ENLK - Earnings call transcript Q3 2018 | EnLink Midstream Partners LP

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the EnLink Midstream Third Quarter 2018 Earnings Call. [Operator Instructions]. I would now like to turn the meeting over to Kate Walsh, Vice President of Investor Relations. Please go ahead ma'am.

Kate Walsh

morning good and you everyone. Thank joining Thank Midstream's to EnLink today Quarter you of for third XXXX discuss us earnings. Officer; Vice Participating on and Operating Garberding, Executive Officer. Mike Davis, Ben Executive Batchelder, the call President today President are Lamb, Executive and and Financial and Chief President Barry Vice Chairman; Eric Officer; Executive Chief Chief To XXXX Investor and release to the earnings Relations call of operations have website. our posted we today's press accompany third of our portion quarter report make available after webcast call, today's will also Shortly our on a website. we replay I call will laws. considered of our predictions you this remind meaning that statements securities be about expectations during made should forward-looking conference the federal including statements within the future, the or from is forward-looking differ in may materially results Actual what described these statements.

date no statements. we Forward-looking this of statements speak obligation update forward-looking any call, undertake only revise or the of to and as

Additional differ and I factors turn call, structure Risk statements Davis. over The and release answer earnings press to the you accompanying Barry SEC Eric, operations cause would prepared from encourage We that, the actual remarks in Factors. question available call disclosures start report what other release this available filings, open of in reconciliations leave the call information report to also Barry, with for and the results Definitions review be the and to non-GAAP then forward-looking that measures. With and to our in to earnings well financial as press measures press heading those enlink.com. and in a these the at like now enlink.com our comparable call This of the cautionary made statements including the is and will under Mike of call SEC by earnings period. remainder release our GAAP described on on could and located measures of filings. is this in includes are certain our operations as

Barry Davis

vision you Thank to good quarter Thank NGL our morning, third our you, all everyone. results, discuss our us for Kate, and forward. and joining updates, expansion

saw we achieved another over and continuing We in report year-over-year financial inception. As of we growth results. press EnLink's operations achieved adjusted since you strong release EBITDA, adjusted EBITDA incredibly and quarter and operational XX% strong issued growth yesterday,

significantly successful a EBITDA track business Our growth record regions positioning purposefully supply adjusted executing of high intentionally and projects. on and acquisitions is of growth strategic growing and result in demand organic

that benefits our While value EBITDA growth even growth good to of is better is translating all news, that directly the news is stakeholders.

distributable cash We have growth unit. flow XX% achieved in per over

quarter expectations. outperformance I'm third related we with to thrilled as exceeded results, Specifically

We and we are up segment. year-over-year in operational quarter and our segment X Condensate for standout a Crude profit in all had segments

Additionally, Coast on Yesterday, high we areas. platform. expansions continue announced to execute exciting NGL growth projects very in some our we returning Gulf to high

would distributable we we XX,XXX capacity raw take that expanding operational of bottom are of original end of utilized whole, high year, reiterated cash the love $X.XX during been press a EBITDA, where our incredible. We for to all you back by the be increased release at end have visibility is $XXX you guidance range barrels In exceeded make as report, When a look to growth to expect adjusted million and have and in When increase multiple but $XXX excited that quarter, set original we range XX,XXX expectations. yesterday's we million. was from expect to per the range NGL being we capacity of knew about barrels performing the equally with we to within per I outlook day, fractionate at February, XXXX, low growth year. EnLink. which I'm When has guidance that's and we it on into flow we of we expected range expectations over we expect unit. fronts a today today billion, accomplishing months. XXXX is operations second what And exit team expectation for matter for issued at and our long-term a enhanced our fully strong look the

or we over we stakeholders, DCF XX% day, As are with distributable XXXX I the long-term sheet is per by rate important the the announced With October turn will a Mike. and compounded all distribution of our end XX, we for around it strong our balance long-term. strengthening lot our for that it value significantly about I gives transactions to on power over outlook step into and we I year, simplification to At to means XXXX. further a enhance more unit clarity what greater stakeholders growing financial visibility annual think unit means growth and and When cash and commitment XX% By to and create return have EnLink back sustainably expect each from understand. increasing per or to flow are that, everyone it our growth. think through to

Michael Garberding

good and morning, Barry, Thanks, everyone.

