ENLC - Earnings call transcript Q1 2021

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Operator

Good day and Welcome to EnLink Midstream's First Quarter 2021 Earnings Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Brian Braungart Director of Investor Relations. Please go ahead.

Brian Braungart

Thank you and good morning, everyone. Quarter Earnings First EnLink's to of Call. XXXX Welcome Executive are Chairman Executive Officer. and on Pablo President the Executive Davis, today call Mercado, and Officer; Lamb, Participating Chief Chief Barry Officer; Chief Operating President Vice and and Financial Vice Ben issued presentation market and release closed website. and on materials are our earnings our yesterday We after those replay at www.enlink.com. website of on available our today's A call made will also be federal and Today's discussion predictions expectations securities will laws. of meaning including include within the forward-looking the statements, as only we speak The the to date or and statements forward-looking call this of undertake update of obligation no revise. our Actual and can results may presentation and differ materially cause release, to press discussion from could factors differ actual SEC our results projections that filings. of in found be a measures. This call also includes discussion financial pertaining non-GAAP to certain as our presentation. Definitions comparable our as of in available these GAAP of release are measures and appendix press well reconciliations the measures of under release our encourage SEC filings, review made We to you those in heading cautionary statements disclosures and our other the and Risk press the including Factors. call today's of then by Ben of with set start questions answers. We'll remarks the and the remainder and and leave open brief Barry, for Pablo prepared call a like that to Davis. With the call now turn Barry over I to would

Barry Davis

morning to good was XXXX expectations. and you Brian us year, Thank yet today challenging a you, Thank After a joining our which discuss exceeded performance for Quarter First that our everyone. results. XXXX, one in

the our a be and safe. was effort did the thankful powered people's only communities XXXX am be that of integrity that ensure I not am strong they proud to of storm particularly and the of impact performance also continuation while quarter short-term but first our nature. to and ensure could remaining The made in relentless assets, we serve to during would that URI, that I homes incredibly of employees winter performance.

with our of expectations. cash-flow. both tremendous adjusted For and We exceeded the drill down into generating $XX of $XXX When distributions outcome. performance, of million, strong we four EnLink EBITDA This delivered resilient after quarter, achieved another assets which our first a segment all cash-flow segments quarter million is another quarter. you free achieved significant

temporary few over winter URI to focus our Overall, first speaks and minimal had excellence last our volumes had the the we the impact a Given storm all results, URI volatility, years. across have the quarter temporary to unprecedented the unprecedented presented despite segments. impact operational net

our Importantly, are back have and to all systems online volumes returned normal. of

remain full With the cash-flow EBITDA and strong results, XXXX our year we positioned first adjusted meet quarter free to guidance.

today. areas one focus our of Our team that be key is four execution working XXXX continues for with to on

First is operational excellence and innovation.

We have been on laser this. focused

We of have station fully business and each enhance which plant has scalability embraced centralized efficiency operations. cost every day. And and operating and some the an better mindset, to monitoring led to we have our compressor

is Second on flexibility financial excellence. and operational focus with our discipline

continue debt. reduce continue operating to and We pay to year expenses the down we continue to distributions the another ability strong, in very G&A forecast free to with And first after cash-flow quarter. of

on operational growth, with in Diamondback acquisitions. economics. our Amarillo with Our another Energy acquisition relationship and system previously long our attractive we Rattler an approach a standing with of example bolt Yesterday, we opportunistic disciplined area our Midland Amarillo builds basin. The on the using offers to Rattler synergies third strategy have to focus announced creative strategic consistent acquisition discussed is the achieve

of footprint offering terms we opportunities. our see continue Louisiana to development, growth In business

providing EnLink transition foundation excellence. reliable to position cornerstone safe, sustainability of projects, over focus the is And at is long-term. us our completed longstanding well Global to like the sustainability collaborate customer operational of relationships our and asset in area year, Project, final extensive new the an energy In safety, others and fourth with footprint our addition and we operations Venture last and

this through being sustainability transition night of evidence advanced of being report part available issued of and we our the see our clear active our and website an goal You'll last third yesterday, in it. energy on annual the participant

our As a established total reduction a in striving emissions XX% XXXX in include to path towards methane which will have goal, our reduction equivalent a in emissions carbon our intensity emission our long-term for to a we pass reach by milestones by we build milestone, emissions pursuing XXXX. emission XXXX. zero net path build XX% by dioxide operations intensity These reach goal and a to reduction long-term a

remain yet the to that, environmental about turn and over With industry the Ben impact, partnership. it to also to talk united addressing Lastly, I'll environmental operations. with we our joined

