0 — — 106.9 Product sales 119.3 364.4 34.3 14.6 — 532.6 NGL sales—related parties 59.5 3.2 56.0 13.9 (132.5) 0.1 Crude oil and condensate sales—related parties — — 0.1 0.4 (0.6) (0.1) Product sales—related parties 59.5 3.2 56.1 14.3 (133.1) — Gathering and transportation 13.1 11.5 52.5 44.2 — 121.3 Processing 7.5 0.6 32.1 33.0 — 73.2 NGL services — 18.6 — 0.1 — 18.7 Crude services 5.0 11.0 4.6 — — 20.6 Other services 0.2 0.4 0.1 0.2 — 0.9 Midstream services 25.8 42.1 89.3 77.5 — 234.7 Crude services—related parties — — 0.1 — (0.1) — Midstream services—related parties — — 0.1 — (0.1) — Revenue from contracts with customers 204.6 409.7 179.8 106.4 (133.2) 767.3 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (138.4) (312.5) (61.1) (18.9) 133.2 (397.7) Realized gain (loss) on derivatives (1.1) (1.8) (0.8) 0.1 — (3.6) Change in fair value of derivatives (8.0) (4.1) (5.9) (0.8) — (18.8) Adjusted gross margin 57.1 91.3 112.0 86.8 — 347.2 Operating expenses (22.7) (27.5) (19.4) (18.5) — (88.1) Segment profit 34.4 63.8 92.6 68.3 — 259.1 Depreciation and amortization (31.0) (34.6) (54.1) (36.4) (2.1) (158.2) Impairments — (1.5) — — — (1.5) Gain (loss) on disposition of assets (5.3) 0.1 (0.1) 0.1 — (5.2) General and administrative — — — — (23.5) (23.5) Interest expense, net of interest income — — — — (55.2) (55.2) Gain on extinguishment of debt — — — — 26.7 26.7 Loss from unconsolidated affiliates — — — — (0.7) (0.7) Income (loss) before non-controlling interest and income taxes $ (1.9) $ 27.8 $ 38.4 $ 32.0 $ (54.8) $ 41.5 Capital expenditures $ 46.9 $ 15.6 $ 3.0 $ 3.0 $ 0.7 $ 69.2 ____________________________ (1) Includes related party cost of sales of $1.3 million for the three months ended June 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $156.1 million for the three months ended June 30, 2020. Permian Louisiana Oklahoma North Texas Corporate Totals Six Months Ended June 30, 2021 Natural gas sales $ 222.4 $ 243.2 $ 81.5 $ 77.2 $ — $ 624.3 NGL sales 0.5 1,332.6 1.0 1.1 — 1,335.2 Crude oil and condensate sales 277.7 92.0 29.3 — — 399.0 Product sales 500.6 1,667.8 111.8 78.3 — 2,358.5 NGL sales—related parties 360.4 53.8 250.2 175.2 (839.6) — Crude oil and condensate sales—related parties — — 0.1 3.6 (3.7) — Product sales—related parties 360.4 53.8 250.3 178.8 (843.3) — Gathering and transportation 21.5 32.2 97.2 78.6 — 229.5 Processing 14.2 1.0 44.0 54.1 — 113.3 NGL services — 39.1 — 0.2 — 39.3 Crude services 7.5 19.5 6.7 0.4 — 34.1 Other services 0.4 0.9 0.4 0.3 — 2.0 Midstream services 43.6 92.7 148.3 133.6 — 418.2 Crude services—related parties — — 0.1 — (0.1) — Other services—related parties — 2.3 — — (2.3) — Midstream services—related parties — 2.3 0.1 — (2.4) — Revenue from contracts with customers 904.6 1,816.6 510.5 390.7 (845.7) 2,776.7 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (727.9) (1,579.3) (315.9) (212.4) 845.7 (1,989.8) Realized loss on derivatives (61.1) (17.1) (8.9) (2.8) — (89.9) Change in fair value of derivatives (13.2) (9.8) (7.1) (1.6) — (31.7) Adjusted gross margin 102.4 210.4 178.6 173.9 — 665.3 Operating expenses (15.6) (60.9) (37.5) (39.1) — (153.1) Segment profit 86.8 149.5 141.1 134.8 — 512.2 Depreciation and amortization (68.1) (72.2) (101.3) (57.5) (3.8) (302.9) Gain on disposition of assets 0.1 0.1 — 0.1 — 0.3 General and administrative — — — — (52.1) (52.1) Interest expense, net of interest income — — — — (120.0) (120.0) Loss from unconsolidated affiliates — — — — (7.6) (7.6) Other income — — — — 0.1 0.1 Income (loss) before non-controlling interest and income taxes $ 18.8 $ 77.4 $ 39.8 $ 77.4 $ (183.4) $ 30.0 Capital expenditures $ 52.8 $ 5.0 $ 6.8 $ 4.3 $ 0.5 $ 69.4 ____________________________ (1) Includes related party cost of sales of $6.8 million for the six months ended June 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $299.1 million for the six months ended June 30, 2021. Permian Louisiana Oklahoma North Texas Corporate Totals Six Months Ended June 30, 2020 Natural gas sales $ 47.5 $ 150.2 $ 69.9 $ 34.7 $ — $ 302.3 NGL sales 0.1 654.6 1.7 0.3 — 656.7 Crude oil and condensate sales 372.0 73.3 21.2 — — 466.5 Product sales 419.6 878.1 92.8 35.0 — 1,425.5 NGL sales—related parties 105.4 10.0 123.6 31.1 (270.1) — Crude oil and condensate sales—related parties 0.1 — (0.1) 1.9 (1.9) — Product sales—related parties 105.5 10.0 123.5 33.0 (272.0) — Gathering and transportation 29.4 23.2 108.8 90.1 — 251.5 Processing 11.8 1.3 65.4 68.4 — 146.9 NGL services — 38.2 — 0.1 — 38.3 Crude services 9.2 21.6 8.9 — — 39.7 Other services 0.8 0.8 0.2 0.5 — 2.3 Midstream services 51.2 85.1 183.3 159.1 — 478.7 Crude services—related parties — — 0.2 — (0.2) — Midstream services—related parties — — 0.2 — (0.2) — Revenue from contracts with customers 576.3 973.2 399.8 227.1 (272.2) 1,904.2 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (452.3) (772.2) (154.8) (45.9) 272.2 (1,153.0) Realized gain (loss) on derivatives (0.2) 2.5 — 0.3 — 2.6 Change in fair value of derivatives 1.4 (5.1) (2.1) — — (5.8) Adjusted gross margin 125.2 198.4 242.9 181.5 — 748.0 Operating expenses (48.2) (59.3) (42.3) (39.0) — (188.8) Segment profit 77.0 139.1 200.6 142.5 — 559.2 Depreciation and amortization (60.2) (72.4) (110.7) (73.6) (4.1) (321.0) Impairments (184.6) (169.9) — — — (354.5) Gain (loss) on disposition of assets (4.9) 0.1 0.1 0.1 — (4.6) General and administrative — — — — (53.9) (53.9) Interest expense, net of interest income — — — — (110.8) (110.8) Gain on extinguishment of debt — — — — 32.0 32.0 Loss from unconsolidated affiliates — — — — 1.0 1.0 Income (loss) before non-controlling interest and income taxes $ (172.7) $ (103.1) $ 90.0 $ 69.0 $ (135.8) $ (252.6) Capital expenditures $ 132.9 $ 30.8 $ 11.5 $ 7.7 $ 1.1 $ 184.0 ____________________________ (1) Includes related party cost of sales of $4.2 million for the six months ended June 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $316.9 million for the six months ended June 30, 2020. The table below represents information about segment assets as of June 30, 2021 and December 31, 2020 (in millions): Segment Identifiable Assets: June 30, 2021 December 31, 2020 Permian $ 2,387.5 $ 2,236.3 Louisiana 2,349.2 2,312.4 Oklahoma 2,698.8 2,847.6 North Texas 960.9 1,008.6 Corporate (1) 170.1 146.0 Total identifiable assets $ 8,566.5 $ 8,550.9 ____________________________ |
Other Information
Other Information | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 December 31, 2020 Natural gas and NGLs inventory $ 76.5 $ 44.9 Prepaid expenses and other 40.1 13.8 Other current assets $ 116.6 $ 58.7 Other current liabilities: June 30, 2021 December 31, 2020 Accrued interest $ 49.7 $ 35.7 Accrued wages and benefits, including taxes 18.2 22.5 Accrued ad valorem taxes 22.8 26.5 Capital expenditure accruals 17.3 10.6 Short-term lease liability 17.3 16.3 Operating expense accruals 11.7 8.4 Other 33.1 29.1 Other current liabilities $ 170.1 $ 149.1 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies In February 2021, the areas in which we operate experienced a severe winter storm, with extreme cold, ice, and snow occurring over an unprecedented period of approximately 10 days (“Winter Storm Uri”). As a result of Winter Storm Uri, we have several pending customer billing disputes, including one that has resulted in litigation, and we could be involved in other disputes and litigation arising out of the storm in the future. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020. 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 RecognitionThe 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. 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. 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 six months ended June 30, 2021, we had contractual commitments of $10.9 million and $24.4 million under our MVC contracts, respectively, and recorded $0.3 million of revenue due to volume shortfalls for the six months ended June 30, 2021. |
Significant Accounting Polices
Significant Accounting Polices (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. 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. 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 six months ended June 30, 2021, we had contractual commitments of $10.9 million and $24.4 million under our MVC contracts, respectively, and recorded $0.3 million of revenue due to volume shortfalls for the six months ended June 30, 2021. No revenue due to volume shortfalls was recorded for the three months ended June 30, 2021. MVC and Firm Transportation Commitments (in millions) (1) 2021 (remaining) $ 75.1 2022 134.1 2023 121.6 2024 105.8 2025 62.2 Thereafter 342.1 Total $ 840.9 ____________________________ (1) Amounts do not represent expected shortfall under these commitments. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended June 30, 2021 Customer relationships, beginning of period $ 1,794.2 $ (668.8) $ 1,125.4 Customer relationships obtained from acquisition of business 57.3 — 57.3 Amortization expense — (62.5) (62.5) Customer relationships, end of period $ 1,851.5 $ (731.3) $ 1,120.2 |