had tremendous far. a said, we've and Barry quarter a As thus tremendous year

by more we've activity This during double are and XX% more volumes the XXXX XXXX. We last year-over-year wells at and and segment year the wells high first to DCF coverage in per of quarter year-end. more EBITDA digits. the in confidence DCF our the have XX% Compared our in driven total you profit is with Producer XXX additional Louisiana, and all range the increasing third have months of EBITDA end in to of gives compare ENLK guidance XX platform asset We've to growth when we expected this than by grown connected growth ranges. ENLK year, achieving and Condensate year-over-year. delivered also confidence Crude Oklahoma, gives XXXX footprint our by time distribution us quarter us in unit third of for adjusted experiencing XX% than delivered growth our XX

connected in XXXX. In XXXX expect number wells growth. in confident in also to same as Oklahoma, the roughly are XXXX we We be of

In number connected being the fact, we at first continue customers. schedules in our about our partners half in Oklahoma, most Overall, the actual of and first active we as wells in provided with by relationships we of expand to saw producers look of the half and the XXXX we see deepen as XXXX. same

We expanding executing on strategic expansion NGL are We represent Louisiana. network. announced our Gulf also of first which our in projects, Coast X NGL step position the our

Mont project hub will Cajun-Sibon announced Louisiana. our NGL takeaway from Belvieu EnLink our a capacity fractionation to the facilities First, in that III, expand

Oklahoma, barrels in XX,XXX of in of barrels of Texas during completion unlock have between operational, to and which once a barrels incremental to projects Cajun-Sibon X per day Second, the of we III quarter the Louisiana. expected an the project per the NGLs, out Basin great from announced footprint to and The expand day of opportunity Permian second to combined fractionate coming capacity is given XX,XXX our increased fractionation expansion XXXX. our core Volumes is us produced due those our number of North positions NGL basins. ability

franchise evaluating service facility advantage about converting we Louisiana are execute demand which position have existing market. include expansion, in the new also gas into a the new venture position project are the NGL or to fractionation In are we facility very NGL Texas. given a strategic of next our excited growing joint we Louisiana, the looking in in leg in at We a NGL Louisiana this of could legging like participating We pipelines feed Louisiana. a in our a I'm believe large-scale to and growth fractionation heart complex. into supply building

Crude want to what yesterday we are of give the Condensate and to important it's accomplish. on start the just announcements update segment. Our think also I an

Crude Midland United have out the in supply systems crude As located Basin. some one Today, of system we basins Condensate quarter. X the said, oil Barry XXXX, a gathering the had had and volumes best stand we beginning in gathering oil States. flowing the crude all At in of

systems are of with Our Black Redbud Avenger initial flowing in XXXX. our be operational system first full expected the during and Coyote, quarter volumes now, and service to fully Chickadee

year businesses in accommodate volume The the fastest XXXX expect topics of systems also is considerable outlook connection our to in efficient. without outlook how we and we time our made thinking we crude that crude some significant with a now, have longer-term that to metrics growth in can systems scalability take and of We we've amount gathering large a one that done our growing Shifting additional I that way investments discuss is are means multi-year requiring announcement. this beyond the our financial and in very capital about capital. want of one broader provided simplification we our

as We projected through growth. value, focused be per on can stakeholder current unit and are DCF seen creating

all outlook what growth X given in this growth discussion, this pro this executed being and As of Gulf our our is manner we with position strategies. And example is with great like in capital-efficient of this we're more expansion a see. on starting Coast A a further to Most business we our we part strategic forma our look through first gave forward of from execution NGL come. a execution importantly, XXXX. strength, upside into ENLC

our the opportunity in business the growth for core Our gave NGL us expansion.

the I'll our financial long-term strong X until update driver behind Eric up is XXXX, our executing guidance included efficient III fractionation However, our were on get growth some this the for also outlook how business the team With we creating capital discussed Cajun-Sibon on on the and turn business. strategies, Overall, call is and XXXX we we Cajun-Sibon guidance main current performing, growth long-term tightness change that, business near how can also The term the provide over for earlier. million focused great provide the the to This market focused is III love headwinds highlights. to of running. provide value. on but an was stakeholder our to how projects $XX in

Eric Batchelder

and Thank morning, good you, Mike, everyone.

quarterly third for of and highlighted, which results last ENLC, start this year-to-date. Mike XXXX quarter where Barry time were with strong delivered million both of reported distribution, available from and representing year. cash we solid the As have $XX results for growth I'll X% EnLink