Ben Lamb

morning Barry good Thanks, and everyone.

all volumes, to less on URI. regions. were our Before affected in ensure segments, thank operational market event customer extremely at and the we savings. high helped operational to used resilient on and We producers challenges across stability unprecedented their received of of systems times presented the number severe cover EnLink a the predictability. team fell. local our negatively sales marketing related from impacting during for assets to to to volumes as price, commodity get decline into in are We The able want in support experienced created to that gas purchase spite losses, storm business storm from offsetting In limited, We losses normal winter from that challenges, including sales quarter. make other assets to incremental volumes prices operationally the an disrupted the our temporarily create segments, was derivatives markets efforts manage of I

approximately purchased on outages, and result electricity on outages we from as unavailability that from a firm had received Additionally, of a for systems due the in our been unused to forced basis. credits of $XX million power volumes producers

and to presented. helped operating respond the for swiftly in the set the efficiently us Our to challenges focus safely foundation on temperatures extreme

for equipment, others helped levels we for impact detailed our access the tank our and actions operational event. truck ensure keep Our the pre-positioning reducing as this plans having and how safe, without unprecedented responded employees to about a time These teams access days. XX for our period a to prepared storm contain window of to of could they storage we to so that the heavy assets, by in could that operate

We are did employees incredibly gut. this during proud the unprecedented work our of

tirelessly all to the Our lives our to extent because team essential communities. greatest know ensure operated products possible are that assets those that in to of of we the worked our our

Additionally, I want the to comments earlier Barry's on Amarillo to add acquisition. on Rattler

minimal $XX longstanding to in focused significant attractive We are on our acquisition Permian deepen times extremely economics the operational cost excited most represents of requires for million, savings integration. system and to successful about one of At Energy, part EBITDA, with the relationship of thanks producers. a X expected XXXX CapEx Diamondback it

results, robust see profit. generated in the million segment moving Permian The $XX.X Now to continues to activity segment in

fourth URI. XXXX, severe approximately on in processing over with volumes the increased marked Additionally, temporary, the of of XXXX that of for the gas $XX.X Average over quarter X% increased the first of the XX% XXXX, gas we X% million first quarter system XXXX. third being XXXX. by to of natural The volumes first quarter quarter positive due to were saw Average volumes volume generated. from approximately lower compared fourth were segment by consecutive gas disruptions cash-flow compared first gathering was natural of quarter decline X% our that to quarter the the lower the sequential quarter

of system saw at volumes gathering When to March, we For much volume before processing normal returning as X% increased in about and look XX% our XXXX. and Midland basin continues XXXX. the in to XX% schedule as example, December, half we it good respectively volumes relocation make on XXXX Warhorse, gas Project second remains reduced service plant Midland and over be operations. our progress to approximately over on

producer of Warhorse level that and will shortly environment after activity, commodity current start-up. we highly the utilized be Given anticipate

and venture balance the customers, system ensure strong Jefferson Storage Island Louisiana that cash-flow agreement at represents inception strong of almost and the Jefferson for including Louisiana to an now X% recent seasonally acquisition Louisiana, power winter first the the from our, prices, as was quarter at during for transportation the the Hub. and million fourth of X% And the of increase forecast of and very from the service and XXXX. continue $XX.X of our expenses This segment of Turning million. acquired addition generation benefited the a of users the when storm receive during excellence quarter assets to assets over despite benefit compared and declined we global The the of increase to segment helped the The strong URI. quarter recent Islands segment of from cash-flow quarter utility coming strong NGL X% $XX.X XXXX. strong XXXX industrial on very profit also operational to continue in to remainder operating focused are saw year-over-year.

