ENBL - Earnings call transcript Q4 2017 | Enable Midstream Partners, LP

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Operator

Good day and welcome to the Enable Midstream Partners Fourth Quarter and Full-Year 2017 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Enable’s Senior Director of Investor Relations, Mr. Beasley. Matt ahead. go Please

Matt Beasley

good Sailor, Presenting and our Financial our and call John this are Chief Rod President Officer. morning, you, on everyone. morning’s Laws, Thank and CEO;

other questions. Earlier SEC. morning, in have We and management press our this of XX-K filed to your today our we team Form also answer the members earnings room release issued the the with

of the this Form website. section earnings and accompanies all filing release, our that XX-K call press Investor available in Our presentation the are Relations

We statements will replay securities projections SEC can today’s meaning results also discussion differ be posting of in the factors filings. found discussion be the and could of call a actual Today’s to website. that materially differ will to projections cause our from laws. of within from the Actual results include our forward-looking the could

financial will the With both in GAAP on and measures. measures that, today’s referencing call, the appendix nearest non-GAAP started I’ll call Sailor. forward-looking invite we’ll the to turn be to We We to we the over presentation and measures financial for reconciled in presentation. this Rod you also to non-GAAP statements have get which disclaimers today’s review

Rod Sailor

for to flow quarter EBITDA, XXXX. the quarter XXXX. Good In distributable increased the compared as great to well thank for Matt. higher processed today’s higher volumes transported of fourth volumes, contributed crude the gathered, with and fourth units, you income Thanks, XXXX, XXXX as of call. of The gathered quarter quarter joining And ended common and all the compared fourth us for adjusted Enable performance. morning. another of natural increased oil to gas cash quarter attributable net volumes higher to

business that record processed operational for XXXX, results since flow, volumes, quarter adjusted commitment results in well gathered results highlights proud fourth Enable volumes, cash and of announce year XXXX. Slide to while May financial a and financially the five NGLs, EBITDA highest distributable strong Enable’s disciplined. as as Our the delivered growing full-year I formation Enable. am highest full-year remaining volumes our our for for off capped in and transported produced to

successes in extends product Once growing Align the and provide Our day cubic and Wildcat our XXXX Midstream Basin feet Wildcat active for CaSE and acquisition. optimizes solutions over Midstream commercial in of and Basin included further acquisition capital-efficient Align the supply region. the online, and the of in footprint the XXX projects will in Anadarko midstream CaSE major Ark-La-Tex million our while the per market services lines

the we and fee-based acreage continued in were successful dedicated increase and firm, our also During segment. year, and contracting agreements EOIT gathering EGT to processing to on pipelines

a balance sheet strong and excluding G&A capital generating continued XX% flow. margin distribution expansion coverage am a and income, a times. coverage That distributable We activities. to with also the while pleased and and cash with spending X.X to for ratio objectives approximately balance ranges We M&A ended to to our XXXX on year, announce cost and distribution EBITDA in outlook year a discipline. our growth to times focus for levels. in our We achieved debt of ratio growth X.XX distribution gross XXXX significant in adjusted we adjusted our of our significant maintaining of while coverage. flat equates total upper of the expenses net revenues end XXXX business exceeded saw EBITDA the O&M our keeping XXXX We with that I

six. slide to Turning

look in will our highly systems. to our interconnected located our strategically leveraging on We assets XXXX, build success and

our expected Enable footprint demand years, next is to this in growth around producer As market and both and serve you well-positioned couple growth. can see, there the is over significant supply of

seven. slide to Turning

We see rigs and system. drilling connected places. has segment our processing our development and and are each of in gathering be Our positive right to to basins, XX the activity right wells the gathering in there assets

strong basin a Anadarko for eight growth. As to we leading activity our quarters the Basin, gas STACK plays. are gathered of producers have wells consecutive the per volumes continued we systems SCOOP result across gathering and rigs the activity offer we and SCOOP In Bcf a natural strong producer of well-positioned over footprint, continue processing and hold in increased drilling market for our in Rig to remains connected our the be and to STACK position, X.X capacity day basin. XX in the with

and of quarter Our schedule Wildcat of and SCOOP the for startup. day processing project provide project feet growing per remains cubic XXXX an production, capacity million on second STACK additional XXX for

