EnLink Midstream(ENLC) - 2022 Q3 - Quarterly Report

PART I—FINANCIAL INFORMATION Item 1. Financial Statements This section presents unaudited consolidated financial statements, including balance sheets, statements of operations, comprehensive income, changes in members' equity, and cash flows, with detailed notes on accounting policies, acquisitions, debt, equity, and segment performance for periods ended September 30, 2022 Consolidated Balance Sheets Consolidated Balance Sheet Highlights (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Total Assets | $8,813.3 | $8,483.2 | | Total Current Assets | $1,198.8 | $920.4 | | Total Current Liabilities | $1,157.3 | $898.9 | | Long-term Debt, net | $4,537.4 | $4,363.7 | | Total Liabilities and Members' Equity | $8,813.3 | $8,483.2 | Consolidated Statements of Operations Consolidated Statements of Operations (in millions, except EPS) | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Revenues | $2,663.5 | $1,787.6 | $7,491.8 | $4,442.7 | | Operating Income | $199.3 | $99.1 | $504.2 | $256.6 | | Net Income | $116.6 | $32.3 | $306.5 | $54.3 | | Net Income (Loss) Attributable to ENLC | $80.8 | $1.9 | $201.3 | $(32.4) | | Basic Common Unit EPS | $0.17 | $0.00 | $0.42 | $(0.07) | Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (in millions) | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $116.6 | $32.3 | $306.5 | $54.3 | | Comprehensive Income (Loss) Attributable to ENLC | $80.8 | $5.7 | $201.4 | $(21.3) | Consolidated Statements of Changes in Members' Equity - Total Members' Equity decreased from $2,987.0 million at December 31, 2021, to $2,874.0 million at September 30, 2022[22] - Common Units Outstanding decreased from 484.3 million at December 31, 2021, to 474.6 million at September 30, 2022[22] - Distributions to members for the nine months ended September 30, 2022, totaled $(167.4) million, while distributions to non-controlling interests totaled $(115.4) million[29] Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (in millions) | Metric | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Provided by Operating Activities | $825.9 | $599.2 | | Net Cash Used in Investing Activities | $(547.0) | $(155.4) | | Net Cash Used in Financing Activities | $(305.1) | $(447.3) | | Net Decrease in Cash and Cash Equivalents | $(26.2) | $(3.5) | | Cash and Cash Equivalents, End of Period | $0.0 | $36.1 | Notes to Consolidated Financial Statements (1) General - EnLink Midstream, LLC (ENLC) is a Delaware limited liability company, with its common units traded on the NYSE under the symbol "ENLC," owning all of EnLink Midstream Partners, LP's (ENLK) common units and managing ENLK's operations[33] - The Company primarily provides midstream energy services, including gathering, compressing, treating, processing, transporting, storing, and selling natural gas and NGLs, as well as crude oil and condensate services, and brine disposal[34] - As of September 30, 2022, the midstream energy asset network includes approximately 12,500 miles of pipelines, 25 natural gas processing plants (approx. 5.9 Bcf/d capacity), seven fractionators (approx. 320,000 Bbls/d capacity), and equity investments in joint ventures[35] (2) Significant Accounting Policies - The accompanying consolidated financial statements are unaudited and prepared in accordance with Form 10-Q, not including all information and disclosures required by GAAP for complete financial statements[41] - Revenue from Minimum Volume Commitment (MVC) and firm transportation contracts is recognized during periods of shortfall when the customer cannot, or will not, make up the deficiency[42] Expected Contractually Committed Fees from MVC and Firm Transportation (in millions) | Period | Amount | | :------------------- | :----- | | 2022 (remaining) | $34.4 | | 2023 | $126.2 | | 2024 | $99.6 | | 2025 | $67.1 | | 2026 | $59.9 | | Thereafter | $293.6 | | Total | $680.8 | (3) Acquisition - On July 1, 2022, the Company acquired all equity interest in Crestwood Equity Partners LP's Barnett Shale gathering and processing assets for a cash purchase price of $275.0 million plus $14.5 million in working capital[45] - The acquired assets include approximately 400 miles of lean and rich gas gathering pipeline and three processing plants with 425 MMcf/d of total processing capacity[45] - For the three months ended September 30, 2022, the acquired assets