Schedule of Amortization Expense | The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions): 2021 (remaining) $ 64.1 2022 128.2 2023 128.2 2024 128.2 2025 110.8 Thereafter 560.7 Total $ 1,120.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | As of June 30, 2021 and December 31, 2020, long-term debt consisted of the following (in millions): June 30, 2021 December 31, 2020 Outstanding Principal Premium (Discount) Long-Term Debt Outstanding Principal Premium (Discount) Long-Term Debt Term Loan due 2021 (1) $ 250.0 $ — $ 250.0 $ 350.0 $ — $ 350.0 AR Facility due 2023 (2) 210.0 — 210.0 250.0 — 250.0 Consolidated Credit Facility due 2024 — — — — — — ENLK’s 4.40% Senior unsecured notes due 2024 521.8 0.9 522.7 521.8 1.1 522.9 ENLK’s 4.15% Senior unsecured notes due 2025 720.8 (0.5) 720.3 720.8 (0.6) 720.2 ENLK’s 4.85% Senior unsecured notes due 2026 491.0 (0.3) 490.7 491.0 (0.4) 490.6 ENLC's 5.625% Senior unsecured notes due 2028 500.0 — 500.0 500.0 — 500.0 ENLC’s 5.375% Senior unsecured notes due 2029 498.7 — 498.7 498.7 — 498.7 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 (5.6) 444.4 450.0 (5.7) 444.3 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 $ 4,492.3 $ (5.8) 4,486.5 $ 4,632.3 $ (5.9) 4,626.4 Debt issuance cost (3) (30.2) (32.6) Less: Current maturities of long-term debt (1) (249.9) (349.8) Long-term debt, net of unamortized issuance cost $ 4,206.4 $ 4,244.0 ____________________________ (1) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 1.6% and 1.7% at June 30, 2021 and December 31, 2020, respectively. The Term Loan will mature on December 10, 2021. Therefore, the outstanding principal balance, net of discount and debt issuance costs, is classified as “Current maturities of long-term debt” on the consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. (2) Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.3% and 2.0% at June 30, 2021 and December 31, 2020, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Current income tax expense $ — $ (0.4) $ (0.1) $ (0.7) Deferred income tax benefit (expense) (6.6) (11.3) (7.9) 22.7 Income tax benefit (expense) $ (6.6) $ (11.7) $ (8.0) $ 22.0 |
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 Six Months Ended 2021 2020 2021 2020 Expected income tax benefit (expense) based on federal statutory rate $ 3.8 $ (3.7) $ 6.2 $ 63.6 State income tax benefit (expense), net of federal benefit 0.6 (1.0) 0.8 7.0 Unit-based compensation (1) (0.4) (6.8) (2.9) (4.4) Non-deductible expense related to goodwill impairment — — — (43.4) Change in valuation allowance (1.0) — (2.2) — Oklahoma statutory rate change (2) (7.6) — (7.6) — Other (2.0) (0.2) (2.3) (0.8) Income tax benefit (expense) $ (6.6) $ (11.7) $ (8.0) $ 22.0 ____________________________ (1) Related to book-to-tax differences recorded upon the vesting of restricted incentive units. (2) Oklahoma House Bill 2960 resulted in a change in the corporate income tax rate from 6% to 4%, effective January 1, 2022. Accordingly, we recorded deferred tax expense in the amount of $7.6 million for the three and six months ended June 30, 2021 due to a remeasurement of deferred tax assets. |
Certain Provisions of the ENL_2
Certain Provisions of the ENLK Partnership Agreement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Partners' Capital [Abstract] | |
Summary of Distribution Activity | A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2021 and 2020 is provided below: Declaration period Distribution paid as additional Series B Preferred Units Cash Distribution (in millions) Date paid/payable 2021 Fourth Quarter of 2020 150,494 $ 16.9 February 12, 2021 First Quarter of 2021 150,871 $ 17.0 May 14, 2021 Second Quarter of 2021 151,248 $ 17.0 August 13, 2021 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 |
Members' Equity (Tables)
Members' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Distributed earnings allocated to: Common units (1) $ 46.0 $ 45.9 $ 91.9 $ 91.7 Unvested restricted units (1) 1.1 0.8 2.2 1.6 Total distributed earnings $ 47.1 $ 46.7 $ 94.1 $ 93.3 Undistributed loss allocated to: Common units $ (67.1) $ (42.2) $ (125.4) $ (369.6) Unvested restricted units (1.6) (0.4) (3.0) (6.4) Total undistributed loss $ (68.7) $ (42.6) $ (128.4) $ (376.0) Net income (loss) attributable to ENLC allocated to: Common units $ (21.1) $ 3.7 $ (33.5) $ (277.9) Unvested restricted units (0.5) 0.4 (0.8) (4.8) Total net income (loss) attributable to ENLC $ (21.6) $ 4.1 $ (34.3) $ (282.7) Basic and diluted total net income (loss) attributable to ENLC per unit: Basic $ (0.04) $ 0.01 $ (0.07) $ (0.58) Diluted $ (0.04) $ 0.01 $ (0.07) $ (0.58) ____________________________ (1) Represents distribution activity consistent with the distribution activity described in “ Distributions ” below. 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 Six Months Ended 2021 2020 2021 2020 Basic weighted average units outstanding: Weighted average common units outstanding 490.0 489.3 490.0 489.0 Diluted weighted average units outstanding: Weighted average basic common units outstanding 490.0 489.3 490.0 489.0 Dilutive effect of non-vested restricted units (1) — 1.1 — — Total weighted average diluted common units outstanding 490.0 490.4 490.0 489.0 ____________________________ (1) All common unit equivalents were antidilutive for the three and six months ended June 30, 2021 and the six months ended June 30, 2020 since a net loss existed for those periods. |
Summary of Distribution Activity | A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2021 and 2020, respectively, is provided below: Declaration period Distribution/unit Date paid/payable 2021 Fourth Quarter of 2020 $ 0.09375 February 12, 2021 First Quarter of 2021 $ 0.09375 May 14, 2021 Second Quarter of 2021 $ 0.09375 August 13, 2021 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 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 GCF Distributions $ — $ — $ 3.5 $ 1.6 Equity in income (loss) $ (0.7) $ 0.3 $ (6.4) $ 2.1 Cedar Cove JV Distributions $ 0.1 $ 0.2 $ 0.2 $ 0.4 Equity in loss $ (0.6) $ (1.0) $ (1.2) $ (1.1) Total Distributions $ 0.1 $ 0.2 $ 3.7 $ 2.0 Equity in income (loss) $ (1.3) $ (0.7) $ (7.6) $ 1.0 The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2021 and December 31, 2020 (in millions): June 30, 2021 December 31, 2020 GCF $ 30.7 $ 40.6 Cedar Cove JV (1) (0.4) 1.0 Total investment in unconsolidated affiliates $ 30.3 $ 41.6 ____________________________ |
Employee Incentive Plans (Table
Employee Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Cost of unit-based compensation charged to operating expense $ 1.7 $ 2.0 $ 3.4 $ 4.2 Cost of unit-based compensation charged to general and administrative expense 4.7 5.4 9.5 12.0 Total unit-based compensation expense $ 6.4 $ 7.4 $ 12.9 $ 16.2 Amount of related income tax benefit recognized in net income (loss) (1) $ 1.5 $ 1.7 $ 3.0 $ 3.8 ____________________________ |
Schedule Of Restricted Stock Units Activity, ENLC | A summary of the restricted incentive unit activity for the six months ended June 30, 2021 is provided below: Six Months Ended ENLC Restricted Incentive Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 5,350,086 $ 8.45 Granted (1) 3,782,744 3.76 Vested (1)(2) (970,835) 12.86 Forfeited (335,539) 6.19 Non-vested, end of period 7,826,456 $ 5.73 Aggregate intrinsic value, end of period (in millions) $ 50.0 ____________________________ (1) Restricted incentive units typically vest at the end of three years. |
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 six months ended June 30, 2021 and 2020 is provided below (in millions): Three Months Ended Six Months Ended ENLC Restricted Incentive Units: 2021 2020 2021 2020 Aggregate intrinsic value of units vested $ 0.9 $ 0.8 $ 3.9 $ 10.9 Fair value of units vested $ 2.3 $ 6.1 $ 12.5 $ 25.0 |
Summary of Performance Units, ENLC | The following table presents a summary of the performance units: Six Months Ended ENLC Performance Units: Number of Units Weighted Average Grant-Date Fair Value Non-vested, beginning of period 2,351,241 $ 8.82 Granted 1,388,139 4.70 Vested (1) (164,553) 26.73 Non-vested, end of period 3,574,827 $ 6.40 Aggregate intrinsic value, end of period (in millions) $ 22.8 ____________________________ (1) Vested units included 63,901 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 six months ended June 30, 2021 and 2020 is provided below (in millions). Three Months Ended Six Months Ended ENLC Performance Units: 2021 2020 2021 2020 Aggregate intrinsic value of units vested $ — $ — $ 0.6 $ 0.9 Fair value of units vested $ — $ 0.5 $ 4.4 $ 5.5 |
