ENLC - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

00:02 Good morning and welcome to the EnLink Midstream First Quarter 2022 Earnings Conference Call. All participants will be in 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. 00:40 I would now like to turn the conference over to Brian Brungardt, Director of Investor Relations. ahead. go Please

Brian Brungardt

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

Barry Davis

the a you, we record The which strong the quarters Thank good our is results, change and and everyone. beyond great for us XXXX EBITDA. first Brian, you joining momentum have quarterly of the clearly XX:XX price from included we in morning today the several the is continues example XX:XX are business. to first quarter quarter results of are step and adjusted past Our Thank The discuss made outlook that for impressive seeing commodity benefiting environment. over supportive strengthen. the business XXXX our to in progress

execution our higher strong from prices. has benefit the amplified the However, team by commodity

report this achieved EnLink approach are which XX% deep to the quarter. adjusted A an EBITDA I prior are, today over has Our increase our record executing focus want year. the in to the and of way, $XXX first continued and enabled as EnLink items customer we impressive specifically million, disciplined XX:XX approximately quarter few relationships what highlight capital-light begin us on marks

after an delivered $XXX impressive distributions. cash of cash strong Our flow flow million free generating platform

the with less of Oxy which joined month the transportation to our in is transportation seeing big are over ago. now In made of return corridor XX% formation services our the outlook Ventures growth impressed XXXX. growth impressive, leadership over of of year, customer, XXXX a than across EnLink Importantly, to EBITDA Carbon of expect on a strength firing execution its Bob the for Baton were Oxy volume CoX enables driven to addition, guidance along where a last a XXXX. Carbon these year night from a Group is rest Group perhaps announced cylinders. XX:XX Mississippi turnaround Waggaman the Intent serve Last when our little by which the enter the announced into Oklahoma Each we we Letter services our provider addition we since for Turning as meaningful to by Carbon all we Low River the night, agreement, this Rouge. to of results at Solutions segments. of the increased robust The adjusted all XX:XX us. we midpoint of Purgason a execution Solutions I’m to ago, in which implies equally in first most

about who could bring strategic Crosstex of EnLink predecessor today. an our needed was to building experience as opportunity stage As work as success the we the new we for deep leader and served the the the thought its is size where building potential, need saw team setting fulfill not segment COO to is Louisiana businesses. new executive our Bob the he the to and and and level in for critical entirely of vision

And business worked issued having our closely own his innate ESG XX:XX to complementary which connections development to abilities, lastly, will experience we the deep in So his extremely within our with report. Bob industry market, with extensive confident leadership combined am I respect team. fourth sustainability efforts knowledge, our be and with recently

methane sustainability to Through by I'm before, the progress. business, said leading sustainable proud to XX% our over call our Bob? thank to more stakeholders. report our as I'd minute like turn for becoming relentless of a Bob of vision advance Before and future of to midstream about of value XXXX. emissions have efforts innovation for XX% to take part XX:XX growing hear I have to by our in CCS the XXXX, DNA, significant is intensity team creating approximately first and our their our we quarter we accomplished by the goal we reduce As of

Bob Purgason

good and XX:XX everyone. Well, thanks Barry, morning

it and exciting this say great be real especially team. to reconnecting want It's how with a at with back in colleagues, pleasure working is my been to I First, EnLink. Louisiana

been Carbon busy with team serve last to existing the with Low enter this Oxy quarter, I'm all Ventures. Last and to looking Mississippi the Rouge. CoX that first our relationship to their through are of transportation space XX:XX opportunity the to year, Unlike discuss to Talos a the very we customers Louisiana. Livingston along build sequestration River to potential Oxy this Parish, pleased Our similar industrial site. CoX in provider speak a agreement. emitters LOI corridor, would success CCS. Mississippi with has see both Baton transport of with improve signing emissions use solutions to pore agreement we from services of a be announced of Solutions alliance from utilizing whom we to Earlier you coupled execution to business, along the pipelines with assets transportation already announcement large-scale the would profiles the commercial One Waggaman with and Carbon of secured Mississippi very Mississippi corridor infrastructure EnLink to acres River with River. of service services enable over XX,XXX the could along an for corridor in which River as real Talos new we announced night, traditional that This standard a midstream operation. would both in the providing strategy lease industrial transportation in emitters our XX:XX industrial ground, with our Oxy, see build along to Oxy some CoX you Louisiana Oxy's a existing related Consistent the and into planned

to forward update. for near continue it progress we operational more these future. We on in on you Ben that, make to discussions look efforts solid With I'll providing turn and color XX:XX our commercial the to