than lower the XXXX, $XX $XX.X the Moving million XXXX. up of which of was quarter to first quarter of for approximately million Oklahoma, delivered profit fourth we segment

Dow a quarter decline relative following The be JV rig of million marks Devon This which Permian volumes the and for $XX saw the quarter decreased volume was minimum XXXX. similar in disruptions in reductions with the the the off, MVC commitment. for began by to gathering a average which Oklahoma first accounts the gas first temporary of approximately quarter to of of under MVC XXXX rolling of project we're two strong XXXX. about development first of very over approximately program. processing of the volumes of volume The continues XXXX its cash-flow, by impacted quarter, XX% expiration XX% source significantly Despite quarter associated XX% the we fourth saw Oklahoma. what between and to the Natural URI, in sequentially, first

the begin volumes continue We to in to half XXXX. expect receiving of second

from higher levels Additionally, we of private slightly activity expect see operators. to

which was we in the segment help to fourth Given factors of the by into provide up north of the million, increased quarter XXXX. deck, approximately XXXX these current quarter for momentum $XX.X profit commodity Texas, compared price both may XX% think Wrapping

first we approximately the generation of in segment Additionally, XXXX. very strong $XX quarter saw cash-flow million with

compared and Our part doing operating the quarter from XXXX in team job was reduce compared to asset in XXXX. quarter Gathering the able to north for XXXX, expenses an due X% of when URI. managing X% the to of impact first base declined to of first volumes Texas by quarter fourth incredible the the is

volumes been update. old that. that system some on very kind reduce been able This normal is gas With impacted were Pablo the operator Wells limited prices. and pass support I'll it rate active quarter. Wells the North than basin re-stimulating help to recent to can sales activity discuss While Texas higher BKV by were with during Wells. private a storm, some our encouraged negatively at financial drilled first incremental of four, mature we the to the of market successful And decline to new basin. have we in over activity, a by our the storm local the has reactivating overall

Pablo Mercado

first the with Thank you, morning, start Ben highlights. good and quarter I'll everyone,

strong EBITDA. As Barry distributions a The million overcame in $XXX challenges addition created asset four significant strong team the storm, the achieved million cash-flow volume also mentioned with delivered MVC delivering of EnLink of free operational all adjusted first quarter first Oklahoma XXXX to contributions. roll-off. a of after winter EnLink by the quarter and achieving segments, for $XX our of disruptions

As winter impacted highlighted of all temporarily URI segments. storm Ben our four

quarter not the in did a impact first results. storm However, material have aggregate on our

segment adversely North Oklahoma the Oklahoma $XX impacted not estimate hit significant to million. our was level On volume did hardest have the the basis, counter approximately systems. offsets since was We impact by to Texas. it that

industry-wide are hand, far The time effects resolve. net storm winter positive impact and of ranging a similar On industry will resulting on magnitude. saw URI of the billing disputes and take to a our litigation other

team's expenses, quarter ex the efficiencies credits from gain G&A and the work. through force $X.X in we're They URI million. op project February focus core XX% done of proud $XX Operating incredibly electricity operational million year-over-year, first the resulting of on performance storm, so and since and the XXXX, down And we're XXXX. the execution our of have excluding

modest XX% continue to XXXX that even XXXX about a cost a we large significant the XX in achieved percent reductions as environment. growth in see sustainable, portion in to and hundred sustainable them a We of

project high-return projects the sharp front, expenditure light, exemplified keep by on continues War team as the Horse. eye a to On capital

to we're which million, from starting $XX For take quarter. net capital million up in the to second down quarter first EnLink of CapEx $XX We the the XXXX. only anticipate in do quarter expenditures is however

continue total, As $XXX capital to and million another proceed well project activity. connect Horse expect in In XXXX. be million to $XXX we with we between expenditures War

our maintain the financial top sheet On one to strong progress to side, our balance is of position. make we continue and that liquidity priorities reduction. on And

our During by the that a quarter, increased cash position. dollars our we reduced hundred bank balanced million in