contributed $20.6 million in revenue and $12.6 million in net income[47] (4) Intangible Assets - Intangible assets, primarily customer relationships, are amortized on a straight-line basis over 10 to 20 years, with a weighted average amortization period of 14.9 years[51] Intangible Assets Carrying Amount (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Net Carrying Amount | $953.1 | $1,049.7 | Amortization Expense (in millions) | Period | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Amortization Expense | $31.9 | $31.9 | $96.6 | $94.4 | (5) Related Party Transactions - Cost of sales related to purchases from Cedar Cove JV was $5.6 million for the three months and $25.3 million for the nine months ended September 30, 2022[54] - The Company entered into an agreement with GIP on February 15, 2022, to repurchase a pro rata portion of ENLC common units held by GIP, maintaining GIP's economic ownership percentage[56] (6) Long-Term Debt Long-Term Debt, Net of Unamortized Issuance Cost (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Long-term Debt, net | $4,537.4 | $4,363.7 | - The Revolving Credit Facility was amended on June 3, 2022, decreasing commitments from $1.75 billion to $1.40 billion, extending maturity to June 3, 2027, and transitioning interest rates from LIBOR to Term SOFR, with $70.0 million outstanding as of September 30, 2022[60][62] - The AR Facility was amended on August 1, 2022, increasing commitments from $350.0 million to $500.0 million and extending the termination date to August 1, 2025, with $500.0 million outstanding as of September 30, 2022[66] - On August 31, 2022, ENLC sold $700.0 million of 6.50% senior unsecured notes due 2030 and used the proceeds to repurchase $700.0 million of ENLK's 2024 and 2025 senior unsecured notes, resulting in a $6.3 million loss on extinguishment of debt[68][69] (7) Income Taxes Income Tax Expense (in millions) | Period | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Income Tax Expense | $(15.2) | $(4.4) | $(17.1) | $(12.4) | - Deferred tax liabilities, net of deferred tax assets, were $153.6 million as of September 30, 2022, compared to $137.5 million as of December 31, 2021[74] - A valuation allowance of $112.6 million was established as of September 30, 2022 (vs. $151.6 million at Dec 31, 2021), primarily related to federal and state tax operating loss carryforwards[74][75] (8) Certain Provisions of the ENLK Partnership Agreement - As of September 30, 2022, there were 54,168,359 Series B Preferred Units outstanding, down from 57,501,693 at December 31, 2021[77] - In January 2022, 3,333,334 Series B Preferred Units were redeemed for $50.5 million plus accrued distributions[78] - As of September 30, 2022, there were 400,000 Series C Preferred Units outstanding, with ENLK distributing $12.0 million to Series C holders for the nine months ended September 30, 2022 and 2021[80] (9) Members' Equity - The Board reauthorized the common unit repurchase program at $100.0 million effective January 1, 2022, and increased it to $200.0 million in July 2022[82] ENLC Common Unit Repurchase Activity (in millions, except units) | Metric | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Total ENLC Common Units Repurchased | 6,582,133 | 12,272,440 | | Total Aggregate Cost | $62.5 | $113.2 | | Average Price Paid per Unit | $9.53 | $9.22 | Net Income (Loss) Attributable to ENLC per Unit | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic Common Unit | $0.17 | $0.00 | $0.42 | $(0.07) | | Diluted Common Unit | $0.17 | $0.00 | $0.41 | $(0.07) | (10) Investment in Unconsolidated Affiliates - On May 16, 2022, the Company formed the Matterhorn JV to construct a 490-mile, 42-inch natural gas pipeline from the Waha Hub to Katy, Texas, with an expected capacity of 2.5 Bcf/d, anticipated to be in service in Q3 2024[92] Investment in Unconsolidated Affiliates (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Total Investment | $67.9 | $26.2 | | Contributions (9 Months Ended Sep 30, 2022) | $46.3 | $0.0 | | Equity in Loss (9 Months Ended Sep 30, 2022) | $(4.0) | $(9.9) | (11) Employee Incentive Plans Total Unit-Based Compensation Expense (in millions) | Period | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Expense | $11.4 | $6.4 | $23.7 | $19.3 | - As of September 30, 2022, there were $20.5 million of unrecognized compensation costs related to non-vested ENLC restricted