We to We completion techniques basin and also drilled Basin. seeing growth in continue wet XXXX integrate will optimize improved Ark-La-Tex has by opportunities the gas as windows. Arkoma leasing full-year acquisition, volumes and in dry in Midstream growth gathered and of plays the saw the Align the and production in In significant assets. Haynesville laterals. increased, Cotton are their work rig increased see activity eastern producers XX% a our Oklahoma Valley impact and XXXX in activity both those in significantly and Basin, to to we longer leading the

of gas focused gathering quarter XXXX, Arkoma approximately from dedication gas XXX,XXX on of with new producer drilling gross a fourth areas the Shale. lean Woodford fee-based we During the contract signed of acres XX-year a a natural

in DC exceed gathering Arkoma continued further as with reduces and Basin gas opportunity eight have and minimum for quarters, Natural payments levels. volumes natural gathered increased shortfall basins. have volume increased commitments the and in in growth [ph] margin consecutive We the volumes Ark-La-Tex gas Ark-La-Tex provides contracts for the

of crude in recent day expansion and result continued the to system a volumes oil Basin, producer continued in X,XXX gathered the as techniques. improvement per barrel grow Williston completion Finally,

and highly market solutions around Moving to footprint. demand storage our markets supply transportation for and in and eight. slide Enable’s to well-positioned provide both integrated are growing assets and

dekatherms access XXXX. And announced The of increased quarter, we shipper in growth capacity Significant Basin the transportation firm in solutions an Anadarko on supports that day to states. In season capacity. a have received. driven ended to day connect open based are of pipeline Mississippi at the firm points and the demand X,XXX-mile three-year Enable and pipeline season on we Our Anadarko included capacity. and Gas and foundation currently since producer our investments in dekatherm access STACK west fourth CP. a system West our in XXX,XXX that the market Transmission Line historical side adjust delivery to February system has total dekatherms producer. provided market of capacity MRT’s the Transmission for and and day Wildcat activity completion The project opportunity evaluating we projects, SCOOP and The per the Basin transportation this a for per over with X.X rates. system Enable signed agreement will of subscribed early That and the XXX,XXX six to levels. transportation competitive planned With for market downstream markets per Louis open producer supply January, the rate CaSE rates, Northeast updated X,XXX agreement St. EGT across demand Mid-Continent River contracted production case EGT’s per of Midwest. the on XXXX us bids provides Bcf provides day provides with

XXXX increased XXXX Oklahoma system on utilities. increased the a continues to in our producer system well Annual pipeline significant with result as from intrastate production position to Anadarko EOIT average X% approximately compared as of growth benefit core Basin. deliveries Our in as Anadarko its

fired XXX,XXX still OG&E online, is by per dekatherms project the provide firm transpiration generation. in electric the Muskogee of be XXXX. And Our to project on service contracted will natural once schedule gas service end for of day

Finally, to supply Northeast the fourth the United with through like quarter from and demand XX% Southeast and a pipeline a markets third-party results. I high to John operational and its the States discuss joint interconnections call of venture financial that Florida southeastern is further to and with full-year turn XX pipelines. diversity SESH the would markets serves now our over growth of

John Laws

few and you, metrics will quarter morning, a operational financial I the our and Thank year. key the for good and of Rod, cover everyone.