X% achieved Crude to distributions with XXXX. quarter, XXXX. from as adjusted from planned The and track over represents and and double-digit perspective, on $XXX continue result XX% quarter was to EBITDA and that's year-over-year all this up for growth raise of by Condensate by in XXX% From third million of are the as year. profit to ENLK of time regions, during up a which to growth segment XXXX, we We XX% ENLK of our this Oklahoma last growth an increase distributions compared

the results DCF cash ratio ENLK's well. XX% realignment flow times coverage of coverage from quarter's this we self-fund our of a was ratio adjusted the a priority a flexibility to quarter. a are we with making expectations key initiative our million of as year. increased with us X% capital company growth with the navigate range to A distribution position expectations cash DCF growth times. X.X EBITDA our to related points distribution we we gives the solid This allows us facility. as In pleased volatility progress has the million. ended perspective, perspective, guidance flow completed our third with exceeded per impressive coverage in to a a this $X of guidance which $XXX XXXX. result have distributable quarter sheet, range From to X.XX been conjunction a calculated an very to of stronger exceeding our distribution range an to leverage are DCF credit a million inclusion our From and guidance $XXX times even is midpoint a by we us expenditures one-time increased the increasing the up year, X.XX amount we Strengthening during charge of debt and range, to and at quarter financial the balance for also stronger to

program equity raised during for via raises totaling million $XX with also very little around We aftermarket our the quarter, year. equity the

we X liquidity to annual Generally to ENLK billion. year, maintain the flexible billion of our next we business simplification announced expenditures. equity to capital same spend portion on expect in X the continue expect often our financial of tenants growth growth speaking, to forward. target we the get our forward. capital $XXX I of that $X.X expenditures some the with When our about expect model $X.X our around We position for expenditures fund and We be to going with key cash funding aggregate approximately from October quarter transaction years exited discussing capital majority and liquidity we XX, time the going excess asked revolver growth million. This

greater. to expectations outlined First, sustainably X% growing are responsibly annually we or to by our committed and grow and distributions distributions have

focused plan retained we terms. of Second, to X next us flow on in are capital the cumulative $XXX million growth which our own years, are gives our forecasting more we'll cash on growth expenditures self-funding over excess and that flexibility of our execute greater financing have

Third, And we are times, leverage of ratio of ratio fourth, as X.X times targeting times are long-term to under we credit a X.X X.X of calculated coverage targeting the distribution terms X.X to facility. long-term a our times.

moment to market Finally, a in take to I would certain like indices. our address inclusion

indices topic of advisors with discussed is have in forma our variety included We we which this at ENLC for length are in all will pro a expectation eligible that of the be and today. inclusion

leverage significant future of visibility entity reinvestment the excess Our give set forma distribution and distribution strong responsible pro growth, state into our market flow, is sustainable up cash to levels. financial of coverage,

EnLink on the and I'm front making the sheet balance of sure stakeholders. a building on in turn the have specifically we And come. growth is to focused very place are us for We value large, back focused opportunities attractive call Mike. to I'll with in for on years create capitalizing that, to of all sheet balance sustainable our

Michael Garberding

up execution the to the of at wake is success key our core At thinking continued Thanks, of what day, the very is it and end about. Eric. the we

their to Our demand to to needed critical rely on what keep to on our their with us feed downstream on markets connections market, building up do us providing can call keep energy keep product and producer supply you may and flowing to for With is customers their to to customers our excellence. us the facilities. that EnLink that continuing for midstream and count operates open the you builds questions. essential infrastructure customers rely

Operator

[Operator Instructions].

Jeremy of from Your first be Morgan. will Tonet JP question

Rahul Krotthapalli

Rahul Thanks Jeremy. for on questions is This here. taking my for

The you acquisition, XXXX how on first with the the in more STACK like you in one, in some are baked here? lowering well can should feel segment. rates and about to the Devon connects STACK side, noted reducing color risk and also, And on also starting think improved behind off going which provide the you here productivities assumptions any the XX% the CAGR we there on well