year, $XXX end this basis we repay plus facility to our well by had securitization loan our generation to given lowering additional quarter, and $XX $XXX liquidity. on points. term positioned quarter, or drawn million Also $X.XX cost the be basis the remaining of to revolver. first to us expanded million our simultaneously continued XX $XXX in our strong We XXX balance that million we AR cash-flow free the on million live strong by almost points while only facility At the giving billion

debt our continues leverage and to times a reducing credit on over objective, there Our four adjusted lower at ratio was quarter times to objective EBITDA be likely and we will set X.X below time. our agreement

distributions. $XXX with $XXX strong range belt, million $XXX $X our to first to good we free EBITDA a of feel Now, under very of million guidance as we of quarter about look million adjusted after billion and ahead cash-flow our

have half the activity, the some curves in volatility for year. we which remain commodity drive solid above prices, see while volumes NTLs WTI in assumptions our second higher to the used And current guidance. in of continue and forward seen We should operator

WTI. For last said our average guidance yet barrel gas $XX for play referenced lot out. a was natural based as for still per there's That and quarter, to on prices MMBtu $X.XX year of $X gallon NTLs discussed for per a of

with we respect to will look update call. providing So forward second our our on further guidance a quarter to

allocation we remains be allocation, and our of to disciplined balanced balance capital objective. free to Well remain cash-flow. Turning leveraging top a committed the sheet our

the We unit other opportunities return and pursue to of financial return capital to have flexibility holders. high

Amarillo the those our objective. returns re-purchase acquisition, to With Barry. not will bar turn have to securities investments back existing cash and de-leveraging evaluate to small to our continue respect of in quarter, I'll that as impede have to we objectives. any footprint, that, like balance clear allocation did We acquisition high around or equity the generate but Rattler opportunities our first continue our with not flexibility talking and but it We capital

Barry Davis

hard Thank very of put resiliency our work of to the past proud am footprint, you has the all Pablo, dedication and position up, I shown the this in to sum team it quarter. asset and us this during showcase

year the meet We XXXX to our on well and are to way of continue trough in to for be guidance foundation this our our terms lay EBITDA.

laying the transition be are to active energy we in Additionally, path that. participants with the

You may now for call questions. the open

Operator

ahead. The UBS. with to first will ask will a answer [Operator We Shneur and now be begin question. the from question session question Gershuni Instructions] Please go

Shneur Gershuni

Good Hi, morning, everyone.

we maybe year. start can I off, Oklahoma segment know, a to wondering about talk if You for was the back

of several very off you you You sort a know, ago, when you the I of off you think decline about because coming rig you NBC end period and of high roll newer you're fighting had just know, the rates, segment years decline the year. Wells know, were, active the when at last were count the

as returned guess know, It's Can so you where flattening Have how I we with rigs And – point XX% manageable? when many here? not of into would color about I Oklahoma forward in many on keep Oklahoma us needed year account in a be on think helping helpful the OPEX take sort go especially reduction that would super basis? rigs goes are, the to so my from kind is me more can the we any about at year rates assume, are decline question and of to decline you the the be, where segment it rates talk from are the footprint? flat,

Barry Davis

see I'll you versus lot, which let's, morning. trend, December, difficult a kind let's little Hey, it have storm the a you were were about to comparison first lay the sub-questions you lay, the know, been good look reported about share makes if pretty foundation, quarter but of lot, just you fairest know, gathered the It's March obviously with that but in of yeah, is the at The X%. our results a to volume at quarter. you sort noisy a I'll, underlying down volumes there,

the think I were X%. down about process volumes about

the Dow rigs on going moment those of activity you of, right at today some we volumes running, expect or robust What I so rig two private current rigs on the, pricing play. little I pretty activity into tell gives for know, combined you is, expect relatively the pretty terms the guys half. that alongside be with our of And moderately to in Oklahoma that the sense especially you private all the with rig Devon in private three I footprint that And see JV with the have XXXX. think up JV. carry of that are from what's level we We've two some in guys is activity momentum more two really And And the the year higher in late, price is the to the that second late long. the and with to good JV third we us private activity from first one the in we'll Devon kind from NGL consistent. comes early fall. operator Dow seen deck, summer, that's the Devon a play see expect combo sets of half a And Dow into footprint operators second the would that been