Ben Lamb

morning Bob, everyone. and good Thanks, XX:XX

our start alongside how each excited been has customers our support segments. performance the the by to The off needs me execution saying and Let grow to impressive. about team I’m them our of of across of

during important though, starting the of losses. plant in generating $X.X quarter tied million walk $XX momentum safety quarter through expenses continue the XX:XX assets derivative Segment team as done building unrealized in first from of profit XXXX. XXXX. Permian, approximately where included of Now, last Phantom performance a of our the million Just the operating has with by and to let's year of segment relocation on $X.X million record this the safely, our profit we the

first compared Excluding of quarter year first prior XXXX plant higher the to relocation across first footprint were an gathering remained quarter segment approximately approximately the the in of XX% the fourth of for derivative XX% XX% to quarter impressive in and XX% positive solid of first higher approximately gas natural of marked quarter seventh the quarter quarter higher XX:XX OpEx Average the quarter consecutive and sequentially for our and and the processing first the higher setting XXXX. segment approximately XX% activity, volumes momentum gas of profit Average natural cash stage XXXX. strong, The Producer of and volumes XXXX. end growth to unrealized first XXXX also for from grew XX% quarter. the over flow. XXXX XXXX compared were quarter has compared sequentially XX:XX

additions in the systems the Tiger handle came War well growth of our online with and XXXX. the Horse fourth of are plants, this of established both Importantly, to which quarter

range, the of XX:XX second into with guidance which Additionally, Permian XXXX. we to nearly relocation, segment quarter increase operating we XX% million million, placed related relocation. profit expenses remains At be solid progress on increased are continue to by of Project plant our which to of forecasting midpoint to Phantom, plant $XX in the make includes schedule service our fourth will $XXX the

$XX.X Permian profit losses adjusting profit the now $X.X our that expenses. as expect segment Phantom quarter the first for at will came relocation to exit unrealized XXXX Segment XXXX after XX:XX derivative million. in largest of to continue We of included Turning segment, for million. Louisiana,

the increased activity, quarter of experienced sides At in the third operating are seasonally of of NGL segment to of XXXX and solid $XX.X increased the impact year of profit quarter XX:XX X% the tied of prior flow of profit unrealized the robust of and included Segment and grows second Moving quarter. Louisiana million. to range derivative sequentially segment fractionation approximately we with will XXXX. The demand. profit XX:XX volumes $XX.X $X.X quarter million Louisiana the delivered relocations losses XX% volumes profit near-record expenses results on forecasting XX% cash weaker. first guidance our of the the both midpoint first million we Excluding approximately quarters from unrealized $X.X increase gas strong first to derivative segment million approximately business $XXX industrial and quarter plant being the in NGL over Oklahoma, million. segment for up with and

year quarter, deliver Uri, pricing of to segment OpEx activity in volume Segment from first in Excluding the adverse Oklahoma sequentially. XX:XX brighten to excludes derivative prior XX% profit prior approximate have as Oklahoma the which and unrealized us. profit cash X% and plant continues nearly from quarter. of relocation the environment. Storm increased for continues improved to quarter Winter solid year impact The the the grew million story responded out stable $XX flow XXXX producers

remained During increase in digits producer the for due plans million high a modest has year to That this are producer the we level we At first call the XX:XX volumes timing our consistently footprint said, a expect within quarter range, flow. increasing XXXX. online, segment wells of midpoint forecasting low in our $XX.X guidance single activity. cash activity to of decrease we segment will in coming XXXX Oklahoma the and relative XQ. in increased Now, at generated of profit