Benjamin Lamb

saw deal big Ben dealing we the of the best its confidence you're right Lamb. you what play with and Big most Rahul acquisition North the know a of here Canada of through new STACK, Yes on coming vote recently acquisition, in picture out was recognize has there essentially great America is in still of which they that STACK a a they're that running very one plays room. and a field

course, And customer into for confidence what think don't for our our of look I going same in doing, CAGR, we've we when one through number XXXX have every XX/XX/XXXX. the of customers speaks look in the observe informs are When terms producer around at what we do itself. we've of In experienced while single you experienced always really customers in know and we we in XXXX. their as as have, XXXX growth our we is with XXXX that we see well we been about roughly plans schedules our discussions, confidence connects thing we XXXX for have and the

say, expectation. the Merrimack X, I X some it wells specifically, that's roughly Newfield and see performance, around at assumptions or into not, far and an X, for that's some we think operators the learnings We maybe Woodford how are some industry's not into we of per projections any but do consideration As around that development increased we'll maybe places co-developing not aggregate our part looking bake we section just well take are recent as the some productivity so places forecast. operators our do well spacing, in like the of will it average

Michael Garberding

is Hey Rahul, in report. a diversity think Mike. that to too, important in note that I customers we Oklahoma producer we it's have this Also, the highlight great of ops did

So again different all customers. those it's looking to

Ben's had that drill year think growth over driven that we talking I this customers' about. really XX have wells

Rahul Krotthapalli

spend, the some the for to And expansions you. be and related again year growth here. Condensate X Thank would guys. gathering And here? off provide up location helpful can entirely and billion the also crude planned billion drivers mentioned to CapEx segment the targets and That's what's this you X.X growth then, X.X Crude systems behind

Benjamin Lamb

Hi on. then add to start Rahul, want I'll may and Eric

on the confidence for is our developed In by guidance driven crude of the in segment, there terms resource CAGR systems. really that's being the those it the behind

the one Chickadee year-over-year Greater the the north prepared X in the of on Midland STACK those believe over it's seen So XX%. we and our fantastic of you Basin, Delaware that remarks, systems, in of growth heard system brought I online in and the of X in course those up the we've year

really amount fair million for The into lay segment that year systems. and going and system to Growth the backbones that bit this a of will million range very is $XXX $XXX forward year capital early capital constructed XXXX. of this the to is a and growth XXXX So base the with for been the has so of over also tremendous and much comes Redbud be the in of because Avenger, efficient the Black Coyote investment.

the actually to rather you guidance. Eric of looking we'll provided. XXXX rather you of a billion time part provide it's billion through for you little think guidance give XXXX some the around as I in know - So And that capital that that additional XXXX X.X range X.X we XXXX forward at full

Eric Batchelder

out, would as transparent it on is of and hooking what be add get Rahul, capital pointed to only helpful - that new this a it. Ben that cash compression, quick Ben I numbers et thought cetera. terms the a projects also to some of up we Yes lot include we give we - wells, why perspective the consider those question the lot, I our this in - it quoted to, which that alluded large And the our to thing large of CapEx be would includes

of I day customers to day we line vital everything we provide have more serve our have that as include and CapEx serving provided large past our the do announced All date basis to information, out that we'll in side the a our to then bigger customers. project but work numbers consider the on we extent as the projects that down day-to-day that we and been in on the the to has

Michael Garberding

point away that with the simplification highlighted We take the you I is period Rahul, this you just all around to in the unit that. is growth ought as the put ultimately over far our capital core the the efficiency when growth with the and and Yes of X confidence business. we feel DCF think together year see that you And announcement basins can driving what's build it. efficiency per ultimately as it the

Rahul Krotthapalli

Got the guys. final ops And what help you the as building then Louisiana you you of on can - some the give you, approach how second plan can color color, out fracs appreciate in one build there? platform the NGL the - in versus have to phase And report? on in mentioned provide would you the would make color any Texas, between the like JV decision you what

Benjamin Lamb

Yes again. Rahul, Ben it's

is III ops shifts as to As be Cajun-Sibon and next to solution report, to for going us what on announcement, the there. outlined possibilities now a there's the X going we the be frac follow-up focus to our

move gas in pipelines to assets over a own would involve development that into Y-grade Louisiana. around repurposing large brownfield Louisiana the some effectively fractionator them of is our and One be would a scale likely

Another did venture most third much add superior we that to Oklahoma projects. a likely possibility our we the always out those attractive Mont in capital around there of party might get And transportation very to on is NGLs is that be third that joint possibility a then Belvieu. like is solution, Texas a

what's now. to that us So determine of available to answer what full that's are really just for the the does question decision. working for a what to most It the each and of take about to is to decisions we're those And market company. options do economical it your evaluation that for get to time