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 2021 July 2020 March 2020 January 2020 Grant-Date Fair Value $ 4.70 $ 2.33 $ 1.13 $ 7.69 Beginning TSR price $ 3.71 $ 2.52 $ 1.25 $ 6.13 Risk-free interest rate 0.17 % 0.17 % 0.42 % 1.62 % Volatility factor 71.00 % 67.00 % 51.00 % 37.00 % |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Components of Gain (Loss) on Derivative Activity | The components of the unrealized 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 Six Months Ended 2021 2020 2021 2020 Change in fair value of interest rate swaps $ 4.8 $ 2.0 $ 9.5 $ (15.1) Tax benefit (expense) (1.1) (0.5) (2.2) 3.5 Unrealized gain (loss) on designated cash flow hedge $ 3.7 $ 1.5 $ 7.3 $ (11.6) The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payment, included in our consolidated statements of operations were as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest expense $ 4.8 $ 3.7 $ 9.6 $ 5.0 The components of loss on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Change in fair value of derivatives $ (23.8) $ (18.8) $ (31.7) $ (5.8) Realized gain (loss) on derivatives (14.4) (3.6) (89.9) 2.6 Loss on derivative activity $ (38.2) $ (22.4) $ (121.6) $ (3.2) |
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): June 30, 2021 December 31, 2020 Fair value of derivative liabilities—current $ (2.7) $ (7.6) |
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): June 30, 2021 December 31, 2020 Fair value of derivative assets—current $ 69.1 $ 25.0 Fair value of derivative assets—long-term 2.0 4.9 Fair value of derivative liabilities—current (104.9) (29.5) Fair value of derivative liabilities—long-term — (2.5) Net fair value of commodity swaps $ (33.8) $ (2.1) |
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 June 30, 2021 (in millions). The remaining term of the contracts extend no later than December 2022. June 30, 2021 Commodity Instruments Unit Volume Net Fair Value NGL (short contracts) Swaps Gallons (204.2) $ (49.6) NGL (long contracts) Swaps Gallons 17.0 1.5 Natural gas (short contracts) Swaps MMbtu (13.0) (6.6) Natural gas (long contracts) Swaps MMbtu 12.0 4.5 Crude and condensate (short contracts) Swaps MMbbls (8.5) (41.5) Crude and condensate (long contracts) Swaps MMbbls 3.9 57.9 Total fair value of commodity swaps $ (33.8) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Interest rate swaps (1) $ (2.7) $ (7.6) Commodity swaps (2) $ (33.8) $ (2.1) ____________________________ (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 Measurement . |
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): June 30, 2021 December 31, 2020 Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 4,456.3 $ 4,457.7 $ 4,593.8 $ 4,318.2 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information | We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. 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 June 30, 2021 Natural gas sales $ 97.4 $ 122.0 $ 45.6 $ 26.2 $ — $ 291.2 NGL sales 0.5 706.6 0.4 (0.1) — 707.4 Crude oil and condensate sales 170.4 50.9 15.7 — — 237.0 Product sales 268.3 879.5 61.7 26.1 — 1,235.6 NGL sales—related parties 195.5 30.2 137.1 94.3 (457.1) — Crude oil and condensate sales—related parties — — 0.1 2.1 (2.2) — Product sales—related parties 195.5 30.2 137.2 96.4 (459.3) — Gathering and transportation 11.8 16.4 45.9 38.2 — 112.3 Processing 6.0 0.5 28.1 27.0 — 61.6 NGL services — 17.1 — 0.1 — 17.2 Crude services 4.0 9.6 3.4 0.2 — 17.2 Other services 0.2 0.4 0.2 0.2 — 1.0 Midstream services 22.0 44.0 77.6 65.7 — 209.3 Revenue from contracts with customers 485.8 953.7 276.5 188.2 (459.3) 1,444.9 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (402.3) (838.9) (164.9) (108.3) 459.3 (1,055.1) Realized loss on derivatives (4.2) (6.4) (2.9) (0.9) — (14.4) Change in fair value of derivatives (7.9) (9.4) (5.3) (1.2) — (23.8) Adjusted gross margin 71.4 99.0 103.4 77.8 — 351.6 Operating expenses (27.4) (31.7) (17.8) (19.9) — (96.8) Segment profit 44.0 67.3 85.6 57.9 — 254.8 Depreciation and amortization (34.6) (36.1) (50.6) (28.8) (1.8) (151.9) Gain on disposition of assets — 0.2 — 0.1 — 0.3 General and administrative — — — — (26.1) (26.1) Interest expense, net of interest income — — — — (60.0) (60.0) Loss from unconsolidated affiliates — — — — (1.3) (1.3) Other income — — — — 0.2 0.2 Income (loss) before non-controlling interest and income taxes $ 9.4 $ 31.4 $ 35.0 $ 29.2 $ (89.0) $ 16.0 Capital expenditures $ 39.5 $ 2.2 $ 4.9 $ 1.9 $ 0.1 $ 48.6 ____________________________ (1) Includes related party cost of sales of $3.6 million for the three months ended June 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.1 million for the three months ended June 30, 2021. Permian Louisiana Oklahoma North Texas Corporate Totals Three Months Ended June 30, 2020 Natural gas sales $ 32.4 $ 68.6 $ 28.8 $ 14.6 $ — $ 144.4 NGL sales (0.1) 280.9 0.5 — — 281.3 Crude oil and condensate sales 87.0 14.9 5.0 — — 106.9 Product sales 119.3 364.4 34.3 14.6 — 532.6 NGL sales—related parties 59.5 3.2 56.0 13.9 (132.5) 0.1 Crude oil and condensate sales—related parties — — 0.1 0.4 (0.6) (0.1) Product sales—related parties 59.5 3.2 56.1 14.3 (133.1) — Gathering and transportation 13.1 11.5 52.5 44.2 — 121.3 Processing 7.5 0.6 32.1 33.0 — 73.2 NGL services — 18.6 — 0.1 — 18.7 Crude services 5.0 11.0 4.6 — — 20.6 Other services 0.2 0.4 0.1 0.2 — 0.9 Midstream services 25.8 42.1 89.3 77.5 — 234.7 Crude services—related parties — — 0.1 — (0.1) — Midstream services—related parties — — 0.1 — (0.1) — Revenue from contracts with customers 204.6 409.7 179.8 106.4 (133.2) 767.3 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (138.4) (312.5) (61.1) (18.9) 133.2 (397.7) Realized gain (loss) on derivatives (1.1) (1.8) (0.8) 0.1 — (3.6) Change in fair value of derivatives (8.0) (4.1) (5.9) (0.8) — (18.8) Adjusted gross margin 57.1 91.3 112.0 86.8 — 347.2 Operating expenses (22.7) (27.5) (19.4) (18.5) — (88.1) Segment profit 34.4 63.8 92.6 68.3 — 259.1 Depreciation and amortization (31.0) (34.6) (54.1) (36.4) (2.1) (158.2) Impairments — (1.5) — — — (1.5) Gain (loss) on disposition of assets (5.3) 0.1 (0.1) 0.1 — (5.2) General and administrative — — — — (23.5) (23.5) Interest expense, net of interest income — — — — (55.2) (55.2) Gain on extinguishment of debt — — — — 26.7 26.7 Loss from unconsolidated affiliates — — — — (0.7) (0.7) Income (loss) before non-controlling interest and income taxes $ (1.9) $ 27.8 $ 38.4 $ 32.0 $ (54.8) $ 41.5 Capital expenditures $ 46.9 $ 15.6 $ 3.0 $ 3.0 $ 0.7 $ 69.2 ____________________________ (1) Includes related party cost of sales of $1.3 million for the three months ended June 30, 2020 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $156.1 million for the three months ended June 30, 2020. Permian Louisiana Oklahoma North Texas Corporate Totals Six Months Ended June 30, 2021 Natural gas sales $ 222.4 $ 243.2 $ 81.5 $ 77.2 $ — $ 624.3 NGL sales 0.5 1,332.6 1.0 1.1 — 1,335.2 Crude oil and condensate sales 277.7 92.0 29.3 — — 399.0 Product sales 500.6 1,667.8 111.8 78.3 — 2,358.5 NGL sales—related parties 360.4 53.8 250.2 175.2 (839.6) — Crude oil and condensate sales—related parties — — 0.1 3.6 (3.7) — Product sales—related parties 360.4 53.8 250.3 178.8 (843.3) — Gathering and transportation 21.5 32.2 97.2 78.6 — 229.5 Processing 14.2 1.0 44.0 54.1 — 113.3 NGL services — 39.1 — 0.2 — 39.3 Crude services 7.5 19.5 6.7 0.4 — 34.1 Other services 0.4 0.9 0.4 0.3 — 2.0 Midstream services 43.6 92.7 148.3 133.6 — 418.2 Crude services—related parties — — 0.1 — (0.1) — Other services—related parties — 2.3 — — (2.3) — Midstream services—related parties — 2.3 0.1 — (2.4) — Revenue from contracts with customers 904.6 1,816.6 510.5 390.7 (845.7) 2,776.7 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (727.9) (1,579.3) (315.9) (212.4) 845.7 (1,989.8) Realized loss on derivatives (61.1) (17.1) (8.9) (2.8) — (89.9) Change in fair value of derivatives (13.2) (9.8) (7.1) (1.6) — (31.7) Adjusted gross margin 102.4 210.4 178.6 173.9 — 665.3 Operating expenses (15.6) (60.9) (37.5) (39.1) — (153.1) Segment profit 86.8 149.5 141.1 134.8 — 512.2 Depreciation and amortization (68.1) (72.2) (101.3) (57.5) (3.8) (302.9) Gain on disposition of assets 0.1 0.1 — 0.1 — 0.3 General and administrative — — — — (52.1) (52.1) Interest expense, net of interest income — — — — (120.0) (120.0) Loss from unconsolidated affiliates — — — — (7.6) (7.6) Other income — — — — 0.1 0.1 Income (loss) before non-controlling interest and income taxes $ 18.8 $ 77.4 $ 39.8 $ 77.4 $ (183.4) $ 30.0 Capital expenditures $ 52.8 $ 5.0 $ 6.8 $ 4.3 $ 0.5 $ 69.4 ____________________________ (1) Includes related party cost of sales of $6.8 million for the six months ended June 30, 2021 and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $299.1 million for the six months ended June 30, 2021. Permian Louisiana Oklahoma North Texas Corporate Totals Six Months Ended June 