As to to return we XXXX. meaningful volume expect growth now in Oklahoma a result,

well with Permian. the even derivative included the after was Phantom XX:XX processing gains approximately Our for more plant $XX project to which up for million, the North unrealized this $X.X XX% million. accommodate can are positioned Texas, profit segment assets volume, of Wrapping and relocation quarter

app basin were XXXX the want a Uri of quarter. of gathering increase improving to the to quarter, year Natural Uri we slightly in from $XX from to first in to the for give decreased Finally, impact start Texas profit the way midpoint Excluding way I'll more An decisions. adjusting decreased in-house sequentially, our Segment guidance, and profit forecasting compressors the producers excluding and X% errors, flat drilling refracs to new year recently the spud gas prior our has developed our we Winter basin increased strategy sequentially. work make the pass is great to on activity. was and performance. single are gather Storm well more prior in active Winter led example data last Oklahoma, update. XXX year with been operator Like in reduce better derivative than profit manual segment higher inspect digits our mobile over of prior to on million Storm low the see North with their and mobile stakeholders. year Pablo At segment approximate in for their refreshing the the of a was less the volumes This the but our in unrealized quarter. deployment BKV, new activity, X% year financial XX:XX compared it will driving our mid-March. an gather to XX:XX it first ago. largest the XX:XX example than our is With discuss I be impact EnLink that quarter basin after the positive value in data update eliminate customer app,

Pablo Mercado

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

a EnLink EnLink record XXXX. growth achieving $XXX of the XXXX, all first our solid first of and of our early of expenses of mentioned, quarter, million the X.X the $XX in were net sheet positive out end from and expenditures balance the for EBITDA, their trend and from XX:XX This projects results achieved both forecast that significant our flow. improvement of million of the Moody's and rating rating as robust flow driven side, ourselves EnLink our by million growth representing free strong upgraded position of ratings only relocation a robust first also result free a asset recently in times to significant first corporate North with increase in our quarter significant reflects in the after in As quarters, quarter raised operational segments prior recognized first of trajectory Texas of agencies, Louisiana cash and segments. $XXX at quarter our On to and leverage timing BA-X. a positive plant find Barry of an the by been stages. quarter distributions delivered Capital to Oklahoma Fitch Permian, adjusted XX% credit we delivered EBITDA and cash and Continuing has has significant continued of family cash This the growth were a ratio contributions. CapEx. two four the outlook XX:XX strong

be We the quarter, laid to three we positive notch common active program. the one just with had investment repurchase capital plan momentum. GIP $XX below unit our $XX to across plans our unit $X the agencies unit with agreement and and including return have turn the after we first supportive our guidance. into XX:XX units pro-rata units, continue results, and holders to profile quarter as account allocation our repurchased out rated a now million of increased outlook settled the we we of effectively In end quarter, we for more first that we to common record price quarter. remaining is of the million improving grade to me Now under with and the of repurchase all XXXX to increased XX:XX capital environment, last XXXX which full-year EnLink the let authorization. the than So, continue credit quarter, volume Consistent our Taking common common million commodity subject end first repurchase guidance. were that

due implies which range are previous We of to The the end growth purity mind updated of above the now range don't a winter XX% during keep rate in XX:XX guidance, our end our quarters adjusted also in our we adjusted forecasting from of third seasonally the EBITDA. $X.XX midpoint guidance. second places of over to are months. that the storage $X.XX EBITDA, sales the business XXXX NGL and billion a of high weaker please quarterly while guidance give Now, low

Now, our strong segments. seeing particularly as in producer mentioned, Ben and and activity, are we Permian increasing Oklahoma

projects existing now to increased our of after to volumes, on relocation to order flow million $XXX our $XXX XXXX, a year high cash to visible cash investment free flow end $XXX growth would to $XXX This even third capital low the distributions result, our million forecast cash increase XX:XX consecutive $XXX volumes With As and we our at range we these have now year. spend quick infrastructure range. in significant paybacks. plant of and expected in expected in These exceed expect in expenditures mark leverage the levels, million. flow over we a returns of this expect and Phantom in million the accommodate million guidance of

financial cash we capital potential and this As unit outlook, holders repurchases of free by a through from XX% to improved our unit result year after return plan common planned continued to distributions least increase at of the distribution flow increases. common the

improve. the to continue put it I'll that, approach achieved exposure our and and our enhance flow the to to for in have to and returns. We of projects to would are and holders. outlook first that our increase and business the record disciplined work EnLink in XX:XX to remain our on strong beyond back a return seeing capital With also operations to ample grow We and cash continues have turn common XXXX opportunities investment XX:XX downstream summary, quarter In capital our unit Barry. both carry ability