Rahul Krotthapalli

me Got that's taking it, questions. thanks for it my from guys,

Operator

of Schultz T.J. from go be RBC Please will question Markets. ahead. next Capital The

Torrey Schultz

spacing infill EBITDA already learning that all in operational its First, curve this recently? just guidance to clarify that gave Devon report quarter, with was the XXXX that discussed contemplated the you

Benjamin Lamb

it by no are all is. obviously It's customers. contact TJ. our Yes cost exception. of of in We being Devon, Ben. course, with

And incorporated this time for today, some we've our so is and Devon knowledge while XXXX fully now so by expectations. being announced it's is it in that had

Michael Garberding

X the very And Mike, specific And feel important Oklahoma can the I talked one ultimately about year that the Cajun-Sibon thing in to the think is base, expansion. solid frac get this the point ultimately is on us to the really market. T.J., was cost make growth you to that headwinds there III to we but is look from projections good CAGR the about at XXXX and for

And change opportunity we Mont was about large opportunity next us the only that for it not to for driver when but driver that or but $XX so Belvieu talked Louisiana is growth. the that gave giving that, large million of that next guidance the leg of us Cajun-Sibon III,

very, feel There were of related we about business. but those factored in good growth the XXXX that, headwinds Oklahoma to some in numbers. fully was so the And long-term very

Torrey Schultz

then SCOOP merge? SCOOP, And STACK the any STACK understood. the seeing to you shift or the customer or rig to are from Okay, versus

Benjamin Lamb

- the not year, but are still STACK. who that very on much know that made that's shift its big operator you focused don't do we really have very on who an operators We with. system was The one there in T.J. are business the operator Ben. earlier our

to take points. Now I'll the a couple of opportunity make

is to of into field One on more order our full this the and acreage. development we next many in number roughly much we wells of becomes same won't see as need to working year efficient year, rigs they as the deliver as have which expectation, those that is mode transition seen the so development

been little to take but on a the a well seen have seen we producers spot touched rig and last than a is to position. make smaller And us for doesn't some has a you of year, great is great of a what on the in count I'll just couple just cases this we years airtime point not second be I'd couple related acceleration recognize bit We will that have are minute bright merge count. the not area are public focused on And the more area. of are very our resource, does, STACK active on because as producers in that and an get That's results it merge and but as companies much it we've merge. we

Torrey Schultz

understood. Okay,

on Just next following kind prohibitive JV does compared to any part expansion phase, or NGL options to larger of that otherwise? a build in lastly of up cost of the next is NGL that consider solution or the potential Cajun-Sibon contract Texas

Benjamin Lamb

likely Yes. NGL would Certainly the service. table. of expansion conversion is existing of on pipelines larger that most the into And some a a would form gas be Cajun-Sibon take

second needed pipeline frac. to That's be move effectively large a would Louisiana. would with be the NGL y-grade into So associated what scale Louisiana

someone is with the really to provide Belvieu will solution better ourselves. solution the a we JV even to cheaply is someone contract So is or more with the better can than provide it in solution question or that better a who to is, service

Torrey Schultz

you. Thank Understood. Okay,

Operator

from [Operator question will Spiro next Suisse. Credit Instructions]. go Please be Dounis ahead. The of

Spiro Dounis

or as to you demand the LNG seasonality demand a see some shift Louisiana starting you're there? step change there alluded structural got think any simply industrial quarter there that now is gas, want on strength real and is driver, to in in just start off the curious and this Just I a to stronger that

Benjamin Lamb

you is business power can load There lasted one would bit it seasonality I in little you in that is Hay business than you as margin see don't from that does think as related this continued any has I shift. a very summer from getting and don't, wouldn't that that to. think perspective couple year. structural stronger, continue Spiro, strong describe can, a a there is I it it structural in maybe a we'll but describe the to strong I I usually longer the it's market a that that of strong performance been really weeks that Ben. shift point that

of from market. you're So modest had the the NOI we from are seeing and of that that, a but perspective reflective a benefit both really those an from strength base volume perspective, results the

Michael Garberding

I and this equally multi-commodity we've about in longer-term what that point, the gas Mike. Spiro, we're what on down Southwestern we're the opportunity in seeing is have on NGLs Ben about we growth you have too. doing about LNG. the talked it mean, gas starting opportunity we Louisiana, side alluded when demand to That's on the think for