financial released operational a comprehensive in As XX-K, this in can fourth which detailed of and earlier earnings and results the quarter our our both of and always, find were release morning. you overview more

completion The processed and basins the volumes XXXX. resulted and full-year and increased to quarter fourth compared activity XXXX of Anadarko the slide gathered in for and customers in our Ark-La-Tex XX. the to of Turning drilling when

expansion our increases oil by of increased intrastate several supply gathering overall and XXXX, pipeline volumes Den saw result In fourth Oklahoma the Basin the earlier. the also primarily for full-year Basin. full-year average our Anadarko deliveries online a crude of systems as in transportation Williston both and volumes primarily system and the on gathered XXXX, Bear by increased driven system and Rod mentioned our We on in coming our quarter multi-well transportation for driven segment, both our of the of that the our quarter increased in storage pads

decreased capacity quarter contracted result the firm interstate a for segment. primarily year, expiration CP EGT’s of on Our Line contract as and both the

the both when increase primarily for quarter and XXXX gross expenses. Turning The for full-year and compared quarter income and the measures fourth fourth the the margin results administrative on slide maintenance, due to XXXX. to net and for income increased the higher was XX, our financial in operation of quarter and lower to general net

NGL to natural supplies quarter and net XXXX, gathered, margin. the a on fourth were higher and gas, XXXX Gross primarily margin lower, to contract and and volumes, condensate higher primarily full-year in assets higher in and for sale G&A primarily a services fourth loss gross value fair prices, due and of full-year and in expenses costs. the materials of changes and quarter NGL due income derivates. for decrease For due decrease the O&M transported processed increased, was to

XXXX. and by of flat additional quarter in coverage interest full-year quarter for result higher interest an expense, quarter net the For were Align EBITDA, quarter, and on as after rates of X.X X.XX as an and a depreciation in expense higher and as higher of due expenses times debt for higher assets for Adjusted increased full-year cash the the G&A XXXX, Distributable acquisition considering non-cash the amount for of the margin Enable higher periods fourth both O&M to result of offset impressive The expense. debt the service result full-year in fourth and a to compared items. adjusted primarily Midstream times After offset full-year by were increases XXXX. outstanding. partially declared interest outstanding for full-year the income the distributions flow and for XXXX, higher distribution and amortization both and of gross adjusted EBITDA increase generated adjusting a a ratio for increased of the placed

a we for to take at Moving XX, look XXXX. key priorities slide Enable’s

to of creation our be excellence. value financial committed to through and continue pursuit We operational commercial,

business online development projects footprint. accretive, and to to CaSE committed expect bringing our leverage on both relationships, secure well projects, strong our to and capabilities operations new, as on-time Wildcat, Operationally, asset and reliable major and Muskogee three off We on-budget. continue to and we’re customer base, as commercial safe

Our remaining efforts discipline, well a while that since will our committed to formation. us be served financial accomplished commitment

Specifically, as metrics grows and we grade our a on capital maintain operating our efficient costs. deployment, investment business focus expect to through

As of we’ve portion a in will capital, guided XXXX, distribution serve which fund will previously, we be to generate reduce needs. solid and coverage our future equity expansion expect to utilized to

and XXXX Finally, earnings provided reaffirming operational XXXX third in financial we are quarter we outlook our our that release.

incredibly and has XXXX. has have Partnership momentum continued well discussed, the performed our we in XXXX into As

my into to and the our XXXX call further We’ll progress evaluate now your remarks. ranges financial open questions. for as concludes operational continue We year. the That outlook up we

Operator

question [Operator go with ahead. Tonet Instructions] comes Please today from J.P. Morgan. first Jeremy The

Jeremy Tonet

after I on it Wildcat I then, you just what ramp like your expectations there; see of seeing you want level was with up deep and quite And to there? activity how based do were processing wondering for infrastructure this incremental Anadarko for And fast start seems robust. it’s the need activity? the are off could that

Rod Sailor

Yes, Jim. question. the appreciate I

activity continue We is it very relates on to the Anadarko. as be to the that in question? bullish Wildhorse, Again, the

Jeremy Tonet

Wildcat.