30, 2020 Natural gas sales $ 47.5 $ 150.2 $ 69.9 $ 34.7 $ — $ 302.3 NGL sales 0.1 654.6 1.7 0.3 — 656.7 Crude oil and condensate sales 372.0 73.3 21.2 — — 466.5 Product sales 419.6 878.1 92.8 35.0 — 1,425.5 NGL sales—related parties 105.4 10.0 123.6 31.1 (270.1) — Crude oil and condensate sales—related parties 0.1 — (0.1) 1.9 (1.9) — Product sales—related parties 105.5 10.0 123.5 33.0 (272.0) — Gathering and transportation 29.4 23.2 108.8 90.1 — 251.5 Processing 11.8 1.3 65.4 68.4 — 146.9 NGL services — 38.2 — 0.1 — 38.3 Crude services 9.2 21.6 8.9 — — 39.7 Other services 0.8 0.8 0.2 0.5 — 2.3 Midstream services 51.2 85.1 183.3 159.1 — 478.7 Crude services—related parties — — 0.2 — (0.2) — Midstream services—related parties — — 0.2 — (0.2) — Revenue from contracts with customers 576.3 973.2 399.8 227.1 (272.2) 1,904.2 Cost of sales, exclusive of operating expenses and depreciation and amortization (1) (452.3) (772.2) (154.8) (45.9) 272.2 (1,153.0) Realized gain (loss) on derivatives (0.2) 2.5 — 0.3 — 2.6 Change in fair value of derivatives 1.4 (5.1) (2.1) — — (5.8) Adjusted gross margin 125.2 198.4 242.9 181.5 — 748.0 Operating expenses (48.2) (59.3) (42.3) (39.0) — (188.8) Segment profit 77.0 139.1 200.6 142.5 — 559.2 Depreciation and amortization (60.2) (72.4) (110.7) (73.6) (4.1) (321.0) Impairments (184.6) (169.9) — — — (354.5) Gain (loss) on disposition of assets (4.9) 0.1 0.1 0.1 — (4.6) General and administrative — — — — (53.9) (53.9) Interest expense, net of interest income — — — — (110.8) (110.8) Gain on extinguishment of debt — — — — 32.0 32.0 Loss from unconsolidated affiliates — — — — 1.0 1.0 Income (loss) before non-controlling interest and income taxes $ (172.7) $ (103.1) $ 90.0 $ 69.0 $ (135.8) $ (252.6) Capital expenditures $ 132.9 $ 30.8 $ 11.5 $ 7.7 $ 1.1 $ 184.0 ____________________________ |
Schedule of Segment Assets | The table below represents information about segment assets as of June 30, 2021 and December 31, 2020 (in millions): Segment Identifiable Assets: June 30, 2021 December 31, 2020 Permian $ 2,387.5 $ 2,236.3 Louisiana 2,349.2 2,312.4 Oklahoma 2,698.8 2,847.6 North Texas 960.9 1,008.6 Corporate (1) 170.1 146.0 Total identifiable assets $ 8,566.5 $ 8,550.9 ____________________________ |
Other Information (Tables)
Other Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 December 31, 2020 Natural gas and NGLs inventory $ 76.5 $ 44.9 Prepaid expenses and other 40.1 13.8 Other current assets $ 116.6 $ 58.7 Other current liabilities: June 30, 2021 December 31, 2020 Accrued interest $ 49.7 $ 35.7 Accrued wages and benefits, including taxes 18.2 22.5 Accrued ad valorem taxes 22.8 26.5 Capital expenditure accruals 17.3 10.6 Short-term lease liability 17.3 16.3 Operating expense accruals 11.7 8.4 Other 33.1 29.1 Other current liabilities $ 170.1 $ 149.1 |
General (Details)
General (Details) mi in Thousands, bbl in Thousands | 6 Months Ended |
Jun. 30, 2021Bcf / dfractionatorprocessingPlantmibbl | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of miles of pipeline | mi | 12 |
Number of natural gas processing plants | processingPlant | 23 |
Amount of processing capacity | Bcf / d | 5,500,000,000 |
Number of fractionators | fractionator | 7 |
Capacity of fractionators per day, barrels | bbl | 290 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) - USD ($) | Apr. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Amarillo Rattler, LLC | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Payments to acquire gathering and processing system | $ 50,000,000 | ||
Amount payable for gathering and processing system | 10,000,000 | ||
Business combination, earnout | $ 15,000,000 | ||
Minimum Volume Contract | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with customer, liability | $ 10,900,000 | $ 24,400,000 | |
Contracts with customers, revenue recognition | $ 0 | $ 300,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Future Performance Obligations (Details) $ in Millions | Jun. 30, 2021USD ($) |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 840.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 75.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 134.1 |
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 | $ 121.6 |
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 | $ 105.8 |
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 | $ 62.2 |
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]: 2026-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 342.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations expected to be recognized, period |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 31.6 | $ 30.9 | $ 62.5 | $ 61.8 |
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 | 14 years 10 months 24 days |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Accumulated Amortization, Beginning Balance | $ (668.8) | |||
Customer relationships obtained from acquisition of business | 57.3 | |||
Amortization expense | $ (31.6) | $ (30.9) | (62.5) | $ (61.8) |
Accumulated Amortization, Ending Balance | (731.3) | (731.3) | ||
Net Carrying Amount, Ending Balance | 1,120.2 | 1,120.2 | ||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Gross Carrying Amount, Beginning Balance | 1,794.2 | |||
Accumulated Amortization, Beginning Balance | (668.8) | |||
Net Carrying Amount, Beginning Balance | 1,125.4 | |||
Amortization expense | (62.5) | |||
Gross Carrying Amount, Ending Balance | 1,851.5 | 1,851.5 | ||
Accumulated Amortization, Ending Balance | (731.3) | (731.3) | ||
Net Carrying Amount, Ending Balance | $ 1,120.2 | $ 1,120.2 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) $ in Millions | Jun. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 (remaining) | $ 64.1 |
2022 | 128.2 |
2023 | 128.2 |
2024 | 128.2 |
2025 | 110.8 |
Thereafter | 560.7 |
Total | $ 1,120.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Related Party Transaction [Line Items] | ||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | $ 1,055,100,000 | $ 397,700,000 | $ 1,989,800,000 | $ 1,153,000,000 | |
Accounts payable to related party | 1,400,000 | 1,400,000 | $ 1,000,000 | |||
Cedar Cove Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Cost of sales, exclusive of operating expenses and depreciation and amortization | 3,600,000 | 1,300,000 | 6,800,000 | 4,200,000 | ||
Accounts payable to related party | 1,400,000 | 1,400,000 | $ 1,000,000 | |||
GIP | ||||||
Related Party Transaction [Line Items] | ||||||
General and administrative expenses from transactions with related party | $ 100,000 | $ 0 | $ 200,000 | $ 0 | ||
[1] | Includes related party cost of sales of $3.6 million and $1.3 million for the three months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.1 million and $156.1 million for the three months ended June 30, 2021 and 2020, respectively. | |||||
[2] | Includes related party cost of sales of $6.8 million and $4.2 million for the six months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $299.1 million and $316.9 million for the six months ended June 30, 2021 and 2020, respectively. |
Long-Term Debt - Summary (Detai
Long-Term Debt - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Outstanding principal | $ 4,492.3 | $ 4,632.3 |
Premium (discount) | (5.8) | (5.9) |
Long-term debt | 4,486.5 | 4,626.4 |
Debt issuance costs | (30.2) | (32.6) |
Less: Current maturities of long-term debt | (249.9) | (349.8) |
Long-term debt, net of unamortized issuance cost | 4,206.4 | 4,244 |
Debt issuance cost accumulated amortization | 16.4 | 14.1 |
Term Loan Due 2021 | ||
Debt Instrument | ||
Outstanding principal | 250 | 350 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 250 | $ 350 |
Effective interest rate | 1.60% | 1.70% |
AR Facility due 2023 | ||
Debt Instrument | ||
Outstanding principal | $ 210 | $ 250 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 210 | $ 250 |
Effective interest rate | 1.30% | 2.00% |
Consolidated Credit Facility due 2024 | ||
Debt Instrument | ||
Outstanding principal | $ 0 | $ 0 |
Premium (discount) | 0 | 0 |
Long-term debt | 0 | 0 |
4.4% Senior Notes Due 2024 | ||
Debt Instrument | ||
Outstanding principal | 521.8 | 521.8 |
Premium (discount) | 0.9 | 1.1 |
Long-term debt | $ 522.7 | 522.9 |
Stated interest rate | 4.40% | |
4.15% Senior Notes Due 2025 | ||
Debt Instrument | ||
Outstanding principal | $ 720.8 | 720.8 |
Premium (discount) | (0.5) | (0.6) |
Long-term debt | $ 720.3 | 720.2 |
Stated interest rate | 4.15% | |
4.85 Senior Notes Due 2026 | ||
Debt Instrument | ||
Outstanding principal | $ 491 | 491 |
Premium (discount) | (0.3) | (0.4) |
Long-term debt | $ 490.7 | 490.6 |
Stated interest rate | 4.85% | |
5.625% Senior unsecured notes due 2028 | ||
Debt Instrument | ||
Outstanding principal | $ 500 | 500 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 500 | 500 |
Stated interest rate | 5.625% | |