incentive units, expected to be recognized over a weighted-average period of 1.8 years[101] - As of September 30, 2022, there were $12.9 million of unrecognized compensation costs related to non-vested ENLC performance units, expected to be recognized over a weighted-average period of 2.0 years[104] (12) Derivatives Gain (Loss) on Derivative Activity (in millions) | Period | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Gain (Loss) on Derivative Activity | $20.5 | $(33.6) | $(6.2) | $(155.2) | Net Fair Value of Commodity Swaps (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Net Fair Value | $23.9 | $(14.5) | - The maximum loss on the gross receivable position of $76.9 million from commodity swap contracts would be reduced to $30.3 million due to netting under International Swaps and Derivatives Association Agreements (ISDAs)[111] (13) Fair Value Measurements Fair Value of Commodity Swaps (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Commodity Swaps | $23.9 | $(14.5) | Fair Value of Long-Term Debt (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Fair Value of Long-term Debt | $4,072.5 | $4,520.0 | - The fair values of all senior unsecured notes are based on Level 2 inputs from third-party market quotations[117] (14) Segment Information - The Company evaluates financial performance by segment, including Permian, Louisiana, Oklahoma, North Texas, and Corporate, incorporating realized and unrealized gains and losses from commodity swaps[119] Adjusted Gross Margin by Segment (in millions) | Segment | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Permian | $161.1 | $106.4 | $441.8 | $208.8 | | Louisiana | $134.6 | $94.2 | $381.9 | $304.6 | | Oklahoma | $128.0 | $106.9 | $356.5 | $285.5 | | North Texas | $108.7 | $79.3 | $280.9 | $253.2 | | Corporate | $0.0 | $0.0 | $0.0 | $0.0 | | Total | $532.4 | $386.8 | $1,461.1 | $1,052.1 | Capital Expenditures by Segment (in millions) | Segment | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Permian | $61.7 | $25.8 | $130.6 | $78.6 | | Louisiana | $6.5 | $0.4 | $18.5 | $5.4 | | Oklahoma | $18.2 | $10.3 | $45.1 | $17.1 | | North Texas | $6.5 | $3.3 | $17.7 | $7.6 | | Corporate | $1.6 | $0.6 | $5.1 | $1.1 | | Total | $94.5 | $40.4 | $217.0 | $109.8 | (15) Other Information Other Current Assets (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Natural gas and NGLs inventory | $149.8 | $49.4 | | Prepaid expenses and other | $25.2 | $34.2 | | Total Other Current Assets | $175.0 | $83.6 | Other Current Liabilities (in millions) | Metric | September 30, 2022 | December 31, 2021 | | :-------------------------- | :------------------- | :------------------ | | Accrued interest | $62.1 | $47.2 | | Accrued wages and benefits, including taxes | $30.5 | $33.1 | | Accrued ad valorem taxes | $38.9 | $28.3 | | Capital expenditure accruals | $22.1 | $23.2 | | Short-term lease liability | $22.9 | $18.1 | | Operating expense accruals | $15.8 | $9.6 | | Other | $26.0 | $23.6 | | Total Other Current Liabilities | $218.3 | $202.9 | (16) Commitments and Contingencies - The Company is involved in litigation with Koch Energy Services, LLC regarding a $53.9 million invoice related to Winter Storm Uri, asserting a valid force majeure declaration[132] - Another subsidiary is involved in multi-district litigation in Harris County, Texas, facing personal injury and property damage claims arising from Winter Storm Uri[133] - Management believes that any liabilities resulting from these claims would not, individually or in the aggregate, have a material adverse effect on the Company's financial position, results of operations, or cash flows[134] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial condition and results, highlighting strong performance from increased volumes, commodity prices, strategic acquisitions, and new CCS initiatives Overview - ENLC's core business is providing midstream energy services, with all assets owned and operated by ENLK and its subsidiaries[138] - The Company manages and reports activities primarily by geographic segments: Permian, Louisiana, Oklahoma, North Texas, and Corporate[140] - Approximately 90% of the adjusted gross margin for the nine months ended September 30, 2022, was derived from fee-based contractual arrangements with minimal direct commodity price exposure[143] Recent Developments Affecting Industry Conditions and Our Business - Commodity prices for oil and natural gas recovered from 2020 lows and rose rapidly in the first half of 2022 due to demand rebound, supply issues, and geopolitical events, moderating since but remaining higher than recent years[155] - The Inflation Reduction Act of 2022 (IRA) is expected to expand and support the development of the Company's Carbon Capture and Sequestration (CCS) business through enhanced 45Q tax credits[162] - Key recent developments include the acquisition of Barnett Shale assets for $275.0 million, the formation of the Matterhorn Express Pipeline Joint Venture, the relocation of the Phantom processing plant to the Permian Basin, and new CCS agreements with ExxonMobil and BKV[164][165][167][168] Non-GAAP Financial Measures Adjusted Gross Margin Reconciliation (in millions) | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Revenues | $2,663.5 | $1,787.6 | $7,491.8 | $4,442.7 | | Cost of Sales (excl. OpEx, D&A) | $(2,131.1) | $(1,400.8) | $(6,030.7) | $(3,390.6) | | Operating Expenses | $(136.8) | $(106.9) | $(386.6) | $(260.0) | | Depreciation & Amortization | $(162.6) | $(153.0) | $(474.5) | $(455.9) | | Gross Margin | $233.0 | $126.9 | $600.0 | $336.2 | | Adjusted Gross Margin | $532.4 | $386.8 | $1,461.1 | $1,052.1 | Adjusted EBITDA, Net to ENLC Reconciliation (in millions) | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $116.6 | $32.3 | $306.5 | $54.3 | | Interest expense, net | $60.4 | $60.1 | $171.0 | $180.1 | | Depreciation & Amortization | $162.6 | $153.0 | $474.5 | $455.9 | | Unit-based compensation | $11.4 | $6.4 | $23.7 | $19.3 | | Income tax expense | $15.2 | $4.4 | $17.1 | $12.4 | | Unrealized (gain) loss on commodity swaps | $(18.2) | $1.2 | $(38.4) | $32.9 | | Adjusted EBITDA, net to ENLC | $343.4 | $256.4 | $947.4 | $763.3 | Free Cash Flow After Distributions Reconciliation (in millions) | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Adjusted EBITDA, net to ENLC | $343.4 | $256.4 | $947.4 | $763.3 | | Growth capital expenditures, net to ENLC | $(82.7) | $(33.2) | $(173.1) | $(89.1) | | Maintenance capital expenditures, net to ENLC | $(8.7) | $(6.9) | $(33.7) | $(19.1) | | Distributions declared on common units | $(54.8) | $(46.6) | $(164.9) | $(140.0) | | ENLK preferred unit accrued cash distributions | $(23.3) | $(23.0) | $(70.1) | $(69.0) | | Free cash flow after distributions | $84.9 | $80.5 | $257.3 | $246.2 | Results of Operations - Gross margin increased by $106.1 million to $233.0 million for the three months ended September 30, 2022, compared to $126.9 million for the same period in 2021, driven by all operating segments[198] - For the nine months ended September 30, 2022, gross margin increased by $263.8 million to $600.0 million, compared to $336.2 million in the prior year, with significant contributions from the Permian, Louisiana, and Oklahoma segments due to higher volumes and commodity prices[216] - North Texas segment's gross margin increased by $17.8 million for the three months and $13.3 million for the nine months ended September 30, 2022, primarily due to the acquisition of Barnett Shale gathering and processing assets[207][223] Critical Accounting Policies - Information regarding critical accounting policies is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Annual Report on Form 10-K for the year ended December 31, 2021[232] Liquidity and Capital Resources - Net cash provided by operating activities increased by $226.7 million to $825.9 million for the nine months ended September 30, 2022, compared to $599.2 million in the prior year, primarily due to higher gross margin[234] - Net cash used in investing activities significantly increased to $547.0 million for the nine months ended September 30, 2022, from $155.4 million in the prior year, driven by higher capital expenditures and acquisitions[235][236] - The Company expects remaining capital requirements for 2022 to be $145 million, which will be funded from operating cash flows[241][242] - As of September 30, 2022, the Company had $500.0 million outstanding borrowings under the AR Facility, $4.0 billion in senior unsecured notes, and $70.0 million outstanding borrowings under the Revolving Credit Facility[251] Recent Accounting Pronouncements - Recently issued accounting pronouncements that became effective during the three months ended September 30, 2022, are not expected to have a material impact