Rod Sailor

system capacity much capacity. we will capacity, be be later will needed come that the full you Wildcat’s that year. when think I on and -- online our The comes we as in mean, know, Yes. Wildcat.

we to stay can only front in right But of believe we growth continue are see We to about ‘XX again, we now believe our stay in robust expected talking in that guidance. growth the -- we and will continue will we Anadarko.

out the anticipate Wildhorse that’s see you shelf is when the day know, our can need project that, we roll do in that that future. have a if on for As -- needing XXX processing that and the and we when we we

Jeremy Tonet

with it coverage if help you like of pretty about you think It you the you setup kind think the strong of or resume share seems right growth, is how far And And other leverage. wondering just the was distribution and turning philosophically as of financials can kind business to for as what just of guys here. us of kind could here have CapEx targeting it here coverage level thoughts portion self-funding you the regular there? really any is before I equity

Rod Sailor

coverage. we’ve we about of that’s we to and been the talked it, think year continue into keeping the now, that And and this coverage, the think Right talk that and understand that will we’ve those we some distribution X.XX as focus dollars think, and the to environment is external of consistent the factors Company targeted move continue about our We right best we this inside bit little a balance evaluate XXXX going course; continue to I we on the we’ve business. move level. seeing level that. with keeping year kind the sheet we in as that through we’re to what’s factors we are dollar still think Company under the a impacting -- are appropriate inside last

Jeremy Tonet

just results And it have above your very a guidance the is about the there. the of prices than of update as you in tracking seems guidance better put look year? commodity Would you’re guys here guidance to talked once range strong if level the just or of above expected guidance that out activity a that are or as you like either kind that the prices versus kind guidance and concerned, you in kind outlined commodity is far across your range stay with year,

Rod Sailor

couple our a to relationships have have because get what we comfortable of of that And good what we last think, we’ve out I years, have with guidance tried early. their we -- will see we to our drilling the that tried just now doing XXXX. do customers; feel understanding there, Nothing are takes of their we from see most rolling we on ‘XX G&P the we plans, of what -- least out our customers our believe at side, away us in excellent guidance.

evaluate those need continue through the guidance mentioned, where put And again, continue think, year. and in John comfortable we those as evaluate with comfortable we’re we whether to whether as and to we February, sit change right the we move ranges we’ll adjust to need here I now, levels as As through we’ll we’re ranges, we with our go we the year. to

Operator

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

T.J. Schultz

originally up be how maybe you first, a line The just another stack seeing asked on question that of geography, the your by on or of activity at maybe Maybe sight some range, when coming all online dedications that particular differently. any higher pads just in acreage current guidance? does recent bit that may issue certain out to that rig activity what you just on range the little you’re guidance expected or put

Rod Sailor

very a areas gassy we’re that and with footprint currently that say we we again, would very pleased have activity we broad more see. And have that others. I are think, I the than rig

with And I as think, feel very so, I starting we comfortable, Jeremy. said,

feel about we where we the think comfortable set ranges. I very

But, we with We I how comfortable where footprint, with the year, evaluate very as our sat and we now, whether it’s encouraging. continue are think, something to seeing But, activity. we very we’ll through. we move I do need evaluate say, activity we’ll comfortable right we and think we’re are those to clearly we ranges, ended across and would

T.J. Schultz

on lately retention, on any just meaningful versus Second recovery your systems? on rejection ethane shift question

John Laws

about, our we’re fleet, indicated processing recovery for Belvieu. aimed Mont but sort do of think, that at particularly on NGLs economics seeing have the we’re of I which it what certain geography those talking be depends seeing, we’re

T.J. Schultz

others? higher And MRT, contract expect of for file the Okay. the update capacity, that year, of rollovers? to to And would what’s Laclede and any to on offset on lastly me any timing the you then the recontracting some on to rate just for on case, rates this or

Rod Sailor

Yes.

middle we’ll recover at information we best been -- we our the file any call. at update we’ll we’ve year. time. look -- and that again, factor have from from that to consistent in really we have think, third And in quarter There’s anything pretty we’ll turn-back point anticipated that of to don’t rate I time, would the the our -- not really really case