5.375% Senior Notes Due 2029 | ||
Debt Instrument | ||
Outstanding principal | $ 498.7 | 498.7 |
Premium (discount) | 0 | 0 |
Long-term debt | $ 498.7 | 498.7 |
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) | (5.6) | (5.7) |
Long-term debt | $ 444.4 | 444.3 |
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) | Apr. 30, 2021USD ($) | Feb. 26, 2021USD ($) | Oct. 21, 2020USD ($) | Dec. 11, 2018USD ($) | May 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument | |||||||
Increase (decrease) in accounts receivable | $ 566,900,000 | ||||||
Outstanding principal | 4,492,300,000 | $ 4,632,300,000 | |||||
Amarillo Rattler, LLC | |||||||
Debt Instrument | |||||||
Payments to acquire gathering and processing system | $ 50,000,000 | ||||||
Term Loan Due 2021 | |||||||
Debt Instrument | |||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, ratio | 5.5 | ||||||
Outstanding principal | 250,000,000 | 350,000,000 | |||||
AR Facility due 2023 | |||||||
Debt Instrument | |||||||
Outstanding principal | 210,000,000 | $ 250,000,000 | |||||
Letters of credit | |||||||
Debt Instrument | |||||||
Additional amount available (not to exceed) | 1,750,000,000 | ||||||
Line of credit facility, fair value of amount outstanding | 0 | ||||||
Minimum | Term Loan Due 2021 | |||||||
Debt Instrument | |||||||
Conditional Acquisition Purchase Price | $ 50,000,000 | ||||||
Maximum | Term Loan Due 2021 | |||||||
Debt Instrument | |||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, ratio | 5.5 | ||||||
Line of Credit | Asset-backed Securities | |||||||
Debt Instrument | |||||||
Maximum borrowing capacity | $ 300,000,000 | $ 250,000,000 | 300,000,000 | ||||
Line of credit facility, increase in period | $ 50,000,000 | ||||||
Drawn fee percentage | 1.25% | 1.625% | |||||
Letter of Credit | Letters of credit | ENLC | |||||||
Debt Instrument | |||||||
Line of credit facility, fair value of amount outstanding | 40,700,000 | ||||||
LIBOR | Line of Credit | Minimum | Asset-backed Securities | |||||||
Debt Instrument | |||||||
Variable rate | 0.00% | 0.375% | |||||
Unsecured Debt | Term Loan Due 2021 | |||||||
Debt Instrument | |||||||
Repayments of borrowings | $ 100,000,000 | ||||||
Face amount | 250,000,000 | ||||||
Unsecured Debt | Letters of credit | |||||||
Debt Instrument | |||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, during an acquisition period, ratio | 5.5 | ||||||
Unsecured Debt | Minimum | Letters of credit | |||||||
Debt Instrument | |||||||
Conditional Acquisition Purchase Price | $ 50,000,000 | ||||||
Unsecured Debt | Maximum | Letters of credit | |||||||
Debt Instrument | |||||||
Line of credit facility, consolidated indebtedness to consolidated EBITDA, during an acquisition period, ratio | 5.5 | ||||||
Letter of Credit | Letters of credit | |||||||
Debt Instrument | |||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||
Covenant, percentage of letter of credits guaranteed | 105.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ 0 | $ (0.4) | $ (0.1) | $ (0.7) |
Deferred income tax benefit (expense) | (6.6) | (11.3) | (7.9) | 22.7 |
Income tax benefit (expense) | (6.6) | (11.7) | (8) | 22 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected income tax benefit (expense) based on federal statutory rate | 3.8 | (3.7) | 6.2 | 63.6 |
State income tax benefit (expense), net of federal benefit | 0.6 | (1) | 0.8 | 7 |
Unit-based compensation | (0.4) | (6.8) | (2.9) | (4.4) |
Non-deductible expense related to goodwill impairment | 0 | 0 | 0 | (43.4) |
Change in valuation allowance | (1) | 0 | (2.2) | 0 |
Oklahoma statutory rate change | (7.6) | 0 | (7.6) | 0 |
Other | (2) | (0.2) | (2.3) | (0.8) |
Income tax benefit (expense) | (6.6) | $ (11.7) | (8) | $ 22 |
Deferred state income tax expense (benefit) | $ 7.6 | $ 7.6 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Deferred tax liabilities | $ 118.7 | $ 118.7 | $ 108.6 | ||
Deferred tax assets | 439.6 | 439.6 | 396 | ||
Deferred tax assets, valuation allowance | 155.5 | 155.5 | $ 153.3 | ||
Change in valuation allowance | $ 1 | $ 0 | $ 2.2 | $ 0 |
Certain Provisions of the ENL_3
Certain Provisions of the ENLK Partnership Agreement - Narrative and Distributions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Series B Preferred Unitholders | ||||||||
Partnership agreement | ||||||||
Distribution paid-in kind (in shares) | 151,248 | 150,871 | 150,494 | 149,745 | 149,371 | 148,999 | ||
Cash distributions | $ 17 | $ 17 | $ 16.9 | $ 16.8 | $ 16.8 | $ 16.8 | ||
Series B Preferred Unitholders | EnLink Midstream Partners, LP | ||||||||
Partnership agreement | ||||||||
Preferred units, issued (in shares) | 60,499,149 | 60,197,784 | 60,499,149 | |||||
Preferred units, outstanding (in shares) | 60,499,149 | 60,197,784 | 60,499,149 | |||||
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 |
Members' Equity - Computation a
Members' Equity - Computation and Distribution Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Nov. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||
Repurchase program, amount authorized | $ 100,000,000 | ||||||||
Common units repurchased (in shares) | 317,751 | 317,751 | |||||||
Payment for common unit repurchases | $ 2,000,000 | $ 2,000,000 | $ 0 | ||||||
Shares repurchased, average cost per share (in dollars per share) | $ 6.22 | $ 6.22 | |||||||
Distributed earnings allocated to: | |||||||||
Total distributed earnings | $ 47,100,000 | $ 46,700,000 | $ 94,100,000 | 93,300,000 | |||||
Undistributed loss allocated to: | |||||||||
Total undistributed loss, basic | (68,700,000) | (42,600,000) | (128,400,000) | (376,000,000) | |||||
Total undistributed loss, diluted | (68,700,000) | (42,600,000) | (128,400,000) | (376,000,000) | |||||
Net income (loss) attributable to ENLC allocated to: | |||||||||
Total net income (loss), basic | (21,600,000) | 4,100,000 | (34,300,000) | (282,700,000) | |||||
Total net income (loss), diluted | $ (21,600,000) | $ 4,100,000 | $ (34,300,000) | $ (282,700,000) | |||||
Basic and diluted total net income (loss) attributable to ENLC per unit: | |||||||||
Basic (in dollars per share) | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.58) | |||||
Diluted (in dollars per share) | (0.04) | 0.01 | $ (0.07) | $ (0.58) | |||||
Distribution declared/unit (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.1875 | |||
Unvested restricted units | |||||||||
Distributed earnings allocated to: | |||||||||
Total distributed earnings | $ 1,100,000 | $ 800,000 | $ 2,200,000 | $ 1,600,000 | |||||
Undistributed loss allocated to: | |||||||||
Total undistributed loss, basic | (1,600,000) | (400,000) | (3,000,000) | (6,400,000) | |||||
Total undistributed loss, diluted | (1,600,000) | (400,000) | (3,000,000) | (6,400,000) | |||||
Net income (loss) attributable to ENLC allocated to: | |||||||||
Total net income (loss), basic | (500,000) | 400,000 | (800,000) | (4,800,000) | |||||
Total net income (loss), diluted | (500,000) | 400,000 | (800,000) | (4,800,000) | |||||
Common units | |||||||||
Distributed earnings allocated to: | |||||||||
Total distributed earnings | 46,000,000 | 45,900,000 | 91,900,000 | 91,700,000 | |||||
Undistributed loss allocated to: | |||||||||
Total undistributed loss, basic | (67,100,000) | (42,200,000) | (125,400,000) | (369,600,000) | |||||
Total undistributed loss, diluted | (67,100,000) | (42,200,000) | (125,400,000) | (369,600,000) | |||||
Net income (loss) attributable to ENLC allocated to: | |||||||||
Total net income (loss), basic | (21,100,000) | 3,700,000 | (33,500,000) | (277,900,000) | |||||
Total net income (loss), diluted | $ (21,100,000) | $ 3,700,000 | $ (33,500,000) | $ (277,900,000) |
Members' Equity - Components to
Members' Equity - Components to Compute Basic and Diluted Earnings per Unit (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted average basic common units outstanding (in units) | 490 | 489.3 | 490 | 489 |
Dilutive effect of non-vested restricted units (in units) | 0 | 1.1 | 0 | 0 |
Total weighted average diluted common units outstanding (in units) | 490 | 490.4 | 490 | 489 |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Equity method investments | |||||
Distributions | $ 0.1 | $ 0.2 | $ 3.7 | $ 2 | |
Loss from unconsolidated affiliates | (1.3) | (0.7) | (7.6) | 1 | |
Total investment in unconsolidated affiliates | $ 30.7 | $ 30.7 | $ 41.6 | ||
GCF | |||||
Equity method investments | |||||
Ownership interest | 38.75% | 38.75% | |||
Distributions | $ 0 | 0 | $ 3.5 | 1.6 | |
Loss from unconsolidated affiliates | $ (0.7) | 0.3 | $ (6.4) | 2.1 | |
Cedar Cove JV | |||||
Equity method investments | |||||
Ownership interest | 30.00% | 30.00% | |||
Distributions | $ 0.1 | 0.2 | $ 0.2 | 0.4 | |
Loss from unconsolidated affiliates | (0.6) | $ (1) | (1.2) | $ (1.1) | |
EnLink Midstream Partners, LP | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 30.3 | 30.3 | 41.6 | ||