Shneur Gershuni

but you Thank a follow-up And can if that. I excellence this we question. program. on I talk maybe operational about Perfect. every I, was know for the asked I wondering almost call, it's

know, you first the call were different on you on that remember and it and concepts. think I I you you on year last how working correctly, achieved last potential embarked if talked you XX much about when

XXXX? what nature. your another in round longer-term something see, it a they're And improvements are big we XXXX? is I'm expectations Or it. around know, little Is till to trying of in that it Now you wait we understand you to bit know; where for have more, something

ex of but your also in around optimization revenue that expectations terms perspective? reduction op from from an know, perspective, You a around both any just color

Barry Davis

a you're work call that a, know, doing amount but the And Well, a look it I about in right. good Yeah. you do not that we pipeline we forward OPEX, XXXX, in talked operational to also G&A in We G talked it robust but in of very as and XXXX, up showed operational pay comparisons. some opportunities. prepared [indiscernible] just in and about that excellence, some in ex the and think component did lot of of some when some We're release, say know, but there's got technology really tremendous And and, would well. certainly his too you a remarks dividends of Pablo XXXX. strong in those op will we future have work, harder periods. a the earnings of the, of the work we implementation low we we around in

So XX% basis. will are see out see to a will we going what I another to after volume continue on expect though? is see quarter to I reduction you but adjusted don't we grind think year-over-year quarter that, cost

So base it cost help business wants will operational the grows, keep that effort our naturally as grow in the downward. excellence or base check even push to to and cost

Shneur Gershuni

but you. Perfect. more for pause questions, I'll Thank I have now.

Operator

will Energy. and The Hiking of next be question Cusumano Michael from

Michael Cusumano

good morning. Hey,

wrong, correct that but tabled believe I'm Is they through had had So I that plant if rattler a right? me that planned processing Emma Rio JV XXXX.

Barry Davis

Michael. Yeah, that's correct.

so, And

Michael Cusumano

ahead. could kind You know, of if you just go

Barry Davis

go ahead. No,

Ask the question.

Michael Cusumano

run to where CapEx standpoint? restraints we My that you starting question know, was was capacity be to from revisited going a a to from plant are into,

Barry Davis

includes a big of in that that, those a processing that recognized to to that our the right And visibility EnLink, And is say. to system small small know, our on long-term know, into at would plant think energy of of construction. and, in you do lower could as integrate thing do. that one a I gathering Diamondback small investing that would recognized right the you you becoming I the that the five a relatively hands planned think us processing a what probably to and the maybe system they have on think plants here's build business footprint. broader not much we team know, that way system costs that, system today ton and in facility under all sector, volumes had through Yeah, operate They, processing doesn't I

both you from to efficiency all a there's and speak. an benefit benefit having so reliability one And in basket, also know, so not eggs of not, your

Okay.

Michael Cusumano

to capacity system needed enough there's right in where new So your plants now? Greenfield no

Barry Davis

have plant our the we right. That's Warhorse construction. That's mean, to plant from I relocation the basin. Midland we, under project Oklahoma

things we'll to they ways horse the assets to about near until the give war case is say and use team assets with, becomes we may them. them available. being work some that that I'd our new find So that operate time though the here. expectation of one is up term also best Amarillo And when creative end our that the

Michael Cusumano

job Got to team. your you good Well

capital I big will positive you that, agree are our like think know, most efficient industry. this agreements, for a

you to all. kudos So

Barry Davis

made the, know, price in some to the for price that feel at having that also they about. and Amarillo appreciate integration some that's and diamond can us felt appreciate possible you enter to for operational a downstream having and that exit secret synergy it I we a good good you is about and what is back

Operator

question Schultz next capital RBC markets. of T.J. from The comes

T.J. Schultz

Hey, good morning.

start north Texas. me Let in just on

Some successful. new drilling was

that volume been outside the seeing? declines first you strong about talked just kind re on activity that impact the what to So are for the we've of quarter, drilling your some of and of expectations impacts simulations