on the consolidated financial statements[257] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section details the company's exposure to market risks, primarily commodity price and interest rate fluctuations, and outlines risk management strategies through derivatives and contractual arrangements Commodity Price Risk - Approximately 90% of the adjusted gross margin for the nine months ended September 30, 2022, was generated from fee-based contractual arrangements with minimal direct commodity price exposure[265] - The Company uses OTC derivative financial instruments (commodity swaps) to manage and hedge price and location risk related to market exposures and to manage margins on offsetting fixed-price purchase or sale commitments[271][272][274] - As of September 30, 2022, outstanding commodity swap agreements had a net fair value asset of $23.9 million, where a hypothetical 10% change in commodity prices would result in an approximate $15.0 million change in the net fair value of these contracts[278] Interest Rate Risk - The Company is exposed to interest rate risk on its Revolving Credit Facility ($70.0 million outstanding) and AR Facility ($500.0 million outstanding), which bear interest at SOFR-based rates[280] - A 1.0% increase or decrease in interest rates would change annualized interest expense by approximately $0.7 million for the Revolving Credit Facility and $5.0 million for the AR Facility[280] - Distributions on ENLK's Series C Preferred Units will transition to a floating rate tied to LIBOR (or an alternative rate) plus 4.11% beginning December 15, 2022[282] Item 4. Controls and Procedures Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of September 30, 2022[283] - There were no material changes in internal control over financial reporting during the three months ended September 30, 2022[284] PART II—OTHER INFORMATION Item 1. Legal Proceedings This section refers to Note 16 for details on legal proceedings, including Winter Storm Uri, with management believing no material adverse effect on financial position or operations - Legal proceedings are discussed in detail in Note 16, "Commitments and Contingencies," of the Notes to Consolidated Financial Statements[287] Item 1A. Risk Factors Risk factor information does not materially differ from that presented in the Annual Report on Form 10-K for the year ended December 31, 2021 - Information about risk factors does not materially differ from that set forth in Part I, "Item 1A. Risk Factors" of the Annual Report on Form 10-K for the year ended December 31, 2021[288] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details the repurchase of ENLC common units during Q3 2022, including units re-acquired from employees for tax liabilities and under the repurchase program ENLC Common Unit Repurchase Activity (Q3 2022) | Metric | July 1 - July 31, 2022 | August 1 - August 31, 2022 | September 1 - Sep 30, 2022 | Total Q3 2022 | | :-------------------------------- | :----------------------- | :------------------------- | :------------------------- | :------------ | | Total Number of Units Purchased | 904,782 | 3,742,405 | 2,750,481 | 7,397,668 | | Average Price Paid Per Unit | $8.60 | $9.64 | $9.69 | $9.53 | | Units Purchased as Part of Publicly Announced Plans or Programs | 901,800 | 3,533,555 | 2,146,778 | 6,582,133 | | Dollar Value of Units Yet to Be Purchased Under Programs (as of Sep 30, 2022) | $141.5 | $107.4 | $86.8 | $86.8 | - The total units purchased include 815,535 ENLC common units received from employees for the payment of personal income tax withholding on vesting transactions[290] - The Board increased the amount available for repurchase under the common unit repurchase program to $200.0 million in July 2022[290] Item 6. Exhibits This section lists all exhibits filed as part of Form 10-Q, including organizational documents, credit agreements, deferred compensation plans, certifications, and iXBRL financial information - Exhibits include organizational documents (Certificates of Formation, Operating Agreements), debt instruments (Indenture, Revolving Credit Agreement, AR Facility Amendment), employee benefit plans (2023 Deferred Compensation Plan), and regulatory certifications (Principal Executive Officer, Principal Financial Officer)[292] - Financial information for the quarter ended September 30, 2022, is provided in iXBRL format as Exhibit 101[292]