EnLink Midstream Partners, LP | GCF | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | 30.7 | 30.7 | 40.6 | ||
EnLink Midstream Partners, LP | Cedar Cove JV | |||||
Equity method investments | |||||
Total investment in unconsolidated affiliates | $ (0.4) | $ (0.4) | $ 1 |
Employee Incentive Plans - Amou
Employee Incentive Plans - Amounts Recognized in Consolidated Financial Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allocation | ||||
Total unit-based compensation expense | $ 6.4 | $ 7.4 | $ 12.9 | $ 16.2 |
Amount of related income tax benefit recognized in net income (loss) | 1.5 | 1.7 | 3 | 3.8 |
Unit-based compensation, related income tax expense (benefit) | 0.4 | 6.8 | 2.9 | 4.4 |
Restricted units | ||||
Allocation | ||||
Unit-based compensation, related income tax expense (benefit) | 0.4 | (6.8) | 2.9 | (4.4) |
Cost of unit-based compensation charged to operating expense | ||||
Allocation | ||||
Total unit-based compensation expense | 1.7 | 2 | 3.4 | 4.2 |
Cost of unit-based compensation charged to general and administrative expense | ||||
Allocation | ||||
Total unit-based compensation expense | $ 4.7 | $ 5.4 | $ 9.5 | $ 12 |
Employee Incentive Plans - Rest
Employee Incentive Plans - Restricted and Performance Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2021 | Jul. 31, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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) | 5,350,086 | 5,350,086 | ||||||
Granted (in shares) | 3,782,744 | |||||||
Vested (in shares) | (970,835) | |||||||
Forfeited (in shares) | (335,539) | |||||||
Non-vested, end of period (in shares) | 7,826,456 | 7,826,456 | ||||||
Aggregate intrinsic value, end of period | $ 50 | $ 50 | ||||||
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) | $ 8.45 | $ 8.45 | ||||||
Granted (in dollars per share) | 3.76 | |||||||
Vested (in dollars per share) | 12.86 | |||||||
Forfeited (in dollars per share) | 6.19 | |||||||
Non-vested, end of period (in dollars per share) | $ 5.73 | $ 5.73 | ||||||
Incentive unit award vesting period | 3 years | |||||||
Units withheld for payroll taxes (in shares) | 279,970 | |||||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 22.4 | $ 22.4 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 9 months 18 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] | ||||||||
Aggregate intrinsic value of units vested | 0.9 | $ 0.8 | $ 3.9 | $ 10.9 | ||||
Fair value of units vested | $ 2.3 | 6.1 | $ 12.5 | 25 | ||||
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) | 2,351,241 | 2,351,241 | ||||||
Granted (in shares) | 1,388,139 | |||||||
Vested (in shares) | (164,553) | |||||||
Non-vested, end of period (in shares) | 3,574,827 | 3,574,827 | ||||||
Aggregate intrinsic value, end of period | $ 22.8 | $ 22.8 | ||||||
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) | $ 8.82 | $ 8.82 | ||||||
Granted (in dollars per share) | 4.70 | |||||||
Vested (in dollars per share) | 26.73 | |||||||
Non-vested, end of period (in dollars per share) | $ 6.40 | $ 6.40 | ||||||
Units withheld for payroll taxes (in shares) | 63,901 | |||||||
Aggregate intrinsic value of units vested | $ 0 | 0 | $ 0.6 | 0.9 | ||||
Fair value of units vested | 0 | $ 0.5 | 4.4 | $ 5.5 | ||||
Unrecognized compensation cost related to non-vested restricted incentive units | $ 12.6 | $ 12.6 | ||||||
Unrecognized compensation costs, weighted average period for recognition | 1 year 7 months 6 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||
Grant-Date Fair Value (in dollars per share) | 4.70 | $ 2.33 | $ 1.13 | $ 7.69 | ||||
Beginning TSR Price (in dollars per share) | $ 3.71 | $ 2.52 | $ 1.25 | $ 6.13 | ||||
Risk-free interest rate | 0.17% | 0.17% | 0.42% | 1.62% | ||||
Volatility factor | 71.00% | 67.00% | 51.00% | 37.00% | ||||
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 ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
May 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 30, 2019 | |||||||
Derivatives | |||||||||||||||
Derivative, notional amount | $ 250,000,000 | $ 250,000,000 | $ 850,000,000 | ||||||||||||
Derivative, fixed interest rate | 2.28% | ||||||||||||||
Derivative, termination payment | $ 1,300,000 | $ 10,900,000 | |||||||||||||
Derivative, notional amount, amount terminated | 100,000,000 | 500,000,000 | $ 600,000,000 | ||||||||||||
Derivative liability | $ 1,300,000 | 10,900,000 | 12,200,000 | 12,200,000 | |||||||||||
Change in fair value of derivatives due to accelerated amortization | 3,100,000 | 6,000,000 | |||||||||||||
Change in fair value of interest rate swaps | (23,800,000) | $ (18,800,000) | (31,700,000) | $ (5,800,000) | |||||||||||
Tax benefit (expense) | (1,100,000) | [1] | $ (1,100,000) | (500,000) | $ 4,000,000 | (2,200,000) | 3,500,000 | ||||||||
Unrealized gain (loss) on designated cash flow hedge | 3,700,000 | [1],[2] | $ 3,600,000 | [3] | 1,500,000 | [1],[4] | $ (13,100,000) | [5] | 7,300,000 | [1] | (11,600,000) | [1] | |||
Interest expense | 4,800,000 | 3,700,000 | 9,600,000 | 5,000,000 | |||||||||||
Interest expense expected to be reclassified out of accumulated other comprehensive income (loss) over the next twelve months | 8,700,000 | 8,700,000 | |||||||||||||
Fair value of derivative liabilities—current | (37,100,000) | (107,600,000) | (107,600,000) | ||||||||||||
Interest rate swaps | |||||||||||||||
Derivatives | |||||||||||||||
Change in fair value of interest rate swaps | 4,800,000 | 2,000,000 | 9,500,000 | (15,100,000) | |||||||||||
Tax benefit (expense) | (1,100,000) | (500,000) | (2,200,000) | 3,500,000 | |||||||||||
Unrealized gain (loss) on designated cash flow hedge | 3,700,000 | $ 1,500,000 | 7,300,000 | $ (11,600,000) | |||||||||||
Fair value of derivative liabilities—current | $ (7,600,000) | $ (2,700,000) | $ (2,700,000) | ||||||||||||
[1] | Includes a tax expense of $1.1 million and a tax expense of $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and a tax expense of $2.2 million and a tax benefit of $3.5 million for the six months ended June 30, 2021 and 2020, respectively. | ||||||||||||||
[2] | Includes a tax expense of $1.1 million. | ||||||||||||||
[3] | Includes a tax expense of $1.1 million. | ||||||||||||||
[4] | Includes a tax expense of $0.5 million. | ||||||||||||||
[5] | Includes a tax benefit of $4.0 million. |
Derivatives - Components of Com
Derivatives - Components of Commodity Swap Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives | ||||
Change in fair value of derivatives | $ (23.8) | $ (18.8) | $ (31.7) | $ (5.8) |
Realized gain (loss) on derivatives | (34.2) | (6) | ||
Loss on derivative activity | (38.2) | (22.4) | (121.6) | (3.2) |
Commodity swaps | ||||
Derivatives | ||||
Realized gain (loss) on derivatives | (14.4) | (3.6) | (89.9) | 2.6 |
EnLink Midstream Partners, LP | Commodity swaps | ||||
Derivatives | ||||
Change in fair value of derivatives | (23.8) | (18.8) | (31.7) | (5.8) |
Realized gain (loss) on derivatives | (14.4) | (3.6) | (89.9) | 2.6 |
Loss on derivative activity | $ (38.2) | $ (22.4) | $ (121.6) | $ (3.2) |
Derivatives - Fair Value of Com
Derivatives - Fair Value of Commodity Swap Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives | ||
Fair value of derivative assets—current | $ 69.1 | $ 25 |
Fair value of derivative assets—long-term | 2 | 4.9 |
Fair value of derivative liabilities—current | (107.6) | (37.1) |
Fair value of derivative liabilities—long-term | 0 | (2.5) |
EnLink Midstream Partners, LP | ||
Derivatives | ||
Fair value of derivative assets—current | 69.1 | 25 |
Fair value of derivative assets—long-term | 2 | 4.9 |
Fair value of derivative liabilities—current | (104.9) | (29.5) |
Fair value of derivative liabilities—long-term | 0 | (2.5) |
Net fair value of commodity swaps | $ (33.8) | $ (2.1) |
Derivatives - Commodity Swaps A
Derivatives - Commodity Swaps Additional Information (Details) - EnLink Midstream Partners, LP gal in Millions, MMBbls in Millions, MMBTU in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)MMBTUgalMMBbls | Dec. 31, 2020USD ($) | |
Derivatives | ||
Net Fair Value | $ (33.8) | $ (2.1) |
Commodity | ||
Derivatives | ||
Net Fair Value | (33.8) | |
Maximum loss if counterparties fail to perform | 71.1 | |
Possible reduction in maximum loss if counterparties fail to perform | $ 0 | |
Commodity | NGL | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 204.2 | |
Net Fair Value | $ (49.6) | |
Commodity | NGL | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | gal | 17 | |
Net Fair Value | $ 1.5 | |
Commodity | Natural Gas | Short | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 13 | |
Net Fair Value | $ (6.6) | |
Commodity | Natural Gas | Long | ||
Derivatives | ||
Notional amount (in mmbtu) | MMBTU | 12 | |
Net Fair Value | $ 4.5 | |
Commodity | Crude and condensate | Short | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 8.5 | |