Barry Davis

as, new this Thanks performers. storms the I of drilled great the did through certainly ever gets that job, probably Wells in great across rig Well, and When team the attention probably expect great, been point. Wells don't they translates necessarily the in as great. A great have volume, that about they activity best of in sustained Wells I operations think Yeah. we a the though, lenient has over Texas meantime wonderful into at did the, back that that the And some to think customer time been it footprint. TJ. have north some private activity In quarter all were you back I combined first been reactivating, that a to do some Barnett successor the of have three EnLink to not strings consistent refracted have reach They we've seen on fighting for would biggest did been think were cubic BKB that quarter. some four the you operators. north active active with a us north they've Texas. is know, added the a deck number in in stimulation as that also Devin some day, bring footprint Texas feet have that acreage or in, been with extremely successful. experimenting X Wells billion maybe price techniques

And time so two on north ought over together those things to help stem Texas. the decline

think to activity, see a single quoting to a I probably sort you it's that, little absent, too that number. expect numbers start specific bit soon know, we high digit that a, of

extent help school And some this that see we to so stem that. activity Yeah. like to the will

T.J. Schultz

Understood. Okay.

Just litigation any the moving or of is the from the the quarter. my to billing all in potential really would impact disputes What's around parts outstanding the lot question comment be storm potential impact follow-up of or a that? around send you the My just around storm. Thanks. coming

Pablo Mercado

as know, know, matured everyone the you in Hey, quite our mess storm your a forced Everyone Pablo Yeah. industry. TJ, else. it's others in so you created from forklift

it's going to resolved. for And so time take to things those get some

to on the that bring able Thank were Morgan. or I'm Kirby of I know, first our you. that in things all about good efficiently. feel from we our reflected pretty we JP to a what and You resolution we perspective think in, position quarter those James

T.J. Schultz

maybe want goals. Warren with to emission guys. start the morning just announced newly reduction Hey, here good

it guys capital talked be for I mentioned through term for you I immediate any in guess slide you've burden and on opportunities the or that that could covering is you stages allocate, of if You talked, electricity. budgeting capital compressor of be that terms and, capital take? seems, guess the of It and the or kind gone would would engines much that most how be them kind near early the the wondering intensive you know, would what was would the we're through most you

Barry Davis

for this question. Thank Hey Barry. James, is the you

company the missions extensive different done how really been We've our the on to just get team get across that has work who to and work. let handle say have large a, departments that on continue a Let me better all has just, done there. the again this me, work had group can we a terrific from

a feel And targets -- this to established. And set. that said we're of not one that have that intermediate those those being each we're, targets a of we're the specific We that hit pathways to confident we be so we've proud can able of we'll at we've the a pathway doing to things that modest tell will is it in put that going amount done efficiently. we're the ready be point on the to are closest because relatively number things I very capital be you capital. a that

I on some of and is a is communicate point into see patients, numbers any correct, going getting that to ask we engines when the to think to establish you better for start and, I'm hit out to to in you to the going the that, fire that us certainly We're you fired. compressor is switching which move from know, you gas for but electric future. capital from

Michael Cusumano

it seeing the as excavations And here? is messaging and of that. where color XQ you follow-up of looking maybe And just mentioned start is driven? know, kind you know, activity budgeting maybe sands, we at we guys price activity activity above chain you to first you really earnings, guess, high shifts through or the of terms levels in then end has how appreciate may Got for, current just relative into that just are it, slow to coming get more the oil few know, now, guidance, of needed in days are with April the and commodity you what just budgeting end, with you for guidance we know, know, curve stand I kind know, where to maybe for you the you

Pablo Mercado

is and happy end it good. question, we're the And to sufficient the price been Yeah, environment, provide quarter we last particularly high Continuing, there said about Pablo call current optimistic James, to activity's in similar you to that. range. know, of price hangs I'm the a the it's great us the towards if very in color, put what with backdrop

taking You We're as to we're side very we the and questions. that and a a in on control good expect so Great. Thanks cost to the start continue we Permian the on ramp optimistic. touched know, second the well momentum quarter Ben and volume both off on. either that gain the for as with side we're, half, strong the my