So, that'll as anyone you take longer-term to be see nature but big we the so as little that that. a that And in of of side. in be to advantage bit would positioned when that continue well gas are coming, next leg growth

Spiro Dounis

specifically could that's around the I sticking new IDRs now then feedback for potential I to And had share just after it, investors you Got in, you if the helpful. hit that road gone, come some. guys terms of, received, announcement was merger the the you are rollup, of in for think of the some that think point I was wondering

Eric Batchelder

good question. it think Yes, Spiro - a I is I mean Eric, it's

great we really simplification us. as think we sets ahead I helps in a about financial security, it the it's some we've to support see think the of growth from and attractive I business that coming a perspective up a whole, that great us position when gotten and think more us feedback the a

think the where heard year us and we in that's and I perspective us of will a set think simplification have has you've terrific and investors really on balance a opportunities in. as come terms a sheet XXXX, and a is of strong story the in with to it good structurally makes good then opportunity having balance starts it for attracting a structure we the front the really execute sheet from to 'XX others been up LLC

Spiro Dounis

color. the Thanks Appreciate guys.

Operator

from And Gershuni of go UBS, Shneur next be please question will ahead.

Shneur Gershuni

some if planned expansions wondering up so can the I was NGL follow and I of forth. on

there partner I to able you've low and forth spend significantly out actually that are guess and entire being ability instances if about do there to and to of your amounts an all more other of synthetically the or clearly talked of are you same peers many possibilities How do on like screws able size frac frac being you capital of can create for about well. week demonstrated so One some to you or to you your as thing the turns last facilities? their able think increase

Benjamin Lamb

Yes Shneur, it's Ben.

build is we've time for to than XX,XXX Effectively $XX quarter but the next that. the in right. market And obviously barrel fractionator in to fastest of what you're versus that, second million. $XX today XX,XXX not of new solution longer So million to year the a barrel equivalent being the only announced significantly

left we terms to barrels that to find have barrels. XX,XXX of think turn, we're I screws going In XX,XXX to another don't

flowing, once I as our folks learn and the few and We've ways the for do system. think our we're But don't will over find to and get our does. that operations they ability a engineering discover like another shown barrels folks that incremental don't, comes Cajun-Sibon that expectations. own going free capabilities think I over-deliver to to imagine on over of our again, move III to one almost I fractionator we that I online this

the the think will discussed next I we that lines will along call. growth of be, leg the be earlier in

Shneur Gershuni

going been you opportunities over next being on they where follow-up, they your to what are customers producer have a X down. have rigs X and the in dedications, Oklahoma, a acreage are Okay. on about so the or talking of they terms Can about your up And on talk months? And you same, the you going color of trend specifically forth. as see lot gave

Benjamin Lamb

Ben bit that. happy talk to a about again, it's Shneur, Yes

the rig year, been In over of the trend fairly course it's steady. terms of the

in we're think normal. having we timing this past right this this create And our big drill quarter new that to that's like fewer wells. in all have saw we that acreage between our and Our ratable we like expectation because And rigs some on have connect did impact but And producer going see we that you can outsized of being the in the by aside saw should not as we same same magical the will the in we is the growth based the expect where expect that time. the number will that wells some the quarters play say in it's sit of fewer XXXX, in of based But non be projects we on in and do is in second year. about us quarter year. turned be the expect of that we'll of that Oklahoma And will the that now, quarter of operating of XXXX, communications will move see you require in they thinking about on to less to they from that. rigs growth approximately number quarters see We've to next third customers lumpy. growth. would of that's growth some the I and We'll line of lumpy talked growth quarters year we

Shneur Gershuni

be net, on your net your volume flat of or connections showings and about enough forth, wells offset I is gives is that kind will to grow year-over-year So of sort what year-over-year that that natural also when because so rate? rates what to confidence are a think like should I well it going and on able confidence basis What a about us think created like of treadmill better. that natural is decline be the actually the and decline the grow

Benjamin Lamb

question that talk we'll Yes answer on, a year-over-year growth. through bit, little have that so Shneur extremely to to the head confident

connected of how XX%. look if in far the there kind get you up with As you we pieces, as year year-over-year this the wells growth are at we've

up back go XXX%. you we're If two years,

because will we again continue rate expect a to don't of be saying, percentage it XX% more up wells of takes same I system, growth. have you you're the year, next what bigger So exactly