Net Fair Value | $ (41.5) | |
Commodity | Crude and condensate | Long | ||
Derivatives | ||
Notional amount (in gallons and mmbls) | MMBbls | 3.9 | |
Net Fair Value | $ 57.9 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Details) - Level 2 - Recurring - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | ||
Fair Value | ||
Net Fair Value | $ (2.7) | $ (7.6) |
Commodity swaps | ||
Fair Value | ||
Net Fair Value | $ (33.8) | $ (2.1) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Debt issuance costs | $ 30.2 | $ 32.6 |
Carrying Value | ||
Fair Value | ||
Long-term debt | 4,456.3 | 4,593.8 |
Fair Value | ||
Fair Value | ||
Long-term debt | $ 4,457.7 | $ 4,318.2 |
Segment Information - Financial
Segment Information - Financial Information and Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting | |||||
Revenue from contracts with customers | $ 1,444.9 | $ 767.3 | $ 2,776.7 | $ 1,904.2 | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | [1],[2] | (1,055.1) | (397.7) | (1,989.8) | (1,153) |
Realized gain (loss) on derivatives | (34.2) | (6) | |||
Change in fair value of derivatives | (23.8) | (18.8) | (31.7) | (5.8) | |
Adjusted gross margin | 351.6 | 347.2 | 665.3 | 748 | |
Operating expenses | 96.8 | 88.1 | 153.1 | 188.8 | |
Segment profit | 254.8 | 259.1 | 512.2 | 559.2 | |
Depreciation and amortization | (151.9) | (158.2) | (302.9) | (321) | |
Impairments | 0 | (1.5) | 0 | (354.5) | |
Gain (loss) on disposition of assets | 0.3 | (5.2) | 0.3 | (4.6) | |
General and administrative | (26.1) | (23.5) | (52.1) | (53.9) | |
Interest expense, net of interest income | (60) | (55.2) | (120) | (110.8) | |
Gain on extinguishment of debt | 0 | 26.7 | 0 | 32 | |
Loss from unconsolidated affiliates | (1.3) | (0.7) | (7.6) | 1 | |
Other income | 0.2 | 0 | 0.1 | 0 | |
Income (loss) before non-controlling interest and income taxes | 16 | 41.5 | 30 | (252.6) | |
Capital expenditures | 48.6 | 69.2 | 69.4 | 184 | |
Related parties amount in cost of sales | 3.6 | 1.3 | 6.8 | 4.2 | |
Other depreciation and amortization | 150.1 | 156.1 | 299.1 | 316.9 | |
Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | (14.4) | (3.6) | (89.9) | 2.6 | |
Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 485.8 | 204.6 | 904.6 | 576.3 | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | (402.3) | (138.4) | (727.9) | (452.3) | |
Change in fair value of derivatives | (7.9) | (8) | (13.2) | 1.4 | |
Adjusted gross margin | 71.4 | 57.1 | 102.4 | 125.2 | |
Operating expenses | 27.4 | 22.7 | 15.6 | 48.2 | |
Segment profit | 44 | 34.4 | 86.8 | 77 | |
Depreciation and amortization | (34.6) | (31) | (68.1) | (60.2) | |
Impairments | 0 | (184.6) | |||
Gain (loss) on disposition of assets | 0 | (5.3) | 0.1 | (4.9) | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest expense, net of interest income | 0 | 0 | 0 | 0 | |
Gain on extinguishment of debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | |||
Income (loss) before non-controlling interest and income taxes | 9.4 | (1.9) | 18.8 | (172.7) | |
Capital expenditures | 39.5 | 46.9 | 52.8 | 132.9 | |
Permian | Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | (4.2) | (1.1) | (61.1) | (0.2) | |
Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 953.7 | 409.7 | 1,816.6 | 973.2 | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | (838.9) | (312.5) | (1,579.3) | (772.2) | |
Change in fair value of derivatives | (9.4) | (4.1) | (9.8) | (5.1) | |
Adjusted gross margin | 99 | 91.3 | 210.4 | 198.4 | |
Operating expenses | 31.7 | 27.5 | 60.9 | 59.3 | |
Segment profit | 67.3 | 63.8 | 149.5 | 139.1 | |
Depreciation and amortization | (36.1) | (34.6) | (72.2) | (72.4) | |
Impairments | (1.5) | (169.9) | |||
Gain (loss) on disposition of assets | 0.2 | 0.1 | 0.1 | 0.1 | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest expense, net of interest income | 0 | 0 | 0 | 0 | |
Gain on extinguishment of debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | |||
Income (loss) before non-controlling interest and income taxes | 31.4 | 27.8 | 77.4 | (103.1) | |
Capital expenditures | 2.2 | 15.6 | 5 | 30.8 | |
Louisiana | Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | (6.4) | (1.8) | (17.1) | 2.5 | |
Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 276.5 | 179.8 | 510.5 | 399.8 | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | (164.9) | (61.1) | (315.9) | (154.8) | |
Change in fair value of derivatives | (5.3) | (5.9) | (7.1) | (2.1) | |
Adjusted gross margin | 103.4 | 112 | 178.6 | 242.9 | |
Operating expenses | 17.8 | 19.4 | 37.5 | 42.3 | |
Segment profit | 85.6 | 92.6 | 141.1 | 200.6 | |
Depreciation and amortization | (50.6) | (54.1) | (101.3) | (110.7) | |
Impairments | 0 | 0 | |||
Gain (loss) on disposition of assets | 0 | (0.1) | 0 | 0.1 | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest expense, net of interest income | 0 | 0 | 0 | 0 | |
Gain on extinguishment of debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | |||
Income (loss) before non-controlling interest and income taxes | 35 | 38.4 | 39.8 | 90 | |
Capital expenditures | 4.9 | 3 | 6.8 | 11.5 | |
Oklahoma | Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | (2.9) | (0.8) | (8.9) | 0 | |
North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 188.2 | 106.4 | 390.7 | 227.1 | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | (108.3) | (18.9) | (212.4) | (45.9) | |
Change in fair value of derivatives | (1.2) | (0.8) | (1.6) | 0 | |
Adjusted gross margin | 77.8 | 86.8 | 173.9 | 181.5 | |
Operating expenses | 19.9 | 18.5 | 39.1 | 39 | |
Segment profit | 57.9 | 68.3 | 134.8 | 142.5 | |
Depreciation and amortization | (28.8) | (36.4) | (57.5) | (73.6) | |
Impairments | 0 | 0 | |||
Gain (loss) on disposition of assets | 0.1 | 0.1 | 0.1 | 0.1 | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest expense, net of interest income | 0 | 0 | 0 | 0 | |
Gain on extinguishment of debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | |||
Income (loss) before non-controlling interest and income taxes | 29.2 | 32 | 77.4 | 69 | |
Capital expenditures | 1.9 | 3 | 4.3 | 7.7 | |
North Texas | Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | (0.9) | 0.1 | (2.8) | 0.3 | |
Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (459.3) | (133.2) | (845.7) | (272.2) | |
Cost of sales, exclusive of operating expenses and depreciation and amortization | 459.3 | 133.2 | 845.7 | 272.2 | |
Change in fair value of derivatives | 0 | 0 | 0 | 0 | |
Adjusted gross margin | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Segment profit | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (1.8) | (2.1) | (3.8) | (4.1) | |
Impairments | 0 | 0 | |||
Gain (loss) on disposition of assets | 0 | 0 | 0 | 0 | |
General and administrative | (26.1) | (23.5) | (52.1) | (53.9) | |
Interest expense, net of interest income | (60) | (55.2) | (120) | (110.8) | |
Gain on extinguishment of debt | 26.7 | 32 | |||
Loss from unconsolidated affiliates | (1.3) | (0.7) | (7.6) | 1 | |
Other income | 0.2 | 0.1 | |||
Income (loss) before non-controlling interest and income taxes | (89) | (54.8) | (183.4) | (135.8) | |
Capital expenditures | 0.1 | 0.7 | 0.5 | 1.1 | |
Corporate | Commodity swaps | |||||
Segment Reporting | |||||
Realized gain (loss) on derivatives | 0 | 0 | 0 | 0 | |
Product sales | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 1,235.6 | 532.6 | 2,358.5 | 1,425.5 | |
Product sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 268.3 | 119.3 | 500.6 | 419.6 | |
Product sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 879.5 | 364.4 | 1,667.8 | 878.1 | |
Product sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 61.7 | 34.3 | 111.8 | 92.8 | |
Product sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 26.1 | 14.6 | 78.3 | 35 | |
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 | 291.2 | 144.4 | 624.3 | 302.3 | |
Product sales, Natural gas sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 97.4 | 32.4 | 222.4 | 47.5 | |
Product sales, Natural gas sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 122 | 68.6 | 243.2 | 150.2 | |
Product sales, Natural gas sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 45.6 | 28.8 | 81.5 | 69.9 | |
Product sales, Natural gas sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 26.2 | 14.6 | 77.2 | 34.7 | |
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 | 707.4 | 281.3 | 1,335.2 | 656.7 | |
Product sales, NGL sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.5 | (0.1) | 0.5 | 0.1 | |
Product sales, NGL sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 706.6 | 280.9 | 1,332.6 | 654.6 | |
Product sales, NGL sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.4 | 0.5 | 1 | 1.7 | |
Product sales, NGL sales | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (0.1) | 0 | 1.1 | 0.3 | |
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 | 237 | 106.9 | 399 | 466.5 | |