Barry Davis

you, Pablo. Thank XX:XX

the With a means employees go the call broke I'm we first the proud As their quarter for by XX:XX had I on proud their another first releases recordable to line you but record quarter, company also and to for close, the no I'm of focus I performance, team of spills no only which that, had environmental want XXXX. in excellent and that relentless no zero safety now report we open severity risk by may continued not we our effort strikes, fires thank efforts high zero questions. for safety. injuries is pursuit This for tremendous and or higher quantity excellence. reportable achieving

Operator

now session. the from TJ [Operator Schultz question-and-answer with Please RBC. The will We begin Instructions] ahead. XX:XX go question comes first

TJ Schultz

morning. good Hey, XX:XX

little First, in can any particularly as linked the is volumes increase, view once directly provide higher just Phantom? then, Thanks. a Permian ramping, you guidance if prices past higher how think processing updated about we And needs to on much versus on the volumes? the just new get color in commodity on the we assumptions

Pablo Mercado

on are going there Look XX:XX guidance, there. things of Yeah. Hey, TJ. on couple

First of said, does all really G&P commodity both and Barry it just price opportunities. also quarter the great current as shined first Louisiana performance as the all business and hitting in cylinders on you saw our in business environment just advantage taking of this

in so, that's quarter. guidance a in increase portion And the of the first

Beyond it much environment, about us does with than activity on price commodity for the fee. has since price direct that, more us thus exposure we're commodity impact fixed XX% really impact

do benefit to from And seeing basins. that doubt our that great strong more in updated all deck have that so and on we're XXX of But commodity the we gas remaining see that you price across prices. activity No we've range. outlined XX% our

Barry Davis

Yeah. XX:XX

that be build to is the TJ. price and for to there question Pablo What next year it this sets does going second schedule stage to growth your on Phantom to the meaningful are on in show going just we're way not absolutely Just in Permian, fourth of also right. plant Oklahoma. bring and quarter. is the volumetric that's online In said in on the touch see year environment specifically What terms up we Permian, a XX:XX in the it the

this can will We at to besides that nothing table we will think that we the options look the Phantom into plant, say all right we the all that of those are the we'll options specifically step be same today, decided for step after about Phantom to volume, just the tranche for beginning step. was on what at here next now the get same when looked be

TJ Schultz

is there more XX:XX of you Phantom activity for more then room Maybe JV I I outlook guys little XXXX. Dow you there outside volumes. of for of And more guess producer that's Devon bit if And kind a the in in growth Okay. guess about post the talk driving kind handle levels similarly Oklahoma. to can

maybe more you're capacity. you handling I made the if when think or you little bit volume XX%, think a on you basin that how growth there more that said but detail expect and Thanks.

Barry Davis

well. Yeah, XX:XX

So have and to decline of start in assets or on producers activity, has past the has you seen level levels our what over of year basin. that the the with activity been arrested the so the a

later a quarters see for ahead to is one next want a this price several this now of about seen don't volumes. to What plans, ramp expect our next to their well in that we meaningful of flat any of you've and combo -- get up. to is just play. So customers growth environment essentially really of talking gathering some suffice And because as I return works year year it that them but say Oklahoma, is year

seen this the later of so, we've activity incentive have handle And move to In in of know that. producers bring activity we'll producers gas to how and add in that NGLs the plans terms XX:XX are that year. really and we

You're have even former Permian. to the Thunderbird right, after capacity plant the moved we we

We capacity basin the to ground even than XX% today. XX%, the handle processing on we more have maybe have in volume

substantial a that's increment. So

excess our the beyond Beyond that, is, in our excess there perspective still capacity. capacity is basin

processing on this capacity don't adding horizon. incremental we at so the see point And

of changes, it's perhaps a not on increase further have years the today. price that this multiple Now, we if we in environment see cards and but activity,

TJ Schultz

you. XX:XX Great. Thank

Brian Brungardt

XX:XX Thank you. TJ.