Operator

next The Gershuni with from go question comes ahead. Shneur UBS. Please

Shneur Gershuni

ask of of won’t focus if on other to the but I you’re at to couple be going I did areas. end want higher a guidance,

sort often you and you the But, kind CenterPoint coverage overhang is kind wondering tax it the you where could using that cash be of from does WAP excess also as at to that look about that and your forefront, increasing distribution its have, sort changes that, sell? or but flow excess option make the flow the [ph] and let’s something obviously of ArcLight to reduce of CenterPoint of of buybacks refer to increases could to in And distributable just some foremost, secondly, as I then, intentions, it and alternative an easier was fine. ratio CenterPoint if back there’s First well help looking us be and for some from that’s question the part and could at of retained certainly you recent cash say, sort the too. buybacks creates? them use

Rod Sailor

and Yes. I intent would our address to use the that. coverage

of of that tried to of the opportunities believe at we CenterPoint, And in continue steps. call pretty relates it a to really all market where best we’ll cash. have lot couple be their we lot you we’ll this this use business -- growth the update front been again as putting I in on clear next think on I one. that point got is into we’ve we’ve a I opportunities, of But think, I in is back that’s in a to their that that again, days. to And hear that to And time an do, be we think that always refer think, us. as

Shneur Gershuni

Okay, fair enough.

levels above could MVCs about the the you now at As you… region. currently a Ark-La-Tex talk follow-up, how stage in talked you Are you about also MVC this right and

Rod Sailor

We…

Shneur Gershuni

Sorry?

Rod Sailor

the we above not yet no, Ark-La-Tex. in MVC the said, range I are

Shneur Gershuni

think was Okay. actually sensitivity and margin that think about a above, us I your once sense guess And what go that would give once I the of you’d expand. you to Can mentioned you to occur? of

John Laws

Well, you things are But, the XX% gathering previously the overall about where or where today, we’ve been in if been think rate, progress thereabouts attributable disclosed rate MVCs of to shortfall. against margin, that’s about or not there. our yet we’ve at terms MVC

a then And at so, should margin, actually eclipse they would be take relative look on flowing those, margin we be that once going what to of to receiving if we you volumes the just Xx that’s MVCs. build

but answer, so, I long you answer and in part giving And giving you an just that we because that’s information. am haven’t not disclosed a

MVCs understand the basin should But, activity added would more are then, some at we what opportunity that growth. we’ve we see you away, eclipse to forecasting we the they for rates XXXX. these disclosures in I expire, current have levels think, continue; where the before MVCs in see Ark-La-Tex, of like at an necessarily activity, not our we that are particularly take is what the point, really specifically out -- terms around by XX-K progress we’d folks of in and against to of

Rod Sailor

the are add place in five in contracts that past force just would I Ark-La-Tex that. those still think the MVCs and for on when contracts, years, I end

So, have that contract we it’s dedication. not like still ends, the

Shneur Gershuni

of than I confused I have if above your collecting you’re MVCs, MVCs, margin I meaning your sense. guess, per you if that of be was guess kind would makes were higher That below more thought where bit your would than little volume. unit you’re a I

if And through that the was asked guess margin was what I expectation to how you walk above is question works. understand, and so, your trying if which increase, you were MVCs, me I just that’s given I why I wondering our for

John Laws

the some you’re might contractual to So, Year-over-year, be as yes, eclipse -- the or volumes, the then relates you gathering reimbursement going rate there’s it seasonality be. certainly to the when on as as I treating mean, long occurs. well, But, margin incremental levels, is your it I MVC think, as look, those static. you once MVCs, beneath get then to bill

to so, your that’s see expand. you start And margin where

shortfall flowing And progress and so, make just as the paid continuing to gap, opposed on payment while against to we’re we’re that getting volumes MVCs shortfall. close

not eclipsed. necessarily there’s so, an those levels are volumetric And in expansion until margin the

Shneur Gershuni

of is expansion you’re So, margin than talking fair it? a dollar that per about about to margin an absolute rather Mcf,

