EnLink Midstream Reports Solid Financial Performance

Enlink Midstream, LLC (NYSE: ENLC) has reported its financial results for the fourth quarter and full-year 2023, as well as provided its financial guidance for 2024. The company revealed a reported net income of $100.1 million and $350.0 million for the fourth quarter of 2023 and full-year 2023, respectively, along with net cash provided by operations of $360.7 million and $1.22 billion for the same periods. Additionally, Enlink generated adjusted EBITDA, net to Enlink, of $350.8 million and $1.35 billion for the fourth quarter of 2023 and full-year 2023, respectively, marking a 5% growth in full-year 2023 adjusted EBITDA compared to 2022.

Jesse Arenivas, Enlink's Chief Executive Officer, commented on the company's performance, stating, "Enlink delivered another record year by generating adjusted EBITDA of $1.35 billion, achieving the midpoint of 2023 guidance and 5% growth over the prior year." He further added, "We remain committed to returning capital to our investors in 2024, as reflected in the recent decision to raise our distribution for the fourth quarter of 2023 and to initiate our third annual unit repurchase authorization of at least $200 million."

Enlink's 2024 financial guidance anticipates continued growth with a guidance range of $1.31 billion to $1.41 billion, representing adjusted EBITDA growth in the base business of approximately 4% over 2023, excluding the effects of legacy contract resets and the divestiture of non-core assets. The company expects to generate approximately $290 million in free cash flow after distributions based on the midpoint of 2024 guidance.

Enlink's full 8-K submission is available here.

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