Operator

is question Gabe with next The ahead. XX:XX Moreen go from Mizuho. Please

Gabriel Moreen

kind how process goes, be here? of I'm may curious out on up CoX any about announcements. far the sequestration some morning everyone. as of just the And of that start I you you projects some XX:XX around Oxy wells go these that I for know framed sort whether just could CapEx or may of some with these for if Maybe potentially. projects, as Can timing Talos. Hey, talk if then also intended of good maybe permitting

Bob Purgason

we the file working Oxy timeframe. and to the we good Gabe, permits classics our here that we're case for play start Talos and customer get maybe. over as Yeah, we XX:XX steel or put we're in engagement be the so on and phase doing process all the where the prepare that for ground are in a in can contracts to commercial that to the much filings in to you question. place this to those is alliance We're position talk EPA a the same converting thanks permitting year rest out and then again, of pretty and as

looking in movement fundamentally -- system of CoX see we're the through are and phase and now. So to 'XX preparation we kind ejection the XXXX of

Gabriel Moreen

XX:XX Got it. Thanks, Bob. Should have start off by saying good to have you on board again.

also have I very and pivot, the depressed Barry, at out there all I a me these take to of little M&A prices getting Let think, what smallish sort EnLink not people in sort of been environment prices from screen that's while too whether of active still high. gone M&A, just assume M&A has on transactions. for you're maybe bolt-on wanted the to curious I'm opportunities? kind now for seeing radar there has

Barry Davis

bet you. Thank XX:XX Yeah, Gabe. you

is, have I and activity from say both in positions acquisition standpoint. good basins. four in we step-up core and organically news an a seeing terrific would The are We our

And we believe of at, look so, if anything the you because effect, advantage we consolidation an have we will.

more yeah, the us. higher activity, So bar there is but for is

some the base for change mentioned and we're And make see do this opportunities look attractive very in on an really I will still bolt-on a even transactions. make when continue disciplined. there'll a to is valuations things business that You we've looking be a consolidator hard the that really wouldn't We make point. seen to significant about at at of XX:XX all synergies this, disciplined We can better good. can say investment something, sense, because for it in that and work valuations, we so as we'll We us them to be be synergies think the consolidation that. could we

Gabriel Moreen

XX:XX Barry. Great. Thanks,

Barry Davis

XX:XX Gabe. Thank you,

Operator

ahead. Endsley, The from Pickering, Company. XX:XX & Michael next go is Please Holt Tudor, question

Michael Endsley

XX:XX guys. Thank you

for on even expecting, little the of Can a First us flow -- how to bit bit about just given incremental distribution just million more higher of a special increase you walk $XX doing that and buyback base a little at of versus through capital delivering weigh on see the one just a outlook. you're you that? or kind me, how free just detail cash you're distribution? to trying the potentially Kind thinking potential re-reopening the looking returns

Pablo Mercado

Michael, here. Hey, Yeah. Pablo it's XX:XX

just So [indiscernible] level to allocation. on capital

As great good to there growing cash prepared in we flow. like that remarks, shape we're improvement, you free and momentum both heard feel given EBITDA the continued balance in the now and sheet is is

that million capital so, year a unit but with invest return continue can the in the in quarter We business, about million. of authorization the you common position And also puts nice holders. us came into in the the really XX:XX we and was first activity to repurchase to saw where increase $XXX our $XX

return free on $XXX common holders. flow to increased the unit million, So, we the increase given significantly. guide it's track spend to that cash pretty We feel appropriate the also to

see the also to us distribution, be do towards want focus more with repurchases, to Whatever free bit news both. but We we high we XX:XX little cash continue likely a increases with distribution the our results we're we considering we like And you weight going will that are flow sure to on make continuing the so, generate that, of do significant is outlook that good can flexibility. and And after board. to distributions.

Michael Endsley

XX:XX Got but off could early of it's just of Pablo. days it. with RT, I second Thanks for kind realize me, that And I from the on earlier question. one Gabe's LOI guess piggybacking utilization existing see preliminary add? of could through greenfield versus be just we us much you kind transportation could you help look -- of to frame percentage the pipes how system what around expectations of

Barry Davis

XX:XX Yeah, Michael, this Barry. is

to fighting of and we question that to I'll continue days, have in start we the we're with, in for but this, similar doing way. be other will that say, partnerships the early Oxy best that able offer move with So, majority that's that big as it's would are that started terms And Let or are that the being us have statement there. in for utilized capture we partner services you And advantageous. many I the will represent you're marketplace will And we reason still with the we said we the relationships us the the be me to which sequestration. are say in with are the Talos customers. have -- times seeing think XX:XX positioned could market battle into pipe just the the the will a to that and your say scoping, is, we're or CoX lead to I conversations very today to be the of early, -- pipe

we'll work as So just stay of we on lot and that. to do can give tuned. a left you We've got information