John Laws

right. That’s

Shneur Gershuni

upcoming stay back the and that might that great. was some left wondering I I pursue rate to if Laclede do up that you they alternatives? then, likely choose would that may be customers capacity. if think Okay, cases, of this other others give MRT won’t the thought. were still will they because system, rates And have with finally, -- Do any just other who they the that options. I brought mean, see necessarily system others increase think I to address their can you on

Rod Sailor

-- the it’s -- rates is we supply some on will turn do well on go and largely amount clear, be this back to level. We that will just up. be year. significant what know at And follow a up we the don’t as customers’ that, for still the coming of the and customer as middle back they’re we of we’ll rate Laclede amount contract have other significant others. market. I gas MRT into anticipate on those think They And Yes. recovery And turn that

turn those are say, again, that impact And whatever the from think, increased have we’ll so, rates been I have of see I And those I system. at be what I if look on you -- customers of that those back think to -- and redeemed, we would look at on but Laclede. anticipate I think, some based have you we careful if

Operator

America will Merrill be Next Dennis Coleman Bank question of with from Lynch.

Dennis Coleman

of us bit little can couple CP it’s characterization so any color far? what A on me, seen for the know give please. but sort early Line I a you’ve you open or on season, I wonder,

Rod Sailor

And open sort We little was -- either just that yet to we referenced. that system above the around. flow. flow wanted got with why that how level west so of we one continue interest customer could have we we and we other level. went not depending out we on those an gas a or know, season of you with east saw really customers to a again, did a at we interest not XXX,XXX That’s will out But, We the work we turn that some at to feel the contract least dekatherm could there.

We a are we increase some still and maybe look optimistic that can capabilities. that bidirectional for little bit

Dennis Coleman

but, growth, then, projects And in the higher. But, questioning guess, the clearly, these are the of times I some pushing can some this of Obviously, lot you for in just make some -- in lead growth about course there’s the year? underlying terms of the XX of guidance sort of questions all you think a on of terms of what to terms and sort signaling hinted it’s the and slide decisions conversation, of additional about we additional projects. might projects and timing -- of over

Rod Sailor

Yes.

I think, job. did great commercial our a folks

active. be year, on -- number perfect on -- stuff we world, very and through could side contracts. of both and got G&P parties, We commercial a dependent announcing some the all But announce we right we the on in the to to a have side or think getting we’re again, transportation talking I the go as will

than footprint it. have things think on we business. quarters announced land that don’t announce phases the call. But, the when over in we’ve pretty the last that point And But we across I activity will projects. the seeing few previously about anything something, you this good had look, announcing we’ve I to would track of a we all record announce are We other

So, in. continue we’ve a call, we again, lot in areas on that of times this all the as a of couple are activity said to see

Dennis Coleman

That’s clear.

just a me, one more detailed. little One last Okay. for

started of at have fair of during wondering, hedging and hedging, the the looking you at just the And quarter. about showed question? volumes, you XXXX how On added the of yet hedges amount in that what quarter from think you you third a terms end

John Laws

We’ve Yes. and relative Dennis, decisions started view, make market it’s John. are we XXXX. additional XXXX our we for hedging opportunities to to where see into looking looking

Operator

[Operator comes Citi. Instructions] The Raza from ahead. next go with Nick Please question

Nick Raza

up. On been Most then a guided for questions what answered, I have and lower bit a towards volumes of the CapEx, little maintenance XXXX came had couple. except in you you’d are

In going sort you in XXXX can forward, XXXX? of run expect of CapEx, rate of saw maintenance we similar a and terms as

Rod Sailor

Yes.