Operator

next comes Gabriel Mizuho. The Maureen from question of

Chris Jeffery

is producer they left We volumes. running more kind just just for activity. now that crude on Hi, level. former it We color have one completion were had permium Jeffery the whether are Chris noticed this and on that of down timing We volumes the of to Gabe. about for due

Barry Davis

Yeah. Hey, of if evolution look Chris just at you the of been, has volumes. kind

go a quarter So to first quarter, XX, two third were if back it XX, XX% XXX,XXX up quarter of was at you then XX,XXX the it in the of popped a fourth day. day. day. XXX,XXX Then to we the in a quarters And

of flush a fourth pretty had some production. activity on going things So robust we the couple there completion some in and quarter, we saw

of that. the the drove That's quarter. quarter what XX% So increase got you benefit over

that did XX have in bit. back flush much queue a one one you eight, you held one to storm XX from oh that days of production impacts going that Now as didn't us have

I, And maybe nature. with that the kind line you of expectations trend. so, in our the, my know, with the from crude with were its helps you know, by volumes you perspective

our little lumpier volumes completed on gas smaller a be us, get sales. to than can bit when and turn Just are for it because just Wells it's business depending a

Chris Jeffery

very you Thank helpful. Great.

Operator

will be Chris from next The of question Barclays. Tillett

Chris Tillett

a wanted mentioned there just into that. circle I savings I was multiple, you morning. operational on guess that built Good the to here JV second. guys. back XX some Hey for first

be able to in. to learning, you of you I savings much quantify don't too a, want Chris, get was but nuts into bit it. of bolts those So sense. just might are Yeah. give little How built deep I a let the there, a of me and

position a others operational and not business be I NGL also we was, generating provide our think some the business downstream have today was synergies, might we perspective, to value not much some integration from From capture. the cash-flow. not that our to us with in perspective, have Diamondback Amarillo's that only

two six on, our like And EBITDA. on next between it about from a times so those things, year's looks perspective,

Barry Davis

million of not we're on order a feet is achieve the an XX that enormous growth volume to add, today banking I'll day. amount on of the volume cubic flowing

a on Our number diamond Relic feet It's to not, actually two not like year, her million and has cubic $XX rigs dedicated working a of next today. as something for bank Amarillo assumption Anchorage day, a

it. perspective, not Diamondback's the selling much it XX we I price earlier, about said EnLink. XX, million. from good or $XX like at feel selling, from about well worked and we to very perspective, good when, So cash-flow all cash-flow our feel us when for looks M&A

at guess, on Okay. capital look system map, is much with you know, gathering assets lies right there integrate, I you'll I us. There's not top if mean, existing the of required to that, the the system? you your that see

so and And to integration plan. We're said is it's a talking one everything million pretty done. efficient $X when

Chris Tillett

Okay.

Are the you agreement That's gathering agreement I Thanks. have know, on, on was mentioned guess provide amended. what color you any that then And was able you amended? the to Okay. helpful. last in guys and that,

Barry Davis

the dedication this a in so from is diamond lands significant picture have university a back here Yeah. we dedication, area. bigger

Amarillo I think lies the that done it's with the back right four, alongside actually over And that contracts different we've years. dedicated four acreage. diamond

And And we of other that so to agreements. area it to for the put an similar agreements, the Anchorage efficiently to is also dedicated serve our terms extended more able and position. us consolidated in that place under one so we now existing was agreement be did Amarillo is we of that that most under, our we'll Anchorage what

Operator

any questions, Again, one remarks. closing Barry I'll turn any no press back questions. have star, Davis further if to please being it for then you

Barry Davis

thank to our for everyone and quarter support wish EnLink. call your joining. this We with the second great for well updating meantime, stay you the a morning Perry in In you you for August. on all results in and for Thank facilitating Have we as you healthy. look you today continued and our Thank investment appreciate forward interest day. being we and call always, your

Operator

presentation. sir. attending conference is you, for now Thank you concluded. The today's all Thank

may great disconnect Have a now day. lines. You your

EnLink Midstream (ENLC) 5 May 212021 Q1 Earnings call transcript