Michael Endsley

XX:XX Awesome. time. appreciate the I

Operator

XX:XX Michael Pickering Partners. The next Cusimano is ahead. with question Energy go Please from

Michael Cusimano

Hi. Good hoping Belvieu get the have your Mont opportunity. thoughts against morning, as congrats seen in quarter. on fill potential start increase up or on rates all capacity capacity your in frac seen I've -- Louisiana interest or the or you any And to if XX:XX to we've least at push I concerns. the on saw was seen

Ben Lamb

Michael, Hey XX:XX it's Ben.

that frac seeing of to You're couple Louisiana advantage of in our the From expect market that, what assessment different the a is something first market fairly of we us continue years of market to relatively market a the we in we it's see -- well. a to the products. in first market are market because close of And firms. period is few And loose a premium After quarter. navigate that perspective, that general take fees, well. past years. prices right very of about very and serve for a XX:XX you market allowed bit is a Louisiana volumes and has of low something have our strategic low to record us that your prices as the to tightening beginning that period positions this were the saw in bit than fractionation market a next to it this purity the as advantage that And Belvieu, is in we quarter, in the

market. a there bright in So do outlook agree very we you, frac with is the

Michael Cusimano

all you. great. Okay, XX:XX Thank have. That's I

Operator

question ahead. Spiro Dounis Please go Credit XX:XX The is next from Suisse. with

Spiro Dounis

there, Global could, in going but Good start XX:XX Europe, since obviously, renewed team. clearly given Thanks, wanted if forward LNG of that with events lot your relationship the projects morning US update. operator. in a LNG, Venture interest actually I we last on to

and progress expanding terminals? curious any part? there's any these some interest been If really you're down in getting Louisiana of So if strong your working newer on with

Ben Lamb

it agree it's a puts natural to the XX:XX right to and industry quarter. for in call platform of we been the about it's are great happen be call first years opportunities to Yeah, opportunities. on to And our geopolitical meet American take a look, Ben. Louisiana to there going in North number going on it's that's has of going those with events the us is Hey you, is, create that where going Gulf by our middle the Spiro that And thing driven gas Louisiana the Coast.

ways And the we for expansion you are and investments ascension several recently seen more is back have projects as today, relationship over like a can three-years us go of is And or you capacity talk love with Venture to out, to pipeline you of capital years the point participating. bit, looking of whether ago, history, we businesses. in specifics intention as that To nothing always Louisiana interest do around no ago So the but most Global. our There [indiscernible] than broaden make a the imagine, about every you've downstream amount there to in that doing then two those. great we facing XX:XX it. efficient market

our And Louisiana. keen to so, steps we're very next in find

Spiro Dounis

Barry. XX:XX [Multiple Speakers] Sorry. Go ahead,

Barry Davis

into just question we're the markets. a headline to I'd Spiro. as the energy and up in is call like that deep in comes really the and Yeah, it's -- industry globally and it add, XX:XX the a here

happening by positions. the are Permian about to in that's all North have in natural I it, then business in are significant we at being position done today, matter it market, of our Texas XX:XX we capture gas what that, that, really So, we're transition those look with on is like middle of that that seeing have when Louisiana markets you have whether so, there. would there. that The natural the involved and that like the call the basins are things leading positions the gas the position that Carbon highlight we excited that oil crude the position everywhere top from a Oklahoma, matters. execute and the work and team energy on we And And it's is and right on LNG leading

the thank So opportunity you to as address well. for LNG the

Spiro Dounis

and course, Of XX:XX that's helpful well. color Perfect. as

And contributing around so, time again. be shaping up pretty question you like maybe for second a factor year strong this again, a XXXX Oklahoma, But Ben. to it again. sounds

got of de-risked price kind the you've conviction and curious, year I a producers long driven curious conviction? ahead to if somewhat but just to you lot hedging XXXX sort of us is maybe ways producers that given of so know that what's playing get so here, level of that or next that into sounds And high your it this conviction of of level through understand is your don't help I'm a sort away, want like, here point of still