I think, XXXX again, of and of sort of our that you if level at look level at a activity. about current kind think that’s we the guidance,

You have are you got planned and and do, planned have you said, things so you some then, to to do, like to that, the have fix, that going break you some always that and factor I the to break want things you need fix then.

the and is. very I guidance added, where that’s sometimes again, years of where think, range So, But, comfortable been couple even with sometimes last you dollars. we’ve other use we’re the

Nick Raza

rates rate expect preliminary then, could what Laclede the could whether you know, shippers MRT thoughts are, some And to terms on remaining tax I the a give if you the implications be have down? come just of in Okay. case, contract, your just on cost do us that would service taxes, the have the to But, bear. for you renew this that to benefit doesn’t actually shippers? see you think

John Laws

last component back think, ultimate we a end rate rates the at day, we rates I had just one on look MRT, several settled of and black rate the tax the XXXX determination of were lower rate that of the in recoverability. When effectively into go in case, specifically at is settlement. the Nick, the box

there tax last at piece some in forward would discern be the continued going slightly make wasn’t if you and rate we over attributable So, to otherwise course, investment I’ll exactly many you But factors. not again, equal, black and isolation, at that have what about think the decision, case, it’s impossible We’ve you of things one being of were But, looking pipeline it’s taxes. several rate to just point to settlement. box the to else in next difficult years. of this a all to may discern, we if as lower look just back

to billing have other some We’re going determinants. changing,

number of So, there’s a factors.

So, thinking that things, we’ll about on out a part specifically XXXX, I middle shortly. in the here can’t and great really give of all other be will taxes, come you the just our insight rate without filing which all here making

Operator

question with Next ahead. go Christopher from comes Barclays. Please Tillett

Christopher Tillett

NGL just on an you the Just at us quantify a to previous in volumes. some activity? more your of versus increase quarter-over-quarter routine producer volumes for how the questions all was in increase to NGL regarding due follow-up able recoveries much ethane Are

John Laws

we’ve earlier, But, as tell of a you, the for into I but recovery capabilities a No, through we warranted, to don’t swing do not started we said that. quarter. have it rejection some where specific can you. volume prices facilities I see Again, as disclosed bit little the have was fourth

Christopher Tillett

about then, for guidance think if help are And able to what ‘XX -- into on that what anything? front, us built you about you’ve

John Laws

the I the broadened we would starting think, of and be see view was second year, our little getting start on assembled when bit a through the guidance half first into more time year. recovery, the quarter at that through we to the

plans. beyond just broadened Belvieu the So,

Operator

Fargo. Wells go The from Baramov Please with next ahead. question comes Ned

Ned Baramov

volumes? approximate split whole Could you maybe and processing is keep POP, the provide in fee? What contract percent

John Laws

Yes, let’s see.

think, I number here. that got I’ve

base get that’s one our what, on about, It’s fee don’t for my the in we at quick that of have XX%, to you. the here’s looking K and We’re XX% -- right number guides, a

Matt Beasley

X% of then XX% contract, COP were ‘XX under and arrangements the inlet under arrangement, arrangement. the that in fee-based XX% under keep whole we’ve were our got volumes POL or were on processing So, balance,

Ned Baramov

in it’s contribution rather And from comment time at on great. line you’d indicated Okay, helpful. that, the with tracking did the you disclose of whether you then, acquisition? multiples just you provide not EBITDA could That’s the And the Align?

Rod Sailor

line. with is what XXXX that Yes. Align or in multiple below on tracking being would It we’ve a Xx and multiple projections. we we in XXXX. anticipate at is And that line a XX it in said by our purchased is

John Laws

quarter. rough now pretty and the it information shown our some back that do have remarks. Mr. imply this only can Panola Sailor we Ladies turn any some close You session. But, that’s to that conference day million would is processing like you in the that Ned, for can full the to we’ve We would a a gentlemen, question-and-answer owned there, plan also, running volumes I in the over full. see, concludes year math for basis. closing do to are plant, granted, a on for where K XXX

Rod Sailor

in your Thank I want of dedication. on have a closing, recognize Enable. you. call And again, safe for thank I all Thank Please employees interest to in the day. hard you. for everyone to and their want work our

Operator

presentation. Thank thank conference The you, now today’s attending sir. for And is concluded. you

disconnect. now may You

Enable Midstream Partners (ENBL) 20 Feb 182017 Q4 Earnings call transcript