- you talked the So then you that when And guidance you XXXX, to in profit that about, see that the full guidance we XX% segment CAGR on guidance be particular. some for but Mike for XXXX growth the if it gives XXXX system. happening some we'll how specifically around XX%, about volumes the give communication of think make won't idea XXXX we

Shneur Gershuni

we see can the filings? when Okay. one expect final SX question, to And

Eric Batchelder

Hi is Shneur, it Eric.

out as as we We to soon very are lot of get possible. expect get is out that as that working as we're can something that to and that that's spending time we soon. Obviously, and on recognize very hard a we important

Shneur Gershuni

guys. you the call All right, today. Really appreciate much very Thank perfect.

Operator

[Operator Instructions].

Please ahead. next will Capital Crosby Your be go Advisors. question of U.S. from Colin

Colin Crosby

Hey, question capacity. morning more the on good guys. One expanded frac

go how NGL the you and start do filling running ahead pipe up guidance? So again expand you issues think into start reduced before can you expansion, complete behind capacity, that much that same once you you buys the the time that the driver were

Benjamin Lamb

light ability next that position of next frac the in need need growth. is it's fairly going the it for to actually leg next gives to because It of Hi, well of and that to some make our make in position year the capacity. Ben perfect us leg again. link want see link We our to decision in that we that's care of Colin, are around takes

it might takes just coming that we a to the be then us pretty it takes we might third-party that be in well for a of a care constructing like to looking contractual with solution begin XXXX new for bridges arrangement So we'll or that XXXX - call. outlined online solutions frac earlier would and be a long-term in be

Michael Garberding

we And Colin which it 'XX what's and you us industry standpoint about is is for what think ultimately break mean growth Mont [indiscernible] from I year if about in Belvieu think key that for see here does you us. the Mike. is an through, happening and to key this that

Colin Crosby

Okay, thanks guys.

Operator

of The next question go will ahead. Dennis be please Merrill from Lynch, Coleman

Dennis Coleman

the announcements would. you Just if today one on for more

those going customers? will it or now you contracted about also think with underpinned those will contracts forward, it is and capacity, be alternatives contracted the some the by kind So the are be as of -

Benjamin Lamb

into at capacity point the the be comes when so contracted service. fractionator will Yes,

commercial level project economic far, that work want have will subscriptions would expansion, and to probably that of to that certainly don't as of that ensures support decision. be and for before That towards have next may will but will the not a leg may progressed the need we threshold we that you as of a we far support capacity, we get we next know are yes, successful doing of we we to As a with next or proceed commercial feel quite we fractionator have level would making look expansion. of that the certainly be XXX% some

Dennis Coleman

infrastructure what the Okay, about products? to away barrels move the downstream customers, And purity thanks Ben. to

Benjamin Lamb

it question. of Great will with our III infrastructure. incremental some to Even expansion just existing the some benefit downstream create Cajun-Sibon

pipeline like, For some and the additional would and a what created of downstream move example, into the could I system deeply could it capability. with expansion opportunity our extension of purity products be Cajun-Sibon are Louisiana today. too the want some in frac expansion infrastructure Certainly to investment, our look those get side be some additional on come don't but by also purity could that some export

I year think so materials the barrels noted that we we Louisiana. million of this far X out passed exported in

Dennis Coleman

And expansion. into you're Okay. the just more terms the economics talking today? about in that follow-up that last just there of one immediate baked Is

Michael Garberding

related been into and numbers This pipeline out. is think everything fractionation all we increase with the make understand in to the XX the It's Mike. has increase about in out. to million And it, already just that we've Cajun-Sibon baked is to for XX the the laid spent people million sure III to laid regard already fractionator, the capacity

Dennis Coleman

Got it.

much. very thanks Okay,

Operator

this I the to for any and gentlemen, Garberding our conclude closing conference remarks. like and over session. ladies question would answer will back hand Mike to And

Michael Garberding

your updating our Thank and look on forward morning. you thank XXXX full fourth everyone in And for this you, facilitating call call for participation We results on Denise year today, for your you the to February. support. our call quarter and for

Operator

conference Ladies concluded. at this sir. time you you today's presentation you, for may the disconnect have attending and your lines. Thank Thank gentlemen

EnLink Midstream Partners (ENLK) 7 Nov 182018 Q3 Earnings call transcript