Ben Lamb

are from want a XXXX. it I of later will we're you're XX:XX perspective year in to to I to this we they have something contracts, right. my the I say, folks be XX:XX in the that And and this that, signing point producers, commence see they Yeah. that it's prepared rig mean, this going And as get to have but the by plans at they remarks, be don't permits. should bit who the are fruit Spiro ahead It's Well, as I I the is going too year up can little locations, or going firm suffice to in ramp far happen. maybe say mentioned really happen later see of think lumpy. activity year.

dip in is, and to XQ, especially the And little all firmly that in share into we going the because bit will more indicative with talk and expectation their own strength we'll about detail position of to XXXX. a call, suspicion a to So plans just of Oklahoma, a But volume be not you. in by in time will late little get our to little customers timing. next bit current able in the more my my then a that be of we'll be see is, see we expect XXXX,

Spiro Dounis

Thanks XX:XX Helpful for the guys. color. time

Ben Lamb

XX:XX Spiro. Thanks,

Operator

from The Instructions] with Sibal is Securities. Global question ahead. Seaport Sunil Please next [Operator go XX:XX

Sunil Sibal

question. I for folks. environment just XX:XX you a see grade, was wanted just morning question Yes, credit momentum. know thoughts if you little I especially updated as good hi, sheet we balance the have changing thanks few bit. years? of to And had revisit had of taking on I kind the market for kind any my next investment pretty ratings curious good

Barry Davis

XX:XX Yeah. Thank for Great you question, that. Sunil.

We and recognized have that's momentum seen rating certainly agencies. in good really been profile our credit by the

us an grade. upgraded Moody's has positive us Fitch towards give with indicating outlook, investment and You saw trend a a

good momentum So, there.

to I of see throwing I growing think that and natural mentioned before, point so much off business you're -- cash as EBITDA deleveraging happens, going some you to flow. is continue the

that's so continue. to And positive and a we that trend expect

Sunil Sibal

XX:XX Just on a follow-up that.

to certain of there? still terms there that discussions agency, out your metrics, in in IT the you rating or are So, markers get that's of etcetera, leverage could with place kind of further terms in help

Pablo Mercado

be already the indicated those XX:XX you if we're particularly metrics or No, metrics those know, this you see can later expected hitting look I I report, year. to think at Fitch and at as as you that,

Sunil Sibal

different of kind if And putting what it. kind got initiatives financing opportunity place you in us of those a I focus. kind at was then theme, Okay, CCS XX:XX for you remind structure on curious Could the into look investment opportunities? there? And would more with coming of the

Pablo Mercado

of Sunil, be of pretty think next contracting going it's doing I as a Bob the the hopefully capital lot with Pablo XX:XX here Look modest We're work, work described year. a customers. is to for lot initially permitting again. Yes, the

already And increase own just bit, what but It of capital so, our few guidance. with all kind CapEx may next within that's million balance of a dollars can a sheet. within going year to do it's require we our and certainly

if think interest I transition, what's going things investing think of in is though, there broadly, in more you CCS. energy like facilitating lot on in about a the

lot over long we lower area. cost flowing that to so, are of our grow And bond a could capital a that term, as say, green dollars the like this or we there benefit in something capital of from

Sunil Sibal

color. the Thanks got all for it. Okay, XX:XX

Operator

I Davis, CEO XX:XX would This question-and-answer turn for concludes session. the conference any to our over to like remarks. Barry closing back

Barry Davis

Thank this for for thank the Debbie call on your for you everyone and today you, our being facilitating morning and support. call

all well, second EnLink. and appreciate continued quarter our great As results with in August. the we you stay forward and always, look we healthy In We investment have to meantime, interest you day. in your updating a wish

Operator

now attending Thank is for today's The you concluded. presentation. conference XX:XX

You now may disconnect.

Brian Brungardt	Director, Investor Relations
Barry Davis	Chairman and Chief Executive Officer
Bob Purgason	Managing Director, Carbon Solutions
Ben Lamb	EVP and Chief Operating Officer
Pablo Mercado	EVP and Chief Financial Officer
T.J. Schultz	RBC Capital Markets
Gabriel Moreen	Mizuho Securities
Michael Endsley	Tudor, Pickering, Holt & Co
Michael Cusimano	Pickering Energy Partners
Spiro Dounis	Credit Suisse

EnLink Midstream (ENLC) 4 May 222022 Q1 Earnings call transcript