Product sales, Crude oil and condensate sales | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 170.4 | 87 | 277.7 | 372 | |
Product sales, Crude oil and condensate sales | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 50.9 | 14.9 | 92 | 73.3 | |
Product sales, Crude oil and condensate sales | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 15.7 | 5 | 29.3 | 21.2 | |
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 | 195.5 | 59.5 | 360.4 | 105.5 | |
Product sales—related parties | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 30.2 | 3.2 | 53.8 | 10 | |
Product sales—related parties | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 137.2 | 56.1 | 250.3 | 123.5 | |
Product sales—related parties | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 96.4 | 14.3 | 178.8 | 33 | |
Product sales—related parties | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (459.3) | (133.1) | (843.3) | (272) | |
Product sales, NGL sales, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0.1 | 0 | 0 | |
Product sales, NGL sales, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 195.5 | 59.5 | 360.4 | 105.4 | |
Product sales, NGL sales, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 30.2 | 3.2 | 53.8 | 10 | |
Product sales, NGL sales, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 137.1 | 56 | 250.2 | 123.6 | |
Product sales, NGL sales, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 94.3 | 13.9 | 175.2 | 31.1 | |
Product sales, NGL sales, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (457.1) | (132.5) | (839.6) | (270.1) | |
Product sales, Crude oil and condensate sales, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | (0.1) | 0 | 0 | |
Product sales, Crude oil and condensate sales, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0.1 | |
Product sales, Crude oil and condensate sales, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Product sales, Crude oil and condensate sales, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.1 | (0.1) | |
Product sales, Crude oil and condensate sales, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 2.1 | 0.4 | 3.6 | 1.9 | |
Product sales, Crude oil and condensate sales, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (2.2) | (0.6) | (3.7) | (1.9) | |
Midstream services | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 209.3 | 234.7 | 418.2 | 478.7 | |
Midstream services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 22 | 25.8 | 43.6 | 51.2 | |
Midstream services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 44 | 42.1 | 92.7 | 85.1 | |
Midstream services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 77.6 | 89.3 | 148.3 | 183.3 | |
Midstream services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 65.7 | 77.5 | 133.6 | 159.1 | |
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 | 112.3 | 121.3 | 229.5 | 251.5 | |
Midstream services, Gathering and transportation | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 11.8 | 13.1 | 21.5 | 29.4 | |
Midstream services, Gathering and transportation | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 16.4 | 11.5 | 32.2 | 23.2 | |
Midstream services, Gathering and transportation | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 45.9 | 52.5 | 97.2 | 108.8 | |
Midstream services, Gathering and transportation | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 38.2 | 44.2 | 78.6 | 90.1 | |
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 | 61.6 | 73.2 | 113.3 | 146.9 | |
Midstream services, Processing | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 6 | 7.5 | 14.2 | 11.8 | |
Midstream services, Processing | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.5 | 0.6 | 1 | 1.3 | |
Midstream services, Processing | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 28.1 | 32.1 | 44 | 65.4 | |
Midstream services, Processing | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 27 | 33 | 54.1 | 68.4 | |
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 | 17.2 | 18.7 | 39.3 | 38.3 | |
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 | 17.1 | 18.6 | 39.1 | 38.2 | |
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 | 0.1 | 0.1 | 0.2 | 0.1 | |
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 | 17.2 | 20.6 | 34.1 | 39.7 | |
Midstream services, Crude services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 4 | 5 | 7.5 | 9.2 | |
Midstream services, Crude services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 9.6 | 11 | 19.5 | 21.6 | |
Midstream services, Crude services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 3.4 | 4.6 | 6.7 | 8.9 | |
Midstream services, Crude services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 0 | 0.4 | 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 | 1 | 0.9 | 2 | 2.3 | |
Midstream services, Other services | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 0.2 | 0.4 | 0.8 | |
Midstream services, Other services | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.4 | 0.4 | 0.9 | 0.8 | |
Midstream services, Other services | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 0.1 | 0.4 | 0.2 | |
Midstream services, Other services | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.2 | 0.2 | 0.3 | 0.5 | |
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 | ||
Midstream services—related parties | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services—related parties | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 2.3 | 0 | ||
Midstream services—related parties | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.2 | ||
Midstream services—related parties | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services—related parties | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | (0.1) | (2.4) | (0.2) | ||
Midstream services, Crude services, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services, Crude services, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services, Crude services, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services, Crude services, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0.1 | 0.1 | 0.2 | ||
Midstream services, Crude services, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | 0 | 0 | ||
Midstream services, Crude services, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | $ (0.1) | (0.1) | $ (0.2) | ||
Midstream services, Other services, related party | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, Other services, related party | Permian | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, Other services, related party | Louisiana | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 2.3 | ||||
Midstream services, Other services, related party | Oklahoma | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, Other services, related party | North Texas | |||||
Segment Reporting | |||||
Revenue from contracts with customers | 0 | ||||
Midstream services, Other services, related party | Corporate | |||||
Segment Reporting | |||||
Revenue from contracts with customers | $ (2.3) | ||||
[1] | Includes related party cost of sales of $3.6 million and $1.3 million for the three months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $150.1 million and $156.1 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
[2] | Includes related party cost of sales of $6.8 million and $4.2 million for the six months ended June 30, 2021 and 2020, respectively, and excludes all operating expenses as well as depreciation and amortization related to our operating segments of $299.1 million and $316.9 million for the six months ended June 30, 2021 and 2020, respectively. |
Segment Information - Assets (D
Segment Information - Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting | ||
Total identifiable assets | $ 8,566.5 | $ 8,550.9 |
Permian | ||
Segment Reporting | ||
Total identifiable assets | 2,387.5 | 2,236.3 |
Louisiana | ||
Segment Reporting | ||
Total identifiable assets | 2,349.2 | 2,312.4 |
Oklahoma | ||
Segment Reporting | ||
Total identifiable assets | 2,698.8 | 2,847.6 |
North Texas | ||
Segment Reporting | ||
Total identifiable assets | 960.9 | 1,008.6 |
Corporate | ||
Segment Reporting | ||
Total identifiable assets | $ 170.1 | $ 146 |
Other Information (Details)
Other Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other current assets: | ||
Natural gas and NGLs inventory | $ 76.5 | $ 44.9 |
Prepaid expenses and other | 40.1 | 13.8 |
Other current assets | 116.6 | 58.7 |
Other current liabilities: | ||
Accrued interest | 49.7 | 35.7 |
Accrued wages and benefits, including taxes | 18.2 | 22.5 |
Accrued ad valorem taxes | 22.8 | 26.5 |
Capital expenditure accruals | 17.3 | 10.6 |
Short-term lease liability | 17.3 | 16.3 |
Operating expense accruals | 11.7 | 8.4 |
Other | 33.1 | 29.1 |
Other current liabilities | $ 170.1 | $ 149.1 |